Singapore, 27 February 2025

Highlights and Subsequent Events
-	TCE income - Shipping Q4 2024 was US$37,900 per available day and US$36,700
per calendar day.
-	The Company declared a Q4 2024 cash dividend of US$0.42 per share. This
dividend consists of 75% of Shipping NPAT Q4 2024, and dividends from BW Product
Services.
-	Completion of the acquisition of 12 modern VLGCs from Avance Gas Holdings Ltd.
("Avance Gas"). The deal was partially funded through the issuance of 19.282
million new BW LPG shares. Following the issuance of the new shares, the total
number of issued and outstanding shares of BW LPG is 159.282 million and 151.538
million, respectively.
-	BW Kizoku was delivered to BW LPG in February 2025, following the declaration
of purchase option for a consideration of US$69.8 million.
-	Exercised the purchase option for BW Yushi for a consideration of about US$70
million with an estimated delivery in Q2 2025.
-	Concluded the sale and delivery of BW Cedar in February 2025, generating about
US$65 million in proceeds and a net book gain of US$32 million.
-	31% of fleet exposure covered by time charter out at US$44,800 per day, and 2%
covered by FFA hedges at US$50,600 per day for calendar year 2025.

Financial Performance

BW LPG Limited ("BW LPG", the "Company", NYSE ticker code: "BWLP", OSE ticker
code: "BWLPG.OL") reported a Q4 2024 Net Profit After Tax (NPAT) of US$40
million, yielding an annualised return on equity of 9%. The Q4 profit
attributable to the equity holders of the company was US$31 million, and
earnings per share were US$0.22. 

The net leverage ratio increased from 20.5% as of 31 December 2023 to 32.7% as
of 31 December 2024, mainly driven by the cash consideration for the Avance Gas
transaction, which was primarily financed through the drawdown of our revolving
credit facilities and our shareholder bridging loan facility, in addition to an
increase in lease liabilities from new and extended time charter-in agreements.

The Board has declared a cash dividend of US$0.42 per share, which consists of
75% payout ratio from Shipping NPAT and dividends from BW Product Services. The
Q4 dividend represents an annualised dividend yield of 14%. 

Commercial Performance Shipping

Q4 VLGC freight rates averaged US$37,900 per available day and US$36,700 per
calendar day, with 96% fleet utilisation. Time Charter Equivalent (TCE) income
was US$128 million for the quarter, and our India subsidiary contributed a
stable TCE income of US$34 million for the quarter.

Product Services

Product Services achieved a gross profit of US$15 million for Q4 2024 (Q4 2023:
US$32 million), mainly driven by US$59 million realised gains from delivered
cargoes, partially offset by US$44 million of negative change in MTM valuations
of its open cargo and hedging positions. For the fourth quarter, Product
Services reported net profit after tax of US$3 million after deducting general
and administrative and income tax expenses. Product Services delivered a year of
tremendous results, with a gross profit of US$145million, which is US$119
million higher than 2023, and realised profit of US$94 million. This reflects a
strong affirmation of our overall strategy.

Corporate Update

With reference to the press release dated 15 August 2024, BW LPG announced the
acquisition of 12 VLGCs from Avance Gas. The transaction was closed as planned
on 31 December 2024 and all vessels were successfully delivered to BW LPG. The
deal was partially funded through the issuance of 19.282 million new BW LPG
shares and the total amount of issued shares is now 159.282 million shares.

With this acquisition, BW LPG has further solidified its position as the world's
leading owner and operator of VLGCs with a current owned and operated fleet of
52 VLGCs, of which 22 are equipped with LPG dual-fuel propulsion technology. 

In addition, we have added to our owned fleet with the previous declared
purchase option of the 2019 built BW Kizoku which was delivered to BW LPG
earlier this month at a purchase price of US$69.8 million.

In February 2025, BW LPG exercised the purchase option for the 2020 built BW
Yushi (BW Kizoku sister vessel) with an equally attractive purchase price of
around US$70 million with expected delivery in Q2.

On the sales side we concluded the sale and delivery of 2007-built BW Cedar in
February 2025, generating about US$65 million in proceeds and a net book gain of
US$32 million.

Over the last months, the chartering team has concluded several time charters
with commencement through 2025. For the calendar year 2025, we currently have
31% of fleet exposure covered by time charter out at US$44,800 per day, and 2%
covered by FFA hedges at US$50,600 per day.

Market Update

The fourth quarter of 2024 was relatively stable compared to the earlier
quarters. Exports out of the US Gulf recovered early during the quarter, and
while the US - Far East arbitrage narrowed, spot rates for VLGCs remained
resilient, averaging around US$44,000/day on the Houston to Far East route.

Technical issues at one export terminal in the US Gulf lasted into October,
negatively impacting VLGC loadings for said month. For the remainder of the
quarter, however, VLGC loadings out of the US Gulf were robust, with December
showing the highest VLGC loading count for a single month in 2024, contributing
to exports out of the United States growing by 5.6% in Q4 2024 compared to Q4
2023 (VLGC only).

So far in 2025, exports out of the US Gulf have been impacted by seasonally cold
weather and fog, which is normal for this time of the year. Towards the second
half of 2025, more terminal export capacity is scheduled to come online,
supporting further demand growth for VLGC transportation.

Middle Eastern LPG exports on VLGCs fell 0.5% in the fourth quarter of 2024,
compared to the same period in the previous year, mainly due to OPEC+ production
cuts remaining in effect. OPEC+ announced in December 2024 that it will be
pushing back the start of unwinding the production cuts to April 2025.

The Panama Canal remains well supplied with water and increased vessel
throughput during the fourth quarter compared to the preceding period. Moving
into 2025, the Canal's new locks are now operating at or near full capacity.
This has resulted in increased volatility in transit auction fees and could
generate fleet inefficiencies going forward.

Fleet Capacity

So far in 2025, one new VLGC has been delivered. For the remainder of the year,
11 new VLGCs are scheduled for delivery, making 2025 the lowest year for VLGC
newbuilding deliveries since 2018. Well established shipbuilders are indicating
deliveries no earlier than the end of 2027 for VLGCs. 

Market Outlook

While fluctuations in spot rates are to be expected in the VLGC market, we view
the prevailing market fundamentals as supportive. So far in 2025, the VLGC
market has been shielded from the most disruptive geopolitical developments
globally. However, we recognize the increasing political and legislative
uncertainties that could impact the market and continue to monitor it closely.
Furthermore, we anticipate that the additional export capacity coming on stream
in the US later this year will support export growth for VLGCs in the high
single digits for the full year.

Middle East LPG exports are expected to grow in the mid-single digits over the
coming years, driven by higher gas production from new projects in Qatar and
UAE.

In China, LPG inventories remain healthy but have been on a declining trend for
the last nine months, with six more PDH plants slated for startup in 2025,
adding to China's LPG offtake capacity.

Furthermore, 80 VLGCs are expected to dry dock during 2025, potentially creating
temporary trading inefficiencies for the overall fleet. By the end of Q4 2024,
9% of the global VLGC fleet was 25 years or older.

The current FFA market for CAL2025 is trading at equivalent to approximately
US$43,000 per day, reflecting support to the current spot market. The spot
market is expected to fluctuate, driven by weather changes, geopolitical
situation, Panama Canal availability and other drivers of the VLGC market.

Q4 2024 Earnings Presentation and Interim Financial Report

Please see the attachments for the Q4 2024 Earnings Presentation and Interim
Financial Report.
o	BW LPG Q4 2024 Interim Financial Report
o	BW LPG Q4 2024 Earnings Presentation 

BW LPG will present its financial results at 14:00hrs CET/ 21:00hrs SGT today.
The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu
(CFO).

The presentation will be held live via Zoom. Please register at the link below:
https://bit.ly/BWLPGQ42024
A presentation recording will also be available after the event on the Company's
website at: https://www.investor.bwlpg.com

For further information, please contact:
Kristian Sørensen, CEO
Samantha Xu, CFO
E-mail: investor.relations@bwlpg.com

About BW LPG

BW LPG is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) with a total carrying capacity of over
4 million CBM. With five decades of operating experience in LPG shipping, an
in-house LPG trading division and a growing presence in LPG terminal
infrastructure and distribution, BW LPG offers an integrated, flexible, and
reliable service to customers along the LPG value chain. More information about
BW LPG can be found at www.bwlpg.com

BW LPG is associated with BW Group, a leading global maritime company involved
in shipping, floating infrastructure, deepwater oil & gas production, and new
sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of
over 450 vessels transporting oil, gas and dry commodities, with its 200 LNG and
LPG ships constituting the largest gas fleet in the world. In the renewables
space, the group has investments in solar, wind, batteries, biofuels and water
treatment.

This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.