(Singapore, 13 November 2020)

Highlights for the Quarter

- Achieved Q3 2020 VLGC freight rates of USD 26,800 per day with 94% fleet
utilisation.
- Generated Q3 2020 net profit after tax of USD 25 million or an earnings per
share of USD 0.18.
- YTD September 2020 annualised return on equity of 19% with USD 400 million of
free cash flow.
- Declared Q3 2020 cash dividend of USD 0.15 per share - this translates to a
pay-out ratio, as a percentage of NPAT, of 84% in Q3 and 42% YTD.
- BW Gemini, the world's first LPG-powered VLGC, is on a historic transpacific
crossing on LPG propulsion to the USA, where she will receive the largest-ever
load of LPG on a single keel.


Financial Performance

BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q3 2020 net profit after tax of USD 25 million and a YTD September 2020 net
profit after tax of USD 167 million, yielding a YTD September 2020 annualised
return on equity of 19% with USD 400 million of free cash flow. With a solid
cash flow, BW LPG paid down debt and reduced its net leverage ratio to 44% in Q3
2020, from 54% in Q3 2019.

Time Charter Equivalent (TCE) income amounted to USD 101 million in Q3 2020 and
USD 413 million in YTD September 2020. VLGC freight rates collapsed at the end
of the second quarter and recovered in a V-shaped trend. As guided in the Q2
earnings release, this made Q3 the weakest quarter in 2020.

EBITDA was USD 67 million for the quarter and USD 307 million for YTD September
2020, representing an EBITDA margin of approximately 66% and 74% respectively.
Earnings per share was USD 0.18 in Q3 2020 and USD 1.21 in YTD September 2020.

The Board has declared a Q3 2020 cash dividend of USD 0.15 per share amounting
to USD 21 million. With this dividend, BW LPG has paid USD 0.50 per share
to-date, representing about 42% of FY2020 YTD earnings per share. The shares
will be traded ex-dividend from 18 November 2020. The dividend will be payable
on or about 11 December 2020 to shareholders on record as of 19 November 2020.


Market Outlook

Q3 has proven to be the weakest quarter thus far in 2020. BW LPG remains
optimistic about the VLGC market for the rest of the year and we have also
upgraded our view for 2021. The VLGC freight market is strong and is supported
by resilient LPG exports out of the US, recovery in LPG exports from the Middle
East, and a widening arbitrage driven by strong demand and reduced fleet
availability.


Pioneering LPG Propulsion Technology

BW Gemini, the world's first VLGC to be retrofitted with pioneering LPG
propulsion technology, is now in operation. She is on a historic transpacific
crossing on LPG propulsion to the USA, where she will receive the largest ever
load of LPG on a single keel. BW LPG is proud to take the lead and advance
technology towards zero-carbon fuel propulsion.


Q3 2020 Quarterly Report

Please see attachments for the earnings presentation and financial information.

BW LPG Q3 2020 Earnings Presentation
BW LPG Q3 2020 Financial Information

BW LPG will host an investor presentation at 14:00hrs CET today. The
presentation will be made by Anders Onarheim (CEO), Elaine Ong (CFO), Niels
Rigault (EVP, Commercial) and Pontus Berg (EVP, Technical and Operations).

The presentation will be held via audio webcast at
https://edge.media-server.com/mmc/p/ik8e7rob. The webcast will be available on
BW LPG's website, www.bwlpg.com, as soon as possible after the presentation.


For further information, please contact:

Elaine Ong, CPA, CA
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
E-mail: elaine.ong@bwlpg.com

Iver Baatvik
Head of Corporate Development and Investor Relations
BW LPG Limited
Tel: +65 6705 5519
E-mail: iver.baatvik@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
3 million CBM. With five decades of operating experience in LPG shipping and
experienced seafarers and staff, BW LPG offers a flexible and reliable service
to customers. More information about BW LPG can be found at www.bwlpg.com.

BW LPG is associated with BW Group, one of the world's leading shipping groups.
BW Group controls a fleet of over 360 ships which includes product tankers, LNG
and LPG carriers, floating storage and regasification (FSRU) units, dry cargo
carriers, crude oil supertankers and floating production storage and offloading
(FPSO) units.
This information is subject to disclosure requirements pursuant to Section 5-12
of the Norwegian Securities Trading Act.