(Singapore, 28 February 2020) 

• Quarterly fleet wide VLGC freight rates averaged US$50,600 per day, with spot
earnings of US$56,000 per day 
• Declared Q4 2019 cash dividend of US$0.42 per share bringing total dividends
declared for 2019 to US$0.85 per share 
• Leverage ratio decreased from 59% in Q1 2019 to 52% at the end of 2019 
• Write-back of fleet impairment charge of US$38 million as broker-based fleet
valuation increased 
• Adjusted the useful life assumption of its vessels from 30 years to 25 years,
effective 1 January 2020 
• One chartered-in VLGC newbuild was delivered in February 2020 
• Exercised options for the delivery and retrofitting of eight additional
dual-fuel LPG propulsion engines in February 2020 
• Amended the existing US$458 million Senior Secured Facility in February 2020
to convert US$100 million of Term Loan to a Revolving Credit Facility

Financial Performance

Time Charter Equivalent (TCE) income increased to US$191.6 million in Q4 2019
(Q4 2018: US$84.6 million), mainly attributable to higher LPG spot rates and
higher fleet utilisation. EBITDA for the quarter amounted to US$ 154.1 million
(Q4 2018: US$35.7 million) with an EBITDA margin of 80.4% (Q4 2018: 42.1%),
generating a net profit after tax of US$153.8 million (Q4 2018: loss after tax
of US$34.1 million).

TCE income in FY 2019 totalled US$547.3 million (FY 2018: US$300.9 million).
EBITDA for the year amounted to US$398.8 million (FY 2018: US$104.1 million),
with an EBITDA margin of 72.9% (FY 2018: 34.6%), generating a net profit after
tax of US$273.9 million (FY 2018: loss after tax of US$72.4 million).

Earnings per share was US$1.11 for Q4 2019 (Q4 2019: loss per share of US$0.24)
and US$1.97 for FY 2019 (FY 2018: loss per share of US$0.51). After adjusting
for the US$38 million write-back of fleet impairment charges, earnings per share
was US$0.83 for Q4 2019 and US$1.70 for FY 2019.

The Company’s Return on Equity was 54.9% in Q4 2019 (Q4 2018: -13.6%) and 25.3%
for FY 2019 (FY 2018: -7.0%).

In light of the strong financial performance, the Board declared a Q4 2019 cash
dividend of US$0.42 per share, amounting to US$52 million. This brings the total
dividends declared for 2019 to US$0.85 per share, amounting to US$118 million.
The dividends will be paid around 13 March 2020 to shareholders on record as at
5 March 2020. The shares will be traded ex-dividend from 4 March 2020.

As previously announced, two LGCs were sold in Q4 2019, with the first vessel
delivered in December 2019 and the second vessel with expected delivery in March
2020. The delivery of the last LGC in March 2020 is expected to generate US$15
million in liquidity and a net gain of US$5 million.

In February 2020, BW LPG exercised options for the delivery and retrofitting of
eight additional dual-fuel LPG propulsion engines. With this, BW LPG has
committed to retrofit 12 vessels with pioneering propulsion technology. The
conversions for the first four will start in 2020 and the next eight in 2021.

Effective 1 January 2020, the vessel useful life has been revised from 30 years
to 25 years given new regulatory requirements. This prospective change will
increase depreciation expense by approximately US$23 million for FY 2020.

Market outlook

For 2020, we continue to have a positive freight outlook, supported by sustained
U.S LPG exports despite a high number of newbuild deliveries in the first half
of the year. So far, in Q1 2020, we have seen limited impact from the COVID-19
outbreak on LPG freight rates. However, the unpredictable development of this
outbreak has increased uncertainty with potential near-term impact on LPG
imports into China and longer-term impact on LPG production following the
decline in oil and gas prices.

We expect the scheduled terminal expansions by Enterprise and Targa in the
latter half of 2020, combined with an increasingly likely easing of the
U.S.-China trade war, to support strong U.S. export growth.

We see little potential for growth in Middle Eastern exports in 2020 due to the
uncertainties on whether OPEC+ production cuts will be extended, and heightened
political tensions in the region.

For the longer term, we maintain our view that sustained U.S. LPG production
growth and no further newbuild orders remain key to a balanced VLGC market.

Q4 and FY 2019 Quarterly Report and Annual Report 2019 

Please see attachments for the full quarterly report, presentation, and Annual
Report 2019. Our interactive Annual Report 2019 - Powered by LPG – can be
accessed at https://annualreport2019.bwlpg.com and
https://www.bwlpg.com/investor-centre/reports-and-presentations/financial-report
s/.

1. BW LPG Q4 2019 Financial Results Presentation 
2. BW LPG Q4 2019 Condensed Consolidated Interim Financial Information 
3. BW LPG Annual Report 2019

BW LPG will host an investor presentation of the financial results at 13:00hrs
CET today. The investor presentation will be made by Anders Onarheim (CEO) and
Elaine Ong (CFO).

The investor presentation will be available via audio webcast which can be
accessed at https://edge.media-server.com/mmc/p/kjhhvdze. 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 Investor Relations
BW LPG Limited
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com

About BW LPG (“BW LPG”, “the Company”, OSE ticker code “BWLPG.OL”)

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.