(Singapore, 19 May 2022)

Highlights 

- Generated Q1 2022 net profit after tax (NPAT) of USD 58 million. Declared a Q1
2022 cash dividend of USD 0.31 per share, equivalent to 75% of NPAT

- Highest available liquidity of USD 651 million and lowest net leverage ratio
of 25% since IPO

- Achieved Q1 2022 VLGC freight rate of USD 36,900 per calendar day, or USD
40,400 per available day with 96% commercial utilisation

- Enhanced our dividend policy to target a quarterly pay-out ratio of 75% of
NPAT when net leverage ratio is below 30%

- Completed the sale of a stake in BW LPG India to Maas Capital in Q1, and
concluded discussions for increased ownership in Q2

- Delivered two vessels to new owners in Q1 2022 and signed a Memorandum of
Agreement to sell one vessel in Q2 2022. These sales are expected to generate a
total liquidity of approximately USD 95 million 

- Completed our LPG dual-fuel propulsion retrofitting program for all 15 vessels
ahead of schedule and within budget

Financial Performance

BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q1 2022 net profit after tax of USD 58 million, yielding an annualised return on
equity of 16% with USD 249 million of free cash flow. EBITDA was USD 93 million
for the quarter, representing an EBITDA margin of 72%. Earnings per share was
USD 0.41.

Net leverage ratio decreased to a record low of 25% in Q1 2022, from 42% in Q1
2021. This is mainly due to solid cash flows from operations, proceeds from the
sale of two VLGCs, and capital injection into our India subsidiary. Available
liquidity of USD 651 million at the end of Q1 2022 is the Company's highest
to-date. 

In line with our aim to return value to our shareholders, the Board has enhanced
the Company's dividend policy to target a quarterly pay-out ratio of 75% of NPAT
when the net leverage ratio is below 30%. Buoyed by strong performance lowering
our net leverage ratio to 25% in Q1 2022, the Board has declared a cash dividend
of USD 0.31 per share amounting to USD 42 million. This translates to a pay-out
ratio of 75% of NPAT for the quarter.

BW LPG initiated a USD 50 million share buy-back program in December 2021. At
the end of Q1 2022, 3.8 million shares were purchased, amounting to
approximately USD 21 million. This program is another way we are returning value
to our shareholders. 

Commercial Performance

Q1 2022 VLGC freight rates averaged USD 36,900 per calendar day, or USD 40,400
per available day with 96% commercial utilisation. Time Charter Equivalent
income decreased to USD 131 million for Q1 2022, mainly due to lower spot rates
and lower fleet utilisation predominantly arising from the retrofitting of the
remaining three VLGCs with LPG dual-fuel propulsion technology. 

In January 2022, BW LPG completed the sale of a stake in our subsidiary, BW LPG
India, to Maas Capital. Reflecting our shared confidence in the India LPG
market, and belief in the long-term fundamentals of our business in India, Maas
Capital has increased its ownership in the subsidiary in Q2. Following the
transaction, BW LPG will own approximately 52% in BW LPG India. 

The sale and delivery of BW Niigata (2010-built, Mitsubishi Heavy Industries)
and BW Trader (2006-built, Daewoo Shipbuilding & Marine Engineering Co. Ltd.)
for further trading were concluded in February and March respectively. These
transactions generated approximately USD 70 million in liquidity and a net book
gain of USD 14 million. BW LPG has signed a Memorandum of Agreement to sell BW
Liberty (2007-built, Daewoo Shipbuilding & Marine Engineering Co. Ltd.) with
expected delivery in Q2 2022. The sale is expected to generate USD 25 million in
liquidity and a net book gain of USD 4 million.

Technical Performance

BW LPG has successfully concluded its pioneering project to retrofit 15 VLGCs
with LPG dual-fuel propulsion technology. This project was an upfront investment
of over USD 130 million to decarbonise operations and was completed ahead of
schedule and within budget. With over 25,000 hours on LPG propulsion at sea, the
technology has reduced carbon emissions by 15-20% and sulphur emissions by over
95%. 

Market Outlook

Near term VLGC rates remain strong, supported by strong exports out of the US
and the Middle East. However, volatilities remain due to geopolitical
developments.

We now hold a more optimistic view of the 2023 VLGC market. Our revised view
reflects our belief that heavy newbuilding deliveries will be offset to a
greater extent by steady export growth with high oil and gas prices stimulating
upstream production