(29 August 2023)

Highlights and Subsequent Events

- Achieved VLGC freight rates of USD 51,600 per calendar day with 99% commercial
utilisation
- Generated Net Profit after Tax of USD 78.2 million or an earnings per share of
USD 0.59 
- Generated trading-profit-adjusted result[1] of USD 112 million and declared Q2
2023 dividend of USD 0.81
- Concluded the sale and delivery of two vessels, generating USD 113.5 million
in liquidity and a net book gain of approximately USD 26.6 million. 
- Added one vessel to the pool fleet and completed purchase option of another
vessel
- Board has resolved to work towards a dual US listing[2]


Financial Performance

BW LPG Limited ("BW LPG", the "Company", OSE ticker code: "BWLPG.OL") reported a
Q2 2023 Net Profit After Tax of USD 78.2 million, yielding an annualised return
on equity of 28% with USD 194.9 million of free cash flow. EBITDA was USD 107.6
million, and earnings per share was USD 0.59. Adjusting for trading profit, BW
LPG reported a result of USD 112 million for the quarter, equivalent to USD 0.81
per share. 

Net leverage ratio remained low at 19.4% in Q2 2023, mainly due to solid cash
flows from operations and investing activities. Available liquidity was USD 492
million at the end of the quarter. On the back of another strong quarter, the
Board has declared a cash dividend of USD 0.81 per share amounting to USD 107
million. This translates to a 100% payout ratio as a percentage of results for
the quarter after adjustment for trading profits. 


Commercial Performance

Q2 2023 VLGC freight rates averaged USD 51,600 per calendar day, or USD 52,500
per available day with 99% commercial utilisation. Time Charter Equivalent
("TCE") income was USD 167.0 million for the quarter, mainly due to higher LPG
spot rates and higher fleet utilisation. In addition, our India subsidiary
continues to contribute stable TCE income of USD 27.9 million for Q2 2023 mainly
from fixed-rate time charters.

The sale and delivery of BW Odin (2009-built, Hyundai Heavy Industries, Korea),
and BW Austria (2009-built, Daewoo Shipbuilding & Marine Engineering, Korea)
were concluded in Q2 2023. In a strong second-hand market, these sales generated
approximately USD 113.5 million in liquidity and a net book gain of
approximately USD 26.6 million. BW LPG welcomed one vessel (Vivit Dubhe) to the
pool, and and took delivery of BW Messina (2017-built, Daewoo Shipbuilding &
Marine Engineering Co) whose purchase option was completed in Q2 2023.


Corporate Update

The Board has resolved to work towards a dual US listing of BW LPG shares. More
information will be forthcoming when available. 


Market Outlook

For the remainder of 2023 and into 2024, we expect sustained high spot rates,
driven by robust LPG exports from both North America and the Middle East. 

For the longer term, we remain optimistic about the prospects of natural gas and
LPG. Gas continues to serve as the most promising transitional fuel towards a
cleaner future. Current favourable oil prices are expected to stimulate
additional growth in LPG production and exports. Also, alongside an expected
increase in LPG supply from increased rig productivity in the US, we anticipate
growing demand such as from the addition of new PDH plants in China. While the
rate of newbuilding ordering has slowed, a significant number of ships in the
current orderbook remain to be delivered, and the market outlook is dependent on
supply-side discipline.


Q2 2023 Earnings Presentation and Interim Financial Report

Please see attachments for the Q2 2023 Earnings Presentation and Interim
Financial Report.

1. BW LPG Q2 2023 Earnings Presentation
2. BW LPG Q2 2023 Interim Financial Report

BW LPG will host an investor presentation of the financial results at 13:00hrs
CET today. The presentation will be made by Anders Onarheim (CEO), Kristian
Sørensen (Deputy CEO and Head of Strategy), Niels Rigault (EVP, Commercial) and
Iver Baatvik (Interim CFO, Head of Investor Relations and Corporate
Development). 

The presentation will be held live via Zoom. Please register in advance at the
link below:
 
https://tinyurl.com/BWLPGQ22023EP

A recording of the presentation will also be available after the event on the
Company's website at: https://www.bwlpg.com/investors.


For further information, please contact:

Anders Onarheim
Chief Executive Officer
E-mail: anders.onarheim@bwlpg.com

Iver Baatvik
Interim CFO, Head of Corporate Development and Investor Relations
Tel: +65 6705 5519
E-mail: iver.baatvik@bwlpg.com


Notes
[1]Trading profit is a non-IFRS/non-GAAP number.
[2]This does not constitute an offer to sell or the solicitation of an offer to
buy any securities of BW LPG nor shall there be any sale of any securities of BW
LPG in any jurisdiction in which such offer, solicitation or sale would be
unlawful prior to registration or qualification under the securities laws of any
such jurisdiction.


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,
experienced employees and an in-house LPG trading division, BW LPG offers an
integrated, 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, 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 490 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.