(Singapore, 21 November 2019)

• Highest ever quarterly net profit of US$117 million
• Fleet wide VLGC TCE freight rates averaged US$48,100 per day
• TCE income of US$185 million, EBITDA of US$149 million with an EBITDA margin
of 80.9%, generating a net profit after tax of US$117 million or US$0.83 per
share
• Current dividend policy amended from a semi-annual to a quarterly dividend
payout
• Declared Q3 2019 cash dividend of US$0.33 per share, bringing the YTD 2019
cash dividend to US$0.43 per share 

In the third quarter, BW LPG Limited ("BW LPG", the "Company", OSE ticker code:
"BWLPG.OL") achieved the highest ever quarterly net profit of US$117 million,
underpinned by outstanding commercial performance and a strong VLGC freight
market. 

In light of the solid financial performance, the Board has amended the current
dividend policy from a semi-annual to a quarterly dividend payout. The Board
also declared a further dividend of US$0.33 per share amounting to US$45.7
million for Q3 2019. The dividend will be paid around 6 December 2019 to
shareholders on record as at 27 November 2019. The shares will be traded
ex-dividend from 26 November 2019. Together with the US$0.10 per share dividend
paid for 1H 2019, the YTD 2019 interim dividends declared totals US$0.43 per
share.

VLGC freight rates showed strength throughout the third quarter, mainly
supported by overall strong US LPG exports and high geographical LPG price
spreads. The expansion of enterprise export terminal is expected to ease the US
Gulf Coast export terminal capacity and support high US exports and VLGC fleet
utilisation. 

The growth in LPG exports is supported by strong demand for imports, mostly
driven by the petrochemical sector in North-East Asia as well as the retail
sector from emerging markets in the subcontinent and across Asia. The
expectation is therefore that ton-mile demand for VLGCs will increase, giving a
positive freight outlook for the remainder of 2019 and 2020. 

Please see attachments for the full quarterly report and presentation.

1. BW LPG Q3 2019 Financial Results Presentation 
2. BW LPG Q3 2019 Condensed Consolidated Interim Financial Information

BW LPG will host an investor presentation of the financial results at 14:00hrs
CET today. The investor presentation will be made by Martin Ackermann (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/bwy3kfjj. 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 is the world's leading owner and operator of LPG vessels, owning and
operating Very Large Gas Carriers (VLGC) and Large Gas Carriers (LGC) with a
total carrying capacity of over 4 million cbm. With four 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's controlled fleet of over 400 ships includes oil tankers, LNG and LPG
carriers, floating storage and regasification (FSRU) units, chemical tankers,
dry cargo carriers 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.