(Singapore, 16 May 2019)

-	VLGC TCE rates averaged US$15,100 per day
-	TCE income of US$60.2 million, EBITDA of US$20.7 million, and loss after tax
of US$23.5 million, resulting in a loss per share of US$0.17
-	On 1 January 2019, BW LPG adopted the new IFRS 16 ‘Leases’. The net impact was
an increase of US$9.1 million on EBITDA and an increase in loss after tax of
US$0.8 million

EBITDA for the first quarter amounted to US$20.7 million (Q1 2018: US$25.3
million), a decrease of US$4.6 million from the same quarter last year mainly
due to lower TCE income, partially offset by a net increase of US$9.1 million
with the adoption of IFRS 16 ‘Leases’.

Loss after tax for the quarter amounted to US$23.5 million (Q1 2018: loss after
tax of US$8.4 million).

The average benchmark Baltic route for VLGCs averaged US$29.8 per ton or
US$15,000 per day in Q1 2019. BW LPG generated VLGC daily TCE of US$15,100 per
day based on calendar days.

In line with our previous forecast, VLGC freight rates started to recover
towards the end of the first quarter. For 2019 we are optimistic that average
VLGC rates will improve from the 2018 average of US$17,300 per day to a level
above our cash break-even. This is supported by sustained U.S LPG exports growth
and incremental volumes from key loading areas such as Australia, Canada and
Gulf Coast. However, we expect that increased demand for VLGCs from growing
exports will in part be offset by a high level of newbuild deliveries. VLGC
rates will also depend on the development of geographical LPG price arbitrage,
positioning of vessels and U.S. terminal capacities. Longer term, we maintain
our view that sustained U.S. LPG production growth and no further new build
orders remain key to a balanced VLGC market.

On 1 January 2019, BW LPG adopted the new IFRS 16 ‘Leases’. The net impact was
an increase of US$9.1 million on EBITDA. This was offset by a higher
depreciation and interest expense of US$9.9 million, resulting in an increase in
loss after tax of US$0.8 million

On 21 January 2019, BW Helios was delivered for recycling, generating US$6.6
million in liquidity and a net book gain of US$1.8 million. 

On 25 February 2019, BW LPG established a new Product Services Division to
support its core shipping business. The activities of this new division are
financed by separate trade finance facilities. 

Please see attachments for the full quarterly report and presentation.

1 BW LPG Q1 2019 Financial Results Presentation 
2 BW LPG Q1 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://bwlpg.eventcdn.net/2019q1. 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.