(Singapore, 21 November 2018)

- VLGC TCE rates averaged US$20,200 per day
- TCE income of US$81.8 million, EBITDA of US$35.0 million and loss after tax of
US$2.8 million, resulting in a loss per share of US$0.02
- Entered into contracts to retrofit dual-fuel LPG propulsion engines on four
VLGCs, including future options
- Withdrew proposal to combine with Dorian LPG and also withdrew the candidates
who were intended to stand for election to the Dorian LPG Board

EBITDA for the third quarter amounted to US$35.0 million (Q3 2017: US$18.1
million), an increase of US$16.9 million from the same quarter last year mainly
due to the recovery in LPG spot earnings, higher fleet utilisation and lower
operating expenses arising from a smaller fleet size. 

Loss after tax for the quarter amounted to US$2.8 million (Q3 2017: loss after
tax of US$26.7 million), primarily due to the increase in TCE income and lower
operating expenses.

The time charter equivalent earnings (TCE) of the benchmark Baltic route for
VLGCs went up nearly 107% compared to the previous quarter. The average
benchmark Baltic route for VLGCs averaged USD$40.1 per ton or US$19,000 per day
in Q3 2018. Against this market backdrop, BW LPG generated VLGC daily TCE of
US$20,200 per day based on calendar days (US$20,400 per day based on available
days).

As previously announced, on 30 August 2018, BW LPG entered into contracts to
retrofit dual-fuel LPG propulsion on four VLGCs, including future options. With
the world’s first LPG-fuelled VLGCs, BW LPG continues its emphasis on reducing
global emissions and promoting a fuel-efficient alternative for the shipping
industry.

On 8 October 2018, BW LPG withdrew the proposal to combine with Dorian LPG and
also withdrew the candidates who were intended to stand for election to the
Dorian LPG Board.

Please see attachments for the full quarterly report and presentation.

1 BW LPG Financial Results Presentation Q3 2018 
2 BW LPG Q3 2018 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/m6/p/3ehtnijf. 
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 fleet of over 180 vessels 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