BWLPG.OL Q3 2019 – Condensed Consolidated Interim Financial Information

SINGAPORE, Nov. 21, 2019 (GLOBE NEWSWIRE) — Highest ever quarterly net profit of US$117 millionFleet wide VLGC TCE freight rates averaged US$48,100 per dayTCE 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 shareCurrent dividend policy amended from a semi-annual to a quarterly dividend payoutDeclared 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. BW LPG Q3 2019 Financial Results PresentationBW 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, CAChief Financial OfficerBW LPG LimitedTel: +65 6705 5506E-mail: elaine.ong@bwlpg.com Iver BaatvikHead of Investor RelationsBW LPG LimitedTel: +65 6705 5519E-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.