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    BW LPG Limited - Financial Results for Q2 2024

    BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”):

    Highlights and Subsequent Events

    • Another strong quarter for shipping with daily TCE of US$ 49,660 per available day and US$ 48,030 per calendar day.
    • Generated NPAT of US$ 85 million or earnings per share of US$ 0.58. Declared a Q2 2024 cash dividend of US$ 0.58 per share amounting to US$ 76.4 million, representing 121% of Shipping NPAT and 100% of total earnings.
    • For the third quarter of 2024, we have fixed ~86% at an average rate of ~US$ 43,000 per available day.
    • BW Product Services generated a net accounting profit of US$ 15.7 million in Q2 after adjusting for G&A and tax provisions.
    • Announced the acquisition of 12 VLGCs from Avance Gas at a total purchase price of US$ 1,050 million. Closing of the transaction will take place on a vessel-by-vessel basis with targeted completed by 31 December 2024.
    • Successfully completed the redomiciliation from Bermuda to Singapore on 1 July 2024.
    • The BW LPG US listing has broadened investor access and strengthened our capital market activities with ~230,000 daily trading volume. The additional listing has supported share price development during the quarter.

    Financial Performance

    BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”) reported a Q2 2024 Net Profit After Tax (NPAT) of US$ 85 million, yielding an annualised return on equity of 21% with US$ 53 million free cash flow generated. The Q2 operating profit was US$ 89 million, and earnings per share was US$ 0.58.

    The Company’s net leverage ratio was 12% in Q2 with available liquidity at US$ 578 million at the end of the quarter. On the back of another strong quarter, the Board has declared a cash dividend of US$ 0.58 per share, or a total dividend of US$ 76 million. This represents a 100% earnings payout ratio and an annualised dividend yield of 15%.

    Commercial Performance Shipping – Q2 VLGC freight rates averaged US$ 49,700 per available day or US$ 48,000 per calendar day, with 95% fleet utilisation. Time Charter Equivalent (TCE) income was US$ 148.6 million for the quarter, and our India subsidiary contributed a stable TCE income of US$ 30.6 million for Q2.

    Product Services Product Services reported a US$ 24.5 million gross profit for Q2. After considering other expenses, comprising mainly of G&A and income tax expenses, Product Services reported a net profit after tax of US$ 15.7 million for the quarter.

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    BW LPG Limited - Financial Results for Q2 2024 BW LPG Limited (“BW LPG”, the “Company”, NYSE ticker code: “BWLP”, OSE ticker code: “BWLPG.OL”): Highlights and Subsequent Events Another strong quarter for shipping with daily TCE of US$ 49,660 per available day and US$ 48,030 per calendar day. …