(Singapore, 22 May 2014)
The Board of Directors has decided on a dividend policy for BW LPG at a meeting held today. This policy will provide a degree of predictability and transparency on the determination of dividend payouts to shareholders.
When determining the semi-annual dividend level, the Board will target a payout ratio of 50% of net profits after tax, and will take into consideration appropriate limits on leverage, capital expenditure plans, financing requirements, appropriate financial flexibility and anticipated cash flows.
In addition to cash dividends, BW LPG may buy back shares as part of its total distribution of capital to shareholders. There is no plan to do so at present.
BW LPG strives to maintain balance sheet strength that is appropriate to the volatility of the market. This requires maintaining leverage below 60%, taking into account committed and likely capital expenditures.
For further information, please contact:
Chief Financial Officer
BW LPG Limited
Tel: +65 6705 5506
ABOUT BW LPG
BW LPG is the world’s largest very large gas carrier (VLGC) owner and operator based on number of VLGCs and by LPG carrying capacity. BW LPG owns and operates 36 gas carriers with a total carrying capacity of about 3 million cbm and a further 672,000 cbm of capacity on order in Korea. With 35 years of operating experience in LPG shipping and experienced seafarers and staff, BW LPG offers a flexible and reliable service to customers. BW LPG is associated with BW Group, one of the world’s leading shipping groups. BW Group is involved in oil and gas transportation, floating gas infrastructure, environmental technologies and deep-water production.
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.