Update on BW LPG’s Product Services Q1 2024 Segment Performance

18 April 2024

BW LPG Limited (“BW LPG”, the “Company”, OSE ticker code: “BWLPG.OL”) today provides an update on its Product Services’ (“BW Product Services”) Q1 2024 segment performance. For the quarter ended 31 March 2024, BW Product Services reported an estimated gross profit of approximately USD 32 million. Gross profit represents the realised trading profit plus net derivative gains and losses from open cargo contracts and hedging transactions.

After general and administrative expenses and income taxes, BW Product Services made an estimated net profit of approximately USD 20 million for the quarter.

The average Value-At-Risk (VAR) for the quarter was approximately USD 5 million.

BW LPG will release its Q1 2024 financial report on 30 May 2024.

For further information, please contact:

Kristian Sørensen
Chief Executive Officer
E-mail: kristian.sorensen@bwlpg.com

Samantha Xu
Chief Financial Officer
E-mail: samantha.xu@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) with a total carrying capacity of over 3 million CBM. With five decades of operating experience in LPG shipping, experienced employees and an in-house LPG trading division, BW LPG offers an integrated, 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, a leading global maritime company involved in shipping, floating infrastructure, deepwater oil & gas production, and new sustainable technologies. Founded in 1955 by Sir YK Pao, BW controls a fleet of over 490 vessels transporting oil, gas and dry commodities, with its 200 LNG and LPG ships constituting the largest gas fleet in the world. In the renewables space, the group has investments in solar, wind, batteries, biofuels and water treatment.