BWLPG.OL Q3 2019 - CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

SINGAPORE, Nov 22 (Bernama-GLOBE NEWSWIRE) --
- Highest ever quarterly net profit of US$117 million
- Fleet wide VLGC TCE freight rates averaged US$48,100 per day
- TCE 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 share
- Current dividend policy amended from a semi-annual to a quarterly dividend payout
- Declared 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.

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