Exhibit 99.1 

BW LPG Limited - Financial Results for Q2 2024

(Singapore, 22 August 2024)

Highlights and Subsequent Events

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.

Corporate Update

With reference to the press release dated August 15, 2024, BW LPG announced the transaction to acquire 12 Very Large Gas Carriers (VLGCs) from Avance Gas for a total consideration of US$ 1,050 million. This acquisition increases the number of VLGCs owned and operated by BW LPG from 41 to 53, of which 22 are LPG dual-fuel.

This transaction further solidifies BW LPG's position as the world’s leading owner and operator of VLGCs, with the largest number of LPG dual-fuel powered VLGCs. This fleet expansion comes at an opportune time with VLGC newbuild deliveries abating and continued growth in global LPG export volumes.

The strategic transaction will enhance BW LPG's commercial scale and increase its operational leverage in a market expected to remain strong in the coming years, and as such solidify earnings and dividend potential.

The press release can be found at this link: https://www.bwlpg.com/media/press-release/bw-lpg-acquires-12-very-large-gas-carriers-from-avance-gas/.

Market Update

The first half of 2024 was marked by significant volatility in freight rates. In January, spot rates for the Houston – Chiba route began printing above US$120,00 per day, before a cold snap in the US temporarily curtailed production and exports of LPG. This resulted in spot rates falling sharply to around OPEX levels.

Subsequently, earnings recovered alongside LPG production in the US, and from mid-February to the latter half of June, spot cargoes were fixed at rates above the seasonal average level. In early June, the Panama Canal Authority announced another increase in maximum allowed draft and available slots for transiting the canal, as the water level in Lake Gatun normalised. This had a negative impact on the VLGC market balance, as fewer VLGCs elected to sail the longer route around Cape of Good Hope on their way to the Far East.

Furthermore, in early July, Hurricane Beryl made landfall in Texas, and causing widespread damage. This has had a negative impact on the number of LPG cargoes available for export and ultimately spot rates for VLGCs. Despite these disruptions however, export volumes on VLGCs out of North America still grew 3.7% in the first half of 2024, compared to the same period in 2023.

In the Middle East, export growth was flat, in part due to the continuation of the OPEC+ production cuts, and also some maintenance taking place towards the end of Q2. Export volumes on VLGCs out of Middle East were down 1.6% in the first half of 2024, compared to the first half of 2023.

Fleet Capacity

Year-to-date, 16 new VLGC vessels have been delivered, and there are plans for the delivery of 6 more throughout the remaining months of 2024, and 13 VLGCs for delivery in 2025. Established shipbuilders are indicating deliveries no earlier than 2027 for new VLGC orders.

VLGC Freight Market Summary

Freight rates have rebounded from a seasonal low of approximately US$30,000 per day for loadings out of US Gulf to a level of approximately US$45,000 per day, and the fundamentals remain supportive.

We expect the spot market to fluctuate driven by weather changes, geopolitical situation, Panama Canal availability and other drivers of the VLGC market.

The WTI oil price is trading in the high US$70s per barrel, and expectations for North American LPG export growth are in the high single-digits for the next three years while Middle East LPG exports are expected to grow in the mid-single digits over the coming years, driven by higher gas production from new projects in Qatar, UAE and other countries in the region.

Furthermore, Chinese PDH plants have increased their run-rates lately and China saw all-time high LPG imports in June. A continued robust demand side in China will likely contribute to a wide US-Far East arbitrage which is positive for shipping.

The current FFA market for CAL2025 is trading at equivalent to approximately US$50,000 per day, which reflects support to the current spot market levels.

Q2 2024 Earnings Presentation and Interim Financial Report

Please see the attachments for the Q2 2024 Earnings Presentation and Interim Financial Report.

BW LPG will present its financial results at 14:00hrs CET today. The presentation will be hosted by Kristian Sørensen (CEO) and Samantha Xu (CFO).

The Presentation will be held live via Zoom. Please register at the link below:

https://bit.ly/BWLPGQ22024EP

A presentation recording will also be available after the event on the Company’s website at: https://www.investor.bwlpg.com.

For further information, please contact:

Kristian Sørensen, CEO

Samantha Xu, CFO
E-mail: investor.relations@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, an in-house LPG trading division and a growing presence in LPG terminal infrastructure and distribution, BW LPG offers an integrated, flexible, and reliable service to customers along the LPG value chain. More information about BW LPG can be found at https://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 450 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.

This information is subject to disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

Exhibit 99.2

BW LPG Limited
Interim Financial Report (Unaudited)
Q2 2024 and H1 2024

FORWARD-LOOKING STATEMENTS

Matters discussed in this unaudited interim financial report may constitute “forward-looking statements”. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts or present facts and circumstances. We desire to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and are including this cautionary statement in connection with this safe harbor legislation. This unaudited interim financial report and any other written or oral statements made by us or on our behalf may include forward-looking statements, which reflect our current views with respect to future events and financial and operational performance.

These forward-looking statements may be identified by the use of forward-looking terminology, such as the terms “anticipates”, “assumes”, “believes”, “can”, “continue”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “likely”, “may”, “might”, “plans”, “should”, “potential”, “projects”, “seek”, “will”, “would” or, in each case, their negative, or other variations or comparable terminology. They include statements regarding BW LPG’s intentions, beliefs or current expectations concerning, among other things, the financial strength and position of the Group, operating results, liquidity, prospects, growth, the implementation of strategic initiatives, as well as other statements relating to the Group’s future business development, financial performance and the industry in which the Group operates.

Prospective investors in BW LPG are cautioned that forward-looking statements are not guarantees of future performance and that the Group’s actual financial position, operating results and liquidity, and the development of the industry and potential market in which the Group may operate in the future, may differ materially from those made in, or suggested by, the forward-looking statements contained in this unaudited interim financial report. BW LPG cannot guarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based, will occur.

By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors including, but not limited to:

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

FORWARD-LOOKING STATEMENTS (continued)

Additional information about material risk factors that could cause actual results to differ materially from expectations and about material factors or assumptions applied in making forward-looking statements may be found under “Item 3. Key Information – 3.D. Risk Factors” of BW LPG’s Registration Statement on Form 20-F, filed with the U.S. Securities and Exchange Commission on 8 April 2024.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

SELECTED KEY FINANCIAL INFORMATION

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

HIGHLIGHTS AND SUBSEQUENT EVENTS – Q2 2024

PERFORMANCE REVIEW – Q2 2024 and H1 2024

Q2 2024

Profit after tax was US$84.9 million for Q2 2024 (Q2 2023: US$78.2 million). The increase in profit after tax was mainly due to an increase of US$8.4 million in operating profit, a decrease in net finance expenses of US$2.8 million, which were partially offset by higher income tax expense of US$4.4 million.

Time Charter Equivalent (“TCE”) income for the Shipping segment was US$148.6 million for Q2 2024 (Q2 2023: US$167.0 million). The decrease of US$18.4 million was mainly due to lower LPG spot rates of US$53,340 per available day and lower available fleet days, which decreased by 8% and 6%, respectively when compared with Q2 2023. IFRS 15 adjustments had an insignificant impact to TCE for both Q2 2024 and Q2 2023. Our India subsidiary continues to contribute stable TCE income of US$30.6 million for Q2 2024 mainly from fixed rate time charters.

Product Services achieved a US$24.5 million gross profit for Q2 2024 (Q2 2023: gross loss of US$28.2 million). The increase of US$52.7 million was mainly due to an increase of US$43.3 million in realised and unrealised gains from trading activities, and a decrease in depreciation of US$9.5 million. Net of other expenses, comprising mainly general and administrative expenses of US$5.2 million and income tax expense of US$3.6 million, Product Services recorded a net profit after tax of US$15.7 million for Q2 2024 (Q2 2023: net loss of US$30.8 million).

H1 2024

Profit after tax was US$234.7 million for H1 2024 (H1 2023: US$208.9 million). The increase in profit after tax was mainly due to a higher operating profit of US$28.3 million, a reduction in net finance expenses of US$6.2 million, which were partially offset by higher income tax expense of US$8.7 million.

Time Charter Equivalent (“TCE”) income for the Shipping segment was US$335.1 million for H1 2024 (H1 2023: US$367.4 million) contributed by lower LPG spot rates of US$61,290 per available day and lower available fleet days, representing a decrease of 6% and 7%, respectively when compared with H1 2023. IFRS 15 adjustments amounted to positive US$26.3 million for H1 2024 (H1 2023: positive US$16.3 million), where spot voyages are accounted for on a load-to-discharge basis. Our India subsidiary continues to contribute stable TCE income of US$60.0 million for H1 2024 (H1 2023: US$52.0 million) mainly from fixed rate time charters.

Product Services achieved a US$57.8 million gross profit for H1 2024 (H1 2023: gross loss of US$21.0 million). The increase of US$78.8 million was mainly due to a higher realised and unrealised gains of US$59.4 million from trading activities, and a decrease in depreciation of US$19.3 million. Net of other expenses, comprising mainly general and administrative expenses of US$13.3 million and income tax expense of US$7.7 million, Product Services recorded a net profit after tax of US$36.7 million for H1 2024 (H1 2023: net loss of US$27.7 million).

1 TCE income – Shipping per available and calendar day (total) are non-IFRS measures and are computed as TCE income – Shipping divided by available days and calendar days (total), respectively. See pages 25 and 26 for a reconciliation of TCE income – Shipping per available day and calendar day (total) to the nearest IFRS measure.

2 BW LPG Product Services Pte. Ltd.’s net profit/(loss) after tax. See page 24.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

BALANCE SHEET

As of 30 June 2024, BW LPG controls a fleet of 41 VLGCs, including eight vessels which are owned and operated by our subsidiary operating in India. Total assets amounted to US$2,237.0 million (31 December 2023: US$2,520.5 million), of which US$1,408.1 million (31 December 2023: US$1,457.1 million) represented the carrying value of the vessels (including dry docking), and US$126.0 million (31 December 2023: US$151.8 million) represented the carrying value of right-of-use assets (vessels). Inventories as of 30 June 2024 decreased to US$70.5 million as compared to US$188.6 million largely due to the decrease in numbers of LPG cargoes traded in transit.

Cash and cash equivalents amounted to US$264.3 million as of 30 June 2024 (31 December 2023: US$287.5 million). Cash flow from operating activities generated a net cash surplus of US$458.4 million in H1 2024 (H1 2023: US$273.7 million), of which US$141.2 million (H1 2023: net cash outflow of US$12.1 million) related to changes in working capital. Investing activities generated a positive cash flow of US$48.9 million in H1 2024 (H1 2023: US$100.1 million) mainly due to sale of one vessel in Q1 2024, partially offset by a US$30.2 million investment in a minority stake of Confidence Petroleum India Limited. The cash generated was used to repay US$98.3 million of bank borrowings, interest on bank borrowings, US$250.1 million of dividend payments, and for other capital expenditure during first half of 2024.

Net leverage ratio decreased from 20.5% as at 31 December 2023, to 11.9% as at 30 June 2024 mainly due to repayment of term loan, decrease in restricted cash held for derivative margin requirements and a decrease in short term Product Services trade finance lines drawn as at 30 June 2024.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

MARKET UPDATE

The first half of 2024 was marked by significant volatility in freight rates. In January, spot rates for the Houston – Chiba route began printing above US$120,00 per day, before a cold snap in the US temporarily curtailed production and exports of LPG. This resulted in spot rates falling sharply to around OPEX levels.

Subsequently, earnings recovered alongside LPG production in the US, and from mid-February to the latter half of June, spot cargoes were fixed at rates above the seasonal average level. In early June, the Panama Canal Authority announced another increase in maximum allowed draft and available slots for transiting the canal, as the water level in Lake Gatun normalised. This had a negative impact on the VLGC market balance, as fewer VLGCs elected to sail the longer route around Cape of Good Hope on their way to the Far East.

Furthermore, in early July, Hurricane Beryl made landfall in Texas, and causing widespread damage. This has had a negative impact on the number of LPG cargoes available for export and ultimately spot rates for VLGCs. Despite these disruptions however, export volumes on VLGCs out of North America still grew 3.7% in the first half of 2024 compared to the same period in 2023.

In the Middle East, export growth was flat, in part due to the continuation of the OPEC+ production cuts, and also some maintenance taking place towards the end of Q2. Export volumes on VLGCs out of Middle East were down 1.6% in the first half of 2024 compared to the first half of 2023.

Fleet Capacity

Year-to-date, 16 new VLGC vessels have been delivered, and there are plans for the delivery of 6 more throughout the remaining months of 2024, and 13 VLGCs for delivery in 2025. Established shipbuilders are indicating deliveries no earlier than 2027 for new VLGC orders.

VLGC Freight Market Summary

Freight rates have rebounded from a seasonal low of approximately US$30,000 per day for loadings out of US Gulf to a level of approximately US$45,000 per day, and the fundamentals remain supportive.

We expect the spot market to fluctuate driven by weather changes, geopolitical situation, Panama Canal availability and other drivers of the VLGC market.

The WTI oil price is trading in the high US$70s per barrel, and expectations for North American LPG export growth are in the high single-digits for the next three years while Middle East LPG exports are expected to grow in the mid-single digits over the coming years, driven by higher gas production from new projects in Qatar, UAE and other countries in the region.

Furthermore, Chinese PDH plants have increased their run-rates lately and China saw all-time high LPG imports in June. A continued robust demand side in China will likely contribute to a wide US-Far East arbitrage which is positive for shipping.

The current FFA market for CAL2025 is trading at equivalent to approximately US$50,000 per day, which reflects support to the current spot market levels.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

RISK FACTORS

BW LPG’s results are largely dependent on the worldwide market for transportation of LPG. Market conditions for shipping activities are typically volatile and, as a consequence, the results may vary considerably from year to year. The market in broad terms is dependent on the following factors: the supply of vessels, U.S. and Middle East LPG export volumes and the demand for LPG. The supply of vessels depends on the number of newbuildings entering the market, the demolition of older tonnage and legislation that limits the use of older vessels or sets new standards for vessels used in specific trades. The demand side depends mainly on developments in the global economy. In the recent periods, the efficiency of Panama Canal transit also impacts results significantly.

BW LPG is also exposed to risk in respect of fuel oil costs. Fuel oil prices are affected by the global political and economic environment. This risk is managed by pricing contracts of affreightment with fuel oil adjustment clauses, or by entering into forward fuel oil contracts. Other risks that Management takes into account are interest rate risk, credit risk, liquidity risk and capital risk. Management does not expect the exposure to these risks to change materially and cause a significant impact on the performance of BW LPG in the rest of 2024.

The success of the Group’s trading activities through Product Services depend largely on its ability to identify and exploit arbitrage opportunities, which allow profit to be generated by sourcing and transporting LPG. A lack of such opportunities, or the inability to take advantage of such opportunities when they present themselves could have a material adverse effect on Product Services’ business and results.

Product Services is exposed to fluctuations in LPG prices in order to meet forward priced contract obligations and forward priced purchase or sale contracts. Although Product Services has a policy to mitigate the risks of its trading activities related to LPG price fluctuations by hedging substantially all of its trading inventory through futures and swap commodity derivative contracts, it also may take unhedged positions within pre-determined and approved Group limits based on its understanding of market dynamics and expectation of future price movements. These derivative contracts are subject to daily mark-to-market and margining requirements and could lead to significant cash demands.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

Statements to the Interim Financial Information

We confirm to the best of our knowledge that the Interim Financial Information for the six-month period ended 30 June 2024 has been prepared in accordance with IAS 34 – Interim Financial Reporting, and gives a true and fair view of BW LPG Limited’s consolidated assets, liabilities, financial position and income statement as a whole. We also confirm to the best of our knowledge, that the Interim Financial Information includes a fair review of important events that have taken place during the six-month period ended 30 June 2024 and their impact on the Interim Financial Information, and accounts properly for the principal risks and uncertainties for the remaining half year of 2024, as well as major related party transactions.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

REPORT ON REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION

Board of Directors
BW LPG Limited

Introduction

We have reviewed the accompanying condensed consolidated interim financial information of BW LPG Limited (“the Company”) and its subsidiaries (“the Group”), which comprises:

(“condensed consolidated interim financial information”).

Management is responsible for the preparation and presentation of this condensed consolidated Interim Financial Information in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting. Our responsibility is to express a conclusion on this condensed consolidated Interim Financial Information based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements (ISRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated Interim Financial Information is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting.

KPMG LLP

Public Accountants and

Chartered Accountants

Singapore

22 August 2024

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED)

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED)

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) (continued)

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

BW LPG Limited 

Interim Financial Report (Unaudited) 

Q2 2024 and H1 2024

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) (continued)

For the purpose of presenting the consolidated statement of cash flows, cash and cash equivalents comprise the following:

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL INFORMATION (UNAUDITED)

These notes form an integral part of and should be read in conjunction with the accompanying condensed consolidated financial information.

BW LPG Limited (the “Company”) is listed on the Oslo and New York Stock Exchange. It was incorporated and domiciled in Bermuda, but was redomiciled to Singapore with effect from 1 July 2024. The address of its registered office is 10 Pasir Panjang Road, #17-02, Mapletree Business City, Singapore 117438.

The principal activity of the Company is that of investment holding. The principal activities of its subsidiaries are shipowning, chartering and LPG trading.

This condensed consolidated interim financial information (“Interim Financial Information”) was authorised for issue by the Board of Directors of the Company on 22 August 2024.

Basis of preparation

The Interim Financial Information for the three-month and six-month periods ended 30 June 2024 has been prepared in accordance with IAS 34, ‘Interim Financial Reporting’. The Interim Financial Information should be read in conjunction with the annual audited financial statements for the year ended 31 December 2023, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”). The Interim Financial Information does not include all the information required for a complete set of financial statements prepared in accordance with IFRS standards. However, selected explanatory notes are included to explain events and transactions that are significant to an understanding of the changes in the Group’s financial position and performance since the last annual financial statements.

In the preparation of this set of Interim Financial Information, the same accounting policies have been applied as those used in the preparation of the annual financial statements for the year ended 31 December 2023, except as set out below.

Equity Investments

Equity investments are initially recognised at its fair value. Transaction costs are expensed in profit of loss.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

Critical accounting estimates, assumptions and judgements

The preparation of the Interim Financial Information requires Management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

In preparing this Interim Financial Information, the judgements made by Management in applying the Group’s accounting policies and the key sources of estimation uncertainty are the same as those that applied to the consolidated financial statements for the year ended 31 December 2023.

As at 30 June 2024, the Group has interest rate swaps with total notional principal amounting to US$198.6 million (31 December 2023: US$218.1 million). The Group’s interest rate swaps mature between 2025 to 2029.

Interest rate swaps were transacted to hedge the interest rate risk on bank borrowings. After taking into account the effects of these contracts, for part of the bank borrowings, the Group would effectively pay fixed interest rates ranging from 1.9% per annum to 2.9% per annum and would receive a variable rate based on US$ SOFR. Hedge accounting was adopted for these contracts.

Forward freight agreements and related bunker swaps were transacted to hedge freight rates and bunker price risks. Hedge accounting was adopted for these contracts.

Commodity contracts and derivatives comprise physical buy and sell commodity contracts measured at fair value through profit or loss, and commodity derivative contracts. The Group did not adopt hedge accounting for these contracts.

Forward foreign exchange contracts were transacted to hedge foreign exchange risks. The Group did not adopt hedge accounting for these contracts.

Finance lease receivables pertain to a back-to-back time charter contract where the sublease was accounted for as finance lease under IFRS 16 and resulted in the recognition of net investment in the sublease as finance lease receivables of US$15.1 million as at 30 June 2024 (31 December 2023: US$2.7 million).

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

Pursuant to the Company’s Long-term Management Share Option Plan (“LTIP 2017”) announced on 21 April 2017, participants of the LTIP 2017 exercised vested options granted under LTIP 2017 during Q1 2024; 597,767 shares were transferred at an average strike price of US$0.90 (NOK 9.17) per share.

During H1 2024, the Company purchased 9,006 shares as part of the share buy-back programme announced on 23 May 2023, and sold 89,898 shares at market price of US$12.14 per share.

As at 30 June 2023, the Company purchased 1,466,684 and 956,222 shares as part of the share buy-back programme announced on 8 December 2021, and a tender offer launched in June 2023, respectively. 470,000 shares were transferred to certain members in settlement of their exercising of certain vested options granted under LTIP 2017.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

Movements in borrowings and lease liabilities are analysed as follows:

As at 30 June 2024, bank borrowings amounting to US$227.0 million (31 December 2023: US$311.0 million) are secured by mortgages on a number of vessels of the Group (note 5). These bank borrowings are interest bearing at SOFR plus a margin. The carrying amounts of non-current and current borrowings approximate their fair values because interest rates are repriced on a regular basis.

In addition to the information disclosed elsewhere in the Interim Financial Information, the following transactions took place between the Group and related parties during the financial period at terms agreed between the parties:

* “Related parties” refer to corporations controlled by a shareholder of the Company.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

The Interim Financial Information does not include all financial risk management information and disclosures required in the annual financial statements; they should be read in conjunction with the Group’s annual financial statements as at 31 December 2023. There have been no major changes in any risk management policies or processes since the previous year end.

The aggregate carrying amounts of the Group’s financial instruments are as follows:

In Q1 2024, the Group completed an investment amounting to US$30.0 million into Confidence Petroleum India Limited (“Confidence”), a company listed on the NSE India, through a preferential allotment of equity shares. These shares constitute 8.5 percent of the issued and paid-up share capital of Confidence on a fully diluted basis. The Group elected to account for this equity investment as an Equity financial asset, fair value through other comprehensive income.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

IFRS 13 established a fair value hierarchy that prioritises inputs used to measure fair value. The three levels of the fair value input hierarchy defined by IFRS 13 are as follows:

Derivative financial assets and liabilities

The Group’s financial derivative instruments primarily relate to interest rate swaps, forward freight agreements, bunker swaps and commodity contracts measured at fair value and are within Level 2 of the fair value hierarchy. The fair values of financial derivative instruments that are not traded in an active market are determined by using valuation techniques. The fair values of interest rate swaps are calculated at the present value of estimated future cash flows based on observable yield curves. The fair values of forward freight agreements, bunker swaps and commodity contracts measured at fair value are determined using quoted forward commodity indices at the balance sheet date.

Non-derivative non-current financial assets and liabilities

The carrying amount of non-derivative non-current financial assets and liabilities which bear floating interest rates are assumed to approximate their fair value because of the short repricing period. There are no non-current financial assets and liabilities which do not bear floating interest rates.

Non-derivative current financial assets and liabilities

The carrying amounts of financial assets and liabilities with a maturity of less than one year are assumed to approximate their fair value because of the short period to maturity.

The executive management team (“EMT”) is the Group’s chief operating decision-maker. The Group identifies segments on the basis of those components of the Group that the EMT regularly reviews. The Group considers the business from each individual business segment perspective which comprises the Shipping and Product Services segments.

The reported measure of segment performance is gross profit, which the EMT uses to assess the performance of the operating segments. For the Shipping segment, gross profit is reflected as TCE income - Shipping. Operating segment disclosures are consistent with the information reviewed by the Management.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024

Segment performance is presented below:

1 “TCE income” denotes “time charter equivalent income” which represents revenue from time charters and voyage charters less voyage expenses comprising primarily fuel oil, port charges and commission.

2 Gross profit from Product Services represents the net trading results which comprise revenue and cost of LPG cargo, derivative gains and losses, and other trading attributable costs, including depreciation from Product Services’ leased in vessels.

BW LPG Limited

Interim Financial Report (Unaudited)

Q2 2024 and H1 2024