2017 in Numbers

Against a weak market backdrop, BW LPG continues to further strengthen our position in the industry.

185

million (US$)

Strategic Vessel Divestments from sale of 5 vessels

vessels vessels vessels vessels vessels
Strengthening BW LPG’s Fleet Profile

The average age of BW LPG’s VLGC Fleet is

7.3 years 65_YEARS

The average age of the global VLGC fleet is 8.8 years

Established Joint Venture in India enabling us to consolidate our position in the World's

2nd Largest
LPG Import Market
India

Strengthening our Balance Sheet and Liquidity Runway

BW LPG's Leverage

55.5%

Average Port Calls per day

call_per_day

3.9

Achieved VLGC TCE Earnings higher than the Baltic spot index

Graph

VLGC TCE Per Day

BW LPG US$18,600/day

Market US$13,500/day

Industry Leading Safety Results

LTIF Industry
Standard
(Baseline) 0.40
LTIF BW LPG
2017
Performance 0.23
Exports carried by BW LPG in 2017 LPG_cylinder
13.1 million tonnes

Revenue

US$491.8 million

TCE INCOME

US$335.4 million

EBITDA

US$125.5 million

Market Review

Falling Freight Rates

Arrow-down 25.8%

reduction YOY

VLGC Fleet Growth

10.4%

vessel

Weakening East - West Price Spread

2016

US$90

Per metric tonne

2017

US$80

Per metric tonne

Shipyards under pressure
with new building
prices bottoming out

Shipyard

North America Seaborne VLGC Export Trade Growth

3.8

million tonnes

Strong Import Growth Driven By:

China

China

15.4% YOY

volume growth

India

India-outline

35.1% YOY

volume growth