Outlook for the VLGC fleet

June 14th 2016

IHS Asia LPG Seminar 2016

Forward-looking Statements

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persons and will be engaged in only with relevant persons. 2

3

80 Years of Delivering Energy

BW LPG Fleet List

Modern fleet of 36 VLGCs / 5 LGCs / 6 newbuild VLGCs built at leading shipyards

OWNED VLGCs

Name Year built Shipyard Ownership (%)

BW Aries 2014 Hyundai H.I. 100%

BW Austria 2009 DSME 100%

BW Birch 2007 Hyundai H.I. 100%

BW Borg 2001 Kawasaki H.I. 100%

BW Boss 2001 Kawasaki H.I. 100%

BW Carina 2015 Hyundai H.I. 100%

BW Cedar 2007 Hyundai H.I. 100%

BW Confidence 2006 Mitsubishi H.I. 100%

BW Denise 2001 Stocznia Gdynia 100%

BW Empress 2005 Mitsubishi H.I. 100%

BW Energy 2002 Kawasaki H.I. 100%

BW Gemini 2015 Hyundai H.I. 100%

BW Leo 2015 Hyundai H.I 100%

BW Liberty 2007 DSME 100%

BW Libra 2015 Hyundai H.I 100%

BW Lord 2008 DSME 100%

BW Loyalty 2008 DSME 100%

BW Maple 2007 Hyundai H.I. 100%

BW Oak 2008 Hyundai H.I. 100%

BW Orion 2015 Hyundai H.I 100%

BW Pine 2011 Kawasaki S.C. 100%

BW Prince 2007 Hyundai H.I. 100%

BW Princess 2008 Hyundai H.I. 100%

BW Sakura 2010 Mitsubishi H.I. 100%

BW Trader 2006 DSME 100%

BW Tucana 2016 Hyundai H.I. 100%

BW Vision 2001 Kawasaki H.I. 100%

BW Volans 2016 Hyundai H.I. 100%

Berge Summit 1990 Mitsubishi H.I. 100%

Total (29 vessels)

CHARTERED VLGCs

Name Year built Shipyard Charter type

Berge Nantong 2006 Hyundai H.I. Time charter

Berge Ningbo 2006 Hyundai H.I. Time charter

BW Broker 2007 Kawasaki H.I. Bare-boat

BW Kyoto 2010 Mitsubishi H.I. Time charter

BW Tokyo 2009 Mitsubishi H.I. Time charter

Yuricosmos 2010 Mitsubishi H.I. Time charter

Yuyo Spirits 2009 Mitsubishi H.I. Time charter

Total (7 vessels)

OWNED LGCs

Name Year built Shipyard Ownership (%)

BW Havfrost 1991 Kvaerner-Govan 86%

BW Havis 1993 Kvaerner-Govan 78%

BW Helios 1992 Kvaerner-Govan 100%

BW Nantes 2003 Kawasaki S.C. 100%

BW Nice 2003 Kawasaki S.C. 100%

Total (5 vessels)

NEWBUILD VLGCs

Name Delivery Shipyard Ownership

Hull No. 2351 2016 DSME 100%

Hull No. 2352 2016 DSME 100%

Hull No. 2353 2016 DSME 100%

Hull No. 2354 2017 DSME Time charter

Hull No. 2335 2020 Mitsubishi H.I. Time charter

Hull No. 2336 2020 Mitsubishi H.I. Time charter

Total (6 vessels)

4

5

Our Blue Chip Customer Base

National

Oil Companies

International

Oil Companies

International

Trading

Companies

5

STRICTLY PRIVATE & CONFIDENTIAL Baltic Index

6

Baltic Index $ Per Ton (Ras Tanura - Chiba)FOR CHART:

-

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

Baltic$ Per Ton as % of

Current $28.9

Last 5 Years Median $32.4 89%

Last 10 Years Median $45.4 64%

All Time Median $42.3 68%

Last 5 Years Average $33.2 87%

Last 10 Years Average $47.4 61%

All Time Average $49.2 59%

Trailing Ten Year Monthly VLGC Spot Rates ($ Per Day)

-

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

January February March April May June July August September October November December

10Y High / Low 10Y Avg. - $37,145 2014 - $77,255 2015 - $88,128 2016 - $34,000

Source: Clarksons, BW LPG analysis

STRICTLY PRIVATE & CONFIDENTIAL

7 Source: EIA, BW LPG analysis

PADD 3 inventory draw/build drives MB C3 price in short term

Inverse relationship with a lag – higher builds = lower prices and vice versa

Propane prices rallied in February and March, driven by accelerated pace of inventory drawdowns

Prices must strike a balance between encouraging production growth and being competitive in the international market

Change in PADD 3 Propane Inventories Relative to 5 Year Average (mmbl) vs % Change in Mont Belvieu Propane Price (shaded region indicates draw season)

(8.0)

(6.0)

(4.0)

(2.0)

-

2.0

4.0

6.0

(40%)

(30%)

(20%)

(10%)

-

10%

20%

30%

Ch

ange

in In

ven

torie

s vs 5 Ye

ar Ave

rageM

B P

rop

ane

Mo

nth

ly P

rice

Ch

ange

Δ in PADD3 Inventories v Avg C3 % Price Change

STRICTLY PRIVATE & CONFIDENTIAL

8 Source: Bloomberg, BW LPG analysis

Mont Belvieu propane has strengthened considerably relative to

crude oil & Asian propane

Mont Belvieu Propane as % of WTI

Relative Performance MB C3 vs AFE (Jan 1 2016 = 100)

-

20%

40%

60%

80%

100%

120%

Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16

60

70

80

90

100

110

120

130

140

150

160

Dec-15 Jan-16 Feb-16 Mar-16 Apr-16

US Propane

Asia Propane

STRICTLY PRIVATE & CONFIDENTIAL

9

International Price Spreads The main driver of VLGC spot market weakness; geographic LPG price spreads are the main VLGC freight price-setting

mechanism in the short term

Asia - US Propane Spread ($ Per Ton) Europe - US Propane Spread ($ Per Ton)

($100)

-

$100

$200

$300

$400

$500

$600

-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Spread (RHS) Asia Propane (LHS) US Propane (LHS)

Europe - US Propane Spread ($ Per Ton) Europe Naphtha Propane Spread ($ Per Ton)

($100)

-

$100

$200

$300

$400

$500

$600

-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Spread (RHS) EU Propane (LHS) US Propane (LHS)

MEG - US Propane Spread ($ Per Ton)

($100)

-

$100

$200

$300

$400

$500

$600

-

$200

$400

$600

$800

$1,000

$1,200

$1,400

Spread (RHS) MEG Propane (LHS) US Propane (LHS)

Europe Naphtha Propane Spread ($ Per Ton) Asia Naphtha Propane Spread ($ Per Ton)

($100)

($50)

-

$50

$100

$150

$200

-

$200

$400

$600

$800

$1,000

$1,200

Spread (RHS) EU Naphtha (LHS) EU Propane (LHS)

STRICTLY PRIVATE & CONFIDENTIAL VLGC Fleet Development; 221 ships on the water, 59 on order

10 Source: Clarksons, BW LPG analysis [1] As of May 2016

VLGC Fleet Profile [1] - Average Age: 9.3 Years BW LPG Market Share (Owned + Operated VLGCs)

-

5

10

15

20

25

30

35

40

45

50

19

80>

19

81

19

82

19

83

19

84

19

85

19

86

19

87

19

88

19

89

19

90

19

91

19

92

19

93

19

94

19

95

19

96

19

97

19

98

19

99

20

00

20

01

20

02

20

03

20

04

20

05

20

06

20

07

20

08

20

09

20

10

20

11

20

12

20

13

20

14

20

15

20

16

20

17

20

18

20

19

20

20

Nu

mb

er

of V

LGC

s

BW LPG Owned & Operated Other VLGC Fleet Other VLGC Newbuildings

>20 Years: 38 Vessels / 17% of Fleet

VLGC 2016 Deliveries

6

2

11

4 4

2

5

8

-

2

4

6

8

10

12

Jan-2016 Feb-2016 Mar-2016 Apr-2016 May-2016 Jun-2016 Q3-2016 Q4-2016

STRICTLY PRIVATE & CONFIDENTIAL

VLGC Fleet Growth & Rates

11 Source: Clarksons, BW LPG analysis

Annual VLGC Fleet Growth vs. VLGC TCE Rates

Fleet Growth Average Median Low High

Since 2009 7% 4% 0% 22%

Last Five Years 8% 5% 0% 22%

Last Ten Years 8% 5% 0% 22%

All Available Time 5% 4% (2%) 22%

-

$20,000

$40,000

$60,000

$80,000

$100,000

(5%)

-

5%

10%

15%

20%

25%

1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021

Fleet Growth

Fleet Growth Forecast

TCE Rates

STRICTLY PRIVATE & CONFIDENTIAL

12 Source: Waterborne, Poten, BW LPG analysis

Q1 2016 Seaborne LPG Trade Overview US exports grew ~50% year on year while Chinese LPG imports increased by ~65%

Comments

Exports

Middle Eastern exports moderately higher

US LPG export growth driven by increase in volumes

from Enterprise and Sunoco; ~45% of total exports

bound for Far East

N. Europe volumes increased slightly due to positive

arbitrage economics to Asia

African volumes remained steady

Imports

Chinese LPG import growth led by term volumes

Indian imports increased but offset by Haldia import

terminal downtime

Japanese imports decline slightly, but US now

accounts for greater share of import slate (~40%)

Korean imports up due to start up of SK Gas PDH plant

Q1 2015/16 Seaborne LPG Exports by Country/Region (Mt)

Q1 2015/16 Seaborne LPG Imports by Country/Region (Mt)

China

Japan

India

Korea

-

2

4

6

8

10

12

Middle East U.S.A. North Europe North Africa West Africa

Q1 2015 Q1 2016

-

1

2

3

4

5

China Japan India Korea Indonesia

Q1 2015 Q1 2016

STRICTLY PRIVATE & CONFIDENTIAL

U.S. Ton-Mile Demand

13

[1] U.S. export volumes reached 6.5mt in Q1 2016, a 49% year on year increase (Annualized FY2016 26mt v FY2015 20.5mt)

Monthly U.S. LPG Exports By Product Type (MM Tons)

-

0.5

1.0

1.5

2.0

2.5

3.0

Propane Butane

[2] Share of U.S. exports headed East continues to grow (Annualized FY2016 45% v FY2015 38%) at expense of shorter distance destinations

US LPG Exports By Destination (2016 Annualized Data)

3% 8% 17% 23%

38% 45%

16% 14%

18% 20%

16% 13%

39% 43%

42% 29% 24% 19%

43% 35%

22% 27% 22% 23%

-

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2011 2012 2013 2014 2015 2016Asia Europe Latam & Caribs Other

STRICTLY PRIVATE & CONFIDENTIAL

U.S. Propane Snapshot – Weekly Figures

14 Source: EIA, BW LPG analysis

Weekly U.S. Propane Production (Thousand Barrels per Day)

1,000

1,100

1,200

1,300

1,400

1,500

1,600

1,700

1,800

2012 2013 2014 2015 2016

Weekly U.S. Propane Demand (Thousand Barrels per Day)

600

800

1,000

1,200

1,400

1,600

1,800

2,000

2,200

2012 2013 2014 2015 2016

Weekly U.S. Propane Exports (Thousand Barrels per Day)

-

100

200

300

400

500

600

700

800

2012 2013 2014 2015 2016

Trailing Five Year Weekly PADD 3 Propane Inventories (MBBls)

-

10,000

20,000

30,000

40,000

50,000

60,000

70,000

5Y High / Low 5Y Avg. 2016

STRICTLY PRIVATE & CONFIDENTIAL

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U.S. LPG Supply – Demand Outlook Production & exports keep increasing as domestic consumption declines

EIA 2016 – 2017e U.S. LPG production growth of 3% and 4%

EIA 2016 – 2017e U.S. LPG domestic demand decline of 0% and -4%

EIA 2016 – 2017e U.S. LPG net export growth of 30% and 20%

U.S. LPG Snapshot (Mt) - EIA June 2016 STEO

50.3 54.4

59.9

68.5 73.7 75.9

78.9

49.4 51.2 56.0 53.7 53.3 53.2 51.2

0.4 1.8

5.8 11.7 18.5

24.0 28.9

0.4

1.4

3.2

2.0

-

10

20

30

40

50

60

70

80

2011Actual 2012Actual 2013Actual 2014Actual 2015Actual 2016Forecast 2017Forecast

US Production US Domestic Consumption Net Exports Δ in Inventories

STRICTLY PRIVATE & CONFIDENTIAL

16

Summary

VLGC rates have declined due to narrower LPG price spreads and high fleet growth

Fleet growth set to revert to median levels in coming years

Fundamental drivers of LPG tonne-mile demand are intact

Volumes and distances travelled are both growing

U.S. LPG production will keep growing while domestic consumption could decline