OSLO / SINGAPORE, 23 August 2022 - BW Epic Kosan Ltd. (ticker 'BWEK', 'BW Epic
Kosan' or the 'Company') today announced its unaudited financial and operating
results for the second quarter ended June 30, 2022. All amounts reported in US
Dollars unless otherwise stated.

The Company started to prepare consolidated financial statements in accordance
with International Financial Reporting Standards ('IFRS') with effect from 1
January 2022. All prior period information is adjusted accordingly.

Q2 2022 Highlights:
o	Q2 2022 Net profit of $3.0 million (YTD 12.1 million)
o	EBITDA of $26.5 million (YTD 59.8 million)
o	ROE 2.5% (YTD 5.2%) / ROCE 3.5% (YTD 4.8%)
o	Cash of $49.3 million

Charles Maltby, Chief Executive Officer of BW Epic Kosan, commented:
"Our improving revenue and forward cover rates have been outweighed during the
quarter by a seasonally weaker spot market and higher voyage and operating
costs, leading to a second quarter net profit of $3.0 million, -21% year on
year.

In line with our strategy to focus on larger and younger tonnage, with the
benefit of stronger markets for such assets, we have exited a further four
vessels during the quarter. We ended the period with 72 vessels in our fleet.
Our strategy remains to focus on the LPG, petrochemicals, and speciality gases
sector, grow the average size of our fleet and maintain an attractive average
age. 

Our fleet mix, which includes pressurised, semi-refrigerated and ethylene
capable vessels, combined with an improving underlying market, saw our time
charter earnings (TCE) per calendar day for the second quarter increase by 3.5%
year on year to $11,227 per day (+$379 per day). 

Our underlying operational expenses (OPEX) costs increased by 14.6% to $5,446
per day (+$692 per day), on account of Covid-19 and global inflationary
pressures, and one-off costs related to exiting vessels. Our voyage expenses
increased by $4.8m year on year, largely due to increased bunker fuel-related
expenses. Our G&A continues to reduce as we deliver economies of scale following
our merger, with the second quarter down by 13% year on year.

We are focused on customer service and operational integration of our business
to increase our earnings potential, reduce our costs, enhance our efficiency
including through digitalisation, and work towards the IMO emissions targets for
2030 and 2050. We are working alongside industry partners not only to reduce
emissions, but also on projects that support wider decarbonisation, such as
shipping related to carbon capture and storage. Many of our vessels are capable
of carrying future clean fuels including ammonia, and with modest investment,
other speciality gases such as CO2.

Our year-on-year emissions have increased by 5.4% with an AER of 24.13g of
CO2/dwt-tm because of increased utilisation and consequential fuel consumption,
partially offset by investments in carbon emission reduction, such as silicone
paints and other energy saving initiatives. 

Positive earnings momentum should follow as we exit negative summer seasonality,
driven by increasing supply of LPG, we anticipate 3.9% growth in LPG seaborne
trade over 2022, whilst smaller gas vessel fleet growth forecasts are 2.8%
before any scrapping. We observe the increase in global commodity prices and
energy cost and are concerned about the impact of energy costs, including LPG,
upon developing economies which can be seen clearly, for example, in the case of
Sri Lanka, however the underlying positive fundamentals alongside the diversity
and flexibility we hold in geography and commodity for our vessels, provides
options for the source of our fleet earnings.


Conference call and slide presentation

A live Zoom meeting to discuss these results is scheduled for 23 August 2022 at
08:00 AM (New York) / 01:00PM (London) / 08:00PM (Singapore).

A slide presentation will be shared during the Zoom meeting and will be
accessible on the Investor Relation page of the Company's website. 


Please register in advance for this webinar via the following link: 

https://us06web.zoom.us/webinar/register/WN_RODfofb6Ry6fFbtjPMj4qg

After registering, you will receive a confirmation email containing information
about joining the webinar.

A replay will be available shortly after the conclusion of the live event on the
Investor Relations page of the Company's website.

Please refer to the attached earnings release and presentation for further
details.

BW Epic Kosan Ltd.
www.bwek.com
ir@bwek.com

Click here for more information

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