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Our Business

BW LPG services the maritime logistics

needs of our global LPG customer base

through the provision of time charters, spot

charters and contracts of affreightment,

enabling our customers to deliver LPG to

their markets. In addition to conventional

transportation, BW LPG provides

floating storage solutions supporting

petrochemicals, product trading, retail and

power sectors, with a record in delivering

more than 20 storage projects and related

solutions over the last ten years, with

storage operations continuing in 2014 and

2015 off Brazil and in the Caribbean.

Global seaborne LPG trade grew

moderately in 2014, led by strong export

growth from the United States which

picked up the mantle of the world’s largest

LPG exporting nation from Qatar in 2014.

We estimate that more than half of U.S.

exports were destined for the Caribbean

& Latin America, while long-haul routes to

the East accounted for over a fifth of U.S.

exports. Middle Eastern LPG exports grew

at a stable rate, with the vast majority of

those cargoes heading to markets in the

Far East and India. West African exports

out of Nigeria and Angola also experienced

a slight uptick in 2014, with the majority

of cargoes again headed to markets in

Korea, Japan, China, India and, to a lesser

extent, Europe. Export growth in the

aforementioned regions was offset by a

decline in North Sea exports, whereas

North African export volumes were little

changed year on year by our estimates.

Both retail and industrial LPG consumption

grew significantly in 2014, spurred on by

abundant supplies of American NGLs. Asian

demand accounted for slightly greater than

half of global LPG demand, with strong

growth from China and India more than

offsetting modest declines from both Japan

and Korea. Chinese demand growth was

driven by the start-up of three new propane

dehydrogenation (“PDH”) plants in 2014,

while Indian demand was supported by

continuing government subsidies and the

introduction of smaller cylinders geared

towards households unable to afford the

standard sized cylinders. European LPG

demand remained relatively stable, growing

in line with cumulative LPG demand.

Asia is an




for LPG,

with strong


growth from

China and