DORIAN LPGAugust 2019

Investor Presentation

Disclaimer

Forward-Looking Statements

This presentation contains certain forward-looking statements including analyses and other information based on

forecasts of future results and estimates of amounts not yet determinable and statements relating to our future

prospects, developments and business strategies. Forward-looking statements are identified by their use of terms

and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “project,”

“will” and similar terms and phrases, including references to assumptions. The forward-looking statements in this

presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions,

including without limitation, management’s examination of historical operating trends, data contained in our records

and other data available from third parties. Although we believe that these assumptions were reasonable when

made, because these assumptions are inherently subject to significant uncertainties and contingencies that are

difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish

these expectations, beliefs or projections.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of

the underlying assumptions or expectations proves to be inaccurate or is not realized. Our actual future results may

be materially different from and worse than what we expect. We qualify all of the forward-looking statements by these

cautionary statements. We caution readers of this presentation not to place undue reliance on forward-looking

statements. Any forward-looking statements contained herein are made only as of the date of this presentation, and

we undertake no obligation to update or revise any forward-looking statements, whether as a result of new

information, future events or otherwise, except as required by law.

2

5.1

9.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Dorian LPG Global Fleet

ye

ars

old

Dorian LPG at a Glance

US-Based with a Global Presence

Current VLGC Fleet Age Profile1

Source: CRSL

1. Excludes Dorian’s chartered-in vessels; global fleet excludes ethane carriers 3

Stamford

London

Copenhagen

Athens

Singapore

Dorian LPG is a liquefied petroleum gas (LPG)

shipping company and a leading owner and

operator of modern very large gas carriers

(VLGCs)

Modern, fuel-efficient fleet comprised of 19 ECO-

VLGCs and three modern VLGCs, in addition to

one chartered-in 2018-built ECO-VLGC

Average age of owned fleet is 5.1 years vs.

global fleet average age of 9.4 years1

The Company provides in-house commercial and

technical management services for all of the

vessels in the fleet

Large commercial footprint with 19 vessels

currently employed in the Helios LPG Pool, which

operates 28 vessels total and is owned jointly with

Phoenix Tankers

Investment Highlights

4

Best in class fleet supports superior cash flow

potential

• Dorian’s fleet of 22 VLGCs has an average age of 5.1

years vs. the global average of 9.4 years1

• ECO vessels’ fuel efficiency translates to superior

earnings power vs. peers

• The Company has committed for up 10 hybrid scrubbers

and is well positioned for IMO 2020

Large commercial platform offers customer flexible

solutions

• Dorian LPG is one of the three largest operators of VLGC

tonnage globally

• Including the Helios LPG Pool, Dorian commercially

manages 32 vessels1,2

• Scale allows for a mix of spot, COAs, and time charters

Well-capitalized to perform through the VLGC

shipping cycle

• Cash position of $57.4mm, including restricted cash, as of

June 30, 2019

• Over 90% of Company debt is fixed at attractive rates vs.

market

• No refinancing required until 2022

1. Excludes chartered-in vessels 2. In addition to 28 VLGCs in the Helios LPG Pool, Dorian LPG owns four vessels that are on long-term time charter

Dorian LPG is a Market Leader in LPG Transport LPG Transport Market is Recovering from Cyclical Lows

Global NGL Production & Exports Continue to

Increase

• U.S. seaborne exports remain steady and Arabian Gulf

volumes saw a slight decline

• U.S. NGL production is pushing record levels, showing

few signs of slowing down

• New North American fractionation and export capacity

should increase LPG production and facilitate increased

exports

Asian LPG Demand Remains Strong

• Propane maintains a competitive price advantage as a

feedstock in Asia vs. Naphtha

• A wave of new chemical and PDH plants are planned and

are under construction globally

• LPG retail use continues to grow in India and rural China

Improved Fleet Utilization Reflects Manageable

Orderbook

• Global fleet utilization has also improved meaningfully

• Orderbook-to-fleet remains stable at ~13%

• The costs of IMO 2020 are expected to increase vessel

scrapping

LPG Market Fundamentals

• LPG is cleaner than coal and oil;

as an alternative fuel it can remove

sulfur and particulate exhaust,

reducing greenhouse gas

emissions

• LPG is also highly portable,

making it a convenient source of

energy usable in remote places

where ordinary gas supplies are

unavailable or have been

interrupted

Why Use LPG?

• Liquefied petroleum gas ("LPG") is

a combination of C3 (propane) and

C4 (butane)

• Both are natural gas liquids

(“NGLs”) and are a byproduct of oil

and natural gas production

• These molecules are extracted or

fractionated through natural gas

processing and oil refining

What is LPG?

The Basics . . .

6

The LPG Value Chain

Retail (~52%)

Engine fuel (~8%)

Chemical (~23%)

Industrial (~10%)

Other (~2%)

Refinery (~5%)

Oil production (~40%)

Gas production (~60%) LPG shipping

Source: WLPGA

Seaborne LPG Trade Flows

Major VLGC Trade Routes

7

Longer Trade Routes Favor Larger VLGCs

Very Large Gas

Carrier “VLGC”

78K – 84K cbm

Large Gas

Carrier “LGC”

50K – 60K cbm

Medium Gas

Carrier “MGC”

18K – 42K cbm

Handysize

2K – 22K cbm

= major exporter

= major importer

Global LPG Supply

Global Liftings Remain Up 15%

U.S. Waterborne Exports Up 23%

Seaborne LPG Volumes Continue to Grow

Arabian Gulf Waterborne Exports down -3%

Source: IHS Waterborne

Note: YTD values shown through July 31, 2019 9

54.5 MT

+ 23%

62.7 MT

2019

YTD

2018

YTD

2019

YTD

2018

YTD

2019

YTD

2018

YTD

- 3%

+ 15%

63.0

75.1

85.4

90.6 92.5

95.0

60

65

70

75

80

85

90

95

100

2013 2014 2015 2016 2017 2018

MT

18.3

MT

9.5

13.9

20.5

25.4

29.7

32.7

5

10

15

20

25

30

35

2013 2014 2015 2016 2017 2018

MT 32.1

34.8

36.7

39.2

36.7

38.9

25

30

35

40

2013 2014 2015 2016 2017 2018

MT

22.6

MT

23.4

MT

22.5 MT

Seaborne LPG Exports by Origin

U.S. LPG has Increased Global Market Share

• The U.S. has emerged as the largest exporting nation,

forcing price competition amongst all suppliers

• U.S. export growth has surprised to the upside –

exports are up 23% Y/Y

• The Asian markets have become increasing reliant on

U.S. LPG exports

A New Era of Supply

10Source: IHS Waterborne

19%24% 28% 32% 34%

29%35%

46%43%

43% 40%41%

42%37%

10% 10%10% 11%

10%10% 10%

11% 10%8% 8%

8%8% 7%

14% 13% 11% 9% 7% 11% 12%

-

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2018 YTD 2019 YTD

US MEG N. Sea Med Others

-

200

400

600

800

1,000

1,200

1,400

1,600

J-16 A-16 J-16 O-16 J-17 A-17 J-17 O-17 J-18 A-18 J-18 O-18 J-19 A-19

Mb

bl/d

Ethane Propane Butane

+29%

+17%+ 9%

U.S. VLGC Cargoes to Asia Remain Resilient Despite China Tariffs

Evolving U.S. NGL and LPG Seaborne Trade Flows

Ethane and Butane Fueling Seaborne NGL Export Growth

• May 2019 YTD NGL exports were

9% above the 2018 average

• At same time, propane exports

have grown 8%

• Butane and Ethane exports were

up, showing Y/Y of 57% and 12%,

respectively

11Source: EIA, IHS Waterborne

Note: YTD values shown through July 31, 2019

• Arbs to the east were positive for

the majority of 2018, allowing

Chinese bound cargoes to be

diverted elsewhere in Asia

• 2019 arbs to the East remain

strong

• Chinese PDH and other Asian

cracking demand are expected to

outstrip incremental Middle

Eastern supply, and force suppliers

to look West, boosting ton miles

2018 YTD 2019 YTD

Far East45.8%

India2.0%

SE Asia5.5%

Europe16.2%

Americas29.6%

Africa1.0%

Far East42.6%

India3.2%

SE Asia6.4%

Europe18.5%

Americas27.2%

Africa2.1%

• U.S. propane inventories have

remained elevated; Inventories

currently stand at 86.5 MMbbl/d

• Mont Belvieu pricing increasingly

reacts to international propane

prices, making U.S. volumes

increasingly competitive for export

Building Inventories Encourages Near-Term Propane Exports

• August marked record propane

production of 2.4 MMbbl/d

• 2019 YTD production has

averaged 2.1 MMbbl/d – 10.9%

above the 2018 YTD average of

1.9 MMbbl/d

• Growing oil production in the

Permian and Mid-Continent are

likely to push NGL production

higher

• Appalachian wet gas production

also continues to grow

Growing U.S. Propane Production Continues at Record Volumes

U.S. LPG Expected to Remain Price Competitive

Source: EIA

Note: YTD through July 26, 201912

1.2

1.4

1.6

1.8

2.0

2.2

2.4

2.6

J F M A M J J A S O N D

MM

bb

l/d

Production

5-yr Range 2019

20

40

60

80

100

120

J F M A M J J A S O N D

MM

bb

l

Inventory

5-yr Range 2019

North American LPG Export Capacity Currently Stands at >90% Utilization

• Corresponding domestic demand growth appears unlikely, necessitating increasing exports to clear the market

• Energy Transfer’s Mariner East II began service in late 2018 and is expected to add three to four monthly VLGC cargoes

initially, growing to seven to eight by 2021

• Enterprise’s expansion of its Houston export facility is expected to come online by 2H19, adding capacity for an additional

8-9 VLGCs per month

• Ridley Island in British Columbia was commissioned in 2Q19 and loaded its first cargo in May with two additional

shipments in June and another two in July

13

More North American LPG Export Capacity is Coming

6.9 MTPA of Incremental Export Capacity in 2020, Translates to an Additional 11-12 Monthly VLGC Cargoes

Source: IHS Waterborne, Company documents, Dorian LPG Estimates 13

9.3

14.8

21.0

25.9

30.8 32.7

37.4

44.3 46.6 46.6

5

10

15

20

25

30

35

40

45

50

2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E

MT

USGC Atlantic Pacific

• U.S. NGL production is growing at a record pace, but limited fractionation capacity has

constrained product growth

• Growing fractionation capacity at Mont Belvieu should allow midstream players to

fractionate more Y-grade product into propane and butane for export at lower prices

• New capacity at Corpus Christi and Freeport will largely serve Permian volumes

New Fractionation Should Push U.S. LPG Production Higher

1.3 MMbbl/d of Additional Frac Capacity is Planned through 2020

14

Major Gulf Coast Processing Constraints Should Begin to Ease by 2H19

Lone Star NGL Fractionator VI Mont Belvieu 150 In Service

Targa Resources Train 6 Mont Belvieu 100 In Service

Enterprise Products Frac 10 Mont Belvieu 150 4Q19

Epic Midstream Robstown Expansion Corpus Christi 100 1Q20

Lone Star NGL Fractionator VII Mont Belvieu 150 1Q20

Oneok MB 5 Mont Belvieu 125 1Q20

Targa Resources Train 7 Mont Belvieu 110 1Q20

Targa Resources Train 8 Mont Belvieu 110 3Q20

Permico Energia El Centro I Corpus Christi 150 4Q20

Permico Energia El Centro II Corpus Christi 150 4Q20

Phillips 66 Sweeny Hub 2 Freeport 150 4Q20

Phillips 66 Sweeny Hub 3 Freeport 150 4Q20

Company Location Throughput

(Mbbl/d)

Est.

CompletionProject

Source: Company Reports

LPG Demand and Consumption

Growing LPG Markets: China

Tariffs Have Marginally Impacted Chinese LPG Imports

16Source: Bloomberg

4.2

6.9

11.9

15.9

18.3 18.8

9.5 9.8

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2013 2014 2015 2016 2017 2018 2018 June YTD 2019 June YTD

MT

• On 23 August 2018, Beijing placed a 25% tariff on U.S. LPG in response to American tariffs on Chinese exports

• Residential LPG is still required as a substitute for coal in more remote areas, where piped gas infrastructure is too costly to

install, but chemicals should account for a growing share of China’s LPG demand, especially with the nation’s rapidly expanding

petrochemical complex

• The EIA estimates that Chinese petchem demand will rise to a total of more than 21.0 MTPA by 2024

• New wave of Chinese PDH plants is driving demand - Zhejiang Satellite’s 0.5 MTPA expansion is in service and the 0.7 MTPA

Fujian Meide plant is expected to start up in 2H19

• State-owned refiners are also starting up an estimated 3.7 MTPA of alkylation units, which should reduce refinery supplies of

butane currently sold to stand alone deep-processing units and increase the need for imports

China Has Largely Substituted U.S. LPG with MEG Volumes

China Continues to Drive Asian LPG Demand

Chinese LPG Demand Outlook Remains Favorable

17Source: IHS Waterborne, EIA

10%21% 18% 24%

6%

6%

8% 10%7%

14%

10%

11%

10% 14%16%

19%

14%

43% 20% 18% 12%14%

22%

7%

8%15% 19%

19%

15%

22%33%

24% 23% 28%38%

-

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2019 YTD

U.S. SA UAE Iran Qatar Others

A Second Wave of New Chinese PDH Plants

• Chinese PDH margins averaged ~$380/ton in 2018 and have

been operating at high utilization rates since 2017

• Domestic Chinese LPG production from deep processing

appears to be decreasing

• LPG production from oil refineries has decreased since 2016

• Ongoing government rationalization of refineries may also

decrease domestic LPG production even further over the next

several years

Nine Planned Projects are Expected to add 6.5 MTPA of LPG Demand through 2022

Projected Chinese Propane Demand Growth from New PDH Plants

Source: Wanhua Petrochemical

2.1 2.1

1.6

1.3

-

0.5

1.0

1.5

2.0

2.5

2019E 2020E 2021E 2022E

MT

PA

18

Satellite Petrochemical 540 In Service

Soft Packaging 792 2019

Ju Zhen Yuan 720 2019

Oriental Energy #1 792 2020

Rongsheng 720 2020

Wanda Petrochemical 600 2020

Oriental Energy #2 792 2021

Oriental Energy #3 792 2021

Rongsheng 720 2022

Hongji Petrochemical 540 2022

Company Throughput

('000 tons)

Est.

Completion

Government Policies and Infrastructure Development to continue Boosting Consumer Adoption

The LPG Nation: India

Indian LPG Demand is Steadily Increasing

19

• Following Modi’s landslide victory, it is expected that the Indian government will continue to implement strong-demand driven

policies that should benefit LPG demand growth such as targeting 80mm household connections by 2020

• The latest Petroleum Planning and Analysis Cell (PPAC) data reveals that total LPG consumption grew 11.1% during January

2019 and 5.7% between January and April

• The government forecasts annual LPG demand to grow by 11%-12% over the next five years

• Gas Authority of India plans to revamp a LPG plant at Usar (western India) in 2023-2024 that is planned to produce 0.5 MTPA

of polypropylene

Source: Bloomberg, Energy Aspects, Petroleum Planning and Analysis Cell (PPAC)

Note: YTD values shown through June 30, 2019

6.0

8.1

8.9

10.2

11.9 12.1

5.5

6.9

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

2013 2015 2016 2016 2017 2018 2018 June YTD 2019 June YTD

MT

Source: FGE, Bloomberg

LPG Cracking Capacity Should Boost Demand

A New Wave of Asian Cracking Capacity is Planned FE Propane / Naphtha Spread Has Widened

20

Note: Negative spread denotes LPG is cheaper than naphtha

$(22)

$(58)

$(19)

$(65)

$(91) $(100)

$(90)

$(80)

$(70)

$(60)

$(50)

$(40)

$(30)

$(20)

$(10)

-

2015 2016 2017 2018 2019

pe

r M

T

Titan Chemicals (expansion) Malaysia 75 In Service

Lotte Chemical (Yeosu) S. Korea 444 In Service

Hanwha Total Petrochemical S. Korea 689 In Service

LG Chem S. Korea 1,123 In Service

SP Chemicals China 932 2020

Wanhua Chemical China 2,222 2020

Sinopec China 688 2020

Gulei Petrochemical China 717 2020

YNCC S. Korea 102 2020

JG Summit (expansion) Philippines 140 2021

LG Chem S. Korea 758 2021

Hyundai Chemical S. Korea 187 2021

GS Caltex S. Korea 219 2022

SCG Chemical Vietnam 867 2022

Company Location LPG Required

('000 tons) Est. Completion

Korean Cracking Demand Expected to Double Over Ten Years

New Steam Crackers Growing LPG DemandKorean PDH + Flexi Cracker Expansions

• South Korea Currently has ~4.0 MTPA of current

cracking capacity

• Planned South Korean LPG cracking capacity

additions and expansions are expected to add 7.3

MTPA of demand by 2023

• South Korean supply diversification should help

boost U.S. cargoes vs. MEG cargoes

• Represents significant ton-mileage expansion

Daesan Complex

Ulsan Complex

Yeosu Complex

• LG Chemical

• Lotte Chemical

• HTC

• Hyundai Oilbank

• SKG Chemical

• KPIC

• S-Oil

• LG Chemical

• Lotte Chemical

• YNCC

• GS Caltex

21Source: SK Gas

Dorian LPG

ECO Modern

Caravelle 2016

Challenger 2015

Copernicus 2015

Chaparral 2015

Commander 2015

Cratis 2015

Cheyenne 2015

Clermont 2015

Constellation 2015

Cresques 2015

Commodore 2015

Constiution 2015

Continental 2015

Cobra 2015

Concorde 2015

Cougar 2015

Corvette 2015

Corsair1

2014

Comet 2014

Capt. Nicholas ML 2008

Capt. John NP 2007

Capt. Markos NL 2006

Vessel Name Built Retrofit

Capable

Scrubber

Installed

Scrubber

Ready

Young Fleet Allows for a Flexible Approach Towards Compliance

A Premium Fleet, Well Prepared for IMO 2020

• Corvette and Concorde delivered scrubber equipped

• Dorian LPG announced the purchase of 10 hybrid scrubbers from

Clean Marine A/S and Pure Ocean Technology; installation is

expected to be complete during calendar 2019

• Four vessels are planned for drydock and upgrades during the

quarter ending Sep. 30, 2019 and six vessels are planned for the

quarter ending Dec. 31, 2019

• The Company has been at the forefront of evaluating LPG as a

marine fuel, completing a feasibility study with the American Bureau

of Shipping and signing a letter of intent with Hyundai Heavy Global

Services for the upgrade of up to ten vessels

• Current LPG-HFO fuel cost differential does not fully support the

investment required to retrofit vessels for use of LPG as a primary

marine fuel, but prospects are expected to improve post IMO 2020

• Sixteen of Dorian LPG’s ECO VLGCs were built with strengthened

decks to accommodate LPG fuel deck tanks in anticipation of

potential LPG engine upgrades.

23

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

1. Corsair is planned to leave drydock by the end of Aug. 2019

Four Years of Technical and Commercial Experience Operating Scrubbers Systems

An Early Adopter of Scrubber Technology

• Corvette and Concorde were equipped with scrubbers at delivery in 2015

• Dorian LPG has had a head start, employing both a hybrid system and an enhanced open loop system (both VGP compliant)

• Scrubber systems add incremental complexity to vessels’ technical and operational management

• Experience integrating scrubber systems into vessel operations has prepared Dorian LPG to add ten additional scrubber

systems to its fleet with marginal disruption

• Installation is planned to coincide with previously scheduled drydocking reducing vessel offhire and overall installation costs

24

Hybrid (Open and Closed Loop) System Open Loop Systems are Simple in Comparison

Heat

Exchanger

Emission

Monitoring

System

Water

Monitoring

Unit

Water

Intake

Water

Intake

Holding

Tank

Alkali

Dosing

Water

Monitoring

Unit

Emission

Monitoring

System

Process

Tank

Water

Treatment

• The Helios LPG Pool is a 50/50 partnership between Dorian

LPG and Phoenix Tankers, a subsidiary of MOL of Japan

• The primary goal of the Pool is to create a critical mass of

reliable and efficient VLGCs to allow Helios to provide the

most dependable global LPG maritime solution. Offering

spot freight, TCs, and COAs facilitates flexibility and

affordability, while optimizing earnings for all partners

• Earnings are allocated to each vessel participating in the

Pool based on “Pool Points,” which are awarded based on

vessel characteristics such as carrying capacity and fuel

consumption over the relevant period

Dorian LPG Commercially Manages 32 Vessels1

The Leading VLGC Commercial Platform

Helios LPG Fleet Composition1

1. Dorian LPG jointly operates 28 vessels in the Helios LPG Pool 25

19

43

2

-

5

10

15

20

Dorian LPG PhoenixTankers

Astomos Clearlake

ve

ss

els

45.0

49.5

54.0

63.0

60.0

41.0

46.5 48.0

58.5 57.3

35

40

45

50

55

60

65

Korean ECO Chinese ECO HHI Modern DSME Modern JapaneseLegacy

MT

/ d

ay

Laden Ballast

$4.3 $4.8 $5.1

$6.1 $5.9 $6.0 $6.7

$7.1

$8.4 $8.1 $7.6

$8.5 $9.0

$10.7 $10.3

-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy

millio

ns

$400 / MT $550 / MT $700 / MT

Average Fuel Consumption by Vessel Profile1 Dorian LPG’s Fleet Composition

Source: Dorian LPG management estimates

1. ECO denotes vessels built after 2014; Modern denotes vessels built 2006-2013, legacy denotes vessels built in the early 2000s

2. Basis Ras Tanura to Chiba: 16kt speed ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, 37.9 sailing days roundtrip

• 19 Korean-built fuel-efficient

ECO VLGCs with an avg. age of

4.1 years

• 3 HHI-built Non-Eco built VLGCs

with an avg. age of 12.0 years

• Modern fuel-efficient vessels

offer a substantial earnings

advantage relative to older

tonnage

Estimated Annual Fuel Cost by Vessel Profile1,2

Dorian LPG is a Leader in Fuel Efficiency

26

VLGC Shipping Market Dynamics

Current VLGC Spot Rates Recovering from Near Historic Lows

Baltic VLGC Daily Spot Rates

Rate Commentary

• Houston-to-Chiba has climbed above $100 PMT, while

Ras Tanura-to-Chiba now stands at more than $50 PMT

• OPEC cuts and Iranian sanctions have increased demand

for US export volumes, growing ton-mile demand

• Spot rates in August 2019 have averaged ~$50,000/day vs.

a low of $25,490/day last calendar quarter

Fleet Utilization Has Followed Rates Higher

Source: Baltic Exchange, Clarksons, DNB 28

$(5K)

$5K

$15K

$25K

$35K

$45K

$55K

$65K

$75K

A-16 N-16 F-17 M-17 A-17 N-17 F-18 M-18 A-18 N-18 F-19 M-19 A-19

TC

E / d

ay

Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.)

77%

84%

88%90%

88%

93%

70%

80%

90%

100%

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19

117

36

62

26

10

25

-

20

40

60

80

100

120

140

< 5 5-10 10-15 15-20 20-25 25+

ve

sse

ls

Vessel Supply Remains Balanced

Recent VLGC Deliveries and Current Orderbook

VLGC Fleet Age Profile and Potential Scrapping

• 6 VLGCs were scrapped in 2018

o 1 ship in 1Q18 (28 yo)

o 3 ships in 2Q18 (avg. age of 32 yo)

o 1 ship in 3Q18 (27 yo)

o 1 ship in 4Q18 (28 yo)

• 35 potential scrapping candidates, represent ~14% of

the current fleet

• IMO 2020 regulations expected to accelerate

scrapping pressure in the near term as compliant fuel

increases in price, making less efficient ships

uneconomical

• Orderbook-to-fleet stands at ~13%

• Increasing output from the U.S., Canada, and

Australia should be enough to absorb near-term

deliveries

• Asian buyers will increasingly look to diversify supply

away from Iran, likely having a positive effect on

utilization and minimizing the impact of new tonnage

29Source: CRSL

Note: Excludes ethane carriers

35 41 21 8 11

6

20 9 -

10

20

30

40

50

2015 2016 2017 2018 2019E 2020E 2021E

ve

ss

els

Delivered On Order

Financials

Over 90% of Company Debt is Either Fixed or Hedged; Our Current Total Cost of Debt is ~4.3%1

• Generating additional liquidity of approximately $63.3 million

• Lengthening of debt maturities

o 3 ECO VLGCs with maturities in 2029-2031 (12-13 year tenors)

o 3 “Captains” with maturities in 2024-25 (6-7 year original tenors)

• Fixed interest rates on the ECO VLGCs of 4.9% and on the Captains at 6.0%

• Very attractive age-adjusted profiles

• No financial covenants

Balance Sheet Strength & Flexibility

31

Since November 2017, Dorian LPG Has Completed Six Japanese Financing Arrangements

The Company has no refinancing requirements until 2022

1. As of June 30, 2019

Statement of Operations (USD)

32

(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.

(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.

(3) Represents net income excluding unrealized gain/(loss) on derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and

amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.

Statement of Operations DataThree Months Ended June

30, 2019 (Unaudited)

Three Months Ended June

30, 2018 (Unaudited)

Revenues 61,165,546 27,644,282

Voyage expenses (339,114) (100,173)

Charter hire expenses (2,055,000) —

Vessel operating expenses (16,119,953) (16,685,457)

Depreciation and amortization (16,266,421) (16,265,056)

General and administrative expenses (6,735,835) (7,920,286)

Professional and legal fees related to the BW Proposal — (483,000)

Other income—related parties 623,283 644,517

Operating income/(loss) 20,272,506 (13,165,173)

Interest and finance costs (9,697,282) (10,374,281)

Realized gain on derivatives 1,032,995 782,565

Other income/(expenses), net (5,533,160) 2,160,331

Net Income/(loss) 6,075,059 (20,596,558)

Other Financial Data

Time charter equivalent rate (1) 29,671 16,553

Daily vessel operating expenses (2) 8,052 8,334

Adjusted EBITDA (3) 38,382,383 5,185,136

Statement of Operations (USD)

33

(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.

(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.

(3) Represents net income excluding unrealized gain/(loss) on derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation and amortization

expense and is used as a supplemental financial measure by management to assess our financial and operating performance.

(4) Reflects legal, investment banking, and other advisory fees. Excluding the costs, Adjusted EBITDA would have been $74.4 mm and net loss $(40.9)mm for the year ended March 31, 2019.

Statement of Operations DataYear Ended March 31,

2019 (Audited)

Year Ended March 31,

2018 (Audited)

Revenues 158,032,485 159,334,760

Voyage expenses (1,697,883) (2,213,773)

Charter hire expenses (237,525) —

Vessel operating expenses (66,880,568) (64,312,644)

Depreciation and amortization (65,201,151) (65,329,951)

General and administrative expenses (24,434,246) (26,186,332)

Professional and legal fees related to the BW Proposal(4) (10,022,747) —

Other income—related parties 2,479,599 2,549,325

Operating income/(loss) (7,962,036) 3,841,385

Interest and finance costs (40,649,231) (35,658,045)

Realized gain/(loss) on derivatives 3,788,123 (1,328,886)

Other income/(expenses), net (6,122,761) 12,744,860

Net loss (50,945,905) (20,400,686)

Other Financial Data

Time charter equivalent rate (1) 21,746 21,966

Daily vessel operating expenses (2) 8,329 8,009

Adjusted EBITDA (3) 64,408,989 74,515,790

Statement of Cash Flows (USD)

34

Cash Flows DataThree Months Ended June,

2019 (Unaudited)

Three Months Ended June,

2018 (Unaudited)

Net income/(loss) 6,075,059 (20,596,558)

Adjustments 24,178,357 17,140,139

Changes in operating assets and liabilities (21,559,437) (7,102,866)

Net cash provided by/(used in) operating activities 8,693,979 (10,559,285)

Net cash used in investing activities (1,547,034) (60,320)

Net cash used in financing activities (16,261,490) (17,713,359)

Effects of exchange rates on cash and cash equivalents (7,093) (107,132)

Net decrease in cash and cash equivalents (9,121,638) (28,440,096)

Cash Flows DataYear Ended March 31, 2019

(Audited)

Year Ended March 31, 2018

(Audited)

Net loss (50,945,905) (20,400,686)

Adjustments 81,885,490 65,516,838

Changes in operating assets and liabilities (22,056,152) 12,132,951

Net cash provided by operating activities 8,883,433 57,249,103

Net cash used in investing activities (4,520,304) (437,037)

Net cash provided by/(used in) financing activities (67,005,777) 4,671,658

Effects of exchange rates on cash and cash equivalents (253,086) (8,042)

Net increase/(decrease) in cash and cash equivalents (62,895,734) 61,475,682

Balance Sheet (USD)

35

June 30, 2019 March 31, 2019

(Unaudited) (Audited)

Cash and cash equivalents 21,717,046 30,838,684

Restricted cash, non‑current 35,633,962 35,633,962

Total assets 1,619,105,623 1,625,370,017

Total debt including current portion – net of deferred financing fees of $13.4 million and $14.0

million as of June 30, 2019 and March 31, 2019, respectively. 680,842,955 696,090,786

Total liabilities 700,025,761 712,687,459

Total shareholders' equity 919,079,862 912,682,558

Selected Balance Sheet Data

Appendix

IMO 2020 Fuel Options

37

Distillate or

Blended FuelsHigh Sulfur Fuels Alternative Fuels New Fuels

Type ULSGO 0.1% S,

ULSFO 0.5% SHSFO 3.5% S LNG / LPG / Ethane Hybrid, Bio, GTL, New

Requirements Tank Cleaning with scrubbers only

Newbuilding or with

engine retrofit for dual

fuel

N/A

AvailabilityNo product yet and no

ISO standardAvailable

Available, but not easy

to sourceExperimental stage

ProsCompliant operation

with no capex or

modifications

Pricing; no operational

change required

Compliant and greener

solution with lower

green house gases

and nitrous oxides

Green solution

ConsPricing; blended mix of

fuels and treated fuel

oils

Capex; new marine

application on vessels;

new compliance

regulations

Higher installation

capex; re-supply

issues; storage

considerations

Not commercially

available