DORIAN LPGDecember 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

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 5.5 years vs.

global fleet average age of 9.7 years1

The Company provides in-house commercial and

technical management services for all of the

vessels in the fleet

Large commercial footprint with 20 vessels

currently employed in the Helios LPG Pool, which

operates 30 vessels total and is owned jointly with

Phoenix Tankers

5.5

9.7

-

2.0

4.0

6.0

8.0

10.0

12.0

Dorian LPG Global Fleet

ye

ars

old

Investment Highlights

4

Best in class fleet supports superior cash flow

potential

• Dorian’s fleet of 22 VLGCs has an average age of 5.5

years vs. the global average of 9.7 years1

• ECO vessels’ fuel efficiency translates to superior

earnings power vs. peers

• The Company has four vessels with scrubbers and has

committed to eight additional 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 33 vessels2

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

Well-capitalized to perform through the VLGC

shipping cycle

• Cash position of $83.7mm, including restricted cash, as of

September 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 30 VLGCs in the Helios LPG Pool, Dorian LPG owns three 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

Global Orderbook

• Global fleet utilization has also improved meaningfully

• Orderbook-to-fleet remains stable at ~12%

• 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”

75K – 90K cbm

Large Gas

Carrier “LGC”

50K – 60K cbm

Medium Gas

Carrier “MGC”

25K – 40K cbm

Handysize

15K – 24K cbm

= major exporter

= major importer

Global LPG Supply

Global Liftings Have Increased 15% Y/Y

U.S. Waterborne Exports are Up 22% Y/Y

Global Seaborne LPG Volumes Continue to Grow

Arabian Gulf Waterborne Exports are Up +2% Y/Y

Source: IHS Waterborne

Note: YTD values shown through October 31, 20199

78.8MT

+ 22%

90.8 MT

2019

YTD

2018

YTD

2019

YTD

2018

YTD

2019

YTD

2018

YTD

+ 2%

+ 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

26.8

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

33.3

MT

32.7

MT

32.7MT

Seaborne LPG Exports by Origin

U.S. LPG has Increased Global Market Share

• The U.S. has emerged as the world’s leading exporting

nation, forcing price competition amongst all suppliers

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

exports are up 22% Y/Y

• Asian markets have become increasing reliant on U.S.

LPG exports

A New Era of Supply

10Source: IHS Waterborne

Note: YTD values shown through October 31, 2019

19%24% 28% 32% 34% 34% 36%

46%43%

43% 40%41% 41% 37%

10% 10%10% 11%

10% 10%9%

11% 10%8% 8%

8% 8%7%

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

-

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 2018 YTD 2019 YTD

US MEG N. Sea Med Others

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

11Source: EIA, IHS Waterborne

Note: YTD values shown through October 31, 2019

• VLGC cargoes to Asia are up

23.3% Y/Y

• 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

• September 2019 YTD NGL exports

increased 16.0% Y/Y

• Over the same time period,

propane exports have grown

11.5%

• Butane exports have grown 47.4%

and ethane exports have grown

7.1% Y/Y

Far East

44.0%

India2.9%

SE Asia6.3%

Europe16.7%

Americas28.6%

Africa1.5%

Far East43.5%

India3.1%

SE Asia7.6%

Europe17.8%

Americas25.8%

Africa2.3%

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

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 J-19

Mb

bl/d

Ethane Propane Butane

+29%

+17%+ 16%

• Despite recent draws, U.S.

propane inventories remain

elevated; inventories currently

stand at 93.5 MMbbl/d (15.3%

higher than in 2018)

• Mont Belvieu pricing increasingly

reacts to international propane

prices, making U.S. volumes

competitive for export

Building Inventories Encourages Near-Term Propane Exports

• August 2019 marked record

propane production of 2.4 MMbbl/d

• 2019 YTD production has

averaged 2.1 MMbbl/d – 10%

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 October 22, 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

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

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

• Enterprise’s expansion of its Houston export facility Phase-1 is complete

• Phase-1 expansion with capacity for 9 VLGCs

• Phase-2 expansion will be 10-11 VLGCs (4Q 2020)

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

initially, growing by seven-to-eight by 2021

• Ridley Island in British Columbia was commissioned in 2Q19 and loaded its first cargo in May, exporting two VLGC

cargoes monthly since June

13

Increasing North American LPG Export Capacity

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 should allow for greater NGL extraction from the

Permian Basin

New Fractionation Should Push U.S. LPG Production Higher

41.2 MTPA of Additional Frac Capacity is Planned through 2020

14

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

Source: Company Reports

Lone Star NGL Fractionator VI Mont Belvieu 4.1 In Service

Targa Resources Train 6 Mont Belvieu 2.8 In Service

Enterprise Products Frac 10 Mont Belvieu 4.1 4Q19

Epic Midstream Robstown Expansion Corpus Christi 2.8 1Q20

Lone Star NGL Fractionator VII Mont Belvieu 4.1 1Q20

Oneok MB 5 Mont Belvieu 3.4 1Q20

Targa Resources Train 7 Mont Belvieu 3.0 1Q20

Enterprise Products Frac 11 Mont Belvieu 4.1 2Q20

Targa Resources Train 8 Mont Belvieu 3.0 3Q20

Permico Energia El Centro I Corpus Christi 4.1 4Q20

Permico Energia El Centro II Corpus Christi 4.1 4Q20

Phillips 66 Sweeny Hub 2 Freeport 4.1 4Q20

Phillips 66 Sweeny Hub 3 Freeport 4.1 4Q20

Company LocationEst.

CompletionProject

Throughput

(MTPA)

LPG Demand and Consumption

Growing LPG Markets: China

Tariffs Have Marginally Impacted Chinese LPG Imports

16Source: Bloomberg

Note: YTD values shown through October 31, 2019

4.2

6.9

11.9

15.9

18.3 18.8

16.1

17.0

-

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 Oct YTD 2019 Oct YTD

MT

• Beijing imposed a 25% tariff in August 2018, subsequently adding additional 5% tariffs on U.S. butane (Sep.2019) and propane

(Dec. 2019), bringing the total tariff on each fuel to 30%

• 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 total Chinese petchem demand should rise to 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 Q4 2019

• 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 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%

15%

43% 20% 18% 12%14%

19%

7%

8%15% 19%

19%

18%

22%33%

24% 23% 28%37%

-

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 ~$327/ton in 2018 and have

been operating at high utilization rates since 2017

• 2019 Chinese PDH margins are averaging ~$314/ton

• 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

Thirteen Planned Projects are Expected to Add 7.5 MTPA of LPG Demand through 2022

Projected Chinese Propane Demand Growth from New PDH Plants

Source: NGL Strategy

Note: PDH margins based on average of weekly Friday prices18

0.7

3.2

2.2

1.4

-

0.5

1.0

1.5

2.0

2.5

3.0

3.5

2019E 2020E 2021E 2022E

MT

PA

Satellite Petrochemical 540 In Service

Shenzhen Grand Resource 660 Inservice

Fujian Meide 730 4Q19

Zhejiang Petrochemical (Rongsheng) 660 1Q20

Oriental Energy (No. 2) 730 2Q20

Shandong Tianhong (Wanda Petrochemical) 280 2020

Oriental Energy (Lianyungang) 730 2020

Shandong Huifeng 280 2020

Jiangsu Jiarui Chemical 500 2020

Jinneng Science & Technology 990 2021

Xuzhou Haiding Chemical Technology 660 2021

Zibo Qixiang Tengda 500 2021

Zhejiang Petrochemical (Ronsheng) (No. 2) 660 2022

Oriental Energy (Ningbo) (No.3) 730 2022

Est. CompletionCompany Est. Demand

('000 tons)

Government Policies and Infrastructure Development to continue Boosting Consumer Adoption

The LPG Nation: India

Indian LPG Demand is Steadily Increasing

19

• India achieved its goal of providing free LPG connections to 80 million poor households six months ahead of its March 2020

deadline

• LPG demand is forecasted to grow by 11%-12% over the next five years, having experienced a 15% CAGR over the past five

years

• The major importers: IOC, BPCL, HPCL, and Adani have all announced new terminal or storage projects for 2019-2020

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

MTPA of polypropylene

• Product shortages in the Middle East have led Indian producers to buy U.S. cargoes for the first time in 2019

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

Note: YTD values shown through Octber 31, 2019

6.0

8.1

8.9

10.2

11.9 12.1

9.9

11.9

-

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 Oct YTD 2019 Oct YTD

MT

Source: FGE, Bloomberg

1. As of Nov 29, 2019

LPG Cracking Capacity Should Boost Demand

A New Wave of Asian Cracking Capacity is Planned FE Propane / Naphtha Spread Has Widened1

20

Note: Negative spread denotes LPG is cheaper than naphtha

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

$(22)

$(58)

$(19)

$(65)

$(93) $(100)

$(90)

$(80)

$(70)

$(60)

$(50)

$(40)

$(30)

$(20)

$(10)

-

2015 2016 2017 2018 2019

pe

r M

T

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

Caravelle 2016

Challenger 2015

Copernicus 2015

Chaparral 2015

Commander 2015

Cratis 2015

Cheyenne 2015

Clermont 2015

Constellation 2015

Cresques 2015

Commodore 2015

Constitution 2015

Continental 2015

Cobra 2015

Concorde 2015

Cougar 2015

Corvette 2015

Corsair 2014

Comet 2014

Capt. Nicholas ML 2008

Capt. John NP 2007

Capt. Markos NL 2006

Vessel Name Built Retrofit

Capable

Scrubber

Installed

Scrubber

Ready

ECO Modern

Young Fleet Allows for a Flexible Approach Towards Compliance

A Premium Fleet, Well Prepared for IMO 2020

• Corvette and Concorde delivered scrubber equipped in 2015

• Dorian LPG announced the purchase of ten hybrid scrubbers from

Clean Marine A/S and Pure Ocean Technology

• Planned drydock and upgrades have been completed on two

vessels; five vessels are planned to enter the shipyard during the

quarter ending Dec. 31, 2019 and three during the quarter ending

March 31, 2020

• 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 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

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

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 33 Vessels1

The Leading VLGC Commercial Platform

Helios LPG Fleet Composition1

1. Dorian LPG jointly operates 30 vessels in the Helios LPG Pool 25

20

43

21

-

5

10

15

20

25

Dorian LPG PhoenixTankers

Astomos Clearlake Vilma

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

4.4 years

• 3 HHI-built Non-Eco built VLGCs

with an avg. age of 12.4 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 $110 PMT, while

Ras Tanura-to-Chiba now stands around $70 PMT

• OPEC cuts and Iranian sanctions have increased demand

for US export volumes, growing ton-mile demand

• Spot rates have averaged $63,311/day for QTD vs.

$53,636/day the quarter ended September 30th

Fleet Utilization Has Followed Rates Higher

Source: Baltic Exchange, Clarksons

Baltic rates as of November 29, 201928

77%

84%

88%90%

88%

93% 92%

70%

80%

90%

100%

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

-

$10K

$20K

$30K

$40K

$50K

$60K

$70K

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 N-19

TC

E /

da

y

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

126

35

58

25

10

24

-

20

40

60

80

100

120

140

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

ve

ss

els

scrapping zone • 34 forward deliveries vs. 34 vessels potential scrapping

candidates

• Six vessels were scrapped in 2018

• No vessels have been scrapped in 2019

• Average fleet age stands at 9.7 years old

• Current orderbook-to-fleet stands at 12%

• IMO 2020 regulations may accelerate scrapping pressure in

the near term as compliant fuel increases in price, making

less efficient ships uneconomical

Vessel Supply Remains Balanced

Recent VLGC Deliveries and Current Orderbook

VLGC Fleet Age Profile and Potential Scrapping

• Orderbook-to-fleet stands at ~12%

• 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 16

2

21 11 -

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 September 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 Data

Three Months Ended

September 30, 2019

(Unaudited)

Three Months Ended

September 30, 2018

(Unaudited)

Revenues 91,624,875 40,807,542

Voyage expenses (855,023) (435,224)

Charter hire expenses (2,055,000) —

Vessel operating expenses (17,393,685) (17,375,273)

Depreciation and amortization (16,473,418) (16,437,653)

General and administrative expenses (5,895,406) (5,692,137)

Professional and legal fees related to the BW Proposal - (1,770,589)

Other income—related parties 314,084 584,632

Operating income/(loss) 49,266,427 (318,702)

Interest and finance costs (9,303,373) (10,152,672)

Realized gain on derivatives 709,146 830,991

Other income, net 39,696 1,463,263

Net Income/(loss) 40,711,896 (8,177,120)

Other Financial Data

Time charter equivalent rate (1) 47,623 20,973

Daily vessel operating expenses (2) 8,594 8,585

Adjusted EBITDA (3) 67,337,351 17,855,615

Statement of Operations (USD)

(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

33

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 Data

Six Months Ended

September 30, 2019

(Unaudited)

Six Months Ended

September 30, 2018

(Unaudited)

Net income/(loss) 46,786,955 (28,773,678)

Adjustments 42,683,930 34,705,038

Changes in operating assets and liabilities (28,666,556) (15,180,103)

Net cash provided by/(used in) operating activities 60,804,329 (9,248,743)

Net cash used in investing activities (4,276,995) (1,159,583)

Net cash used in f inancing activities (39,244,113) (34,950,168)

Effects of exchange rates on cash and cash equivalents (87,173) (129,709)

Net Increase / (decrease) in cash and cash equivalents 17,196,048 (45,488,203)

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) f inancing 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

September 30, 2019 March 31, 2019

(Unaudited) (Audited)

Cash and cash equivalents 46,419,951 30,838,684

Restricted cash, current 1,215,000 —

Restricted cash, non‑current 36,033,743 35,633,962

Total assets 1,642,210,973 1,625,370,017

Total debt including current portion – net of deferred f inancing fees of $12.6 million

and $14.0 million as of September 30, 2019 and March 31, 2019, respectively.665,545,499 696,090,786

Total liabilities 687,839,029 712,687,459

Total shareholders' equity 954,371,944 912,682,558

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