DORIAN LPG June 2019 Disclaimer Forward-Looking Statements This - - PowerPoint PPT Presentation

DORIAN LPG

June 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

4.9 9.6

• 2.0

4.0 6.0 8.0 10.0 12.0 Dorian LPG Global Fleet years 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

• perator of modern very large gas carriers

(VLGCs) Modern, fuel-efficient fleet comprised of 19 ECO- VLGCs and three modern VLGCs, in addition to

• ne chartered-in 2018-buily ECO-VLGC

Average age of owned fleet is 4.9 years vs. global fleet average age of 9.6 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

• perates 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 4.9

years vs. the global average of 9.6 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

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

Well-capitalized to perform through the VLGC shipping cycle

• Cash position of $66.5mm, including restricted cash, as of

March 31, 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. and Arabian Gulf seaborne exports remain steady
• 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 17% U.S. Waterborne Exports Up 21%

Seaborne LPG Volumes Continue to Grow

Arabian Gulf Waterborne Exports Up 5%

Source: IHS Waterborne Note: YTD values shown through April 30, 2019

9

29.7 MT

+ 21%

34.8 MT

2019 YTD 2018 YTD 2019 YTD 2018 YTD 2019 YTD 2018 YTD + 6% + 17% 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

9.9 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 13.0 MT 12.3 MT 11.9 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 21% Y/Y

• The Asian markets have become increasing reliant on

U.S. LPG exports

A New Era of Supply

10

Source: IHS Waterborne

15% 18% 24% 28% 32% 34% 51% 46% 43% 43% 40% 41% 11% 10% 10% 10% 11% 10% 8% 11% 10% 8% 8% 8% 15% 14% 13% 11% 10% 7%

• 20%

40% 60% 80% 100% 2013 2014 2015 2016 2017 2018 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

• In 2018, U.S. NGL exports

increased 17% Y/Y, excluding Canada and Mexico

• In the same year, propane exports

increased, growing 11% in 2018

• Butane and Ethane exports were

up, showing Y/Y of 29% and 44%, respectively

• February 2019 YTD NGL exports

were 2% below the 2018 average

11

Source: EIA, IHS Waterborne Note: YTD values shown through April 30, 2019

• Arbs to the east were positive for

the majority of 2018, allowing Chinese bound cargoes to easily be diverted elsewhere in Asia

• 2019 arbs to the east remain

strong

• Chinese PDH and other Asian

cracking demand are expected to

• utstrip incremental Middle

Eastern supply, and force suppliers to look West, boosting ton miles

Far East 48.5% India 0.6% SE Asia 4.3% Europe 18.3% Americas 27.9% Africa 0.3% Far East 43.8% India 3.2% SE Asia 7.6% Europe 17.1% Americas 26.9% Africa 1.4%

• 200

400 600 800 1,000 1,200 1,400 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 Mbbl/d Ethane Propane Butane +29% +17%

• 2%

2018 YTD 2019 YTD

• U.S. propane inventories have

remained elevated; despite recent draws, inventories have begun to build again

• Mont Belvieu pricing increasingly

reactive to international propane prices, making U.S. volumes increasingly competitive for export

Building Inventories Encourages Near-Term Propane Exports

• December 2018 marked record

propane production of 2.1 MMbbl/d

• 2019 YTD production has

averaged 2.0 MMb/d – 10.0% above 2018 YTD average of 1.8 MMb/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 May 17, 2019

12

20 40 60 80 100 120 J F M A M J J A S O N D MMbbl 5-yr Range 2019 1.2 1.4 1.6 1.8 2.0 2.2 J F M A M J J A S O N D MMbbl/d 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 recently and is expected to average two VLGC cargoes per month

13

More North American LPG Export Capacity is Coming

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

9.3 14.8 21.0 25.9 30.8 31.7 37.4 42.9 44.5 44.5 5 10 15 20 25 30 35 40 45 2013 2014 2015 2016 2017 2018 2019E 2020E 2021E 2022E MT USGC Atlantic Pacific

Source: IHS Waterborne, Company documents, Dorian LPG Estimates

13

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

constrained purity product growth

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

fractionate more Y-grade product into purity 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

Source: Company Reports

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 1Q20 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 2Q20 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. Completion Project

LPG Demand and Consumption

Growing LPG Markets: China

Tariffs Have Marginally Impacted Chinese LPG Imports

16

Source: Bloomberg

4.2 6.9 11.9 15.9 18.3 18.8 3.9 4.6

• 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 Mar YTD 2019 Mar YTD MT

10% 21% 18% 24% 6% 6% 8% 10% 7% 14% 11% 10% 14% 16% 19% 43% 20% 18% 12% 13% 7% 8% 15% 19% 19% 22% 33% 24% 23% 29%

• 20%

40% 60% 80% 100% 2014 2015 2016 2017 2018 U.S. SA UAE Iran Qatar Others

• 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 MTPA by 2024
• Although no new PDH plants started up in China in 2017, 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

17

Source: IHS Waterborne, EIA

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 MTPA

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 implementing strong-demand driven

policies, which will benefit LPG penetration and demand growth – Government targeting 80m household connections by 2020.

• The latest Petroleum Planning and Analysis Cell (PPAC) data reveals that total LPG consumption recorded a growth of 11.1%

during January 2019 and a cumulative growth of 5.7% for the January-April period.

• The government forecasts annual LPG demand to grow by 11%-12% over the next five years.
• LPG infrastructure spending continues unabated, with GAIL recently announcing the revival of a pre-existing LPG plant at Usar

in Maharashtra (western India). GAIL plans to revamp the Usar facility by converting it into a Propane Dehydrogenation (PDH) plant, which will produce 0.5 Mtpy of polypropylene. This 8 million rupee project, due for commissioning in 2024, will be India’s first PDH plant.

Source: Bloomberg, Energy Aspects, Petroleum Planning and Analysis Cell (PPAC) Note: YTD values shown through April 30, 2019

6.0 8.1 8.9 10.2 11.9 12.1 3.5 4.9

• 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 Apr YTD 2019 Apr 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) $(95) $(100) $(90) $(80) $(70) $(60) $(50) $(40) $(30) $(20) $(10)

• 2015

2016 2017 2018 2019 per MT

Titan Chemicals (expansion) Malaysia 75 In Service Lotte Chemical (Yeosu)

• S. Korea

444 In Service Hanwha Total Petrochemical

• S. Korea

689 2019 LG Chem

• S. Korea

1,123 2019 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 Demand Korean PDH + Flexi Cracker Expansions

• South Korea Currently has 4.1 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

21

Source: SK Gas

Dorian LPG

Young Fleet Allows for a Flexible Approach Towards Compliance

A Premium Fleet, Well Prepared for IMO 2020

• Corvette and Concorde are already scrubber equipped
• Dorian LPG has announced the purchase of 10 hybrid scrubbers

from Clean Marine A/S and Pure Ocean Technology; installation is expected during calendar 2019 and 2020

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

marine fuel, completing a feasibility study with the American Bureau

• f 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

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 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

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 Controls 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 4 3 2

• 5

10 15 20 Dorian LPG Phoenix Tankers Astomos Clearlake vessels

$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 millions $400 / MT $550 / MT $700 / MT 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 Japanese Legacy MT / day Laden Ballast

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 3.8 years

• 3 HHI-built Non-Eco built VLGCs

with an avg. age of 11.9 years

• Modern fuel-efficient vessels
• ffer 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 $80 PMT, while

Ras Tanura-to-Chiba now stands at more than $60 PMT

• OPEC cuts and Iranian sanctions have increased demand

for US export volumes, growing ton-mile demand

• Spot rates are now above $45,000/day vs. a low of

$7,000/day last calendar quarter

Fleet Utilization Has Followed Rates Higher

Source: Baltic Exchange, Clarksons, DNB

28

77% 84% 88% 90% 88% 70% 80% 90% 100% 1Q18 2Q18 3Q18 4Q18 1Q19

• $10K

$20K $30K $40K $50K $60K F-16 A-16 J-16 A-16 O-16 D-16 F-17 A-17 J-17 A-17 O-17 D-17 F-18 A-18 J-18 A-18 O-18 D-18 F-19 A-19 TCE / day Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.)

122 32 58 26 8 25

• 20

40 60 80 100 120 140 < 5 5-10 10-15 15-20 20-25 25+ vessels

Vessel Supply Remains Balanced

Recent VLGC Deliveries and Current Orderbook VLGC Fleet Age Profile and Potential Scrapping

• 6 VLGCs were scrapped in 2018
• 1 ship in 1Q18 (28 yo)
• 3 ships in 2Q18 (avg. age of 32 yo)
• 1 ship in 3Q18 (27 yo)
• 1 ship in 4Q18 (28 yo)
• 31 potential scrapping candidates, represent ~12% 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. and Ichthys 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

29

Source: CRSL Note: Excludes ethane carriers

35 41 21 8 6 11 20

• 10

20 30 40 50 2015 2016 2017 2018 2019E 2020E vessels 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
• 3 ECO VLGCs with maturities in 2029-2031 (12-13 year tenors)
• 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

Enhancing 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 March 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 March 31, 2019 (Unaudited) Three Months Ended March 31, 2018 (Unaudited)

Revenues 34,467,366 39,034,678 Voyage expenses (875,265) (312,170) Charter hire expenses (237,525) — Vessel operating expenses (16,046,204) (15,892,536) Depreciation and amortization (16,068,079) (16,105,764) General and administrative expenses (5,665,250) (6,694,250) Professional and legal fees related to the BW Proposal (2,311) — Other income—related parties 635,817 643,489 Operating income/(loss) (3,791,451) 673,447 Interest and finance costs (10,122,260) (10,894,624) Realized gain on derivatives 1,293,291 89,838 Other income/(expenses), net (3,333,155) 6,665,344 Net loss (15,953,575) (3,465,995)

Other Financial Data

Time charter equivalent rate (1) 18,883 24,695 Daily vessel operating expenses (2) 8,104 8,027 Adjusted EBITDA (3) 14,138,194 18,237,423

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, EBITDA would have been $67.3 mm and net loss $(40.9)mm for the year ended March 31, 2019

Statement of Operations Data Year 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 Three Months Ended March 31, 2019 (Unaudited) Three Months Ended March 31, 2018 (Unaudited)

Net loss (15,953,575) (3,465,995) Adjustments 21,863,251 13,964,893 Changes in operating assets and liabilities 7,371,547 5,803,955 Net cash provided by operating activities 13,281,223 16,302,853 Net cash used in investing activities (1,316,305) (134,198) Net cash provided by/(used in) financing activities (16,063,526) 28,573,485 Effects of exchange rates on cash and cash equivalents (11,578) (90,009) Net increase/(decrease) in cash and cash equivalents (4,110,186) 44,652,131

Cash Flows Data Year 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

March 31, 2019 March 31, 2018 (Audited) (Audited)

Cash and cash equivalents 30,838,684 103,505,676 Restricted cash, non‑current 35,633,962 25,862,704 Total assets 1,625,370,017 1,736,110,156 Total debt including current portion – net of deferred financing fees of $14.0 million and $16.1 million as of March 31, 2019 and 2018, respectively. 696,090,786 759,103,152 Total liabilities 712,687,459 776,696,794 Total shareholders' equity 912,682,558 959,413,362

Balance Sheet Data

Appendix

IMO 2020 Fuel Options

37

Distillate or Blended Fuels High Sulfur Fuels Alternative Fuels New Fuels Type

ULSGO 0.1% S, ULSFO 0.5% S HSFO 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

Availability

No product yet and no ISO standard Available Available, but not easy to source Experimental stage

Pros

Compliant 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

Cons

Pricing; blended mix of fuels and treated fuel

• ils

Capex; new marine application on vessels; new compliance regulations Higher installation capex; re-supply issues; storage considerations Not commercially available