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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