Dorian LPG : Fourth Quarter 2020 Investor Highlights

Investor Highlights

DORIAN LPG

May 2020

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.

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Investor Highlights - 4Q FY20 Earnings

Baltic VLGC Index Performance

90

80

70

PMT	60
50
USD,
40
	30
	20
	10
	-
	1/1/2020	2/1/2020	3/1/2020	4/1/2020

Selected Balance Sheet Data at 3/31/20203

Helios LPG Information

•	$	49,502	−	Hellios Pool TCE / Available Day
•	$	51,481	−	Hellios Pool Spot + COA TCE / Available Day
Dorian LPG Operating Statistics
•	$	51,888	− Fleet TCE / Operating Day
•		91.7%	−	Fleet Utilization1
•	$	55,470	− Spot TCE / Operating Day2
•		90.7%	−	Spot Fleet Utilization1,2
•	$	9,407	− Fleet OpEx (reported) / Calendar Day
•	$	8,556	− Fleet OpEx (ex drydock)/ Calendar Day

		mm
Cash	$	48.4
Short-term Investments		14.9
Restricted Cash		39.0
Total Cash and Marketable Securities	$	102.3

			mm
2015 Debt Facility	$	446.6
3	- Captains Japanese Financings		57.4
3	- Eco VLGC Japanese Financings		142.1
Total Debt Obligations	$	646.1

1. Defined as operating days / available days
2. Spot includes all vessels operating in the Helios LPG Pool, which may include spot voyages, COAs, and short-duration time charters; spot TCE also net of Pool time charters-in and Pool administrative costs
3. Numbers may not sum due to rounding

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Investor Highlights - 4Q FY20 Statement of Cash Flow

			Three Months Ended (Unaudited)
			March 31, 2020			March 31, 2019
Cash flow s from operating activities:
Net income/(loss)	$	29,425,391	$	(15,953,575)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization			16,812,288			16,068,079
Amortization of financing costs			693,905			752,133
Unrealized loss on derivatives			12,915,265			3,906,211
Stock-based compensation expense			379,653			1,288,510
Unrealized foreign currency loss, net			243,314			17,897
Other non-cash items, net			(191,878)			(169,579)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue			21,649			(1,375,915)
Prepaid expenses and other current assets			256,872			167,283
Due from related parties			1,188,274			13,471,251
Inventories			226,340			34,920
Other non-current assets			(950,665)			(128,897)
Trade accounts payable			144,800			1,809,431
Accrued expenses and other liabilities			(812,690)			(7,060,572)
Due to related parties			425,688			478,482
Payments for drydocking costs			(2,117,839)			(24,436)
Net cash provided by operating activities			58,660,367			13,281,223
Cash flow s from investing activities:
Vessel-related capital expenditures			(7,512,817)			(1,269,568)
Payments for short-term investments			(14,888,638)			-
Proceeds from sale of investment securities			264,604			-
Payments to acquire other fixed assets			(689)			(46,737)
Net cash used in investing activities			(22,137,540)			(1,316,305)
Cash flow s from financing activities:
Repayment of long-term debt borrow ings			(15,992,104)			(15,992,104)
Purchase of treasury stock			(34,829,549)			(71,422)
Net cash used in financing activities			(50,821,653)			(16,063,526)
Effects of exchange rates on cash and cash equivalents			(253,647)			(11,578)
Net decrease in cash, cash equivalents, and restricted cash			(14,552,473)			(4,110,186)
Cash, cash equivalents, and restricted cash at the beginning of the period			101,941,600			70,582,832
Cash, cash equivalents, and restricted cash at the end of the period	$	87,389,127	$	66,472,646

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