Dorian LPG : First Quarter 2023 Investor Highlights

Investor Highlights

August 2022

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 - 1Q FY23 Earnings

Baltic VLGC Index Performance

	110
	100
	90
PMT	80
70
USD,
60
	50
	40
	30		6/1/2022
	4/1/2022	5/1/2022	7/1/2022

Helios LPG Information

•	$ 39,114	−	Hellios Pool TCE / Available Day
•	$ 40,165	−	Hellios Pool Spot + COA TCE / Available Day

Dorian LPG Operating Statistics

•	$	39,608	− Fleet TCE / Operating Day
•		95.9%	−	Fleet Utilization1
•	$	40,159	− Spot TCE / Operating Day2
•		95.7%	−	Spot Fleet Utilization1,2
•	$	9,378	− Fleet OpEx (reported) / Calendar Day
•	$	9,363	− Fleet OpEx (ex drydock)/ Calendar Day

Cash and Debt Balances at 6/30/20223

		mm
Cash	$	155.5
Restricted Cash		0.1
Total Cash & Investments	$	155.6

Note: Excludes $25.0mm of cash liquidity available through undrawn revolving credit facility

		mm
2015 AR Facility	$	158.7
Japanese Financings		425.3
BALCAP Facility		79.7
Total Debt Obligations	$	663.7

1. Defined as operating days / available days
2. Spot includes all Dorian 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 3. Numbers may not sum due to rounding

Highlights of 2022 Debt Facility

Amount

Collateral

Interest Rate

Covenants

Leverage Neutral to Dorian

Maturity Extended

$260 million - $240 million term loan, $20 million revolver (undrawn at close)

Will encompass 10 vessels, following repurchase of Concorde in early September 2022

3 month SOFR + 220 basis points

Identical to current 2015 AR Facility

Cumulative refinancing of ~$240 million of debt across three facilities into one facility

Extends maturity of first refinancing from fiscal year 2025 to fiscal year 2027

Annual Debt Principal Payments FY23 to FY33

Millions

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140					CACIB		New CACIB		BALCAP		JOLCOs	136
120												26
100						87			83
80						17
60	42	44	45	45					63	110
40	50	37
	17	17	17
19								24
			17				21
	8	8	8
20	7							11
											24	21
	10	20	20	20	20	20	20		11
-	5
-	-	-	-	-	-	-	-	-	-
	FY23	FY24	FY25		FY26		FY27		FY28		FY29	FY30	FY31	FY32	FY33

Shipping Market Factors - Increased Production Amidst Volatility

	North American Exports Increasing Y-O-Y	OPEC+ Reversal of Production Cuts Continue
	Region	2Q21	2Q22		Region	2Q21	3Q21	4Q21	1Q22		2Q22
		Bahrain	46,000	84,000	22,000	88,000	104,000
	Canada	439,000	579,434
			Iran	1,139,500	1,494,300	1,571,900	1,726,800	1,681,800
	United States	13,143,601	13,806,407			Iraq	6,000	8,500	23,800	6,000	31,000
	Total	13,582,601	14,385,841			Kuwait	1,300,000	1,142,388	1,008,000	1,085,500	1,114,000
			Oman	7,000	35,500	74,000	84,000	102,000
						Qatar	2,456,000	2,581,000	2,316,000	2,124,000	2,559,500
						Saudi Arabia	1,511,000	1,611,500	1,977,915	1,797,000	1,908,000
						U.A.E.	2,271,500	2,162,000	2,505,000	2,577,500	2,518,000
						Total	8,737,000	9,119,188	9,498,615	9,488,800	10,018,300
	Panama Congestion Saw Dramatic Swings	Geopolitical volatility absorbed into "new norm"
													Although
													volatile,
													2Q22 less
													dramatic
													than
													Quarter
													prior

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