Dorian LPG : Fourth Quarter 2024 Investor Highlights

Investor Highlights

May 2024

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 FY24 Earnings

Baltic VLGC Index Performance

Cash and Debt Balances at 3/31/20242

		mm
Cash	$	282.5
Restricted Cash		0.1
Total Cash & Restricted Cash	$	282.6

Note: Excludes $50.0mm of cash liquidity available through undrawn revolving credit facility

		mm
Available-for-sale debt securities	$	11.5

1. Defined as operating days / available days
2. Numbers may not sum due to rounding

Helios LPG Information

•	$ 64,864	−	Helios Pool TCE / Available Day
•	$ 70,822	−	Helios Pool Spot + COA TCE / Available Day

Dorian LPG Operating Statistics

•	$ 72,202	−	Fleet TCE / Operating Day
•	87.7%	−	Fleet Utilization1
•	$ 10,699	− Fleet OpEx (reported) / Calendar Day
•	$ 10,047	− Fleet OpEx (ex drydock) / Calendar Day

		mm
2023 A&R Debt Facility	$	205.0
Japanese Financings		339.1
BALCAP Facility		66.3
Total Debt Obligations	$	610.5

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Time Chartered-Out Fleet - Direct and Through Helios LPG Pool

Helios Fleet Currently Comprises 30 vessels, 24 of which are from Dorian LPG

Dorian LPG	Capacity		Scrubber or		Time
Built	Employment	Charter-Out
Vessel Name	(Cbm)	Dual-Fuel
		Expiration1
Dorian LPG TC Out (1):
Corsair	84,000	2014	Scrubber	Time Charter2	Q4 2024
Helios Pool TC Out (5):
Cougar	84,000	2015	-	Pool-TCO3	Q2 2025
Commodore	84,000	2015	-	Pool-TCO3	Q2 2027
Cresques	84,000	2015	Scrubber	Pool-TCO3	Q2 2025
Chaparral		84,000	2015	-	Pool-TCO3	Q2 2025
Challenger		84,000	2015	Scrubber	Pool-TCO3	Q3 2026

1. Represents calendar year quarters.
2. Currently on a time charter with an oil major that began in November 2019.
3. "Pool-TCO"indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel's pro rata performance in the pool.

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East - West Arbitrage

USGC Propane Spot Delivered Prices vs CFR Far East

Source: NGLS

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Global Seaborne Volumes

Global Liftings Down 3% Q/Q; Y/Y +3%

U.S. Waterborne Exports Down 3% Q/Q; Y/Y +8%

M. E. Waterborne Exports Down 7% Q/Q; Y/Y Down 2%

Source: Platts	6
Note: Quarters are calendar quarters

Environment & Sustainability

Results of Scrubber Operations

• Scrubber vessel daily savings for calendar 1Q24 (our 4Q FY24) for HSFO vs. LSFO stood at $3,480/day net of all scrubber OPEX, benefitting our vessels with improved voyage economics.
• Average fuel differential over the last quarter was at $184/metric ton between HSFO supplied vs a ton of VLSFO equivalent.
• The total number of vessels fitted with scrubber units in our Fleet amount to 14 and we plan to retrofit another vessel with a scrubber in the next calendar quarter during a regular dry-docking cycle of that vessel.
• Scrubbers generally produce better emissions in SOX and reduce both Particulate Matter (PM) and Black Carbon by 90% versus non-scrubber vessels using very low sulfur fuel oils (VLSFO).

Sustainability and GHG Strategy (short-term)

The Fleet complies with IMO's EEXI/CII regulations, which came into effect in January 2023, as a result of the following actions taken:

• Installed Energy Saving Devices (ESDs) which improve energy efficiency and reduce fuel consumption and carbon emissions resulting in improved CII profile of the vessels.
• Complied with the mandatory Engine Power Limitation (EPL) on all the vessels in order to comply with EEXI requirements.
• Engine software upgrades were completed by the Engine Makers on all the vessels that yield improved engine operation and daily fuel savings.
• Real-timemonitoring of data with sensors that track performance and optimize onboard operations and voyage routing.
• Continue a strategy of implementing existing marine technologies with proven track records that yield immediate environmental benefits.

Environmental and Sustainability Strategy (mid-/long-term)

• Investigate the potential for Onboard Carbon Capture and Storage (OCCS) technologies on our vessels.
• Improve the GHG footprint of the fuel used by the Fleet and move towards green alternatives.
• Follow developments for CO2 commercial utilization, marine transportation and sequestration.
• Improve our energy efficiency onboard our vessels with a focus on vessel operational performance, while continuing to follow. technological innovations as they mature and become commercially viable in the future for the marine sector.

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Investor Highlights - 4Q FY24 Statement of Cash Flow

Cash flows from operating activities:

Three Months Ended (Unaudited)

	March 31, 2024	March 31, 2023

Net income

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

Noncash lease expense

Amortization of financing costs

Unrealized (gain)/loss on derivatives

Stock-based compensation expense

Unrealized foreign currency (gain)/loss, net

Other non-cash items, net

Changes in operating assets and liabilities

Trade receivables, inventories, prepaid expenses, and other current and non-current assets Due from related parties

Operating lease liabilities-current and long-term Trade accounts payable

Accrued expenses and other liabilities Due to related parties

Payments for drydocking costs

Net cash provided by operating activities

Cash flows from investing activities:

Payments for vessels under construction and vessel capital expenditures Purchase of U.S. treasury notes

Proceeds from sale of investment securities Payments to acquire other fixed assets

Net cash used in investing activities

Cash flows from financing activities:

Proceeds from long-term debt borrowings

Repayment of long-term debt borrowings

Repurchase of common stock

Financing costs paid

Dividends paid

Net cash used in financing activities

Effects of exchange rates on cash and cash equivalents

Net increase in cash, cash equivalents, and restricted cash

Cash, cash equivalents, and restricted cash at the beginning of the period Cash, cash equivalents, and restricted cash at the end of the period

$

$

79,240,198 $

17,583,825

7,835,849

315,372

(1,656,117)

1,994,353

67,503

(266,109)

1,350,135

58,205,793

(7,835,080)

(1,151,628)

250,455

(152,465)

(1,544,111)

154,237,973

(24,901,646)

-

-

-

(24,901,646)

-

(13,317,512)

(1,166,705)

(407,500)

(40,336,569)

(55,228,286)

(61,808)

74,046,233

208,537,536

282,583,769 $

76,021,035

15,689,206

3,670,216

389,952

2,080,999

836,542

394,261

(2,827,850)

4,504,968

4,851,958

(1,927,375)

968,754

105,795

(5,872,804)

(869,426)

98,016,231

(58,641,501)

(9,473,740)

1,715,523

(3,778)

(66,403,496)

56,000,000

(28,067,427)

-

(240,000)

(40,093,800)

(12,401,227)

(229,888)

18,981,620

129,892,0308

148,873,650

OUR MISSION IS TO ARRANGE SAFE, RELIABLE, CLEAN AND

TROUBLE-FREE TRANSPORTATION

Thank you

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