Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36437 Dorian LPG Ltd. (Exact name of registrant as specified in its charter) | Marshall Islands ...

DORIAN LPG Investor Presentation November 2022 1 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," "m ...

Financial Data and Key Metrics Changes - The TCE achieved per calendar quarter was $36,858 and OpEx was $9,541, with cash G&A at $5.8 million and cash interest expense down to $6.4 million from $6.5 million, reflecting favorable hedges and fixed-rate debt [11][12][13] Business Line Data and Key Metrics Changes - LPG export and import demand increased in Q3 2022, with global exports up 5.4% year-over-year, supported by Canada and the Middle East [13] - Despite lower than expected propane demand in China, 2022 is forecasted to have about 4.7 million tons more of incremental LPG consumption compared to 2021 [15] Market Data and Key Metrics Changes - LNG prices spiking in Japan and South Korea are expected to increase LPG production over the winter, with South Korea expected to import about 800,000 metric tons of LPG [16] - The heavy fuel oil, low sulfur oil spread is currently about $260 per ton in Houston, down from $320 at the close of the last quarter [14] Company Strategy and Development Direction - The company prioritizes returns to shareholders while maintaining a strong balance sheet and commercial flexibility, having returned nearly $500 million to shareholders since its IPO [8][10] - The company is preparing for the 2023 IMO emission regulations, including retrofitting energy-saving devices and developing new software to manage fuel consumption [19] Management's Comments on Operating Environment and Future Outlook - The outlook for the final quarter of 2022 is positive, with estimates for U.S. LPG exports pointing to further growth in 2023 and 2024 [18] - Management acknowledges that while the market is currently strong, volatility makes it difficult to predict medium-term freight market conditions [10] Other Important Information - The company has seen an increase in the number of ports allowing crude changes compared to the previous period, despite challenges in handling crude changes [12] Q&A Session Summary Question: How was the $1 irregular dividend determined? - The board made the decision for the dividend based on visibility of a strong current quarter, considering various factors without a formulaic approach [24] Question: What is the outlook for fleet deployment given new deliveries next year? - The company believes that increased U.S. production and delays will help absorb the new tonnage coming into the market, maintaining a positive outlook for 2023 [34] Question: What is the potential uplift in LPG demand from Korea and Japan? - The company estimates about four VLGCs lifting a month to Europe and additional demand from Japan and Korea for winter stockpiling [40] Question: How does the company view the potential LPG pipeline across the Panama Canal? - Management does not see the pipeline as a game changer due to its limited capacity and applications, with no recent updates on its progress [46]

Financial Data and Key Metrics Changes - As of June 30, 2022, the company reported $155.5 million in free cash and a debt balance of $663.7 million, with a debt-to-total book capitalization of 44% and a net debt to net total capitalization of 34% [19][26]. - The company achieved total utilization of 95.9% with a daily Time Charter Equivalent (TCE) revenue of $39,608, yielding a utilization-adjusted TCE of about $37,986 [27]. - The reported adjusted EBITDA for the quarter was $46.9 million, with total cash interest expense for the quarter at $6.5 million [30][31]. Business Line Data and Key Metrics Changes - The Helios Pool reported a spot TCE of approximately $40,165 per available day for the quarter, reflecting strong performance in the LPG transport sector [28]. - Daily operating expenses (OpEx) were $9,378, remaining virtually flat compared to the previous quarter, with crew costs trending downward [29]. Market Data and Key Metrics Changes - Global LPG exports increased by 2.6 million tons, or about 5%, in the first six months of 2022 compared to the same period last year, with the Middle East contributing significantly to this growth [10]. - North American LPG exports continued to rise, supported by record-setting production levels, while Middle East export volumes also showed growth [35]. Company Strategy and Development Direction - The company is focused on optimizing fleet performance through in-house expertise and has invested in scrubbers to improve fuel efficiency and reduce emissions [13][14][51]. - A $1 per share dividend was declared, reflecting the company's commitment to shareholder returns while balancing capital allocation strategies [17][33]. Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges from the war in Ukraine and COVID-19-related port closures but emphasized effective interdepartmental coordination to manage these issues [9]. - The company remains cautiously optimistic about cash flow generation in the coming months, supported by a solid freight market backdrop [33]. Other Important Information - The company has concluded a new $260 million loan agreement to refinance existing debt, which is expected to enhance financial flexibility [21][24]. - The average bunker fuel spread reached almost $400 per metric ton, providing significant savings for the company [46]. Q&A Session Summary Question: Thoughts on capital allocation and potential for regular dividends - Management discussed the current approach to dividends, emphasizing a focus on total shareholder return rather than a fixed payout ratio due to the volatility in shipping [62][66]. Question: Company's positioning in the market over the next 18 months - Management highlighted the expected supply growth from the U.S. and the Middle East, indicating that these factors would support the market despite the influx of new vessels [68][70].

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36437 Dorian LPG Ltd. (Exact name of registrant as specified in its charter) | Marshall Islands 66- ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number: 001-36437 Dorian LPG Ltd. (Exact name of registrant as specified in its charter) Marshall Islands 66-0818228 (State or other jurisdiction of incorporation or organiza ...

Financial Data and Key Metrics Changes - The Baltic VLGC index averaged about $57 per ton for the period January through March, improving to $94.8 per ton as of the call date [8] - The company reported $236.8 million of free cash at March 31, 2022, with a debt balance of $670 million, resulting in a debt to total book capitalization of 42.1% [19][20] - Adjusted EBITDA for the fourth quarter was $54.1 million, including a $3.8 million gain on the sale of the Captain Nicholas [26] Business Line Data and Key Metrics Changes - Total utilization for the quarter was 89.3%, with a daily TCE revenue of $43,372 [23] - Daily OpEx for the quarter was $9,370, which increased due to higher crew costs driven by travel and medical expenses [24] - Time charter earnings from the U.S. Gulf to Asia averaged about $36,700 per day, down from $45,300 per day in the previous quarter [35] Market Data and Key Metrics Changes - Global LPG exports are expected to grow 6% in 2022 and 15% in 2023, driven by production growth and lower domestic demand [10] - North American LPG exports continue to increase, with the first quarter of 2022 demonstrating the highest global seaborne LPG transport on record [31][32] - The average spread between heavy fuel oil and low sulfur fuel oil is currently around $230 per ton, benefiting the company's investment in scrubbers [9][45] Company Strategy and Development Direction - The company is focused on a balanced capital allocation strategy, returning over $400 million to investors since the IPO, including a recently announced $2.50 per share dividend [15][28] - The company is evaluating various technologies for emissions reduction and compliance with new regulations, including retrofitting existing ships and exploring carbon capture technologies [47][55] - The company aims to improve its greenhouse gas footprint and reach a zero emissions target, positioning its fleet to meet future demands [56] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism about cash flow generation in the coming months, despite the ongoing geopolitical tensions and their impact on fuel prices [29] - The company noted that the invasion of Ukraine has caused significant volatility in crude oil and gas prices, impacting the global LPG market [44] - Management highlighted the importance of maintaining operational flexibility and adapting to changing market conditions, including the potential for increased demand for LPG in Europe due to the conflict [60][62] Other Important Information - The company has completed four refinancings during the quarter, enhancing its financial flexibility with longer tender profiles [18] - The company has a significant measure of financial flexibility with no refinancings until 2025 and a debt-free vessel [20] - The company is actively participating in initiatives aimed at promoting sustainability and diversity within the maritime industry [14] Q&A Session Summary Question: Impact of Russian invasion of Ukraine on global LPG flow - Management noted an increase in demand for LPG in Europe, with a shift from rail and truck transport to seaborne demand, estimating around four VLGC cargos per month to cover new demand [61] Question: Future propulsion technology considerations - Management indicated that they are keeping options open for dual-fuel technology while currently benefiting from scrubbers, with ongoing evaluations of the bunkering market amid supply difficulties [64][66]

Capital Link Presentation DORIAN LPG February10, 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 ...

Dorian LPG Ltd. (NYSE:LPG) Q3 2022 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Ted Young - Chief Financial Officer John Hadjipateras - Chairman, President & Chief Executive Officer Tim Hansen - Chief Commercial Officer John Lycouris - Chief Executive Officer, Dorian LPG (NYSE:USA) Conference Call Participants Sean Morgan - Evercore ISI Brian Reynolds - UBS Operator Greetings and welcome to the Dorian LPG Third Quarter 2022 Earnings Conference Call. At this time, all participan ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from __________ to __________ Commission File Number: 001-36437 Dorian LPG Ltd. (Exact name of registrant as specified in its charter) | Marshall Islands ...