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, 2023 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 | | ...

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, 2023 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 ...

Dorian LPG Ltd. (NYSE:LPG) Q4 2023 Earnings Conference Call May 24, 2023 10:00 AM ET Company Participants Theodore Young - CFO John Hadjipateras - Chairman, President and CEO John Lycouris - CEO, Dorian LPG USA Tim Hansen - Chief Commercial Officer Conference Call Participants Omar Nokta - Jefferies Sean Morgan - Evercore ISI Operator Greetings. Welcome to Dorian LPG Fourth Quarter 2023 Earnings. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the fo ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported an EBITDA of $76.2 million, a significant increase from $46.2 million in the previous quarter, and net income reached $51.3 million, marking the second highest in corporate history [43][49] - The net debt-to-capitalization ratio was approximately 34% [43] - Cash balance increased from $129.8 million at December 31, 2022, to roughly $165 million by January 30, 2023 [10] Business Line Data and Key Metrics Changes - Total utilization for the quarter was 97.8%, with a daily TCE (Time Charter Equivalent) per operating day of $52,768, yielding a utilization-adjusted TCE of about $51,630 [22] - The Helios pool reported a spot TCE of approximately $57,000 per available day for the quarter [22] Market Data and Key Metrics Changes - U.S. LPG exports are projected to grow by 15.9% in 2023, up from an earlier estimate of 11.3% [9] - Global LPG exports increased by 4% in the last quarter and 6% for the year, primarily supported by North America [18] Company Strategy and Development Direction - The company is focused on capital allocation, balancing dividends and investments in scrubbers, which have shown good returns [46][65] - The company is committed to decarbonizing shipping and has invested in energy-saving devices and scrubbers to reduce emissions [19][58] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding cash flow generation in the coming months, despite external risks such as potential global recession and COVID-19 impacts in China [56][50] - The company is preparing for the 2023 IMO emission regulations and is focused on improving commercial performance [44][58] Other Important Information - The company has returned over $500 million to shareholders since its IPO, including a $1 irregular dividend announced for February 2023 [7][46] - The installed cost of new scrubbers is expected to be about two-thirds of the initial program costs, reflecting improved efficiency and installation processes [24][86] Q&A Session Summary Question: How should investors think about Dorian's use of cash in the near- to medium-term? - Management indicated that dividends and investments in scrubbers are viewed as equal priorities in capital allocation decisions [65] Question: What is driving the recent uptrend in the spot market? - The increase in demand due to cold weather in Asia and a lack of shipping length contributed to the recent market rebound [70] Question: How does the current order book compare to the existing fleet? - Management noted that while there are many new ships being delivered, the demand from the U.S. is expected to absorb a significant portion of this new capacity [100] Question: What routes are more indicative of VLGC trade? - The most active routes are U.S. Gulf to the Far East and U.S. Gulf to Europe, with the U.S. East being the most significant market [123]

Financial Performance - Fleet TCE (Time Charter Equivalent) reached $52,768 per operating day[7] - Spot TCE averaged $53,754 per operating day[7] - Fleet utilization was at 97.8%[7] - Cash and investments totaled $129.9 million as of December 31, 2022[7] - Total debt obligations amounted to $635.6 million as of December 31, 2022[7] - Net income for the three months ended December 31, 2022, was $51,263,710, compared to $16,580,885 for the same period in 2021[17] Market Trends - North American exports increased year-over-year, with the United States exporting 13,524,958 in 4Q22 compared to 13,030,489 in 4Q21[9] - Middle East exports showed positive growth over the quarter, reaching 11,563,752 in 4Q22[10] Environmental Initiatives - Scrubber operations yielded average savings of approximately $246 per metric ton of HSFO consumed, with voyage economics improving by about $5,831 per day net of scrubber OPEX in 4Q22[14] - The company is installing three additional scrubber units on vessels undergoing scheduled dry docking[15]

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- ...