Dorian LPG Ltd. (NYSE:LPG) Q4 2020 Earnings Conference Call May 27, 2020 10:00 AM ET Company Participants Ted Young - Chief Financial Officer John Hadjipateras - Chairman, President & Chief Executive Officer John Lycouris - Chief Executive Officer, Dorian LPG USA Tim Hansen - Chief Commercial Officer Conference Call Participants Omar Nokta - Clarksons Plateau Sean Morgan - Evercore Randy Giveans - Jefferies Eirik Haavaldsen - Pareto Securities Chris Tsung - Webber Research Operator Greetings, and welcome to ...

Dorian LPG Ltd. (NYSE:LPG) Q3 2020 Earnings Conference Call February 5, 2020 10:00 AM ET Company Participants Ted Young - CFO John Hadjipateras - Chairman, President and CEO John Lycouris - CEO, LPG USA Conference Call Participants Omar Nokta - Clarksons Platou Securities Sean Morgan - Evercore Operator Greetings and welcome to the Dorian LPG Third Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal prese ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2019 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 Table of Contents Dorian LPG Ltd. (Exact name of registrant as specified in its charter) (State or othe ...

Financial Data and Key Metrics Changes - The reported adjusted EBITDA for the quarter was $67.3 million, a significant increase from the prior quarter's $38.4 million and substantially stronger than the $19.6 million reported during the same quarter last year [19] - Total utilization for the quarter was 92.9% with a daily TCE of $47,623, yielding a utilization adjusted TCE of about $44,241 [15] - Cash outlays for dry-dockings were approximately $3.6 million, or $1,719 per fleet day [21] Business Line Data and Key Metrics Changes - Spot TCE for the Helios Pool was $51,613 per day with a utilization of 91.5% [16] - Daily operating expenses for the quarter were $8,594, an increase from the previous quarter's $8,052 [16] - Total G&A for the quarter was $5.9 million, with cash G&A at about $5 million [17] Market Data and Key Metrics Changes - Seaborne LPG has grown 15% year-to-date over 2018, with U.S. export volumes recently surpassing those from the Middle East [29] - U.S. propane inventories are at the high end of their five-year range, hitting 100 million barrels, which is 22% higher than the same time last year [32] - The order book remains stable, representing 13% of the current fleet, with expectations for increased demolitions due to IMO 2020 compliance [33] Company Strategy and Development Direction - The company is focused on capitalizing on the price differential between low-sulfur and high-sulfur fuel oil, with plans to have 12 out of 23 vessels equipped with scrubbers by the end of the third quarter of 2020 [11][34] - The company is committed to thoughtful capital allocation, as evidenced by the $50 million stock buyback program [12] - The management remains optimistic about the market outlook, supported by strong fundamentals and a contained order book [12][27] Management's Comments on Operating Environment and Future Outlook - Management noted that the market's seasonality is becoming less predictable, with a shift in dynamics due to new supply and terminal developments [38] - The company expects to continue generating solid cash returns for shareholders, maintaining a constructive view on business prospects [27] - Management highlighted the importance of monitoring inquiries for longer-term deals from charterers, indicating a gradual return to maturity in the market [39] Other Important Information - The company has repurchased $6.7 million of stock in accordance with its buyback authorization [12] - The cash flow and liquidity remain strong, with restricted and unrestricted cash increasing by about $13 million to over $96 million since the quarter-end [23] - The company has decided to postpone the installation of three scrubbers to take advantage of strong market rates [25] Q&A Session Summary Question: What is causing the strength in the VLGC market as winter approaches? - Management indicated that the seasonality aspect of the market is being distorted, with less predictability in seasonal patterns due to new supply and terminal developments [38] Question: What is the inquiry looking like for longer-term deals from charterers? - Management noted that inquiries for two to three-year deals are beginning to emerge, although nothing actionable has been seen yet [39] Question: How should investors think about cash dividends versus buybacks in modeling for 2020? - Management stated that they are evaluating the most efficient way to return value to shareholders, including the possibility of dividends alongside the buyback program [47] Question: What is the status of scrubber installations? - Management confirmed that while the original schedule was to have all 12 scrubbers done by January 1, now nine are expected to be completed by that date, with delays due to specific issues at a Chinese shipyard [49][50]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 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) (State or oth ...

Financial Data and Key Metrics Changes - The company reported a sevenfold increase in EBITDA compared to the previous year, reflecting a strong increase in market conditions [5] - The time charter equivalent (TCE) reported was $29,671 per day, nearly double that of the same quarter last year [5] - Total cash interest expense for the quarter was $7.7 million, down about $100,000 from the prior quarter [13] - Adjusted EBITDA for the quarter was $38.4 million, a significant increase from the previous quarter [12] Business Line Data and Key Metrics Changes - Total utilization for the quarter was 98.4%, with a TCE revenue per available day of about $29,200 [11] - Daily operating expenses (OpEx) for the quarter were $8,052, which is an improvement from the previous quarter's $8,104 [11] - General and administrative (G&A) expenses for the quarter totaled $6.7 million, with cash G&A around $5.4 million [11] Market Data and Key Metrics Changes - U.S. LPG exports year-to-date through July grew 22% to 22.5 million tons, while Middle East exports increased by 3.5% to 22.6 million tons [17] - U.S. propane inventories reached 18 million barrels, 21.4% higher than the previous year [18] - The EIA forecasts LPG market production increases due to new pipeline capacities, with expectations for further volume increases in the third quarter of 2019 [18] Company Strategy and Development Direction - The company is expanding and accelerating its scrubber installation and dry docking program, expecting to have all 10 newly-ordered scrubbers installed by the end of 2019 [9] - The company has designed its fleet to capitalize on the IMO 2020 regulations, with plans for more than half of its vessels to be equipped with scrubbers [21] - A stock buyback program has been approved by the Board, indicating a commitment to return value to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about market fundamentals, citing record U.S. production and potential growth in markets like Vietnam, Thailand, and the Philippines [6] - The company expects to generate approximately $76 million of free cash flow for the remaining nine months of the fiscal year at a realized fleet-wide TCE rate of $40,000 per day [10] - Management noted that cash flow and liquidity remain strong, with restricted and unrestricted cash increasing by about $9 million to over $65 million [14] Other Important Information - The company has been operating scrubbers since 2015, gaining experience in real-time scrubber equipment operations [21] - The average TCE of fixtures since the end of June is about $50,000 per day, indicating stronger numbers expected in upcoming quarters [6] Q&A Session Summary - There were no questions during the Q&A session, and the call concluded without any inquiries from participants [24]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2019 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) (State or other ju ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K [X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended March 31, 2019 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 orga ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Table of Contents FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2018 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 Islan ...