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, 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 | 6 ...

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, 2021 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. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchan ...

Dorian LPG Ltd. (NYSE:LPG) Q4 2021 Earnings Conference Call May 19, 2021 10:00 AM ET Company Participants Theodore Young - Chief Financial Officer and Treasurer John Hadjipateras - Chairman, President and Chief Executive Officer Tim Hansen - Chief Commercial Officer John Lycouris - Chief Executive Officer of Dorian LPG (USA) LLC Conference Call Participants Sean Morgan - Evercore ISI Omar Nokta - Clarksons Platou Securities, Inc. Eirik Haavaldsen - Pareto Securities Operator Greetings, and welcome to the Do ...

Financial Data and Key Metrics Changes - The company reported a free cash balance of $149.3 million as of January 29, 2021, up from $133.6 million at year-end 2020, reflecting strong chartering results [16] - Adjusted EBITDA for the quarter was $60.1 million, with steady month-over-month increases [24] - Total cash interest expense for the quarter was $6 million, a reduction of $900,000 from the previous quarter [24] Business Line Data and Key Metrics Changes - Total utilization for the quarter was 96.2%, with a daily Time Charter Equivalent (TCE) revenue of $42,298 [20] - Spot TCE per available day was approximately $41,754, while the Helios Pool reported a spot TCE of about $45,237 per available day [21] - Daily operating expenses (OpEx) were $9,189, down sequentially due to strong cost containment efforts [22] Market Data and Key Metrics Changes - Global seaborne LPG volumes fell by over 2% year-on-year to 106.8 million tons in 2020, with U.S. export volumes increasing by 16% to 46 million tons [32] - The Baltic Market Index averaged $76 per metric ton in the last quarter, with rates increasing from $55 per ton at the beginning of the quarter to over $100 per ton in December [34] - U.S. propane storage levels are tracking well below last year's levels, indicating a tight supply situation [38] Company Strategy and Development Direction - The company announced a $100 million self-tender offer to return cash to shareholders, indicating a commitment to shareholder value creation [8][30] - The management emphasized a focus on returns over growth, prioritizing shareholder returns rather than acquiring new ships at this time [68][81] - The company plans to continue investing in environmental technologies and efficiency improvements for its fleet [46] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market environment, stating that while rates have fallen from peak levels, the market remains promising and sustainable [12] - The ongoing COVID-19 pandemic has led to increased digitalization and remote monitoring, enhancing operational efficiency [10] - The company anticipates that drydocking and maintenance on the global fleet will have a stronger impact this year than last year, with many vessels expected to undergo maintenance [49] Other Important Information - The company plans to fit two ships with scrubbers, completing its scrubber program, with expected outlays of $6 million to $8 million over the next couple of quarters [43] - The current fleet order book remains at reasonable levels, supporting the VLGC market for the medium term [50] Q&A Session Summary Question: Regarding the large buyback and return of capital to shareholders - Management indicated that the buyback authorization will be evaluated based on various factors, including share price and market conditions [54] Question: On the utilization spike among different vessel categories - Management noted that there is some seasonality in the increased utilization, but overall, delays in the Panama Canal are expected to continue [59] Question: About reinvesting in the business versus returning capital to shareholders - Management stated that while growth is not excluded, the focus is currently on returns to shareholders rather than acquiring new ships [68] Question: On the spot market and time charter activity - Management acknowledged limited long-term deals but noted some activity for short-term time charters [71] Question: Regarding U.S. exports and market share - Management expressed that U.S. exports could replace lost Middle Eastern cargoes, leading to increased ton-mileage [75]

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, 2020 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 Ltd (NYSE:LPG) Q2 2021 Earnings Conference Call November 2, 2020 10:00 AM ET Company Participants Theodore Young - CFO, Treasurer and Principal Financial & Accounting Officer John Hadjipateras - Chairman, President & CEO Tim Hansen - Chief Commercial Officer John Lycouris - Director & CEO, Dorian LPG (USA) LLC Conference Call Participants Omar Nokta - Clarksons Platou Securities, Inc. Sean Morgan - Evercore ISI Operator Greetings, and welcome to the Dorian LPG Second Quarter 2021 Earnings Confere ...

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 September 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 ...

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, 2020 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 | 6 ...

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, 2020 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 ...

Financial Data and Key Metrics Changes - The financial year 2020 concluded on March 31 was the best since 2016, with total adjusted EBITDA of $232.8 million, the highest in company history, and adjusted net income of $130 million [12][36] - Total utilization for the quarter was 91.7%, with daily TCE revenue over operating days of $51,888, yielding a utilization adjusted TCE of about $47,594 [13][27] - Reported adjusted EBITDA for the quarter was $67.2 million, a significant increase from $14.1 million in the same quarter last fiscal year [31] Business Line Data and Key Metrics Changes - The Helios Pool, encompassing about 35 ships, recorded a spot TCE of approximately $51,500 per available day for the quarter [28] - Daily operating expenses for the quarter were $8,556 per day, excluding dry-docking costs, reflecting a modest increase compared to the previous quarter [29] Market Data and Key Metrics Changes - Global LPG volumes during Q1 2020 totaled 26.9 million metric tons, a 3.6% year-over-year increase, while U.S. seaborne export volumes reached a record high of 11 million metric tons, over a 30% increase from the same period last year [42] - Year-to-date seaborne exports of LPG from the U.S. were 5.3% higher than last year, while the Middle East saw a 16.3% reduction year-on-year [43] Company Strategy and Development Direction - The company remains optimistic about the fundamentals of the LPG trade and is confident in its position to provide safe and reliable transportation for customers [18] - Dorian LPG has a young ECO fleet and a strong balance sheet with low leverage and good liquidity, having completed two significant financing transactions to increase liquidity and reduce financing costs [17][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the potential headwinds from the coronavirus but emphasized the resilience of the freight market and the company's operational safety [9][10] - The company is closely monitoring the impact of OPEC+ cuts on LPG trade, noting that while there may be some reductions in U.S. LPG volumes, high inventories may offset production cuts [60][62] Other Important Information - The company repurchased $32.2 million of stock since the last report, totaling $49.3 million worth of stock, or roughly 8% of shares outstanding prior to the buyback announcement [35] - The company has a sustainability feature in its financing that allows for a reduction in interest margin based on improvements in average efficiency ratios [24][80] Q&A Session Summary Question: Inquiry about refinancing and cash unlocked - Management confirmed that annual repayments are now approximately $53 million, down from $64 million, and this includes the leaseback [58][59] Question: Impact of OPEC cuts on LPG trade - Management indicated that OPEC cuts are expected to affect LPG volumes from the U.S., but the exact impact is uncertain due to high inventories [62] Question: Details on scrubber retrofits and LPG propulsion - Management stated that the cost differential for adding scrubbers is significant, and they remain interested in LPG as an alternative fuel but are cautious about the economics [91][78] Question: Time chartering strategy and rates - Management explained that the strategy involves balancing charter-out coverage with new ships, and current rates for time charters are above the market but not by much [106][112] Question: Sustainability metrics related to financing - Management clarified that the sustainability metric is based on IMO guidance, targeting a 2.7% reduction in emissions per year [127][129]