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]

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]

PART I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements, including Balance Sheets, Statements of Operations, Shareholders' Equity, and Cash Flows, with detailed notes on accounting policies, debt, and revenue Unaudited Condensed Consolidated Balance Sheets | Balance Sheet Data | As of Sep 30, 2019 | As of Mar 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$1,642,210,973** | **$1,625,370,017** | | Total Current Assets | $124,470,888 | $82,589,069 | | Vessels, net | $1,453,476,869 | $1,478,520,314 | | **Total Liabilities** | **$687,839,029** | **$712,687,459** | | Current portion of long-term debt | $63,968,414 | $63,968,414 | | Long-term debt (net) | $601,577,085 | $632,122,372 | | **Total Shareholders' Equity** | **$954,371,944** | **$912,682,558** | Unaudited Condensed Consolidated Statements of Operations | Statement of Operations | Three Months Ended Sep 30, 2019 | Three Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Total Revenues | $91,624,875 | $40,807,542 | | Total Expenses | $42,672,532 | $41,710,876 | | Operating Income/(Loss) | $49,266,427 | $(318,702) | | **Net Income/(Loss)** | **$40,711,896** | **$(8,177,120)** | | **Diluted EPS** | **$0.74** | **$(0.15)** | | Statement of Operations | Six Months Ended Sep 30, 2019 | Six Months Ended Sep 30, 2018 | | :--- | :--- | :--- | | Total Revenues | $152,790,421 | $68,451,824 | | Total Expenses | $84,188,855 | $83,164,848 | | Operating Income/(Loss) | $69,538,933 | $(13,483,875) | | **Net Income/(Loss)** | **$46,786,955** | **$(28,773,678)** | | **Diluted EPS** | **$0.85** | **$(0.53)** | Unaudited Condensed Consolidated Statements of Cash Flows | Cash Flow Data (Six Months Ended) | Sep 30, 2019 | Sep 30, 2018 | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | $60,804,329 | $(9,248,743) | | Net cash used in investing activities | $(4,276,995) | $(1,159,583) | | Net cash used in financing activities | $(39,244,113) | $(34,950,168) | | **Net increase/(decrease) in cash** | **$17,196,048** | **$(45,488,203)** | Notes to Unaudited Condensed Consolidated Financial Statements - As of September 30, 2019, the company's fleet comprised **23 VLGCs**, including **19 ECO-VLGCs**, with **three vessels equipped with scrubbers** and nine more planned[27](index=27&type=chunk) - The company holds a **50% interest in Helios LPG Pool LLC**, a joint venture operating **28 VLGCs**, including **19 from Dorian's fleet** as of September 30, 2019[47](index=47&type=chunk)[48](index=48&type=chunk) Debt Obligations | Debt Obligations | Sep 30, 2019 | Mar 31, 2019 | | :--- | :--- | :--- | | Total 2015 Debt Facility | $471,603,308 | $496,620,495 | | Total Japanese Financings | $206,509,102 | $213,476,121 | | **Total debt obligations** | **$678,112,410** | **$710,096,616** | - A **$50 million stock repurchase program** was authorized on August 5, 2019, with approximately **$6.2 million in shares repurchased** by September 30, 2019[64](index=64&type=chunk) Future Commitments (as of Sep 30, 2019) | Future Commitments (as of Sep 30, 2019) | Amount | | :--- | :--- | | Scrubber Purchases (less than one year) | $8,810,894 | | Time Charter-in (total) | $11,825,000 | | Fixed Time Charter-out Receipts (total) | $68,141,365 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes improved financial results to significantly higher Time Charter Equivalent (TCE) rates, driven by strong spot market conditions and lower bunker prices, leading to a net income turnaround Results of Operations - For Q3 2019, revenues increased **124.5% to $91.6 million**, driven by average TCE rates rising from **$20,973 to $47,623** due to higher spot rates and lower bunker prices[107](index=107&type=chunk) - For the six months ended September 30, 2019, revenues grew **123.2% to $152.8 million**, attributed to higher average TCE rates (**$38,321 vs. $18,923**) and increased fleet utilization (**95.7% vs. 89.7%**)[115](index=115&type=chunk) - Vessel operating expenses per day remained flat at **$8,594** for Q3, but decreased to **$8,324** for the six-month period due to lower repairs and maintenance costs[109](index=109&type=chunk)[117](index=117&type=chunk) - Interest and finance costs decreased across both periods, reflecting a lower average indebtedness balance[113](index=113&type=chunk)[120](index=120&type=chunk) Liquidity and Capital Resources - As of September 30, 2019, the company held **$46.4 million in cash** and **$37.2 million in restricted cash**, with **$60.8 million generated from operations** as the primary capital source[122](index=122&type=chunk)[124](index=124&type=chunk) - A **$50 million stock repurchase program** was authorized on August 5, 2019, with **$6.7 million in shares repurchased** by October 25, 2019, leaving **$43.3 million remaining**[126](index=126&type=chunk) - Future liquidity needs encompass operating expenses, debt repayments, and capital expenditures for scrubbers and ballast water management systems, including **$8.8 million in scrubber purchase commitments** as of September 30, 2019[127](index=127&type=chunk)[137](index=137&type=chunk) Cash Flow Summary (Six Months Ended) | Cash Flow Summary (Six Months Ended) | 2019 | 2018 | | :--- | :--- | :--- | | Net cash from operating activities | $60.8M | $(9.2M) | | Net cash used in investing activities | $(4.3M) | $(1.2M) | | Net cash used in financing activities | $(39.2M) | $(35.0M) | Critical Accounting Policies and Estimates - The company reviews vessels for impairment, and despite appraisals indicating potential impairment on **fourteen VLGCs**, a recoverability test concluded no impairment charge was necessary as of September 30, 2019[141](index=141&type=chunk)[143](index=143&type=chunk)[145](index=145&type=chunk) - A sensitivity analysis indicates a **30% reduction in 10-year historical average spot market TCE rates** would not trigger impairment, while a **40% reduction would trigger approximately $16.4 million impairment** on **thirteen VLGCs**[146](index=146&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=34&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) This section details the company's market risk exposure, primarily interest rate risk from variable-rate debt, mitigated through interest rate swap agreements - The company faces interest rate risk from its LIBOR-tied 2015 Debt Facility; a **20 basis point LIBOR change** would impact unhedged debt interest expense by approximately **$0.1 million** over 12 months[149](index=149&type=chunk) [Item 4. Controls and Procedures](index=34&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management, including the CEO and CFO, concluded that disclosure controls and procedures were effective as of September 30, 2019, with no material changes in internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of September 30, 2019[150](index=150&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[152](index=152&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=36&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is not aware of any material legal proceedings or claims requiring disclosure or provision in its financial statements - The company is not aware of any reasonably possible or probable claims requiring disclosure or provision in the financial statements[154](index=154&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=ITEM%201A.%20RISK%20FACTORS) This section updates risk factors, highlighting global risks from international operations, including political conflicts, terrorism, and vessel attacks in the Middle East that could disrupt shipping - International operations expose the company to global risks, including political conflicts, terrorism, and recent vessel attacks in the Middle East, potentially disrupting shipping routes and adversely affecting operations[156](index=156&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=37&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%20AND%20USE%20OF%20PROCEEDS) This section details the company's Q3 2019 equity security repurchases under a new **$50 million share repurchase program** authorized on August 5, 2019 Equity Securities Repurchased (Q3 2019) | Period | Total Shares Purchased | Average Price Paid Per Share | Shares Purchased as Part of Program | | :--- | :--- | :--- | :--- | | Aug 1-31, 2019 | 389,152 | $10.27 | 372,619 | | Sep 1-30, 2019 | 213,768 | $10.83 | 213,768 | | **Total for Q3** | **602,920** | **$10.47 (approx.)** | **586,387** | [Item 6. Exhibits](index=37&type=section&id=ITEM%206.%20EXHIBITS) This section indexes exhibits filed with the Form 10-Q, including an amendment to the 2015 facility agreement and CEO/CFO Sarbanes-Oxley certifications - Exhibits include Amendment No. 3 to the 2015 facility agreement, CEO and CFO certifications under Sarbanes-Oxley Act Sections 302 and 906, and XBRL interactive data files[163](index=163&type=chunk)

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 ...