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]

Company Overview - Dorian LPG is a US-based LPG shipping company with a global presence, operating a modern fleet of VLGCs[6] - The company's owned fleet has an average age of 7.8 years, compared to the global fleet average of 10.5 years[6] - Dorian LPG commercially manages 26 vessels, including those in the Helios LPG Pool[53] LPG Market Fundamentals - LPG is a byproduct of oil and gas production, with approximately 60% coming from gas production and 40% from oil production and refining[13] - Global seaborne LPG volumes increased by 4% year-over-year from 106.9 million tons in 2020 to 110.9 million tons in 2021[19] - US waterborne exports of LPG increased by 10% year-over-year from 46.2 million tons in 2020 to 50.8 million tons in 2021[20] Supply and Demand Dynamics - US LPG exports accounted for 46% of global seaborne trade in 2021[21] - China's LPG imports increased by 25% in 2021, driven by PDH capacity additions and higher cracking demand[27] - India's LPG imports increased by 11.9% year-over-year in 4Q21, reaching 4.8 million tons compared to 4.3 million tons in 4Q20[31] Fleet and Operations - Fleet utilization averaged above 90% in 2021[34] - The orderbook-to-fleet ratio is stable at approximately 22%[36] - Fleet TCE operating was $33,508 per day with a fleet utilization of 98.5%[46]

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 ...

Dorian LPG Ltd. (NYSE:LPG) Q2 2022 Earnings Conference Call November 3, 2021 10:00 AM ET Company Participants Ted Young - CFO John Hadjipateras - Chairman, President & CEO John Lycouris - CEO, Dorian LPG (USA) Tim Hansen - CCO Conference Call Participants Omar Nokta - Clarksons Securities Brian Reynolds - UBS Sean Morgan - Evercore ISI Operator Greetings and welcome to the Dorian LPG Second Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and- ...

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

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 ...