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 ...

Revenue Generation - For the fiscal year ended March 31, 2020, approximately 89.4% of the company's revenues were generated through the Helios Pool as net pool revenues[26]. - For the year ended March 31, 2020, the Helios Pool accounted for 89% of total revenues, with no other individual charterer exceeding 10%[167]. Fleet and Operations - The company operates a fleet of 22 Very Large Gas Carriers (VLGCs) with an average age of 6.0 years, compared to the global VLGC fleet's average age of 9.7 years, enhancing its competitive position[29]. - As of June 9, 2020, the fleet consists of twenty-two vessels operating in the Helios Pool, which employs vessels on short-term time charters, COAs, or in the spot market[162]. - The company employs a balanced chartering strategy, with two vessels on fixed time charters outside of the Helios Pool, averaging a remaining term of 2.0 years[26]. - The company is exposed to risks related to the lack of diversification, as it depends exclusively on VLGCs for LPG transportation[156]. - The company may face challenges in securing employment for its vessels, which could adversely affect its financial condition and results of operations[162]. Market Conditions - The LPG shipping market is historically stronger in the spring and summer months, with potential impacts on vessel demand during weaker fiscal quarters[30]. - Seasonal fluctuations typically strengthen VLGC spot market rates in the second and third quarters, but recent market activity has not met seasonal expectations[158]. - The Baltic Exchange Liquid Petroleum Gas Index averaged $67.050 for the year ended March 31, 2020, compared to an average of $54.794 for the previous 10-year period, indicating fluctuations in spot charter rates[159]. - The LPG shipping market is cyclical, with significant volatility in charter rates, vessel utilization, and vessel values, which can adversely affect revenues and profitability[217]. Competition - The company faces substantial competition in the VLGC sector, with the top ten owners controlling 55.0% of the total fleet[29]. - The company faces substantial competition in securing new charter agreements, with competitors potentially having greater financial resources and larger fleets[163]. - The process of obtaining new charter agreements is highly competitive and can involve extensive screening and bidding processes[163]. Financial Condition - As of March 31, 2020, the company had outstanding indebtedness of $646.1 million, with $604.9 million hedged or fixed[169]. - The company expects earnings and cash flow to vary due to the cyclical nature of the LPG shipping industry, which may necessitate alternative financing plans[172]. - The company generates all revenues in U.S. dollars but incurs some expenses in other currencies, exposing it to exchange rate fluctuations[187]. - The market value of LPG carriers is sensitive to charter market conditions, and a decline could lead to covenant breaches or impairment losses[179]. - The company is exposed to volatility in LIBOR, with $67.5 million of its debt unhedged as of June 9, 2020, which could adversely affect earnings and cash flow[181]. Regulatory Compliance - The company has obtained protection and indemnity insurance for pollution coverage of $1.0 billion per vessel per incident, with a maximum claim coverage of approximately $8.4 billion per accident across its P&I clubs[42]. - Compliance with the IGC Code is evidenced by a Certificate of Fitness for the Carriage of Liquefied Gases in Bulk, ensuring all vessels meet safety standards[48]. - The IMO 2020 Cap limits sulfur oxide emissions to 0.5% m/m, down from 3.50%, effective January 1, 2020, requiring ships to use low-sulfur fuel or exhaust gas cleaning systems[50]. - The BWM Convention requires ships to manage ballast water to prevent the introduction of invasive species, with compliance deadlines for existing vessels set for September 8, 2024[67]. - The Anti-fouling Convention prohibits harmful organotin compounds in anti-fouling systems, with all vessels over 400 gross tons required to obtain Anti-fouling System Certificates[71]. Environmental and Safety Standards - The company is committed to safety and environmental standards, actively managing risks and setting annual performance targets for continuous improvement[36]. - The classification societies ensure compliance with international conventions, requiring regular inspections and maintenance to maintain the vessels' operational status[32]. - The ISM Code mandates that vessels above 5,000 gross tonnage report annual fuel oil consumption data starting January 1, 2019, as part of the IMO's strategy to reduce greenhouse gas emissions[54]. - The initial strategy adopted by nations aims to reduce greenhouse gas emissions from ships by at least 40% per transport work by 2030, with efforts towards 70% by 2050 compared to 2008 levels[97]. Taxation and Financial Structure - The company is incorporated in the Marshall Islands, where it is not subject to tax on income or capital gains, and no withholding tax will be imposed on dividend payments[107]. - The company expects to satisfy the Publicly-Traded Test for exemption from U.S. federal income taxation on its United States source shipping income[114]. - If the Section 883 exemption is unavailable, the company's United States source shipping income would be subject to a 4% tax on a gross basis, with a maximum effective rate of 2%[121]. - The company may be treated as a "passive foreign investment company" (PFIC), which could have adverse tax consequences for U.S. shareholders[210]. Management and Personnel - The company’s ability to attract and retain skilled management personnel is critical, as the loss of key personnel could materially affect operations[195]. - The company may face upward pressure on crewing costs due to limited supply and increased demand for qualified crew, which could adversely affect profitability[196]. - The company intends to prudently grow its fleet over the long term, but may need to invest in upgrading operational and financial systems and recruit additional qualified personnel[193]. Risks and Challenges - The company may face significant risks related to acquisitions, including undisclosed liabilities and integration challenges, which could adversely affect financial condition and operations[190]. - The company may incur increasing costs for drydocking and maintenance as vessels age, which could materially impact cash flows and financial condition[204]. - The company’s insurance coverage may not be adequate to cover all operational risks, and any uninsured losses could harm financial condition[199]. - A significant decline in demand for LPG transport or an increase in vessel capacity without corresponding demand growth could lead to a decline in charter rates, adversely affecting financial condition and cash flow[223].

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]