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]

Financial Performance - Revenues for the three months ended June 30, 2019, were $61,165,546, a significant increase from $27,644,282 in the same period of 2018, representing a growth of approximately 121%[95] - Adjusted EBITDA for the same period was $38,382,383, compared to $5,185,136 in the prior year, indicating a substantial improvement in operational performance[97] - Net income for the three months ended June 30, 2019, was $6,075,059, a recovery from a net loss of $20,596,558 in the same period of 2018[95] - Total revenues for the three months ended June 30, 2019, were $61.2 million, an increase of $33.6 million or 121.3% from $27.6 million in the same period of 2018[106] - Net pool revenues from related parties increased to $50.1 million, up 211.0% from $16.1 million in the prior year[106] Operational Efficiency - Fleet utilization increased to 98.4% for the three months ended June 30, 2019, up from 83.6% in the prior year, reflecting improved operational efficiency[99] - Average Time Charter Equivalent (TCE) rates rose from $16,553 to $29,671, reflecting higher spot market rates and reduced bunker prices[106] - Fleet utilization improved from 83.6% in Q2 2018 to 98.4% in Q2 2019[106] - Vessel operating expenses decreased by 3.4% to $16.1 million, with expenses per vessel per day dropping from $8,334 to $8,052[108] - General and administrative expenses fell by 15.0% to $6.7 million, down from $7.9 million in the previous year[109] Debt and Financing - As of June 30, 2019, the outstanding balance of long-term debt was $680.8 million, down from $768.8 million a year earlier[112] - Interest and finance costs decreased by 6.5% to $9.7 million, attributed to lower average indebtedness[112] - Net cash used in financing activities for Q2 2019 was $16.3 million, a decrease from $17.7 million in Q2 2018, primarily due to reduced long-term debt repayments from $82.2 million to $16.0 million[124] - The company has hedged $250 million of non-amortizing principal and $184.8 million of amortizing principal of its 2015 Debt Facility to mitigate interest rate risk[138] - A hypothetical 20 basis point change in LIBOR rates would result in a $0.1 million increase or decrease in interest expense on non-hedged debt over the next 12 months[138] Capital Expenditures and Compliance - The company plans to install ballast water management systems on six VLGCs at a cost of approximately $0.8 million per vessel between July 2019 and July 2023[127] - Significant capital expenditures are required to maintain an efficient fleet and comply with regulatory standards in the LPG transportation business[125] - Compliance costs for the IMO's low sulfur fuel oil requirement may be significant, with $10.0 million in remaining contractual commitments for scrubbers as of June 30, 2019[127] Strategic Initiatives - The company currently operates a fleet of 22 VLGCs, including 19 fuel-efficient ECO-VLGCs, with a cargo-carrying capacity exceeding 80,000 cbm[86] - The company has entered into contracts for an additional ten VLGCs to be fitted with scrubbers to reduce sulfur emissions, enhancing environmental compliance[86] - The company continues to pursue a balanced chartering strategy, employing vessels on a mix of multi-year time charters and spot market voyages[90] - The company plans to continue considering strategic opportunities for vessel acquisitions, potentially financed through various funding sources[120] Impairment and Risk - Eighteen VLGCs showed indicators of impairment as of June 30, 2019, but no impairment charges were recognized for the quarter[133] - A 40% reduction in the 10-year historical average spot market rates could trigger an impairment charge of approximately $31.9 million on the eighteen VLGCs[134]

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 ...