Financial Data and Key Metrics Changes - The company reported a record average TCE of $76,337 per operating day with a total utilization of 93.6%, yielding an adjusted TCE of about $71,431, marking the best result in the company's history [50][86] - The trailing 12-month net income was approximately $304 million, resulting in a 33.4% return on shareholders' equity, reflecting strong profitability [53] - The company declared a $1 per share dividend, bringing total dividends paid to $11.50 per share or nearly $465 million in aggregate since the IPO [87] Business Line Data and Key Metrics Changes - The Helios Pool achieved a spot TCE of $91,417 per day, the highest spot rate the pool has ever earned for a quarter [84] - The company has 5 vessels on time charter within the pool, indicating spot exposure of about 75% to 80% for the 27 vessels in the Helios Pool [66] Market Data and Key Metrics Changes - The company noted that U.S. inventory levels remain very high, which is expected to stabilize pricing as the worst coal season passes [11] - The market has seen a significant increase in LPG supply due to warm winter conditions, impacting U.S. export prices [70] Company Strategy and Development Direction - The company is focused on long-term solutions for decarbonization and has invested in scrubbers, with average daily net savings of about $3,000 per day from scrubber-fitted vessels [96] - The company is evaluating opportunities to upgrade existing ships to carry ammonia, with costs expected to be significantly less than $5 million when amortized over multiple ships [30][31] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the medium- to long-term prospects for the business despite acknowledging short-term volatility [76] - The company anticipates that the congestion in the Panama Canal will return to normal levels, which will positively impact operations [76] Other Important Information - The company has a strong cash position with an unrestricted cash balance of $215 million as of January 31, 2024 [82] - The company is committed to sustainability and has invested in technologies aimed at reducing carbon and methane emissions [99][100] Q&A Session Summary Question: Guidance on bookings to date - Management confirmed bookings in excess of 100,000 for over 60% of the quarter [2] Question: Factors driving the pullback in rates - Management noted that the market is currently at a lower point than last year, with expectations for a turnaround as the market stabilizes [6][23] Question: Impact of Red Sea tensions on VLGC trade - Management indicated that the impact is complex and difficult to predict due to ongoing geopolitical tensions [26] Question: Cost of upgrading vessels for ammonia - Management stated that the cost is expected to be significantly less than $5 million when amortized over multiple ships [30] Question: Current spot rates and cash breakeven levels - Management acknowledged that current spot rates are below cash breakeven levels, reflecting the volatility in the market [34]

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, 2023 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 2024 Earnings Conference Call November 2, 2023 10:00 AM ET Company Participants Theodore Young - Chief Financial Officer John Hadjipateras - Chairman, President and Chief Executive Officer Tim Hansen - Chief Commercial Officer John Lycouris - Chief Executive Officer, Dorian LPG USA Conference Call Participants Omar Nokta - Jefferies LLC Operator Welcome to the Dorian LPG Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A br ...

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, 2023 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) Indicate by check ...

Dorian LPG Ltd. (NYSE:LPG) Q1 2024 Results Conference Call August 2, 2023 10:00 AM ET Company Participants Ted Young - Chief Financial Officer John Hadjipateras - Chairman, President and CEO John Lycouris - Chief Executive Officer, Dorian LPG USA Taro Rasmussen - Vice President of Chartering Conference Call Participants Omar Nokta - Jefferies Brian Reynolds - UBS Climent Molins - Value Investor Edge Operator Greetings. And welcome to Dorian LPG First Quarter 2024 Earnings. At this time, all participants are ...

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, 2023 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 | | ...

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, 2023 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 ...

Dorian LPG Ltd. (NYSE:LPG) Q4 2023 Earnings Conference Call May 24, 2023 10:00 AM ET Company Participants Theodore Young - CFO John Hadjipateras - Chairman, President and CEO John Lycouris - CEO, Dorian LPG USA Tim Hansen - Chief Commercial Officer Conference Call Participants Omar Nokta - Jefferies Sean Morgan - Evercore ISI Operator Greetings. Welcome to Dorian LPG Fourth Quarter 2023 Earnings. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the fo ...

Financial Data and Key Metrics Changes - For Q3 2023, the company reported an EBITDA of $76.2 million, a significant increase from $46.2 million in the previous quarter, and net income reached $51.3 million, marking the second highest in corporate history [43][49] - The net debt-to-capitalization ratio was approximately 34% [43] - Cash balance increased from $129.8 million at December 31, 2022, to roughly $165 million by January 30, 2023 [10] Business Line Data and Key Metrics Changes - Total utilization for the quarter was 97.8%, with a daily TCE (Time Charter Equivalent) per operating day of $52,768, yielding a utilization-adjusted TCE of about $51,630 [22] - The Helios pool reported a spot TCE of approximately $57,000 per available day for the quarter [22] Market Data and Key Metrics Changes - U.S. LPG exports are projected to grow by 15.9% in 2023, up from an earlier estimate of 11.3% [9] - Global LPG exports increased by 4% in the last quarter and 6% for the year, primarily supported by North America [18] Company Strategy and Development Direction - The company is focused on capital allocation, balancing dividends and investments in scrubbers, which have shown good returns [46][65] - The company is committed to decarbonizing shipping and has invested in energy-saving devices and scrubbers to reduce emissions [19][58] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding cash flow generation in the coming months, despite external risks such as potential global recession and COVID-19 impacts in China [56][50] - The company is preparing for the 2023 IMO emission regulations and is focused on improving commercial performance [44][58] Other Important Information - The company has returned over $500 million to shareholders since its IPO, including a $1 irregular dividend announced for February 2023 [7][46] - The installed cost of new scrubbers is expected to be about two-thirds of the initial program costs, reflecting improved efficiency and installation processes [24][86] Q&A Session Summary Question: How should investors think about Dorian's use of cash in the near- to medium-term? - Management indicated that dividends and investments in scrubbers are viewed as equal priorities in capital allocation decisions [65] Question: What is driving the recent uptrend in the spot market? - The increase in demand due to cold weather in Asia and a lack of shipping length contributed to the recent market rebound [70] Question: How does the current order book compare to the existing fleet? - Management noted that while there are many new ships being delivered, the demand from the U.S. is expected to absorb a significant portion of this new capacity [100] Question: What routes are more indicative of VLGC trade? - The most active routes are U.S. Gulf to the Far East and U.S. Gulf to Europe, with the U.S. East being the most significant market [123]

Financial Performance - Fleet TCE (Time Charter Equivalent) reached $52,768 per operating day[7] - Spot TCE averaged $53,754 per operating day[7] - Fleet utilization was at 97.8%[7] - Cash and investments totaled $129.9 million as of December 31, 2022[7] - Total debt obligations amounted to $635.6 million as of December 31, 2022[7] - Net income for the three months ended December 31, 2022, was $51,263,710, compared to $16,580,885 for the same period in 2021[17] Market Trends - North American exports increased year-over-year, with the United States exporting 13,524,958 in 4Q22 compared to 13,030,489 in 4Q21[9] - Middle East exports showed positive growth over the quarter, reaching 11,563,752 in 4Q22[10] Environmental Initiatives - Scrubber operations yielded average savings of approximately $246 per metric ton of HSFO consumed, with voyage economics improving by about $5,831 per day net of scrubber OPEX in 4Q22[14] - The company is installing three additional scrubber units on vessels undergoing scheduled dry docking[15]