Financial Projections - For the quarter ended March 31, 2025, the Company expects Time Charter Equivalent (TCE) revenues to be between $73,100,000 and $75,100,000[4] - The Company anticipates operating vessel expenses to be between $22,900,000 and $24,900,000[4] - General and administrative expenses (excluding stock-based compensation) are expected to be between $7,800,000 and $11,300,000[4] - Stock-based compensation is projected to be between $1,350,000 and $1,550,000[4] - Long-term debt obligations are estimated to be between $317,900,000 and $558,400,000[4] Financial Results - Revenues for the three months ended March 31, 2025, are reported at $75,900,000, with voyage expenses of $1,800,000, resulting in TCE revenues of $74,100,000[9] - The Company reported cash and cash equivalents of $315,900,000 as of March 31, 2025[4] Company Operations - The Company operates a fleet of twenty-five Very Large Gas Carriers (VLGCs), including twenty ECO VLGCs and four dual-fuel ECO VLGCs[10] Conference Call - The earnings conference call to discuss the results is scheduled for May 22, 2025, at 10:00 a.m. ET[2] Financial Data Disclaimer - The Company emphasizes that the provided financial data is preliminary and subject to adjustments that may be material[5]

Company Overview - BW LPG Limited operates in the niche market of Very Large Gas Carriers (VLGCs), specializing in the transportation of liquefied petroleum gas (LPG) globally [1] - The company is headquartered in Singapore and owns more VLGCs than any other entity in the market [1] Investment Focus - The analysis primarily targets small- to mid-cap companies, which are often overlooked by investors, while also occasionally reviewing large-cap companies to provide a broader market perspective [1]

Group 1 - Dorian LPG is perceived as a value buy due to its attractive dividend payout history and recent cyclical correction [1] - There are growth concerns for Dorian LPG, particularly related to the outcome of tariff details [1]

Core Viewpoint - Capital Clean Energy Carriers Corp. (CCEC) has joined the MIT Maritime Consortium as a Founding Member, collaborating with key maritime stakeholders to develop innovative technologies aimed at enhancing industry competitiveness and reducing environmental impact [1][2][3]. Group 1: Consortium Objectives and Technologies - The consortium focuses on developing technologies for nuclear propulsion, alternative fuels, data-driven operational strategies, autonomy, cybersecurity, and on-board manufacturing of spare parts [2][3]. - The initiative aims to address emissions in the maritime shipping industry, which currently accounts for 2% of global energy-related CO2 emissions while transporting 90% of world cargoes [2][3]. Group 2: Member Contributions and Goals - CCEC aims to leverage its operational expertise and diverse fleet to contribute to the development of AI-driven models and technological solutions for optimizing ship efficiency and predictive maintenance [6][7]. - The consortium seeks to create competitive advantages through novel engineering solutions, including advanced data analytics, autonomy, and 3D printing technologies [4][5]. Group 3: Industry Impact and Future Vision - The collaboration is expected to drive transformative change in the maritime industry, fostering innovation and resilience against challenges while promoting a sustainable future [7][8]. - The consortium's long-term goal is to enable the development of novel technology and policy innovations that will help meet emissions objectives [5][6].

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-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2022 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 ...

Financial Data and Key Metrics Changes - The TCE achieved per calendar quarter was $36,858 and OpEx was $9,541, with cash G&A at $5.8 million and cash interest expense down to $6.4 million from $6.5 million, reflecting favorable hedges and fixed-rate debt [11][12][13] Business Line Data and Key Metrics Changes - LPG export and import demand increased in Q3 2022, with global exports up 5.4% year-over-year, supported by Canada and the Middle East [13] - Despite lower than expected propane demand in China, 2022 is forecasted to have about 4.7 million tons more of incremental LPG consumption compared to 2021 [15] Market Data and Key Metrics Changes - LNG prices spiking in Japan and South Korea are expected to increase LPG production over the winter, with South Korea expected to import about 800,000 metric tons of LPG [16] - The heavy fuel oil, low sulfur oil spread is currently about $260 per ton in Houston, down from $320 at the close of the last quarter [14] Company Strategy and Development Direction - The company prioritizes returns to shareholders while maintaining a strong balance sheet and commercial flexibility, having returned nearly $500 million to shareholders since its IPO [8][10] - The company is preparing for the 2023 IMO emission regulations, including retrofitting energy-saving devices and developing new software to manage fuel consumption [19] Management's Comments on Operating Environment and Future Outlook - The outlook for the final quarter of 2022 is positive, with estimates for U.S. LPG exports pointing to further growth in 2023 and 2024 [18] - Management acknowledges that while the market is currently strong, volatility makes it difficult to predict medium-term freight market conditions [10] Other Important Information - The company has seen an increase in the number of ports allowing crude changes compared to the previous period, despite challenges in handling crude changes [12] Q&A Session Summary Question: How was the $1 irregular dividend determined? - The board made the decision for the dividend based on visibility of a strong current quarter, considering various factors without a formulaic approach [24] Question: What is the outlook for fleet deployment given new deliveries next year? - The company believes that increased U.S. production and delays will help absorb the new tonnage coming into the market, maintaining a positive outlook for 2023 [34] Question: What is the potential uplift in LPG demand from Korea and Japan? - The company estimates about four VLGCs lifting a month to Europe and additional demand from Japan and Korea for winter stockpiling [40] Question: How does the company view the potential LPG pipeline across the Panama Canal? - Management does not see the pipeline as a game changer due to its limited capacity and applications, with no recent updates on its progress [46]

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 ...