November 2016
DORIAN LPG ®
Forward-Looking Statements
This Presentation contains certain forward-looking statements relating to the business, future financial performance and results of the Company and/or the industry in which it operates. In particular, this Presentation contains forward-looking statements such as those with respect to cost of construction of the Company’s newbuildings and timing of their delivery, values of the assets of the Company and the potential future revenue and EBITDA these assets may yield under current or future contracts, the potential future revenues and cash flows of the Company, the potential future demand and market for the Company’s assets and the Company’s equity and debt financing requirements and its ability to obtain financing in a timely manner and at favorable terms. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking statements contained in this Presentation, including assumptions, opinions and views of the Company or cited from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other factors that may cause actual events to differ materially from any anticipated development. Potential investors are expressly advised that financial projections, such as the revenue and cash flow projections contained herein, cannot be used as reliable indicators of future revenues or cash flows. Neither the Company, nor any of their parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the assumptions underlying such forward-looking statements are free from errors nor does any of them accept any responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform these forward-looking statements to our actual results.
Disclaimer
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DLPGFleet GlobalVLGCFleet
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2
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Key Investment Highlights
USshalerevolutionhascreatedafundamentalshiftintradeflows
RapidgrowthinbothLPGsupplyanddemandcreatingnewdynamic
BifurcationofmajorsupplysourcesmakesLPGincreasinglycompetitive
VLGCsareacriticallinkintheglobalLPGsupplychain
Company Overview LPG Industry Overview
*Age Comparison: As of September 30, 2016
Average Fleet Age (Years)*
4
3 Modern VLGCs19 ECO VLGCs
3
StrongmarketpositionwiththeyoungestandlargestECOVLGCfleet
Integratedtechnicalandcommercialmanagementwithproventrackrecord
Conservativebalancesheetensuresflexibilityandabilitytocapitalizeongrowthopportunities
AlignmentofmanagementandshareholderinterestgivensignificantCEOinvestment
Balancedmixoftimechartersandspotexposure,targetinghighqualitycreditcounterparties
GlobalpresencewithofficesinStamford,CT(Headquarters),London,UKandAthens,Greece
Market Summary
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ProductionLPG (Propane and Butane) is a by-product
of oil and gas
ShippingVLGCs are the most cost effective
means of long haul LPG transportation
End UseBroad range of end uses for LPG
VLGCs are a Critical Link in the Global Supply Chain
North America
Latin America
Africa
Middle East
Europe & FSU
Asia
5
Global LPG Trade Continues to Expand
Global Seaborne LPG Liftings Volume
Potential U.S. VLGC Liftings based on Terminal Capacity
-
10
20
30
40
50
60
70
2013 2014 2015 2016 2017 2018
Ann
ual L
iftin
gs
6Source: IHS, Dorian LPG Analysis
0102030405060708090100
2012 2013 2014 2015 YTD2016
Metric
tons(m
illions)
Jan-Sept Annual
Bifurcation of Supply Making LPG Increasingly Competitive
Source: EIA, Bloomberg, IHS
Seaborne LPG by Source
New Price Competition
Significant investment in US export capacity
• Significant investments in LPG export terminal capacity and midstream processing
• Confirms market commitment to exports
• Eliminates bottlenecks related to port infrastructure
Emergence of US LPG has resulted in greater price competition amongst suppliers
• NGL production in excess of domestic demand has kept US LPG prices low relative to the world market
• The result is export growth and further price competition from the Middle East – good for demand
• US residential and petchem demand is expected to be offset by increasing use of ethane and natural gas
7
15% 19% 25% 31%
51% 47%45%
43%
12% 11% 10% 10%8% 11% 10% 8%14% 12% 10% 8%
0%
20%
40%
60%
80%
100%
2013 2014 2015 YTD2016
US ME N.Sea Med Other
150
350
550
750
950
1,150 MontBelvieuSaudiCPAlgeria
North American LPG Export Capacity Up Significantly
Mill
ion
MT/
Year
Announced North American VLGC Export Capacity
More than sufficient LPG export capacity, leaving room for large increases once production ramps back up
Petrogas’ Terminal (Ferndale, WA)• Seasonally stronger in April-Sep, expect
increase in butane cargoes
Sunoco’s Terminal (Marcus Hook, PA)• Now exporting 3-4 VLGC cargoes per month• Consistent supply contracts with offtake
agreements
Philips 66’s Terminal (Freeport, TX)• Capacity for 8 VLGCs/month• Scheduled start up for end Sep/early Oct
2016• Potential to add increased competition to
terminal fees which could boost utilization
Phillips 66’ Terminal (Freeport, TX)
8Source: EIA, Bloomberg, IHS, Publically Available Information
0
5
10
15
20
25
30
35
2015YE 2016YE 2017YE
Enterprise(Houston)
Targa(Houston)
Sunoco(Nederland)
Sunoco(MarcusHook)
Oxy(Ingleside)
Trafigura(CorpusChristi)
PetroGas(Ferndale,WA)
Phillips66(Freeport,TX)
31 31 3235
4138
33 34
48
38 36
27
34
0
10
20
30
40
50
60
Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16
455
685
865
0
200
400
600
800
1,000
2014 2015 2016YTD
US Exports Continue to Grow
US Exports by Year (MM bbls/day)
US VLGC by Month
9Source: IHS, EIA, *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)
*Annualized (MM MT/yr): 14.3 21.5 27.2
Demand Overview
China and India continue to drive demand
• Seaborne LPG imports into China tallied 12.1 mmt in 2015 up 70% from 7.9 mmt in 2014 (2014 was up 100% from 3.9 mmt in 2013)
• China’s residential / commercial demand has been climbing in tandem with its initiative to displace solid biofuels in rural areas
• Seaborne LPG imports into India were up 8% in 2015, from 8,324,550 to 8,970,000.
• The Modi Government has called 2016 “the year of the LPG consumer.”
• Mangalore Import Terminal can now handle VLGCs
• Haldia and Kochi regions could both build new import terminals in the future
10Source: IHS, Dorian LPG Analysis
Growing Markets for LPG: INDIA
• Power conversion
project with Vitol
• By April, LPG will be
used as primary fuel
source
India LPG Import Forecast Indian LPG Consumption Forecast
18.7 M21.0 M
24.0 M
0 M
5 M
10 M
15 M
20 M
25 M
30 M
2015 2016E 2017E
8.9 M
10.5 M
12.5 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
2015 2016E 2017E
• TheIndianGovernmentaggressivelypromotingLPGpenetrationinruralareas
• Approximately7MillionnewLPGconsumersaddedbetweenJanuaryandApril
• Nonsubsidizedmarketgrowingduetolowerinternational LPGPrices
• IncreasedtaxongasolinehasalsoledtoincreasedLPGauto-gasconsumption
• Paradip refinerystartupmarkslastmajordomesticsupplyaddition– supportingfurtherimports
11Source: IOC, FGE
Growing Markets for LPG: CHINA
• will be used as
primary fuel source
Annual China LPG imports
12Source: IHS
3.8M
7.8M
11.5M
10.2M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
2013 2014 2015 2016 YTD
Note: Propylene production capacity to VLGC Equivalents of Propane demand: 1 tonne of propylene requires 1.18 tonnes of propane; 1 VLGC equivalent is 44,000 tonnes of propaneSource: ICIS, Arrow
16
56
106
124
141
0
2,000
4,000
6,000
8,000
10,000
12,000
0
20
40
60
80
100
120
140
160
End 2013 End 2014 End 2015 End 2016 End 2017
New Cumulative Chinese PDH Propane New Cumulative Chinese PDH Propylene Production
PropyleneCapacity(000tonnes)
VLGCEquivalents
Commenced & Planned Chinese PDH Projects Propane Feedstock Required
• It is estimated that total new propane demand from Chinese PDH plants in 2015 was up 185% (from 1.09 to 3.1mm tons)
• PDH importers require high purity propane, best sourced from the US or Middle East
• Sinopec, Tianjin Bohai, Oriental Energy, Fujian Meide, and Shaoxing Sanyuan Petrochemical have all signed long term supply contracts for US LPG
ProjectPolypropyleneproductionkt/year
Operational Main Application
TianjinBohai 600 Operating Propylenederivative,Acrylicacidetc.
NingboHaiyue 600 Operating Propylenederivative,Acrylicacidetc.
SatellitePetchem 450 Operating Polypropylene
Sanyuan Petchem(JVO.E.)
450 Operating Propylenederivative,Acrylicacidetc.
YangtzePetchem 600 Operating Propylenederivative,Acrylicacidetc.
Wanhua Petchem 750 Operating Polypropylene
Hebei Haiwei 500 Expected2016 Polypropylene
Meide Petchem 660 Expected2016 Polypropylene
NingboFortune(O.E.) 660 Expected2017 Polypropylene
Surge in Chinese PDH Adds to Global Demand
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VLGC Day Rates Softer, yet Utilization Remains High
• Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for seaborne transport continues to grow)
• Increased U.S. NGL production at ~$50 crude oil should help to stimulate exports
• Panama Canal expansion may reduce tonne miles near term but should help decrease costs to Asia and thus increase arbitrage movements West to East in the long term
Drivers underlying current rate environment
14Source: Clarksons Research, Baltic Exchange
Baltic VLGC Daily Spot TCE Rates (M USD) Global VLGC Fleet Utilization
96%
88%
2015
2016Oct YTD
0
20
40
60
80
100
120
140
DailyVLGCRate 4WeekTrailingAverage 1YearTrailingAverage
Propane Divergence from Naphtha
Cost & Freight - Naphtha Asia vs. Saudi CP (USD)
15Source: Bloomberg, IHS
0.00
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
450.00
1-1-2016 2-1-2016 3-1-2016 4-1-2016 5-1-2016 6-1-2016 7-1-2016 8-1-2016 9-1-2016 10-1-2016
Cost&FreightSaudiCP Cost&FreightNaphthaAsia
• May was a record import month for China
• Typically takes 3+ months of price divergence before Petchemcrackers switch feedstocks
Panama Canal Expansion Theoretical Positive for Arbitrage
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230 230 230
52.36 52.36 52.36
56 61 67
11.64 6.64 0.64
$-
$100
$200
$300
$400
$500
Price Terminal Cost Freight Cost Arbitrage
Houston-Chiba Arbitrage Analysis by Route (USD)
Current economics favor voyages through the Canal and may provide a catalyst to open the West-East arbitrage
• The Neo-Panama Canal opened June 27th with first VLGC passage
• Reduction in voyage time ex. Houston-Chiba via:• Cape of Good Hope = 40 days• Panama Canal = 25 days
Source: FGE, Dorian LPG AnalysisNote: Theoretical arbitrage used to portray arbitrage effect; Mont Belvieu = $230 pmt vs Cif Japan = $350
Panama/Panama Panama/Cape Cape/Cape *Laden/Ballast
Competitive Advantages & Strategy
ECO-Vessels Built at World Class Korean Shipyards
Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, Company, Managers¹ Fuel saving assuming loaded condition at 16 knots and a HFO price ranging from USD 260-450/MT
Daily fuel savings between $2,000-3,5001
OptimizedHull Design
Low Friction, Self Polishing Paint
Scrubber /Scrubber Ready Babcock’s New LGE Cooling Plant
MAN B&W’s New G-Type Engine
44.046.1
36.538.4
25
30
35
40
45
50
55
Heavy Fuel Oil (HFO)Marine Gas Oil (MGO)
Traditional VLGCDorian ME-G type NB (ECO)
-17%-17%
Fuel Oil Consumption Analysis
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VLGC fleet constructed at top tier yards
• LPG vessels are highly engineered, and exacting technical specifications determine commercial acceptance
• HHI and DSME also design and build some of the world’s most complex offshore vessels and rigs
• Dorian has built 19 vessels at HHI and DSME since 2014 and maintains a strong relationship with both yards
60%
7%
7%
13%
13%
VLGC deliveries by shipyard (2006-2016)
Fleet Designed to Meet Tomorrow’s Regulations
Source: International Maritime OrganizationNote: Regulations established to limit SOx and particulate matter emissions; ECA means Emission Controls Areas
3 2 17
Modern With Scrubber Scrubber Ready
Dorian LPG has the youngest and most modern fleet of ECO VLGCs
Outside an ECA Inside an ECA
0.50% m/m on and after 1 January 2020
0.10% m/m on and after 1 January 2015
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Major Oil Companies Require Experienced Operators
Dorian LPG is a fully integrated LPG shipping company with in-house commercial and technical management services
• Dedicated, independent department for Health, Safety, Security, Environment and Quality
• Meets requirements of the most demanding Oil Majors
• US presence provides proximity to US based Oil Majors and traders and easy access to US export terminals
Working Safely with Suppliers Award
Tanker Company of the Year
Lloyd’s List 2014 Greek Shipping Awards
Long-standing customer relationships
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“Our mission is to arrange safe, reliable and trouble free transportation”
Strategy for Creating Shareholder Value
Ensure fleet remains “best in class” and vessel operations are of the highest quality to deliver superior customer service and low operating costs
Optimize chartering and revenue opportunity through further pooling arrangements and time charters
Strong, moderately leveraged balance sheet creates opportunities to fund growth or pay dividends
Active $100 mm stock buyback program in place
Select strategic partnership opportunities may offer meaningful and accretive growth
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Balanced Chartering Strategy
FY 2017 Time Charter Coverage Spot Market Optimization
• Opportunistic approach to time chartering
• Four VLGCs currently on time charters
• Blue-chip counterparty relationships
27%
73%
TimeCharter Spot
Significant commercial scale through Helios LPG Pool
• Founded by Dorian LPG and Phoenix Tankers in April 2015, the Helios Pool is the 2nd largest LPG pool operator in the world
• Agreement with Oriental Energy Company, a major PDH operator and LPG importer into China
• Helios Pool will operate 8 VLGCs for Oriental Energy Company
• COA with Oriental Energy Company covering LPG shipments from US Gulf Coast
• The Helios Pool currently manages 28 VLGCs, inclusive of the vessels contributed by Oriental Energy Company.
Return on CapitalBalance employment mix
Regular EmploymentHigh fleet utilization
Risk ManagementStrong counterparties
ResponsiveTo customers and the market
The 4 R’s for Customers & Shareholders:
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Financials
Statement of Operations Data (USD)
Statement of Operations Data Three Months Ended Sep 30, 2016
Three Months Ended Sep 30, 2015
Revenues $ 33,611,233 $ 74,946,432
Voyage expenses 466,218 3,541,546
Vessel operating expenses 16,339,345 9,459,889
General and administrative expenses 5,203,915 5,281,535
Other income—related parties 552,922 383,643
EBITDA 12,154,677 57,047,105
Depreciation and amortization 16,365,517 8,303,555
Operating income/(loss) (4,210,840) 48,743,550
Other income/(expenses), net (2,934,748) (7,530,286)
Net income/(loss) $ (7,145,588) $ 41,213,264
OtherFinancialData
Time charter equivalent rate (1) $ 19,137 $ 68,330
Daily vessel operating expenses (2) $ 8,073 $ 8,663
Adjusted EBITDA (3) $ 13,253,766 $ 57,655,360
(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation
and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.24
Statement of Operations Data (USD)
Statement of Operations Data Year Ended March 31, 2016
Year Ended March 31, 2015
Revenues $ 289,207,829 $ 104,129,149
Voyage expenses 12,064,682 22,081,856
Vessel operating expenses 47,119,990 21,256,165
Management fees – related party — 1,125,000
Impairment — 1,431,818
General and administrative expenses 29,836,029 14,145,086
Loss on disposal of assets 1,125,395 —
Other income—related parties 1,945,396 93,929
EBITDA 201,007,129 44,183,153
Depreciation and amortization 42,591,942 14,093,744
Operating income 158,415,187 30,089,409
Other income/(expenses), net (28,726,805) (4,828,627)
Net income $ 129,688,382 $ 25,260,782
OtherFinancialData
Time charter equivalent rate (1) $ 55,087 $ 49,655
Daily vessel operating expenses (2) $ 8,581 $ 10,703
Adjusted EBITDA (3) $ 204,865,215 $ 47,346,202(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation
and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.25
Cash Flows Data (USD)
Cash Flows Data Six Months Ended September 30, 2016
(Unaudited)
Six Months Ended September 30, 2015
(Unaudited)
Netincome $ (8,436,709) $ 54,866,147
Adjustments 34,611,425 19,599,452
Changesinoperatingassetsandliabilities 18,575,136 (27,623,907)
Netcashprovidedbyoperatingactivities 44,749,852 46,841,692
Netcashusedininvestingactivities (1,354,826) (486,298,974)
Netcash(usedin)/provided by financingactivities (46,229,501) 315,162,225
Effectsofexchangeratesoncashandcashequivalents 4,413 (181,650)
NetIncrease/(decrease)incashandcashequivalents $ (2,830,062) $ (124,476,707)
CashFlowsData Year Ended March 31, 2016
(Audited)
Year Ended March 31, 2015
(Audited)
Netincome $ 129,688,382 $ 25,260,782
Adjustments 59,421,412 19,069,505
Changesinoperatingassetsandliabilities (38,082,294) (18,707,067)
Netcashprovidedbyoperatingactivities 151,027,500 25,623,220
Netcashusedininvestingactivities (910,414,841) (312,326,844)
Netcashprovidedbyfinancingactivities 601,090,409 213,694,591
Effectsofexchangeratesoncashandcashequivalents (112,289) (1,301,579)
Netdecreaseincashandcashequivalents $ (158,409,221) $ (74,310,612)
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Balance Sheet Data (USD)
Balance Sheet Data September 30, 2016(Unaudited)
September 30, 2015(Unaudited)
Cash and cash equivalents $ 43,581,900 $ 80,344,476
Restricted cash, non-current 50,812,789 42,012,789
Total assets 1,786,002,314 1,488,041,949
Current portion of long-term debt 65,978,785 42,360,541
Long-term debt – net of current portion & deferred financing fees 715,158,576 465,828,586
Total liabilities 819,203,609 562,515,117
Total shareholders' equity $ 966,798,705 $ 925,526,832
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Our Mission is to arrange safe, reliable and trouble free transportation