Dorian LPG Ltd. · NYSE:LPG
Dorian LPG — Investor Presentation (August 2025)
36 slides from Dorian LPG's investor presentation, August 2025
Slide 1: Investor Presentation
Investor Presentation August 2025 1
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains "forward-looking statements." Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," "pro
Slide 3: Investment Highlights
Investment Highlights Dorian LPG is a Market Leader in LPG Shipping • Returned $907 MM in cash via dividends, a self tender offer, and open market repurchases since 2014 • Attractively priced debt (5.1% all-in interest cost) with multiple, high quality US, Western European, and Japanese Capital Stru
Slide 4: Dorian LPG
O ou _ ¢ DORIAN LPG ian Dor
Slide 5: Dorian LPG Overview
Dorian LPG Overview US-Based with Global Presence Dorian LPG is a liquefied petroleum gas (LPG) shipping company and a leading owner and operator of modern very large gas carriers (VLGCs) Copenhagen The Company provides in-house commercial and technical management services for 21 owned/bareboat-char
Slide 6: The Leading VLGC Commercial Platform
The Leading VLGC Commercial Platform Dorian LPG Commercially Co-Manages 29 Vessels Helios LPG Fleet Composition • The Helios LPG Pool is a 50/50 partnership between Dorian LPG and MOL Energia Pte Ltd., a subsidiary of the MOL Group of Japan • The primary goal of the Pool is to create a critical mas
Slide 7: Committed to Reducing our Environmental Footprint
Committed to Reducing our Environmental Footprint Improving Fleet Environmental Performance (AER)1 Dorian LPG is a Leader in Lowering VLGC Emissions • Dedicated New Technology Advisory team responsible for reducing the fleet’s carbon footprint through energy-saving device retrofits • Carbon Intensit
Slide 8: Dorian LPG Decarbonization Framework
Dorian LPG Decarbonization Framework Technical Operational Future Commercial Category Efficiency Efficiency Propulsion Optimization Potential Emissions 5-15% 10-15% 5-50% 5-10% Reduction Hydrodynamic (Hull & Propeller) Underwater Services Alternative Fuel Commercial Contracts Hull Coating Hull C
Slide 9: Global LPG Supply / Demand
Global LPG Supply / Demand 9 9
Slide 10: Market Highlights
Market Highlights Strong Fundamentals in the LPG Freight Market • U.S. Natural Gas Liquids (NGLs) production remains resilient and growth prospects over the medium to long-term appear strong Global NGL Volume • Infrastructure expansions and optimizations should enable U.S. LPG production and export
Slide 11: U.S. LPG Supply Expected to Keep Price Competitive
U.S. LPG Supply Expected to Keep Price Competitive U.S. Propane Production Supported by Growing Gas-to-Oil Ratios (GORs) and Infrastructure Expansion Inventories Support Near-Term Propane Exports Source: EIA 11 Note: As of July 25, 2025; 5-year range covers 2020-2024
Slide 12: Expanded Infrastructure Should Support U.S. LPG Supply Growth
Expanded Infrastructure Should Support U.S. LPG Supply Growth Gas Processing Growth of +3% Should Increase Supply of NGLs to Fractionators Current Operating Processing Capacity 121,375 Mmcf/d Company Project / Asset Name Location Capacity (Mmcf/d) In-service date Status Occidental Petroleum Corp Sem
Slide 13: Increasing North American LPG Export Capacity
Increasing North American LPG Export Capacity North American LPG Export Capacity Expected to Stay Close to 90% Utilization Additional Export Projects Could Increase Capacity by 46% Through 2028 Current Operating Export Capacity 6.5 MT/month Company Project / Asset Name Location Capacity In-service d
Slide 14: Global Seaborne LPG Volumes
Global Seaborne LPG Volumes Global Liftings +7% Y/Y 2025 YTD 74.3MT +7% 69.5 MT 2024 YTD U.S. Exports +5% Y/Y Arabian Gulf Exports +6% Y/Y 2025 2025 YTD YTD 34.2 MT 24.8 MT + 5% +6% 32.5 MT 23.4 MT 2024 2024 YTD YTD Source: Platts Waterborne Note: Values shown through June 30, 2025 14
Slide 15: Global Seaborne Supply and Demand
Global Seaborne Supply and Demand The U.S. Accounts for 46% of Seaborne Supply Asia Accounts for 67% of Seaborne Demand Source: Platts Waterborne 15 Note: Values shown through June 30, 2025; Numbers may not sum due to rounding
Slide 16: 2025 Tariffs Reshape LPG Trade Routes
2025 Tariffs Reshape LPG Trade Routes Navigating Tariff Volatility: Impact on LPG Trade • China's 34% import tariff on U.S. LPG and ethane took effect in early April 2025, increased to 125% in late April, then was reduced to 10% for a 90-day period (May 12–August 12, 2025). U.S. ethane trade to Chin
Slide 17: Asia Import Demand Outlook Remains Favorable
Asia Import Demand Outlook Remains Favorable Asian Import Demand is Expected to Grow 4% in 2025, and 8% in 2026 Led by China and India Source: NGLS (data as of July 23, 2025) 17
Slide 18: China LPG Demand and Imports Supported by Increasing Petchem Demand
China LPG Demand and Imports Supported by Increasing Petchem Demand New PDH Capacity and Retail Demand Driving Long-Term Growth Imports Continue to Grow Supported by Increased Petchem Demand Source: Bloomberg; NGLS 18 Note: Values shown through June 30, 2025
Slide 19: Indian LPG Demand Supported by Policy and Infrastructure Development
Indian LPG Demand Supported by Policy and Infrastructure Development Government Policies and Infrastructure Development to Continue Boosting Consumer Adoption Growing Retail Demand Continues to Support Import Growth Source: Bloomberg; NGLS 19 Note: Values shown through June 30, 2025
Slide 20: Favorable LPG Cracking Economics to Support Flexible Cracker Demand
Favorable LPG Cracking Economics to Support Flexible Cracker Demand in Both Europe and the Far East Far East Ethylene Margins1 Northwest Europe Ethylene Margins1 • Propane margins in the Far East are expected to stay favorable vs. • Propane margins in Europe are expected to remain favorable naphtha,
Slide 21: New PDH Plants Scheduled to Start-up in 2025
New PDH Plants Scheduled to Start-up in 2025 *The PDH plant in Poland was inaugurated in 2023 but is still in trial mode. The estimated start-up is the timing 21 Source: NGLS of commercial operations.
Slide 22: Ample Inventory Should Support USGC to Asia Arbitrage
Ample Inventory Should Support USGC to Asia Arbitrage USGC Propane Spot Delivered Prices vs CFR Far East FE Propane / Naphtha Spread1 Source: NGLS; Bloomberg Note: Negative spread denotes LPG is cheaper than naphtha 22 1. As of July 25, 2025
Slide 23: VLGC Shipping Market Dynamics
VLGC Shipping Market Dynamics 23 23
Slide 24: VLGC Spot Rates Have Recovered and Remain Healthy in 2025
VLGC Spot Rates Have Recovered and Remain Healthy in 2025 Baltic VLGC Daily Spot Rates Fleet Utilization Averaging 95% in 2025 Source: Baltic Exchange, ANFIL Baltic rates as of July 28, 2025 24
Slide 25: Potential Canal Congestion and Maintenance Impact on Fleet Logistics
Potential Canal Congestion and Maintenance Impact on Fleet Logistics Historical VLGC Transits (2023-2025) • Although Panama Canal transits have normalized, competition from other sectors could lead to congestion, impacting transit times • During periods of congestion or restricted transit capacity,
Slide 26: Vessel Supply Outlook
Vessel Supply Outlook 113 VLGCs, Including 65 Very Large Ammonia Carriers (VLACs), are Currently On Order; 28% of the Fleet 15% of VLGC Fleet is 20+ Years Old Scrubber Scrubber Dual Total Potential Year Unknown scrapping Fitted Ready Fuel Fleet candidates <5 9 - 94 - 103 5-10 46 6 15 46 113 10-15 36
Slide 27: Financials
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Slide 28: Quarter Ending June 30, 2025 – Highlights
Quarter Ending June 30, 2025 – Highlights • Fleet TCE / Available day of $39,726 VLGC Rates / Utilizaton • Fleet Opex (reported) of $11,466 / day Operating Expenses • Fleet Opex (ex drydock) of $10,108 / day Adjusted Net Income • Adjusted net income of $11.3 mm or $0.27 / diluted share Adjusted EBIT
Slide 29: Disciplined Capital Allocation and Balance Sheet Management
Disciplined Capital Allocation and Balance Sheet Management Repurchased Shares via Self-Tender and Open Market Purchases • Completed self-tender offer of 8.4 mm shares for ~$113.5 mm in March 2021 • Since 2015, repurchased a total of ~33% of the shares outstanding at May 2014 IPO (including self-ten
Slide 30: Annual Financial Overview
Annual Financial Overview Fleet TCE / Available Day1 Adjusted EBITDA1 Vessel Operating Expense / Calendar Day1 Net Debt to Capitalization2 1. For definitions, refer to the latest 10-Q or 10-K. 30 2. Net Debt defined as (Total Debt – Cash – Restricted Cash – Short-term Investments); Net Debt to Capit
Slide 31: Quarterly Financial Overview
Quarterly Financial Overview Fleet TCE / Available Day1 Adjusted EBITDA1 Vessel Operating Expense / Calendar Day1 Net Debt to Capitalization2 1. For definitions, refer to the latest 10-Q or 10-K 31 2. Net Debt defined as (Total Debt – Cash – Restricted Cash – Available-for-sale Debt Securities); Net
Slide 32: Statement of Operations (USD)
Statement of Operations (USD) Three Months Ended Three Months Ended Statement of Operations Data June 30, 2025 June 30, 2024 (Unaudited) (Unaudited) Revenues $ 84,211,966 $ 114,353,042 Voyage expenses (1,342,756) (804,985) Charter hire expenses (10,721,911) (10,645,140) Vessel operating expenses (21
Slide 33: Statement of Operations (USD)
Statement of Operations (USD) Year Ended Year Ended Statement of Operations Data March 31, 2025 March 31, 2024 (Audited) (Audited) Revenues $ 353,341,476 $ 560,717,436 Voyage expenses (4,252,035) (2,674,179) Charter hire expenses (41,393,429) (43,673,387) Vessel operating expenses (85,407,362) (80,4
Slide 34: Statement of Cash Flows (USD)
Statement of Cash Flows (USD) Three Months Ended (Unaudited) June 30, 2025 June 30, 2024 Cash flows from operating activities: Net income $ 10,082,101 $ 51,288,140 Adjustments to reconcile net income to net cash provided by operating activities: 18,379,147 17,170,986 Depreciation and amortization 8,
Slide 35: Selected Balance Sheet Data (USD)
Selected Balance Sheet Data (USD) June 30, 2025 March 31, 2025 (Unaudited) (Audited) Cash and cash equivalents $ 277,921,450 $ 316,877,584 Restricted cash, non current 81,464 76,028 Other current assets 93,738,368 65,478,820 Vessels, net 1,134,400,127 1,149,806,782 Vessel under construction 39,274,8
Slide 36: Our Mission Is to Arrange Safe, Reliable, Clean and Trouble-Free Transportation
OUR MISSION IS TO ARRANGE SAFE, RELIABLE, CLEAN AND TROUBLE-FREE TRANSPORTATION 36