Dorian Lpg Ltd. · NYSE:LPG
Dorian Lpg — Investor Presentation (November 2014)
20 slides from Dorian Lpg's investor presentation, Nov 14, 2014
Slide 1: Dorian LPG
DORIAN LPG Alexander Hadjipateras Executive Vice President of Business Development November 12, 2014
Slide 2: Disclaimer: Forward-Looking Statements
Disclaimer 6 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 state
Slide 3: Dorian LPG Today: Agenda
& DORIAN LPG TODAY DORIAN LPG BACKGROUND. .2) CHARTERING MARKET b3) SUPPLY SIDE DYNAMICS & ETHANE CONCLUDING REMARKS
Slide 4: Overview
\ Overview Entry into LPG 2002 DOR IAN LPG 5 VLGCs (2 ECO & 3 Modern) Fie 17 ECO VLGCs NBs (2014 - 2016) 1 Pressurized LPG carrier Fully Integrated, In-house Management: Gormmmercial 6 Technical manssement VLGC Vessel Count Balanced mix of time charters and spot Chartering strategy exposure, targeti
Slide 5: Evolution of Dorian LPG
N Evolution of Dorian LPG ® DORIAN LPG Overview eline + Dorian (Hellas), S.A. of Greece was established in 1973, a ea ae ae y Sep. 2014: Delivery representing the shipping interests of principals with May 2014: Be VLE Coe more than a century of shipping experience Successful IPO on the NYSE July 201
Slide 6: Dorian LPG - Present VLGC Fleet
Dorian LPG - Present VLGC Fleet & DORIAN LPG VLGCs are the largest LPG vessels carrying Captain Nichols Ml Type: VLGC (fully refrigerated) Ownership: 100% the bulk of global LPG exports on long-haul . oe B00 = Bui eas = Yard: Hyundai Hi = In July 2014 and September 2014 Dorian = Flag: Bahamas LPG to
Slide 7: Dorian LPG - NB Fleet
Dorian LPG - NB Fleet & DORIAN LPG DORIAN LPG VESSELS ON ORDER Type Name/Hulle cam Due Yard Flag Engine ECoVLec CORVETTE 84,000 2015 Hyundai HI Bahamas ME-G Type ECOVLee coucar 84,000 2015 Hyundai SHI Bahamas ME-G Type EcoVLec coBRA 84,000 2015 Hyundai SHI Bahamas ME-G Type ECOVLec CONTINENTAL 84,00
Slide 8: NB Fleet Built at World Class Shipyards
N NB Fleet Built at World Class Shipyards e DORIAN LPG VLGC Newbuild Deliveries by Shipyard 2006-2016 Ws DAEWOO HEAVY INDUSTRIES & MACHINERY LTD. 13% AHYUNDAI 60% HEAVY INDUSTRIES CO.,LTD. eaamatan 7% mDorian has built 10 vessels at HHI since 2004 and maintains a strong relationship uLPG vessels are
Slide 9: Chartering Market
DORIAN LPG Chartering Market DORIAN LPG BACKGROUND q b3) SUPPLY SIDE DYNAMICS & ETHANE CONCLUDING REMARKS
Slide 10: VLGCs - Critical Link in Global Supply Chain
VLGCs - Critical Link > Global Supply Chain DORIAN LPG Production Shipping LPG (Propane and Butane) is a by-product of VLGCs are the most cost effective means oil and gas of long haul LPG transportation Gas production (-60%4) ~ . Cooking ) Heating Retail market Autogas Industrial Bulk market The mos
Slide 11: VLGC Day Rates at Record Levels
VLGC Day Rates at Record Levels 6 DORIAN LPG Baltic VLGC Rats —=VLGC TCE —==6-Month Trailing Average Dayrate in USD/day ——=3-Year Trailing Average 160,000 140,000 120,000 100,000 80,000 60,000 40,000 20,000 Key Drivers of Rate Strength = Increased YOY LPG production and favorable U.S. pricing vs. Mi
Slide 12: Dorian & Phoenix Pool & HNA Logistics Partnership
Dorian & Phoenix Pool & HNA Logistics Partnership 6 DORIAN LPG On July 31, 2014, Dorian LPG announced a heads of agreement in principle with Phoenix Tankers Ltd., one of the foremost VLGC operations in Asia, to form a new VLGC pool which should: m= Expand the Company’s global presence and strengthen
Slide 13: Eco Vessel: What does it mean?
Eco Vessel: What does it mean? e DORIAN LPG Scrubber / Scrubber Ready Faal Of Consunyition Anaiysis Low Friction, Self Polishing Paint J) Dorian ME-G type NB (ECO) Traditional VLGC MAN B&W’s New G-Type Engine Optimized Hull Design = Electronic Engine Control = De-rated, Long Stroke Design = Improved
Slide 14: New Environmental Regulations
N New Environmental Regulations & DORIAN LPG Bh kxisting © Possible future ECA Dorian LPG NB fleet of ECO VLGCs | Se : | «Existing Scrubber Ready —_« Scrubber -Already Declared ECA: Emission Control Areas Source: International Maritime Organization 13 Hote: Regulations established to limit SOx and p
Slide 15: Supply Side Dynamics and Ethane
e DORIAN LPG Supply Side Dynamics and Ethane DORIAN LPG BACKGROUND CHARTERING MARKET - WHERE ARE WE TODAY? b3) SUPPLY SIDE DYNAMICS & ETHANE CONCLUDING REMARKS
Slide 16: U.S. Supply Growth Making LPG More Competitive
U.S. Supply Growth Making LPG More Competitive _ lec US LPG Export Terminal Capacity VLGC Equivalent Liftings per Month mm tly = VLGC lifting equivalent, per month 4p Enterprise - Houston’ a Targa - Galena Park* 20 10 P66 - Freeport* Sunoco - Marcus Hook* ‘Sunoco - Hederland* a Occidental - Inglesid
Slide 17: Ethane Exports
Ethane Exports b DORIAN LPG Supply Side: Maturing Quickly: Demand Side: Development is Costly and Complicated Yards are eager to build VLECs 15 year contract required to consider NB Mid size Ethane order book already >30 vessels Sunoco Marcus Hook well positioned to capture excess Marcellus Ethane a
Slide 18: Concluding Remarks
e DORIAN LPG Concluding Remarks PG BACKGROU CHARTERING MARKET - WHERE ARE WE AY b3) SUPPLY SIDE DYNAMICS CONCLUDING REMARKS
Slide 19: Concluding Remarks
Concluding Remarks e DORIAN LPG S. Exports are coming on stream and on schedule 2) Favorable pricing has resulted in a fundamental shift in trade flows .3) Demand from China and India has helped absorb increased supply ECO savings are a reality and we are seeing them in action Further consolidation
Slide 20: LPG Listed NYSE
LPG [LISTED ] NYSE.