Slide 1: Investor Presentation
Investor Presentation February 2026 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 $960 MM in cash via dividends, a self tender offer, and open market repurchases since 2014 • Attractively priced debt (5.0% all-in interest cost) with multiple, high quality U.S., Western European, and Japanese Capital St
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 Record Inventories Support Near-Term Propane Exports Source: EIA 11 Note: As of January 23, 2026; 5-year range covers 2021-2025
Slide 12: Future Permian NGL Production Driven by Increasing NGL Yields per Barrel
Future Permian NGL Production Driven by Increasing NGL Yields per Barrel Permian oil and gas production continues to grow richer in gas and liquids +23% +32% Source: EPD 12
Slide 13: Expanded Infrastructure Should Support U.S. LPG Supply Growth
Expanded Infrastructure Should Support U.S. LPG Supply Growth Gas Processing Growth of +2% Should Increase Supply of NGLs to Fractionators Current Operating Processing Capacity 124,402 Mmcf/d Company Project / Asset Name Location Capacity (Mmcf/d) In-service date Status Enterprise Product Partners L
Slide 14: Increasing North American LPG Export Capacity
Increasing North American LPG Export Capacity North American LPG Export Capacity Expected to Stay Close to 77% Utilization1 Additional Export Projects Could Increase Capacity by 49% Through 2029 Current Operating Export 7.3 MT/m Company Project / Asset Name Location Capacity (MT/m) In-service date E
Slide 15: Global Seaborne LPG Volumes
Global Seaborne LPG Volumes Global Liftings +3% Y/Y 2025 145.4 MT +3% 140.5MT 2024 U.S. Exports +4% Y/Y Arabian Gulf Exports +2% Y/Y 2025 2025 68.7 MT 48.0 MT + 4% +2% 65.9 MT 46.9 MT 2024 2024 Source: Platts Waterborne Note: Values shown through December 31, 2025 15
Slide 16: Global Seaborne Supply and Demand
Global Seaborne Supply and Demand The U.S. Accounts for 47% of Seaborne Supply Asia Accounts for 66% of Seaborne Demand Source: Platts 16 Note: Values shown through December 31, 2025; Numbers may not sum due to rounding
Slide 17: 2025 Tariffs Reshape LPG Trade Routes
2025 Tariffs Reshape LPG Trade Routes Navigating Tariff Volatility: Impact on LPG Trade • China imposed a 34% tariff on U.S. LPG and ethane in early April 2025, raised it to 125% later that month, but then cut it to 10% for a 90-day period; U.S. ethane was fully exempted, so ethane shipments did not
Slide 18: Asia Import Demand Outlook Remains Favorable
Asia Import Demand Outlook Remains Favorable Asian Import Demand is Expected to Grow 10% in 2026, and 5% in 2027 Led by China and India Source: NGLS (data as of January 28, 2026) 18
Slide 19: 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 19 Note: Values shown through December 31, 2025; CAGR 202-2024
Slide 20: 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 20 Note: Values shown through December 31, 2025; CAGR 2020-2
Slide 21: Mixed LPG Cracking Economics Amid Far East Margin Weakness and European Oversupply
Mixed LPG Cracking Economics Amid Far East Margin Weakness and European Oversupply Far East Ethylene Margins1 Northwest Europe Ethylene Margins1 • Propane margins in the Far East weakened in December and • In Northwest Europe, propane margins versus naphtha improved moved into negative territory, th
Slide 22: New PDH Plants Scheduled to Start-up in 2026
New PDH Plants Scheduled to Start-up in 2026 Othet PDH Plant Additions Company Location Capacity (kt/y) Estimated Start-up Borealis Kallo, Belgium 740 2Q 2026 GAIL West India 500 4Q 2026 Zhejiang Yuanjin New Materials East China 750 4Q 2026 Wuhan Lianke Central China 170 4Q 2026 Heilongjiang Zhongfe
Slide 23: Secular Shift in Steam Cracking Supports Long-Haul Trade through 2030
Secular Shift in Steam Cracking Supports Long-Haul Trade through 2030 Steam Cracking Net Capacity and Demand with Rationalizations and New Startups Source: FGE | Forecasted LPG net demand based on steam cracking rationalisations and startups. (2026-2030) 23
Slide 24: 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 24 1. As of January 23, 2026
Slide 25: VLGC Shipping Market Dynamics
VLGC Shipping Market Dynamics 25 25
Slide 26: 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 96% in 2025 Source: Baltic Exchange, ANFIL Baltic rates as of January 23, 2026 26
Slide 27: 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 28: Vessel Supply Outlook
Vessel Supply Outlook 111 VLGCs, Including 69 Very Large Ammonia Carriers (VLACs), are Currently On Order; 27% of the Fleet 17% of VLGC Fleet is 20+ Years Old Year Scrubber Scrubber Dual Unknown Total Potential scrapping Fitted Ready Fuel Fleet candidates <5 - - 93 - 93 5-10 51 4 14 18 87 10-15 42 7
Slide 29: Financials
& ¢ DORIAN LPG inanc F
Slide 30: Quarter Ending December 31, 2025 – Highlights
Quarter Ending December 31, 2025 – Highlights VLGC Rates / Utilizaton • Fleet TCE / Available day of $50,333 • Fleet Opex (reported) of $10,275 / day Operating Expenses • Fleet Opex (ex drydock) of $9,558 / day Adjusted Net Income • Adjusted net income of $47.4 mm or $1.11 / diluted share Adjusted E
Slide 31: 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 ~33.5% of the shares outstanding at May 2014 IPO (including self-te
Slide 32: 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. 32 2. Net Debt defined as (Total Debt – Cash – Restricted Cash – Available-for-sale Debt Securities); Net D
Slide 33: 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. 33 2. Net Debt defined as (Total Debt – Cash – Restricted Cash – Available-for-sale Debt Securities); Ne
Slide 34: Statement of Operations (USD)
Statement of Operations (USD) Three Months Ended Three Months Ended Statement of Operations Data December 31, 2025 December 31, 2024 (Unaudited) (Unaudited) Revenues $ 119,964,287 $ 80,666,779 Voyage expenses (1,732,701) (950,842) Charter hire expenses (18,186,009) (10,586,115) Profit sharing expens
Slide 35: 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 36: Statement of Cash Flows (USD)
Statement of Cash Flows (USD) Three Months Ended (Unaudited) December 31, 2025 December 31, 2024 Cash flows from operating activities: Net income $ 47,188,898 $ 21,361,828 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 18,129,336 17,49
Slide 37: Selected Balance Sheet Data (USD)
Selected Balance Sheet Data (USD) December 31, 2025 March 31, 2025 (Unaudited) (Audited) Cash and cash equivalents $ 294,492,379 $ 316,877,584 Restricted cash, non current 81,418 76,028 Other current assets 97,793,689 65,478,820 Vessels, net 1,102,793,855 1,149,806,782 Vessel under construction 64,8
Slide 38: Our Mission Is to Arrange Safe, Reliable, Clean and Trouble-Free Transportation
OUR MISSION IS TO ARRANGE SAFE, RELIABLE, CLEAN AND TROUBLE-FREE TRANSPORTATION 38