Dorian LPG : Capital Link Presentation

Capital Link Webinar

January 2023

Disclaimer

Forward-Looking Statements

This presentation contains certain forward-looking statements including analyses and other information based on forecasts of future results and estimates of amounts not yet determinable and statements relating to our future prospects, developments and business strategies. Forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "will" and similar terms and phrases, including references to assumptions. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management's examination of historical operating trends, data contained in our records and other data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or more of the underlying assumptions or expectations proves to be inaccurate or is not realized. Our actual future results may be materially different from and worse than what we expect. We qualify all of the forward-looking statements by these cautionary statements. We caution readers of this presentation not to place undue reliance on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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Dorian LPG Overview

Dorian LPG is a liquefied petroleum gas (LPG) shipping company and a leading owner and operator of modern very large gas carriers (VLGCs)

The Company provides in-house commercial and technical

management services for all owned and bareboat-chartered vessels in the fleet

Large commercial footprint with 22 vessels1 and co-manager of the Helios LPG Pool, which operates 23 vessels total and is jointly owned with Phoenix Tankers

Modern, fuel-efficientfleet comprised of 19 ECO VLGCs and one modern VLGC, in addition to two chartered-in VLGCs

13 scrubber fitted ships; 12 technically-managed ships and one chartered-in ship.

Average age of owned fleet is 8.5 years vs. global fleet average age of 11.3 years

US-Based with Global Presence

Copenhagen

Stamford Athens

Singapore

Current VLGC Fleet Age Profile2

1.	Includes Dorian's two TC-in vessels Astomos Venus and Future Diamond	Source: CRSL
		3
		2. Excludes Dorian's chartered-in vessels; global fleet excludes ethane carriers

LPG Fundamentals

What is LPG

Liquefied petroleum gas ("LPG") is a fossil fuel made during natural gas processing and oil refining. LPG is a by product of both oil and natural gas production and more than two-thirds of the LPG people use is extracted directly from the earth. The rest of it is manufactured indirectly from crude oil refining.

Why use LPG

LPG is cleaner than coal and oil and an alternative to gasoline. It generates less air pollution and produces fewer emissions of carbon dioxide. LPG is also highly portable, making it a convenient source of energy usable in remote places where ordinary gas supplies are unavailable or have been interrupted.

AT HOME

Petchem/PDH

AT WORK

ON THE GO

AT THE

FARM

Hundreds of millions of people around the world use LPG at home and in commercial settings for applications such as cooking and heating.

LPG is a preferred feedstock for petchem industry and PDH plants.

Millions of businesses rely on LPG. It is the ideal fuel choice for businesses that are not connected to an existing electrical grid or natural gas grid.

LPG provides an alternative automotive transportation fuel and is increasingly being used as a marine fuel as newbuilding vessels deliver from Asian shipyards.

Farmers across the world rely on LPG to meet the challenge of staying competitive in the modern agricultural environment

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World Trade Lanes

Production	Shipping	End Use
LPG (Propane and Butane) is a by-product	VLGCs are the most cost-effective	Broad range of end uses for LPG
of oil and gas	means of long-haul LPG transportation

	Europe & FSU
North America	Middle East
Asia

Latin America

Fully	Semi-	Pressure Gas
refrigerated	refrigerated
Carriers
Gas Carriers	Gas Carriers
(<11,500cbm)	5
(15-84,000cbm)	(5-23,000cbm)