February 2017 DORIAN LPG ®
February 2017
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
2
2.71
8.99
0
2
4
6
8
10
DLPG VLGC Fleet Global VLGC Fleet
1
2
3
Key Investment Highlights
US shale revolution has created a fundamental shift in trade flows
Rapid growth in both LPG supply and demand creating new dynamic
Bifurcation of major supply sources makes LPG increasingly competitive
VLGCs are a critical link in the global LPG supply chain
Company Overview LPG Industry Overview
*Age Comparison: As of February 24th, 2017
Average Vessel Age (Years)*
4
3 Modern VLGCs
19 ECO VLGCs
3
Strong market position with the youngest and largest ECO VLGC fleet
Integrated technical and commercial management with proven track record
Conservative balance sheet ensures flexibility and ability to capitalize on growth opportunities
Alignment of management and shareholder interest given significant CEO investment
Balanced mix of time charters and spot exposure, targeting high quality credit counterparties
Global presence with offices in Stamford, CT (Headquarters), London, UK and Athens, Greece and Singapore (Helios Pool office).
Supply and Export Dynamics
Global Liftings showing steady growth
Global liftings (MM Tons)
5Source: IHS, EIA, *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)
U.S. Exports Middle East Exports
61.263.7
75.4
85.189.9
0
10
20
30
40
50
60
70
80
90
100
2012 2013 2014 2015 2016
Met
ric
ton
s (m
illions)
Annual
32.334.9 35.7
38.9
0
5
10
15
20
25
30
35
40
45
2013 2014 2015 2016
Middle East
9.4
13.9
20.6
25.4
0
5
10
15
20
25
30
2013 2014 2015 2016
United States
15% 19% 25% 29%
51% 47%45%
44%
12% 11%10% 10%
8% 11% 10% 4%8% 7% 6% 12%6% 5% 4% 1%
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016
US Middle East N.Sea Med Other Latin America
U.S. LPG has significantly increased its share of global supply
Source: EIA, Bloomberg, IHS
A New Era of Supply
6
• Emergence of U.S. as largest exporting nation has
forced price competition amongst all suppliers
• Middle East supply has surprised on the upside with
more export growth than expected
• The Asian market has become increasing reliant on
US LPG
Seaborne LPG by Source
North American Export capacity extending beyond USGC
Mil
lio
n M
T/Y
ea
r
Firm North American VLGC Export Capacity
East Coast U.S. and West Coast U.S. now
covered and expanding, creating new
and improved arbitrage opportunities
Philips 66’s Terminal (Freeport, TX)
• Capacity for 8 VLGCs/month
• Started up in November 2016
• Potential to add increased competition to
terminal fees which could boost utilization
Sunoco’s Terminal (Marcus Hook, PA)
• Now exporting 3-4 VLGC cargoes per month
• Consistent supply contracts with offtake
agreements
• Further expansion in 1Q 2017 will add capacity
for another 5 VLGCs/month
Petrogas’ Terminal (Ferndale, WA)
• Outperforming seasonality, expect increase in
butane cargoes
• Operated by Alta gas
Altagas’ Terminal (Ridley Island, BC)
• Final investment decision on October 20, 2016
• Entered into Memorandum of Understanding
with Astomos energy corporation for purchase
of 50% of the propane exported.
7Source: EIA, Bloomberg, IHS, Publicly Available Information
0
5
10
15
20
25
30
35
2015 YE 2016 YE 2017 YE
Enterprise (Houston)
Targa (Houston)
Sunoco (Nederland)
Sunoco (Marcus Hook)
Oxy (Ingleside)
Trafigura (Corpus Christi)
PetroGas (Ferndale, WA)
Phillips 66 (Freeport, TX)
Near Term Export Terminal Expansions
38
57
65
0
10
20
30
40
50
60
70
2015 YE 2016 YE 2017 YE
Potential U.S. VLGC liftings per month
8
Propane Production (M bbls/day)
Source: EIA, Dorian LPG Analysis
• US Propane production has remained resilient despite
decreases in Gas production and Oil production
• NGL values relative to crude have incentivized
production of NGL rich fields, such as the Permian
field
• Rig count, uncompleted wells, and E&P break evens
are all moving favorably for production increases.
North American Rig Count
US LPG Production resilient in spite of oil and gas production volatility
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
Pro
pan
e P
rod
uct
ion
(M
bb
ls/d
ay)
Oil
& G
as P
rod
uct
ion
(M
bb
ls/d
ay)
Oil Production Gas Production Propane Production
443404
751
0
100
200
300
400
500
600
700
800 BH Rig Count
Demand & Consumption
Growing Markets for LPG: CHINA
• will be used as
primary fuel source
Annual China LPG imports
10Source: IHS
4.2 M
7.0 M
12.1 M
14.4 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
16 M
2013 2014 2015 2016
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 propane
Source: ICIS, Arrow, Platts
Commenced & Planned Chinese PDH Projects
• It is estimated that total new propane demand from
Chinese PDH plants in 2015 was up 185% (from 1.09 to
3.1mm tons)
• Sinopec, Tianjin Bohai, Oriental Energy, Fujian Meide,
and Shaoxing Sanyuan Petrochemical have all signed
long term supply contracts for US LPG
ProjectPropyleneproduction kt/year
Operational Main Application
Tianjin Bohai 600 OperatingPropylene derivative,Acrylic acid etc.
Ningbo Haiyue 600 OperatingPropylene derivative,Acrylic acid etc.
Satellite Petchem 450 Operating Polypropylene
Sanyuan Petchem450
OperatingPropylene derivative,Acrylic acid etc.
Yangtze Petchem (O.E.) 600 OperatingPropylene derivative,Acrylic acid etc.
Wanhua Petchem 750 Operating Polypropylene
Hebei Haiwei 500 Operating Polypropylene
Ningbo Fortune (O.E.) 660 Operating Polypropylene
Juzhenyuan 900Expected in 2018
Polypropylene
Chinese PDH demand is a game changer
11
• Chinese PDH Plants average operating rates were estimated
to be around 75% of capacity in 2016 and are expected to
increase to 85% in 2017. The two new PDH plants that came
online in Q4 ‘16 are expected to run at around 60% in the
first year
• Ningbo Plant Started in Nov and they recently reported
producing on-spec propylene
• Despite Chinese refinery LPG yields rising y-o-y, imports up
43% from 2015
Average VLGC Demand created from one PDH plant
Propylene Production (kt/year)Propane Consumption
(kt/year)VLGCs Cargoes
per Year
660 780 18
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
Propylene Capacity (000 tonnes)
VLGC Equivalents
Average VLGC demand created from one PDH Plant
China LPG Demand by Sector
Chinese demand expanding far beyond PDH
12Source: FGE, Platts
0.00
10.00
20.00
30.00
40.00
50.00
60.00
2013 2014 2015 2016 2017E 2018E
Steam Cracking PDH Gasoline Additives or Blending Residential Others
• Chinese PDH Demand is estimated to increase by 1.3million MT in 2017 and total and total import demand by 3
mm tons from 15mmtons this year to 18mm tons
• Butane demand from processing plants that use butane-rich LPG as feedstock is expected to increase LPG
demand by a combined 500,000 MT in 2017
• LPG demand in 2016 was estimated at about 49 million MT. Demand growth in 2017 is forecasted to be around
10%
• China’s residential / commercial demand has been climbing in tandem with its initiative to displace solid
biofuels in rural areas
• Middle Eastern supply alone will not be able to meet demand
27%
23%12%
12%
27% Iran
US
Abu Dhabi
Qatar
Others
China LPG Imports by source
Korean and Japanese PDH & Petchems fueling demand
13
Illustrative increase from Korean PDH Plant
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
2013 2014 2015 2016
Korean LPG Demand by Sector (mmtons)
Petrochemical Feedstocks Residential
Road Commercial and Public Services
Others
• Korean market is saturated but saw a major increase in
demand this year from a new PDH facility
• PDH importers require high purity propane, best sourced from
the US or Middle East
Japan Upgrades cracker capacity
• Japan’s Idemitsu Kosan’s JV with Mitsui Chemicals
recently announced plans to expand the processing of
propane at Idemitsu’s naphtha cracker
• The upgrade will boost the Cracker’s capacity to process
propane as feedstock by three or four times.
• It will mainly rely on LPG imports for feedstock rather
than a small quantity of LPG produced at the plant
“The Year of the LPG Consumer”: INDIA
• Power conversion
project with Vitol
• By April, LPG will be
used as primary fuel
source
India LPG Import Forecast Indian LPG Consumption Forecast
• The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 “the year of the
LPG Consumer”
• Approximately 7 Million new LPG consumers added between January and April of 2016
• Non subsidized market growing due to lower international LPG Prices
• Increased tax on gasoline has also led to increased LPG auto-gas consumption
• Paradip refinery startup marks last major domestic supply addition – supporting further imports
• Seaborne LPG imports into India were up 8% in 2015, from 8,324,550 to 8,970,000.
14Source: IOC, FGE
8.9 M10.0 M
12.5 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
2015 2016 2017E
18.7 M
21.0 M
24.0 M
0 M
5 M
10 M
15 M
20 M
25 M
2015 2016 2017E
Indonesia also emerging as a major demand center
15Source: FGE
7.13
11.15
0.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
2013 2014 2015 2016 2017E 2018E 2019 2020 2021 2022 2023 2024 2025
Mill
ion
to
ns
Residential Commercial and Public Services Industry
• The surge in LPG demand and imports has come on the back of the Governments subsidized Kerosene-to-LPG
conversion program
• Lower prices have brought Pertamina’s imports back into profit in spite of the subsidy program
• The program is regionally limited and from 2018 onwards the program will be extended further into the
eastern islands
Vietnam & Bangladesh Residential Demand to Drive Consumption
16Source: FGE
• Second largest SE Asia country by population
• Manufacturing growth and domestic consumption remains
strong
• LPG buyers in N Vietnam receive pressure cargoes and have
benefitted from the cheaper LPG available from Siam Gas on
the back of cheaper Iranian LPG received into its cavern
storage in China. This trade appears to have been increasing
in 2016.
Vietnam (mmtons) Bangladesh (mmtons)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
Industry Commercial and Public Services Residential
• Huge population with potential to drive demand
• The total market which was around 120,000 MT two
years ago now stands at 205,000 MT.
• Domestic gas production will start declining after
2019 and LNG imports will have to start by then.
• Moving forward, the government is encouraging
households to convert from natural gas to LPG and
has also suspended natural gas supply to commercial
sector.
-
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
Supply Imports
Power Generation Fueling Demand in Ghana and Virgin Islands
17
Vitol Power Conversion: Virgin Island GE LPG Power Plant: Ghana
• In late October, the Ghanaian government approved the
development of the 400 megawatt Bridge Power plant at
Ghana’s Tema port.
• Once both stages have been completed the power plant
will account for 14% of electricity capacity but Ghana
has plans to double total capacity, leaving room for
further LPG power projects
• The success of the power generation project could lead
to other countries in the continent adopting the model
to supplement their insufficient power supplies.
• Vitol is leading the transformation of the power
sector in the US Virgin Islands
• Upon completion of the $150 MM project, Virgin
Island power consumers can expect savings of up to
30%
• Since July 2016, both St. Thomas and St Croix have
derived 100% of their electricity needs from propane
• Green house gas emissions slated to decline 20%
Source: Bloomberg news, VTTI
18
Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption
Economic Environmental
Established production hubs
Global supply base
Maritime and land transport options
Price competitive product
Low cost “last mile” infrastructure
Lower greenhouse gas emissions
20% less CO2 than heating oil
50% less CO2 than coal
Safe fuel source
Avoids harmful and dangerous waste
LPG should be the fuel of choice for emerging economies
Source: ExceptionalEnergy.com
VLGC Shipping Market Dynamics
0
10000
20000
30000
40000
50000
60000
70000
Daily TCE 4-Week Trailing Ave
Continued high VLGC Utilization
• Incremental VLGC fleet growth has been absorbed without
severely impacting utilization thus far (i.e. demand for seaborne
transport continues to grow in excess of fleet growth)
• Panama Canal expansion was limited to smaller vessels initially
due to draft restrictions which limited trade through the canal and
allowed VLGCs to obtain transit slots. The draft issue has been
resolved and the Panama Canal Authority expects only 5% of slots
to be booked by VLGCs
Drivers underlying current rate environment
20Source: Clarksons Research, Baltic Exchange, Panama Canal Authority
Baltic VLGC Daily Spot TCE Rates (M USD) Fleet Utilization
96%
86%
2015
2016E
Container90%
LPG5%
LNG3%
Oil0% RoRo
1%
Passenger1%
Forecast Canal Transit by Vessel Type
VLGC Fleet & Orderbook Review
VLGC Orderbook (2013-Onwards)
21Source: Clarksons Research, Dorian LPG analysis
Fleet Profile (12/31/17) Potential Scrapping Candidates
138
35
45
25
4 70
5
10
15
20
25
30
35
40
45
50
2013 2014 2015 2016 2017 2018 2019
3 2 17
Modern With Scrubber Scrubber Ready
BWTS + IMO Low Sulphur Regulations
• BWTS Convention
• Abt. 65-71 VLGCs will be required to DD and subsequently install BWTS between 9/8/2017-1/1/2019
• 2020 Low Sulphur regulations
• Suggest 25% increase in bunker cost
126
55
31
1913
26
0
20
40
60
80
100
120
140
< 5 5-10 10-15 15-20 20-25 > 25
Dorian’s VLGC Fleet is ready:
Arbitrage widening leading to increased VLGC demand
22
Houston-Chiba Arbitrage Analysis by Route (USD)
Source: Bloomberg, Braemar, Dorian LPG Analysis, Argus
Arb calculations: : C3 price at destination minus (MB C3 + Terminalling)
31
64
26.8
-30
-10
10
30
50
70
90
110
23-Feb 23-Mar 23-Apr 23-May 23-Jun 23-Jul 23-Aug 23-Sep 23-Oct 23-Nov 23-Dec 23-Jan 23-Feb
$/M
T
Houston-Europe (Arb) Houston-Chiba (Arb) Baltic ($/MT)
Financials
Statement of Operations Data (USD)
Statement of Operations Data Three Months Ended
Dec 31, 2016
(Unaudited)
Three Months Ended
Dec 31, 2015
(Unaudited)
Revenues $ 35,734,988 $ 93,283,708
Voyage expenses 1,193,265 4,347,222
Vessel operating expenses 17,114,358 14,265,183
General and administrative expenses 5,166,239 7,506,740
Other income—related parties 670,836 383,642
EBITDA 12,931,962 67,548,205
Depreciation and amortization 16,385,921 13,536,900
Operating income/(loss) (3,453,959) 54,011,305
Other income/(expenses), net 8,493,583 650,018
Net income $ 5,039,624 $ 54,661,323
Other Financial Data
Time charter equivalent rate (1) $ 17,796 $ 56,253
Daily vessel operating expenses (2) $ 8,456 $ 8,180
Adjusted EBITDA (3) $ 13,927,649 $ 68,738,066
(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 Nine Months Ended
Dec 31, 2016
(Unaudited)
Nine Months Ended
Dec 31, 2015
(Unaudited)
Revenues $ 119,861,997 $ 203,872,600
Voyage expenses 2,415,287 11,411,841
Vessel operating expenses 49,549,255 30,479,158
General and administrative expenses 15,981,464 20,002,555
Loss on disposal of assets — 105,549
Other income—related parties 1,776,659 1,150,927
EBITDA 53,692,650 143,024,424
Depreciation and amortization 48,944,183 26,697,882
Operating income 4,748,467 116,326,542
Other income/(expenses), net (8,145,552) (6,799,072)
Net income/(loss) $ (3,397,085) $ 109,527,470
Other Financial Data
Time charter equivalent rate (1) $ 21,131 $ 60,050
Daily vessel operating expenses (2) $ 8,190 $ 8,713
Adjusted EBITDA (3) $ 56,757,693 $ 145,793,680
(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
Statement of Operations Data (USD)
Statement of Operations Data Year Ended
March 31, 2016
(Audited)
Year Ended
March 31, 2015
(Audited)
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 (1) 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
Other Financial Data (1)
Time charter equivalent rate (2) $ 55,087 $ 49,655
Daily vessel operating expenses (3) $ 8,581 $ 10,703
Adjusted EBITDA (4) $ 204,865,215 $ 47,346,202
(1) Non-GAAP metrics are unaudited for the periods presented.
(2) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.
(3) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.
(4) 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.
26
Cash Flows Data (USD)
Cash Flows Data Nine Months Ended
December 31, 2016
(Unaudited)
Nine Months Ended
December 31, 2015
(Unaudited)
Net income $ (3,397,085) $ 109,527,470
Adjustments 29,066,675 28,126,434
Changes in operating assets and liabilities 23,535,260 (54,668,586)
Net cash provided by operating activities 49,204,850 82,985,318
Net cash used in investing activities (1,762,861) (855,874,634)
Net cash (used in)/provided by financing activities (61,699,686) 590,427,830
Effects of exchange rates on cash and cash equivalents (314,626) (324,778)
Net Increase/(decrease) in cash and cash equivalents $ (14,572,323) $ (182,786,264)
Cash Flows Data Year Ended
March 31, 2016
(Audited)
Year Ended
March 31, 2015
(Audited)
Net income $ 129,688,382 $ 25,260,782
Adjustments 59,421,412 19,069,505
Changes in operating assets and liabilities (38,082,294) (18,707,067)
Net cash provided by operating activities 151,027,500 25,623,220
Net cash used in investing activities (910,414,841) (312,326,844)
Net cash provided by financing activities 601,090,409 213,694,591
Effects of exchange rates on cash and cash equivalents (112,289) (1,301,579)
Net decrease in cash and cash equivalents $ (158,409,221) $ (74,310,612)
27
Balance Sheet Data (USD)
Balance Sheet Data December 31, 2016
(Unaudited)
December 31, 2015
(Unaudited)
Cash and cash equivalents $ 31,839,639 $ 22,034,919
Restricted cash, non-current 50,812,789 49,712,789
Total assets 1,760,213,403 1,823,011,675
Current portion of long-term debt 65,978,786 65,708,060
Long-term debt – net of current portion & deferred financing fees 700,715,644 724,401,250
Total liabilities 787,313,926 847,656,439
Total shareholders' equity $ 972,899,477 $ 975,355,236
28
Our Mission is to arrange safe, reliable and trouble free transportation