Dorian LPG (LPG) Investor Presentation summary

Investment highlights and company overview

• Returned approximately $777 million to shareholders via dividends and buybacks since 2014 IPO, repurchasing about 33% of shares outstanding at IPO.

• Issued 2 million shares at $44.50 per share in June 2024, raising net proceeds of ~$84.4 million.

• Operates a modern, fuel-efficient fleet of 25 ships, including 15 scrubber-equipped ECO VLGCs and four dual-fuel ECO VLGCs, with one more to be scrubber-fitted in September 2024.

• Co-manages the Helios LPG Pool, a 50/50 partnership with MOL Energia, operating 30 vessels globally.

• Average age of owned fleet is 9.0 years, younger than the global average of 10.6 years.

Environmental leadership and fleet efficiency

• Achieved a 2Q'24 Average Efficiency Ratio (AER) of 6.26, outperforming the 2024 IMO trajectory value of 7.11.

• Dedicated New Technology Advisory team focuses on reducing carbon footprint through retrofits and real-time data monitoring.

• Debt facility is linked to AER performance, aligning with Sustainability Linked Loan Principles.

• Signatory to the Global Maritime Forum's Getting to Zero Coalition and the Poseidon Principles.

Market and demand dynamics

• U.S. NGL production remains strong, with infrastructure expansions supporting LPG export growth.

• Asian LPG demand is rising, led by China and India, with new chemical and PDH plants under construction.

• U.S. Gulf to Asia is a key trade route, with U.S. accounting for close to 50% of global seaborne LPG supply.

• Asian import demand grew 8% in 2023 and is expected to grow another 8% in 2024.

• China and India’s LPG imports are driven by petchem and retail demand, supported by policy and infrastructure.