#1DORIAN LPG Investor Presentation February 2023 NO SMOKING PRESERVE .. SAFETY FIRST CONSERVE DORIAN LPG#2Disclaimer 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. 2#3Dorian 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) US-Based with Global Presence Copenhagen 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 Stamford Athens Current VLGC Fleet Age Profile² Modern, fuel-efficient fleet 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 11.2 years 1. Includes Dorian's two TC-in vessels Astomos Venus and Future Diamond years old 12.0 10.0 8.5 8.0 6.0 4.0 2.0 Dorian LPG Singapore 11.2 Global Fleet Source: CRSL 2. Excludes Dorian's chartered-in vessels; global fleet excludes ethane carriers 3#4Investment Highlights Dorian LPG is a Market Leader in LPG Shipping ECO vessel fuel efficiency translates to superior earnings potential vs. peers 12 scrubber-fitted vessels; committed to three additional scrubber installations during calendar year 2023 Best in Class Fleet . Average Efficiency Ratio (AER) of 6.83 vs. 2022 Trajectory Value of 7.912 Large Commercial Platform Disciplined Capital Allocation Expect to take delivery of dual-fuel newbuilding in March 2023 Expect three more Panamax newbuildings in 2023 under long-term chartered-in contracts • Dorian LPG is one of the three largest operators of VLGC tonnage Including the Helios LPG Pool, Dorian commercially operates 25 vessels³ • Scale allows for a mix of spot, COAS, and time charters • $129.9 mm of cash and cash equivalents, plus undrawn $20.0 mm revolver Returned over $530 mm of cash to shareholders via dividends ($300 mm) and stock buybacks ($230 mm) since IPO • Share repurchased equate to over 30% of shares outstanding at IPO Strong Fundamentals in the LPG Freight Market • Global NGL Volume Growth • • Middle East exports improving on the back of OPEC+ production cut reversal U.S. NGL production shows few signs of slowing down over long term Infrastructure expansions and optimizations should enable U.S. LPG production and export growth Demand should remain resilient as new PDH units that came on-stream ramp up production A wave of new chemical and PDH plants are planned and are under construction globally Asian LPG Demand • LPG retail use continues to grow in India and rural China Emerging Trade Routes 1. 2. 3. • Traditional AG-Japan benchmark less indicative of freight environment U.S. Gulf to Japan is increasingly important due to significant U.S. export volumes • U.S. trade flows to China have continued driven by new PDH demand Preliminary 2022 values subject to change/verification Based on IMO guidelines In addition to 23 VLGCS in the Helios LPG Pool, two Dorian LPG vessels are on long-term time charter 4#55 DORIAN LPG Dorian LPG CHALLENGER NASSAU 439722792#6Modern and Energy Efficient Fleet Balanced Fuel Strategy - Hybrid Scrubbers and Potential Upgrade to LPG as Fuel Vessel Name • • • Built Scrubber Retrofit Installed Capable • Caravelle 2016 Challenger 2015 Copernicus 2015 ✓ Chaparral 2015 ✓ Commander 2015 ✓ Cratis 2015 Cheyenne 2015 ✓ ✓ Clermont 2015 ✓ Constellation 2015 Cresques 2015 ✓ ✓ Commodore 2015 ✓ Constitution 2015 Continental 2015 Cobra 2015 Concorde 2015 ✓ Cougar 2015 Corvette 2015 Corsair 2014 ✓ Comet 2014 ✓ • Capt. John NP 2007 • • Corvette and Concorde delivered scrubber equipped in 2015 Completed scrubber program in June 2021; 12 ships are currently scrubber fitted Committed to the installation of scrubbers on three additional vessels, which are expected to be completed during calendar year 2023 The Company has been at the forefront of evaluating LPG as a marine fuel, completing a feasibility study with the American Bureau of Shipping and signing a letter of intent with Hyundai Heavy Global Services for the upgrade of up to ten vessels Dual-fuel (LPG) newbuilding to be delivered in March 2023; three Panamax newbuildings delivering in 2023 TC-in fleet includes one scrubber equipped vessel (Future Diamond) and one modern ECO VLGC (Astomos Venus) Still evaluating the prospect of retrofitting vessels for use of LPG as a primary marine fuel Sixteen of Dorian LPG's ECO VLGCs were built with strengthened decks to accommodate LPG fuel deck tanks in anticipation of potential LPG engine upgrades ECO Modern 6#7Committed to Reducing our Environmental Footprint Improving Fleet Environmental Performance¹ CO2 g / NM 20.0 18.0 16.0 14.0 12.0 10.0 7.47 8.0 6.0 4.0 2.0 17.91 7.35 17.01 7.25 17.56 6.83 16.90 2019 2020 2021 2022 ■AER EEOI Dorian LPG is a Leader for Lowering VLGC Emissions • Signatory to the Global Maritime Forum's Getting to Zero Coalition and Signatory to the Poseidon Principles • Mission ambassadors to the Maersk-Mckinney Moller Center for Zero-Carbon shipping • Dedicated New Technology Advisory team responsible for reducing the fleet's carbon footprint through energy saving devices retrofits • EEXI and CII - Real-time data monitoring with sensors that track performance and optimize onboard operations and voyage completion • Fleet AER for 2022 has tracked below the targeted trajectory values³ 2022 Debt Facility is linked to AER performance, conforming to "Sustainability Linked Loan Principles❞ Note: Energy Efficiency Operational Indicator (EEOI) is an IMO-mandated measurement of a vessels true carbon intensity based on fuel consumption data derived through the use of standardized onboard data collection systems (DCS),adjusted for the amount of cargo carried over the measurement period; Annual Efficiency Ratio (AER) is a similar measure, although less accurate, used by the Poseidon Principles to measure annual carbon emission per nautical mile sailed adjusted for a vessel's deadweight tonnage 1. Dorian LPG's 22 technically-managed vessels as measured by IMO Data Collection Systems regulations over a trailing twelve-month average 2. Values for 2022 are provisional and are pending Flag Administration verification 3. Based on IMO guidelines; 2022 AER trajectory value of 7.91, decreasing by .22 grams annually 7#8Dorian LPG is a Leader in Fuel Efficiency Average Fuel Consumption by Vessel Profile¹ 65 60 55 50 46.0 45 42.0 MT/day GAA 40 52.0 49.5 49.0 46.5 55.0 52.0 . 50.0 49.0 35 Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy ■Laden Ballast Estimated Annual Fuel Cost by Vessel Profile 1,2 millions Dorian LPG's Fleet Composition • 19 Korean-built fuel-efficient ECO VLGCS with an avg. age of 8.1 years One HHI-built Non-Eco VLGC with an age of 16.0 years ECO fuel-efficient vessels offer a substantial earnings advantage relative to older tonnage $9.0 $8.0 $6.7 $7.0 $5.5 $6.0 $7.3 $6.0 $4.8 $7.6 $6.4 $5.1 $7.9 $6.6 $5.3 $7.6 $6.4 $5.1 $5.0 $4.4 $4.0 $3.0 $2.0 $1.0 Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy ■ $400 / MT ■ $500 / MT ■ $600 / MT Source: Dorian LPG management estimates 1. ECO denotes vessels built after 2014; Modern denotes vessels built 2006-2013, legacy denotes vessels built in the early 2000s 2. Basis Ras Tanura to Chiba: 16kt speed ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, 37.9 sailing days roundtrip 8#9The Leading VLGC Commercial Platform Dorian LPG Commercially Manages 25 Vessels¹ PHOENIX TANKERS HELI SLPG . DORIAN LPG The Helios LPG Pool is a 50/50 partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan The primary goal of the Pool is to create a critical mass of reliable and efficient VLGCs to allow Helios to provide the most dependable global LPG maritime solution - offering spot freight, TCs, and COAs facilitates flexibility and affordability, while optimizing earnings for all partners Earnings are allocated to each vessel participating in the Pool based on "Pool Points," which are awarded based on vessel characteristics such as carrying capacity and fuel consumption over the relevant period Helios LPG Fleet Composition¹ vessels 25 20 20 15 10 сл 5 20 20 1. In addition to 23 VLGCs in the Helios LPG Pool, two Dorian LPG vessels are on long-term time charter 3 Dorian LPG Phoenix Tankers 9#10DORIAN LPG Global LPG Supply / Demand 10 CHALLENGER NASSAU 439722792#11Global Seaborne LPG Volumes Global Liftings Up 6% Y/Y 120 110 100 95.1 92.5 90.6 90 85.4 5 80 70 60 50 40 2015 110.9 109.1 106.9 117.5 MT 2017 2018 2019 2016 U.S. Waterborne Exports Up by 3% Y/Y 50 45 40 5552532 E 30 20 15 50.8 46.2 39.7 32.7 29.5 25.3 20.5 10 5 2015 2016 2017 2018 2019 2020 2021 Source: IHS Waterborne Note: Values shown through December 31, 2022 52.2 MT 50.8 MT 110.9 MT 2022 +6% 2021 2020 2021 Arabian Gulf Waterborne Exports Up by 18% Y/Y 2022 40 35 M + 3% 30 39.2 39.7 39.0 36.7 36.7 35.7 35.9 42.3 MT 25 2021 2015 2016 2017 2018 2019 2020 2021 35.9 MT 2022 +18% 2021 11#12U.S. LPG Continues to Hold Over 40% Market Share A New Era of Supply The U.S. is the world's leading export growth driver • U.S. export growth has remained stable- exports are up 3% Y/Y U.S. exports account for 44% of global seaborne trade in 2022 Increased capacity from infrastructure additions supports positive long- term fundamentals Seaborne LPG Exports by Origin 100% 13% 11% 10% 7% 10% 10% 10% 8% 6% 6% 6% 8% 8% 80% 10% 10% 8% 6% 3% 10% 10% 10% 32% 36% 33% 60% 41% 40% 43% 43% 40% 46% 44% 43% 20% 34% 32% 28% 24% 2015 2016 2017 2018 2020 2021 2022 ■US MEG N. Sea Med Others Source: EIA, IHS Waterborne Note: Values shown through December 31, 2022; Numbers may not sum due to rounding 12#13Far East Demand Drives Seaborne Trade U.S. VLGC Cargoes to Asia India, 2% 2021 2022 Europe, Americas, 17% 22% SE Asia, 10% Africa, 3% Europe, 23% Americas, 21% Africa, 3% SE Asia, 6% India, 1% Far East, 46% Far East, 46% More U.S. Supply Heading to China • • • 2022 YTD VLGC liftings from the U.S have increased 5% Y/Y Europe volumes accounted for 23% of 2022 YTD volumes out of the U.S vs. 17% of 2021 YTD volumes Asia volumes accounted for 53% of 2022 YTD volumes out of the U.S vs. 57% of 2021 YTD volumes Chinese PDH and other Asian cracking demand are expected to continue to outstrip MEG supply and force suppliers to look West, boosting ton miles U.S. supply accounted for 37% of China's imports in 2022 LPG demand was driven primarily by higher demand from PDH plants and steam crackers Chinese demand is set to increase from new PDH projects in 2022 100% 12% 20% 24% 23% 24% 29% 33% 37% 11% 80% 13% • 15% 19% 15% 28% 60% 8% 19% 21% 18% 12% 18% 16% 20% 14% 10% 9% 9% • 3% 40% 16% 10% 14% 19% 4% 5% 7% 19% 8% 10% 20% 17% 30% 34% 37% 24% 14% 21% 18% 6% 10% 2015 2016 2017 2018 2019 2020 2021 2022 ■U.S. ■Saudi Arabia UAE ■Iran Qatar Others Source: EIA, IHS Waterborne Note: VLGC cargo values shown through December 31, 2022; Numbers may not sum due to rounding 13#14Expanded Fractionation Should Push U.S. LPG Supply Higher Large Expansion of U.S. Capacity in 2020 Increased LPG Production Capacity Frac Capacity (MM bbl/d) 11.0 10.0 9.0 3.0 2.5 0.6 0.1 0.2 2.0 8.0 7.0 6.0 1.2 0.3 0.2 1.5 0.3 0.4 0.9 1.0 5.0 0.5 0.1 0.8 0.5 4.0 3.7 3.7 3.8 4.6 5.1 6.0 6.4 6.6 6.9 7.2 8.4 8.6 8.8 3.0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Existing Frac Incremental Frac -Propane Production Major Gulf Coast Processing Constraints Have Eased, Supporting Future LPG Production Growth • Increased processing infrastructure throughput is a key to long-term LPG production growth • 1.5 MMbbl/d of incremental frac capacity was brought online between 2020 and 2022; 600 Mbbl/d expected in 2023 • 0.5 MMbbl/d of incremental y-grade pipeline capacity expected through 2024 . Increased capacity should allow for greater NGL extraction from U.S. gas stream Source: EIA, Platts, Company Reports Propane Production (MMbbl/d) 14#15U.S. LPG Supply Expected to Keep Price Competitive U.S. Propane Production Remains Healthy 2.8 2.6 2.4 MM bbl/d 1.8 1.6 1.4 2 2 2 2 2 2 2 2.2 2.0 1.2 J F M A M J J A S N 5-yr Range 2022 2023 Growing Inventories Encourages Near-Term Propane Exports 120 MMbbl 100 80 60 60 40 20 20 ם • . • U.S. propane production averaged record levels of around 2.4 MMbbl/d in 2022 2022 PADD III production has averaged 1.5 MMbbl/d, up 10% Y/Y 2023 YTD production volumes have averaged 2.4 MMbbl/d, 2% lower than 2022 YTD J F M A M J J A S ON D 5-yr Range 2022 -2023 Source: EIA Note: As of January 20, 2023 Inventories saw close to nine months of builds from decreased seasonal demand and higher production Inventories stand at 75.6 MMbbls, 27% above the five-year average 15#16• MT / Month 1 2 3 1Q 2014 2Q 2014 16 Increasing North American LPG Export Capacity 10 5 Recent Capacity Increase Should Sustain Continued Export Growth 3Q 2014 4Q 2014 1Q 2015 2Q 2015 3Q 2015 4Q 2015 1Q 2016 2Q 2016 3Q 2016 4Q 2016 1Q 2017 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018 Enterprise ■Targa ■Sunoco Logistics Phillips 66 Other North American LPG Export Capacity Currently Stands just below 80% Utilization 4Q 2018 1Q 2019 2Q 2019 3Q 2019 4Q 2019 1Q 2020 2Q 2020 3Q 2020 4Q 2020 • 14.2 MTPA of export capacity was added in 2020, translating to ~25 incremental monthly cargoes Lonestar NGL at Nederland added 6.9 MTPA of capacity or 12 monthly VLGC cargoes in December 2020 • Enterprise's 7.6 MTPA EHT expansion has been suspended 1Q 2021 2Q 2021 3Q 2021 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Altagas' RIPET and Ferndale reported a record 19.5 VLGC cargoes last quarter with plans for continued optimization Source: Platts, Company documents, Dorian LPG Estimates 16#17New Wave of China PDH Plants Supportive of Asian LPG Demand Chinese LPG Demand Outlook Remains Favorable . Despite low PDH utilization rates and zero-covid policy, Chinese 2022 imports have improved 9% Y/Y to 26.6 MTPA China's 4Q22 imports increased by 17% Y/Y to 6.9 MTPA vs. 5.9 MTPA in 4Q21 Seven PDH plants started operations in 2022 bringing total propylene production capacity to 12.32 MTPA requiring 14.9 MTPA of propane feedstock China's propane dehydrogenation plants operated at an average run rate of 61% in November, up from the lowest operating levels seen in August and September Increasing Demand from New PDH Projects 30.0 25.0 20.0 5 15.0 10.0 5.0 11.9 2015 CAGR: 12.8% 18.3 15.9 20.5 19.6 18.8 Y/Y: 8.6% 26.6 24.5 2016 2017 2018 2019 2020 2021 2022 Source: Bloomberg Note: Values shown through December 31, 2022 17#18New Chinese PDH Plants Support Additional Imports Est. Completion ('000 tons) 660 1Q23 660 1Q23 • Jiangsu Ruiheng New Material Technology 660 1Q23 Liaoning Bora new Material 648 1Q23 Zhejiang Huahong New Material (Phase 2) 490 1Q23 Grand Pacific Petrochemical Corp 660 1Q23 • Guangxi Huayi New Material 810 1Q23 Oriental Energy & Guangdong Jinhui 660 1Q23 Shandong Tianhong (Wanda Petrochemical) 500 1Q23 Shandong Binhua New Material 650 2Q23 Formosa Industries (Ningbo) 660 2Q23 Guangdong Guohan Energy Technology 660 2Q23 36 Planned Projects are Expected to Add 25 MTPA of LPG Demand through 2025 Company Shenzhen Grand Resource (No. 2) China Gas/Yanchang Petroleum Est. Demand Demand is expected to improve further as units built last year continue to ramp up In 2023, we expect 22 new PDH units to be completed, adding ~14.7 MTPA of additional PDH capacity 14 additional units are planned between 2024-2025, totaling up to 10.5 MTPA of demand Using the industry rule of thumb that four VLGCs are needed to transport 1MTPA of LPG, the planned projects, if brought online, would be expected to create a requirement of around 101 VLGCS Sichuan Chemical Works Group 660 2Q23 Shandong Minggang Chemical 660 3Q23 Jiangsu Jiarui Chemical. 500 3Q23 Shandong Orient Hongye Chemical 100 4Q23 Eversun/Shandong Petrochemical & Energy Group 980 4Q23 Liaoning Xianghui Chemical 650 4Q23 Ningbo Kingfa Advanced Materials (No. 2) 660 4Q23 Zhejiang Yuanjin New Material 810 4Q23 Fujian Meide PC/China Soft Packaging Phase 2 980 4Q23 Jinneng Science & Technology Company (No. 2) SP chemicals 970 4Q23 980 2024 Wanhua Chemical Group & Fujian Petrochemical 660 2024 China ZhenHua Oil Guangdong Penzun Energy Lihuayi Weiyuan Chemical Oriental Energy & Guangdong Jinhui 1,000 2024 320 2024 Zhejiang Satellite Petrochemical (No.3) 800 2024 650 2024 600 2024 Sinopec Zhenhai Refining & Chemical 650 2024 Wanjing Petrochemical 900 2024 Oriental Energy (Ningbo) No. 3 1,000 2024 China Gas/Yanchang Petroleum No 2 600 2025 Zhejiang Yuanjin New Material (No.2) 810 2025 Heilongjiang Zhongfei Petrochemical 600 2025 Zhejiang Satellite Energy 900 2025/26 18 Source: NGLS#19Indian LPG Demand Continued Subsidies and Lockdowns Support Growing LPG Consumption 20.0 CAGR: 11.8% Y/Y: 1.7% 18.0 17.3 17.6 16.3 16.0 14.5 14.0 11.9 12.2 12.0 10.2 10.0 8.9 8.0 6.0 4.0 2.0 2015 2016 2017 2018 2019 2020 2021 2022 Government Policies and Infrastructure Development to continue Boosting Consumer Adoption • The Indian government has worked to improve LPG penetration in India from 66% in 2016 to 99% in 2022 • India's 4Q22 imports decreased marginally by 0.2% Y/Y to 4.8 MTPA vs. 4.9 MTPA in 4Q21; 2022 imports are up 2% Y/Y • December imports are 38% above the low seen in February 2022 • India's LPG consumption for the period January through November increased by 3% compared to the same period in 2021 . Proposed green tax on gasoline and diesel vehicles could increase LPG demand as autogas • The nation is largely expected to become the world's largest res/com LPG user by 2030 Source: Bloomberg Note: Values shown through December 30, 2022 19#20Asian Cracking Demand Dependent on LPG / Naphtha Spread Additional Asian Cracking Capacity is Planned FE Propane / Naphtha Spread¹ Company Location LPG Required ('000 tons) Estimated Completion $20 2016 2017 2018 2019 2020 2021 2022 2023 $14 HMEL HPCL-Mittal India 1,000 1Q23 CNPC Jieyang/PetroChina China 500 2023 $(1) Long Son (SCG Chemical) Vietnam 550 2023 PTT Thailand 100 2023 $(20) Lotte S. Korea 240 2023 $(19) Shenghong Petrochemical China 440 2023 $(40) ExxonMobil China 680 2024 GAIL India 540 2025 PMT $(60) Lotte/PT Titan PENI Indonesia 440 2025 $(58) $(57) Gulei Petrochemical/Sinopec - Phase 2 China 800 late 2025 $(65) BASF China ~500 2026 $(80) SABIC & FJPEC China ~1000 2026 Pertamina/Rosneft Engro Indonesia 2,500 2027 $(100) Pakistan 800 2027 $(91) $(97) $(120) Source: NGLS, Bloomberg 1. As of January 27, 2023 Note: Negative spread denotes LPG is cheaper than naphtha 20#21DORIAN LPG VLGC Shipping Market Dynamics 21 224 CHALLENGER NASSAU 439722792#22VLGC Spot Rates Baltic VLGC Daily Spot Rates $150K $135K $120K $105K $90K $75K $60K $45K $30K $15K Baltic TCE/Day السات Rate Commentary Houston-to-Chiba is currently at $142 PMT, while Ras Tanura- to-Chiba now stands around $83 PMT Fleet Utilization Averaging Above 90% in 2022 100.0% 96.0% 94.7% 92.8% 92.4% 92.3% 90.2% Robust growth in Asian demand from rescom and petchem sectors continue to support flows from the West to the East, growing ton-mile demand 90.0% 87.7% 80.0% Baltic spot rates have averaged $53,491/day QTD vs. $102,019/day during the quarter ended December 31st, 2022 70.0% 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 Source: Baltic Exchange, E.A. Gibson Baltic rates as of January 27, 2023 222#23Canal Delays and Fleet Maintenance to Continue in 2023 • Panama Canal Delays and Changes to Booking Transit should Continue to Delay Tonnage • VLGC Panama Canal delays grew as high as 26 days during 4Q22 • On December 31, 2020, the Canal Authority announced a booking process that disallows prebooking slots for VLGCS Potential for more vessels to route from U.S. to Asia via Cape of Good Hope to avoid the Canal, increasing ton miles • Energy Transfer LP and the Republic of Panama announced a joint feasibility study to consider a trans-Panama pipeline to reduce transit time for LPG cargoes, though the feasibility and economics are unclear at this time As many as 62 VLGCs Due for Survey in 2023 Vessels 90 80 70 62 60 50 40 30 20 10 42 82 Due 2023 Due 2024 Due 2025 Source: Clarksons • • Dorian LPG's fleet maintenance was mostly completed in 2019/2020 due to scrubber installations Up to 62 vessels or ~18% of the global fleet are scheduled for maintenance and might be temporarily removed from trading in 2023 43 newbuilding deliveries vs. 62 vessels scheduled for maintenance in 2023 In 2020, many owners delayed maintenance due to strong rates and COVID- related issues at shipyards 23#24Vessel Supply Outlook 71 VLGCs are Currently On Order 50 vessels 40 30 20 10 35 44 21 2015 2016 2017 2018 2019 140 120 17% of VLGC Fleet is 20+ Years Old 2020 ■Delivered On Order 2021 2022 12 14 10 17 21 18 18 2 43 2023E 2024E 2025E 2026E 60 40 100 80 60 77 118 scrapping zone vessels 20 20 50 39 Orderbook-to-fleet stable at -22% First LPG-fueled vessels delivered in 2021 62 vessels or 18% of the global fleet are due for drydocking and five-year special surveys in 2023 • 71 forward deliveries vs. 58 vessels potential scrapping candidates . One vessel has been scrapped in 2022 . Average fleet age stands at 11.2 years old • IMO 2020 regulations may accelerate scrapping pressure 32 26 as compliance costs make less efficient ships increasingly uneconomical < 5 5-10 10-15 15-20 20-25 25+ Source: Clarksons Note: Excludes ethane carriers 24 24#25DORIAN LPG Financials 25 CHALLENGER NASSAU 439722792#26Quarter Ending December 31, 2022 – Highlights VLGC Rates / Utilizaton Operating Expenses Adjusted Net Income • Fleet TCE / Operating day of $52,768 Fleet Utilization of 97.8% • Fleet Opex (reported) of $9,739/day Adjusted net income of $52.0 mm or $1.29 / diluted share Adjusted EBITDA Cash Dividend • • Scrubber Installation • Time Charter-outs • Time Charter-ins • Adjusted EBITDA of $76.2 mm • Paid an irregular cash dividend of $1.00 per share of our common stock to all shareholders of record as of the close of business on November 7, 2022 Declared an irregular cash dividend totaling $40.3 million to all shareholders of record as of February 15, 2023 • Committed to the installation of scrubbers on three additional vessels; expected to be completed during calendar year 2023 Extended the time charter-out of the 2015-built Concorde and the 2014-built Corsair with expirations during the first and fourth calendar quarters of 2024, respectively Exercised the option to extend the time charter-in of the 2020-built Future Diamond to our fleet with an expiration during the first calendar quarter of 2025 26#27Annual Financial Overview Fleet TCE/Operating Day1 TCE / operating day $45,000 $40,000 $35,000 $30,000 $25,000 $21,966 $21,746 $20,000 $15,000 $10,000 $5,000 FY18 FY19 Adjusted EBITDA1 $250 $42,798 $39,606 $34,669 $200 FY20 FY21 FY22 Vessel Operating Expense / Calendar Day¹ OpEx / calendar day $12,000 millions $150 $100 $74.5 $64.4 $50 FY18 Net Debt to Capitalization² $233.2 $188.6 $161.1 FY19 FY20 FY21 FY22 42% 40.8% $9,741 $9,538 $10,000 $8,877 39.7% $8,329 40% $8,009 $8,000 38% $6,000 36% 35.3% 34.9% $9,172 $8,359 $9,328 $4,000 $8,008 $8,205 34% 31.6% 32% $2,000 $1 $124 $518 $569 $209 30% FY18 FY19 FY20 FY21 FY22 28% FY18 FY19 DD/SS costs ■OpEx 1. Refer to SEC filings for definitions FY20 FY21 FY22 27 22 2. Net Debt defined as (Total Debt - Cash - Restricted Cash - Short-term Investments); Net Debt to Capitalization defined as (Net Debt / Net Debt + Shareholders' Equity)#28Quarterly Financial Overview Fleet TCE / Operating Day1 TCE/ operating day $60,000 $50,000 $43,372 $39,608 $40,632 $40,000 $33,508 $30,000 $20,000 $10,000 3QFY22 4QFY22 Adjusted EBITDA1 $90 $52,768 $80 $70 $60 millions $50 $39.4 $40 $30 $20 $10 1QFY23 2QFY23 3QFY23 Vessel Operating Expense / Calendar Day¹ 3QFY22 $54.1 $46.9 $46.2 $76.2 4QFY22 1QFY23 2QFY23 3QFY23 Net Debt to Capitalization² $12,000 39% 37.3% 37.8% 37.7% $10,000 $9,423 $9,370 $9,378 $9,541 $9,739 37% OpEx/calendar day $8,000 35% 33.3% 33% 31.6% $6,000 $9,086 $9,347 $9,363 $9,540 $9,739 31% $4,000 29% $2,000 $337 $23 $15 $1 27% 3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 25% 3QFY22 4QFY22 1QFY23 2QFY23 3QFY23 DD / SS costs OpEx 12 1. Refer to SEC filings for definitions 2. Net Debt defined as (Total Debt - Cash - Restricted Cash - Short-term Investments); Net Debt to Capitalization defined as (Net Debt / Net Debt + Shareholders' Equity) 28#29Balance Sheet Strength Allows Capital Return to Shareholders Actively Managed Balance Sheet Enhances Corporate Flexibility Completed refinancing of Cratis, Copernicus, Chaparral, and Caravelle under separate Japanese financings, resulting in net cash proceeds of over $115.0 mm • Completed refinancing of Cougar resulting in cash proceeds, net of $20.0 mm to prepay a $29.9 mm portion of the 2015 AR Facility . • • • Voluntarily prepaid $25.0 mm of the 2015 AR Facility Repurchased Concorde for $41.2 mm in cash and application of the $14.0 mm deposit. Concorde was refinanced under the 2022 Debt Facility Repurchased Corvette for $42.2 mm in cash and application of the $14.0 mm deposit. Corvette was refinanced under the 2022 Debt Facility Entered into a $260.0 mm debt financing facility to refinance our existing indebtedness relating to the 2015 AR Facility, the Concorde Japanese Financing and the Corvette Japanese Financing ~85% of Company debt is fixed or hedged; current total cost of debt is ~4.0% Demonstrated Commitment to Returning Shareholder Capital • Declared an irregular cash dividend of $1.00 per share, totaling over $40.3 mm and expected to be paid on or about February 28, 2023 • · • Dorian LPG has repurchased ~30% of the shares outstanding following its May 2014 IPO Cumulatively returned over $535.0 mm in cash to shareholders since IPO (including dividend above) On February 2, 2022, our Board of Directors authorized the repurchase of up to $100 mm of our common shares with no expiration of the authority • In FY 2022, we repurchased over $20.4 mm of our common stock, or approximately 1.5 mm shares pursuant to our common share repurchase authorities 29#30Statement of Operations (USD) Statement of Operations Data Revenues Voyage expenses Charter hire expenses Vessel operating expenses Depreciation and amortization General and administrative expenses Other income-related parties Operating income Interest and finance costs Realized gain/(loss) on derivatives Other income, net Net Income Other Financial Data Time charter equivalent rate (1) Daily vessel operating expenses (2) Adjusted EBITDA (3) $ Three Months Ended December 31, 2022 (Unaudited) 103,322,256 $ (424,343) (5,215,144) Three Months Ended December 31, 2021 (Unaudited) 68,599,782 (779,746) (4,917,012) $ (17,919,058) (15,959,727) (6,947,964) (18,205,762) (16,859,224) (5,867,454) 638,055 580,388 57,494,075 $ 22,550,972 (8,636,387) 1,404,004 1,002,018 51,263,710 $ (7,412,231) (895,782) 2,337,926 16,580,885 (Unaudited) (Unaudited) $ 52,768 $ 9,739 $ 33,508 9,423 $ 76,200,480 $ 39,370,204 (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/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance 30#31Statement of Operations (USD) Statement of Operations Data Revenues Voyage expenses Charter hire expenses Vessel operating expenses Depreciation and amortization General and administrative expenses Gain on disposal of vessels Other income-related parties Operating income Interest and finance costs Realized loss on derivatives Other income, net Net Income Other Financial Data Time charter equivalent rate (1) Daily vessel operating expenses Adjusted EBITDA (3) (2) EA $ $ Year Ended March 31, 2022 (Audited) Year Ended March 31, 2021 (Audited) 315,938,812 274,221,448 $ (4,324,712) (3,409,650) (16,265,638) (18,135,580) (74,204,218) (78,219,869) (66,432,115) (68,462,476) (30,226,739) (33,890,999) 7,256,897 2,374,050 2,279,454 92,398,973 $ 116,099,692 (27,067,395) (3,450,443) 10,053,883 71,935,018 $ (27,596,124) (4,568,033) 8,629,118 92,564,653 (Unaudited) (Unaudited) $ 34,669 $ 39,606 $ $ 9,538 $ 9,741 161,149,380 $ 188,555,935 (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/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, stock-based compensation expense, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance 31#32Statement of Cash Flows (USD) Cash Flows Data Net Income Adjustments Changes in operating assets and liabilities Net cash provided by operating activities Nine Months Ended December 31, 2022 (Unaudited) 96,422,895 $ Nine Months Ended December 31, 2021 (Unaudited) $ 36,551,788 57,493,667 57,645,045 (27,872,957) (5,425,268) EA $ 126,043,605 $ 88,771,565 Net cash provided by/(used in) investing activities Net cash used in financing activities $ (9,937,694) $ $ (222,830,781) $ 22,548,887 (80,040,983) Effects of exchange rates on cash and cash equivalents Net increase/(decrease) in cash and cash equivalents $ (220,014) (106,944,884) $ (119,817) 31,159,652 32#33Balance Sheet (USD) Selected Balance Sheet Data Cash and cash equivalents Restricted cash, non current Other current assets Vessels, net 98,240,994 1,193,974,225 December 31, 2022 (Unaudited) 129,816,670 $ 75,360 March 31, 2022 (Audited) 236,758,927 77,987 71,134,325 1,238,061,690 Other long-term assets 108,299,772 61,329,164 Total assets $ 1,530,407,021 $ 1,607,362,093 Total debt including current portion-net of deferred financing fees of $6.3 million and $7.3 million as of December 31, 2022 and March 31, 2022, respectively. 629,338,821 662,762,958 Other current liabilities Other long-term liabilities Total liabilities 31,733,481 22,761,523 32,007,439 1,686,197 $ 693,079,741 $ 687,210,678 Total shareholders' equity $ 837,327,280 $ 920,151,415 Total liabilities and shareholders' equity $ 1,530,407,021 $ 1,607,362,093 33#34DORIAN LPG OUR MISSION IS TO ARRANGE SAFE, CLEAN, RELIABLE AND TROUBLE-FREE TRANSPORTATION Thank you 34