Investor Presentaiton
Canal Delays and Fleet Maintenance to Continue in 2023
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Panama Canal Delays and Changes to Booking Transit should Continue to Delay Tonnage
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VLGC Panama Canal delays grew as high as 26 days during 4Q22
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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
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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
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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
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