Investor Presentaiton
Investment 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
4View entire presentation