1. business and industrial
2. energy
3. natural gas

Presentation2
Agenda
Page
Capital Link Shipping Forum March, 2015 [CLIENT NAME]
Disclaimer
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.
2
Overview:
Investment Highlights
Largest ECO VLGC fleet, VLGCs represent
critical link in the LPG supply chain
Fleet
3 Modern VLGCs, 3 ECO VLGCs,
1 pressurized LPG carrier
16 ECO VLGCs (Delivering Q2’15 – Q1’16)
VLGC Vessel Count
20
Management
Fully Integrated, In-house
Commercial & Technical management
Chartering strategy
Balanced mix of time charters and spot
exposure, targeting high quality
counterparties
Entry into LPG
22
+14
6
Current Fleet
End 2015
Feb-16
Average Age (Years)
Key Counterparties
Global presence
+2
Stamford, CT (Headquarters), London, UK
and Piraeus, Greece
3.6
1.6
2002
End of 2014
End of 2015
3
Key Investment Highlights
1
US shale revolution has created a fundamental shift in trade flows
2
Rapid LPG growth creating tight supply-demand dynamics
3
VLGCs are a critical link in the global LPG supply chain
4
Significant built-in growth with the youngest and largest ECO VLGC fleet
5
Integrated technical and commercial management with proven track record
6
Strong balance sheet ensures flexibility and ability to capitalize on growth opportunities
7
Alignment of management and shareholder interest and significant founder investment
4
The Evolution of Dorian LPG
Overview
§ 
§ 
§ 
§ 
§ 
Timeline
Dorian (Hellas), S.A. of Greece was established in 1973,
representing the shipping interests of principals with more
than a century of shipping experience
Entered the LPG market in 2002 through the acquisition of
two pressurized vessels followed by four additional
acquisitions over the following 18 months
Expanded into the VLGC segment by commissioning three
newbuildings that were delivered from 2006-2008
Our founders and management have collectively invested
in excess of US$70m in Dorian LPG since its inception
Dorian LPG is the only US headquartered major VLGC
owner (Stamford, CT), giving it proximity to major US LPG
exporters
Significant market presence with 22 Modern VLGCs
and targeting further consolidation
Jan. 2015: Delivery
of “Corvette”
Sep. 2014: Delivery of
NB VLGC “Corsair”
May 2014:
Successful IPO on
the NYSE
July 2014: Delivery of
NB VLGC “Comet” at
HHI
November 2013:
Acquired 13 VLGC
NBs from STNG
February 2014:
Exercised option for
3 additional VLGCs
July 2013: Ordered 3
ECO VLGCs at HHI
2011: Dorian LPG won
Statoil’s Working
Safely with Suppliers
Award for ‘Best
Shipping Supplier’
2005-2006:
Placed order for
4xVLGCs at HHI,
Korea
2002-2003:
Acquisition of small
pressurized LPG
carriers
1973: Dorian (Hellas)
established
1980s: Completed
tonnage renewal
program
London, UK
1959: John C.
Hadjipateras & Sons
entered the tanker
market
Stamford, USA
Offices
Headquarters
Piraeus, Greece
1906: Family purchased
first steamship, the
Marietta Ralli
1950s: Orient MidEast Lines pioneered
sailings from Great
Lakes to Middle East
5
Source:
Dorian LPG
LPG
VLGCs
U.S. LPG exports have created
secular supply dynamics -centered
Improves local
air quality
By-product of
natural gas and
oil production
around two long haul seaborne trade
routes
The largest LPG carriers are best
suited for long haul trades
20% less CO2
than heating
oil and 50%
less than coal
Avoids harmful or
potentially
dangerous waste
Source: ExceptionalEnergy.com
Competitive
Petchem
feedstock
Autogas is the
most accepted
alternative auto
fuel
Fully refrigerated
Gas Carriers
(15-84,000cbm)
Semi-refrigerated
Gas Carriers
(5-23,000cbm)
Pressure Gas
Carriers
(<11,500cbm)
6
VLGCs are a Critical Link in the Global Supply Chain
Production
Shipping
End Use
LPG (Propane and Butane) is a by-product
of oil and gas
VLGCs are the most cost effective means
of long haul LPG transportation
Broad range of end uses for LPG
Retail market
60%
Gas production (~60%)
VLGCs
Autogas
Industrial
Bulk market
40%
Oil production and refining (~40%)
Cooking /
Heating
Chemical
Refinery
Other
The most cost effective means of long haul LPG transportation
Source: Poten & Partners
7
VLGC Day Rates at Healthy Levels
Baltic VLGC Rate:
Key Drivers of Rate Strength
160,000
Dayrate in USD/day
VLGC Spot TCE
140,000
6 Month Trailing Ave. TCE
120,000
3 Year Trailing Ave. TCE
100,000
80,000
60,000
40,000
20,000
n  Increased
YOY LPG production and
favorable U.S. pricing vs. Middle East
pricing
n  Rapid
increase in VLGC liftings from
the USGC (Targa and Enterprise)
n  Increasing
arbitrage movements West
to East resulting in higher tonne-mile
demand
n  Demand
from India and China
absorbing incremental LPG tonnage
-
8
Bifurcation of Supply Making LPG
Increasingly Competitive
North American Export Terminal Capacity
VLGC Equivalent Liftings per Month at Year End
40
70
Million Metric Tons
35
Enterprise (Houston, TX)
30
Targa (Galena Park, TX)
60
25
Sunoco (Nederland, TX)
50
Trafigura (Corpus Christi, TX)
20
Phillips 66 (Freeport, TX)
40
15
10
30
Sunoco/MarkW (Marcus Hook, PA)
20
PetroGas (Ferndale, WA)
Sage (Longview, WA)
5
-
Oxy (Ingleside, TX)
Pembina (Portland, Oregon)
10
0
2012
2010 2011 2012 2013 2014 2015 2016 2017 2018
New Price Competition
2013
2014
2015
2016
2017
2018
*VLGC capable terminals,
n 
Significant Investments in LPG export terminal capacity and
midstream processing confirm market commitment to
exports
n 
Unlike the LNG sector, fewer regulatory approvals
are needed for LPG export terminals
n 
NGL Production, in excess of domestic demand, has kept
U.S. LPG prices low relative to the world market and is
driving export growth
n 
US residential and petchem demand should be offset
by increasing use of ethane and natural gas
Source: EIA, Bloomberg, IHS, Publically Available Information
9
Global LPG Supply Surging
Global LPG Liftings
Annual Liftings
70,000,000
6,650,611
Feb LPG
60,000,000
5,150,885
4,737,154
Jan LPG
50,000,000
40,000,000
4,906,912
30,000,000
20,000,000
9.6mm
10,000,000
10.8mm
5,624,811
5,909,698
Feb LPG
Jan LPG
12.5mm
2013
2014
2015 YTD
0
2012
2013
Asian Demand growing (mm Tonnes)
2014
2015 YTD
n 
US to become the world’s single largest LPG
exporting nation
n 
Competitive Pricing:
n 
n 
Source: ICIS China, IHS
linked to NGL supply demand dynamics not
oil
Asian LPG demand could absorb excess US supply
10
US Taking Market Share
Global LPG Export Volumes by Region
Source: IHS
11
Surge in Chinese PDH adds to Global Demand
Commenced & Planned Chinese PDH Projects
Project
Tianjin Bohai
Estimated
annual total
propane
required (kta)
Operational
790
Yes, 2013
Propylene derivative,
Acrylic acid etc.
Main Application
Propane Feedstock Required
VLGC
Equivalents
New Cumulative Chinese PDH Propane Feedstock
New Cumulative Chinese PDH Propylene Production
250
Zhejiang Satelite
540
Yes, 2014
Propylene derivative,
Acrylic acid etc.
Sanyuan PC
Shaoxing
540
Yes, 2014
Polypropylene
Ningbo Haiyue
720
Yes, 2014
Propylene derivative,
Acrylic acid etc.
Wanhua Chem
900
Expected
2015
Propylene derivative,
Acrylic acid etc.
ZYPC
792
Expected
2015
Polypropylene
Fujain PC
792
Expected
2016
Polypropylene
600
Expected
2016
Polypropylene
Ningbo Fortune
Oriental
792
Beyond 2016
Polypropylene
235
(000 tonnes)
12,000
10,000
200
173
152
8,000
150
115
100
6,000
69
50
4,000
2,000
21
0
0
2013
Hebei Haiwei
Propylene
Capacity
2014
2015
2016
2017
All
Planned
n 
PDH importers require high purity propane, best sourced
from the US or Middle East
n 
There are currently four Chinese PDH plants in
operation
n 
It estimated that total new propane demand from Chinese
PDH plants in 2015 will be about 2 million tonnes
n 
Sinopec, Tianjin Bohai, Oriental Energy, Fujain Meide,
and Shaoxing Sanyuan Petrochemical have all signed long
term supply contracts for US LPG
n 
China is expected to reduce its reliance on imported
polypropylene, which currently accounts for
approximately 30% of its demand
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, Poten & Partners, CNBC.com; 4/10/14, “Riding shale boom, US to become major LPG supplier to China”
12
Fleet Built at World Class Korean Shipyards
VLGC Newbuild Deliveries by Shipyard 2006-2016
13%
60%
13%
7%
HHI is the most active and
experienced yard in the
design and construction of
gas carriers
* 7%
n  LPG
vessels are highly engineered, and exacting technical specifications determine commercial
acceptance
n  HHI
and DSME also design and build some of the world’s most complex offshore vessels and rigs
n  Dorian
Source: Clarksons
has built 8 vessels at HHI since 2004 and maintains a strong relationship
13
Major Oil Companies Require Experienced
Operators
n 
Integrated, LPG Company with all Commercial/Technical
services in-house. Meets requirements of the most
demanding Oil Majors
n 
Dedicated, Independent department on HSSEQ (Health,
Safety, Security, Environment and Quality)
n 
Doubling up crews on VLGCs in order to meet officer
matrix requirements for future NB deliveries
n 
Creating new training department under HSSEQ focused
solely on Dorian SMS familiarization for new crew
Working Safely
with Suppliers Award
n 
n 
US presence provides proximity to US based Oil Majors
and traders and easy access to US export terminals
Awarded by Statoil to Dorian for outstanding
service and performance and steadfast
commitment to HSE over 30 other shipping
service providers
14
Dorian LPG Fleet Overview
Overview of Chartering Strategy
n 
4 R Customers and
Shareholders:
n  Return on capital: mix
of long term and spot
charters
n  Regular employment:
fleet utilization
n  Risk management:
strong counterparty
n  Responsive: to
customers and the
market
Legend
Current charters
Future charters
Available days
Delivery date
Overview of Vessel Employment
2014
Current fleet:
Shipyard
Sister Delivery /
Vessels
Open
Captain Nicholas ML
A
-
Captain John NP
A
-
Captain Markos NL
A
Q3’19
Grendon
-
-
Comet
B
Q2’19
Corsair
B
-
Corvette
B
-
Cougar
B
Q2’15
Cobra
B
Q2’15
Continental
B
Q2’15
Concorde
B
Q2’15
Constitution
B
Q3’15
Commodore
B
Q3’15
Cresques
1H’14
Statoil
2015
2H’14
1H’15
2016
2H’15
1H’16
2H’16
Spot Market
Spot market
Statoil
Shell, Q3 2014 – Q3 2019
Spot Market
Shell, Q3 2014 – Q2 2019
Spot Market
Spot Market
Firm Newbuildings:
C
Q3’15
Constellation
B
Q3’15
Cheyenne
B
Q3’15
Cratis
B
Q4’15
Clermont
B
Q4’15
Chaparral
C
Q4’15
Commander
C
Q4’15
Copernicus
B
Q4’15
Challenger
B
Q1’16
Caravel
B
Q1’16
Newbuilding
vessels
open for
charter
15
Fleet Designed to Meet Tomorrow’s Regulations
Outside an ECA
Inside an ECA
0.50% m/m on and
after 1 January
2020
0.10% m/m on and
after 1 January
2015
Dorian LPG will have the youngest and most modern fleet of ECO VLGCs
3
17
Existing
Scrubber Ready
ECA: Emission Control Areas
Source: International Maritime Organization
Note: Regulations established to limit SOx and particulate matter emissions
2
Scrubber -Already Declared
16
ECO-Vessels Represent Significant Additional
Earnings Potential
Scrubber /
Scrubber Ready
Low Friction, Self Polishing Paint
Fuel Oil Consumption Analysis
55
50
45
40
Dorian ME-G type NB (ECO)
Traditional VLGC
-17%
44.0
36.5
MAN B&W’s New G-Type Engine
-17%
46.1
n 
n 
n 
Optimized Hull Design
Electronic Engine Control
De-rated, Long Stroke Design
Improved Propeller Design
Babcock’s New LGE Cooling Plant
38.4
n 
35
n 
30
n 
25
n 
Marine Gas Oil (MGO) Heavy Fuel Oil (HFO)
Greater Re-liquefaction Efficiency
Ethane in LPG Mix:
8% vs. 2.5%
Cargo Combinations: 16 vs. 8
Cooling Capability:
-52º vs. -48ºC
Optimized Hull Design
Average daily fuel savings of >$3,0001
Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, Company, Managers
¹ Fuel saving assuming loaded condition at 16 knots and Fuel price at USD 450/MT for HFO (Basis AG-East round trip voyage, including port days)
17
Strategic Business Development Initiatives
§ 
Pool with Phoenix Tankers Ltd., one of the foremost VLGC operators in Asia
§ 
Expands the Company’s global presence and strengthen its position in the increasingly
important Eastern LPG market including India
§ 
Increases overall fleet utilization
§ 
Alliance with HNA Group of China
§ 
Enhances Dorian LPG’s access to and knowledge of the Chinese LPG market and
customers
18
18 Fully Funded Financing
n 
On January 12th, 2015, Dorian LPG announced that it had received commitments of up to $761
million for financing its fleet of newbuilding VLGCs from:
Tranches
n 
Commercial Debt
$
250 mm
KEXIM Direct
$
205 mm
KEXIM Guaranteed
$
203 mm
K-Sure Insured
$
103 mm
Total Debt:
$
761 mm
Key metrics on financing package:
n 
Weighted average margin over Libor à
2.1%
n 
Weighted average profile
14 Years
à
19
Multiple Pillars for Creating Shareholder Value
Fleet of 22 VLGCs with 19 ECO newbuilds contracted for delivery 2015–
January 2016
Expect to have opportunities to increase exposure through: pooling
arrangements, further vessel acquisitions and strategic partnerships with
major oil companies and traders
Time chartering strategy creates opportunity for shareholders to realize
more value through potential MLP dropdowns
Strong, moderately leveraged balance sheet and stable earnings create
opportunities to fund growth or pay dividends
20
Key Investment Highlights
1
US shale revolution has created a fundamental shift in trade flows
2
Rapid LPG growth creating tight supply-demand dynamics
3
VLGCs are a critical link in the global LPG supply chain
4
Significant built-in growth with the youngest and largest ECO VLGC fleet
5
Integrated technical and commercial management with proven track record
6
Strong balance sheet ensures flexibility and ability to capitalize on growth opportunities
7
Alignment of management and shareholder interest and significant founder investment
21
Statement of Operations
(in USD)
Nine Months Ended
December 31, 2014
(Unaudited)
Statement of Operations
Revenues
$
68,796,041
Nine Months Ended
March 31, 2014
(Audited)
$
29,633,700
Voyage expenses
14,899,147
6,670,971
Vessel operating expenses
14,412,174
8,394,959
Management fees – related party
1,125,000
3,122,356
General and administrative expenses
9,389,689
6,620,372
28,970,031
4,825,042
9,467,720
433,674
Operating income
19,502,311
4,391,368
Other income/(loss), net
(3,069,780)
(1,557,525)
EBITDA
Depreciation and amortization
Net income
$
16,432,531
$
2,833,843
Time charter equivalent rate (1)
$
48,251
$
24,402
Daily vessel operating expenses (2)
$
10,621
$
8,531
Adjusted EBITDA (3)
$
30,062,118
$
12,137,422
(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.
22
(3)  Represents net income before interest and finance costs, gain/loss on derivatives-net, stock compensation expense and depreciation and amortization
and is used as a supplemental financial measure by management to assess our financial and operating performance.
Balance Sheet and Cash Flows
(in USD)
December 31, 2014
(Unaudited)
Balance Sheet
Cash and cash equivalents
$
March 31, 2014
(Audited)
182,804,170
Restricted cash, current
$
279,131,795
—
30,948,702
6,010,000
4,500,000
1,010,221,551
840,245,766
9,612,000
9,612,000
Long-term debt – net of current portion
113,022,000
119,106,500
Total liabilities
146,377,901
148,046,334
Restricted cash, non‑current
Total assets
Current portion of long-term debt
Total shareholders' equity
$
$
Nine Months Ended
December 31, 2014
(Unaudited)
Cash Flows
Net income
863,843,650
$
16,432,531
692,199,432
Nine Months Ended
March 31, 2014
(Audited)
$
2,833,843
Adjustments
11,465,399
4,798,718
Changes in operating assets and liabilities
(6,103,493)
(387,139)
21,794,437
7,236,422
(265,524,048)
(221,434,724)
148,356,760
493,322,093
(954,774)
8,004
Net cash provided by operating activities
Net cash used in investing activities
Net cash provided by financing activities
Effects of exchange rates on cash and cash equivalents
Net increase in cash and cash equivalents
$
(96,327,625)
$
279,131,795
23
www.dorianlpg.com
24