Private and Confidential
Presentation2
Agenda
Page
Investor Deck
Report
December, 2014 [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, 2 ECO VLGCs,
1 pressurized LPG carrier
17 ECO VLGCs (Delivering Q1 2015 – Q1
2016)
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
+15
5
Current Fleet
2015
2016
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
London,
UK
Significant market presence with 22 Modern VLGCs
and targeting further consolidation
Sep. 2014: Delivery
of NB VLGC “Corsair”
at HHI
July 2014: Delivery of
NB VLGC “Comet” at
HHI
February 2014:
Exercised option for
3 additional VLGCs
May 2014:
Successful IPO on
the NYSE
November 2013:
Acquired 13 VLGC
NBs from STNG
July 2013: Ordered
3 ECO VLGCs at
HHI
2005-2006:
Placed order for
4xVLGCs at HHI,
Korea
2011: Dorian LPG
won Statoil’s Working
Safely with Suppliers
Award for ‘Best
Shipping Supplier’
2002-2003:
Acquisition of small
pressurized LPG
carriers
1973: Dorian
(Hellas) established
1980s: Completed
tonnage renewal
program
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 -
Improves
local air
quality
By-product of
natural gas and
oil production
centered 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
VLGC Spot TCE
Dayrate in USD/day
140,000
6-Month Trailing Ave. TCE
120,000
3-Year Trailing Ave. TCE
100,000
80,000
60,000
40,000
20,000
-
"  Increased
YOY LPG production and
favorable U.S. pricing vs. Middle
East pricing
"  Rapid
increase in VLGC liftings
from the USGC (Targa and
Enterprise)
"  Increasing
arbitrage movements
West to East resulting in higher
tonne-mile demand
"  Demand
from India and China
absorbing incremental LPG
tonnage
8
US Supply Growth Making LPG
Increasingly Competitive
US LPG Export Terminal Capacity
VLGC Equivalent Liftings per Month
80
mm t/y
VLGC lifting equivalent, per month
Enterprise – Houston*
Targa - Galena Park*
P66 – Freeport*
Sunoco – Marcus Hook*
Sunoco – Nederland*
Occidental – Ingleside*
Trafigura – Corpus Christi
Petrogas – Ferndale*
DCP - Chesapeake
Sea 3 - Newington
30
20
10
60
40
20
0
0
2011
2012
2013
2014
2015
2016
2012
2017
2013
2014
2015
2016
2017
*Primary VLGC exporting terminals, beyond 2015
New Price Competition
" 
Significant Investments in LPG export terminal capacity
and midstream processing confirm market commitment
to exports
" 
Unlike the LNG sector, fewer regulatory approvals
are needed for LPG export terminals
" 
NGL Production, in excess of domestic demand, has
kept U.S. LPG prices low relative to the world market and
is driving export growth
" 
US residential and petchem demand should be
offset by increasing use of ethane and natural gas
Source: EIA, Bloomberg, Poten & Partners
9
US LPG Supply Surging with flat domestic demand
Asian Demand growing (mm Tonnes)
" 
US to become the worlds single largest LPG
exporting nation
" 
Competitive Pricing:
" 
" 
Source: IHS, China, TPH
linked to NGL supply demand dynamics
not oil
Asian LPG demand could absorb excess US
supply
10
Surge in Chinese PDH Can be Supported by US
Exports
PDH Margins - Historical
Margin %
PDH Margin - US Propane
Propane Feedstock Required
PDH Margin - Global Propane
Capacity
New Cumulative Chinese PDH Propane FeedstockPropylene
(000 tonnes)
VLGC
Equivalents
New Cumulative Chinese PDH Propylene
Production
300
60
40
20
271
12,000
250
10,000
200
8,000
150
124
0
100
140
153
6,000
93
4,000
-20
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
"  Favorable
US LPG pricing linked to associated
NGL supply-demand; not just oil production
"  PDH
importers require high purity propane, best
sourced from the US or Middle East
"  Panama
Canal expansion to reduce US-Asia
voyage time by 20 days
50
2,000
0
0
End 2014
"  Surge
End 2015
End 2016
End 2017
Planned /
pending
approvals
in Chinese PDH Supported by US Exports
"  Sinopec,
Tianjin Bohai, Oriental Energy, Fujain
Meide, and Shaoxing Sanyuan Petrochemical
have all signed long term supply contracts to US
export terminals.
Note: Propylene production capacity to VLGC Equivalents of Propane demand: 1 tonne of propylene yields 1.18 tonnes of propane; 1 VLGC equivalent is 44,000 tonnes of
propane
Source: ICIS, Poten, CNBC.com; 4/10/14, “Riding shale boom, US to become major LPG supplier to China”
11
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%
"  LPG
vessels are highly engineered, and exacting technical specifications determine commercial
acceptance
"  HHI
and DSME also design and build some of the world’s most complex offshore vessels and rigs
"  Dorian
has built 8 vessels at HHI since 2004 and maintains a strong relationship
Source: Clarksons
12
Major Oil Companies Require Experienced
Operators
" 
Integrated, LPG Company with all Commercial/
Technical services in-house. Meets requirements of the
most demanding Oil Majors
" 
Dedicated, Independent department on HSSEQ (Health,
Safety, Security, Environment and Quality)
" 
Doubling up crews on VLGCs in order to meet officer
matrix requirements for future NB deliveries
" 
Creating new training department under HSSEQ
focused solely on Dorian SMS familiarization for new
crew
" 
US presence provides proximity to US based Oil
Majors and traders and easy access to US export
terminals
Working Safely
with Suppliers Award
" 
Awarded by Statoil to Dorian for outstanding
service and performance and steadfast
commitment to HSE over 30 other shipping
service providers
13
Dorian LPG Fleet Overview
Overview of Chartering Strategy
" 
4 R Customers and
Shareholders:
"  Return on capital: mix
of long term and spot
charters
"  Regular employment:
fleet utilization
"  Risk management:
strong counterparty
"  Responsive: to
customers and the
market
Legend
Current charters
Future charters
Available days
Delivery date
Overview of Vessel Employment
2014
Sister
Vessels
Charter
expiration
Captain Nicholas ML
A
-
Captain John NP
A
-
Captain Markos NL
A
Q3 2019
Grendon
-
-
Comet
B
Jul’14
B
Sep’14
Corvette
B
Jan’15
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
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
Current fleet:
Corsair
Shipyard
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
Firm Newbuildings:
Newbuilding
vessels
open to spot
market
14
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
ECA: Emission Control Areas
Source: International Maritime Organization
Note: Regulations established to limit SOx and particulate matter emissions
Scrubber Ready
2
Scrubber -Already Declared
15
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
" 
" 
" 
Babcock’s New LGE Cooling Plant
38.4
" 
" 
35
" 
" 
30
25
Optimized Hull Design
Electronic Engine Control
De-rated, Long Stroke Design
Improved Propeller Design
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)
16
Recent Strategic Business Development Initiatives
!  On July 31, 2014, Dorian LPG announced a heads of agreement in principle with Phoenix Tankers Ltd.,
one of the foremost VLGC operations in Asia, to form a new VLGC pool which should:
" 
Expand the Company’s global presence and strengthen its position in the increasingly important
Eastern LPG market
" 
Accelerate Dorian LPG’s entry into the lucrative Indian trade
! 
Increase overall fleet utilization
!  On July 25, 2014, the Company announced a Memorandum of Understanding with HNA Group Ltd., one
of the largest privately held Chinese companies. The key benefits of this relationship are:
" 
Enhancement of Dorian LPG’s access to the Chinese market and Chinese LPG importers, significantly
improving its access in this growing market
" 
Development of relationships with Chinese end users to deepen end market positioning and knowledge
17
17
Multiple Pillars for Creating Shareholder Value
Fleet of 22 VLGCs with 19 ECO newbuilds contracted for delivery 2014–16
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
18
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
19
Statement of Operations
(in USD)
Six Months Ended
September 30, 2014
(Unaudited)
Statement of Operations
Revenues
$
36,212,051
Nine Months Ended
March 31, 2014
(Audited)
$
29,633,700
Voyage expenses
7,143,558
6,670,971
Vessel operating expenses
8,670,968
8,394,959
Management fees – related party
1,125,000
3,122,356
General and administrative expenses
5,094,724
6,620,372
14,177,801
4,825,042
Depreciation and amortization
5,501,080
433,674
Operating income
8,676,721
4,391,368
(1,240,795)
(1,557,525)
EBITDA
Other income/(loss), net
Net income
$
7,435,926
$
2,833,843
Time charter equivalent rate (1)
$
42,560
$
24,402
Daily vessel operating expenses (2)
$
10,771
$
8,531
Adjusted EBITDA (3)
$
14,965,356
$
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.
(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.
20
Balance Sheet and Cash Flows
(in USD)
September 30, 2014
Unaudited)
Balance Sheet
Cash and cash equivalents
$
Restricted cash, current
March 31, 2014
(Audited)
283,013,780
$
279,131,795
—
30,948,702
4,510,000
4,500,000
1,000,601,014
840,245,766
9,612,000
9,612,000
Long-term debt – net of current portion
114,300,500
119,106,500
Total liabilities
146,512,239
148,046,334
$
854,088,775
Six Months Ended
September 30, 2014
(Unaudited)
$
692,199,432
Nine Months Ended
March 31, 2014
(Audited)
Restricted cash, non-current
Total assets
Current portion of long-term debt
Total shareholders' equity
Cash Flows
Net income
$
Adjustments
Changes in operating assets and liabilities
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
$
7,435,926
$
2,833,843
5,881,491
4,798,718
(5,400,307)
(387,139)
7,917,110
7,236,422
(153,317,519)
(221,434,724)
149,635,260
493,322,093
(352,866)
8,004
3,881,985
$
279,131,795
21
Investor Deck Report
www.dorianlpg.com