OCTOBER 2016

DORIAN LPG ®

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.

Disclaimer

2

2.27

8.98

0.0

2.0

4.0

6.0

8.0

10.0

DLPG Fleet Global VLGC Fleet

1

2

3

Key Investment Highlights

US shale revolution has created a fundamental shift in trade flows

Rapid growth in both LPG supply and demand creating new dynamic

Bifurcation of major supply sources makes LPG increasingly competitive

VLGCs are a critical link in the global LPG supply chain

Company Overview LPG Industry Overview

*Age Comparison: As of September 30, 2016

Average Fleet Age (Years)*

4

3 Modern VLGCs

19 ECO VLGCs

3

Strong market position with the youngest and largest ECO VLGC fleet

Integrated technical and commercial management with proven track record

Conservative balance sheet ensures flexibility and ability to capitalize on growth opportunities

Alignment of management and shareholder interest given significant CEO investment

Balanced mix of time charters and spot exposure, targeting high quality credit counterparties

Global presence with offices in Stamford, CT (Headquarters), London, UK and Athens, Greece

Market Summary

5

ProductionLPG (Propane and Butane) is a by-product

of oil and gas

ShippingVLGCs are the most cost effective

means of long haul LPG transportation

End UseBroad range of end uses for LPG

VLGCs are a Critical Link in the Global Supply Chain

North America

Latin America

Africa

Middle East

Europe & FSU

Asia

5

Global LPG Trade Continues to Expand

Global Seaborne LPG Liftings Volume

Potential U.S. VLGC Liftings based on Terminal Capacity

-

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018

An

nu

al L

iftin

gs

6Source: IHS, Dorian LPG Analysis

0

10

20

30

40

50

60

70

80

90

100

2012 2013 2014 2015 YTD 2016

Met

ric

ton

s (m

illio

ns)

Jan-Sept Annual

Bifurcation of Supply Making LPG Increasingly Competitive

Source: EIA, Bloomberg, IHS

Seaborne LPG by Source

New Price Competition

Significant investment in US export capacity

• Significant investments in LPG export terminal

capacity and midstream processing

• Confirms market commitment to exports

• Eliminates bottlenecks related to port

infrastructure

Emergence of US LPG has resulted in greater

price competition amongst suppliers

• NGL production in excess of domestic demand

has kept US LPG prices low relative to the

world market

• The result is export growth and further price

competition from the Middle East – good for

demand

• US residential and petchem demand is expected

to be offset by increasing use of ethane and

natural gas

7

15% 19% 25% 31%

51% 47%45%

43%

12% 11%10%

10%8% 11% 10% 8%14% 12% 10% 8%

0%

20%

40%

60%

80%

100%

2013 2014 2015 YTD 2016

US ME N.Sea Med Other

150

350

550

750

950

1,150 Mont Belvieu

Saudi CP

Algeria

North American LPG Export Capacity is Running Strong

Mil

lio

n M

T/Y

ea

r

Announced North American VLGC Export Capacity

More than sufficient LPG export capacity, leaving

room for large increases once production ramps

back up

Petrogas’ Terminal (Ferndale, WA)

• Seasonally stronger in April-Sep, expect

increase in butane cargoes

Sunoco’s Terminal (Marcus Hook, PA)

• Now exporting 3-4 VLGC cargoes per month

• Consistent supply contracts with offtake

agreements

Philips 66’s Terminal (Freeport, TX)

• Capacity for 8 VLGCs/month

• Scheduled start up for end Sep/early Oct

2016

• Potential to add increased competition to

terminal fees which could boost utilization

Phillips 66’ Terminal (Freeport, TX)

8Source: EIA, Bloomberg, IHS, Publically Available Information

0

5

10

15

20

25

30

35

2015 YE 2016 YE 2017 YE

Enterprise (Houston)

Targa (Houston)

Sunoco (Nederland)

Sunoco (Marcus Hook)

Oxy (Ingleside)

Trafigura (Corpus Christi)

PetroGas (Ferndale, WA)

Phillips 66 (Freeport, TX)

31 31 3235

4138

33 34

48

3836

27

34

0

10

20

30

40

50

60

Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16

455

685

865

0

200

400

600

800

1,000

2014 2015 2016 YTD

US Exports Continue to Grow

US Exports by Year (MM bbls/day)

US VLGC by Month

9Source: IHS, EIA, *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)

*Annualized (MM MT/yr): 14.3 21.5 27.2

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1/1

/10

6/1

/10

11

/1/1

0

4/1

/11

9/1

/11

2/1

/12

7/1

/12

12

/1/1

2

5/1

/13

10

/1/1

3

3/1

/14

8/1

/14

1/1

/15

6/1

/15

11

/1/1

5

4/1

/16

9/1

/16

PADD1 PADD2 PADD3 PADD4 PADD5

0

500

1,000

1,500

2,000

1/1

/10

6/1

/10

11

/1/1

0

4/1

/11

9/1

/11

2/1

/12

7/1

/12

12

/1/1

2

5/1

/13

10

/1/1

3

3/1

/14

8/1

/14

1/1

/15

6/1

/15

11

/1/1

5

4/1

/16

9/1

/16

PADD1 PADD2 PADD3 PADD4 PADD5

US LPG Production Positive and Resilient at $50 Oil

10

Propane Production (M bbls/day)

Source: EIA, Dorian LPG Analysis

Gas Production (M bbls/day)

US Propane Stocks (MM bbls)Oil Production by PADD (M bbls/day)

1,000

1,200

1,400

1,600

1,800

2,000

Wee

k 1

Wee

k 4

Wee

k 7

Wee

k 1

0

Wee

k 1

3

Wee

k 1

6

Wee

k 1

9

Wee

k 2

2

Wee

k 2

5

Wee

k 2

8

Wee

k 3

1

Wee

k 3

4

Wee

k 3

7

Wee

k 4

0

Wee

k 4

3

Wee

k 4

6

Wee

k 4

9

Wee

k 5

2

2012 2013 2014 2015 2016

Demand Overview

China and India continue to drive demand

• Seaborne LPG imports into China tallied 12.1 mmt in 2015 up 70% from 7.9 mmt in 2014 (2014 was up 100%

from 3.9 mmt in 2013)

• China’s residential / commercial demand has been climbing in tandem with its initiative to displace solid

biofuels in rural areas

• Seaborne LPG imports into India were up 8% in 2015, from 8,324,550 to 8,970,000.

• The Modi Government has called 2016 “the year of the LPG consumer.”

• Mangalore Import Terminal can now handle VLGCs

• Haldia and Kochi regions could both build new import terminals in the future

11Source: IHS, Dorian LPG Analysis

Growing Markets for LPG: INDIA

• Power conversion

project with Vitol

• By April, LPG will be

used as primary fuel

source

India LPG Import Forecast Indian LPG Consumption Forecast

18.7 M21.0 M

24.0 M

0 M

5 M

10 M

15 M

20 M

25 M

30 M

2015 2016E 2017E

8.9 M

10.5 M

12.5 M

0 M

2 M

4 M

6 M

8 M

10 M

12 M

14 M

2015 2016E 2017E

• The Indian Government aggressively promoting LPG penetration in rural areas

• Approximately 7 Million new LPG consumers added between January and April

• Non subsidized market growing due to lower international LPG Prices

• Increased tax on gasoline has also led to increased LPG auto-gas consumption

• Paradip refinery startup marks last major domestic supply addition – supporting further imports

12Source: IOC, FGE

Growing Markets for LPG: CHINA

• will be used as

primary fuel source

Annual China LPG imports

13Source: IHS

3.8 M

7.8 M

11.5 M

10.2 M

0 M

2 M

4 M

6 M

8 M

10 M

12 M

14 M

2013 2014 2015 2016 YTD

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, Arrow

16

56

106

124

141

0

2,000

4,000

6,000

8,000

10,000

12,000

0

20

40

60

80

100

120

140

160

End 2013 End 2014 End 2015 End 2016 End 2017

New Cumulative Chinese PDH Propane

New Cumulative Chinese PDH Propylene Production

Propylene Capacity

(000 tonnes)

VLGC Equivalents

Commenced & Planned Chinese PDH Projects Propane Feedstock Required

• It is estimated that total new propane demand from

Chinese PDH plants in 2015 was up 185% (from 1.09 to

3.1mm tons)

• PDH importers require high purity propane, best sourced

from the US or Middle East

• Sinopec, Tianjin Bohai, Oriental Energy, Fujian Meide, and

Shaoxing Sanyuan Petrochemical have all signed long term

supply contracts for US LPG

ProjectPolypropyleneproduction kt/year

Operational Main Application

Tianjin Bohai 600 OperatingPropylene derivative,Acrylic acid etc.

Ningbo Haiyue 600 OperatingPropylene derivative,Acrylic acid etc.

Satellite Petchem 450 Operating Polypropylene

Sanyuan Petchem (JV O.E.)

450Operating

Propylene derivative,Acrylic acid etc.

Yangtze Petchem 600 OperatingPropylene derivative,Acrylic acid etc.

Wanhua Petchem 750 Operating Polypropylene

Hebei Haiwei 500Expected 2016

Polypropylene

Meide Petchem 660Expected 2016

Polypropylene

Ningbo Fortune (O.E.) 660Expected 2017

Polypropylene

Surge in Chinese PDH Adds to Global Demand

14

VLGC Day Rates Softer, yet Utilization Remains High

• Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for

seaborne transport continues to grow)

• Increased U.S. NGL production at ~$50 crude oil should help to stimulate exports

• Panama Canal expansion may reduce tonne miles near term but should help decrease costs to Asia and thus

increase arbitrage movements West to East in the long term

Drivers underlying current rate environment

15Source: Clarksons Research, Baltic Exchange

Baltic VLGC Daily Spot TCE Rates (M USD) Fleet Utilization

96%

89%

2015

2016

YTD

0

20

40

60

80

100

120

140

Daily VLGC Rate 4 Week Trailing Average 1 Year Trailing Average

Propane Divergence from Naphtha

Cost & Freight - Naphtha Asia vs. Saudi CP (USD)

16Source: Bloomberg, IHS

0.00

50.00

100.00

150.00

200.00

250.00

300.00

350.00

400.00

450.00

1/1/2016 2/1/2016 3/1/2016 4/1/2016 5/1/2016 6/1/2016 7/1/2016 8/1/2016 9/1/2016 10/1/2016

Cost & Freight Saudi CP Cost & Freight Naphtha Asia

• May was a record import month for China

• Typically takes 3+ months of price divergence before Petchem

crackers switch feedstocks

Panama Canal Expansion Theoretical Positive for Arbitrage

17

230 230 230

52.36 52.36 52.36

56 61 67

11.64 6.64 0.64

$-

$100

$200

$300

$400

$500

Price Terminal Cost Freight Cost Arbitrage

Houston-Chiba Arbitrage Analysis by Route (USD)

Current economics favor voyages through the Canal and may provide a catalyst to open the West-East

arbitrage

• The Neo-Panama Canal opened June 27th with first VLGC passage

• Reduction in voyage time ex. Houston-Chiba via:

• Cape of Good Hope = 40 days

• Panama Canal = 25 days

Source: FGE, Dorian LPG Analysis

Note: Theoretical arbitrage used to portray arbitrage effect; Mont Belvieu = $230 pmt vs Cif Japan = $350

Panama / Panama Panama / Cape Cape / Cape *Laden / Ballast

Competitive Advantages & Strategy

ECO-Vessels Built at World Class Korean Shipyards

Source: Hyundai Heavy Industries (HHI), MAN B&W, FT Maritime Services, Company, Managers

¹ Fuel saving assuming loaded condition at 16 knots and a HFO price ranging from USD 260-450/MT

Daily fuel savings between $2,000-3,5001

Optimized

Hull Design

Low Friction, Self Polishing Paint

Scrubber /

Scrubber Ready Babcock’s New LGE Cooling Plant

MAN B&W’s New G-Type Engine

44.046.1

36.538.4

25

30

35

40

45

50

55

Heavy Fuel Oil (HFO)Marine Gas Oil (MGO)

Traditional VLGC

Dorian ME-G type NB (ECO)

-17%-17%

Fuel Oil Consumption Analysis

19

VLGC fleet constructed at top tier yards

• 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 17 vessels at HHI since 2004 and

maintains a strong relationship with both HHI and

DSME

60%

7%

7%

13%

13%

Dorian newbuild deliveries by shipyard (2006-2016)

Fleet Designed to Meet Tomorrow’s Regulations

Source: International Maritime Organization

Note: Regulations established to limit SOx and particulate matter emissions; ECA means Emission Controls Areas

3 2 17

Existing With Scrubber Scrubber Ready

Dorian LPG has the youngest and most modern fleet of ECO VLGCs

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

20

Major Oil Companies Require Experienced Operators

Dorian LPG is a fully integrated LPG shipping

company with in-house commercial and technical

management services

• Dedicated, independent department for Health,

Safety, Security, Environment and Quality

• Meets requirements of the most demanding Oil

Majors

• US presence provides proximity to US based Oil

Majors and traders and easy access to US export

terminals

Working Safely

with Suppliers Award

Tanker Company

of the Year

Lloyd’s List 2014

Greek Shipping Awards

Long-standing customer relationships

21

“Our mission is to arrange safe, reliable and trouble free transportation”

Strategy for Creating Shareholder Value

Ensure fleet remains “best in class” and vessel operations are of the highest quality to

deliver superior customer service and low operating costs

Optimize chartering and revenue opportunity through further pooling arrangements and

time charters

Strong, moderately leveraged balance sheet creates opportunities to fund growth or pay

dividends

Active $100 mm stock buyback program in place

Select strategic partnership opportunities may offer meaningful and accretive growth

22

Balanced Chartering Strategy

FY 2017 Time Charter Coverage Spot Market Optimization

• Opportunistic approach to time chartering

• Four VLGCs currently on time charters

• Blue-chip counterparty relationships

27%

73%

Time Charter Spot

Significant commercial scale through Helios LPG Pool

• Founded by Dorian LPG and Phoenix Tankers in April

2015, the Helios Pool is the 2nd largest LPG pool

operator in the world

• Agreement with Oriental Energy Company, a major

PDH operator and LPG importer into China

• Helios Pool will operate 8 VLGCs for Oriental

Energy Company

• COA with Oriental Energy Company covering

LPG shipments from US Gulf Coast

• The Helios Pool currently manages 28 VLGCs,

inclusive of the vessels contributed by Oriental

Energy Company.

Return on Capital

Balance employment mix

Regular Employment

High fleet utilization

Risk Management

Strong counterparties

Responsive

To customers and the market

The 4 R’s for Customers & Shareholders:

23

Financials

Statement of Operations Data (USD)

Statement of Operations Data Three Months Ended

June 30, 2016

(Unaudited)

Three Months Ended

June 30, 2015

(Unaudited)

Revenues $ 50,515,776 $ 35,642,460

Voyage expenses 755,804 3,523,073

Vessel operating expenses 16,095,552 6,754,086

Impairment — —

General and administrative expenses 5,611,310 7,214,280

Loss on disposal of assets — 105,549

Other income—related parties 552,901 383,642

EBITDA 28,606,011 18,429,114

Depreciation and amortization 16,192,745 4,857,427

Operating income 12,413,266 13,571,687

Other income/(loss), net (13,704,387) 81,196

Net income $ (1,291,121) $ 13,652,883

Other Financial Data

Time charter equivalent rate (1) $ 26,398 $ 55,474

Daily vessel operating expenses (2) $ 8,040 $ 10,203

Adjusted EBITDA (3) $ 29,576,278 $ 19,400,254

(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 excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation

and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.25

Statement of Operations Data (USD)

Statement of Operations Data Year Ended

March 31, 2016

(Audited)

Year Ended

March 31, 2015

(Audited)

Revenues $ 289,207,829 $ 104,129,149

Voyage expenses 12,064,682 22,081,856

Vessel operating expenses 47,119,990 21,256,165

Management fees – related party — 1,125,000

Impairment — 1,431,818

General and administrative expenses 29,836,029 14,145,086

Loss on disposal of assets 1,125,395 —

Other income—related parties 1,945,396 93,929

EBITDA 201,007,129 44,183,153

Depreciation and amortization 42,591,942 14,093,744

Operating income 158,415,187 30,089,409

Other income/(loss), net (28,726,805) (4,828,627)

Net income $ 129,688,382 $ 25,260,782

Other Financial Data

Time charter equivalent rate (1) $ 55,087 $ 49,655

Daily vessel operating expenses (2) $ 8,581 $ 10,703

Adjusted EBITDA (3) $ 204,865,215 $ 47,346,202

(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 excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based compensation expense, impairment, and depreciation

and amortization expense and is used as a supplemental financial measure by management to assess our financial and operating performance.26

Balance Sheet Data (USD)

Balance Sheet Data June 30, 2016

(Unaudited)

June 30, 2015

(Unaudited)

Cash and cash equivalents $ 47,321,200 $ 134,715,783

Restricted cash, non-current 50,812,789 36,512,789

Total assets 1,818,212,387 1,240,826,724

Current portion of long-term debt 65,978,785 25,325,629

Long-term debt – net of current portion 731,833,039 299,577,256

Total liabilities 844,336,618 311,247,413

Total shareholders' equity $ 973,875,769 $ 887,763,681

27

Cash Flows Data (USD)

Cash Flows Data Three Months Ended

June 30, 2016

(Unaudited)

Three Months Ended

June 30, 2015

(Unaudited)

Net income $ (1,291,121) $ 13,652,883

Adjustments 22,629,829 (1,371,228)

Changes in operating assets and liabilities 8,443,351 13,652,883

Net cash provided by operating activities 29,782,059 16,892,807

Net cash used in investing activities (1,241,826) (207,434,058)

Net cash provided by financing activities (27,553,084) 120,341,194

Effects of exchange rates on cash and cash equivalents (77,911) 94,657

Net Increase/(decrease) in cash and cash equivalents $ 909,238 $ (70,105,400)

Cash Flows Data Year Ended

March 31, 2016(Audited)

Year Ended

March 31, 2015 (Audited)

Net income $ 129,688,382 $ 25,260,782

Adjustments 59,421,412 19,069,505

Changes in operating assets and liabilities (38,082,294) (18,707,067)

Net cash provided by operating activities 151,027,500 25,623,220

Net cash used in investing activities (910,414,841) (312,326,844)

Net cash provided by financing activities 601,090,409 213,694,591

Effects of exchange rates on cash and cash equivalents (112,289) (1,301,579)

Net decrease in cash and cash equivalents $ (158,409,221) $ (74,310,612)

28

Our Mission is to arrange safe, reliable and trouble free transportation