Agenda

Page

[ C L I E N T N A M E ]

Presentation2

Alexander Hadjipateras

Executive Vice President of Business Development

November 12, 2014

1

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.

TODAY

DORIAN LPG BACKGROUND

CHARTERING MARKET

SUPPLY SIDE DYNAMICS & ETHANE

CONCLUDING REMARKS

1

2

3

4

Entry into LPG 2002

Fleet

5 VLGCs (2 ECO & 3 Modern)17 ECO VLGCs NBs (2014 – 2016)1 Pressurized LPG carrier

ManagementFully Integrated, In-house Commercial & Technical management

Chartering strategyBalanced mix of time charters and spot exposure, targeting high quality counterparties

Key Counterparties

Highlights Youngest and largest ECO VLGC fleet

Overview

VLGC Vessel Count

5 6

2022

Current Fleet Jan 2015 End 2015 Jan 2016

Average Age (Years)

+1

+14+2

End of 2014 End of 2015

3.6

1.6

4

� 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

� May 2014: Successful IPO on the NYSE

� Dorian LPG is headquartered in giving it proximity to

major US LPG exporters

OverviewOverview TimelineTimeline

Source: Dorian LPG

London, UK

Offices

Headquarters

Stamford, USA

Piraeus, Greece

July 2013: Ordered 3 ECO VLGCs at HHI

1906: Family purchased first steamship, the

Marietta Ralli

1980s: Completed tonnage renewal program

1959: John C. Hadjipateras & Sons entered the tanker market

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

1950s: Orient Mid-East Lines pioneered sailings from Great Lakes to Far East

2005-2006:Placed order for 4xVLGCs at HHI, Korea

November 2013: Acquired 13 VLGC NBs from STNG

February 2014: Exercised option for 3 additional VLGCs

May 2014: Successful IPO on the NYSE July 2014: Delivery of

NB VLGC “Comet”

Sep. 2014: Delivery of NB VLGC “Corsair”

Evolution of Dorian LPG

5

Dorian LPG – Present VLGC Fleet

Dorian LPG – NB Fleet

DORIAN LPG VESSELS ON ORDER

Type Name/Hull# CBM Due Yard Flag Engine

ECO VLGC CORVETTE 84,000 2015 Hyundai HI Bahamas ME-G Type

ECO VLGC COUGAR 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC COBRA 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC CONTINENTAL 84,000 2015 Hyundai HI Bahamas ME-G Type

ECO VLGC CONCORDE 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC CONSTITUTION 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC COMMODORE 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC CRESQUES 84,000 2015 Daewoo SME Bahamas ME-G Type

ECO VLGC CONSTELLATION 84,000 2015 Hyundai HI Bahamas ME-G Type

ECO VLGC CHEYENNE 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC CRATIS 84,000 2015 Daewoo SME Bahamas ME-G Type

ECO VLGC CLERMONT 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC CHAPARRAL 84,000 2015 Hyundai HI Bahamas ME-G Type

ECO VLGC COMMANDER 84,000 2015 Hyundai SHI Bahamas ME-G Type

ECO VLGC COPERNICUS 84,000 2015 Daewoo SME Bahamas ME-G Type

ECO VLGC CHALLENGER 84,000 2016 Hyundai SHI Bahamas ME-G Type

ECO VLGC CARAVEL 84,000 2016 Hyundai SHI Bahamas ME-G Type

Source: Clarksons

VLGC Newbuild Deliveries by Shipyard 2006-2016

�Dorian has built 10 vessels at HHI since 2004 and maintains a strong relationship

�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

*

60%

7%

7%

13%

13%

NB Fleet Built at World Class Shipyards

DORIAN LPG BACKGROUND

CHARTERING MARKET

SUPPLY SIDE DYNAMICS & ETHANE

CONCLUDING REMARKS

1

2

3

4

Chartering Market

9

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

Oil production and refining (~40%)

Gas production (~60%)

VLGCs

Cooking /Heating

Autogas

Chemical

Industrial

Other

Refinery

Source: Poten & PartnersR

eta

il m

ark

et

60%

Bulk

mark

et

40%

The most cost effective means of long haul LPG transportation

VLGCs – Critical Link � Global Supply Chain

Baltic VLGC Rate:

Dayra

te i

n U

SD/d

ay

� 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

Key Drivers of Rate Strength

-

20,000

40,000

60,000

80,000

100,000

120,000

140,000

160,000

VLGC TCE

6-Month Trailing Average

3-Year Trailing Average

VLGC Day Rates at Record Levels

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11

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

� 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.

This should enhance Dorian LPG’s access to the Chinese market and Chinese LPG importers, significantly improving its access in this growing market.

Dorian & Phoenix Pool & HNA Logistics Partnership

44.046.1

36.538.4

25

30

35

40

45

50

55

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 620/MT for HFO (Basis AG-East round trip voyage, including port days)

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

Average daily fuel savings of >$4,0001

Optimized Hull Design

Optimized Hull Design

Babcock’s New LGE Cooling Plant

� Greater Re-liquefaction Efficiency

� Ethane in LPG Mix: 8% vs. 2.5%

� Cargo Combinations: 16 vs. 8

� Cooling Capability: -52º vs. -48ºC

Traditional VLGC

Dorian ME-G type NB (ECO)

-17%

MAN B&W’s New G-Type Engine

� Electronic Engine Control

� De-rated, Long Stroke Design� Improved Propeller Design

Low Friction, Self Polishing Paint

-17%

Fuel Oil Consumption Analysis

Scrubber /Scrubber Ready

Eco Vessel: What does it mean?

13ECA: Emission Control Areas

Source: International Maritime Organization

Note: Regulations established to limit SOx and particulate matter emissions

3 17 2

Existing Scrubber Ready Scrubber -Already Declared

Dorian LPG NB 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

New Environmental Regulations

DORIAN LPG BACKGROUND

CHARTERING MARKET – WHERE ARE WE TODAY?

SUPPLY SIDE DYNAMICS & ETHANE

CONCLUDING REMARKS

1

2

3

4

Supply Side Dynamics and Ethane

0

20

40

60

80

2012 2013 2014 2015 2016 2017

VLGC lifting equivalent, per month

Source: EIA, Bloomberg, Poten & Partners

US LPG Export Terminal Capacity

*Primary VLGC exporting terminals, beyond 2015

New Price Competition

0

10

20

30

2011 2012 2013 2014 2015 2016 2017

mm t/y

Enterprise – Houston*

Targa - Galena Park*

P66 – Freeport*

Sunoco – Marcus Hook*

Sunoco – Nederland*

Occidental – Ingleside*

Trafigura – Corpus Christi

Petrogas – Ferndale*

DCP - Chesapeake

Sea 3 - Newington

� 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

� Production, in excess of domestic demand, has

kept US 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

VLGC Equivalent Liftings per Month

U.S. Supply Growth Making LPG More Competitive

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- Yards are eager to build VLECs

- 15 year contract required to consider NB

- Mid size Ethane order book already >30

vessels

- Sunoco Marcus Hook well positioned to

capture excess Marcellus Ethane and move it

to Europe before moving it to the Gulf

- Majority of Gulf Coast Ethane will be put into

ethylene crackers by 2018-2019

- If SXL and EDP export at full capacity

(250mbpd- we expect there to be only 100-

200mbpd more supply for exports (depending

on rejection)

8%

22%

70%Ethane

C3/C4

Naptha

- 300mbp ethane demand could be generated by converting 1/4th of North West Europe cracking capacity to ethane feedstock

- However, refinery ties and substantial conversion costs are a major challenge to overcome

Supply Side: Maturing Quickly: Demand Side: Development is Costly and Complicated

Ethane Exports

DORIAN LPG BACKGROUND

CHARTERING MARKET – WHERE ARE WE TODAY?

SUPPLY SIDE DYNAMICS

CONCLUDING REMARKS

1

2

3

4

Concluding Remarks

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U.S. Exports are coming on stream and on schedule

Favorable pricing has resulted in a fundamental shift in trade flows

Demand from China and India has helped absorb increased supply

ECO savings are a reality and we are seeing them in action

Dorian will look to opportunistically capitalize on growth opportunities

Further consolidation can be expected in the form of pools

1

2

3

4

5

6

Concluding Remarks

www.dorianlpg.com