JUNE 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

1.6

9.6

0.0

2.0

4.0

6.0

8.0

10.0

12.0

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 June 1, 2016

Average Fleet Age (Years)*

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 and significant founder investment

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

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

4

3 Modern VLGCs

19 ECO VLGCs

3

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

0 M

10 M

20 M

30 M

40 M

50 M

60 M

70 M

80 M

90 M

100 M

2012 2013 2014 2015 YTD 2016

Jan-May Annual

Potential U.S. VLGC Liftings based on Terminal Capacity

-

10

20

30

40

50

60

70

2013 2014 2015 2016 2017 2018

6Source: IHS, Dorian LPG Analysis

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

US LPG prices have remained relatively low and

stimulated global price competition

• 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 should be

offset by increasing use of ethane and natural

gas

15.0% 18.8%25.3%

30.3%

51.0% 47.5%44.4%

42.4%

12.0% 10.9%10.1%

10.1%8.0% 10.9% 10.1% 8.1%

14.0% 11.9% 10.1% 9.1%

0%

20%

40%

60%

80%

100%

2013 2014 2015 YTD 2016

US ME N.Sea Med Other

7

100

300

500

700

900

1,100

Aug-1

3

Oct-

13

Dec-1

3

Feb

-14

Apr-

14

Jun-1

4

Aug-1

4

Oct-

14

Dec-1

4

Feb

-15

Apr-

15

Jun-1

5

Aug-1

5

Oct-

15

Dec-1

5

Feb

-16

Apr-

16

Jun-1

6

Mont Belvieu

Saudi CP

Algeria

North American LPG Export Capacity is Running Strong

Mil

lio

n M

T/Y

ea

r

Announced North American LPG 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 ‘ 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 0

5

10

15

20

25

30

2015 YE 2016 YE

Enterprise (Houston)

Targa (Houston)

Sunoco (Nederland)

Sunoco (MarcusHook)

Oxy (Ingleside)

Trafigura (CorpusChristi)

Phillips 66’ Terminal (Freeport, TX)

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

US Exports Hit Record Numbers in May

456

685

875

0

200

400

600

800

1,000

2014 2015 2016 YTD

US Exports by Year (MM bbl/day)

US VLGC Cargoes by Month

27 2730 29

3129 30

34

41

3633

31

52

0

10

20

30

40

50

60

9Source: IHS

US LPG Production Positive and Resilient at $50 Oil

10

Propane Production (M bbls/day)

Source: EIA, Dorian LPG Analysis

1,000

1,200

1,400

1,600

1,800

2,000

2012 2013 2014 2015 2016

0

500

1,000

1,500

2,000

2,500

1/1

/10

5/1

/10

9/1

/10

1/1

/11

5/1

/11

9/1

/11

1/1

/12

5/1

/12

9/1

/12

1/1

/13

5/1

/13

9/1

/13

1/1

/14

5/1

/14

9/1

/14

1/1

/15

5/1

/15

9/1

/15

1/1

/16

PADD1 PADD2 PADD3 PADD4 PADD5

Gas Production (M bbls/day)

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

0

1,000

2,000

3,000

4,000

5,000

6,000

7,000

1/1

/20

10

5/1

/20

10

9/1

/20

10

1/1

/20

11

5/1

/20

11

9/1

/20

11

1/1

/20

12

5/1

/20

12

9/1

/20

12

1/1

/20

13

5/1

/20

13

9/1

/20

13

1/1

/20

14

5/1

/20

14

9/1

/20

14

1/1

/20

15

5/1

/20

15

9/1

/20

15

1/1

/20

16

PADD1 PADD2 PADD3 PADD4 PADD5

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 their 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

4.0 M

8.0 M

11.3 M

0 M

2 M

4 M

6 M

8 M

10 M

12 M

2013 2014 2015

13Source: IHS

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

141

159

235

0

2,000

4,000

6,000

8,000

10,000

12,000

0

50

100

150

200

250

End 2013 End 2014 End 2015 End 2016 End 2017 AllPlanned

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, Fujain 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.) 660Beyond 2016

Polypropylene

Tianjin Bohai 2nd 600 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 significant impact to 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

inrcease arbitrage movements West to East in the long term

Drivers underlying current rate environment

15Source: Clarksons Research, Baltic Exchange

Baltic VLGC Rate (M USD)

20

40

60

80

100

120

140

Daily VLGC Rate 4 Week Trailing Average 1 Year Trailing Average

Fleet Utilization

96%

91%

2015

2016

YTD

Propane Divergence from Naphtha

CIF Naphtha vs. CIF Propane (Japan) (USD)

16

0

50

100

150

200

250

300

350

400

450

500

CIF Naphtha CIF Propane

• May was a record import month for China

• Typically takes 3+ months of price divergence before Petchem

crackers switch feedstocks

Source: Bloomberg

Panama Canal Expansion Positive for Arbitrage

17

230 230 230

52.36 52.36 52.36

56 61 67

11.64 6.64 0.64

0

100

200

300

400

500

Panama Panama/Cape Cape Cape

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 will open June 27th with first VLGC passage

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

• Cape of Good Hope = 40 days

• Panama Canal = 25 days

• Currently $11+ PMT Cost savings using the Panama Canal vs going around the Cape

Source: FGE, Dorian LPG Analysis

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

Board authorized $100 MM stock buyback program

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 32 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

March 31, 2016

(Unaudited)

Three Months Ended

March 31, 2015

(Unaudited)

Revenues $ 85,335,229 $ 35,333,108

Voyage expenses 652,841 7,182,709

Vessel operating expenses 16,640,832 6,843,991

Impairment — 1,431,818

General and administrative expenses 9,833,474 4,755,397

Loss on disposal of assets 1,109,846 —

Other income—related parties 794,469 93,929

EBITDA 57,982,705 15,213,122

Depreciation and amortization 15,894,060 4,626,024

Operating income 42,088,645 10,587,098

Other income/(loss), net (21,927,733) (1,758,847)

Net income $ 20,160,912 $ 8,828,251

Other Financial Data

Time charter equivalent rate (1) $ 46,376 $ 52,618

Daily vessel operating expenses (2) $ 8,350 $ 10,881

Adjusted EBITDA (3) $ 59,071,535 $ 17,284,084

(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 March 31, 2016

(Audited)

March 31, 2015

(Audited)

Cash and cash equivalents $ 46,411,962 $ 204,821,183

Restricted cash, non-current 50,812,789 33,210,000

Total assets 1,865,926,292 1,099,101,270

Current portion of long-term debt 66,265,643 15,677,553

Long-term debt – net of current portion 770,102,729 184,665,874

Total liabilities 880,327,055 225,887,011

Total shareholders' equity $ 985,599,237 $ 873,214,259

27

Cash Flows Data (USD)

Cash Flows Data Three Months Ended

March 31, 2016

(Unaudited)

Three Months Ended

March 31, 2015

(Unaudited)

Net income $ 20,160,912 $ 8,828,251

Adjustments 31,294,978 7,334,433

Changes in operating assets and liabilities 16,586,292 (12,333,901)

Net cash provided by operating activities 68,042,182 3,828,783

Net cash used in investing activities (54,540,207) (46,802,796)

Net cash provided by financing activities 10,662,579 65,337,831

Effects of exchange rates on cash and cash equivalents 212,489 (346,805)

Net Increase/(decrease) in cash and cash equivalents $ 24,377,043 $ 22,017,013

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