Dorian LPG (LPG) Investor presentation summary

Strategic positioning and market leadership

• Leading operator in LPG shipping with a modern, fuel-efficient fleet of 25 vessels, including 15 scrubber-equipped ECO VLGCs and six dual-fuel ECO VLGCs.

• Co-manages the Helios LPG Pool, a 50/50 partnership with MOL Energia, operating 29 vessels to optimize global LPG maritime solutions.

• Average fleet age is 10.4 years, younger than the global average of 11.5 years, supporting operational efficiency.

• U.S. is the dominant LPG exporter, with China and India as top importers, supporting long-haul trade and VLGC demand.

Environmental initiatives and fleet optimization

• Achieved a 2025 Annual Efficiency Ratio (AER) of 6.24, outperforming the IMO trajectory value of 6.96.

• Dedicated team implements energy-saving retrofits and real-time data monitoring to reduce emissions.

• Sustainability-linked debt facility aligns financing with environmental performance.

• Decarbonization framework targets 5–50% emissions reduction through technical, operational, and commercial measures.

Market dynamics and global trade

• U.S. LPG supply remains robust due to infrastructure expansion and high gas-to-oil ratios, keeping prices competitive.

• Middle East supply disruptions have shifted demand to U.S. exporters, increasing ton-mile demand and tightening vessel availability.

• Asia accounts for 63% of seaborne LPG demand, with a temporary dip in 2026 expected to rebound in 2027 as regional tensions ease.

• New PDH plants and infrastructure projects in China and India are driving long-term LPG demand growth.