Dorian LPG (LPG) Pareto Securities 33rd Annual Energy Conference Presentation summary

Company overview and fleet profile

• Operates a modern, fuel-efficient fleet of 19 owned/bareboat-chartered VLGCs, with a total commercial footprint of 24 vessels and co-management of the Helios LPG Pool, which operates 28 vessels globally.

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

• 15 vessels are scrubber-fitted, enhancing environmental compliance and operational efficiency.

Market trends and supply dynamics

• Permian oil and gas production is increasing in NGL yields, supporting future LPG supply growth.

• North America is leading LPG export capacity growth, with significant new capacity coming online through 2030.

• Middle East projects are expected to boost supply and exports by 40% from 2026 to 2030, though subject to timing risks.

Demand drivers and trade flows

• PDH (propane dehydrogenation) trade growth is outpacing steam cracker growth, supporting long-term LPG demand.

• China and India are major demand centers, with new PDH and steam cracker projects expected to further increase LPG consumption.

• Global LPG supply is shifting westward as U.S. exports rise and Arabian Gulf liftings decline sharply.