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Here are 1-3 brief analogies to describe Dorian LPG:

• Imagine Maersk, but exclusively for giant tankers carrying liquefied petroleum gas.
• They're essentially the ocean-going equivalent of a pipeline company, but for moving liquefied petroleum gas around the world by ship.

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• Liquefied Petroleum Gas (LPG) Transportation: The company provides global shipping services for liquefied petroleum gas (LPG) using its fleet of Very Large Gas Carriers (VLGCs).

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Dorian LPG (LPG) primarily provides transportation services for liquefied petroleum gas (LPG) to other companies. Its major customers fall into the following categories:

• Major energy companies
• Trading houses (commodity traders)
• Petrochemical companies

Dorian LPG's public filings indicate that while their customer base is composed of these types of businesses, no single customer consistently accounts for 10% or more of their total revenues, and therefore specific customer names are not disclosed.

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John C. Hadjipateras, Chairman, Chief Executive Officer and President

Mr. Hadjipateras has been actively involved in the management of shipping companies since 1972. From 1972 to 1992, he was the Managing Director of Peninsular Maritime Ltd. in London, and subsequently served as President of Eagle Ocean, which provided chartering, sale and purchase, protection and indemnity insurance, and shipping finance services. He has served as Chairman, President, and Chief Executive Officer of Dorian LPG Ltd. since its inception in July 2013. Mr. Hadjipateras was also a director of SEACOR Holdings Inc., a global provider of marine transportation equipment and logistics services, from 2000 to 2013.

Theodore B. Young, Chief Financial Officer and Treasurer

Mr. Young has served as Chief Financial Officer and Treasurer of Dorian LPG Ltd. since July 2013. Prior to joining Dorian LPG, he was Head of Corporate Development for Eagle Ocean from 2011 to 2013. From 2004 to 2011, Mr. Young was a Senior Managing Director and a member of the Investment Committee at Irving Place Capital (IPC), where he focused on investments in the industrial, transportation, and business services sectors. Before his time at IPC, he was a Principal at Harvest Partners, a New York-based middle market buyout firm, from 1997 to 2004, where he was active in industrial transactions and multinational investment strategy. Prior to his career in private equity, Mr. Young worked as an investment banker with Merrill Lynch & Co. and SBC Warburg Dillon Read.

Alexander C. Hadjipateras, Chief Operating Officer

Mr. Hadjipateras serves as the Chief Operating Officer of Dorian LPG Ltd. He has served as Senior Executive Vice President of Dorian LPG (USA) LLC and Managing Director of Dorian LPG Management Corp. (Athens) since July 2022, and previously held the role of Executive Vice President of Business Development. His primary areas of focus include commercial strategy, sale and purchase, and the management of the company's operations in Athens, Greece. Mr. Hadjipateras has been involved in managing Dorian's Aframax and VLGC newbuilding programs and has participated in Aframax spot chartering. Before joining the company, Mr. Hadjipateras worked as a Business Development Manager at Avenue A / Razorfish, a digital consultancy and ad-agency.

Tim Hansen, Chief Commercial Officer/Director Dorian LPG (DK) ApS

Mr. Hansen joined Dorian LPG in 2014 as Chartering Manager and became the Managing Director for the Helios LPG Pool London Office in 2015. He began his career at sea with A.P. Moeller Maersk, rising through the ranks on tankers, container, and dry cargo vessels, concluding his seafaring career as captain of various sized LPG carriers. Mr. Hansen also holds the rank of Lieutenant in the Royal Danish Navy.

John C. Lycouris, Head of Energy Transition; CEO, Dorian LPG (USA) LLC

Mr. Lycouris serves as Head of Energy Transition and is a director of Dorian LPG Ltd. He has served as Chief Executive Officer of Dorian LPG (USA) LLC and a director of Dorian LPG Ltd. since its inception in July 2013. Previously, Mr. Lycouris was a Director and VP/Treasurer of Eagle Ocean, Inc. and Eagle Ocean Transport, Inc. beginning in 1993.

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The key risks to Dorian LPG's business include:

1. Market Rate Fluctuations and Freight Rate Volatility: Dorian LPG's revenue and earnings stability are highly susceptible to fluctuations in market rates for liquefied petroleum gas (LPG) shipping. The very large gas carrier (VLGC) spot rates are notoriously cyclical and sensitive to downturns, impacting the company's ability to predict and secure favorable charter rates.

2. Vessel Supply Growth and Overcapacity: The entry of new VLGCs into the market, with a significant number slated for 2026, poses a risk of oversupply. If demand growth does not keep pace with this increase in fleet capacity, it could put downward pressure on freight rates and ultimately affect earnings.

3. Regulatory and Environmental Pressures: The shipping industry, including LPG transportation, faces increasing regulatory and environmental demands to reduce emissions and adopt cleaner technologies. Dorian LPG must invest in eco-friendly solutions and compliance measures; failure to adapt to these changes could result in operational restrictions, increased costs, and potentially impact the company's market position.

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The clear emerging threat for Dorian LPG stems from the accelerating global push for decarbonization within the shipping industry. While Dorian LPG has invested in LPG dual-fuel vessels, these are considered "bridge fuels" as they still emit carbon. The emerging threat is the rapid development and potential mandatory adoption of **truly zero-carbon propulsion technologies and fuels (e.g., green ammonia, green hydrogen, methanol)** for maritime shipping. This could lead to a situation where existing VLGCs, even those capable of burning LPG as fuel, become less competitive, face stricter operational limitations, or suffer accelerated asset devaluation if they cannot meet future, more stringent zero-emission targets or if the market begins to demand zero-emission transport solutions more aggressively.

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Expected Drivers of Future Revenue Growth for Dorian LPG (LPG)

1. Growing Global LPG Demand, Particularly in Asia: The increasing global demand for LPG, driven by its adoption as a cleaner alternative to traditional fuels, especially in regions like Asia (China and India), is a significant growth driver. Global LPG consumption is projected to grow annually, necessitating increased seaborne transportation. This rising demand directly translates to a greater need for Very Large Gas Carriers (VLGCs) to transport these volumes.
2. Increased LPG Exports from the United States and the Middle East: Higher exports from major supply centers such as the United States and the Middle East are expected to bolster the LPG trade. The LPG trade is projected to rise, supported by these increased export volumes. This sustained growth in exports provides a consistent flow of cargo for Dorian LPG's fleet.
3. Favorable Trade Policies and Stabilized Geopolitical Landscape: The resolution or easing of trade disputes and the stabilization of geopolitical factors can positively impact LPG trade flows. For instance, the US-China 12-month tariff truce is anticipated to boost LPG trade between the two countries, despite lingering tariffs. A clearer and more stable trade policy environment helps reduce market volatility and encourages increased spot market activity.
4. Operational Efficiency and Modern Fleet with Advanced Technologies: Dorian LPG's focus on maintaining a modern and technologically advanced fleet contributes to revenue growth through enhanced efficiency and competitiveness. The company operates vessels equipped with emissions-reducing scrubbers and dual-fuel technology, which can lead to cost savings through favorable fuel differentials and potentially higher utilization due to environmental compliance. The company's fleet, including newbuilds, incorporates advanced emission control technologies.
5. Strategic Fleet Expansion: Dorian LPG's continued fleet expansion, including the delivery of new Very Large Gas Carriers (VLGCs) or Very Large Ammonia Carriers (VLACs), directly contributes to its carrying capacity and potential revenue. The company is set to take delivery of a new 93,000-m³ VLGC/VLAC newbuild in March 2026, which is equipped with LPG dual-fuel engines and hybrid scrubber systems, further enhancing its modern fleet capabilities. This expansion allows the company to capitalize on economies of scale for long-haul LPG transportation.

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Share Repurchases

• Dorian LPG's board authorized a $100 million share repurchase program in 2022.
• The company repurchased $6.267 million in shares during fiscal year 2025, $3.94 million in fiscal year 2024, and $1.67 million in fiscal year 2023.
• As of December 31, 2025, total repurchases under the 2022 authorization amounted to $9.7 million for 430,511 shares.

Share Issuance

• Dorian LPG issued 2,000,000 common shares at $44.50 per share, resulting in approximately $89.0 million in gross proceeds, during the fiscal year ended March 31, 2025.

Capital Expenditures

• For the fiscal year ending March 2026, Dorian LPG anticipates budgeting approximately $12 million for dry docking eight vessels.
• The company made two progress payments of approximately $12 million each in September and December 2025 for a newbuilding.
• Dorian LPG's capital allocation includes investing in fleet renewal and expansion, notably the construction of a new VLGC/Ammonia Carrier (93,000 cubic meter capacity) for delivery in the second calendar quarter of 2026, capable of transporting both LPG and ammonia.