Financial information

Dorian LPG Ltd. provide an update

STAMFORD, Conn., May 19, 2022 /PRNewswire/ — Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”) today updated its financial and operating outlook for the quarter ended March 31, 2022. The Company plans to issue a press release on Thursday, May 26, 2022 before market open, announcing its financial results for the quarter and year ended March 31, 2022.

Earnings Conference Call

A conference call to discuss the results will be held on Thursday May 26, 2022 at 10:00 a.m. ET. The conference call can be accessed live by dialing 1-877-407-9716 or, for international callers, 1-201-493-6779, and requesting to join the Dorian LPG call.

A live webcast of the conference call will also be available in the investors section of www.dorianlpg.com.

A replay will be available at 1 p.m. ET the same day and can be accessed by dialing 1-844-512-2921 or, for international callers, 1-412-317-6671. The access code for the replay is 13730154. The replay will be available until June 2, 2022, at 11:59 p.m. ET.

Outlook for the quarter ended March 31, 2022

The following unaudited financial data for the quarter ended March 31, 2022, is preliminary and based on information currently available to the Company. The financial data has been prepared by and is the responsibility of the management of the Company and does not present all the information necessary to understand the financial position of the Company as at March 31, 2022and its operating results for the three months ended March 31, 2022. Based on the information available to the Company at this time, the Company expects that for the quarter ending March 31, 2022:

Equivalent charter time (1) income is between

$77,500,000 $79,500,000

Vessel operating expenses (including drydock expenses) must be between

$16,300,000 $18,300,000

Charter rental fees

$5,300,000 $5,500,000

General and administrative expenses

(Including stock-based compensation and certain cash bonuses)

$6,500,000 — $7,500,000

Calendar days

1,845

Time charter days

180

Available days

2,025

Operating days

1,809

Use rate

89.3%

(1) Time Charter Equivalent (“TCE”) is a non-US GAAP measure. See the reconciliation of TCE’s revenue and revenue included in this press release below.

The Company has not finalized its financial statement closing process for the quarter ended March 31, 2022. During this process, the Company may identify items that would require adjustment, which may be material to the information provided. Accordingly, the information provided constitutes forward-looking statements and is subject to risks and uncertainties, including possible adjustments to the preliminary results disclosed. The Company is providing this information only once and does not intend to update this information for future periods. Except as otherwise provided herein, capitalized terms used herein but not otherwise defined herein shall have the meanings set forth in the Company’s Annual Report on Form 10-K.

Reconciliation with non-GAAP financial information

Time charter equivalent revenue

TCE revenue is a non-US GAAP shipping industry measure of a vessel’s revenue performance used primarily to compare period-to-period changes in vessel performance. a shipping company despite changes in the combination of charter types (such as time charters, voyage charters) under which vessels may be employed between periods. The company’s method of calculating TCE’s revenue is to subtract travel expenses from shipping revenue for the relevant period, which may not be calculated in the same way by other companies.

TCE’s revenue is not a recognized measure under US GAAP and should not be considered a substitute for revenue. The Company’s presentation of TCE’s revenues does not imply, and should not be construed as an inference, that its future results will not be affected by unusual or non-recurring items and should not be considered in isolation or as a substitute to a performance measure prepared in accordance with US GAAP.

The following table provides a reconciliation of TCE’s revenues and revenues (unaudited) for the period presented:

Three months completed

(In US dollars)

March 31, 2022 (2)

Revenue

$

79,600,000

Trip costs

(1,100,000)

TCE turnover

$

78,500,000

(2) Based on the midpoint of the preliminary projection for the fourth quarter ended March 31, 2022included here.

Finalization of the Japanese financing transaction for VLGC Puma

On May 19, 2022the company made the $70 million sale-leaseback of its VLGC built in 2015 Puma. The transaction generated $50 million in net proceeds, of which $20.1 million was used to prepay a portion of the 2015 RA facility (including interest and fees) and the balance will be available for general corporate purposes. The financing has a term of 10 years with purchase options starting in May 2025amortizes the principal of $900,000 per quarter and bears an interest rate of 2.45% above the 3-month guaranteed overnight rate.

Forward-Looking Statements and Other Cautions

This press release contains “forward-looking statements”. Statements of a predictive nature, which depend on or refer to future events or conditions, or which include words such as “expects”, “anticipates”, “intends”, “plans”, “believes” , “estimates”, “projects”, “forecasts”, “may”, “will”, “should” and similar expressions are forward-looking statements. These statements are not historical facts but rather represent expectations and observations only. Company’s current information regarding future results, many of which, by their nature, are inherently uncertain and beyond the Company’s control. Where the Company expresses an expectation or belief regarding future events or results, such expectation or belief is expressed in good faith and believed to have a reasonable basis.However, the Company’s forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results differ materially from the future results expressed, projected or implied by these forward-looking statements. The Company’s actual results may differ, perhaps materially, from those anticipated in these forward-looking statements due to certain factors, including changes in the Company’s financial resources and operating capabilities and due to certain other factors listed from time to time in the Company’s filings with the United States Securities and Exchange Commission. For more information on the risks and uncertainties associated with Dorian LPG’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of the filings. with the SEC by Dorian LPG, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. The Company assumes no obligation to update the information contained in this press release.

About Dorian LPG Ltd.

Dorian is a principal owner and operator of 22 Very Large Modern Green Gas Carriers (“VLGCs”) and has offices in Stamford, Connecticut, United States; Copenhagen, Denmark; and Athens, Greece.

Visit our website at www.dorianlpg.com. Information on the Company’s website does not form part of, and is not incorporated by reference into, this press release.

For more information:

Dorian LPG Ltd.
Ted Young
Financial director
(203) 674-9900
[email protected]

Source: Dorian LPG Ltd.

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