<SEC-DOCUMENT>0000919574-20-003146.txt : 20200505
<SEC-HEADER>0000919574-20-003146.hdr.sgml : 20200505
<ACCEPTANCE-DATETIME>20200505172001
ACCESSION NUMBER:		0000919574-20-003146
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20200429
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200505
DATE AS OF CHANGE:		20200505

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			DORIAN LPG LTD.
		CENTRAL INDEX KEY:			0001596993
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			1T
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36437
		FILM NUMBER:		20850178

	BUSINESS ADDRESS:	
		STREET 1:		27 SIGNAL ROAD
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06878
		BUSINESS PHONE:		203-978-1234

	MAIL ADDRESS:	
		STREET 1:		27 SIGNAL ROAD
		CITY:			STAMFORD
		STATE:			CT
		ZIP:			06878
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d8532741_8-k.htm
<TEXT>
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    <div style="text-align: center; color: #000000; font-weight: bold;">UNITED STATES</div>
    <div style="text-align: center; color: #000000; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; color: #000000;">Washington, D.C. 20549</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">FORM 8-K</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">CURRENT REPORT</div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000; font-weight: bold;">Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">Date of Report (Date of earliest event reported): <font style="font-weight: bold;">April 29, 2020</font></div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z95d06daed59d4104a541ef0de57d68a3" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 37.19%; vertical-align: bottom;">&#160;</td>
          <td style="width: 24.83%; vertical-align: bottom;">&#160;</td>
          <td style="width: 37.98%; vertical-align: bottom;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="text-align: center; color: #000000; font-weight: bold;">DORIAN LPG LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;" colspan="3">
            <div style="text-align: center; color: #000000; font-style: italic;">(Exact name of registrant as specified in its charter)</div>
            <div style="text-align: center; color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Republic of the Marshall Islands</div>
          </td>
          <td style="width: 24.83%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">001-36437</div>
          </td>
          <td style="width: 37.98%; vertical-align: bottom;">
            <div style="background-color: #FFFFFF;">
              <div style="text-align: center; color: #000000; font-weight: bold;">66-0818228</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.19%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-style: italic;">(State or other jurisdiction of incorporation or organization)</div>
          </td>
          <td style="width: 24.83%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-style: italic;">(Commission File Number)</div>
          </td>
          <td style="width: 37.98%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-style: italic;">(IRS employer identification no.)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.19%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 24.83%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 37.98%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.19%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">c/o Dorian LPG (USA) LLC, 27 Signal Road, Stamford, Connecticut</div>
          </td>
          <td style="width: 24.83%; vertical-align: bottom;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 37.98%; vertical-align: bottom;">
            <div style="text-align: center; color: #000000; font-weight: bold;">06902</div>
          </td>
        </tr>
        <tr>
          <td style="width: 37.19%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-style: italic;">(Address of principal executive offices)</div>
          </td>
          <td style="width: 24.83%; vertical-align: top;">
            <div style="color: #000000;">&#160;</div>
          </td>
          <td style="width: 37.98%; vertical-align: top;">
            <div style="text-align: center; color: #000000; font-style: italic;">(Zip Code)</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">(Registrant&#8217;s telephone number, including area code):<font style="font-style: italic;">&#160;</font>(203) 674-9900</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center; color: #000000;">(Former Name or Former Address, if Changed Since Last Report): None</div>
    <div><br>
    </div>
    <div style="color: #000000;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any
      of the following provisions (see General Instruction A.2. below):</div>
    <div><br>
    </div>
    <div><font style="color: #000000;">[_]</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>
    <div><font style="color: #000000;">[_]</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>
    <div><font style="color: #000000;">[_]</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>
    <div><font style="color: #000000;">[_]</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 6pt;">&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>
    <div><br>
    </div>
    <div style="color: #000000;">Securities registered pursuant to Section 12(b) of the Act:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" id="zf55f3970da1340f3abf8f7d48b63a1c2" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 25.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;Title of each class</div>
          </td>
          <td style="width: 25.03%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;Trading Symbol(s)</div>
          </td>
          <td style="width: 49.07%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;Name of each exchange on which registered</div>
          </td>
        </tr>
        <tr>
          <td style="width: 25.9%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;Common stock, par value $0.01 per share</div>
            <div>&#160;</div>
          </td>
          <td style="width: 25.03%; vertical-align: top; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;LPG</div>
            <div>&#160;</div>
          </td>
          <td style="width: 49.07%; vertical-align: top; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);">
            <div style="color: #000000;">&#160;New York Stock Exchange</div>
            <div>&#160;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div><font style="color: #000000;">Indicate by check mark whether the registrant is an emerging
        growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).&#160; Emerging growth company</font><font style="color: #000000;">&#160;</font><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div><br>
    </div>
    <div><font style="color: #000000;">If an emerging growth company, indicate by check mark if the
        registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. </font><font style="font-family: 'Segoe UI Symbol', sans-serif;">&#9744;</font></div>
    <div><font style="color: #000000;"> </font><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 1.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Entry into a Material Definitive Agreement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; color: #000000;">The information included in Item 2.03 of this Current Report on Form 8-K is hereby incorporated by reference into this Item
      1.01.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z8016b2dce0004861a48450fb3109df6f" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 2.03</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">On May 5, 2020, Dorian LPG Ltd. (the &#8220;Company&#8221;) announced the closing of the refinancing of the commercial tranche of
      the $758 million debt financing facility that the Company entered into in March 2015.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Company&#8217;s press release (the &#8220;Press Release&#8221;) announcing the aforementioned financing transaction is attached hereto
      as Exhibit 99.1 and is incorporated herein by reference.</div>
    <div><br>
    </div>
    <div>
      <div>
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            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 8.01</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Other Events</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="text-align: justify; text-indent: 45.8pt; color: #000000;">&#160;</div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Company also announced on May 5, 2020 (i) the completion of a $71.5 million sale and bareboat charter arrangement
      for its 2015-built VLGC <font style="font-style: italic;">Cresques</font>, (ii) that the vessels <font style="font-style: italic;">Cratis</font> and <font style="font-style: italic;">Cheyenne</font> were recently scrubber retrofitted including special survey works and are now are back in service bringing
      the Company fleet total of scrubber operating vessels to nine and (iii) that it has repurchased over $32.2 million of its common stock, or 3 million shares, at an average price of $10.77 per share during the quarter ended March 31, 2020, bringing
      total repurchases under its $100 million authorization to $49.3 million.</div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: 36pt; color: #000000;">The Press Release announcing the foregoing events is attached hereto as Exhibit 99.1 and is incorporated herein by
      reference.</div>
    <div><br>
    </div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" id="z70ac4a0abf8443629a3edec7b2d9e74b" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 72pt; vertical-align: top; align: right; color: #000000; font-weight: bold;">Item 9.01.</td>
              <td style="width: auto; vertical-align: top;">
                <div style="color: #000000; font-weight: bold;">Financial Statements and Exhibits</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
    <div><font style="color: #000000;">(d)</font><font id="TRGRRTFtoHTMLTab" style="text-indent: 0px; font-size: 5.14pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color: #000000;">Exhibits</font></div>
    <div style="background-color: #FFFFFF;">
      <div><br>
      </div>
    </div>
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        <tr>
          <td style="width: 15%; vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 35%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid black;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Exhibit Number</div>
          </td>
          <td style="width: 50%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid black;">
            <div style="text-align: center; color: #000000; font-weight: bold;">Description</div>
          </td>
          <td style="width: 35%; vertical-align: top; background-color: rgb(255, 255, 255); border-bottom: 2px solid black;" colspan="1">&#160;</td>
        </tr>
        <tr>
          <td style="width: 15%; vertical-align: top;">
            <div style="background-color: #FFFFFF;">
              <div style="text-align: center;">99.1</div>
            </div>
          </td>
          <td style="width: 50%; vertical-align: top;">
            <div style="background-color: #FFFFFF;">
              <div><a href="d8532741_ex99-1.htm">Press Release dated May
                  5, 2020</a></div>
            </div>
          </td>
          <td style="width: 35%; vertical-align: top;" colspan="1">&#160;</td>
        </tr>

    </table>
    <div><br>
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    <div><br>
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    <div><br>
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    <div style="color: #000000;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
      the undersigned, thereunto duly authorized.</div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" id="z33c61d62f29a48758ab6f8445992df5a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

        <tr>
          <td style="width: 50%; vertical-align: top;">
            <div style="color: #000000;">May 5, 2020</div>
          </td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">
            <div style="color: #000000; font-weight: bold;">DORIAN LPG LTD.</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">
            <div style="color: #000000;">(registrant)</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">
            <div style="color: #000000;">By:</div>
          </td>
          <td style="width: 45.64%; vertical-align: top; border-bottom: #000000 2px solid;">
            <div style="color: #000000;">/s/ Theodore B. Young</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">
            <div style="background-color: #FFFFFF;">
              <div style="color: #000000;">Theodore B. Young</div>
            </div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">
            <div style="color: #000000;">Chief Financial Officer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
          <td style="width: 4.36%; vertical-align: top;">&#160;</td>
          <td style="width: 45.64%; vertical-align: top;">&#160;</td>
        </tr>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d8532741_ex99-1.htm
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Seward & Kissel LLP
         Document created using EDGARfilings PROfile 6.4.0.0
         Copyright 1995 - 2020 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div> <br>
  </div>
  <div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify; margin-bottom: 7.5pt; font-weight: bold;">Dorian LPG Ltd. Announces Closing of Two Financing Transactions: Refinancing of Commercial Tranche of 2015
        Facility and Japanese Financing of 2015-built VLGC <font style="font-style: italic;">Cresques</font>; Provides Drydocking Update and Share Repurchase Information</div>
      <div><br>
      </div>
    </div>
    <div style="background-color: #FFFFFF;">
      <div style="text-align: justify;">STAMFORD, Conn.,&#160;May 5, 2020&#160;/PRNewswire/ --&#160;Dorian LPG Ltd. (NYSE: LPG) (the "Company" or "Dorian LPG"), a leading owner and operator of modern and ECO
        very large gas carriers (&#8220;VLGCs&#8221;), <font style="color: #000000;">today announced the closing of two significant debt financing transactions, underscoring its ability to source
          attractively priced and structured capital in the current challenging environment.</font></div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">As part of a refinancing of the $758 million debt financing facility that the Company entered into in March 2015 (the &#8220;2015 Facility&#8221;),
        Credit Agricole Corporate Investment Bank (&#8220;Credit Agricole&#8221;) and Skandinaviska Enskilda Banken AB (publ) (&#8220;SEB&#8221;) became new lenders to the Company and served as Bookrunners.&#160; ABN AMRO Capital USA (&#8220;ABN&#8221;) served as Administrative Agent and
        Sustainability Coordinator and, together with ING Bank N.V., London Branch (&#8220;ING&#8221;), as Joint Syndication Agents.&#160; Citibank N.A., London Branch (&#8220;Citi&#8221;) served as ECA Agent.</div>
      <div><br>
      </div>
      <div style="text-align: justify; color: #000000;">John Hadjipateras, Chairman and CEO of Dorian LPG Ltd., said, &#8220;Against the backdrop of volatile credit markets, we completed two
        important transactions that lowered our LIBOR margins and improved terms.&#160; In addition, the inclusion of a mechanism that ties improvements in our Average Efficiency Ratio to additional interest margin reductions allows us to further monetize
        investments we have made in making our VLGC fleet one of the most fuel-efficient in the world.&#8221;</div>
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        <div style="background-color: #FFFFFF;">
          <div style="text-align: justify; color: #000000;">Ted Young, Chief Financial Officer and Treasurer of the Company, added, &#8220;Our core banks &#8211; ABN, Citi, and ING, all longstanding
            relationships for which we are very grateful &#8211; once again supported us, and we are very pleased to welcome Credit Agricole and SEB to our banking syndicate.&#160; Both banks are world class players and have a demonstrated commitment to the shipping
            industry.&#160; In addition, our long-term financing of the <font style="font-style: italic;">Cresques</font> reflects the continued importance of a track record of safety and financial
            responsibility and the value of relationships in accessing financing sources in Japan.&#8221;</div>
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      <div style="text-align: justify; color: #000000; font-weight: bold;"><u>2015 Loan Facility &#8211; Commercial Tranche Refinancing</u></div>
      <div style="text-align: justify; color: #000000;">On April 29, 2020, Dorian LPG closed the refinancing of the commercial tranche of its 2015 Facility pursuant to an Amended and Restated
        Facility Agreement (henceforth, the &#8220;2015 AR Facility&#8221;).&#160; On completion of the transaction, Dorian LPG borrowed $155.8 million, of which $152.9 million went to repay the outstanding loan under the commercial tranche of the 2015 Facility and $2.9
        million of additional cash will be used for general corporate purposes.&#160; Key features of the 2015 AR Facility include:</div>
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                <div style="color: #000000;">&#8226;</div>
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                <div style="text-align: justify; color: #000000;">Extension of the maturity of the refinanced commercial tranche from March 2022 until March 2025.</div>
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                <div style="color: #000000;">&#8226;</div>
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                <div style="text-align: justify; color: #000000;">Reduction of annual principal amortization from $12.3 million to $600,000 on the refinanced commercial tranche.</div>
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                <div style="color: #000000;">&#8226;</div>
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                <div style="text-align: justify; color: #000000;">Addition of a $25 million revolving credit facility, subject to customary availability conditions.</div>
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                <div style="color: #000000;">&#8226;</div>
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                <div style="text-align: justify; color: #000000;">Reduction in the LIBOR margin on the refinanced commercial tranche to 250 basis points from 275 basis points, subject to 10
                  basis points upward or downward adjustment based on the Company&#8217;s loan to value ratio for vessels secured under the 2015 AR Facility.</div>
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                <div style="color: #000000;">&#8226;</div>
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              <td style="width: auto; vertical-align: top;">
                <div style="text-align: justify; color: #000000;">Additional LIBOR reduction of up to 10 basis points for reduction in the Company&#8217;s Average Efficiency Ratio for the vessels in
                  its fleet that are owned or technically managed pursuant to a bareboat charter.</div>
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    Sustainalytics provided an opinion to the Company in conjunction with the transaction confirming that the loan is alignment with Sustainability Linked Loan Principles as promulgated by the Loan Syndications and Trading Association in 2019.
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          <div style="text-align: justify; color: #000000;">The financial covenants and security value ratio currently in place under the 2015 Facility will remain until the Company obtains the
            approval of those lenders constituting the &#8220;Required Lenders&#8221; under the 2015 AR Facility, to make the following changes:</div>
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                    <div style="color: #000000;">&#8226;</div>
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                    <div style="color: #000000;">Elimination of the interest coverage ratio.</div>
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                    <div style="color: #000000;">Reduction of the minimum liquidity covenant from $40 million to at least $27 million.</div>
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                    <div style="color: #000000;">&#8226;</div>
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                    <div style="color: #000000;">Increase of the security value ratio from 135% to 145%.</div>
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          <div style="text-align: justify; color: #000000; font-weight: bold;"><u>Japanese Financing of the </u><font style="font-style: italic;"><u>Cresques</u></font></div>
          <div style="text-align: justify;"><font style="color: #000000;">On April 23, 2020 the Company completed a&#160;</font>$71.5
            million<font style="color: #000000;">&#160;sale and bareboat charter arrangement for its 2015-built VLGC </font><font style="font-style: italic; color: #000000;">Cresques</font><font style="color: #000000;"> (the "Cresques Japanese Financing").</font></div>
          <div><br>
          </div>
          <div style="text-align: justify; color: #000000;">The Cresques Japanese Financing resulted in cash proceeds of&#160;$52.5 million,&#160;$28.5 million&#160;of which was used to prepay a portion of
            the 2015 Facility, and the balance of which will be used for general corporate purposes.&#160; The Cresques Japanese Financing has a mandatory buyout in 2032 with early purchase options from&#160;April 24, 2023, amortizes principal of $285,000 per month,
            and carries a floating interest rate of 1 Month LIBOR plus 2.5%.&#160;</div>
          <div><br>
          </div>
          <div style="text-align: justify; color: #000000; font-weight: bold;"><u>Drydocking Program Update</u></div>
        </div>
        <div style="text-align: justify; margin-bottom: 10pt;">The <font style="font-style: italic;">Cratis </font>and the <font style="font-style: italic;">Cheyenne</font> recently completed their scrubber retrofits and special survey works and are now are back in service, bringing the Dorian LPG fleet total
          of scrubber operating vessels to nine.</div>
        <div style="text-align: justify;">The Company plans to commence work on the tenth scrubber retrofit in the next 7 days for the <font style="font-style: italic;">Constitution</font>, which will also include special survey works.</div>
        <div><br>
        </div>
        <div style="text-align: justify; color: #000000; font-weight: bold;"><u>Share Repurchase Program</u></div>
        <div style="text-align: justify; color: #000000;">The Company also repurchased over $32.2 million of its common stock or 3 million shares at an average price of $10.77 per share during
          the quarter ended March 31, 2020, bringing total repurchases under its $100 million authorization to $49.3 million.</div>
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      <div style="background-color: #FFFFFF;">
        <div style="text-align: justify; font-weight: bold;">About Dorian LPG Ltd.</div>
        <div><br>
        </div>
        <div style="text-align: justify;">Dorian LPG is a liquefied petroleum gas shipping company and a leading owner and operator of modern VLGCs.&#160; Dorian LPG&#8217;s fleet currently consists of 24
          modern VLGCs. Dorian LPG has offices in&#8239;Stamford, Connecticut, USA;&#8239;London, United Kingdom; Copenhagen, Denmark; and Athens,&#8239;Greece.</div>
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        <div><br>
        </div>
        <div style="font-weight: bold;">Visit our website at www.dorianlpg.com</div>
        <div><br>
        </div>
        <div>For further information:</div>
        <div><br>
        </div>
        <div>Dorian LPG Ltd.</div>
        <div>Ted Young</div>
        <div>Chief Financial Officer</div>
        <div>(203) 674-9900</div>
        <div>IR@dorianlpg.com</div>
        <div><br>
        </div>
        <div>Source: Dorian LPG Ltd.</div>
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