June 2018

DORIAN LPG ®

Forward-Looking Statements

This presentation contains certain forward-looking statements including analyses and other information based on

forecasts of future results and estimates of amounts not yet determinable and statements relating to our future

prospects, developments and business strategies. Forward-looking statements are identified by their use of terms

and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,”

“project,” “will” and similar terms and phrases, including references to assumptions. The forward-looking

statements in this presentation are based upon various assumptions, many of which are based, in turn, upon

further assumptions, including without limitation, management’s examination of historical operating trends, data

contained in our records and other data available from third parties. Although we believe that these assumptions

were reasonable when made, because these assumptions are inherently subject to significant uncertainties and

contingencies that are difficult or impossible to predict and are beyond our control, we cannot assure you that we

will achieve or accomplish these expectations, beliefs or projections.

Actual results could differ materially from expectations expressed in the forward-looking statements if one or

more of the underlying assumptions or expectations proves to be inaccurate or is not realized. Our actual future

results may be materially different from and worse than what we expect. We qualify all of the forward-looking

statements by these cautionary statements. We caution readers of this presentation not to place undue reliance

on forward-looking statements. Any forward-looking statements contained herein are made only as of the date of

this presentation, and we undertake no obligation to update or revise any forward-looking statements, whether as

a result of new information, future events or otherwise, except as required by law.

Disclaimer

2

Dorian LPG at a glance

3

Company overview Global presence

Average vessel age vs. global fleet1

• Dorian LPG is a liquefied petroleum gas shipping

company and a leading owner and operator of modern

very large gas carriers (“VLGCs”).

• The Company was established in 2013 in connection

with placing a large order of newbuildings at Hyundai

HI. Predecessors have invested in and managed LPG

vessels since 2002.

• The fleet is comprised of 19 ECO-VLGCs and 3 modern

VLGCs, with an average age of 4.1 years.

• 18 of the vessels are currently employed in the Helios

LPG Pool, founded by the Company together with

Phoenix Tankers in Apr-2015.

• The remaining vessels are on time charter contracts to

major companies.

• The Company provides in-house commercial and

technical management services for all of the vessels in

the fleet, including vessels owned by Dorian LPG

deployed in the Helios LPG Pool.

• Dorian LPG was listed on the NYSE in 2014 under the

ticker “LPG”. The Company has a market cap of USD

~461m as of 15-June-2018

(1) As of 18-June-2018

4.02

8.89

0

1

2

3

4

5

6

7

8

9

10

Dorian Fleet Global Fleet

History / background

4

Predecessor entities entered the LPG

market in 2002 by acquiring two

pressurized vessels

Dorian LPG Ltd. established (2013) and the Company listed

on NYSE (2014). Dorian LPG raised USD 6882 million in four rounds from Jul-13 to May-14

Number of vessels1

Dorian LPG announced delivery of its last ECO-VLGC newbuilding,

the Caravelle and sale of the Grendon, its last remaining 5,000

cbm pressurized gas carrier

Part of predecessor entities Dorian LPG

First VLGC, Captain Markos NL, was

delivered

(1) Total LPG vessels on the water; (2) Gross proceeds

1

45 5

65

6 65

4 4 4

6

22 22 22

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

Experienced management team

5

John Hadjipateras

Chairman & CEO(Dorian LPG Ltd)

With Dorian LPG since inception in 2013. Involved with shipping management since

1972. Experience from Peninsular Maritime, Eagle Ocean, Greek Shipping

Corp. Committee, SEACOR and more

John Lycouris

CEO(Dorian LPG USA)

With the Company since 2013. Holds strong experience from Peninsular Maritime and

Eagle Ocean. Responsibilities include oversight of the entire newbuilding program and teams

in Greece, the UK and the US

Costas Markakis

President & CEO(Dorian LPG Management)

Shipping and legal background with more than 30 years experience in executive and

top management positions in ship management companies (commercial and

operational)

Theodore B. Young

CFO(Dorian LPG Ltd)

Joined Dorian LPG at inception in 2013. Previous experience include Head of

Corporate Development at Eagle Ocean and the buyout firms Irving Place Capital

and Harvest Partners

Alex Hadjipateras

EVP Bus. Devel.(Dorian LPG USA)

Joined Dorian LPG in 2013 focusing on business development. Previously responsible for Aframax and VLGC

newbuilding at Eagle Ocean, and business development at Avenue A / Razorfish

The Helios LPG Pool

6

• The Helios LPG Pool (the “Pool”) was established in April 2015 as a 50-50 partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of

Japan

• The Pool is comprised of 18 Dorian LPG VLGCs and 4 Phoenix VLGCs, and uses these high-quality assets to offer a complete global LPG maritime solution

offering spot freight, TCs, and COAs1

• Earnings are allocated to each vessel participating in the Pool based on “Pool Points”, which are awarded to each vessel on the basis of characteristics such

as carrying capacity and speed/consumption

(1) Pool vessel composition is accurate as of 6/15/2018.

Premium fleet

7

The Company owns and operates 19 ECO-

(1) Operated pursuant to Bareboat Lease from Japanese Owners

(2) ‘BWTS’ = Ballast Water Treatment System

‘SR’ = Scrubber Ready

Fleet overview Comments

Type Name CBM Delivered Yard Features 2

ECO VLGC CARAVELLE 84,000 2016 Hyundai HI BWTS VLGCs and 3 modern VLGCsECO VLGC CHALLENGER 84,000 2015 Hyundai HI BWTS

ECO VLGC COPERNICUS 84,000 2015 Daewoo SME BWTS + SR Average fleet age of 4.02 years

ECO VLGC CHAPARRAL 84,000 2015 Hyundai HI BWTS + SR

ECO VLGC COMMANDER 84,000 2015 Hyundai HI BWTS 16 of the 22 vessels already equipped with

ECO VLGC CRATIS 84,000 2015 Daewoo SME BWTS + SRBallast Water Treatment Systems

ECO VLGC CHEYENNE 84,000 2015 Hyundai HI BWTS 2 of the 22 vessels already equipped with

ECO VLGC CLERMONT 84,000 2015 Hyundai HI BWTS scrubbers, and an additional 17 areECO VLGC CONSTELLATION 84,000 2015 Hyundai HI BWTS + SR “scrubber ready”

ECO VLGC CRESQUES 84,000 2015 Daewoo SME BWTS + SR

ECO VLGC COMMODORE 84,000 2015 Hyundai HI BWTS Captain Markos NL and Captain John NP

ECO VLGC CONSTITUTION 84,000 2015 Hyundai HI BWTShave recently completed 10 year special

ECO VLGC CONTINENTAL 84,000 2015 Hyundai HI BWTSsurveys

ECO VLGC COBRA 84,000 2015 Hyundai HI BWTS In-house technical and commercial

ECO VLGC CONCORDE1 84,000 2015 Hyundai HI BWTS + Scrubber management of fleetECO VLGC COUGAR 84,000 2015 Hyundai HI BWTS

ECO VLGC CORVETTE1 84,000 2015 Hyundai HI Scrubber 18 vessels operate under spot, COA or Time

ECO VLGC CORSAIR1 84,000 2014 Hyundai HI SR Charter contracts of less than 24 months

ECO VLGC COMET 84,000 2014 Hyundai HI SR In the Helios Pool. Remaining 4 on TC.

Modern VLGC CAPTAIN NICHOLAS ML 82,000 2008 Hyundai HI

Modern VLGC CAPTAIN JOHN NP 82,000 2007 Hyundai HI All newbuilds delivered and no remaining

Modern VLGC CAPTAIN MARKOS NL 82,000 2006 Hyundai HI newbuilding related capital expenditures.

14%

58%

6%

8%

14%

Daewoo

Hyundai

Jiangnan

Kawasaki

MHI Nagasaki

Vessels built at premium Korean Shipyards

8

Total VLGC newbuilding deliveries by shipyard 2006-2017 Comments

• The Korean yards Hyundai HI (“HHI”)

and Daewoo SME (“DSME”) are two of

the world's leading shipbuilders

• Dorian LPG and it predecessors have

built 24 vessels at HHI since 2004 and

maintain a strong relationship with its

shipyards

• LPG vessels are highly engineered, and

exacting technical specifications

determine commercial acceptance

• HHI and DSME also design and build

some of the world’s most complex

offshore vessels and rigs

HHI is the most active and experienced yard in the

design and construction of gas carriers

LPG Fundamentals

9

Hundreds of millions of people around the world use LPG at home for applications such as cooking and heating.

LPG is the preferred alternative automotive transportation fuel and is increasingly being used as a marine fuel.

Millions of businesses rely on LPG. It is the ideal fuel choice for businesses that are not connected to an existing electrical grid.

Farmers across the world rely on LPG to meet the challenge of staying competitive in the modern agricultural environment

Industries such as aerosol, refrigeration, and chemical feedstock all look to LPG to provide sustainable fuel alternatives

What is LPG?Liquefied petroleum gas ("LPG") is a fossil fuel made during natural gas processing and oil refining. LPG is a by product of both oil and natural gas production and more than two-thirds of the LPG people use is extracted directly from the earth. The rest of it is manufactured indirectly from crude oil refining.

Why use LPG?LPG is cleaner than coal and oil and an alternative to gasoline. It generates less air pollution and produces fewer emissions of carbon dioxide. LPG is also highly portable, making it a convenient source of energy usable in remote places where ordinary gas supplies are unavailable or have been interrupted.

AT HOME

ON THE GO

AT THEFARM

AT WORK

OTHER

LPG in the petrochemical value chain

10

The LPG value chain

Source Processing industriesTransport /

usageUser

Natural gas well

Oil well

Gas plant Natural gasLNG

liquefaction

Refinery

LPG

Ammonia

Condensates (CPP)

Clean products

Dirty products

Petrochemical gases

Pipeline

LNG ship

LPG Vessels

Power generation

Residential/commercial

Industrial

Auto

Further refining

Chemicals

Agricultural

LPG Supply and Export Dynamics

Global Liftings showing steady growth

Global liftings (MM Tons)

12Source: IHS, EIA, FGE *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)

U.S. Waterborne Exports Middle East Waterborne Exports

60.7 63.0

75.1

85.490.6 92.6

23.4 22.0

0M

10M

20M

30M

40M

50M

60M

70M

80M

90M

100M

2012 2013 2014 2015 2016 2017 2017 Mar YTD 2018 Mar YTD

Mill

ion

s

5.1

9.3

13.8

20.5

25.3

29.5

7.9 7.4

0M

5M

10M

15M

20M

25M

30M

35M

2012 2013 2014 2015 2016 2017 2017 MarYTD

2018 MarYTD

Mill

ion

s

34.232.1

34.836.7

39.236.8

8.7 8.9

0M

5M

10M

15M

20M

25M

30M

35M

40M

45M

2012 2013 2014 2015 2016 2017 2017Mar YTD

2018Mar YTD

Mill

ion

s

15% 19%25% 29% 32%

51% 47%45%

44% 40%

12% 11%10%

10% 10%8% 11% 10% 8% 8%

14% 12% 10% 8% 9%

0%

20%

40%

60%

80%

100%

2013 2014 2015 2016 2017

US ME N.Sea Med Other

U.S. LPG has significantly increased its share of global supply

Source: EIA, Bloomberg, IHS, FGE

A New Era of Supply

13

• Emergence of U.S. as largest exporting nation has

forced price competition amongst all suppliers

• Middle East supply has surprised on the upside with

more export growth than expected

• The Asian market has become increasing reliant on

US LPG

Seaborne LPG by Source

Evolving U.S. NGL / LPG Trade Flows

14

Europe18%

Caribbean10%

China12%

Africa2%Other

0%

Mexico10%

South America

16%Australia

1%

Japan13%

Korea14%

Asia -Other

4%

Europe11%

Caribbean9%

China13%

Africa2%

Other1%

Mexico9%

South America

13%Australia

1%

Japan23%

Korea13%

Asia -Other

5%

2016 2017

U.S. LPG volumes to Asia

increased 45% year-over-

year (vs. 15% growth in

overall U.S. LPG exports).

0

200

400

600

800

1000

1200

1400

2016-01-01 2016-04-01 2016-07-01 2016-10-01 2017-01-01 2017-04-01 2017-07-01 2017-10-01

Butane (+15%)

Propane (+15%)

Ethane (+289%)

U.S. Exports of NGLs (mb/d) – 2016 vs. 2017

+25% y-o-y

Source: EvercoreISI

U.S. as Global NGL / LPG Price Setter…

15

We believe the U.S. will become the global LPG market price setter given increasing supply at both

Mont Belvieu and the Northeast (Marcus Hook) coupled with a liquid trading market and active hedging

opportunities along the forward curves.

Increasing price

circularity as greater

volumes of U.S. LPG

clear in the

international market.

Argus CIF ARA

OPIS Mont Belvieu

Sonatrach CP

Saudi CP Argus FEI

Source: EvercoreISI

LPG Expansion Capacity

16

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2017 2018 2019 2020 2021 2022

LPG Exports to Clear Market Existing Capacity

Mariner East 2 AltaGas Ridley Island

Pembina Prince Rupert

• We estimate current LPG export

capacity is running at ~91%

utilization (LPG nameplate

capacity est. at ~1,200 mb/d).

• Based on the ‘Base Case’ model,

increasing volumes of LPG

(propane and butane) will need to

be exported in order to clear the

market. The total volume is

expected to grow from ~1,000

mb/d in 2017 to ~1,300 mb/d in

2020 and ~1,500 mb/d in 2022.

The need to clear via exports

stems from the lack of

incremental domestic demand in

the face of increasing levels of

production.

• The Mariner East II start-up (est.

2018) will provide an outlet for

(initially) up to ~275 mb/d. We

expect this will provide some near

term relief to the Gulf Coast

terminals, although we expect

that Mariner East II will take some

time to fill up. Mariner East II is

expected to primarily export NGLs

produced in the Appalachian

region.

Base Case LPG Exports (mb/d)

Export capacity tightens. New capacity needed.

Source: EvercoreISI

LPG Demand & Consumption

Growing markets for LPG: CHINA

Annual China LPG imports (Tons)

18Source: FGE

4.2M

6.9M

11.9M

15.9M

18.3M

3.9M

4.7M

0M

2M

4M

6M

8M

10M

12M

14M

16M

18M

20M

2013 2014 2015 2016 2017 2017 Mar YTD 2018 Mar YTD

Mill

ion

s

Chinese Consumers Continue to Drive LPG Demand

19Source: FGE, Platts

• While the restart of coal-fired plants to ease winter power shortages has probably dented Chinese residential heating

demand for LPG in the near term, demand from the petrochemical sector is set to rebound with new PDH and alkylation

unit start-ups due in 2018

• Residential LPG will still be required in more remote rural areas, where piped gas is unavailable or too costly to install,

but overall, chemicals will account for a growing share of China’s LPG demand, especially with a rapidly growing

petrochemical base in China.

• While no new PDH plants started up in China last year, both the 0.66 Mtpy Fujian Meide plant and Zhejiang Satellite’s

0.45 Mtpy expansion are expected to start up in H2 18

• State-owned refiners are also starting up an estimated 3.7 Mtpy of alkylation units, which will reduce refinery supplies of

butane currently sold to standalone deep-processing units, increasing the need for imported supplies. So, Chinese buyers

will remain a key source of demand throughout 2018

• Middle Eastern supply alone will not be able to meet demand

China LPG imports by source

China LPG demand outlook

6.8% 8.4% 15.5% 18.8%10.4%20.5%

17.0%23.4%

42.8% 19.6% 18.4%11.9%

11.3%

10.1%14.5% 16.4%

6.5%

8.1%10.3% 6.9%

22.2%33.3%

24.3% 22.6%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

2014 2015 2016 2017

Qatar United States Iran United Arab Emirates Saudi Arabia Others

“The year of the LPG consumer”: INDIA

• Power conversion

project with Vitol

• By April, LPG will be

used as primary fuel

source

India LPG import forecast (Million MT)

• Indian LPG demand remained near record levels in December 2017, with consumption rising by 45 thousand b/d y/y in Q4

17.

• The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 “the year of the LPG Consumer”

• The Indian government’s subsidized LPG connection scheme has issued 30.3 million connections since its inception in

March 2016 and the country now has at least 181 million subsidized connections

• Original target of new connections under latest scheme was increased from 50 million to 80 million by May 2019,

suggesting there is plenty of upside for Indian LPG

• Non subsidized market growing due to lower international LPG prices

• Demand from autogas and the private sector are set to grow amidst favourable auto-fuel economics and a 13% decline in

GST tax for private companies

• Paradip refinery startup marks last major domestic supply addition supporting further imports

• Seaborne LPG imports into India were up 17.1% in 2017, from 10.1mm tons to 11.9mm tons

20Source: IOC, FGE, Energy Aspects

6.M

8.1M8.9M

10.2M

11.9M

3.1M 3.5M

0M

2M

4M

6M

8M

10M

12M

14M

2013 2014 2015 2016 2017 2017 Mar YTD 2018 Mar YTD

Mill

ion

s

Global PDH & Petchems also fueling demand

21

Illustrative increase from Korean PDH Plant

• Korean market is saturated but saw a major increase in

demand in 2017 from a new PDH facility

• PDH importers require high purity propane, best sourced from

the US or Middle East

• This year could be sustained by the ramp-up of SK Advanced’s

PDH plant, stronger heating demand due to frigid temperatures

(one of the coldest Januarys on record for Korea) and a growing

preference for LPG cracking among petrochemical plants

Japan Upgrades cracker capacity

• Japan’s Idemitsu Kosan’s JV with Mitsui Chemicals

recently announced plans to expand the processing of

propane at Idemitsu’s naphtha cracker

• The upgrade will boost the Cracker’s capacity to process

propane as feedstock by three or four times.

• It will mainly rely on LPG imports for feedstock rather

than a small quantity of LPG produced at the plant

• According to data from Japan LP Gas Association, LPG

requirements were driven by residential heating demand

for propane.

• The cold weather combined with petro-chem demand for

Butane picking up on opportunistic switching due to high

Naphtha prices demand growth could see further increase

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

2013 2014 2015 2016 2017

Korean LPG Demand by Sector (mmtons)

Petrochemical Feedstocks Residential

Road Commercial and Public Services

Others

Source: FGE

Europe

• European petchem giant INEOS announced this June plans

to expand its petrochemical infrastructure in Northwest

Europe, with large capacity increases in its Rafnes,

Norway and Grangemouth, Scotland crackers, as well as a

greenfield 750,000 tons/year PDH unit in an undisclosed

location.

22

✓ Established production hubs

✓Global supply base

✓Maritime and land transport options

✓ Price competitive product

✓ Low cost “last mile” infrastructure

✓ Lower greenhouse gas emissions

✓ 20% less CO2 than heating oil

✓ 50% less CO2 than coal

✓ Safe fuel source

✓ Avoids harmful and dangerous waste

LPG should be the fuel of

choice for emerging economies

Source: ExceptionalEnergy.com

Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption

Strong Fundamentals for Continued LPG Adoption

Each year, around 3.5 million premature

deaths can be attributed to household air

pollution resulting from the traditional use of

solid fuels, such as fuelwood and charcoal.

Four out of five people in sub-Saharan Africa

rely on the traditional use of solid biomass,

mainly fuelwood, for cooking.

Nearly 3.1 billion people, or 43% of the global

population, still rely on polluting fuels (i.e.

biomass, coal, kerosene) and technologies for

cooking - a major source of household air

pollution.

Source: World Health Organization

Economic

Environmental

VLGC Shipping Market Dynamics

Continued High VLGC Utilization

Drivers underlying current rate environment

24Source: Clarksons Research, Baltic Exchange, Panama Canal Authority

Baltic VLGC daily spot TCE rates (USD/d) Global VLGC fleet utilization

86%

85%

2016

2017

• Incremental VLGC fleet growth has been absorbed without severely impacting utilization thus far (i.e. demand for

seaborne transport continues to grow in excess of fleet growth)

• The Panama Canal Authority increased rates for neo-Panamax VLGCs by 29% in October of 2017. This equates to an

increase of ~$2.2/t. Currently, we estimate that 28% of traffic through the expanded canal is VLGCs, second only to

container ships at 54%. The increased fees, alongside increased competition from other sectors like LNG, could

result in a reduction in VLGC transits which would increase ton mile demand as those ships would then likely transit

around the Cape of Good Hope, adding an additional 20-25 days transit time.

0

10,000

20,000

30,000

40,000

50,000

60,000

70,000

20

16

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20

16

-02

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20

16

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20

16

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20

16

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16

-06

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20

16

-07

-01

20

16

-08

-01

20

16

-09

-01

20

16

-10

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20

16

-11

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20

16

-12

-01

20

17

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-01

20

17

-02

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20

17

-03

-01

20

17

-04

-01

20

17

-05

-01

20

17

-06

-01

20

17

-07

-01

20

17

-08

-01

20

17

-09

-01

20

17

-10

-01

20

17

-11

-01

20

17

-12

-01

20

18

-01

-01

20

18

-02

-01

20

18

-03

-01

20

18

-04

-01

20

18

-05

-01

20

18

-06

-01

Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.)

VLGC Fleet & Orderbook Review

VLGC orderbook (2013-Onwards) (# vessels)

25

Fleet profile1 (# vessels)

3 2 17

Modern With Scrubber Scrubber Ready

BWTS + IMO low sulphur regulations

• BWTS Convention

• Approx. 65-71 VLGCs will be required to

DD and subsequently install BWTS

between 9/8/2017-9/8/2019

• 2020 Low Sulphur regulations

• Suggest 25% increase in bunker cost

Dorian LPG’s VLGC Fleet is ready:

Potential ScrappingCandidates

Source: Clarksons Research, Dorian LPG analysis

(1) As of March 25, 2018

138

3546

25

55 18

12

0

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020

VLGC Deliveries by Year

Delivered On Order

158

50

37

24

9

24

0

20

40

60

80

100

120

140

160

180

<5 5 to 10 10 to 15 15 to 20 20 to 25 > 25

Financials

Recent Financing Developments: Continuing to Enhance Balance Sheet Flexibility

• On November 7, 2017, the Company refinanced a 2014-built VLGC, the Corsair, pursuant to a memorandum of

agreement and a bareboat charter agreement that valued the vessel at $65 million. We bareboat chartered the vessel

back for a period of 12 years, with a mandatory buyout in 2029 and purchase options from the 2nd anniversary of the

transaction onwards. The underlying interest rate is 4.9% and the underlying amortization profile is 16 years. The cash

refinancing proceeds of $52.0 million were used to repay $30.1 million of the 2017 Bridge Loan’s then outstanding

principal amount.

• On January 31, 2018, the Company refinanced a 2015-built VLGC, the Concorde, pursuant to a memorandum of

agreement and a bareboat charter agreement that valued the vessel at $70 million. We bareboat chartered the vessel

back for a period of 13 years, with a mandatory buyout in 2031 and purchase options from the end of the 3rd anniversary

of the transaction onwards. The underlying interest rate is 4.9% and the underlying amortization profile is 17.3years.

The cash refinancing proceeds of $56.0 million were used to repay $35.1 million of the 2015 Debt Facility’s then

outstanding principal amount.

• On March 16, 2018, the Company refinanced a 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement

and a bareboat charter agreement, or the Corvette Japanese Financing. The refinancing proceeds of $56.0 million were

used to repay $33.7 million of the 2015 Debt Facility’s then outstanding principal amount. Pursuant to the 2015 Debt

Facility Amendment and in conjunction with this repayment, $1.6 million of restricted cash was released under the 2015

Debt Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for

general corporate purposes.

• The Company announced that it expects to enter into new financing arrangements to repay all outstanding amounts under

the DNB Bridge Loan before the end of the quarter ending June 30, 2018.

Statement of Operations Data (USD)

Statement of Operations DataThree Months Ended

March 31, 2018

(Unaudited)

Three Months Ended

March 31, 2017

(Unaudited)

Revenues $ 39,034,678 $ 47,585,174

Voyage expenses (312,170) (550,691)

Vessel operating expenses (15,892,536) (16,558,807)

General and administrativeexpenses (6,694,250) (5,751,400)

Other income—related parties 643,489 633,883

EBITDA 16,779,211 25,358,159

Depreciation and amortization (16,105,764) (16,113,304)

Operating income/(loss) 673,447 9,244,855

Other income/(expenses), net (4,139,442) (7,289,585)

Net income/(loss) $ (3,465,995) $ 1,955,270

Other Financial Data

Time charter equivalent rate (1) $ 24,695 $ 24,677

Daily vessel operating expenses (2) $ 8,027 $ 8,363

Adjusted EBITDA (3) $ 18,237,423 $ 26,521,977

(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.

(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.

(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based

compensation expense, impairment, and depreciation and amortization expense and is used as a supplemental financial measure by

management to assess our financial and operating performance.

28

Statement of Operations Data (USD)

Statement of Operations DataYear Ended

Mar 31, 2018

(Unaudited)

Year Ended

Mar 31, 2017

(Audited)

Revenues $ 159,334,760 $ 167,447,171

Voyage expenses (2,213,773) (2,965,978)

Vessel operating expenses (64,312,644) (66,108,062)

General and administrativeexpenses (26,186,332) (21,732,864)

Other income—related parties 2,549,325 2,410,542

EBITDA 69,171,336 79,050,809

Depreciation and amortization (65,329,951) (65,057,487)

Operating income 3,841,385 13,993,322

Other income/(expenses), net (24,242,071) (15,435,137)

Net loss $ (20,400,686) $ (1,441,815)

Other Financial Data

Time charter equivalent rate (1) $ 21,966 $ 22,037

Daily vessel operating expenses (2) $ 8,009 $ 8,233

Adjusted EBITDA (3) $ 74,515,790 $ 83,279,670

(1) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period.

(2) Calculated by dividing vessel operating expenses by calendar days for the relevant time period.

(3) Represents net income excluding the potentially disparate effects between periods of derivatives, interest and finance costs, stock-based

compensation expense, impairment, and depreciation and amortization expense and is used as a supplemental financial measure by

management to assess our financial and operating performance.

30

Cash Flows Data (USD)

Cash Flows DataThree Months Ended

March 31, 2018

(Unaudited)

Three Months Ended

March 31, 2017

(Unaudited)

Net income/(loss) $ (3,465,995) $ 1,955,270

Adjustments 13,964,893 17,122,866

Changes in operating assets and liabilities 5,803,955 (16,179,218)

Net cash provided by operating activities 16,302,853 2,898,918

Net cash provided by/(used in) investing activities 3,086,056 (218,161)

Net cash provided by/(used in) financing activities 28,573,485 (17,619,196)

Effects of exchange rates on cash and cash equivalents (90,009) 117,352

Net increase/(decrease) in cash and cashequivalents $ 47,872,385 $ (14,821,087)

Cash Flows Data

Year Ended

March 31, 2018

(Unaudited)

Year Ended

March 31, 2017

(Audited)

Net income/(loss) $ (20,400,686) $ (1,441,815)

Adjustments 65,516,838 46,189,541

Changes in operating assets and liabilities 12,132,951 7,356,042

Net cash operating activities 57,249,103 52,103,768

Net cash provided by/(used in) investing activities 24,574,405 (1,981,022)

Net cash provided by/(used in) financing activities 4,671,658 (79,318,882)

Effects of exchange rates on cash and cash equivalents (8,042) (197,274)

Net increase/(decrease) in cash and cashequivalents $ 86,487,124 $ (29,393,410)

31

Balance Sheet Data (USD)

32

Balance Sheet DataMarch 31, 2018

(Unaudited)

March 31, 2017

(Audited)

Cash and cash equivalents $ 103,505,676 $ 17,018,552

Restricted cash, non-current 25,862,704 50,874,146

Total assets 1,736,110,156 1,746,234,880

Total debt including current portion – net of deferred financing fees of $16.1 million and $20.1 million

As of March 31, 2018 and 2017, respectively.759,103,152 749,964,248

Total liabilities 776,696,794 770,233,162

Total shareholders' equity $ 959,413,362 $ 976,001,718

Our Mission is to arrange safe, reliable and trouble free transportation