DORIAN LPGs21.q4cdn.com/513962416/files/doc_presentations/2018/02/...2018/02/02 · Dorian LPG at a glance 3 Company overview Global presence Average vessel age vs. global fleet1

February 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

~437m as of 7-February-2018

(1) As of 8-Feb-2018

4.14

9.05

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

10.00

DLPG 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 2/8/2018.

Type Name CBM Delivered Yard Flag

ECO VLGC CARAVELLE 84,000 2016 Hyundai HI Bahamas

ECO VLGC CHALLENGER 84,000 2015 Hyundai HI Bahamas

ECO VLGC COPERNICUS 84,000 2015 Daewoo SME Bahamas

ECO VLGC CHAPARRAL 84,000 2015 Hyundai HI Bahamas

ECO VLGC COMMANDER 84,000 2015 Hyundai HI Bahamas

ECO VLGC CRATIS 84,000 2015 Daewoo SME Bahamas

ECO VLGC CHEYENNE 84,000 2015 Hyundai HI Bahamas

ECO VLGC CLERMONT 84,000 2015 Hyundai HI Bahamas

ECO VLGC CONSTELLATION 84,000 2015 Hyundai HI Bahamas

ECO VLGC CRESQUES 84,000 2015 Daewoo SME Bahamas

ECO VLGC COMMODORE 84,000 2015 Hyundai HI Bahamas

ECO VLGC CONSTITUTION 84,000 2015 Hyundai HI Bahamas

ECO VLGC CONTINENTAL 84,000 2015 Hyundai HI Bahamas

ECO VLGC COBRA 84,000 2015 Hyundai HI Bahamas

ECO VLGC CONCORDE 84,000 2015 Hyundai HI Bahamas

ECO VLGC COUGAR 84,000 2015 Hyundai HI Bahamas

ECO VLGC CORVETTE 84,000 2015 Hyundai HI Bahamas

ECO VLGC CORSAIR 84,000 2014 Hyundai HI Bahamas

ECO VLGC COMET 84,000 2014 Hyundai HI Bahamas

Modern VLGC CAPTAIN NICHOLAS ML 82,000 2008 Hyundai HI Bahamas

Modern VLGC CAPTAIN JOHN NP 82,000 2007 Hyundai HI Bahamas

Modern VLGC CAPTAIN MARKOS NL 82,000 2006 Hyundai HI Bahamas

Premium fleet

7

Fleet overview Comments

The Company owns and operates 19 ECO-VLGCs and 3 modern VLGCs

Average fleet age of 4.1 years

16 of the 22 vessels already equipped with Ballast Water Treatment Systems

2 of the 22 vessels already equipped with scrubbers, and an additional 17 are “scrubber ready”

Captain Markos NL and Captain John NP have recently completed 10 year special surveys

In-house technical and commercial management of fleet

18 vessels operate under spot, COA or Time Charter contracts of less than 24 months in the Helios Pool. Remaining 4 vessels on Time Charter contracts

All newbuilds delivered and no remaining newbuilding related capital expenditures

*

*Operated pursuant to Bareboat Lease from Japanese Owners

*

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

59.7 60.7 63.0

75.1

85.490.6 93.0

7.7 7.5

-

10

20

30

40

50

60

70

80

90

100

2011 2012 2013 2014 2015 2016 2017 2017 Jan YTD 2018 Jan YTD

Met

ric

Ton

s (M

illio

ns)

Annual Volumes

34.232.1

34.836.7

39.237.2

2.9 2.8

-

5

10

15

20

25

30

35

40

45

2012 2013 2014 2015 2016 2017 2017Jan YTD

2018Jan YTD

Met

ric

Ton

s (M

illio

ns)

5.1

9.3

13.8

20.5

25.3

29.5

2.8 2.9

-

5

10

15

20

25

30

35

2012 2013 2014 2015 2016 2017 2017Jan YTD

2018Jan YTD

Met

ric

Ton

s (M

illio

ns)

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%Australia1%

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

1/1/2016 4/1/2016 7/1/2016 10/1/2016 1/1/2017 4/1/2017 7/1/2017 10/1/2017

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

• will be used as

primary fuel source

Annual China LPG imports (Tons)

18Source: FGE

4.2M

6.9M

11.9M

15.9M

18.3M

0M

2M

4M

6M

8M

10M

12M

14M

16M

18M

20M

2013 2014 2015 2016 2017

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

6M

8.1M8.9M

10.1M11.9M

M

2M

4M

6M

8M

10M

12M

14M

2013 2014 2015 2016 2017

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

Jan

-16

Feb

-16

Mar

-16

Ap

r-1

6

May

-16

Jun

-16

Jul-

16

Au

g-16

Sep

-16

Oct

-16

No

v-1

6

De

c-1

6

Jan

-17

Feb

-17

Mar

-17

Ap

r-1

7

May

-17

Jun

-17

Jul-

17

Au

g-17

Sep

-17

Oct

-17

No

v-1

7

De

c-1

7

Jan

-18

Feb

-18

Baltic TCE / Day Baltic TCE / Day (4 Week Trailing Avg.)

VLGC Fleet & Orderbook Review

VLGC orderbook (2013-Onwards) (# vessels)

25Source: Clarksons Research, Dorian LPG analysis

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 9/8/2017-1/1/2019

• 2020 Low Sulphur regulations

• Suggest 25% increase in bunker cost

Dorian LPG’s VLGC Fleet is ready:

Potential Scrapping Candidates

(1) As of March 25, 2018

152

53

35

2010

26

0

20

40

60

80

100

120

140

160

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

138

35

44

21

5

418

10

0

5

10

15

20

25

30

35

40

45

50

2013 2014 2015 2016 2017 2018 2019 2020

In Service On Order

Financials

Recent Financing Developments: Continuing to Enhance Balance Sheet Flexibility

27

• On May 31, 2017, the Company announced an agreement with its lenders under its $758 million facility to relax certain

covenants of the 2015 Debt Facility and have also agreed to release $26.8 million of restricted cash to be applied

towards future debt repayments, interest and certain fees.

• On June 7, 2017, the Company announced that it repaid its RBS debt facility at 96% of the then outstanding principal

amount with a new $97 million bridge loan facility from DNB. As part of the refinancing, $6 million of cash previously

restricted was released and used as unrestricted cash.

• On August 25, 2017, the Company announced that it had filed to issue up to $40 million of equity pursuant to an “at the

market” (“ATM”) offering.

• 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 17.3 years.

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.

Statement of Operations Data (USD)

Statement of Operations DataThree Months Ended

December 31, 2017

(Unaudited)

Three Months Ended

December 31, 2016

(Unaudited)

Revenues $ 44,545,589 $ 35,734,988

Voyage expenses (386,637) (1,193,265)

Vessel operating expenses (15,749,381) (17,114,358)

General and administrative expenses (5,536,028) (5,166,239)

Other income—related parties 633,883 670,836

EBITDA 23,462,426 12,931,962

Depreciation and amortization (16,466,322) (16,385,921)

Operating income/(loss) 6,996,104 (3,453,959)

Other income/(expenses), net (5,325,689) 8,493,583

Net income $ 1,670,415 $ 5,039,624

Other Financial Data

Time charter equivalent rate (1) $ 22,833 $ 17,796

Daily vessel operating expenses (2) $ 7,804 $ 8,456

Adjusted EBITDA (3) $ 24,696,206 $ 13,927,649

(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 DataNine Months Ended

December 31, 2017

(Unaudited)

Nine Months Ended

December 31, 2016

(Unaudited)

Revenues $ 120,300,082 $ 119,861,997

Voyage expenses (1,901,603) (2,415,287)



Other income—related parties 1,905,836 1,776,659

EBITDA 52,392,125 53,692,650


Operating income 3,167,938 4,748,467

Other income/(expenses), net (20,102,629) (8,145,552)

Net loss $ (16,934,691) $ (3,397,085)




Adjusted EBITDA (3) $ 56,278,367 $ 56,757,693






29


Statement of Operations DataYear Ended

Mar 31, 2017

(Audited)

Year Ended

Mar 31, 2016

(Audited)

Revenues $ 167,447,171 $ 289,207,829

Voyage expenses (2,965,978) (12,064,682)



Loss on disposal of assets — (1,125,395)

Other income—related parties 2,410,542 1,945,396

EBITDA 79,050,809 201,007,129


Operating income 13,993,322 158,415,187

Other income/(expenses), net (15,435,137) (28,726,805)

Net income/(loss) $ (1,441,815) $ 129,688,382




Adjusted EBITDA (3) $ 83,279,670 $ 204,865,215






30

Cash Flows Data (USD)

Cash Flows DataNine Months Ended

December 31, 2017

(Unaudited)

Six Months Ended

December 31, 2016

(Unaudited)

Net loss $ (16,934,691) $ (3,397,085)

Adjustments 51,551,945 29,066,675

Changes in operating assets and liabilities 6,328,996 23,535,260

Net cash provided by operating activities 40,946,250 49,204,850

Net cash provided by/(used in) investing activities 21,488,349 (1,762,861)

Net cash used in financing activities (23,901,827) (61,699,686)

Effects of exchange rates on cash and cash equivalents 81,967 (314,626)

Net increase/(decrease) in cash and cash equivalents $ 38,614,739 $ (14,572,323)

Cash Flows DataYear Ended

March 31, 2017(Audited)

Year Ended

March 31, 2016 (Audited)

Net income/(loss) $ (1,441,815) $ 129,688,382

Adjustments 46,189,541 59,421,412

Changes in operating assets and liabilities 7,356,042 (38,082,294)

Net cash operating activities 52,103,768 151,027,500

Net cash used in investing activities (1,981,022) (910,414,841)

Net cash (used in)/provided by financing activities (79,318,882) 601,090,409

Effects of exchange rates on cash and cash equivalents (197,274) (112,289)

Net decrease in cash and cash equivalents $ (29,393,410) $ (158,409,221)

31

Balance Sheet Data (USD)

Balance Sheet DataDecember 31, 2017

(Unaudited)

December 31, 2016

(Unaudited)

Cash and cash equivalents $ 55,633,291 $ 31,839,639

Restricted cash, non-current 29,082,958 50,812,789

Total assets 1,706,199,091 1,760,213,403

Current portion of long-term debt 126,557,191 65,978,786

Long-term debt – net of current portion and deferred financing fees 600,905,936 700,715,644

Total liabilities 744,239,747 787,313,926

Total shareholders' equity $ 961,959,344 $ 972,899,477

Balance Sheet DataMarch 31, 2017

(Audited)

March 31, 2016

(Audited)

Cash and cash equivalents $ 17,018,552 $ 46,411,962

Restricted cash, non-current 50,874,146 50,812,789

Total assets 1,746,234,880 1,842,178,176

Current portion of long-term debt 65,978,785 66,265,643

Long-term debt – net of current portion and deferred financing fees 683,985,463 746,354,613

Total liabilities 770,233,162 856,578,939

Total shareholders' equity $ 976,001,718 $ 985,599,237

32

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DORIAN LPGs21.q4cdn.com/513962416/files/doc_presentations/2018/02/...2018/02/02 · Dorian LPG at a glance 3 Company overview Global presence Average vessel age vs. global fleet1