Dorian lpg june 2017

1. June 2017
DORIAN LPG®

2. Forward-Looking Statements
This Presentation contains certain forward-looking statements relating to the business, future financial
performance and results of the Company and/or the industry in which it operates. In particular, this Presentation
contains forward-looking statements such as those with respect to cost of construction of the Company’s
newbuildings and timing of their delivery, values of the assets of the Company and the potential future revenue
and EBITDA these assets may yield under current or future contracts, the potential future revenues and cash flows
of the Company, the potential future demand and market for the Company’s assets and the Company’s equity and
debt financing requirements and its ability to obtain financing in a timely manner and at favorable terms.
Forward-looking statements concern future circumstances and results and other statements that are not historical
facts, sometimes identified by the words “believes”, “expects”, “predicts”, “intends”, “projects”, “plans”,
“estimates”, “aims”, “foresees”, “anticipates”, “targets”, and similar expressions. The forward-looking
statements contained in this Presentation, including assumptions, opinions and views of the Company or cited
from third party sources, are solely opinions and forecasts which are subject to risks, uncertainties and other
factors that may cause actual events to differ materially from any anticipated development. Potential investors
are expressly advised that financial projections, such as the revenue and cash flow projections contained herein,
cannot be used as reliable indicators of future revenues or cash flows. Neither the Company, nor any of their
parent or subsidiary undertakings or any such person’s officers or employees provides any assurance that the
assumptions underlying such forward-looking statements are free from errors nor does any of them accept any
responsibility for the future accuracy of the opinions expressed in this Presentation or the actual occurrence of
the forecasted developments. No obligation is assumed to update any forward-looking statements or to conform
these forward-looking statements to our actual results.
Disclaimer
2

3. Dorian LPG at a glance
3
Company overview Global presence
Average vessel age vs. global fleet
• 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 3.5 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
~440m as of 31-May-2017
(1) As of 12-Jun-2017
3.5
8.9
Dorian LPG Global VLGC fleet1

4. History / background
4
2 2 2
1
2
3
4 4 4 4 4 4
6
22 22 22
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
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

5. Experienced management team
5
John Hadjipateras
Chairman & CEO
(Dorian LPG)
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)
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

6. 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, 4 Phoenix VLGCs and 5 Oriental Energy VLGCs, and uses these high quality assets to offer
a complete global LPG maritime solution offering spot freight, TCs, and COAs
• Dorian LPG has contributed USD 1.1m per vessel in working capital for the Helios Pool1
• 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) No debt in the Helios Pool. The contributed cash would be refunded to Dorian LPG (less deduction for fuel on the vessels at the time) if the vessels are withdrawn from
the pool.

7. 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 3.5 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

8. Vessels built at premium Korean Shipyards
8
Total VLGC newbuilding deliveries by shipyard 2006-2016 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
60 %
13 %
13 %
7 %
7 %
Hyundai HI
Daewoo
Mitsubishi
Kawasaki
Jiangnan

9. 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
makes 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 THE
FARM
AT WORK
OTHER

10. LPG Supply and Export Dynamics

11. Global Liftings showing steady growth
Global liftings (MM Tons)
11Source: IHS, EIA, FGE *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365)
U.S. Waterborne Exports Middle East Waterborne Exports
61.2
63.7
75.4
85.1
89.9
0
10
20
30
40
50
60
70
80
90
100
2012 2013 2014 2015 2016
Metrictons(millions)
Annual
9.4
13.9
20.6
25.4
0
5
10
15
20
25
30
2013 2014 2015 2016
32.3
34.9 35.7
38.9
0
5
10
15
20
25
30
35
40
45
2013 2014 2015 2016
Supply and Export Dynamics

12. 15% 19% 25% 29%
36%
51% 47%
45%
44%
40%
12% 11%
10% 10% 10%8% 11% 10% 4%
8%8% 7% 6% 12% 4%6% 5% 4% 1% 2%
0%
20%
40%
60%
80%
100%
2013 2014 2015 2016 YTD 2017
US Middle East N.Sea Med Other Latin America
U.S. LPG has significantly increased its share of global supply
Source: EIA, Bloomberg, IHS, FGE
A New Era of Supply
12
• 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
Supply and Export Dynamics

13. North American export capacity extending beyond USGC
Firm North American VLGC export capacity (MM Tons/year)
East Coast U.S. and West Coast U.S. now covered and
expanding, creating new and improved arbitrage
opportunities
Philips 66’s terminal (Freeport, TX)
• Capacity for 8 VLGCs/month
• Started up in November 2016
• Has increased competition to terminal fees
Sunoco’s terminal (Marcus Hook, PA)
• Now exporting 6-9 VLGC cargoes per month
• Consistent supply contracts with offtake
agreements
• Further expansion in 1Q 2017 will add capacity
for another 5 VLGCs/month
Petrogas’ terminal (Ferndale, WA)
• Outperforming seasonality, expect increase in
butane cargoes
• Operated by Alta gas
Altagas’ terminal (Ridley Island, BC)
• Final investment decision on October 20, 2016
• Entered into Memorandum of Understanding with
Astomos energy corporation for purchase of 50%
of the propane exported.
13Source: EIA, Bloomberg, IHS, Publicly Available Information
Near term export terminal expansions
38
57
65
0
10
20
30
40
50
60
70
2015 YE 2016 YE 2017 YE
Potential U.S. VLGC liftings per month
0
5
10
15
20
25
30
35
40
2015 2016 2017
Phillips 66 (Freeport, TX)
PetroGas (Ferndale, WA)
Trafigura (Corpus Christi)
Oxy (Ingleside)
Sunoco (Marcus Hook)
Sunoco (Netherlands)
Targa (Houston)
Enterprise Houston
Supply and Export Dynamics

14. 0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
0
2,000
4,000
6,000
8,000
10,000
12,000
Nov-12 Feb-13 May-13 Aug-13 Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17
PropaneProduction(Mbbls/day)
Oil&GasProduction(Mbbls/day)
Oil Production Gas Production Propane Production
0
100
200
300
400
500
600
700
800
900
1000
Apr-16 Jun-16 Aug-16 Oct-16 Dec-16 Feb-17 Apr-17
BH Rig Count
14
Propane production resilient to volatile oil and gas production (M bbls/day)
Source: EIA, Dorian LPG Analysis
• U.S. Propane production has remained resilient despite
decreases in gas production and oil production
• NGL values relative to crude have incentivized
production of NGL rich fields, such as the Permian field
• Rig count, uncompleted wells, and E&P break evens are
all moving favorably for production increases
Resilient U.S. LPG production
Supply and Export Dynamics
North American rig count (# rigs)

15. LPG Demand & Consumption

16. Growing markets for LPG: CHINA
• will be used as
primary fuel source
Annual China LPG imports (Tons)
16Source: FGE
Demand & Consumption
4.2 M
7.0 M
12.0 M
16.1 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
16 M
18 M
2013 2014 2015 2016

17. China LPG demand by sector (MM Tons)
Chinese demand expanding far beyond PDH
17Source: FGE, Platts
• Chinese demand is estimated to increase by 4.6mm MT in 2017 and total import demand by 3mm tons
• Butane demand from processing plants that use butane-rich LPG as feedstock is expected to increase LPG demand by a
combined ~2mil ton MT in 2017
• LPG demand in 2016 was estimated at about 49mm MT. Demand growth in 2017 is forecasted to be around 10%
• China’s residential / commercial demand has been climbing in tandem with its initiative to displace solid biofuels in rural
areas
• Middle Eastern supply alone will not be able to meet demand
27%
23%
12%
12%
27% Iran
US
Abu Dhabi
Qatar
Others
China LPG imports by source
Demand & Consumption
0
10
20
30
40
50
60
2013 2014 2015 2016 2017 (E) 2018 (E)
Steam Cracking PDH Gasoline Additives or Blending Residential Others

18. Global PDH & Petchems also fueling demand
18
Illustrative increase from Korean PDH Plant
• Korean market is saturated but saw a major increase in
demand this year from a new PDH facility
• PDH importers require high purity propane, best sourced from
the US or Middle East
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
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 tonnes/year PDH unit in an
undisclosed location.

19. “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 (M Tons) Indian LPG consumption forecast (M Tons)
• The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 “the year of the LPG Consumer”
• Approximately 7 million new LPG consumers added between January and April of 2016
• Non subsidized market growing due to lower international LPG prices
• Increased tax on gasoline has also led to increased LPG auto-gas consumption
• Paradip refinery startup marks last major domestic supply addition supporting further imports
• Seaborne LPG imports into India were up 8% in 2015, from 8.32mm tons to 8.97mm tons
19Source: IOC, FGE
Demand & Consumption
8.9 M
10.0 M
11.5 M
0 M
2 M
4 M
6 M
8 M
10 M
12 M
14 M
2015 2016E 2017E
19.0 M
21.1 M
22.6 M
0 M
5 M
10 M
15 M
20 M
25 M
2015 2016E 2017E

20. 0
2
4
6
8
10
12
14
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Industry Commercial and Public Services Residential
Indonesia emerging as a major demand center
20Source: FGE
• The surge in LPG demand and imports has come on the back of the governments’ subsidized Kerosene-to-LPG conversion
program
• Lower prices have brought Pertamina’s imports back into profit in spite of the subsidy program
• The program is regionally limited through 2017 with the program being extended further into the eastern islands from
2018 onwards
Indonesian demand (MM Tons)
Demand & Consumption
CAGR: 12.1%

21. Vietnam & Bangladesh residential demand to drive consumption
21Source: FGE
• Second largest SE Asia country by population
• Manufacturing growth and domestic consumption remains
strong
• LPG buyers in Northern Vietnam receive pressure cargoes
and have benefitted from the cheaper LPG available from
Siam Gas on the back of cheaper Iranian LPG received into
its cavern storage in China. This trade appears to have
been increasing in 2016
0.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
2013
2014
2015
2016
2017E
2018E
2019E
2020E
2021E
2022E
2023E
2024E
2025E
Industry Commercial and Public Services Residential
• Huge population with potential to drive demand
• The total market which was around 120,000 MT two
years ago now stands at 205,000 MT
• Domestic gas production will start declining after 2019
and LNG imports will have to start by then
• Moving forward, the government is encouraging
households to convert from natural gas to LPG and has
also suspended natural gas supply to commercial
sector
-
0.05
0.10
0.15
0.20
0.25
0.30
0.35
0.40
0.45
2013
2014
2015
2016
2017E
2018E
2019E
2020E
2021E
2022E
2023E
2024E
2025E
Supply Imports
Demand & Consumption
Vietnam (MM Tons) Bangladesh (MM Tons)

22. Power Generation Fueling Demand in Ghana and Virgin Islands
22
Vitol Power Conversion: Virgin Island GE LPG Power Plant: Ghana
• In late October, the Ghanaian government approved the
development of the 400 megawatt Bridge Power plant at
Ghana’s Tema port.
• Once both stages have been completed the power plant
will account for 14% of electricity capacity but Ghana
has plans to double total capacity, leaving room for
further LPG power projects
• The success of the power generation project could lead
to other countries in the continent adopting the model
to supplement their insufficient power supplies.
• Vitol is leading the transformation of the power
sector in the US Virgin Islands
• Upon completion of the $150 MM project, Virgin
Island power consumers can expect savings of up to
30%
• Since July 2016, both St. Thomas and St Croix have
derived 100% of their electricity needs from propane
• Green house gas emissions slated to decline 20%
Source: Bloomberg news, VTTI

23. 23
 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
Demand & Consumption
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

24. VLGC Shipping Market Dynamics

25. Continued high VLGC utilization
• 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 is increasing rates for neo-Panamax VLGCs
by 29% starting in October 2017. This equates to an increase of
~$2.2/mt. We estimate that 33% of traffic through the expanded canal
is VLGCs, second only to container ships. The increased fees, alongside
increased competition from other sectors, could result in a reduction
in VLGC transits which would increase ton mile demand as those ships
would then have to transit around the Cape of Good Hope.
Drivers underlying current rate environment
25Source: Clarksons Research, Baltic Exchange, Panama Canal Authority
Baltic VLGC daily spot TCE rates (USD/d) Global VLGC fleet utilization
86%
90%
2016
2017
Container
90%
LPG
5%
LNG
3%
Oil
0% RoRo
1%
Passenger
1%
Forecast Canal Transit by Vessel Type
VLGC Shipping Market Dynamics
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17
Baltic TCE (Daily) 4-Week Trailing Ave

26. 104
56
23
15 18 17
0
20
40
60
80
100
120
< 5 5-10 10-15 15-20 20-25 > 25
VLGC Fleet & Orderbook Review
VLGC orderbook (2013-Onwards) (# vessels)
26Source: Clarksons Research, Dorian LPG analysis
Fleet profile (12/31/17) (# 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:
VLGC Shipping Market Dynamics
Potential Scrapping Candidates
14
5 6
13
1
14
36 10
0
5
10
15
20
25
30
35
40
2013 2014 2015 2016 2017 2018 2019
On Order In Service

27. Financials

28. Statement of Operations Data (USD)
Statement of Operations Data Three Months Ended
Mar 31, 2017
(Unaudited)
Three Months Ended
Mar 31, 2016
(Unaudited)
Revenues $ 47,585,174 $ 85,335,229
Voyage expenses 550,691 652,841
Vessel operating expenses 16,558,807 16,640,832
General and administrative expenses 5,751,400 9,833,474
Loss on disposal of assets — 1,019,846
Other income—related parties 633,883 794,469
EBITDA 25,358,159 57,982,705
Depreciation and amortization 16,113,304 15,894,060
Operating income 9,244,855 42,088,645
Other income/(expenses), net (7,289,585) (21,927,733)
Net income $ 1,955,270 $ 20,160,912
Other Financial Data
Time charter equivalent rate (1) $ 24,677 $ 46,376
Daily vessel operating expenses (2) $ 8,363 $ 8,350
Adjusted EBITDA (3) $ 26,521,977 $ 59,071,535
(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

29. Statement of Operations Data (USD)
Statement of Operations Data Year 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
Vessel operating expenses 66,108,062 47,119,990
General and administrative expenses 21,732,864 29,836,029
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
Depreciation and amortization 65,057,487 42,591,942
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
Other Financial Data
Time charter equivalent rate (1) $ 22,037 $ 55,087
Daily vessel operating expenses (2) $ 8,233 $ 8,581
Adjusted EBITDA (3) $ 83,279,670 $ 204,865,215
(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.
29

30. Cash Flows Data (USD)
Cash Flows Data Year Ended
March 31, 2017
(Audited)
Year Ended
March 31, 2016
(Audited)
Net income $ (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 provided by 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)
30

31. Balance Sheet Data (USD)
Balance Sheet Data March 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 & 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
31

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