investor presentations21.q4cdn.com/513962416/files/doc_presentations/2019/...2019/01/10 · •...

DORIAN LPGJanuary 2019

Investor Presentation

Disclaimer

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.

2

Company Overview

Dorian LPG at a Glance

US-Based with a Global Presence

Current VLGC Fleet Age Profile1

• Dorian LPG is a liquefied petroleum gas (LPG) 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 newbuilding order at Hyundai HI,

although predecessor entities have invested in and

managed LPG vessels since 2002

• The fleet is comprised of 19 ECO-VLGCs and three

modern VLGCs, with an average age of 4.6 years

• 19 vessels are currently employed in the Helios LPG Pool

that operates 29 vessels total and was founded by the

Company together with Phoenix Tankers in April 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 listed on the NYSE in 2014 under the

ticker “LPG”

Source: CRSL

1. Excludes ethane carriers 3

Stamford

London

Copenhagen

Athens

Singapore

4.6

9.4

-

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

Dorian LPG Global Fleet

ye

ars

old

Dorian LPG Investment Highlights

4

Increasing Global NGL

Production & Exports

Growing Asian LPG

Demand

Commercial Scale with

the Helios LPG Pool

VLGC Rate Recover &

Orderbook Stability

Solid Financial Position

Modern, fuel-efficient

fleet

• Dorian’s fleet of 22 VLGCs has an average age of 4.6 yo vs. the global average of 9.4 yo

• 19 Korean-built ECO vessels’ fuel efficiency translates to superior earnings power vs. peers

• The Company is taking a proactive approach and is well positioned for IMO 2020

• YTD U.S. and Arabian Gulf seaborne exports continue to grow

• U.S. NGL production is pushing record levels, showing few signs of slowing down

• New North American fractionation capacity should increase LPG production and inventories

• Additional North American export capacity is expected to facilitate increased exports

• Propane maintains a competitive pricing advantage as a feedstock in Asia vs. Naphtha

• A wave of new chemical and PDH plants are planned and under construction

• LPG remains a cost effective retail fuel source in rural China

• Indian government subsidies to low-income consumers support retail LPG demand

• VLGC spot rates have recovered from cyclical lows reached in April 2018

• Global fleet utilization has also improved meaningfully

• Orderbook-to-fleet remains stable at 14%

• The costs of IMO 2020 are expected to increase vessel scrapping

• Dorian LPG is one of the three largest operators of VLGC tonnage globally

• Including the Helios LPG Pool, Dorian commercially manages 32 vessels1

• Scale allows for a mix of spot, COAs, and time charters

• Dorian LPG is well capitalized to perform through the VLGC shipping cycle

• The Company’s total cash position stands at $83.8mm, including restricted cash as of Oct.

• Over 90% of Company debt is fixed at attractive rates vs. market

• No refinancings required until 2022

1. Dorian LPG owns three vessels that are on long-term time charter

LPG Market Fundamentals

• LPG is cleaner than coal and oil

and an alternative to gasoline,

producing less air pollution and

carbon dioxide emissions

• 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

Why Use LPG?

• Liquefied petroleum gas ("LPG") is

a combination of C3 (propane) and

C4 (butane)

• Both are natural gas liquids

(“NGLs”) and are a byproduct of oil

and natural gas production

• These molecules are extracted or

“cracked” through natural gas

processing and oil refining

What is LPG?

The Basics . . .

6

The LPG Value Chain

Retail (~52%)

Engine fuel (~8%)

Chemical (~23%)

Industrial (~10%)

Other (~2%)

Refinery (~5%)

Oil production (~40%)

Gas production (~60%) LPG shipping

Source: WLPGA

Seaborne LPG Trade Flows

Major VLGC Trade Routes

7

Longer Trade Routes Favor Larger VLGCs

Very Large Gas

Carrier “VLGC”

78K – 84K cbm

Large Gas

Carrier “LGC”

50K – 60K cbm

Medium Gas

Carrier “MGC”

18K – 42K cbm

Handysize

2K – 22K cbm

= major exporter

= major importer

Global LPG Supply

Global Liftings Remain Stable

U.S. Waterborne Exports Up 11% YTD

Seaborne LPG Volumes Continue to Grow

Arabian Gulf Waterborne Exports Up 18% YTD

Source: IHS Waterborne

Note: YTD values shown through October 31 9

77.3 MT

+ 11%

78.9 MT

2018

YTD

2017

YTD

2018

YTD

2017

YTD

2018

YTD

2017

YTD

63.0

75.1

85.4

90.6 92.5

60

65

70

75

80

85

90

95

2013 2014 2015 2016 2017

Metr

ic T

on

s

9.5

13.9

20.5

25.4

29.7

5

10

15

20

25

30

2013 2014 2015 2016 2017

Metr

ic T

on

s

32.1

34.8

36.7

39.2

36.7

25

30

35

40

2013 2014 2015 2016 2017

Metr

ic T

on

s

26.9

MT

24.3

MT

+ 18%

32.8 MT

27.9

MT

+ 2%

Seaborne LPG Exports by Origin

U.S. LPG has Increased Global Market Share

• The U.S. has emerged as the largest exporting nation,

forcing price competition amongst all suppliers

• Middle Eastern export growth has surprised to the

upside

• The Asian market has become increasing reliant on

U.S. LPG exports

A New Era of Supply

10Source: IHS Waterborne

Note: YTD values shown through October 31

U.S. VLGC Cargoes are Increasingly Landing in India

Evolving U.S. NGL and LPG Seaborne Trade Flows

Ethane and Butane Fueling Seaborne NGL Export Growth

2017 2018 YTD

• Through October, U.S. NGL

exports have increased 14% Y/Y in

2018

• YTD propane exports have

increased modestly, growing 6%

through August

• However, Butane and ethane

exports continue to add upside,

showing Y/Y of 47% and 56%,

respectively

11Source: EIA, IHS Waterborne


• Arbs to the East have been

positive for the majority of 2018,

allowing Chinese bound cargoes to

easily be diverted elsewhere in

Asia

• Chinese PDH and other Asian

cracking demand will far outweigh

incremental Middle Eastern supply,

and force suppliers to look West,

boosting ton miles

-

200

400

600

800

1,000

1,200

1,400

J-16 A-16 J-16 O-16 J-17 A-17 J-17 O-17 J-18 A-18 J-18 O-18

Mb

bl/d

Ethane Propane Butane

+26%

+14%

• U.S. propane inventories continued

their seasonal build a month longer

than observed over the past three

years despite strong exports

• Mont Belvieu pricing now reacts

more quickly to international

propane prices, making U.S.

volumes increasingly competitive

for export

Building Inventories Encourages Near-Term Propane Exports

• Record propane production of

2.145 MMbbl/d was reached during

the last week of December

• 94 Bcf/d of wet gas was marketed

during October

• Growing oil production in the

Permian and Mid-Continent are

likely to push NGL production

higher

• NGL-rich gas production in the

Utica / Marcellus also continues to

grow

Growing U.S. Propane Production Continues at Record Volumes

U.S. LPG Likely to Remain Price Competitive

Source: EIA 12

20

40

60

80

100

120

J F M A M J J A S O N D

MM

bb

l

5-yr Range 2018

1.2

1.4

1.6

1.8

2.0

2.2

J F M A M J J A S O N D

MM

bb

l/d

5-yr Range 2018

• U.S. NGL production is growing at a record pace, but limited fractionation capacity has

constrained purity product growth

• Growing fractionation capacity at Mont Belvieu should allow midstream players to

fractionate more Y-grade product into purity propane and butane for export

• New capacity at Corpus Christi and Freeport will largely serve Permian volumes

New Fractionation Should Push U.S. LPG Production Higher

1.6 MMbbl/d of Additional Frac Capacity is Planned through 2020

Source: EIA, IHS Waterborne 13

Lone Star NGL Fractionator VI Mont Belvieu 150 1Q19

Targa Resources Train 6 Mont Belvieu 100 2Q19

Enterprise Products Frac 10 Mont Belvieu 150 1Q20

Epic Midstream Robstown Expansion Corpus Christi 100 1Q20

Lone Star NGL Fractionator VII Mont Belvieu 150 1Q20

Oneok MB 5 Mont Belvieu 125 1Q20



Permico Energia El Centro I Corpus Christi 150 4Q20

Permico Energia El Centro II Corpus Christi 150 4Q20

Phillips 66 Sweeny Hub 2 Freeport 150 4Q20

Phillips 66 Sweeny Hub 3 Freeport 150 4Q20

Company Location Throughput

(Mbbl/d)

Est.

CompletionProject

Major Gulf Coast Processing Constraints Should Begin to Ease by 2H19

North American LPG Export Capacity Currently Stands at >90% Utilization

• Corresponding domestic demand growth appears unlikely, necessitating increasing exports to clear the market

• Energy Transfer’s Mariner East II began service this month and is expected to add three to four monthly VLGC cargoes

initially, growing to seven to eight by 2021

• Enterprise also recently announced the expansion of its Houston export facility by 2H19, adding capacity for an additional

8-9 VLGCs per month

• Canadian facilities in British Columbia are also expected to start up in 2020 (Ridley Island and Pembina)

14

More North American LPG Export Capacity is Coming

5.7 MTPA of Incremental Export Capacity in 2020, Translates to an Additional 11-12 Monthly VLGC Cargoes

Source: IHS Waterborne, Company documents, Dorian LPG Estimates 14

LPG Demand and Consumption

4.2

6.9

11.9

15.9

18.3

13.5

14.2

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2013 2015 2016 2016 2017 2017 YTD 2018 YTD

Me

tric

To

ns

Growing LPG Markets: China

2018 YTD Chinese LPG Imports Have Grown 5.1% Y/Y

16Source: NGL Insights


• On 23 August, Beijing placed a 25% tariff on U.S. LPG in response to American tariffs on Chinese exports

• Residential LPG is still required as a substitute for coal in more remote areas, where piped gas infrastructure is too costly to

install, but chemicals should account for a growing share of China’s LPG demand, especially with the nation’s rapidly expanding

petrochemical complex

• Although no new PDH plants started up in China last year, both the 0.7 MTPA Fujian Meide plant and Zhejiang Satellite’s 0.5

MTPA expansion are expected to start up in 2H18

• China’s LPG demand hit 1.7 MMbbl/d in June, assuming 0.5 MMbbl/d of net imports based on Kpler cargo-tracking data

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

butane currently sold to stand alone deep-processing units and increase the need for imports

China Has Largely Substituted U.S. LPG with MEG Volumes

China Continues to Drive Asian LPG Demand

Our Chinese LPG Demand Outlook Remains Favorable

17Source: IHS Waterborne


A Second Wave of New Chinese PDH Plants

18

• Chinese PDH margins average $380/ton YTD 2018 and have

been operating at high utilization rates since 2017

• Domestic Chinese LPG production from deep processing

appears to be decreasing

• LPG production from oil refineries has decreased since 2016

• Ongoing government rationalization of refineries may also

decrease domestic LPG production even further over the next

several years

Ten Planned Projects are Expected to add 7.0 MTPA of LPG Demand through 2022

Projected Incremental Chinese Propane Demand Growth from New PDH Plants

Source: Wanhua Petrochemical

Soft Packaging 792 2019

Ju Zhen Yuan 720 2019

Satellite Petrochemical 540 2019

Oriental Energy 792 2020

Rongsheng 720 2020

Wanda Petrochemical 600 2020



Rongsheng 720 2022

Hongji Petrochemical 540 2022

Company Throughput

('000 tons)

Est.

Completion

2.1 2.1

1.6

1.3

-

0.5

1.0

1.5

2.0

2.5

2019E 2020E 2021E 2022E

MT

PA

6.3

8.0

9.0

10.3

11.9

8.3

8.9

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13.0

2013 2015 2016 2016 2017 2017 YTD 2018 YTD

Me

tric

To

ns

Government Subsidies are Boosting Consumer Adoption

The LPG Nation: India

Indian LPG Demand is Steadily Increasing

19

• The Indian LPG subsidy is the largest government subsidy scheme in the country’s history

• 55mm LPG retail connections were added from May 2016 to present; another 30mm are planned through March 2020

• The government forecasts annual LPG demand to grow by 11-12% over the next five years

• The Indian Oil Corporation’s LPG pipeline between its 300 Mbbl/d Paradip refinery and eastern India is planned to start up in

November

• Part of the pipeline was commissioned in April, making eastern India one of the country’s fastest-growing LPG demand centers,

increasing by 12.1% y/y in September

Source: NGL Insights, FGE, Energy Aspects


Source: FGE, Bloomberg

LPG Cracking Capacity Should Boost Demand

A New Wave of Asian Cracking Capacity is Planned FE Propane / Naphtha Spread Has Widened

20

Lotte Chemical S. Korea 444 2018

Titan Chemicals (expansion) Malaysia 75 2018

Hanwha Total Petrochemical S. Korea 689 2019

LG Chem S. Korea 1,123 2019

SP Chemicals China 932 2020

Wanhua Chemical China 2,222 2020

Sinopec China 688 2020

Gulei Petrochemical China 717 2020

YNCC S. Korea 102 2020

JG Summit (expansion) Philippines 140 2021

LG Chem S. Korea 758 2021

Hyundai Chemical S. Korea 187 2021

GS Caltex S. Korea 219 2022

SCG Chemical Vietnam 867 2022

Company Location LPG Required

('000 tons)

Est.

Completion

$(39)

$(22)

$(58)

$(19)

$(64) $(70)

$(60)

$(50)

$(40)

$(30)

$(20)

$(10)

-

2014 2015 2016 2017 2018

pe

r M

T

South Korean LPG Demand Expected to Double Over Ten Years

New Steam Crackers Growing LPG DemandSouth Korean PDH + Flexi Cracker Expansions

• South Korea Currently has 4.1 MTPA of current

cracking capacity

• Planned South Korean LPG cracking capacity

additions and expansions are expected to add 7.3

MTPA of demand by 2023

• South Korean supply diversification should help

boost U.S. cargoes vs. MEG cargoes

• Represents significant ton-mileage expansion

Daesan Complex

Ulsan Complex

Yeosu Complex

• LG Chemical

• Lotte Chemical

• HTC

• Hyundai Oilbank

• SKG Chemical

• KPIC

• S-Oil

• LG Chemical

• Lotte Chemical

• YNCC

• GS Caltex

21Source: SK Gas

Dorian LPG

Young Fleet Allows for a Flexible Approach Towards Compliance

A Premium Fleet, Well Prepared for IMO 2020

• Corvette and Concorde are already scrubber equipped

• Dorian LPG has announced the purchase of up to seven hybrid

scrubbers from Clean Marine A/S for ~$20mm, including

installation

• The Company has been at the forefront of evaluating LPG as a

marine fuel, completing a feasibility study with the American Bureau

of Shipping and signing a letter of intent with Hyundai Heavy Global

Services for the upgrade of up to ten vessels

• Current LPG-HFO fuel cost differential does not yet support the

investment required to retrofit vessels for use of LPG as a primary

marine fuel

• Sixteen of Dorian LPG’s Eco VLGCs were built with strengthened

decks necessary to accommodate LPG fuel tanks in the case of

retrofitting for LPG bunkering

• In-house technical and commercial management

23

Caravelle 2016

Challenger 2015

Copernicus 2015

Chaparral 2015

Commander 2015

Cratis 2015

Cheyenne 2015

Clermont 2015

Constellation 2015

Cresques 2015

Commodore 2015

Constiution 2015

Continental 2015

Cobra 2015

Concorde 2015

Cougar 2015

Corvette 2015

Corsair 2014

Comet 2014

Capt. Nicholas ML 2008

Capt. John NP 2007

Capt. Markos NL 2006

Vessel Name Built Retrofit

Capable

Scrubber

Installed

Scrubber

Ready

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

✓

Eco Modern

• The Helios LPG Pool is a 50/50 partnership between Dorian

LPG and Phoenix Tankers, a subsidiary of MOL of Japan

• The primary goal of the Pool is to create a critical mass of

reliable and efficient VLGCs to allow Helios to provide the

most dependable global LPG maritime solution. Offering

spot freight, TCs, and COAs facilitates flexibility and

affordability, while optimizing earnings for all partners

• Earnings are allocated to each vessel participating in the

Pool based on “Pool Points,” which are awarded based on

vessel characteristics such as carrying capacity and fuel

consumption over the relevant period

Dorian LPG Commercially Controls 32 Vessels1

The Leading VLGC Commercial Platform

Helios LPG Fleet Composition1

1. Dorian LPG jointly operates 29 vessels in the Helios LPG Pool 24

$4.3 $4.8 $5.1

$6.1 $5.9 $6.0 $6.7

$7.1

$8.4 $8.1 $7.6

$8.5 $9.0

$10.7 $10.3

-

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

Korean Eco Chinese Eco HHI Modern DSME Non-Eco Japanese

millio

ns

$400 / MT $550 / MT $700 / MT

Average Fuel Consumption by Vessel Profile

45.0

49.5

54.0

63.0

60.0

41.0

46.5 48.0

58.5 57.3

35

40

45

50

55

60

65

Korean Eco Chinese Eco HHI Modern DSME Non-Eco Japanese

MT

/ d

ay

Laden Ballast

Dorian LPG’s Fleet Composition

Source: Dorian LPG management estimates

1. Assumes vessels sail 16kts ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, equaling a roundtrip voyage of 37.9 days

• 19 Korean-built fuel-efficient Eco

VLGCs with an avg. age of 3.1

years

• 3 HHI-built Non-Eco built VLGCs

with an avg. age of 11.0 years

• Modern fuel-efficient vessels

offer a substantial earnings

advantage relative to older

tonnage

Estimated Annual Fuel Cost by Vessel Profile1

Dorian LPG is a Leader in Fuel Efficiency

25

VLGC Shipping Market Dynamics

VLGC Spot Rates Have Recovered from Cyclical Lows

Baltic VLGC Daily Spot Rates

Rate Commentary

• The Baltic VLGC Index broke $40/mt in July, the first time

since February 2016; rates reached over $47/mt or

~$30,000/day in October

• We have seen an average of over six liftings monthly

from both the U.S. and the Middle East during 2018

• Incremental VLGC fleet growth has been absorbed without

severely impacting 2018 utilization

Fleet Utilization Has Followed Rates Higher

77%

84%

88%

70%

80%

90%

100%

1Q18 2Q18 3Q18

Source: Baltic Exchange, Clarksons 27

-

$10K

$20K

$30K

$40K

F-16 A-16 J-16 A-16 O-16 D-16 F-17 A-17 J-17 A-17 O-17 D-17 F-18 A-18 J-18 A-18 O-18 D-18

TC

E /

da

y

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

117

35

52

25

8

24

-

20

40

60

80

100

120

140

< 5 5-10 10-15 15-20 20-25 25+

ve

ss

els

Vessel Supply Remains Balanced

Recent VLGC Deliveries and Current Orderbook

VLGC Fleet Age Profile and Potential Scrapping

• 6 VLGCs have been scrapped in 2018

o 1 ship in 1Q18 (28 yo)

o 3 ships in 2Q18 (avg. age of 32 yo)



• 32 potential scrapping candidates, represent ~12% of

the current fleet

• IMO 2020 regulations likely to accelerate scrapping in

the near term as compliant fuel increases in price,

making less efficient ships uneconomical

• Orderbook-to-fleet stands at ~14%

• Increasing output from the U.S., Ichthys, and the

Middle East should be enough to absorb near-term

deliveries

• Asian buyers will increasingly look to diversify supply

away from Iran, likely having a positive effect on

utilization and minimizing the impact of new tonnage

28Source: CRSL

Note: Excludes ethane carriers

35 44 21 10 17 20 -

10

20

30

40

50

2015 2016 2017 2018 2019E 2020E

ve

ss

els

Delivered On Order

Financials

Over 90% of Company Debt is Either Fixed or Hedged at a Current Total Cost of ~4.4%1

• Generating additional liquidity of approximately $63.3 million

• Lengthening of debt maturities

o 3 ECO VLGCs with maturities in 2029-2031 (12-13 year tenors)

o 3 “Captains” with maturities in 2024-25 (6-7 year tenors)

• Fixed interest rates on ECO VLGCs of 4.9% and on the three Captains at 6.0%

• Very attractive age-adjusted profiles

• No financial covenants

Enhancing Balance Sheet Strength & Flexibility

30

Since November 2017, Dorian LPG Has Completed Six Japanese Financing Arrangements

The Company has no refinancing requirements until 2022

1. As of November 2018

Statement of Operations (USD)

31

(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.

Statement of Operations Data

Three Months Ended

September 30, 2018

(Unaudited)

Three Months Ended

September 30, 2017

(Unaudited)

Revenues 40,807,542 34,729,021

Voyage expenses (435,224) (1,275,521)

Vessel operating expenses (17,375,273) (15,740,438)

General and administrative expenses (7,462,726) (5,421,145)

Other income—related parties 584,632 638,070

EBITDA 16,118,951 12,929,987

Depreciation and amortization (16,437,653) (16,464,707)

Operating loss (318,702) (3,534,720)

Other expenses, net (7,854,418) (8,380,416)

Net loss (8,173,120) (11,915,136)

Other Financial Data

Time charter equivalent rate (1) 20,973 18,015

Daily vessel operating expenses (2) 8,585 7,777

Adjusted EBITDA (3) 17,855,615 14,111,332


32






Statement of Operations Data

Six Months Ended

September 30, 2018

(Unaudited)

Six Months Ended

September 30, 2017

(Unaudited)

Revenues 68,451,824 75,754,493

Voyage expenses (535,397) (1,514,966)



Other income—related parties 1,229,149 1,271,953

EBITDA 19,218,834 28,929,699


Operating loss (13,483,875) (3,828,166)


Net loss (28,773,678) (18,605,106)




Adjusted EBITDA (3) 23,040,751 31,582,161


33






Statement of Operations DataYear Ended Mar 31, 2018

(Audited)

Year Ended Mar 31, 2017

(Audited)

Revenues 159,334,760 167,447,171

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



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

EBITDA 69,171,336 79,050,809


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


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




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

Statement of Cash Flows (USD)

34

Cash Flows Data

Six Months Ended

September 30, 2018

(Unaudited)

Six Months Ended

September 30, 2017

(Unaudited)

Net loss (28,773,678) (18,605,106)

Adjustments 34,705,038 35,786,966

Changes in operating assets and liabilities (15,180,103) 15,139,059

Net cash provided by/(used in) operating activities (9,248,743) 32,320,919

Net cash used in investing activities (1,159,583) (385,981)

Net cash used in f inancing activities (34,950,168) (31,050,201)

Effects of exchange rates on cash and cash equivalents (129,709) 149,322

Net increase/(decrease) in cash and cash equivalents (45,488,203) 1,034,059

Cash Flows DataYear Ended March 31,

2018 (Audited)

Year Ended March 31,

2017 (Audited)

Net 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 provided by 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) f inancing 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 cash equivalents 86,487,124 (29,393,410)

Balance Sheet (USD)

35

September 30, 2018 September 30, 2017

(Unaudited) (Unaudited)

Cash and cash equivalents 48,244,169 50,844,921

Restricted cash, non‑current 35,636,008 18,081,836

Total assets 1,679,160,894 1,698,062,144

Total debt including current portion – net of deferred f inancing fees of $15.5 million

and $20.3 million as of September 30, 2018 and 2017, respectively.726,536,136 718,784,143

Total liabilities 746,696,829 739,050,646

Total shareholders' equity 932,464,065 959,011,498

March 31, 2018 March 31, 2017

(Audited) (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 f inancing 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

Balance Sheet Data

Balance Sheet Data

Appendix

IMO 2020 Fuel Options

37

Distillate or

Blended FuelsHigh Sulfur Fuels Alternative Fuels New Fuels

Type ULSGO 0.1% S,

ULSFO 0.5% SHSFO 3.5% S LNG / LPG / Ethane Hybrid, Bio, GTL, New

Requirements Tank Cleaning with scrubbers only

Newbuilding or with

engine retrofit for dual

fuel

N/A

AvailabilityNo product yet and no

ISO standardAvailable

Available, but not easy

to sourceExperimental stage

ProsCompliant operation

with no capex or

modifications

Pricing; no operational

change required

Compliant and greener

solution with lower

green house gases

and nitrous oxides

Green solution

ConsPricing; blended mix of

fuels and treated fuel

oils

Capex; new marine

application on vessels;

new compliance

regulations

Higher installation

capex; re-supply

issues; storage

considerations

Not commercially

available

investor presentations21.q4cdn.com/513962416/files/doc_presentations/2019/...2019/01/10 · •...

Documents