September 2018

DORIAN LPG ®

Pareto Conference

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.

• 19 of the vessels are currently employed in the Helios

LPG Pool, 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 was listed on the NYSE in 2014 under the

ticker “LPG” and has a market cap of ~$416mm1.

(1) As of 7-Sept-2018

4.1

8.7

-

1

2

3

4

5

6

7

8

9

10

Dorian Fleet Global Fleet

year

s o

ld

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

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 $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

Predecessor entities Dorian LPG

First VLGC, Captain Markos NL, was

delivered

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

IMO 2020: Dorian LPG is Well Positioned

5

• Corvette and Concorde are already scrubber equipped

• On August 9, 2018, Dorian LPG announced the purchase of up to 7 hybrid scrubbers from Clean Marine A/S for

approximately $20 million, including installation costs

• With a current HFO and MGO differential around $230/ton, estimated payback period equals 1–2 years

• Dorian LPG has also been at the forefront of LPG as fuel having completed a study with ABS and signing an LOI with

Hyundai Heavy Global Services for the upgrade of up to 10 vessels

• Current LPG – HFO fuel differential does not yet support significant investment required to retrofit vessels

o In the event that this differential closes, Dorian is strongly positioned to adapt

o 16 vessels with deck strengthening for LPG gas fuel storage

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 19 Dorian LPG VLGCs and 4 Phoenix VLGCs, and three other vessels, 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 on the basis of vessel

characteristics such as carrying capacity and speed/consumption

(1) As of 7-Sept-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 Features2

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 4.1 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 in

ECO VLGC COMET 84,000 2014 Hyundai HI SR in the Helios Pool, while 4 are on TC

Modern VLGC CAPTAIN NICHOLAS ML1 82,000 2008 Hyundai HI

Modern VLGC CAPTAIN JOHN NP1 82,000 2007 Hyundai HI

Modern VLGC CAPTAIN MARKOS NL1 82,000 2006 Hyundai HI

7

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

• Average fleet age of 4.1 years

• 16 of the 22 vessels are already equipped with ballast water treatment systems

• Captain Markos NL, Captain John NP and Captain Nicolas ML recently completed 10-year special surveys

• In-house technical and commercial fleet management

• 16 vessels with deck strengthening for LPG gas fuel storage

• No newbuilding related capital expenditures

LPG Supply and Export Dynamics

8

Global Liftings Remain Stable

Global liftings

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

U.S. waterborne exports Middle East waterborne exports

9

34.2 32.1

34.8 36.7

39.2 36.8

21.5 22.8

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

40.0

45.0

2012 2013 2014 2015 2016 2017 2017YTD

2018YTD

MTP

A

5.1

9.3

13.8

20.5

25.3

29.5

17.2 18.3

-

5.0

10.0

15.0

20.0

25.0

30.0

35.0

2012 2013 2014 2015 2016 2017 2017YTD

2018YTD

MTP

A

60.7 63.0

75.1

85.4 90.6 92.6

54.7 54.7

-

20.0

40.0

60.0

80.0

100.0

2012 2013 2014 2015 2016 2017 2017 YTD 2018 YTD

MTP

A

15% 18% 24% 28% 32% 36%

51% 46%43%

43% 40%41%

11% 10% 10%10% 11%

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

7%15% 14% 13% 11% 10% 7%

-

20%

40%

60%

80%

100%

2013 2014 2015 2016 2017 2018 YTD

US ME N.Sea Med. Others

U.S. LPG has Significantly Increased its Global Market Share

Source: EIA, Bloomberg, IHS, FGE

A new era of supply

10

• 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

11

U.S. LPG volumes

to Asia increased

10.8% y/y (vs.

11.1% growth in

overall U.S. LPG

exports)

Source: EIA, IHS Waterborne

-

200

400

600

800

1,000

1,200

1,400

J-16 M-16 M-16 J-16 S-16 N-16 J-17 M-17 M-17 J-17 S-17 N-17 J-18 M-18 M-18

kb/d Butane (+39.4%)

Propane (+0.0%)

Ethane (+60.6%)

+ 11% y/y+ 26% y/y

N.W.E 6.5%

Med 7.7%

Far East 40.5%

S.E Asia 5.2%

N. America8.1%

S. America17.6%

Africa 1.1% Others13.4%

2018 YTD

N.W.E 6.2%

Med 5.7%

Far East 48.8%

S.E Asia 3.6%

N. America 8.6%

S. America21.8%

Africa 1.7%

Others 3.5%

2017

U.S. seaborne LPG by destination

U.S. NGL exports (kb/d), 2016 – 2018 YTD

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

12

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

13

-

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2017 2018 2019 2020 2021 2022

Mb

/d

LPG Exports to Clear Market Existing Capacity

Mariner East 2 AltaGas Ridley Island

Pembina Prince Rupert

• 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.

2H18) 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

Export capacity tightens New capacity needed

Source: EvercoreISI

LPG Demand & Consumption

14

Growing Markets for LPG: CHINA

Source: NGL Strategy15

Annual Chinese LPG imports

4.2

6.9

11.9

15.9

18.3

9.0

11.1

-

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

20.0

2013 2014 2015 2016 2017 2017 YTD 2018 YTD

MTP

A

6.8% 8.4%15.4% 18.7% 19.0%10.4%

20.5%17.8%

23.6%9.3%

42.8% 19.6%18.2%

11.8%

16.6%

11.3%

10.1%14.3%

16.3%

17.5%

6.5%

8.1%

10.3%6.9%

12.8%

22.2%33.3%

24.1% 22.7% 24.7%

-

20%

40%

60%

80%

100%

2014 2015 2016 2017 2018 YTD

Qatar United States Iran United Arab Emirates Saudi Arabia Others

16Source: Energy Aspects

• Beijing has fought back against US tariffs, with LPG already slapped with a 25% tariff from 23 August. Tariffs have largely

been managed by Asian buyers swapping suppliers.

• 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 MTPA Fujian Meide plant and Zhejiang Satellite’s

0.45 MTPA expansion are expected to start up in 2H18.

• China’s LPG demand hit 1.72 mb/d in June, assuming 0.49 mb/d of net imports based on Kpler cargo-tracking data, as

customs data is not available.

• 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 standalone deep-processing units and increase the need for imported supplies.

China LPG imports by source

China LPG demand outlook

Chinese Consumers Continue to Drive LPG Demand

“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

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

Consumer.”

• The Indian government’s subsidized LPG connection scheme has issued 50 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 the latest scheme was increased from 50 million to 80 million by 2020,

suggesting further upside for Indian LPG.

• Indian LPG demand grew y/y by 44 mb/d to 780 mb/d in July, accelerating from 10 mb/d of growth in June.

• The growth was led by cylinder sales for domestic (+6.6% y/y) and commercial use (+12.7% y/y). Cylinders

comprise 98% of total LPG consumption in India.

• IOCL’s 421 mile, 0.5 MTPA Paradip-Haldia-Durgapur LPG pipeline has been cleared for expansion to supply LPG to

bottling plants in the eastern states.

• YTD seaborne LPG imports were up 3.2% y/y in July, from 6.3 MTPA to 6.5 MTPA .

17Source: IOC, FGE, Energy Aspects

6.0

8.1 8.9

10.2

11.9

6.3 6.5

-

2

4

6

8

10

12

14

2013 2014 2015 2016 2017 2017 YTD 2018 YTD

MTP

A

Global PDH & Petchems also Fueling LPG Demand

18

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

• According to KNOC, which provides data on a barrels basis,

South Korea consumed 56.3 million barrels of LPG over

January-June, up 6.9% from 52.66 million barrels in the same

period last year

• YTD, South Korea's LPG imports increased 5.2% y/y to 39.9

million barrels for the first six months, from 37.9 million

barrels a year earlier, according to KNOC

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

• Cargo-tracking data by Kpler peg August imports higher

m/m by 87 mb/d at 0.37 mb/d and September imports

at a similar level, driven by higher imports from the US

Source: FGE, NGL Strategy

European petchem expansion

• European petchem giant INEOS announced in 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

-

2

4

6

8

10

2014 2015 2016 2017 2018E

MTP

A

Residential/Commercial Autogas Others Petrochemical Feedstocks

19

✓ 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

20

VLGC Utilization Holding Steady

21

84%

2017

2018 YTD -

10K

20K

30K

40K

50K

60K

70K

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

USD

/ D

AY

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

Drivers underlying current rate environment

• 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 fees for a VLGC transiting the Neopanama Canal have increased by over 25%. This equates to an increase of

~$2.2/t. VLGCs down from around 35% 12 months ago to 29%, 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.

Source: Clarksons Research, Baltic Exchange, Panama Canal Authority

85%

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

124

45 42

24

8

24

-

20

40

60

80

100

120

140

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

vess

els

VLGC Fleet & Orderbook Review

VLGC orderbook

Fleet profile1

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 Scrapping Candidates

Source: Clarksons Research, Dorian LPG analysis

(1) As of 7-Sept-2018

138

35

46

25

64 19 22

-

10

20

30

40

50

2013 2014 2015 2016 2017 2018 2019 2020

vess

els

Delivered On Order

22

Financials

23

The Company has no refinancing requirements until 2022

24

Since November 2017, Dorian LPG has completed 6 Japanese Financing Arrangements that resulted in:

• Generation of additional liquidity of approximately $63.3 MM.

• Lengthening of debt maturities

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

o 3 “Captains” until 2024-25 (6-7 year tenors)

• Fixed interest rates on ECO VLGCs of 4.9% and 3 Captains at 6.0%

• Very attractive age-adjusted profiles

• No financial covenants

Over 90% of Company debt is either fixed or hedged at a current total cost of ~4.0%

Enhancing Balance Sheet Strength & Flexibility

(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.

25

Statement of Operations Data (USD)

Statement of Operations DataThree Months Ended June

30, 2018 (Unaudited)

Three Months Ended June

30, 2017 (Unaudited)

Revenues 27,644,282 41,025,472

Voyage expenses (100,173) (239,445)

Vessel operating expenses (16,685,457) (16,885,289)

General and administrative expenses (8,403,286) (8,534,909)

Other income—related parties 644,517 633,883

EBITDA 3,099,883 15,999,712

Depreciation and amortization (16,265,056) (16,293,158)

Operating income/(loss) (13,165,173) (293,446)

Other income/(expenses), net (7,431,385) (6,396,524)

Net income/(loss) (20,596,558) (6,689,970)

Other Financial Data

Time charter equivalent rate (1) 16,553 22,735

Daily vessel operating expenses (2) 8,334 8,434

Adjusted EBITDA (3) 5,185,136 17,470,829

(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.

26

Statement of Operations Data (USD)

Year Ended Mar 31, 2018 Year Ended Mar 31, 2017

(Unaudited) (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 administrative expenses (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

Statement of Operations Data

Cash Flows Data (USD)

27

Cash Flows DataThree Months Ended June

30, 2018 (Unaudited)

Three Months Ended June

30, 2017 (Unaudited)

Net income/(loss) (20,596,558) (6,689,970)

Adjustments 17,140,139 17,109,576

Changes in operating assets and liabilities (7,102,866) 1,990,712

Net cash provided by operating activities (10,559,285) 12,410,318

Net cash provided by/(used in) investing activities (60,320) (276,396)

Net cash provided by/(used in) financing activities (17,713,359) (26,629,624)

Effects of exchange rates on cash and cash equivalents (107,132) 41,195

Net increase/(decrease) in cash and cash equivalents (28,440,096) (14,454,507)

Cash Flows DataYear Ended March 31,

2018 (Audited)

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 cash equivalents 86,487,124 (29,393,410)

28

Balance Sheet Data (USD)

June 30, 2018 June 30, 2017

(Unaudited) (Unaudited)

Cash and cash equivalents 65,291,784 35,363,045

Restricted cash, non‑current 35,636,500 18,075,146

Total assets 1,701,148,703 1,709,526,648

Current portion of long-term debt 63,968,414 45,658,482

Long-term debt – net of current portion & deferred financing fees 677,684,689 674,665,830

Total liabilities 761,832,379 739,775,585

Total shareholders' equity 939,316,324 969,751,063

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 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

Balance Sheet Data

Balance Sheet Data