#1Investor Presentation SWL 5T 3.6-15M DORIAN LPG November 2020#2Disclaimer 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#3Dorian LPG at a Glance Dorian LPG is a liquefied petroleum gas (LPG) shipping company and a leading owner and operator of modern very large gas carriers (VLGCs) US-Based with Global Presence Stamford Copenhagen London The Company provides in-house commercial and technical management services for all owned and bareboat-chartered vessels in the fleet Large commercial footprint with 24 vessels¹ and co-manager of the Helios LPG Pool, which operates 36 vessels total and is jointly owned with Phoenix Tankers Current VLGC Fleet Age Profile² 12.0 Modern, fuel-efficient fleet comprised of 19 ECO VLGCs and three modern VLGCS, in addition to two chartered-in VLGCS Average age of owned fleet is 6.1 years vs. global fleet average age of 9.5 years years old 10.0 8.0 6.0 4.0 2.0 6.1 64 Dorian LPG Athens Singapore 9.5 Global Fleet 3 1. Includes Dorian's TC-in vessels, Future Diamond and Astomos Earth Source: CRSL 2. Excludes Dorian's chartered-in vessels; global fleet excludes ethane carriers#4Investment Highlights Dorian LPG is a Market Leader in LPG Shipping Best in Class Fleet • Large Commercial Platform • Well Capitalized • • • • ECO vessel fuel efficiency translates to superior earnings potential vs. peers 10 scrubber-fitted vessels; committed to two additional scrubbers Average Efficiency Ratio (AER) of 7.31 vs. 2020 Trajectory Value of 8.342 Dorian LPG is one of the three largest operators of VLGC tonnage Including the Helios LPG Pool, Dorian commercially operates 38 vessels³ Scale allows for a mix of spot, COAS, and time charters • ~$127.3mm of pro forma cash as of September 30, 20204 Additional $25.0mm in liquidity from undrawn revolver and one unencumbered VLGC No refinancing required until 2025 Strong Fundamentals in the LPG Freight Market U.S. seaborne export growth driving global volumes Global NGL Volume Growth • U.S. NGL production shows few signs of slowing down over long term Asian LPG Demand • . • Emerging Trade Routes • Infrastructure expansions should enable U.S. LPG production and export growth Propane appears to be regaining price advantage as a feedstock vs. naphtha A wave of new chemical and PDH plants are planned and are under construction globally LPG retail use continues to grow in India and rural China Traditional AG-Japan benchmark less indicative of freight environment U.S. Gulf to Japan is increasingly important due to significant U.S. export volumes U.S. trade flows to China have resumed following COVID-related tariff waivers Calendar YTD weighted average 1. 2. Based on IMO guidelines 3. 4. In addition to 36 VLGCS in the Helios LPG Pool, Dorian LPG owns two vessels that are on long-term time charter Reflecting cash impact for October 2020 repurchase of Captain John NP for $18.3mm 4#5Dorian LPG#6Modern and Energy Efficient Fleet Balanced Fuel Strategy - Hybrid Scrubbers and Potential Upgrade to LPG as Fuel Vessel Name Built Scrubber Installed Retrofit Capable • Caravelle 2016 Corvette and Concorde delivered scrubber equipped in 2015 Challenger 2015 ✓ Copernicus 2015 ✓ Chaparral 2015 Commander 2015 ✓ Cratis 2015 ✓ • Cheyenne 2015 ✓ Clermont 2015 Constellation 2015 ✓ Cresques 2015 Commodore 2015 ✓ Constitution 2015 ✓ Continental 2015 ✓ . Cobra 2015 Concorde 2015 ✓ ✓ Cougar 2015 ✓ Corvette 2015 ✓ Corsair 2014 ✓ Comet 2014 ✓ • • Dorian LPG announced the purchase of ten hybrid scrubbers from Clean Marine A/S and Pure Ocean Technology Planned drydock and upgrades have been completed on 10 vessels; committed to two additional hybrid scrubbers 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-VLSFO cost differential does not fully support the investment required to retrofit vessels for use of LPG as a primary marine fuel, but prospects are expected to improve Sixteen of Dorian LPG's ECO VLGCs were built with strengthened decks to accommodate LPG fuel deck tanks in anticipation of potential LPG engine upgrades Capt. Nicholas ML 2008 Capt. John NP 2007 Capt. Markos NL 2006 ECO Modern 6#7• Committed to Reducing our Environmental Footprint Improving Fleet Environmental Performance¹ CO2 g / NM 20.0 18.72 17.19 18.94 17.48 17.52 18.0 16.0 14.0 12.0 10.0 7.48 7.61 7.60 7.52 7.40 6.97 8.0 6.0 4.0 2.0 1QFY20 2QFY20 14.32 3QFY20 4QFY20 1QFY21 2QFY21 AER EEOI Dorian LPG is a Leader for Lowering VLGC Emissions • YTD 2020 Fleet AER has tracked well below targeted trajectory values Compliant with the International Maritime Organization (IMO) GHG Strategy • Signatory to the Global Maritime Forum's Getting to Zero Coalition April 2020 refinancing of $155.8mm is linked to AER performance, conforming to "Sustainability Linked Loan Principles❞ Note: Energy Efficiency Operational Indicator (EEOI) is an IMO-mandated measurement of a vessels true carbon intensity based on fuel consumption data derived through the use of standardized onboard data collection systems (DCS), adjusted for the amount of cargo carried over the measurement period; Annual Efficiency Ratio (AER) is a similar measure, although less accurate, used by the Poseidon Principles to measure annual carbon emission per nautical mile sailed adjusted for a vessel's deadweight tonnage Dorian LPG's 22 technically managed vessels as measured by IMO Data Collection Systems regulations 1. 2. Based on IMO guidelines; 2020 AER trajectory value of 8.34, decreasing by .22 grams annually 7#8millions Dorian LPG is a Leader in Fuel Efficiency Average Fuel Consumption by Vessel Profile¹ 65 63.0 60.0 60 58.5 57.3 55 MT / day 854 25 50 45.0 41.0 40 35 49.5 46.5 54.0 48.0 Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy Dorian LPG's Fleet Composition 19 Korean-built fuel-efficient ECO VLGCS with an avg. age of 5.1 years Three HHI-built Non-Eco built VLGCs with an avg. age of 13.0 years ECO fuel-efficient vessels offer a substantial earnings advantage relative to older tonnage ■Laden Ballast Estimated Annual Fuel Cost by Vessel Profile 1,2 $7.0 $6.1 $5.9 $6.0 $5.0 $4.3 $4.0 1 $3.3 $3.0 $4.8 $3.6 $2.4 $5.1 $3.9 $2.6 $4.6 $4.4 $3.1 $3.0 $2.2 $2.0 $1.0 - I Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy $200 / MT ■ $300 / MT ■ $400 / MT Source: Dorian LPG management estimates 1. 2. ECO denotes vessels built after 2014; Modern denotes vessels built 2006-2013, legacy denotes vessels built in the early 2000s Basis Ras Tanura to Chiba: 16kt speed ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, 37.9 sailing days roundtrip 8#9The Leading VLGC Commercial Platform Dorian LPG Commercially Manages 38 Vessels¹ PHOENIX TANKERS vilma oil CLEARLAKE DORIAN LPG Astomos Energy HELI SLPG . • • 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 Helios LPG Fleet Composition¹ vessels 25 20 20 15 10 5 22 22 4 4 3 3 Dorian LPG Phoenix Clearlake Astomos Tankers Vilma 1. Dorian LPG jointly operates 36 vessels in the Helios LPG Pool 9#10Global LPG Supply / Demand#11Global Seaborne LPG Volumes Remain Healthy Global Liftings Down Slightly by 3% Y/Y 120 110 100 95.1 92.5 90.6 90 85.4 580 75.1 70 60 50 40 2014 2015 2016 2017 2018 U.S. Waterborne Exports Up by 15% Y/Y MT NNW WA 40 35 32.7 29.5 30 25.3 25 20.5 20 13.8 15 10 5 39.7 2014 2015 2016 2017 2018 2019 Source: IHS Waterborne Note: YTD values shown through September 30, 2020 33.3 MT 2020 109.1 YTD 79.7 MT 81.9 MT -3% 2019 YTD 2019 Arabian Gulf Waterborne Exports Down by 10% Y/Y 2020 YTD 40 + 15% MT M 36.7 34.8 35 30 39.2 39.7 39.0 36.7 28.8 MT 2019 25 YTD 2014 2015 2016 2017 2018 2019 2020 YTD 27.3 MT -10% 30.3 MT 2019 YTD 11#12U.S. LPG Continues to Grow Global Market Share A New Era of Supply The U.S. has emerged as the world's leading exporting nation, forcing price competition amongst all suppliers U.S. export growth has surprised to the upside - exports are up 15% Y/Y U.S. exports account for 42% of global seaborne trade YTD Increased capacity from recent infrastructure additions supports positive long-term fundamentals Seaborne LPG Exports by Origin 100% 14% 13% 11% 10% 7% 11% 10% 8% 8% 8% 6% 7% 80% 11% 10% 10% 8% 10% 10% 9% 10% 10% 60% 34% 41% 36% 40% 43% 43% 46% 40% 42% 20% 32% 34% 36% 28% 24% 18% 2014 2015 2016 2017 2018 2019 2020 YTD ■US MEG N. Sea Med Others Source: EIA, IHS Waterborne Note: YTD values shown through September 30, 2020 12#13Evolving U.S. NGL and LPG Seaborne Trade Flows U.S. VLGC Cargoes to Asia Remain Resilient Despite Lockdowns 2019 YTD 2020 YTD Europe 18.2% Americas Europe 18.4% Americas 21.2% 26.7% SE Asia Africa 2.4% SE Asia 6.5% Africa 3.5% • 7.7% India 2.9% Far East 42.1% India 2.1% Far East 48.3% More U.S. Supply Heading to China 100% 24% 23% 29% 24% 33% 80% 37% 15% 19% 15% 8% 60% 19% 18% 12% 18% 18% 20% 14% 40% 16% 10% 14% 19% 11% 8% 7% 19% 7% 10% 20% 17% 21% 24% 14% 27% 18% 6% 10% 2015 2016 2017 2018 2019 2020 YTD Source: EIA, IHS Waterborne ■U.S. Saudi Arabia ■ UAE ■Iran Qatar Others Note: VLGC cargo YTD values shown through September 30, 2020 . • YTD VLGC liftings from the U.S have increased 12% Y/Y 2020 arbs to the East began the year strong and have largely held to present Chinese PDH and other Asian cracking demand are expected to outstrip MEG supply, and force suppliers to look West, boosting ton miles • • U.S. supply accounts for 27% of China's YTD imports June 2020 and 3Q20 marked record imports of U.S. LPG China resumed LPG purchases from U.S. in March as tariffs were waived on U.S. imports Import demand is set to increase as new PDH projects come online 13#14Expanded Fractionation Should Push U.S. LPG Supply Higher 1.6 MMbbl/d of Incremental Frac Capacity Expected to Come Online in 2020 Frac Capacity (MMbbl/d) 11.0 10.0 2.5 2.0 1.6 9.0 8.0 7.0 0.5 1.5 0.2 0.4 0.4 0.6 1.0 6.0 0.7 0.1 0.8 0.5 5.0 Propane Production (MMbbl/d) 10 4.8 4.9 5.7 6.5 7.1 7.5 7.7 8.1 8.6 4.0 2012 2013 2014 2015 2016 2017 2018 2019 2020 Existing Frac Incremental Frac Propane Production Major Gulf Coast Processing Constraints Have Eased, Supporting Future LPG Production Growth • Increased processing infrastructure throughput is a key to long-term LPG production growth • 1.2 MMbbl/d of incremental frac capacity has already come online in 2020 • 1.6 MMbbl/d of incremental y-grade pipeline capacity has been constructed YTD • Increased capacity should allow for greater NGL extraction from U.S. gas stream Source: EIA, Platts, Company Reports 14#15U.S. LPG Supply Expected to Keep Price Competitive U.S. Propane Production Continues at Five Year Highs 2.6 2.4 • MMbbl/d 2.2 2.0 1.8 1.6 1.4 1.2 J F M A M J J A S ON D • 5-yr Range 2020 Elevated Inventories Encourages Near-Term Propane Exports 120 MMbbl 100 80 60 40 20 20 Source: EIA J F M A M J J A S 5-yr Range 2020 Note: As of October 23, 2020 O N D • • U.S. production continues to show resilience YTD production averaged 2.18 MMbbl/d3.3% above the 2019 average of 2.11 MMbbl/d 3Q20 PADD III production has averaged 1.26 Mbbl/d, 3.0% higher than the 3Q19 average of 1.23 Mbbl/d Shut-in volumes back have largely returned online • U.S. propane inventories remain elevated • Inventories currently stand at 98.39 MMbbl/d, 10.6% above the five- . year average Elevated inventories should keep U.S. volumes competitive for export 15#16Increasing North American LPG Export Capacity 14 MTPA of Incremental Export Capacity in 2020, Translates to an Additional 25 Monthly VLGC Cargoes 75 65 5 MI 55 45 45 65.4 57.7 54.3 40.1 32.7 35 30.8 25.9 21.0 25 14.8 15 9.3 5 2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E ■ USGC ■ Atlantic ■ Pacific North American LPG Export Capacity Stands at ~72% Utilization YTD • • Corresponding domestic demand growth appears unlikely, necessitating increasing exports to clear the market Recent capacity increase should sustain continued export growth • Targa's Galena Park expansion added three-to-four VLGC cargos of monthly capacity in August • Lonestar NGL at Nederland is expected to add 6.9 MTPA of capacity in 4Q20 or up to 12 monthly VLGC cargoes . Optimization at AltaGas' RIPET has added an additional quarterly cargo • Enterprise's 7.6 MTPA EHT expansion appears to have been delayed Source: IHS Waterborne, Company documents, Dorian LPG Estimates 16#17MT • China Continues to Drive Asian LPG Demand Chinese LPG Demand Outlook Remains Favorable China's 3Q20 imports decreased by 2.9% Y/Y to 5.2 MTPA vs. 5.4 MTPA in 3Q19 YTD imports decreased by 5.6% Y/Y to 14.4 MTPA vs. 15.2 MTPA for the same period last year • 4Q20 imports are expected to stay healthy as China seeks to build inventory ahead of winter demand • PDH utilization averaged nearly 85% in August, up from 79% in July Lunar New Year and Lockdowns Impacted YTD Demand, but Inventory Restocking is Underway 25.0 CAGR: 30.5% 20.5 18.3 18.8 Y/Y: (5.6)% 20.0 15.2 14.4 15.0 10.0 6.9 4.2 5.0 11.9 15.9 2013 2014 2015 2016 2017 2018 2019 2019 YTD 2020 YTD Source: Bloomberg Note: YTD values shown through September 30, 2020 17#18New Chinese PDH Plants Support Additional Imports 20 Planned Projects are Expected to Add 13.7 MTPA of LPG Demand through 2024 Company Fujian Meide Oriental Energy (No. 2) Est. Demand Est. ('000 tons) Completion 730 4Q20 730 4Q20 Anqing Taiheng Chemical Technology 220 4Q20 Ningxia Runfeng New Material Technology 660 2021 Jinneng Science & Technology 990 2021 / 2022 Shandong Huifeng 280 2021 / 2022 Oriental Energy & Guangdong Jinhui 1200 1Q22 Formosa Industries (Ningbo) 660 1H22 Guangdong Penzun Energy 320 2022 Shenzhen Grand Resource (No. 2) 660 2022 Zibo Qixiang Tengda 500 2022 Zhejiang Petrochemical (Ronsheng) (No. 2) 660 2022 Jiangsu Sailboat Petrochemical Co. 840 2022 Jiangsu Jiarui Chemical 500 2022 / 2023 Shandong Binhua New Material 720 2023 Oriental Energy (Ningbo) (No.3) 730 2023 Shandong Tianhong (Wanda Petrochemical) 280 2023 Guangxi Huayi New Material 900 2023 Zhejiang Satellite Petrochemical (No.3) 900 2023 China ZhenHua Oil 1200 2024 • • Zhejiang Petrochemical started up its 0.6 MTPA PDH plant in June; Zhejiang Huahong launched its 0.5 MTPA PDH unit in July An additional 1.7 MTPA of PDH demand is expected to be completed by year end Ongoing government refinery rationalization is expected to decrease domestic LPG production even further over the next several years Source: NGLS 18#19Indian LPG Demand Continues to Accelerate Continued Subsidies and Lockdowns Support Growing LPG Consumption CAGR: 15.8% 11.9 12.2 16.0 14.0 12.0 10.0 10.2 8.9 8.1 5 8.0 6.0 6.0 4.0 2.0 2013 2014 2015 2016 2017 14.5 Y/Y: 14.4% 10.3 9.0 2018 2019 2019 YTD 2020 YTD Government Policies and Infrastructure Development to continue Boosting Consumer Adoption • India achieved 80mm free LPG connections six months ahead of its March 2020 deadline • Consumer LPG subsidies were extended in March in response to COVID-19 shutdowns . Reduced refinery utilization from COVID-19 has decreased LPG yields and increased import demand • August YTD imports increased by 14.4% to 10.3 MTPA from 9.0 MTPA for the same period last year, fueled by increased domestic cooking demand • The nation is largely expected to become the worlds largest res/com LPG user by 2030 Source: Bloomberg Note: YTD values shown through August 31, 2020 19#20Asian Cracking Demand Dependent on LPG / Naphtha Spread Additional Asian Cracking Capacity is Planned FE Propane / Naphtha Spread has Tightened¹ 2015 2016 2017 2018 2019 2020 $(19) T Company Location LPG Required ('000 tons) Estimated Completion Wanhua Chemical China 2,000 4Q20 Liaoning Baolai Chemical/LYB China 1,100 4Q20 $(20) Sinopec Zhongke China 760 4Q20 $(22) Ningbo Huatai Shengfu China 1,100 1Q21 $(40) Sinopec /SK Wuhan China 350 2021 Gulei Petrochemical/Sinopec China 500 2021 Thailand 600 2021 Hyosung/Phu My Plastics Vietnam 720 2021 S. Korea 500 2021 HMEL HPCL-Mittal India 1,000 2021 GS Caltex S. Korea 200 2022 Long Son (SCG Chemica) Vietnam 500 2023 $(100) Hyundai Chemical S. Korea 187 2024 MOC (SCG/Dow) LG Chem PMT $(60) $(58) $(65) $(80) $(97) $(15) Source: NGLS, Bloomberg 1. As of October 30, 2020 $(120) Note: Negative spread denotes LPG is cheaper than naphtha 20#21VLGC Shipping Market Dynamics#22Source: Baltic Exchange, Clarksons Baltic rates as of October 30, 2020 J-18 TCE / day VLGC Spot Rates Recovered from Lows Baltic VLGC Daily Spot Rates $70K $60K $50K $40K $30K $20K $10K Baltic TCE/Day www F-18 M-18 A-18 M-18 J-18 J-18 A-18 S-18 0-18 N-18 D-18 J-19 F-19 M-19 A-19 M-19 J-19 Rate Commentary Houston-to-Chiba is currently over $100 PMT, while Ras Tanura-to-Chiba now stands around $64 PMT Fleet Utilization Remains Healthy 100% J-19 A-19 S-19 0-19 N-19 D-19 J-20 F-20 M-20 93% 92% 93% 90% 90% 88% 90% 88% 88% 87% OPEC production cuts and tariff waivers have increased demand for U.S. export volumes, growing ton-mile demand 84% 80% Baltic spot rates have averaged $51,012/day QTD vs. $41,187/day during the quarter ended September 30th 2020 70% 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 22 A-20 M-20 J-20 J-20 A-20 S-20 O-20#23Vessel Supply Remains Balanced 31 VLGCs are Currently On Order 50 50 40 S30 vessels 20 220 10 10 1 35 41 21 8 17 20 21 9 2015 2016 2017 2018 2019 2020E 2021E 2022E ■ Delivered ■ On Order 13% of VLGC Fleet is 20+ Years Old vessels 120 112 100 80 61 99 66 60 40 20 scrapping zone • 23 13 • • • • Orderbook-to-fleet stable at -11% First LPG-fueled vessels expected to deliver in 2021 2021 deliveries expected to be 2H21 weighted 41 vessels or 15% of the global fleet are due for drydocking and five-year special surveys in 2021 31 forward deliveries vs. 40 vessels potential scrapping candidates Six vessels scrapped in 2018 No vessels have been scrapped in 2019 and YTD 2020 22 • 27 Average fleet age stands at 9.5 years old < 5 5-10 10-15 15-20 20-25 25+ L Source: Clarksons Note: Excludes ethane carriers • IMO 2020 regulations may accelerate scrapping pressure as compliance costs make less efficient ships increasingly uneconomical 23#24Financials#25- Quarter Ending September 30, 2020 – Earnings Highlights • VLGC Rates / Utilization Fleet TCE / Operating Day of $26,015/day • Fleet Utilization of 97.4% Operating Expenses Adjusted Net Income • • Fleet Opex (reported) of $10,591 / day Fleet Opex (ex-drydock) of $9,613/day • Adjusted Net Loss of $(3.4)mm or $(0.07) / diluted share Adjusted EBITDA Vessel Repurchase • Adjusted EBITDA of $22.3mm Repurchased Captain John NP for $18.3mm in cash, applying $26.6mm deposit in October 25#26OpEx / calendar day TCE / operating day Annual Financial Overview Fleet TCE / Operating Day1 Adjusted EBITDA1 $250 $60,000 $55,087 $49,665 $50,000 $40,000 $30,000 $22,037 $21,966 $21,746 $20,000 $10,000 FY15 FY16 $204.9 $200 $42,798 FY17 FY18 FY19 FY20 Vessel Operating Expense / Calendar Day¹ millions $150 $100 $47.3 $50 $83.3 $74.5 $64.4 FY15 FY16 FY17 FY18 FY19 FY20 Net Debt to Capitalization² $12,000 $10,703 45% $10,000 42.9% $8,877 $8,581 $8,233 $8,329 43% $8,009 $8,000 41% $6,000 $8,359 39% $4,000 $8,175 $8,008 $8,205 $2,000 41.1% 40.8% 39.7% 37% NM 35.3% $58 $1 $124 $518 35% FY15 FY16 FY17 FY18 FY19 FY20 FY15 FY16 FY17 FY18 FY19 FY20 DD/SS costs OpEx 1. Refer to SEC filings for definitions 26 2. Net Debt defined as (Total Debt - Cash Restricted Cash - Short-term Investments); Net Debt to Capitalization defined as (Net Debt / Net Debt + Shareholders' Equity) $232.8#27Quarterly Financial Overview Fleet TCE / Operating Day¹ Adjusted EBITDA1 TCE / operating day $60,000 $51,888 $50,000 $47,623 $43,410 $40,000 $80 $67.3 $67.2 $70 $59.9 $41,249 $60 $50 $30,000 $20,000 $10,000 $26,015 millions $41.1 $40 $30 $22.3 $20 $10 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21 Vessel Operating Expense / Calendar Day¹ Net Debt to Capitalization² $12,000 45% $10,591 $9,452 $9,407 $10,000 $8,594 $8,686 OpEx / calendar day $8,000 $6,000 $9,613 35% $8,413 40% 37.9% 35.8% 35.3% 32.9% 33.1% $8,556 $8,426 $8,295 $4,000 30% $2,000 $168 $391 2QFY20 $1,039 $851 3QFY20 4QFY20 1QFY21 2QFY21 ■DD/SS costs OpEx $978 25% 2QFY20 3QFY20 4QFY20 1QFY21 2QFY21 1. Refer to SEC filings for definitions 27 2. Net Debt defined as (Total Debt - Cash Restricted Cash - Short-term Investments); Net Debt to Capitalization defined as (Net Debt / Net Debt + Shareholders' Equity)#28Balance Sheet Strength & Flexibility Refinanced Commercial Tranche of 2015 Facility in April, Raising $155.8mm + $25.0mm Revolver • Extended maturity to March 2025 from March 2022 • • Reduced annual commercial tranche principal amortization to $600,000 from $12.3mm Reduced margin to 250 bps from 275 bps 。 Subject to a 10 bps upward/downward adjustment based on LTV 。 Subject to a 10 bps reduction based on technically-managed fleet average efficiency ratio (AER) Released net proceeds of -$24.0mm through Japanese Financing of the Cresques • $71.5mm sale-leaseback of which $28.5mm was used to prepay a portion of the 2015 Facility . Monthly amortization of $285,000, carrying an interest expense of one month LIBOR plus 2.5% . No financial covenants Repayment of 6.0% Debt . • Repurchased Captain John NP in October from sale-lease back counterparty for $18.3mm Reduced cash cost per calendar day by ~$300 and now have the benefit of an unencumbered asset ~90% of Company Debt is Either Fixed or Hedged; Current Total Cost of Debt is ~3.8%¹ • Fixed interest rates on remainder of Japanese financings are 4.9% on the ECO VLGCs and 6.0% on the Captains Very attractive age-adjusted profiles 1. As of September 30, 2020 28#29Statement of Operations (USD) Statement of Operations Data Revenues Voyage expenses Charter hire expenses Three Months Ended September 30, 2020 $ (Unaudited) Three Months Ended 54,710,277 $ (858,919) (4,518,850) (21,435,904) September 30, 2019 (Unaudited) 91,624,875 (855,023) (2,055,000) (17,393,685) Vessel operating expenses Depreciation and amortization General and administrative expenses Other income-related parties Operating income (17,202,714) (16,473,418) (5,912,810) (5,895,406) 632,680 314,084 $ 5,413,760 $ 49,266,427 Interest and finance costs (6,665,144) (9,303,373) Realized gain/(loss) on derivatives (2,129,695) Other income/(expenses), net 3,919,029 709,146 39,696 Net Income $ 537,950 $ 40,711,896 Other Financial Data Time charter equivalent rate Daily vessel operating expenses Adjusted EBITDA (3) (1) $ 26,015 $ 47,623 (2) $ 10,591 $ 8,594 EA $ 22,295,472 $ 67,337,351 (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/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, gain on early extinguishment of debt, stock-based 29 compensation expense, impairment, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance#30Statement of Operations (USD) Statement of Operations Data Year Ended March 31, 2020 Revenues Voyage expenses Charter hire expenses Vessel operating expenses Depreciation and amortization General and administrative expenses Professional and legal fees related to the BW Proposal (1) Other income-related parties Operating income/(loss) Interest and finance costs Realized gain on derivatives Other income/(expenses), net Net Income/(loss) Other Financial Data Time charter equivalent rate Daily vessel operating expenses Adjusted EBITDA (4) (2) (3) (Audited) $ 333,429,998 $ Year Ended March 31, 2019 (Audited) 158,032,485 (3,242,923) (1,697,883) (9,861,898) (237,525) (71,478,369) (66,880,568) (66,262,530) (65,201,151) (23,355,768) (24,434,246) (10,022,747) 1,840,321 2,479,599 $ 161,068,831 $ (7,962,036) (36,105,541) 2,800,374 (15,922,406) $ 111,841,258 $ (40,649,231) 3,788,123 (6,122,761) (50,945,905) (Unaudited) (Unaudited) $ 42,798 $ 21,746 $ 8,877 $ 8,329 $ 232,843,410 $ 64,408,989 (1) Reflects legal, investment banking, and other advisory fees. Excluding the costs, adjusted EBITDA would have been $74.4 mm and net loss $(40.9) mm for the year ended March 31, 2019 (2) Our method of calculating time charter equivalent rate is to divide revenue net of voyage expenses by operating days for the relevant time period (3) Calculated by dividing vessel operating expenses by calendar days for the relevant time period (4) Represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on interest rate swaps, gain on early extinguishment of debt, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance 30#31Statement of Cash Flows (USD) Cash Flows Data Six Months Ended September 30, 2020 $ (Unaudited) Six Months Ended September 30, 2019 (Unaudited) 46,786,955 Net Income Adjustments Changes in operating assets and liabilities Net cash provided by operating activities 12,705,955 $ 40,595,897 42,683,930 3,402,623 (28,666,556) 56,704,475 $ 60,804,329 Net cash provided by/(used in) investing activities $ 7,440,407 $ Net cash used in financing activities $ (6,107,992) $ (4,276,995) (39,244,113) Effects of exchange rates on cash and cash equivalents 149,179 (87,173) Net increase in cash and cash equivalents $ 58,186,069 $ 17,196,048 31#32Balance Sheet (USD) Selected Balance Sheet Data Cash and cash equivalents 145,059,032 Restricted cash, current 434,753 September 30, 2020 $ (Unaudited) March 31, 2020 (Unaudited) 48,389,688 3,370,178 $ Restricted cash, non-current 81,411 35,629,261 Total assets $ 1,674,099,810 $ 1,671,959,843 Total debt including current portion-net of deferred financing fees of $11.8 million and $11.2 million as of September 30, 2020 and March 31, 2020, respectively. Total liabilities Total shareholders' equity 634,498,695 634,975,219 $ 684,508,636 $ 694,907,645 $ 989,591,174 $ 977,052,198 32