Investor Presentaiton

Statement 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

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