DORIAN LPG June 2018

Transcription

1 DORIAN LPG June 2018

2 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

3 Dorian LPG at a glance Company overview Global presence 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 The fleet is comprised of 19 ECO-VLGCs and 3 modern VLGCs, with an average age of 4.1 years. 18 of the vessels are currently employed in the Helios LPG Pool, founded by the Company together with Phoenix Tankers in Apr The remaining vessels are on time charter contracts to major companies. Average vessel age vs. globalfleet 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 ~461m as of 15-June-2018 (1) As of 18-June Dorian Fleet Global Fleet 3

4 History / background Number of vessels 1 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 entered the LPG market in 2002 by acquiring two pressurized vessels First VLGC, Captain Markos NL, was delivered Dorian LPG Ltd. established (2013) and the Company listed on NYSE (2014). Dorian LPG raised USD million in four rounds from Jul-13 to May Part of predecessor entities Dorian LPG (1) Total LPG vessels on the water; (2) Gross proceeds 4

5 Experienced management team John Hadjipateras Chairman & CEO (Dorian LPG Ltd) With Dorian LPG since inception in Involved with shipping management since Experience from Peninsular Maritime, Eagle Ocean, Greek Shipping Corp. Committee, SEACOR and more John Lycouris CEO (Dorian LPG USA) With the Company since 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 Theodore B. Young CFO (Dorian LPG Ltd) Joined Dorian LPG at inception in 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 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) 5

6 The Helios LPG Pool The Helios LPG Pool (the Pool ) was established in April 2015 as a partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan The Pool is comprised of 18 Dorian LPG VLGCs and 4 Phoenix VLGCs, and uses these high-quality assets to offer a complete global LPG maritime solution offering spot freight, TCs, and COAs 1 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) Pool vessel composition is accurate as of 6/15/

7 Premium fleet Fleet overview Comments Type Name CBM Delivered Yard Features 2 The Company owns and operates 19ECO- ECO VLGC CARAVELLE 84, Hyundai HI BWTS VLGCs and 3 modern VLGCs ECO VLGC CHALLENGER 84, Hyundai HI BWTS ECO VLGC COPERNICUS 84, Daewoo SME BWTS + SR Average fleet age of 4.02 years ECO VLGC CHAPARRAL 84, Hyundai HI BWTS + SR ECO VLGC COMMANDER 84, Hyundai HI BWTS 16 of the 22 vessels already equipped with Ballast Water Treatment Systems ECO VLGC CRATIS 84, Daewoo SME BWTS + SR ECO VLGC CHEYENNE 84, Hyundai HI BWTS 2 of the 22 vessels already equipped with ECO VLGC CLERMONT 84, Hyundai HI BWTS scrubbers, and an additional 17 are ECO VLGC CONSTELLATION 84, Hyundai HI BWTS + SR scrubber ready ECO VLGC CRESQUES 84, Daewoo SME BWTS + SR ECO VLGC COMMODORE 84, Hyundai HI BWTS Captain Markos NL and Captain John NP have recently completed 10 year special ECO VLGC CONSTITUTION 84, Hyundai HI BWTS surveys ECO VLGC CONTINENTAL 84, Hyundai HI BWTS ECO VLGC COBRA 84, Hyundai HI BWTS In-house technical and commercial ECO VLGC CONCORDE 1 84, Hyundai HI BWTS + Scrubber management of fleet ECO VLGC COUGAR 84, Hyundai HI BWTS ECO VLGC CORVETTE 1 84, Hyundai HI Scrubber 18 vessels operate under spot, COA or Time ECO VLGC CORSAIR 1 84, Hyundai HI SR Charter contracts of less than 24 months ECO VLGC COMET 84, Hyundai HI SR In the Helios Pool. Remaining 4 on TC. Modern VLGC CAPTAIN NICHOLAS ML 82, Hyundai HI Modern VLGC CAPTAIN JOHN NP 82, Hyundai HI All newbuilds delivered and no remaining Modern VLGC CAPTAIN MARKOS NL 82, Hyundai HI newbuilding related capital expenditures. (1) Operated pursuant to Bareboat Lease from Japanese Owners (2) BWTS = Ballast Water Treatment System SR = Scrubber Ready 7

8 Vessels built at premium Korean Shipyards Total VLGC newbuilding deliveries by shipyard Comments 14% The Korean yards Hyundai HI ( HHI ) and Daewoo SME ( DSME ) are two of the world's leading shipbuilders 14% Daewoo Hyundai Jiangnan Dorian LPG and it predecessors have built 24 vessels at HHI since 2004 and maintain a strong relationship with its shipyards 8% 6% 58% Kawasaki MHI Nagasaki 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 8

9 LPG Fundamentals 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 generates 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 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 9

10 LPG in the petrochemical value chain The LPG value chain Source Processing industries Transport / usage User Natural gas well Gas plant Natural gas LNG liquefaction Pipeline Power generation LPG Petrochemical gases LNG ship Residential/ commercial Industrial Ammonia Auto Oil well Refinery Condensates (CPP) Clean products LPG Vessels Further refining Chemicals Dirty products Agricultural 10

11 LPG Supply and Export Dynamics

12 Millions Millions Global Liftings showing steady growth Global liftings (MM Tons) 100M 90M 80M 70M 60M 50M 40M 30M 20M 10M 0M Mar YTD 2018 Mar YTD U.S. Waterborne Exports 35M 30M 25M 20M 15M 10M 5M 0M Mar2018 Mar YTD YTD Middle East Waterborne Exports 45M M M M 25M 20M 15M 10M M 0M Mar YTD Mar YTD Source: IHS, EIA, FGE *Note: Bbls/day converted to MT/yr (bbls per day/11.6 * 365) 12

13 U.S. LPG has significantly increased its share of global supply A New Era of Supply 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 100% 80% 14% 12% 10% 8% 9% 8% 11% 10% 8% 8% 10% 10% 10% 12% 11% 60% 40% 51% 47% 45% 44% 40% 20% 0% 15% 19% 25% 29% 32% US ME N.Sea Med Other Source: EIA, Bloomberg, IHS, FGE 13

14 Evolving U.S. NGL / LPG Trade Flows U.S. Exports of NGLs (mb/d) 2016 vs % y-o-y Butane (+15%) Propane (+15%) Ethane (+289%) Japan 13% Australia 1% Korea 14% South America 16% Asia - Other 4% Source: EvercoreISI Mexico 10% Europe 18% Caribbean 10% China 12% Africa 2% Other 0% U.S. LPG volumes to Asia increased 45% year-overyear (vs. 15% growth in overall U.S. LPG exports). Japan 23% Korea 13% Australia 1% Asia - Other 5% South America 13% Europe 11% Caribbean 9% Mexico 9% China 13% Africa 2% Other 1% 14

15 U.S. as Global NGL / LPG Price Setter 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. Argus CIF ARA Sonatrach CP OPIS Mont Belvieu Increasing price circularity as greater volumes of U.S. LPG clear in the international market. Saudi CP Argus FEI Source: EvercoreISI 15

16 LPG Expansion Capacity Base Case LPG Exports (mb/d) Export capacity tightens. New capacity needed. 1,800 1,600 1,400 1,200 1, LPG Exports to Clear Market Existing Capacity Mariner East 2 AltaGas Ridley Island Pembina Prince Rupert Source: EvercoreISI We estimate 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 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. 2018) 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. 16

17 LPG Demand & Consumption

18 Millions Growing markets for LPG: CHINA Annual China LPG imports (Tons) 20M 18M 18.3M 16M 15.9M 14M 12M 11.9M 10M 8M 6.9M 6M 4M 4.2M 3.9M 4.7M 2M 0M Mar YTD 2018 Mar YTD Source: FGE 18

19 Chinese Consumers Continue to Drive LPG Demand China LPG demand outlook While the restart of coal-fired plants to ease winter power shortages has probably dented Chinese residential heating demand for LPG in the near term, demand from the petrochemical sector is set to rebound with new PDH and alkylation unit start-ups due in 2018 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 Mtpy Fujian Meide plant and Zhejiang Satellite s 0.45 Mtpy expansion are expected to start up in H2 18 State-owned refiners are also starting up an estimated 3.7 Mtpy of alkylation units, which will reduce refinery supplies of butane currently sold to standalone deep-processing units, increasing the need for imported supplies. So, Chinese buyers will remain a key source of demand throughout 2018 Middle Eastern supply alone will not be able to meet demand China LPG imports by source 100.0% 80.0% 60.0% 40.0% 20.0% 0.0% 22.2% 24.3% 22.6% 33.3% 6.5% 10.3% 6.9% 11.3% 8.1% 14.5% 16.4% 10.1% 11.9% 42.8% 19.6% 18.4% 23.4% 17.0% 20.5% 10.4% 6.8% 8.4% 15.5% 18.8% Qatar United States Iran United Arab Emirates Saudi Arabia Others Source: FGE, Platts 19

20 Millions The year of the LPG consumer : INDIA India LPG import forecast (Million MT) 14M 12M 10M Power 8M conversion 6.M project 6M with Vitol By 4MApril, LPG will be used 2M as primary fuel source 0M 8.1M Indian LPG demand remained near record levels in December 2017, with consumption rising by 45 thousand b/d y/y in Q4 17. The Modi Government aggressively promoting LPG penetration in rural areas calling 2016 the year of the LPG Consumer The Indian government s subsidized LPG connection scheme has issued 30.3 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 latest scheme was increased from 50 million to 80 million by May 2019, suggesting there is plenty of upside for Indian LPG Non subsidized market growing due to lower international LPG prices Demand from autogas and the private sector are set to grow amidst favourable auto-fuel economics and a 13% decline in GST tax for private companies Paradip refinery startup marks last major domestic supply addition supporting further imports 8.9M 10.2M 11.9M 3.1M 3.5M Mar YTD 2018 Mar YTD Seaborne LPG imports into India were up 17.1% in 2017, from 10.1mm tons to 11.9mm tons Source: IOC, FGE, Energy Aspects 20

21 Global PDH & Petchems also fueling demand 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 This year could be sustained by the ramp-up of SK Advanced s PDH plant, stronger heating demand due to frigid temperatures (one of the coldest Januarys on record for Korea) and a growing preference for LPG cracking among petrochemical plants Source: FGE Korean LPG Demand by Sector (mmtons) Petrochemical Feedstocks Road Others Residential Commercial and Public Services 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. The cold weather combined with petro-chem demand for Butane picking up on opportunistic switching due to high Naphtha prices demand growth could see further increase 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 tons/year PDH unit in an undisclosed location. 21

22 Strong Fundamentals for Continued LPG Adoption Key Factors Favoring LPG Adoption for Power Generation and Retail Consumption Economic Established production hubs Global supply base Maritime and land transport options Price competitive product Low cost last mile infrastructure Environmental Lower greenhouse gas emissions 20% less CO 2 than heating oil 50% less CO 2 than coal Safe fuel source Avoids harmful and dangerous waste LPG should be the fuel of choice for emerging economies 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 Source: ExceptionalEnergy.com 22

23 VLGC Shipping Market Dynamics

24 Continued High VLGC Utilization Baltic VLGC daily spot TCE rates (USD/d) Global VLGC fleet utilization 70,000 Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.) 60,000 50, % 40,000 30,000 20,000 10, % 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 Panama Canal Authority increased rates for neo-panamax VLGCs by 29% in October of This equates to an increase of ~$2.2/t. Currently, we estimate that 28% of traffic through the expanded canal is VLGCs, 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 days transit time. Source: Clarksons Research, Baltic Exchange, Panama Canal Authority 24

25 VLGC Fleet & Orderbook Review VLGC orderbook (2013-Onwards) (# vessels) BWTS + IMO low sulphur regulations VLGC Deliveries by Year Delivered On Order 12 BWTS Convention Approx VLGCs will be required to DD and subsequently install BWTS between 9/8/2017-9/8/ Low Sulphur regulations Suggest 25% increase in bunker cost Dorian LPG s VLGC Fleet is ready: Modern With Scrubber Scrubber Ready Fleet profile 1 (# vessels) Potential ScrappingCandidates 24 0 Source: Clarksons Research, Dorian LPG analysis (1) As of March 25, 2018 <5 5 to to to to 25 > 25 25

26 Financials

27 Recent Financing Developments: Continuing to Enhance Balance Sheet Flexibility On November 7, 2017, the Company refinanced a 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement that valued the vessel at $65 million. We bareboat chartered the vessel back for a period of 12 years, with a mandatory buyout in 2029 and purchase options from the 2 nd anniversary of the transaction onwards. The underlying interest rate is 4.9% and the underlying amortization profile is 16 years. The cash refinancing proceeds of $52.0 million were used to repay $30.1 million of the 2017 Bridge Loan s then outstanding principal amount. On January 31, 2018, the Company refinanced a 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement that valued the vessel at $70 million. We bareboat chartered the vessel back for a period of 13 years, with a mandatory buyout in 2031 and purchase options from the end of the 3 rd anniversary of the transaction onwards. The underlying interest rate is 4.9% and the underlying amortization profile is 17.3years. The cash refinancing proceeds of $56.0 million were used to repay $35.1 million of the 2015 Debt Facility s then outstanding principal amount. On March 16, 2018, the Company refinanced a 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement, or the Corvette Japanese Financing. The refinancing proceeds of $56.0 million were used to repay $33.7 million of the 2015 Debt Facility s then outstanding principal amount. Pursuant to the 2015 Debt Facility Amendment and in conjunction with this repayment, $1.6 million of restricted cash was released under the 2015 Debt Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. The Company announced that it expects to enter into new financing arrangements to repay all outstanding amounts under the DNB Bridge Loan before the end of the quarter ending June 30, 2018.

28 Statement of Operations Data (USD) Statement of Operations Data Three Months Ended March 31, 2018 (Unaudited) Three Months Ended March 31, 2017 (Unaudited) Revenues $ 39,034,678 $ 47,585,174 Voyage expenses (312,170) (550,691) Vessel operating expenses (15,892,536) (16,558,807) General and administrativeexpenses (6,694,250) (5,751,400) Other income related parties 643, ,883 EBITDA 16,779,211 25,358,159 Depreciation and amortization (16,105,764) (16,113,304) Operating income/(loss) 673,447 9,244,855 Other income/(expenses), net (4,139,442) (7,289,585) Net income/(loss) $ (3,465,995) $ 1,955,270 Other Financial Data Time charter equivalent rate (1) $ 24,695 $ 24,677 Daily vessel operating expenses (2) $ 8,027 $ 8,363 Adjusted EBITDA (3) $ 18,237,423 $ 26,521,977 (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, 2018 (Unaudited) Year Ended Mar 31, 2017 (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 administrativeexpenses (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 (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. 30

30 Cash Flows Data (USD) Cash Flows Data Three Months Ended March 31, 2018 (Unaudited) Three Months Ended March 31, 2017 (Unaudited) Net income/(loss) $ (3,465,995) $ 1,955,270 Adjustments 13,964,893 17,122,866 Changes in operating assets and liabilities 5,803,955 (16,179,218) Net cash provided by operating activities 16,302,853 2,898,918 Net cash provided by/(used in) investing activities 3,086,056 (218,161) Net cash provided by/(used in) financing activities 28,573,485 (17,619,196) Effects of exchange rates on cash and cash equivalents (90,009) 117,352 Net increase/(decrease) in cash and cashequivalents $ 47,872,385 $ (14,821,087) Cash Flows Data Year Ended March 31, 2018 (Unaudited) 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 cashequivalents $ 86,487,124 $ (29,393,410) 31

31 Balance Sheet Data (USD) Balance Sheet Data March 31, 2018 (Unaudited) March 31, 2017 (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, ,964,248 Total liabilities 776,696, ,233,162 Total shareholders' equity $ 959,413,362 $ 976,001,718 32

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