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Dorian LPG Ltd. Announces Third Quarter Fiscal Year 2018 Financial Results and Financing Transaction for the Concorde

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STAMFORD, Conn., Feb. 1, 2018 /PRNewswire/ — Dorian LPG Ltd. (NYSE: LPG) (the “Company” or “Dorian LPG”), a leading owner and operator of modern very large gas carriers (“VLGCs”), today reported its financial results for the three months ended December 31, 2017.

Highlights for the Third Quarter Fiscal Year 2018

Revenues of $44.5 million and Daily Time Charter Equivalent (“TCE”)(1) rate for our fleet of $22,833 for the three months ended December 31, 2017, compared to revenues of $35.7 million and TCE rate of $17,796 for the three months ended December 31, 2016. Net income of $1.7 million, or $0.03 earnings/(loss) per basic and diluted share (“EPS”), and adjusted net loss(1) of $(2.1) million, or $(0.04) adjusted diluted earnings/(loss) per share (“adjusted EPS”),(1) for the three months ended December 31, 2017. Adjusted EBITDA(1) of $24.7 million for the three months ended December 31, 2017, which increased by $10.8 million from $13.9 million for the three months ended December 31, 2016. Entered into a $65.0 million sale and bareboat charter arrangement for the Corsair (“Corsair Japanese Financing”) resulting in net cash proceeds of $52.0 million, $30.1 million of which we used to repay a portion of our existing bridge loan agreement with DNB Capital LLC (the “2017 Bridge Loan”). The Corsair Japanese Financing has a mandatory buyout in 2029 with purchase options from November 7, 2019 onwards and carries a fixed interest rate of 4.9%. Entered into an agreement to amend the maturity date and margin on the 2017 Bridge Loan. The remaining outstanding principal amount is due on or before December 31, 2018 and accrues interest on the outstanding principal amount at a rate of LIBOR plus 2.50% for the period ending March 31, 2018; LIBOR plus 6.50% for the period April 1, 2018 until June 30, 2018, and LIBOR plus 8.50% from July 1, 2018 until December 31, 2018.

(1)       TCE, adjusted net income/(loss), adjusted EPS and adjusted EBITDA are non-GAAP measures. Refer to the reconciliation of revenues to TCE, net income/(loss) to adjusted net income/(loss), EPS to adjusted EPS and net income/(loss) to adjusted EBITDA included in this press release.

Key Recent Developments

Entered into a $70.0 million sale and bareboat charter arrangement for the Concorde (“Concorde Japanese Financing”) that closed on January 31, 2018 and resulted in net cash proceeds of $56.0 million, $35.1 million of which was used to repay a portion of the

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