1. Basis of Presentation and General Information

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013, under the laws of the Republic of the Marshall Islands and is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we”, “us”, “our”, “DLPG” or the “Company”) is primarily focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. After the latest delivery of our VLGC on January 2, 2015, our fleet currently consists of seven LPG carriers, including three fuel-efficient 84,000 cbm ECO-design VLGCs, three 82,000 cbm VLGCs and one pressurized 5,000 cbm vessel. In addition, we have newbuilding contracts for the construction of sixteen new fuel-efficient 84,000 cbm ECO-design VLGCs at Hyundai Heavy Industries Co., Ltd. (“Hyundai” or “HHI”), and Daewoo Shipping and Marine Engineering Ltd. (“Daewoo”), both of which are based in South Korea, with scheduled deliveries between June 2015 and February 2016. We refer to these contracts along with the three VLGCs that were delivered between July 2014 and January 2015 as our VLGC Newbuilding Program.

The Company remained dormant until July 29, 2013 when the following transactions were completed concurrently:

DLPG completed a private placement of 9,310,054 shares of its common stock with institutional investors and other investors in Norway (“NPP”). The shares were issued at NOK 75.00 per share, equivalent to USD 12.66 per share and realized gross proceeds of $117.9 million based on the exchange rate on July 29, 2013.

DLPG acquired from Dorian Holdings the following in exchange for 4,667,135 shares of its common stock and $9.7 million in cash:

(a)

100% interest in three ship owning entities, CNML LPG Transport LLC (“CNML”), CJNP LPG Transport LLC (“CJNP”) and CMNL LPG Transport LLC (“CMNL”), which each owned a Very Large Gas Carrier (“VLGC”) (the Captain Nicholas ML , the Captain John NP and the Captain Markos NL respectively), the related bank debt, interest rate swaps, and the inventory on board each vessel. The Captain Nicholas ML, Captain John NP and Captain Markos NL were previously owned by Cepheus Transport Ltd, Lyra Gas Transport Ltd and Cetus Transport Ltd., all owned by principals of Dorian Holdings until July 29, 2013 on which date they were sold to CNML, CJNP and CMNL, respectively. The sale of the vessels required approval from the bank that had provided the related financing that was assumed by the Company in connection with the transaction and resulted in a modification of the financing terms in connection with the acquisition. A further description of the loan arrangements is provided in Note 11.

(b)

100% interest in two entities, each a party to a contract for the construction of one VLGC, option rights to construct an additional 1.5 VLGCs and $2.67 million in cash.

DLPG acquired from an affiliate of Dorian Holdings a 100% interest in an LPG pressurized gas carrier, the LPG Grendon, and the inventory onboard the vessel for $6.672 million in cash.

The abovementioned acquisitions from Dorian Holdings and its affiliate were accounted as a business combination (refer Note 4) and the operations of LPG Grendon along with that of the three Very Large Gas Carriers referred to above are herein referred to as the Predecessor.

DLPG issued 4,667,135 shares of its common stock to SEACOR Holdings Inc., through its subsidiary, SeaDor Holdings LLC (“SeaDor”) as consideration for the following:

(a)

100% interest in a subsidiary company, SEACOR LPGI LLC, a party to a contract for the construction of one VLGC

(b)

$49.9 million in cash and

(c)

the assignment to DLPG of option rights to purchase 1.5 VLGC vessels.

The above mentioned acquisitions from SeaDor were accounted for as an asset acquisition. The allocation of the purchase price between the assets acquired is described in Note 3(b).

At the closing of the NPP, Dorian Holdings surrendered the 100 shares of capital stock of DLPG, which were then cancelled. Following the completion of the above transactions on July 29, 2013, Dorian Holdings, whose chairman is Mr. John Hadjipateras, and SeaDor, each owned approximately 25.0% of the Company’s outstanding common stock with the remaining 50% held by institutional investors and high net worth investors.

We successfully closed our initial public offering (“IPO”) on May 13, 2014 and our shares are listed on the NYSE and trade under the symbol LPG.

The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries.

Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2015 are listed below.

Vessel Owning Subsidiaries

Subsidiary	Type of vessel(2)	Vessel’s name	Built	CBM(1)
CNML LPG Transport LLC	VLGC	Captain Nicholas ML	2008	82,000
CJNP LPG Transport LLC	VLGC	Captain John NP	2007	82,000
CMNL LPG Transport LLC	VLGC	Captain Markos NL	2006	82,000
Grendon Tanker LLC	PGC	LPG Grendon	1996	5,000
Comet LPG Transport LLC	VLGC	Comet	2014	84,000
Corsair LPG Transport LLC	VLGC	Corsair	2014	84,000
Corvette LPG Transport LLC	VLGC	Corvette	2015	84,000

Newbuild Vessel Owning Subsidiaries(3)

Subsidiary	Type of vessel(2)	Hull number	Vessel’s Name	Estimated vessel delivery date(4)	CBM(1)
Dorian Shanghai LPG Transport LLC	VLGC	S749	Cougar	Q2 2015	84,000
Dorian Houston LPG Transport LLC	VLGC	S750	Cobra	Q2 2015	84,000
Concorde LPG Transport LLC	VLGC	2660	Concorde	Q2 2015	84,000
Dorian Sao Paulo LPG Transport LLC	VLGC	S753	Continental	Q3 2015	84,000
Dorian Ulsan LPG Transport LLC	VLGC	S755	Constitution	Q3 2015	84,000
Dorian Amsterdam LPG Transport LLC	VLGC	S751	Commodore	Q3 2015	84,000
Constellation LPG Transport LLC	VLGC	2661	Constellation	Q3 2015	84,000
Dorian Dubai LPG Transport LLC	VLGC	2336	Cresques	Q3 2015	84,000
Dorian Monaco LPG Transport LLC	VLGC	S756	Cheyenne	Q3 2015	84,000
Dorian Barcelona LPG Transport LLC	VLGC	S752	Clermont	Q4 2015	84,000
Dorian Cape Town LPG Transport LLC	VLGC	S754	Chaparral	Q4 2015	84,000
Commander LPG Transport LLC	VLGC	2662	Commander	Q4 2015	84,000
Dorian Geneva LPG Transport LLC	VLGC	2337	Cratis	Q4 2015	84,000
Dorian Tokyo LPG Transport LLC	VLGC	2338	Copernicus	Q4 2015	84,000
Dorian Explorer LPG Transport LLC	VLGC	S757	Challenger	Q4 2015	84,000
Dorian Exporter LPG Transport LLC	VLGC	S758	Caravelle	Q1 2016	84,000

Management Subsidiaries

Subsidiary		Incorporation Date
Dorian LPG Management Corp		July 2, 2013
Dorian LPG (USA) LLC (incorporated in USA)		July 2, 2013
Dorian LPG (UK) Ltd. (incorporated in UK)		November 18, 2013
Dorian LPG Finance LLC		January 16, 2015

Dormant Subsidiaries

Subsidiary		Incorporation Date
SeaCor LPG I LLC		April 26, 2013
SeaCor LPG II LLC		April 26, 2013
Capricorn LPG Transport LLC		November 15, 2013
Constitution LPG Transport LLC		February 17, 2014
Occident River Trading Limited (incorporated in UK)		January 9, 2015

(1)CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)Very Large Gas Carrier (“VLGC”), Pressurized Gas Carrier (“PGC”)

(3)Represents newbuild vessels not yet delivered as of December 31, 2014

(4)Represents calendar year quarters

The following charterers individually accounted for more than 10% of our revenue for the periods presented as follows:

Charterer	% of revenue Year ended March 31, 2015
Statoil ASA	27	%
Royal Dutch Shell plc	19	%
Itochu Corporation	14	%
Indian Oil Corporation Ltd.	12	%
Maritime Pressx Limited	11	%

Charterer	% of revenue July 1, 2013 (inception) to March 31, 2014
Statoil ASA	51	%
Naftomar Shipping and Trading Co. Ltd	13	%
Kuwait Petroleum Corporation	10	%