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. Following the delivery of the Continental, an ECO-design VLGC, on July 23, 2015, our fleet consists of eleven LPG carriers, including seven 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 twelve 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 August 2015 and February 2016. We refer to these contracts along with the VLGCs that were delivered between July 2014 and July 2015 as our VLGC Newbuilding Program.

On April 1, 2015, Dorian LPG Ltd. and Phoenix Tankers Pte. Ltd. (“Phoenix”) established Helios LPG Pool LLC, or the Helios Pool, which is a pool of VLGC vessels. We believe that the operation of certain of our VLGCs in this pool will allow us to achieve better market coverage and utilization. Vessels entered into the Helios Pool are commercially managed by Dorian LPG (UK) Ltd., our wholly-owned subsidiary, and Phoenix, a wholly-owned subsidiary of Mitsui OSK Lines Ltd. The members of the Helios Pool share in the net pool income generated by the entire group of vessels in the pool, weighted according to certain technical vessel characteristics, and net pool income (see Note 2) is distributed as time charter hire to each participant. The vessels entered into the Helios Pool may operate either in the spot market, contracts of affreightment, or on time charters of two years’ duration or less.

On May 13, 2014, we completed our initial public offering (the “IPO”) and our shares trade on the New York Stock Exchange under the ticker symbol “LPG”.

The accompanying unaudited condensed consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the Financial Statements. The Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2015 included in our Annual Report on Form 10-K for the year ended March 31, 2015 filed with the Securities and Exchange Commission (“SEC”) on June 4, 2015.

Our quarterly results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.

Our subsidiaries as of June 30, 2015, which are all wholly-owned and are incorporated in Republic of the Marshall Islands (unless otherwise noted), 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
Dorian Shanghai LPG Transport LLC	VLGC	Cougar	2015	84,000
Concorde LPG Transport LLC	VLGC	Concorde	2015	84,000
Dorian Houston LPG Transport LLC	VLGC	Cobra	2015	84,000

Newbuilding Vessel Owning Subsidiaries(3)

Subsidiary	Type of vessel(2)	Hull number	Vessel’s Name	Estimated vessel delivery date(4)	CBM(1)
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
Dorian Dubai LPG Transport LLC	VLGC	2336	Cresques	Q3 2015	84,000
Dorian Monaco LPG Transport LLC	VLGC	S756	Cheyenne	Q3 2015	84,000
Constellation LPG Transport LLC	VLGC	2661	Constellation	Q3 2015	84,000
Dorian Barcelona LPG Transport LLC	VLGC	S752	Clermont	Q4 2015	84,000
Dorian Geneva LPG Transport LLC	VLGC	2337	Cratis	Q4 2015	84,000
Dorian Cape Town LPG Transport LLC	VLGC	S754	Chaparral	Q4 2015	84,000
Dorian Tokyo LPG Transport LLC	VLGC	2338	Copernicus	Q4 2015	84,000
Commander LPG Transport LLC	VLGC	2662	Commander	Q4 2015	84,000
Dorian Explorer LPG Transport LLC	VLGC	S757	Challenger	Q4 2015	84,000
Dorian Exporter LPG Transport LLC	VLGC	S758	Caravel	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 newbuilding vessels not yet delivered as of June 30, 2015

(4)

Represents calendar year quarters