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DORIAN LPGFebruary 2020
Investor Presentation
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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
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Dorian LPG at a GlanceUS-Based with a Global Presence
Current VLGC Fleet Age Profile2
Source: CRSL2. Excludes Dorian’s chartered-in vessels; global fleet excludes ethane carriers 3
Stamford
LondonCopenhagen
Athens
Singapore
Dorian LPG is a liquefied petroleum gas (LPG) shipping company and a leading owner and operator of modern very large gas carriers (VLGCs)
Modern, fuel-efficient fleet comprised of 19 ECO VLGCs and three modern VLGCs, in addition to two chartered-in ECO VLGCs
Average age of owned fleet is 6.1 years vs. global fleet average age of 10 years
The Company provides in-house commercial and technical management services for all of the vessels in the fleet
Large commercial footprint of 241 vessels and co-manager of the Helios LPG Pool, which operates 33 vessels total and is jointly owned with Phoenix Tankers
1. Includes Dorian’s TC-in vessels; Laurel Prime TC-in expires late March 2020
6.1
10.0
-
2.0
4.0
6.0
8.0
10.0
12.0
Dorian LPG Global Fleet
year
s ol
d
-
Investment Highlights
4
Best in class fleet supports superior cash flow potential• Dorian’s technically-managed fleet of 22 VLGCs has an
average age of 6.1 yo1 vs. the global average of 10 yo
• ECO vessels’ fuel efficiency translates to superior earnings power vs. peers
• The Company is well positioned for IMO 2020; Dorian has seven vessels with scrubbers and has committed to five additional hybrid scrubbers
Large commercial platform offers customer flexible solutions• Dorian LPG is one of the three largest operators of
VLGC tonnage globally
• Including the Helios LPG Pool, Dorian commercially manages 35 vessels2
• Scale allows for a mix of spot, COAs, and time charters
Well-capitalized to perform through the VLGC shipping cycle• Cash position of $101.9 million, including restricted
cash, as of December 31, 2019
• Over 90% of Company debt is fixed at attractive rates vs. market
• No refinancing required until 20221. Excludes chartered-in vessels 2. In addition to 33 VLGCs in the Helios LPG Pool, Dorian LPG owns two vessels that are on long-term time charter
Dorian LPG is a Market Leader in LPG Transport LPG Transport Market is Recovering from Cyclical Lows
Global NGL Production & Exports Continue to Increase• U.S. seaborne exports saw a significant increase and
Arabian Gulf volumes saw a slight increase
• U.S. NGL production is pushing record levels, showing few signs of slowing down
• New North American fractionation and export capacity should increase LPG production and facilitate increased exports
Asian LPG Demand Remains Strong• Propane maintains a competitive price advantage as a
feedstock in Asia vs. Naphtha
• A wave of new chemical and PDH plants are planned and are under construction globally
• LPG retail use continues to grow in India and rural China
Improved Fleet Utilization Reflects Manageable Global Orderbook• Global fleet utilization has also improved meaningfully
• Orderbook-to-fleet remains stable at ~15%
• The costs of IMO 2020 are expected to increase vessel scrapping
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LPG Market Fundamentals
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• LPG is cleaner than coal and oil; as an alternative fuel it can remove sulfur and particulate exhaust, reducing greenhouse gas emissions
• 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
Why Use LPG?
• Liquefied petroleum gas ("LPG") is a combination of C3 (propane) and C4 (butane)
• Both are natural gas liquids (“NGLs”) and are a byproduct of oil and natural gas production
• These molecules are extracted or fractionated through natural gas processing and oil refining
What is LPG?
The Basics . . .
6
The LPG Value ChainRetail (~52%)
Engine fuel (~8%)
Chemical (~23%)
Industrial (~10%)
Other (~2%)
Refinery (~5%)
Oil production (~40%)
Gas production (~60%) LPG shipping
Source: WLPGA
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Seaborne LPG Trade FlowsMajor VLGC Trade Routes
7
Longer Trade Routes Favor Larger VLGCs
Very Large Gas Carrier “VLGC”
75K – 90K cbm
Large Gas Carrier “LGC”
50K – 60K cbm
Medium Gas Carrier “MGC”
25K – 40K cbm
Handysize
15K – 24K cbm
= major exporter
= major importer
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Global LPG Supply
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Global Liftings Have Increased 14% Y/Y
U.S. Waterborne Exports are up 21% Y/Y
Global Seaborne LPG Volumes Continue to Grow
Arabian Gulf Waterborne Exports are up 2% Y/Y
Source: IHS Waterborne 9
9.5
13.8
20.5
25.3
29.5 32.7
39.6
5
10
15
20
25
30
35
40
2013 2014 2015 2016 2017 2018 2019
MT 32.1
34.8
36.7
39.2
36.7
39.0 39.7
25
30
35
40
2013 2014 2015 2016 2017 2018 2019
MT
63.0
75.1
85.4 90.6 92.5
95.1
108.8
40
50
60
70
80
90
100
110
120
2013 2014 2015 2016 2017 2018 2019
MT
-
Seaborne LPG Exports by Origin
U.S. LPG has Increased Global Market Share
• EIA expects that global liquid fuels consumption will rise in 2020 because of newly completed petrochemical plants in China, the United States, and Russia that use liquefied petroleum gases (LPG) as feedstock.
• The U.S. has emerged as the world’s leading exporting nation, forcing price competition amongst all suppliers
• U.S. export growth has surprised to the upside – exports are up 21% Y/Y
A New Era of Supply
10
18% 24%28% 32% 34%
36%
46% 43%43% 40%
41% 37%
10% 10%10% 10%
10% 9%11%10% 8%
8% 8% 7%14% 13% 11% 10% 7% 11%
-
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018 2019
US MEG N. Sea Med Others
Source: EIA, IHS Waterborne
-
U.S. VLGC Cargoes to Asia Remain Resilient Despite China Tariffs
Evolving U.S. NGL and LPG Seaborne Trade FlowsPropane and Butane Fueling Seaborne NGL Export Growth
11Source: EIA, IHS Waterborne
• VLGC cargoes out of the U.S are up 21.2% Y/Y
• 2020 arbs to the East started the year strong
• Chinese PDH and other Asian cracking demand are expected to outstrip incremental Middle Eastern supply, and force suppliers to look West, boosting ton miles
2018 2019
• November 2019 YTD NGL exports increased 19.0% Y/Y
• Over the same time period, propane exports have grown 13.0%
• Butane exports have grown 48.1% and ethane exports have grown 8.8% Y/Y
Far East45.0%
India2.5%
SE Asia5.9%
Europe16.6%
Americas28.7%
Africa1.3%
Far East43.5%
India2.9%
SE Asia7.0%
Europe18.6%
Americas25.6%
Africa2.5%
- 200 400 600 800
1,000 1,200 1,400 1,600 1,800
J-16 A-16 J-16 O-16 J-17 A-17 J-17 O-17 J-18 A-18 J-18 O-18 J-19 A-19 J-19 O-19
Mbb
l/d
Ethane Propane Butane
+29%+17% + 19%
-
• U.S. propane inventories remain elevated; inventories currently stand at 83.4 MMbbl/d (45.1% higher than in 2019)
• Mont Belvieu pricing increasingly reacts to international propane prices, making U.S. volumes competitive for export
Building Inventories Encourages Near-Term Propane Exports
• January 2020 marked record propane production of 2.5 MMbbl/d
• 2019 production averaged 2.1 MMbbl/d – 10.6% above the 2018 average of 1.9 MMbbl/d
• EIA forecasts NGL production at natural gas processing plants will increase from an estimated 4.8 MMbbl/d in 2019 to 5.4 MMbbl/d in 2020 and to 5.5 MMbbl/d in 2021
• Growing oil production in the Permian and Mid-Continent are likely to push NGL production higher
Growing U.S. Propane Production Continues at Record Volumes
U.S. LPG Expected to Remain Price Competitive
Source: EIA 12
20
40
60
80
100
120
J F M A M J J A S O N D
MM
bbl
5-yr Range 2020
1.2
1.4
1.6
1.8
2.0
2.2
2.4
2.6
J F M A M J J A S O N D
MM
bbl/d
5-yr Range 2020
-
9.3 14.8
21.0 25.9
30.8 36.7
49.7 53.0
62.0 62.0
5
15
25
35
45
55
65
2013 2014 2015 2016 2017 2018 2019 2020E 2021E 2022E
MT
USGC Atlantic Pacific
Source: IHS Waterborne, Company documents, Dorian LPG Estimates
North American LPG Export Capacity Currently Stands at >90% Utilization• Corresponding domestic demand growth appears unlikely, necessitating increasing exports to clear the market
• Enterprise’s expansion of its Houston export facility Phase-1 is complete• Phase-1 expansion with capacity for 9 VLGCs• Phase-2 expansion will be 10-11 VLGCs (2021)
• Energy Transfer’s Mariner East II began service in late 2018 and is expected to add three-to-four monthly VLGC cargoes initially, growing by seven-to-eight by 2021
• Ridley Island in British Columbia was commissioned in 2Q19 and loaded its first cargo in May, exporting two VLGC cargoes monthly since June
13
Increasing North American LPG Export Capacity 3.3 MTPA of Incremental Export Capacity in 2020, Translates to an Additional 6-7 Monthly VLGC Cargoes
13
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• U.S. NGL production is growing at a record pace, but limited fractionation capacity has constrained product growth
• Growing fractionation capacity at Mont Belvieu should allow midstream players to fractionate more y-grade product into propane and butane for export at lower prices
• New capacity at Corpus Christi and Freeport should allow for greater NGL extraction from the Permian Basin
New Fractionation Should Push U.S. LPG Production Higher43.6 MTPA of Potential Frac Capacity in 2020
14
Major Gulf Coast Processing Constraints Should Begin to Ease
Source: Company Reports
Enterprise Products Frac 10 Mont Belvieu 4.1 1Q20Epic Midstream Robstown Expansion Corpus Christi 3.0 1Q20Lone Star NGL Fractionator VII Mont Belvieu 4.1 1Q20Oneok MB 4b Mont Belvieu 1.4 1Q20Targa Resources Train 7 Mont Belvieu 3.0 1Q20Enterprise Products Frac 11 Mont Belvieu 4.1 2Q20Targa Resources Train 8 Mont Belvieu 3.0 3Q20Permico Energia El Centro I Corpus Christi 4.1 4Q20Permico Energia El Centro II Corpus Christi 4.1 4Q20Phillips 66 Sweeny Hub 2 Freeport 4.1 4Q20Phillips 66 Sweeny Hub 3 Freeport 4.1 4Q20Enterprise Products Frac 12 Mont Belvieu 4.1 4Q20
Company Location Est. CompletionProjectThroughput
(MTPA)
-
LPG Demand and Consumption
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Growing LPG Markets: ChinaTariffs Have Marginally Impacted Chinese LPG Imports
16Source: Bloomberg
4.2
6.9
11.9
15.9
18.3 18.8
20.5
-
5.0
10.0
15.0
20.0
25.0
2013 2014 2015 2016 2017 2018 2019
MT
-
• China’s 2019 LPG imports rose 9.1% Y/Y to 20.5 MTPA
• Residential LPG is still required as a substitute for coal in more remote areas, where piped gas infrastructure is too costly toinstall, but chemicals account for a growing share of China’s LPG demand, especially with the nation’s rapidly expanding petrochemical complex
• New wave of Chinese PDH plants is driving demand - Zhejiang Satellite Petrochemical in eastern China started up its phase two 0.5 MTPA PDH unit in January 2019, while Dongguan Juzhengyuan Technology in southern Guangdong province started up its 0.6 MTPA PDH plant in late September, and the 0.7 MTPA Fujian Meide plant is expected to start up in 1Q20
• State-owned refiners are also starting up an estimated 3.7 MTPA of alkylation units, which should reduce refinery supplies of butane currently sold to stand alone deep-processing units and increase the need for imports
China Has Substituted U.S. LPG with MEG Volumes
China Continues to Drive Asian LPG DemandChinese LPG Demand Outlook Remains Favorable
17Source: IHS Waterborne
10%21% 18% 24%
6%6%
8% 10% 7%
14%10%
11%10% 14%
16%19%
16%
43% 20% 18% 12% 14%19%
7%
8%15% 19%
19%18%
22%33% 24%
23% 29% 37%
-
20%
40%
60%
80%
100%
2014 2015 2016 2017 2018 2019
U.S. SA UAE Iran Qatar Others
-
A Second Wave of New Chinese PDH Plants
• Chinese PDH margins averaged ~$290/ton in 2019 and have been operating at high utilization rates since 2017
• Domestic Chinese LPG production from deep processing appears to be decreasing
• LPG production from oil refineries has decreased since 2016
• Ongoing government rationalization of refineries may also decrease domestic LPG production even further over the next several years
12 Planned Projects are Expected to Add 7.5 MTPA of LPG Demand through 2022
Projected Chinese Propane Demand Growth from New PDH Plants
Source: NGL Strategy 18
3.9
2.2
1.4
- 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0 4.5
2020E 2021E 2022E
MTP
A
Fujian Meide 730 1Q20
Zhejiang Petrochemical (Rongsheng) 660 2Q20
Oriental Energy (No. 2) 730 2Q20
Shandong Tianhong (Wanda Petrochemical) 280 2020
Oriental Energy (Lianyungang) 730 2020
Shandong Huifeng 280 2020
Jiangsu Jiarui Chemical 500 2020
Jinneng Science & Technology 990 2021
Xuzhou Haiding Chemical Technology 660 2021
Zibo Qixiang Tengda 500 2021
Zhejiang Petrochemical (Ronsheng) (No. 2) 660 2022
Oriental Energy (Ningbo) (No.3) 730 2022
Est. CompletionCompany Est. Demand
('000 tons)
-
Government Policies and Infrastructure Development to continue Boosting Consumer Adoption
The LPG Nation: IndiaIndian LPG Demand is Steadily Increasing
19
• India achieved its goal of providing free LPG connections to 80 million poor households six months ahead of its March 2020 deadline
• 2019 imports grew 19.3% Y/Y and LPG demand is forecasted to grow by 11%-12% over the next five years, having experienced a 15.8% CAGR over the past seven years
• The major importers: IOC, BPCL, HPCL, and Adani have all announced new terminal or storage projects for 2019-2020
• Gas Authority of India (GAIL) plans to revamp an LPG plant at Usar (western India) in 2023-2024 that is planned to produce 0.5 MTPA of polypropylene
• Product shortages in the Middle East have led Indian producers to buy U.S. cargoes for the first time in 2019
6.0
8.1 8.9
10.2
11.9 12.2
14.5
- 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0
10.0 11.0 12.0 13.0 14.0 15.0 16.0
2013 2014 2015 2016 2017 2018 2019
MT
-
Source: FGE, Bloomberg1. As of February 7, 2020
LPG Cracking Capacity Should Boost DemandA New Wave of Asian Cracking Capacity is Planned FE Propane / Naphtha Spread Has Widened1
20
Note: Negative spread denotes LPG is cheaper than naphtha
SP Chemicals China 932 2020Wanhua Chemical China 2,222 2020Sinopec China 688 2020Gulei Petrochemical China 717 2020YNCC S. Korea 102 2020JG Summit (expansion) Philippines 140 2021LG Chem S. Korea 758 2021Hyundai Chemical S. Korea 187 2021GS Caltex S. Korea 219 2022SCG Chemical Vietnam 867 2022
Company Location LPG Required ('000 tons) Est. Completion
$(22)
$(58)
$(19)
$(65)
$(97)
$(124) $(140)
$(120)
$(100)
$(80)
$(60)
$(40)
$(20)
-2015 2016 2017 2018 2019 2020
per M
T
-
Dorian LPG
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Caravelle 2016Challenger 2015Copernicus 2015Chaparral 2015Commander 2015Cratis 2015Cheyenne 2015Clermont 2015Constellation 2015Cresques 2015Commodore 2015Constitution 2015Continental 2015Cobra 2015Concorde 2015Cougar 2015Corvette 2015Corsair 2014Comet 2014Capt. Nicholas ML 2008Capt. John NP 2007Capt. Markos NL 2006
Vessel Name Built Retrofit Capable
Scrubber Installed
Scrubber Ready
ECO Modern
Young Fleet Allows for a Flexible Approach Towards Compliance
A Premium Fleet, Well Prepared for IMO 2020
• Corvette and Concorde delivered scrubber equipped in 2015
• Dorian LPG announced the purchase of ten hybrid scrubbers from Clean Marine A/S and Pure Ocean Technology
• Planned drydock and upgrades have been completed on five vessels; one vessel is currently in the yard; three vessels are planned to enter the shipyard during the quarter ending March 31, 2020 and the final vessel in during the quarter ending June 30, 2020
• The Company has been at the forefront of evaluating LPG as a marine fuel, completing a feasibility study with the American Bureau of Shipping and signing a letter of intent with Hyundai Heavy Global Services for the upgrade of up to ten vessels
• Current LPG-HFO cost differential does not fully support the investment required to retrofit vessels for use of LPG as a primary marine fuel, but prospects are expected to improve post IMO 2020
• Sixteen of Dorian LPG’s ECO VLGCs were built with strengthened decks to accommodate LPG fuel deck tanks in anticipation of potential LPG engine upgrades
22
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Four Years of Technical and Commercial Experience Operating Scrubbers Systems
An Early Adopter of Scrubber Technology
• Corvette and Concorde were equipped with scrubbers at delivery in 2015
• Dorian LPG has had a head start, employing both a hybrid system and an enhanced open loop system (both VGP compliant)
• Scrubber systems add incremental complexity to vessels’ technical and operational management
• Experience integrating scrubber systems into vessel operations has prepared Dorian LPG to add ten additional scrubber systems to its fleet with marginal disruption
• Installation is planned to coincide with previously scheduled drydocking reducing vessel offhire and overall installation costs
23
Hybrid (Open and Closed Loop) System Open Loop Systems are Simple in Comparison
HeatExchanger
Emission Monitoring System
Water Monitoring Unit
WaterIntake
WaterIntake
Holding Tank
AlkaliDosing
WaterMonitoring Unit
Emission Monitoring System
ProcessTank
WaterTreatment
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• The Helios LPG Pool is a 50/50 partnership between Dorian LPG and Phoenix Tankers, a subsidiary of MOL of Japan
• The primary goal of the Pool is to create a critical mass of reliable and efficient VLGCs to allow Helios to provide the most dependable global LPG maritime solution. Offering spot freight, TCs, and COAs facilitates flexibility and affordability, while optimizing earnings for all partners
• Earnings are allocated to each vessel participating in the Pool based on “Pool Points,” which are awarded based on vessel characteristics such as carrying capacity and fuel consumption over the relevant period
Dorian LPG Commercially Manages 35 Vessels1
The Leading VLGC Commercial Platform
Helios LPG Fleet Composition1
1. Dorian LPG jointly operates 33 vessels in the Helios LPG Pool 24
22
4 3 2 2
-
5
10
15
20
25
Dorian LPG PhoenixTankers
Astomos Clearlake Vilma
vess
els
-
45.0
49.5
54.0
63.0 60.0
41.0
46.5 48.0
58.5 57.3
35
40
45
50
55
60
65
Korean ECO Chinese ECO HHI Modern DSME Modern JapaneseLegacy
MT
/ day
Laden Ballast
$4.3 $4.8 $5.1
$6.1 $5.9 $6.0 $6.7 $7.1
$8.4 $8.1 $7.6 $8.5 $9.0
$10.7 $10.3
-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
Korean ECO Chinese ECO HHI Modern DSME Modern Japanese Legacy
mill
ions
$400 / MT $550 / MT $700 / MT
Average Fuel Consumption by Vessel Profile1 Dorian LPG’s Fleet Composition
Source: Dorian LPG management estimates1. ECO denotes vessels built after 2014; Modern denotes vessels built 2006-2013, legacy denotes vessels built in the early 2000s2. Basis Ras Tanura to Chiba: 16kt speed ballast and laden; 36.6 sailing days roundtrip, split evenly ballast and laden; 252 days/year; Japanese vessels sail 15kt laden, 37.9 sailing days roundtrip
• 19 Korean-built fuel-efficient ECO VLGCs with an avg. age of 5.1 yo
• 3 HHI-built Non-Eco built VLGCs with an avg. age of 13.0 yo
• Modern fuel-efficient vessels offer a substantial earnings advantage relative to older tonnage
Estimated Annual Fuel Cost by Vessel Profile1,2
Dorian LPG is a Leader in Fuel Efficiency
25
-
VLGC Shipping Market Dynamics
-
-
$10K
$20K
$30K
$40K
$50K
$60K
$70K
O-16 J-17 A-17 J-17 O-17 J-18 A-18 J-18 O-18 J-19 A-19 J-19 O-19 J-20
TCE
/ day
Baltic TCE/Day Baltic TCE/Day (4 week trailing avg.)
Current VLGC Spot Rates Recovering from Near Historic LowsBaltic VLGC Daily Spot Rates
Rate Commentary
• Houston-to-Chiba is currently above $120 PMT, while Ras Tanura-to-Chiba now stands around $75 PMT
• OPEC cuts and Iranian sanctions have increased demand for US export volumes, growing ton-mile demand
• Spot rates have averaged $51,412/day for QTD vs. $59,271/day the quarter ended December 31st
Fleet Utilization Has Followed Rates Higher
Source: Baltic Exchange, ClarksonsBaltic rates as of February 6, 2020
77%
84%88%
90%88%
93% 92% 93%
70%
80%
90%
100%
1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q1927
-
98
61 66
2313
27
-
20
40
60
80
100
120
< 5 5-10 10-15 15-20 20-25 25+
vess
els
scrapping zone • 38 forward deliveries vs. 35 vessels potential scrapping candidates
• Six vessels scrapped in 2018
• No vessels have been scrapped in 2019
• Average fleet age stands at 10 years old
• IMO 2020 regulations may accelerate scrapping pressure in the near term as compliant fuel increases in price, making less efficient ships uneconomical
Vessel Supply Remains BalancedRecent VLGC Deliveries and Current Orderbook
VLGC Fleet Age Profile and Potential Scrapping
• Orderbook-to-fleet stands at ~15%
• Increasing output from the U.S., Canada, and Australia should be enough to absorb near-term deliveries
• Asian buyers will increasingly look to diversify supply away from Iran, likely having a positive effect on utilization and minimizing the impact of new tonnage
28Source: CRSLNote: Excludes ethane carriers
35 44 21 10 17 616
15 11 -
10
20
30
40
50
2015 2016 2017 2018 2019 2020E 2021E 2022E
vess
els
Delivered On Order
-
Financials
-
• Fixed interest rates on the ECO VLGCs of 4.9% and on the Captains at 6.0%
• Very attractive age-adjusted profiles
• No financial covenants
Over 90% of Company Debt is Either Fixed or Hedged; Our Current Total Cost of Debt is ~4.3%1
• Company has repurchased ~2.5% of shares outstanding since commencement of August 2019 buyback program
• Board increased authorization from $50 million to $100 million in January 2020
Balance Sheet Strength & Flexibility
30
$100 Million Active Share Repurchase Program
The Company has no refinancing requirements until 2022
1. As of December 31, 2019
-
Statement of Operations (USD)
31
(1) Reflects legal, investment banking, and other advisory fees. Excluding the costs, adjusted EBITDA would have been $35.0 mm and net income $1.5 mm for the quarter ended December 31, 2018(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) excluding unrealized gain/(loss) on 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
Statement of Operations DataThree Months Ended
December 31, 2019 (Unaudited)
Three Months Ended December 31, 2018
(Unaudited)Revenues 85,437,806 55,113,295
Voyage expenses (1,178,702) (287,221)
Charter hire expenses (2,071,206) —
Vessel operating expenses (19,131,124) (16,773,634)
Depreciation and amortization (16,710,403) (16,430,363)
General and administrative expenses (5,037,783) (5,156,573)
Professional and legal fees related to the BW Proposal(1) — (7,766,847)
Other income—related parties 450,169 614,633
Operating income 41,758,757 9,313,290
Interest and f inance costs (8,778,905) (10,000,018)
Realized gain on derivatives 449,276 881,276
Other income/(expense), net 2,199,784 (6,413,200)
Net Income/(loss) 35,628,912 (6,218,652)
Other Financial DataTime charter equivalent rate (2) 43,410 30,108
Daily vessel operating expenses (3) 9,452 8,287
Adjusted EBITDA (4) 59,874,055 27,230,044
-
Statement of Operations (USD)
(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 loss excluding unrealized gain/(loss) on 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
32
Statement of Operations DataYear Ended
March 31, 2019 (Audited)
Year Ended March 31, 2018
(Audited)Revenues 158,032,485 159,334,760
Voyage expenses (1,697,883) (2,213,773)
Charter hire expenses (237,525) —
Vessel operating expenses (66,880,568) (64,312,644)
Depreciation and amortization (65,201,151) (65,329,951)
General and administrative expenses (24,434,246) (26,186,332)
Professional and legal fees related to the BW Proposal(1) (10,022,747) —
Other income—related parties 2,479,599 2,549,325
Operating income/(loss) (7,962,036) 3,841,385
Interest and f inance costs (40,649,231) (35,658,045)
Realized gain/(loss) on derivatives 3,788,123 (1,328,886)
Other income/(expenses), net (6,122,761) 12,744,860
Net loss (50,945,905) (20,400,686)
Other Financial DataTime charter equivalent rate (2) 21,746 21,966
Daily vessel operating expenses (3) 8,329 8,009
Adjusted EBITDA (4) 64,408,989 74,515,790
-
Statement of Cash Flows (USD)
33
Cash Flows DataNine Months Ended December 31, 2019
(Unaudited)
Nine Months Ended December 31, 2018
(Unaudited)Net income/(loss) 82,415,867 (34,992,330)
Adjustments 58,846,543 60,022,239
Changes in operating assets and liabilities (30,886,370) (29,427,699)
Net cash provided by/(used in) operating activities 110,376,040 (4,397,790)
Net cash used in investing activities (11,007,294) (3,203,999)
Net cash used in f inancing activities (63,830,103) (50,942,251)
Effects of exchange rates on cash and cash equivalents (69,689) (241,508)
Net increase / (decrease) in cash and cash equivalents 35,468,954 (58,785,548)
Cash Flows DataYear Ended
March 31, 2019 (Audited)
Year Ended March 31, 2018
(Audited)Net loss (50,945,905) (20,400,686)
Adjustments 81,885,490 65,516,838
Changes in operating assets and liabilities (22,056,152) 12,132,951
Net cash provided by operating activities 8,883,433 57,249,103
Net cash used in investing activities (4,520,304) (437,037)
Net cash provided by/(used in) f inancing activities (67,005,777) 4,671,658
Effects of exchange rates on cash and cash equivalents (253,086) (8,042)
Net increase/(decrease) in cash and cash equivalents (62,895,734) 61,475,682
-
Balance Sheet (USD)
34
December 31, 2019 March 31, 2019(Unaudited) (Audited)
Cash and cash equivalents 64,691,247 30,838,684
Restricted cash, current 1,620,000 —
Restricted cash, non current 35,630,353 35,633,962
Total assets 1,657,833,030 1,625,370,017
Total debt including current portion – net of deferred f inancing fees of $11.8 million and $14.0 million as of December 31, 2019 and March 31, 2019, respectively. 650,273,417 696,090,786
Total liabilities 675,808,254 712,687,459
Total shareholders' equity 982,024,776 912,682,558
Selected Balance Sheet Data
-
Appendix
-
IMO 2020 Fuel Options
36
Distillate or Blended Fuels High Sulfur Fuels Alternative Fuels New Fuels
Type ULSGO 0.1% S, ULSFO 0.5% S HSFO 3.5% S LNG / LPG / Ethane Hybrid, Bio, GTL, New
Requirements Tank Cleaning with scrubbers onlyNewbuilding or with
engine retrofit for dual fuel
N/A
Availability No product yet and no ISO standard AvailableAvailable, but not easy
to source Experimental stage
ProsCompliant operation
with no capex or modifications
Pricing; no operational change required
Compliant and greener solution with lower green house gases and nitrous oxides
Green solution
ConsPricing; blended mix of fuels and treated fuel
oils
Capex; new marine application on vessels;
new compliance regulations
Higher installation capex; re-supply issues; storage considerations
Not commercially available
SIN Listing (2)
Fleet > Gas Carrier > LPG (VLGC) 65K + Cu. M.
Created 12 November 2018 19:28
TypeNameSizeUnitDwtGTFlagBuiltMonthBuilderOwner GroupStatus
L.P.G.Gas Alkhaleej82,000cu.m.54,49547,072Panama20089Hyundai Samho HIA.M.P.T.C.In ServiceBW3.8
L.P.G.Ocean Gas82,000cu.m.54,51747,072Panama200810Hyundai Samho HIA.M.P.T.C.In ServiceDorian2.7Top 3 Operators41%
L.P.G.Avance82,200cu.m.53,67746,393Marshall Islands20031Kawasaki HI SakaideAvance Gas HoldingsIn ServicePetredec2.3Others59%
L.P.G.Breeze83,000cu.m.53,78146,789Marshall Islands20154Jiangnan ChangxingAvance Gas HoldingsIn ServiceOther12.7
L.P.G.Chinook83,000cu.m.53,60046,789Marshall Islands20159Jiangnan ChangxingAvance Gas HoldingsIn ServiceTotal21.5
L.P.G.Iris Glory83,700cu.m.54,70748,425Marshall Islands20083Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Levant83,000cu.m.53,80046,789Marshall Islands20158Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Mistral83,133cu.m.53,85446,789Marshall Islands20151Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Monsoon83,133cu.m.53,85446,789Marshall Islands20151Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Pampero83,000cu.m.53,80046,789Marshall Islands201510Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Passat83,000cu.m.53,70146,789Marshall Islands20156Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Promise84,014cu.m.54,63347,276Marshall Islands20091Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Providence84,104cu.m.54,78347,276Marshall Islands20087Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Sirocco83,000cu.m.53,55846,789Marshall Islands20157Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Thetis Glory83,700cu.m.54,78948,425Marshall Islands20084Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Venus Glory83,700cu.m.54,47448,654Marshall Islands20087Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Gas Beauty I75,680cu.m.55,36143,849Panama19825Wartsila TurkuBenelux OverseasLong Term Storage (>28 days)
L.P.G.Gas Gloria78,921cu.m.49,99946,021Liberia20016MHI NagasakiBenelux OverseasIn Service
L.P.G.Gas Spirit I75,683cu.m.55,17344,076Panama19803O/Y Wartsila ABBenelux OverseasIn Service
L.P.G.Venture Gas75,386cu.m.49,70142,465Liberia19907Kawasaki HI SakaideBenelux OverseasIn Service
L.P.G.Gas Komodo78,543cu.m.56,87545,032Indonesia19913NKK (Tsu)BULLIn Service
L.P.G.Berge Nantong82,244cu.m.58,75747,012Hong Kong20068Hyundai HI (Ulsan)BWIn Service
L.P.G.Berge Ningbo82,252cu.m.58,89947,012Hong Kong20062Hyundai HI (Ulsan)BWIn Service
L.P.G.Berge Summit78,488cu.m.50,74844,690Bahamas19906MHI NagasakiBWLong Term Storage (>28 days)
L.P.G.BW Aries84,195cu.m.54,56147,342Isle of Man201411Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Austria84,614cu.m.54,78348,502Norwegian Int'l Register20093Daewoo (DSME)BWIn Service
L.P.G.BW Balder84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Birch82,291cu.m.58,12347,386Isle of Man20079Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Boss84,333cu.m.54,82647,156India200112Kawasaki HI SakaideBWIn Service
L.P.G.BW Brage84,000cu.m.54,44647,384Marshall Islands20164Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Carina84,195cu.m.54,56147,342Isle of Man20152Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Cedar82,291cu.m.58,06347,386Isle of Man20077Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Confidence83,270cu.m.54,49048,772Isle of Man20063MHI NagasakiBWIn Service
L.P.G.BW Elm82,291cu.m.58,13647,386Isle of Man200710Hyundai Samho HIBWIn Service
L.P.G.BW Empress78,908cu.m.49,99945,965Isle of Man20054MHI NagasakiBWLong Term Storage (>28 days)
L.P.G.BW Energy82,200cu.m.53,55646,506India20029Kawasaki HI SakaideBWIn Service
L.P.G.BW Freyja84,000cu.m.54,44647,384Marshall Islands20166Hyundai HI (Gunsan)BWIn Service
L.P.G.BW Frigg84,000cu.m.54,44647,384Marshall Islands20168Hyundai HI (Gunsan)BWIn Service
L.P.G.BW Gemini84,195cu.m.54,56147,342Isle of Man20153Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Kyoto83,298cu.m.54,92047,985Singapore201011MHI NagasakiBWIn Service
L.P.G.BW Leo84,195cu.m.54,56147,342Isle of Man20154Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Liberty84,597cu.m.54,97548,456Norwegian Int'l Register200711Daewoo (DSME)BWIn Service
L.P.G.BW Libra84,195cu.m.54,56147,342Isle of Man20158Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Lord84,614cu.m.54,69148,502Norwegian Int'l Register20089Daewoo (DSME)BWIn Service
L.P.G.BW Loyalty84,631cu.m.55,05648,456Norwegian Int'l Register20083Daewoo (DSME)BWIn Service
L.P.G.BW Magellan84,000cu.m.54,64748,542Isle of Man201610Daewoo (DSME)BWIn Service
L.P.G.BW Malacca84,000cu.m.54,64748,542Isle of Man201611Daewoo (DSME)BWIn Service
L.P.G.BW Messina84,000cu.m.54,64748,542Panama20171Daewoo (DSME)BWIn Service
L.P.G.BW Mindoro84,000cu.m.54,64748,542Isle of Man20171Daewoo (DSME)BWIn Service
L.P.G.BW Njord84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Oak82,291cu.m.58,13647,386Isle of Man20081Hyundai Samho HIBWIn Service
L.P.G.BW Odin82,000cu.m.58,56047,266Marshall Islands20093Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Orion84,195cu.m.54,56147,342Isle of Man201510Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Pine80,156cu.m.53,01045,812Isle of Man20113Kawasaki HI SakaideBWIn Service
L.P.G.BW Prince82,000cu.m.54,36847,194Norwegian Int'l Register200711Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Princess82,383cu.m.54,36847,194Norwegian Int'l Register20085Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Sakura78,901cu.m.49,99946,025Isle of Man20101MHI NagasakiBWIn Service
L.P.G.BW Thor82,000cu.m.58,61047,197Marshall Islands20086Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Tokyo83,270cu.m.54,93647,985Singapore20094MHI NagasakiBWIn Service
L.P.G.BW Trader78,631cu.m.53,15146,632Singapore20063Daewoo (DSME)BWIn Service
L.P.G.BW Tucana84,195cu.m.54,56147,342Isle of Man20164Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Tyr82,000cu.m.58,61047,197Marshall Islands20082Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Var84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BWIn Service
L.P.G.BW Volans84,195cu.m.54,56147,342Isle of Man20165Hyundai HI (Ulsan)BWIn Service
L.P.G.Maharshi Vishwamitra84,333cu.m.54,82647,156India20018Kawasaki HI SakaideBWIn Service
L.P.G.Oriental King84,000cu.m.54,37348,008Hong Kong20179Hyundai HI (Ulsan)BWIn Service
L.P.G.Yuricosmos78,907cu.m.49,99946,025Panama20107MHI NagasakiBWIn Service
L.P.G.Lotus Gas80,186cu.m.53,06745,811Panama20089Kawasaki HI SakaideChiba ShippingIn Service
L.P.G.Gas Commerce78,432cu.m.49,60944,469Panama199911MHI NagasakiChina PeaceIn Service
L.P.G.Gas Courage82,267cu.m.54,99946,907Panama20034Hyundai HI (Ulsan)China PeaceIn Service
L.P.G.Kobai82,429cu.m.58,81147,005Hong Kong200912Hyundai HI (Ulsan)Cido ShippingIn Service
L.P.G.Yamabuki82,429cu.m.58,81147,005Hong Kong20103Hyundai HI (Ulsan)Cido ShippingIn Service
L.P.G.Gas Dignity78,551cu.m.56,82449,288Liberia200011Stocznia GdyniaCNPCIn Service
L.P.G.Gas Infinity78,462cu.m.49,65144,652Liberia19971MHI NagasakiCNPCIn Service
L.P.G.Sea Dolphin78,000cu.m.52,16046,613Liberia20006Daewoo (DSME)CNPCIn Service
L.P.G.Sea Dragon78,469cu.m.50,35744,549Liberia19937MHI NagasakiCNPCIn Service
L.P.G.Sea Gloria78,475cu.m.49,87444,868Liberia19933MHI NagasakiCNPCIn Service
L.P.G.Gas Aquarius85,000cu.m.54,60548,827Hong Kong20181Shanghai WaigaoqiaoCSSC Shpg/TSW JVIn Service
L.P.G.Gas Gemini85,000cu.m.54,60548,827Hong Kong201712Shanghai WaigaoqiaoCSSC Shpg/TSW JVIn Service
L.P.G.Aquamarine Progress83,277cu.m.55,06647,985Singapore20101MHI NagasakiDorianIn Service
L.P.G.Astomos Venus83,309cu.m.55,20947,963Panama20163MHI NagasakiDorianIn Service
L.P.G.Ayame83,269cu.m.55,06647,985Singapore20104MHI NagasakiDorianIn Service
L.P.G.Captain John NP82,240cu.m.58,69147,173Bahamas20073Hyundai HI (Ulsan)DorianIn Service
L.P.G.Captain Markos NL82,252cu.m.58,58547,173Bahamas200611Hyundai HI (Ulsan)DorianIn Service
L.P.G.Captain Nicholas ML82,291cu.m.58,69047,173Bahamas20087Hyundai HI (Ulsan)DorianIn Service
L.P.G.Caravelle84,126cu.m.54,49448,000Bahamas20162Hyundai Samho HIDorianIn Service
L.P.G.Challenger84,126cu.m.54,49448,000Bahamas201512Hyundai Samho HIDorianIn Service
L.P.G.Chaparral84,126cu.m.54,49448,000Bahamas201511Hyundai Samho HIDorianIn Service
L.P.G.Cheyenne84,126cu.m.54,49047,379Bahamas201510Hyundai Samho HIDorianIn Service
L.P.G.Clermont84,126cu.m.54,49047,379Bahamas201510Hyundai Samho HIDorianIn Service
L.P.G.Cobra84,126cu.m.54,49448,051Bahamas20157Hyundai Samho HIDorianIn Service
L.P.G.Comet84,050cu.m.54,33648,060Bahamas20147Hyundai HI (Ulsan)DorianIn Service
L.P.G.Commander84,000cu.m.54,33648,060Bahamas201511Hyundai HI (Ulsan)DorianIn Service
L.P.G.Commodore84,126cu.m.54,49448,051Bahamas20159Hyundai Samho HIDorianIn Service
L.P.G.Concorde84,000cu.m.54,33648,060Bahamas20156Hyundai HI (Ulsan)DorianIn Service
L.P.G.Constellation84,000cu.m.54,33648,060Bahamas20159Hyundai HI (Ulsan)DorianIn Service
L.P.G.Constitution84,126cu.m.54,49047,379Bahamas20158Hyundai Samho HIDorianIn Service
L.P.G.Continental84,126cu.m.54,49047,379Bahamas20157Hyundai Samho HIDorianIn Service
L.P.G.Copernicus84,146cu.m.54,65648,963Bahamas201511Daewoo (DSME)DorianIn Service
L.P.G.Corsair84,050cu.m.54,33648,060Bahamas20149Hyundai HI (Ulsan)DorianIn Service
L.P.G.Corvette84,050cu.m.54,33648,060Bahamas20151Hyundai HI (Ulsan)DorianIn Service
L.P.G.Cougar84,126cu.m.54,49448,051Bahamas20156Hyundai Samho HIDorianIn Service
L.P.G.Cratis84,146cu.m.54,65648,963Bahamas201510Daewoo (DSME)DorianIn Service
L.P.G.Cresques84,146cu.m.54,65648,963Bahamas20159Daewoo (DSME)DorianIn Service
L.P.G.Crystal River82,200cu.m.54,17146,793Panama20177Kawasaki HI SakaideDorianIn Service
L.P.G.Hisui80,199cu.m.53,81245,815Singapore20101Kawasaki HI SakaideDorianIn Service
L.P.G.Kikyo82,429cu.m.58,81147,005Hong Kong20105Hyundai HI (Ulsan)DorianIn Service46
L.P.G.Legend Prosperity83,375cu.m.55,07647,963Panama20161MHI NagasakiDorianIn Service32
L.P.G.Musanah83,293cu.m.55,06647,985Panama200910MHI NagasakiDorianIn Service28
L.P.G.Vega Star79,329cu.m.50,59146,250Liberia20179Hyundai Samho HIDorianIn Service106
L.P.G.Vega Sun79,329cu.m.50,59146,250Liberia201711Hyundai Samho HIDorianIn Service
L.P.G.Fritzi N82,000cu.m.58,44847,141Liberia20093Hyundai HI (Ulsan)General Ore Corp.In Service
L.P.G.Karoline N75,000cu.m.54,00442,897Liberia20092Hyundai HI (Ulsan)General Ore Corp.In Service
L.P.G.Champlain84,000cu.m.54,28047,791Registre International Francais20162Hyundai Samho HIGeogas TradingIn Service
L.P.G.Pointis84,000cu.m.53,99147,791France20163Hyundai Samho HIGeogas TradingIn Service
L.P.G.Palanimala Gas75,198cu.m.49,30142,304India19929Kawasaki HI KobeGlobal United ShpgIn Service
L.P.G.Takao Gas75,358cu.m.49,25542,341India19933Kawasaki HI KobeGlobal United ShpgIn Service
L.P.G.Jag Vasant83,270cu.m.54,47848,772India200611MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Jag Vidhi78,503cu.m.49,84944,694India19961MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Jag Viraat83,283cu.m.54,45048,772India20077MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Jag Vishnu75,209cu.m.49,35342,551India19943Kawasaki HI KobeGreat Eastern ShpgIn Service
L.P.G.Astomos Earth83,426cu.m.55,25047,950Panama20128MHI NagasakiIdemitsu KosanIn Service
L.P.G.Energy Orpheus78,498cu.m.49,99944,576Panama19931MHI NagasakiIdemitsu KosanIn Service
L.P.G.Doraji Gas83,391cu.m.55,13447,964Panama20171MHI NagasakiIino Kaiun KaishaIn Service
L.P.G.Nadeshiko Gas80,152cu.m.53,00345,812Panama20131Kawasaki HI SakaideIino Kaiun KaishaIn Service
L.P.G.Sumire Gas82,200cu.m.54,24346,796Panama20163Kawasaki HI SakaideIino Kaiun KaishaIn Service
L.P.G.Vega Sea79,329cu.m.50,59146,250Liberia20176Hyundai Samho HIJ.P. MorganIn Service
L.P.G.Vega Song79,329cu.m.50,59146,250Malta20181Hyundai Samho HIJ.P. MorganIn Service
L.P.G.G Symphony83,274cu.m.55,06247,990Panama201111MHI NagasakiJXTG HoldingsIn Service
L.P.G.Leo Green83,301cu.m.55,07047,914Panama20166MHI NagasakiJXTG HoldingsIn Service
L.P.G.Sunny Bright78,918cu.m.49,99945,965Japan20045MHI NagasakiJXTG HoldingsIn Service
L.P.G.Sunny Green78,507cu.m.50,66744,690Panama19923MHI NagasakiJXTG HoldingsIn Service
L.P.G.Sunny Joy78,874cu.m.49,99945,965Panama200010MHI NagasakiJXTG HoldingsIn Service
L.P.G.Sunny Vista83,332cu.m.55,15447,914Japan20132MHI NagasakiJXTG HoldingsIn Service
L.P.G.Yuhsan78,929cu.m.49,99945,965Panama20021MHI NagasakiJXTG HoldingsIn Service
L.P.G.Yuyo78,916cu.m.49,99945,966Panama20083MHI NagasakiJXTG HoldingsIn Service
L.P.G.Yuyo Spirits78,902cu.m.49,99945,966Panama20099MHI NagasakiJXTG HoldingsIn Service
L.P.G.Galaxy River82,391cu.m.54,08146,885Panama20146Kawasaki HI SakaideK-LineIn Service
L.P.G.Grace River79,513cu.m.49,99644,673Panama200210Kawasaki HI SakaideK-LineIn Service
L.P.G.Gas Power78,912cu.m.49,99946,173Panama20122MHI NagasakiKSS Line Ltd.In Service
L.P.G.Gas Star84,144cu.m.54,73247,454Panama20141Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Gas Tigers84,000cu.m.51,56847,454Panama20165Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Gas Wisdom84,000cu.m.54,46847,454Panama20173Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Gas Young84,000cu.m.54,64547,454Panama20175Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Gas Zenith84,000cu.m.54,67547,454Panama20179Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Crystal Marine80,138cu.m.53,39545,801Singapore20036Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Crystal Sunrise82,394cu.m.54,07046,885Singapore201311Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Jia Yuan84,000cu.m.54,63047,272Marshall Islands201610Hyundai HI (Ulsan)Kumiai Senpaku KKIn Service
L.P.G.Ocean Orchid79,321cu.m.49,99544,694Singapore20013Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Pyxis Alfa82,200cu.m.54,14046,884Singapore20175Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Legend Prestige83,321cu.m.55,07647,963Panama20174MHI NagasakiKyoei TankerIn Service
L.P.G.Hellas Gladiator84,000cu.m.55,00048,022Malta20161Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Glory82,385cu.m.54,99447,059Malta20085Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Hercules84,000cu.m.51,59448,022Malta201510Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Poseidon84,000cu.m.54,36148,022Malta201511Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Serenity82,440cu.m.54,99447,059Malta20089Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Sparta84,000cu.m.55,00048,022Malta20163Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Sisouli Prem78,488cu.m.49,01144,704India199212MHI NagasakiMercatorIn Service
L.P.G.Al Wukir82,452cu.m.54,44647,058Marshall Islands200812Hyundai HI (Ulsan)MilahaIn Service
L.P.G.Bu Sidra82,452cu.m.54,53447,058Marshall Islands20085Hyundai HI (Ulsan)MilahaIn Service
L.P.G.Lubara82,452cu.m.54,52647,058Marshall Islands20093Hyundai HI (Ulsan)MilahaLong Term Storage (>28 days)
L.P.G.Umm Laqhab82,452cu.m.54,53847,058Marshall Islands20087Hyundai HI (Ulsan)MilahaIn Service
L.P.G.Reimei80,196cu.m.53,10045,811Bahamas200712Kawasaki HI SakaideMitsui O.S.K. LinesIn Service
L.P.G.Summit River80,169cu.m.52,99146,046Panama20087Kawasaki HI SakaideMizuho SangyoIn Service
L.P.G.Gaz Imperial82,244cu.m.54,30455,089Marshall Islands20181Jiangnan SY GroupNaftomar Shpg & TrdgIn Service
L.P.G.Gaz Liberty79,527cu.m.49,99644,673Marshall Islands199711Kawasaki HI SakaideNaftomar Shpg & TrdgIn Service
L.P.G.Gaz Majestic83,270cu.m.54,53348,772Marshall Islands20068MHI NagasakiNaftomar Shpg & TrdgIn Service
L.P.G.Gaz Supplier78,484cu.m.49,99644,493Panama199012MHI NagasakiNaftomar Shpg & TrdgIn Service
L.P.G.Gas Capricorn78,935cu.m.49,99946,021Liberia20036MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Gas Diana78,888cu.m.49,99946,021Liberia20006MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Lavender Passage78,451cu.m.49,70844,549Panama19967MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Leto Providence78,908cu.m.49,99946,021Singapore200312MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Linden Pride78,911cu.m.49,99946,021Panama20011MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Lucina Providence78,898cu.m.49,99946,025Panama200812MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Lycaste Peace78,945cu.m.49,99946,021Panama20032MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Gas Stella83,291cu.m.55,13847,995Panama20173MHI NagasakiNissen KaiunIn Service
L.P.G.Globe Atlas83,291cu.m.55,13147,995Panama20169MHI NagasakiNissen KaiunIn Service
L.P.G.Kailash Gas85,827cu.m.64,22047,597Panama199212BoelwerfNissen KaiunIn Service
L.P.G.Kodaijisan82,258cu.m.58,59147,046Panama200310Hyundai HI (Ulsan)NS United KKIn Service
L.P.G.NS Frontier82,200cu.m.54,31246,885Panama201611Kawasaki HI SakaideNS United KKIn Service
L.P.G.Clipper78,530cu.m.56,87545,052Indonesia19923NKK (Tsu)Pacific CarriersIdle
L.P.G.NS Challenger78,539cu.m.56,87545,032Indonesia199211NKK (Tsu)Pacific CarriersLong Term Storage (>28 days)
L.P.G.Nusa Bright78,530cu.m.56,94545,032Indonesia199110NKK (Tsu)Pacific CarriersIn Service
L.P.G.Rubra78,551cu.m.56,74549,288Indonesia20012Stocznia GdyniaPacific CarriersIdle
L.P.G.Pertamina Gas 182,000cu.m.54,68348,917Indonesia20139Hyundai HI (Ulsan)PertaminaIn Service
L.P.G.Pertamina Gas 282,000cu.m.54,68348,344Indonesia20145Hyundai HI (Ulsan)PertaminaIdle
L.P.G.Clipper Quito84,000cu.m.55,04748,051Norwegian Int'l Register20136Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Clipper Victory75,014cu.m.54,04842,897Norwegian Int'l Register20091Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Gas Al Kuwait II82,257cu.m.57,73848,104Kuwait20074Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Gas Al Negeh82,257cu.m.57,73848,104Kuwait200712Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Gas Aries83,000cu.m.53,80046,789Hong Kong20163Jiangnan SY GroupPetredecIn Service
L.P.G.Gas Friend78,912cu.m.49,99746,129Panama200512MHI NagasakiPetredecIn Service
L.P.G.Gas Summit84,144cu.m.54,68447,454Panama20149Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Hellas Fos82,352cu.m.54,99447,059Malta20082Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Manifesto82,198cu.m.54,90147,057Singapore20135Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Morston82,218cu.m.54,90147,057Singapore20133Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Motivator82,231cu.m.54,90147,057Singapore20131Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Parthia78,891cu.m.51,09646,125Singapore20177Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Pinza78,891cu.m.51,20246,125Singapore20181Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Ronald N75,000cu.m.54,00442,897Liberia200810Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Sakura Gas83,384cu.m.55,21447,964Panama20131MHI NagasakiPetredecIn Service
L.P.G.Saltram84,078cu.m.54,62747,347Singapore20157Hyundai HI (Ulsan)PetredecLong Term Storage (>28 days)
L.P.G.Sansovino84,078cu.m.54,48147,347Singapore20165Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Sea Bird84,000cu.m.54,62747,347Singapore201511Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Secreto84,000cu.m.51,70047,347Singapore20161Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Serjeant84,078cu.m.54,62747,347Singapore20159Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Shaamit84,000cu.m.51,70047,347Singapore20164Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Shahrastani84,000cu.m.51,70047,347Singapore20163Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Shergar84,000cu.m.51,70047,347Singapore20161Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Silvio84,078cu.m.54,62747,347Singapore20163Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Sinndar84,000cu.m.51,70047,347Singapore20166Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Spread Eagle84,078cu.m.54,62747,347Singapore20161Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Sunstar84,078cu.m.54,62747,347Singapore20166Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Tenacity IV84,000cu.m.54,66947,306Singapore20167Hyundai Samho HIPetredecIn Service
L.P.G.Gas Jasmine75,203cu.m.49,61842,465Panama199012Kawasaki HI SakaideShandong OceanIn Service
L.P.G.Gas Jenny75,353cu.m.49,34542,286Panama19917Kawasaki HI SakaideShandong OceanIn Service
L.P.G.LPG Capricorn77,098cu.m.53,20846,632Hong Kong20051Daewoo (DSME)Shandong OceanIn Service
L.P.G.LPG Scorpio82,173cu.m.54,99946,907Hong Kong20036Hyundai HI (Ulsan)Shandong OceanIn Service
L.P.G.Pacific Binzhou84,000cu.m.54,74748,419Hong Kong20168Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Dongying84,000cu.m.54,74748,419Hong Kong20168Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Hong Kong84,203cu.m.54,74748,419Hong Kong20176Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Qingdao84,000cu.m.54,74748,419Hong Kong20166Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Rizhao84,000cu.m.54,74748,419Hong Kong20164Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Shanghai84,203cu.m.54,74748,419Hong Kong20177Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Weihai84,000cu.m.54,74748,419Hong Kong20163Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Yantai84,000cu.m.54,74748,419Hong Kong20167Daewoo (DSME)Shandong OceanIn Service
L.P.G.Nanda Devi82,200cu.m.53,50346,506India20019Kawasaki HI SakaideShpg Corp of IndiaIn Service
L.P.G.De Hua78,475cu.m.49,88044,868Thailand19936MHI NagasakiSiamgasIn Service
L.P.G.Ming De84,270cu.m.54,15547,027Thailand19965Kawasaki HI SakaideSiamgasIn Service
L.P.G.Ming Long75,203cu.m.49,41242,286Thailand19921Kawasaki HI KobeSiamgasIn Service
L.P.G.Ming Ming78,482cu.m.50,35744,493Thailand199111MHI NagasakiSiamgasIn Service
L.P.G.Ming Zhu77,749cu.m.51,46647,249Thailand19873Hitachi ZosenSiamgasIdle
L.P.G.Gas Beryl80,199cu.m.53,01045,812Hong Kong20109Kawasaki HI SakaideSinogas ManagementIn Service
L.P.G.Gas Sapphire78,479cu.m.49,74344,574Liberia199511MHI NagasakiSinogas ManagementIn Service
L.P.G.G. Arete82,401cu.m.54,84247,129Panama20136Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Dolce84,085cu.m.54,50247,287Panama20182Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Forever82,000cu.m.54,80046,998Panama200810Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Paragon82,401cu.m.54,77646,786Panama20139Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Spirit83,864cu.m.54,50247,287Panama20183Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Swan82,401cu.m.54,84247,129Panama20133Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.SC Commander LVII78,000cu.m.49,72344,694Indonesia19992MHI NagasakiSoechi LinesIdle
L.P.G.Clipper Freeport78,868cu.m.50,89146,120Norwegian Int'l Register20175Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Posh84,000cu.m.55,04746,998Norwegian Int'l Register201312Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Sirius75,014cu.m.54,04542,897Norwegian Int'l Register20089Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Sun82,268cu.m.58,67747,173Norwegian Int'l Register20084Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Vanguard78,868cu.m.50,89146,120Norwegian Int'l Register20178Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Djanet84,000cu.m.54,58447,174Liberia200010Kawasaki HI SakaideSonatrach PetroleumIn Service
L.P.G.Reggane84,000cu.m.54,58447,174Liberia199912Kawasaki HI SakaideSonatrach PetroleumIn Service
L.P.G.Albert84,046cu.m.54,35447,308Panama20146Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Albert II84,000cu.m.54,35848,000Panama201612Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Albert III84,000cu.m.54,36547,268Panama20176Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Perseverance V84,133cu.m.54,66947,306Singapore20157Hyundai HI (Gunsan)Transpetrol ServicesIn Service
L.P.G.Progress82,000cu.m.58,56047,266Singapore20091Hyundai HI (Ulsan)Transpetrol ServicesIn Service
L.P.G.Everrich 1078,462cu.m.49,67944,545Panama199512MHI NagasakiTruong Phat LocIn Service
L.P.G.Oriental Jubilee84,056cu.m.54,52048,008Hong Kong20166Hyundai HI (Ulsan)Unique Shpg. (H.K.)In Service
L.P.G.Oriental Queen82,524cu.m.53,19447,279Hong Kong20048Universal SB (Tsu)Unique Shpg. (H.K.)In Service
L.P.G.Gas Leo83,000cu.m.53,74846,789Hong Kong20166Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Gas Libra84,000cu.m.54,65047,789Hong Kong201810Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Gas Scorpio84,000cu.m.54,74647,789Hong Kong20189Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Gas Taurus83,000cu.m.53,80046,870Hong Kong20161Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Dorset80,203cu.m.53,05646,300United Kingdom201111Kawasaki HI SakaideZodiac MaritimeIn Service
L.P.G.Hampshire80,138cu.m.53,60045,805Liberia20077Kawasaki HI SakaideZodiac MaritimeIn Service
© Clarkson Research Services Limited 2018
Top 3 OperatorsOthers0.409391217580215130.59060878241978487
Summary
Instructions
Color WheelRGBCell ReferenceDescription
49-118-149Formula
128-148-174Hard code
191-191-191Link
91-155-213Abnormal
153-177-219
115-190-135
183-205-235
255-0-0
Slide 3
Fleet > Gas Carrier > LPG (VLGC) 65K + Cu. M.
Created 15 October 2018 19:28
TypeNameSizeUnitDwtGTFlagBuiltMonthBuilderOwner GroupStatusDorian LPG5.7
L.P.G.Kailash Gas85,827cu.m.64,22047,597Panama199212BoelwerfNissen KaiunIn ServiceGlobal Fleet10.5
L.P.G.Berge Ningbo82,252cu.m.58,89947,012Hong Kong20062Hyundai HI (Ulsan)Unique Shpg. (H.K.)In Service
L.P.G.Kobai82,429cu.m.58,81147,005Hong Kong200912Hyundai HI (Ulsan)Cido ShippingIn Service
L.P.G.Yamabuki82,429cu.m.58,81147,005Hong Kong20103Hyundai HI (Ulsan)Cido ShippingIn Service
L.P.G.Kikyo82,429cu.m.58,81147,005Hong Kong20105Hyundai HI (Ulsan)Cido ShippingIn Service
L.P.G.Berge Nantong82,244cu.m.58,75747,012Hong Kong20068Hyundai HI (Ulsan)Unique Shpg. (H.K.)In Service
L.P.G.Captain John NP82,240cu.m.58,69147,173Bahamas20073Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.Captain Nicholas ML82,291cu.m.58,69047,173Bahamas20087Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.Clipper Sun82,268cu.m.58,67747,173Norwegian Int'l Register20084Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.BW Tyr82,000cu.m.58,61047,197Marshall Islands20082Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Thor82,000cu.m.58,61047,197Marshall Islands20086Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.Kodaijisan82,258cu.m.58,59147,046Panama200310Hyundai HI (Ulsan)NS United KKIn Service
L.P.G.Captain Markos NL82,252cu.m.58,58547,173Bahamas200611Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.Progress82,000cu.m.58,56047,266Singapore20091Hyundai HI (Ulsan)Transpetrol ServicesIn Service
L.P.G.BW Odin82,000cu.m.58,56047,266Marshall Islands20093Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.Fritzi N82,000cu.m.58,44847,141Liberia20093Hyundai HI (Ulsan)General Ore Corp.In Service
L.P.G.BW Elm82,291cu.m.58,13647,386Isle of Man200710Hyundai Samho HIBW GroupIn Service
L.P.G.BW Oak82,291cu.m.58,13647,386Isle of Man20081Hyundai Samho HIBW GroupIn Service
L.P.G.BW Birch82,291cu.m.58,12347,386Isle of Man20079Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Cedar82,291cu.m.58,06347,386Isle of Man20077Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.Gas Al Kuwait II82,257cu.m.57,73848,104Kuwait20074Hyundai HI (Ulsan)Kuwait PetroleumIn Service
L.P.G.Gas Al Negeh82,257cu.m.57,73848,104Kuwait200712Hyundai HI (Ulsan)Kuwait PetroleumIn Service
L.P.G.Nusa Bright78,530cu.m.56,94545,032Indonesia199110NKK (Tsu)Pacific CarriersIn Service
L.P.G.Gas Komodo78,543cu.m.56,87545,032Indonesia19913NKK (Tsu)BULLIn Service
L.P.G.NS Challenger78,539cu.m.56,87545,032Indonesia199211NKK (Tsu)Pacific CarriersLong Term Storage (>28 days)
L.P.G.Clipper78,530cu.m.56,87545,052Indonesia19923NKK (Tsu)Pacific CarriersIdle
L.P.G.Gas Dignity78,551cu.m.56,82449,288Liberia200011Stocznia GdyniaCNPCIn Service
L.P.G.Rubra78,551cu.m.56,74549,288Indonesia20012Stocznia GdyniaPacific CarriersIdle
L.P.G.Gas Beauty I75,680cu.m.55,36143,849Panama19825Wartsila TurkuBenelux OverseasLong Term Storage (>28 days)
L.P.G.Astomos Earth83,426cu.m.55,25047,950Panama20128MHI NagasakiIdemitsu KosanIn Service
L.P.G.Sakura Gas83,384cu.m.55,21447,964Panama20131MHI NagasakiIino Kaiun KaishaIn Service
L.P.G.Astomos Venus83,309cu.m.55,20947,963Panama20163MHI NagasakiIdemitsu KosanIn Service
L.P.G.Gas Spirit I75,683cu.m.55,17344,076Panama19803O/Y Wartsila ABBenelux OverseasIn Service
L.P.G.Sunny Vista83,332cu.m.55,15447,914Japan20132MHI NagasakiJXTG HoldingsIn Service
L.P.G.Gas Stella83,291cu.m.55,13847,995Panama20173MHI NagasakiNissen KaiunIn Service
L.P.G.Doraji Gas83,391cu.m.55,13447,964Panama20171MHI NagasakiIino Kaiun KaishaIn Service
L.P.G.Globe Atlas83,291cu.m.55,13147,995Panama20169MHI NagasakiNissen KaiunIn Service
L.P.G.Legend Prestige83,321cu.m.55,07647,963Panama20174MHI NagasakiKyoei TankerIn Service
L.P.G.Legend Prosperity83,375cu.m.55,07647,963Panama20161MHI NagasakiKyoei TankerIn Service
L.P.G.Leo Green83,301cu.m.55,07047,914Panama20166MHI NagasakiJXTG HoldingsIn Service
L.P.G.Ayame83,269cu.m.55,06647,985Singapore20104MHI NagasakiMitsui O.S.K. LinesIn Service
L.P.G.Musanah83,293cu.m.55,06647,985Panama200910MHI NagasakiMitsui O.S.K. LinesIn Service
L.P.G.Aquamarine Progress83,277cu.m.55,06647,985Singapore20101MHI NagasakiMitsui O.S.K. LinesIn Service
L.P.G.G Symphony83,274cu.m.55,06247,990Panama201111MHI NagasakiJXTG HoldingsIn Service
L.P.G.BW Loyalty84,631cu.m.55,05648,456Norwegian Int'l Register20083Daewoo (DSME)BW GroupIn Service
L.P.G.Clipper Quito84,000cu.m.55,04748,051Norwegian Int'l Register20136Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Posh84,000cu.m.55,04746,998Norwegian Int'l Register201312Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Hellas Gladiator84,000cu.m.55,00048,022Malta20161Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Sparta84,000cu.m.55,00048,022Malta20163Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Gas Courage82,267cu.m.54,99946,907Panama20034Hyundai HI (Ulsan)China PeaceIn Service
L.P.G.LPG Scorpio82,173cu.m.54,99946,907Hong Kong20036Hyundai HI (Ulsan)Shandong OceanIn Service
L.P.G.Hellas Fos82,352cu.m.54,99447,059Malta20082Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Glory82,385cu.m.54,99447,059Malta20085Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Hellas Serenity82,440cu.m.54,99447,059Malta20089Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.BW Liberty84,597cu.m.54,97548,456Norwegian Int'l Register200711Daewoo (DSME)BW GroupIn Service
L.P.G.BW Tokyo83,270cu.m.54,93647,985Singapore20094MHI NagasakiMeiji Shipping CoIn Service
L.P.G.BW Kyoto83,298cu.m.54,92047,985Singapore201011MHI NagasakiMeiji Shipping CoIn Service
L.P.G.Motivator82,231cu.m.54,90147,057Singapore20131Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Morston82,218cu.m.54,90147,057Singapore20133Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Manifesto82,198cu.m.54,90147,057Singapore20135Hyundai HI (Ulsan)PetredecIn Service
L.P.G.G. Swan82,401cu.m.54,84247,129Panama20133Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Arete82,401cu.m.54,84247,129Panama20136Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.Maharshi Vishwamitra84,333cu.m.54,82647,156India20018Kawasaki HI SakaideVarun ShippingIn Service
L.P.G.BW Boss84,333cu.m.54,82647,156India200112Kawasaki HI SakaideBW Global UnitedIn Service
L.P.G.G. Forever82,000cu.m.54,80046,998Panama200810Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.Thetis Glory83,700cu.m.54,78948,425Marshall Islands20084Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Providence84,104cu.m.54,78347,276Marshall Islands20087Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.BW Austria84,614cu.m.54,78348,502Norwegian Int'l Register20093Daewoo (DSME)BW GroupIn Service
L.P.G.G. Paragon82,401cu.m.54,77646,786Panama20139Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.Pacific Qingdao84,000cu.m.54,74748,419Hong Kong20166Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Yantai84,000cu.m.54,74748,419Hong Kong20167Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Weihai84,000cu.m.54,74748,419Hong Kong20163Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Rizhao84,000cu.m.54,74748,419Hong Kong20164Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Dongying84,000cu.m.54,74748,419Hong Kong20168Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Binzhou84,000cu.m.54,74748,419Hong Kong20168Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Hong Kong84,203cu.m.54,74748,419Hong Kong20176Daewoo (DSME)Shandong OceanIn Service
L.P.G.Pacific Shanghai84,203cu.m.54,74748,419Hong Kong20177Daewoo (DSME)Shandong OceanIn Service
L.P.G.Gas Scorpio84,000cu.m.54,746Hong Kong20189Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Gas Star84,144cu.m.54,73247,454Panama20141Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Iris Glory83,700cu.m.54,70748,425Marshall Islands20083Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.BW Lord84,614cu.m.54,69148,502Norwegian Int'l Register20089Daewoo (DSME)BW GroupIn Service
L.P.G.Gas Summit84,144cu.m.54,68447,454Panama20149Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Pertamina Gas 182,000cu.m.54,68348,917Indonesia20139Hyundai HI (Ulsan)PertaminaIn Service
L.P.G.Pertamina Gas 282,000cu.m.54,68348,344Indonesia20145Hyundai HI (Ulsan)PertaminaIdle
L.P.G.Gas Zenith84,000cu.m.54,67547,454Panama20179Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Tenacity IV84,000cu.m.54,66947,306Singapore20167Hyundai Samho HITranspetrol ServicesIn Service
L.P.G.Perseverance V84,133cu.m.54,66947,306Singapore20157Hyundai HI (Gunsan)Transpetrol ServicesIn Service
L.P.G.Cresques84,146cu.m.54,65648,963Bahamas20159Daewoo (DSME)Dorian LPGIn Service
L.P.G.Cratis84,146cu.m.54,65648,963Bahamas201510Daewoo (DSME)Dorian LPGIn Service
L.P.G.Copernicus84,146cu.m.54,65648,963Bahamas201511Daewoo (DSME)Dorian LPGIn Service
L.P.G.BW Magellan84,000cu.m.54,64748,542Isle of Man201610Daewoo (DSME)BW GroupIn Service
L.P.G.BW Malacca84,000cu.m.54,64748,542Isle of Man201611Daewoo (DSME)BW GroupIn Service
L.P.G.BW Mindoro84,000cu.m.54,64748,542Isle of Man20171Daewoo (DSME)BW GroupIn Service
L.P.G.BW Messina84,000cu.m.54,64748,542Panama20171Daewoo (DSME)Nissen KaiunIn Service
L.P.G.Gas Young84,000cu.m.54,64547,454Panama20175Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Promise84,014cu.m.54,63347,276Marshall Islands20091Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Jia Yuan84,000cu.m.54,63047,272Marshall Islands201610Hyundai HI (Ulsan)Kumiai Senpaku KKIn Service
L.P.G.Sea Bird84,000cu.m.54,62747,347Singapore201511Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Sunstar84,078cu.m.54,62747,347Singapore20166Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Saltram84,078cu.m.54,62747,347Singapore20157Hyundai HI (Ulsan)PetredecLong Term Storage (>28 days)
L.P.G.Serjeant84,078cu.m.54,62747,347Singapore20159Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Spread Eagle84,078cu.m.54,62747,347Singapore20161Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Silvio84,078cu.m.54,62747,347Singapore20163Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Gas Gemini85,000cu.m.54,60548,827Hong Kong201712Shanghai WaigaoqiaoCSSC Shpg/TSW JVIn Service
L.P.G.Gas Aquarius85,000cu.m.54,60548,827Hong Kong20181Shanghai WaigaoqiaoCSSC Shpg/TSW JVIn Service
L.P.G.Reggane84,000cu.m.54,58447,174Liberia199912Kawasaki HI SakaideSonatrach PetroleumIn Service
L.P.G.Djanet84,000cu.m.54,58447,174Liberia200010Kawasaki HI SakaideSonatrach PetroleumIn Service
L.P.G.BW Aries84,195cu.m.54,56147,342Isle of Man201411Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Carina84,195cu.m.54,56147,342Isle of Man20152Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Gemini84,195cu.m.54,56147,342Isle of Man20153Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Leo84,195cu.m.54,56147,342Isle of Man20154Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Libra84,195cu.m.54,56147,342Isle of Man20158Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Orion84,195cu.m.54,56147,342Isle of Man201510Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Tucana84,195cu.m.54,56147,342Isle of Man20164Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Volans84,195cu.m.54,56147,342Isle of Man20165Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.Umm Laqhab82,452cu.m.54,53847,058Marshall Islands20087Hyundai HI (Ulsan)MilahaIn Service
L.P.G.Bu Sidra82,452cu.m.54,53447,058Marshall Islands20085Hyundai HI (Ulsan)MilahaIn Service
L.P.G.Gaz Majestic83,270cu.m.54,53348,772Marshall Islands20068MHI NagasakiNaftomar Shpg & TrdgIn Service
L.P.G.Lubara82,452cu.m.54,52647,058Marshall Islands20093Hyundai HI (Ulsan)MilahaLong Term Storage (>28 days)
L.P.G.Oriental Jubilee84,056cu.m.54,52048,008Hong Kong20166Hyundai HI (Ulsan)Unique Shpg. (H.K.)In Service
L.P.G.Ocean Gas82,000cu.m.54,51747,072Panama200810Hyundai Samho HIA.M.P.T.C.In Service
L.P.G.G. Dolce84,085cu.m.54,50247,287Panama20182Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.G. Spirit83,864cu.m.54,50247,287Panama20183Hyundai HI (Ulsan)SK ShippingIn Service
L.P.G.Gas Alkhaleej82,000cu.m.54,49547,072Panama20089Hyundai Samho HIA.M.P.T.C.In Service
L.P.G.Chaparral84,126cu.m.54,49448,000Bahamas201511Hyundai Samho HIDorian LPGIn Service
L.P.G.Challenger84,126cu.m.54,49448,000Bahamas201512Hyundai Samho HIDorian LPGIn Service
L.P.G.Caravelle84,126cu.m.54,49448,000Bahamas20162Hyundai Samho HIDorian LPGIn Service
L.P.G.Cougar84,126cu.m.54,49448,051Bahamas20156Hyundai Samho HIDorian LPGIn Service
L.P.G.Cobra84,126cu.m.54,49448,051Bahamas20157Hyundai Samho HIDorian LPGIn Service
L.P.G.Commodore84,126cu.m.54,49448,051Bahamas20159Hyundai Samho HIDorian LPGIn Service
L.P.G.Continental84,126cu.m.54,49047,379Bahamas20157Hyundai Samho HIDorian LPGIn Service
L.P.G.Clermont84,126cu.m.54,49047,379Bahamas201510Hyundai Samho HIDorian LPGIn Service
L.P.G.Constitution84,126cu.m.54,49047,379Bahamas20158Hyundai Samho HIDorian LPGIn Service
L.P.G.Cheyenne84,126cu.m.54,49047,379Bahamas201510Hyundai Samho HIDorian LPGIn Service
L.P.G.BW Confidence83,270cu.m.54,49048,772Isle of Man20063MHI NagasakiBW GroupIn Service
L.P.G.Sansovino84,078cu.m.54,48147,347Singapore20165Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Jag Vasant83,270cu.m.54,47848,772India200611MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Venus Glory83,700cu.m.54,47448,654Marshall Islands20087Daewoo (DSME)Avance Gas HoldingsIn Service
L.P.G.Gas Wisdom84,000cu.m.54,46847,454Panama20173Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Jag Viraat83,283cu.m.54,45048,772India20077MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Al Wukir82,452cu.m.54,44647,058Marshall Islands200812Hyundai HI (Ulsan)MilahaIn Service
L.P.G.BW Njord84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Var84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Balder84,000cu.m.54,44647,384Marshall Islands20163Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Brage84,000cu.m.54,44647,384Marshall Islands20164Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Freyja84,000cu.m.54,44647,384Marshall Islands20166Hyundai HI (Gunsan)BW GroupIn Service
L.P.G.BW Frigg84,000cu.m.54,44647,384Marshall Islands20168Hyundai HI (Gunsan)BW GroupIn Service
L.P.G.Oriental King84,000cu.m.54,37348,008Hong Kong20179Hyundai HI (Ulsan)Unique Shpg. (H.K.)In Service
L.P.G.BW Prince82,000cu.m.54,36847,194Norwegian Int'l Register200711Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.BW Princess82,383cu.m.54,36847,194Norwegian Int'l Register20085Hyundai HI (Ulsan)BW GroupIn Service
L.P.G.Albert III84,000cu.m.54,36547,268Panama20176Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Hellas Poseidon84,000cu.m.54,36148,022Malta201511Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Albert II84,000cu.m.54,35848,000Panama201612Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Albert84,046cu.m.54,35447,308Panama20146Hyundai HI (Ulsan)Tomza GroupIn Service
L.P.G.Comet84,050cu.m.54,33648,060Bahamas20147Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.Corsair84,050cu.m.54,33648,060Bahamas20149Hyundai HI (Ulsan)Doun KisenIn Service
L.P.G.Corvette84,050cu.m.54,33648,060Bahamas20151Hyundai HI (Ulsan)Hisafuku KisenIn Service
L.P.G.Concorde84,000cu.m.54,33648,060Bahamas20156Hyundai HI (Ulsan)Hisamoto KisenIn Service
L.P.G.Constellation84,000cu.m.54,33648,060Bahamas20159Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.Commander84,000cu.m.54,33648,060Bahamas201511Hyundai HI (Ulsan)Dorian LPGIn Service
L.P.G.NS Frontier82,200cu.m.54,31246,885Panama201611Kawasaki HI SakaideNS United KKIn Service
L.P.G.Gaz Imperial82,244cu.m.54,30455,089Marshall Islands20181Jiangnan SY GroupNaftomar Shpg & TrdgIn Service
L.P.G.Champlain84,000cu.m.54,28047,791Registre International Francais20162Hyundai Samho HIGeogas TradingIn Service
L.P.G.Sumire Gas82,200cu.m.54,24346,796Panama20163Kawasaki HI SakaideIino Kaiun KaishaIn Service
L.P.G.Crystal River82,200cu.m.54,17146,793Panama20177Kawasaki HI SakaideK-LineIn Service
L.P.G.Ming De84,270cu.m.54,15547,027Thailand19965Kawasaki HI SakaideSiamgasIn Service
L.P.G.Pyxis Alfa82,200cu.m.54,14046,884Singapore20175Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Galaxy River82,391cu.m.54,08146,885Panama20146Kawasaki HI SakaideK-LineIn Service
L.P.G.Crystal Sunrise82,394cu.m.54,07046,885Singapore201311Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.Clipper Victory75,014cu.m.54,04842,897Norwegian Int'l Register20091Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Sirius75,014cu.m.54,04542,897Norwegian Int'l Register20089Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Karoline N75,000cu.m.54,00442,897Liberia20092Hyundai HI (Ulsan)General Ore Corp.In Service
L.P.G.Ronald N75,000cu.m.54,00442,897Liberia200810Hyundai HI (Ulsan)General Ore Corp.In Service
L.P.G.Pointis84,000cu.m.53,99147,791France20163Hyundai Samho HIGeogas TradingIn Service
L.P.G.Mistral83,133cu.m.53,85446,789Marshall Islands20151Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Monsoon83,133cu.m.53,85446,789Marshall Islands20151Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Hisui80,199cu.m.53,81245,815Singapore20101Kawasaki HI SakaideMitsui O.S.K. LinesIn Service
L.P.G.Gas Taurus83,000cu.m.53,80046,870Hong Kong20161Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Gas Aries83,000cu.m.53,80046,789Hong Kong20163Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Levant83,000cu.m.53,80046,789Marshall Islands20158Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Pampero83,000cu.m.53,80046,789Marshall Islands201510Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Breeze83,000cu.m.53,78146,789Marshall Islands20154Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Gas Leo83,000cu.m.53,74846,789Hong Kong20166Jiangnan SY GroupWideshine EnterpriseIn Service
L.P.G.Passat83,000cu.m.53,70146,789Marshall Islands20156Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Avance82,200cu.m.53,67746,393Marshall Islands20031Kawasaki HI SakaideAvance Gas HoldingsIn Service
L.P.G.Hampshire80,138cu.m.53,60045,805Liberia20077Kawasaki HI SakaideZodiac MaritimeIn Service
L.P.G.Chinook83,000cu.m.53,60046,789Marshall Islands20159Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.Sirocco83,000cu.m.53,55846,789Marshall Islands20157Jiangnan ChangxingAvance Gas HoldingsIn Service
L.P.G.BW Energy82,200cu.m.53,55646,506India20029Kawasaki HI SakaideBW Global UnitedIn Service
L.P.G.Nanda Devi82,200cu.m.53,50346,506India20019Kawasaki HI SakaideShpg Corp of IndiaIn Service
L.P.G.Crystal Marine80,138cu.m.53,39545,801Singapore20036Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.LPG Capricorn77,098cu.m.53,20846,632Hong Kong20051Daewoo (DSME)Shandong OceanIn Service
L.P.G.Oriental Queen82,524cu.m.53,19447,279Hong Kong20048Universal SB (Tsu)Unique Shpg. (H.K.)In Service
L.P.G.BW Trader78,631cu.m.53,15146,632Singapore20063Daewoo (DSME)Tailwind ShippingIn Service
L.P.G.Reimei80,196cu.m.53,10045,811Bahamas200712Kawasaki HI SakaideMitsui O.S.K. LinesIn Service
L.P.G.Lotus Gas80,186cu.m.53,06745,811Panama20089Kawasaki HI SakaideChiba ShippingIn Service
L.P.G.Dorset80,203cu.m.53,05646,300United Kingdom201111Kawasaki HI SakaideZodiac MaritimeIn Service
L.P.G.BW Pine80,156cu.m.53,01045,812Isle of Man20113Kawasaki HI SakaideBW GroupIn Service
L.P.G.Gas Beryl80,199cu.m.53,01045,812Hong Kong20109Kawasaki HI SakaideSinogas ManagementIn Service
L.P.G.Nadeshiko Gas80,152cu.m.53,00345,812Panama20131Kawasaki HI SakaideIino Kaiun KaishaIn Service
L.P.G.Summit River80,169cu.m.52,99146,046Panama20087Kawasaki HI SakaideMizuho SangyoIn Service
L.P.G.Sea Dolphin78,000cu.m.52,16046,613Liberia20006Daewoo (DSME)CNPCIn Service
L.P.G.Shergar84,000cu.m.51,70047,347Singapore20161Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Secreto84,000cu.m.51,70047,347Singapore20161Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Shahrastani84,000cu.m.51,70047,347Singapore20163Hyundai HI (Gunsan)PetredecIn Service
L.P.G.Shaamit84,000cu.m.51,70047,347Singapore20164Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Sinndar84,000cu.m.51,70047,347Singapore20166Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Hellas Hercules84,000cu.m.51,59448,022Malta201510Hyundai HI (Ulsan)Latsco ShippingIn Service
L.P.G.Gas Tigers84,000cu.m.51,56847,454Panama20165Hyundai HI (Ulsan)KSS Line Ltd.In Service
L.P.G.Ming Zhu77,749cu.m.51,46647,249Thailand19873Hitachi ZosenSiamgasIdle
L.P.G.Pinza78,891cu.m.51,20246,125Singapore20181Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Parthia78,891cu.m.51,09646,125Singapore20177Hyundai HI (Ulsan)PetredecIn Service
L.P.G.Clipper Freeport78,868cu.m.50,89146,120Norwegian Int'l Register20175Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Clipper Vanguard78,868cu.m.50,89146,120Norwegian Int'l Register20178Hyundai HI (Ulsan)Solvang ASAIn Service
L.P.G.Berge Summit78,488cu.m.50,74844,690Bahamas19906MHI NagasakiBW GroupLong Term Storage (>28 days)
L.P.G.Sunny Green78,507cu.m.50,66744,690Panama19923MHI NagasakiJXTG HoldingsIn Service
L.P.G.Anderida79,329cu.m.50,59146,250Malta20176Hyundai Samho HIDryshipsIn Service
L.P.G.Aisling79,329cu.m.50,59146,250Malta20179Hyundai Samho HIDryshipsIn Service
L.P.G.Mont Fort79,329cu.m.50,59146,250Malta201711Hyundai Samho HIDryshipsIn Service
L.P.G.Mont Gele79,329cu.m.50,59146,250Malta20181Hyundai Samho HIDryshipsIn Service
L.P.G.Sea Dragon78,469cu.m.50,35744,549Liberia19937MHI NagasakiCNPCIn Service
L.P.G.Ming Ming78,482cu.m.50,35744,493Thailand199111MHI NagasakiSiamgasIn Service
L.P.G.Energy Orpheus78,498cu.m.49,99944,576Panama19931MHI NagasakiIdemitsu KosanIn Service
L.P.G.Gas Diana78,888cu.m.49,99946,021Liberia20006MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Sunny Bright78,918cu.m.49,99945,965Panama20045MHI NagasakiJXTG HoldingsIn Service
L.P.G.BW Empress78,908cu.m.49,99945,965Isle of Man20054MHI NagasakiBW GroupLong Term Storage (>28 days)
L.P.G.Gas Gloria78,921cu.m.49,99946,021Liberia20016MHI NagasakiBenelux OverseasIn Service
L.P.G.Linden Pride78,911cu.m.49,99946,021Panama20011MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Sunny Joy78,874cu.m.49,99945,965Panama200010MHI NagasakiJXTG HoldingsIn Service
L.P.G.Yuhsan78,929cu.m.49,99945,965Panama20021MHI NagasakiJXTG HoldingsIn Service
L.P.G.Leto Providence78,908cu.m.49,99946,021Singapore200312MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Lycaste Peace78,945cu.m.49,99946,021Panama20032MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Gas Capricorn78,935cu.m.49,99946,021Liberia20036MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Lucina Providence78,898cu.m.49,99946,025Panama200812MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Yuyo78,916cu.m.49,99945,966Panama20083MHI NagasakiJXTG HoldingsIn Service
L.P.G.Gas Power78,912cu.m.49,99946,173Panama20122MHI NagasakiKSS Line Ltd.In Service
L.P.G.BW Sakura78,901cu.m.49,99946,025Isle of Man20101MHI NagasakiBW GroupIn Service
L.P.G.Yuyo Spirits78,902cu.m.49,99945,966Panama20099MHI NagasakiJXTG HoldingsIn Service
L.P.G.Yuricosmos78,907cu.m.49,99946,025Panama20107MHI NagasakiDoun KisenIn Service
L.P.G.Gas Friend78,912cu.m.49,99746,129Panama200512MHI NagasakiKSS Line Ltd.In Service
L.P.G.Grace River79,513cu.m.49,99644,673Panama200210Kawasaki HI SakaideK-LineIn Service
L.P.G.Gaz Liberty79,527cu.m.49,99644,673Marshall Islands199711Kawasaki HI SakaideNaftomar Shpg & TrdgIn Service
L.P.G.Gaz Supplier78,484cu.m.49,99644,493Panama199012MHI NagasakiNaftomar Shpg & TrdgIn Service
L.P.G.Ocean Orchid79,321cu.m.49,99544,694Singapore20013Kawasaki HI SakaideKumiai Senpaku KKIn Service
L.P.G.De Hua78,475cu.m.49,88044,868Thailand19936MHI NagasakiSiamgasIn Service
L.P.G.Sea Gloria78,475cu.m.49,87444,868Panama19933MHI NagasakiCNPCIn Service
L.P.G.Jag Vidhi78,503cu.m.49,84944,694India19961MHI NagasakiGreat Eastern ShpgIn Service
L.P.G.Gas Sapphire78,479cu.m.49,74344,574Liberia199511MHI NagasakiSinogas ManagementIn Service
L.P.G.SC Commander LVII78,000cu.m.49,72344,694Indonesia19992MHI NagasakiSoechi LinesIdle
L.P.G.Lavender Passage78,451cu.m.49,70844,549Panama19967MHI NagasakiNippon Yusen KaishaIn Service
L.P.G.Venture Gas75,386cu.m.49,70142,465Liberia19907Kawasaki HI SakaideBenelux OverseasIn Service
L.P.G.Everrich 1078,462cu.m.49,67944,545Panama199512MHI NagasakiTruong Phat LocIn Service
L.P.G.Gas Infinity78,462cu.m.49,65144,652Liberia19971MHI NagasakiCNPCIn Service
L.P.G.Gas Jasmine75,203cu.m.49,61842,465Panama199012Kawasaki HI SakaideShandong OceanIn Service
L.P.G.Gas Commerce78,432cu.m.49,60944,469Panama199911MHI NagasakiChina PeaceIn Service
L.P.G.Ming Long75,203cu.m.49,41242,286Thailand19921Kawasaki HI KobeSiamgasIn Service
L.P.G.Jag Vishnu75,209cu.m.49,35342,551India19943Kawasaki HI KobeGreat Eastern ShpgIn Service
L.P.G.Gas Jenny75,353cu.m.49,34542,286Panama19917Kawasaki HI SakaideShandong OceanIn Service
L.P.G.Palanimala Gas75,198cu.m.49,30142,304India19929Kawasaki HI KobeGlobal United ShpgIn Service
L.P.G.Takao Gas75,358cu.m.49,25542,341India19933Kawasaki HI KobeGlobal United ShpgIn Service
L.P.G.Sisouli Prem78,488cu.m.49,01144,704India199212MHI NagasakiMercatorIn Service
© Clarkson Research Services Limited 2018
Dorian LPGGlobal Fleet5.685893846058116110.520327497113236
years old
Slide 5
DayMonthLifting
201363.0
201475.1
201585.4
201690.6
201792.5
1120172017 YTD77.3
20182018 YTD78.9
2013North America9.5
2014North America13.9
2015North America20.5
2016North America25.42.0%
2017North America29.7
1120172017 YTDNorth America24.311%
1120182018 YTDNorth America26.9
2013Middle East32.1
2014Middle East34.8
2015Middle East36.7
2016Middle East39.2
2017Middle East36.7
1120172017 YTDMiddle East27.9
1120182018 YTDMiddle East32.8
18%24.326.927.932.877.378.9
0.80.88559670780.80.94050179212.21648745522.2623655914
2013201420152016201763.00722399999999475.068585.42033999999999690.60370399999999392.50015599999999
MT
201320142015201620179.453597000000000213.90268399999999920.52602500000000125.35051729.676124999999999
MT
2013201420152016201732.10169799999999934.83124300000000136.69339999999999739.23550099999999936.711801999999999
MT
Slide 6
201320142015201620172018 YTD
US15%18%24%28%32%36%
MEG51%46%43%43%40%40%
N. Sea11%11%10%10%10%10%
Med8%11%10%8%8%7%
Others15%14%13%11%10%7%
Total100%100%100%100%100%100%
US
201320142015201620172018 YTD0.150.180.240.2800000000000000