Our subsidiaries as of ~~December 31, 2019,~~September 30, 2020, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.

Vessel Subsidiaries


	Type of

					Type of
Subsidiary	vessel	Vessel’s name	Built	CBM(1)	vessel	Vessel’s name	Built	CBM⁽¹⁾
CMNL LPG Transport LLC	VLGC	Captain Markos NL(2)	2006	82,000	VLGC	Captain Markos NL⁽²⁾	2006	82,000
CJNP LPG Transport LLC	VLGC	Captain John NP(2)	2007	82,000	VLGC	Captain John NP⁽²⁾	2007	82,000
CNML LPG Transport LLC	VLGC	Captain Nicholas ML(2)	2008	82,000	VLGC	Captain Nicholas ML⁽²⁾	2008	82,000
Comet LPG Transport LLC	VLGC	Comet	2014	84,000	VLGC	Comet	2014	84,000
Corsair LPG Transport LLC	VLGC	Corsair(2)	2014	84,000	VLGC	Corsair⁽²⁾	2014	84,000
Corvette LPG Transport LLC	VLGC	Corvette(2)	2015	84,000	VLGC	Corvette⁽²⁾	2015	84,000
Dorian Shanghai LPG Transport LLC	VLGC	Cougar	2015	84,000	VLGC	Cougar	2015	84,000
Concorde LPG Transport LLC	VLGC	Concorde(2)	2015	84,000	VLGC	Concorde⁽²⁾	2015	84,000
Dorian Houston LPG Transport LLC	VLGC	Cobra	2015	84,000	VLGC	Cobra	2015	84,000
Dorian Sao Paulo LPG Transport LLC	VLGC	Continental	2015	84,000	VLGC	Continental	2015	84,000
Dorian Ulsan LPG Transport LLC	VLGC	Constitution	2015	84,000	VLGC	Constitution	2015	84,000
Dorian Amsterdam LPG Transport LLC	VLGC	Commodore	2015	84,000	VLGC	Commodore	2015	84,000
Dorian Dubai LPG Transport LLC	VLGC	Cresques	2015	84,000	VLGC	Cresques⁽²⁾	2015	84,000
Constellation LPG Transport LLC	VLGC	Constellation	2015	84,000	VLGC	Constellation	2015	84,000
Dorian Monaco LPG Transport LLC	VLGC	Cheyenne	2015	84,000	VLGC	Cheyenne	2015	84,000
Dorian Barcelona LPG Transport LLC	VLGC	Clermont	2015	84,000	VLGC	Clermont	2015	84,000
Dorian Geneva LPG Transport LLC	VLGC	Cratis	2015	84,000	VLGC	Cratis	2015	84,000
Dorian Cape Town LPG Transport LLC	VLGC	Chaparral	2015	84,000	VLGC	Chaparral	2015	84,000
Dorian Tokyo LPG Transport LLC	VLGC	Copernicus	2015	84,000	VLGC	Copernicus	2015	84,000
Commander LPG Transport LLC	VLGC	Commander	2015	84,000	VLGC	Commander	2015	84,000
Dorian Explorer LPG Transport LLC	VLGC	Challenger	2015	84,000	VLGC	Challenger	2015	84,000
Dorian Exporter LPG Transport LLC	VLGC	Caravelle	2016	84,000	VLGC	Caravelle	2016	84,000

Management and Other Non-vessel Subsidiaries



Subsidiary
~~Subsidiary~~
Dorian LPG Management Corp.
Dorian LPG (USA) LLC (incorporated in USA)
Dorian LPG (UK) Ltd. (incorporated in UK)
Dorian LPG Finance LLC
Occident River Trading Limited (incorporated in UK)
Dorian LPG (DK) ApS (incorporated in Denmark)
Dorian LPG Chartering LLC
Dorian LPG FFAS LLC

(1)

⁽¹⁾

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

(2)

⁽²⁾

Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information.

COVID-19

The outbreak of COVID-19, which originated in China in December 2019 and subsequently spread to most nations of the world, has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The reduction of economic activity has significantly reduced the global demand for oil, refined petroleum products (most notably aviation fuel) and LPG. We expect that the impact of the COVID-19 virus and the uncertainty in the supply and demand for fossil fuels, including LPG, will continue to cause volatility in the commodity markets. We could also experience potential additional costs to effect crew changes. Although to date there has not been any significant effect on our operating activities due to COVID-19, other than an approximately 60-day delay associated with the drydocking of one of our vessels in China that left drydock in April 2020, the extent to which COVID-19 will impact our results of operation and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact or any resurgence of the virus. An estimate of the impact cannot therefore be made at this time.

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2. Significant Accounting Policies

~~Except for the adoption of new guidance to update the requirements of financial accounting and reporting for lessees and lessors, which became effective April 1, 2019, the~~The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as ~~were~~those applied in the preparation of our consolidated audited financial statements for the year ended March 31, ~~2019~~2020 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019)~~2020), except as discussed herein.

Accounting Pronouncements Not Yet Adopted ~~During the Nine Months Ended December 31, 2019~~

In ~~February 2016,~~March 2020, the ~~FASB~~Financial Accounting Standards Board issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases. Both finance leases and operating leases under the updated guidance result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee recognizes interest expense and amortizationASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the ~~right-of-use asset,~~Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and ~~for operating leases, the lessee recognizes~~ ~~a straight-line total lease expense. Lessor accounting remains largely unchanged~~

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from previous guidance under U.S. GAAP. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued amended guidance to provide entities with relief from the cost of implementing certain aspects of the new leasing guidance. Entities may elect not to recast comparative periods presented when transitioningexceptions to the ~~new leasing guidance and, furthermore, lessors may elect not to separate~~ lease and nonlease components when certain conditions are met. We adopted the amended guidance effective April 1, 2019 and applied the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting guidance in ~~effect~~U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for ~~those periods. The~~ adoption ~~did not have a material effect~~at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our ~~unaudited~~ condensed consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets and operating lease liabilities related to our office leases described below on our unaudited condensed consolidated balance sheet of approximately $1.2 million as of April 1, 2019. Refer to Note 12 for a description of our operating lease expenses for the three and nine months ended December 31, 2019 and 2018 and commitments related to our leases as of December 31, 2019.We renewed an operating lease for our London office greater than 12 months during the nine months ended December 31, 2019. In relation to our time chartered-in VLGC described below, the adoption of the new guidance had no impact on our financial statements ~~since the length of the time charter is not more than 12 months.~~ and related disclosures.

~~Time charter-out contracts~~

Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the amended guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the amended guidance, we elected the practical expedients available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The adoption of the amended guidance did not impact our accounting for time charter out contracts.

~~Time charter-in contracts~~

We elected the practical expedient of the amended guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our unaudited condensed consolidated balance sheets. The duration of our only time charter-in contract at the time of adoption of the amended guidance was 12 months.

~~Office leases~~

We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited condensed consolidated statements of operations. We carried forward our historical assessments of (1) whether contracts are or contain leases, (2) lease classifications, and (3) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value. The discount rate used ranged from 4.56% to 5.53%. The weighted average discount rate used to calculate the lease liability was 5.32%. The weighted average remaining lease term on our office leases as of December 31, 2019 is 33.1 months.

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~~Our operating lease right-of-use asset and lease liabilities as of December 31, 2019 are as follows:~~

Description

Location on Balance Sheet

December 31, 2019
Assets:

Non-current

Office Leases

Other non-current assets

$
1,107,262

Liabilities:

Current

Office Leases

Current portion of long-term operating leases

$
393,523

Long-term

Office Leases

Other long-term liabilities

$
717,150

~~Maturities of operating lease liabilities as of December 31, 2019 are as follows:~~

Remainder FY 2020

$
109,820
FY 2021

441,252
FY 2022

451,124
FY 2023

182,101
Total lease payments

1,184,297
Less: imputed interest

(73,624)
Carrying value of lease liabilities

$
1,110,673

3. Transactions with Related Parties

Dorian (Hellas), S.A.

Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“(��Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer.

Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended ~~December 31,~~September 30, 2020 and 2019 and ~~2018,~~ $0.1 million for both the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 and ~~$0.2 for the nine months ended December 31, 2018~~.2019.

As of ~~December 31, 2019, $1.3~~September 30, 2020, $1.1 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance ~~sheets included herein.~~sheets. As of March 31, ~~2019, $1.2~~2020, $1.3 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets.

Eagle Ocean Transport incurs miscellaneous costs on behalf of us, for which we reimbursed Eagle Ocean Transport less than $0.1 million for both the three months ended December 31, 2019 and 2018, and less than $0.1 million for both the nine months ended December 31, 2019 and 2018, respectively~~. Such expenses are reimbursed based on their actual cost~~.

Helios LPG Pool LLC

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with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of ~~two~~2 members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto

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agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of ~~December 31, 2019,~~September 30, 2020, the Helios Pool operated ~~thirty~~NaN VLGCs, including ~~twenty~~NaN vessels from our fleet (including ~~one~~2 vessel time chartered-in from an unrelated party), ~~four~~4 Phoenix vessels, 7 from other participants, and ~~six other~~3 time chartered-in vessels.

As of ~~December 31, 2019,~~September 30, 2020, we had receivables from the Helios Pool of ~~$89.8~~$76.8 million, including ~~$22.0~~$24.2 million of working capital contributed for the operation of our vessels in the ~~pool.~~pool (of which $1.1 million is classified as current). As of March 31, ~~2019,~~2020, we had net receivables from the Helios Pool of ~~$62.5~~$88.1 million (net of an amount due to Helios Pool of ~~$0.5~~$0.4 million which is reflected under “Due to related Parties”), including ~~$19.8~~$24.2 million of working capital contributed for the operation of our vessels in the ~~pool.~~pool (of which $1.1 million is classified as current). Our maximum exposure to losses from the pool as of ~~December 31, 2019~~September 30, 2020 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations ~~included herein~~ and were ~~$0.4~~$0.6 million and ~~$0.6~~$0.3 million for the three months ended ~~December 31,~~September 30, 2020 and 2019, ~~and 2018,~~ respectively, and ~~$1.2~~$1.0 million and ~~$1.7~~$0.8 million for the ~~nine~~six months ended ~~December 31,~~September 30, 2020 and 2019, ~~and 2018,~~ respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned ~~$0.4~~$0.8 million and ~~$0.1~~$0.4 million for the three months ended ~~December 31,~~September 30, 2020, and 2019, ~~and 2018,~~ respectively, and ~~$0.9~~$2.0 million and ~~$0.3~~$0.5 million for the ~~nine~~six months ended ~~December 31,~~September 30, 2020, and 2019, ~~and 2018,~~ respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of ~~operations included herein.~~operations.

Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 and ~~2018.~~2019. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool, as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 9. 10.

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4. Deferred Charges, Net

The analysis and movement of deferred charges is presented in the table below:


	Drydocking
	costs
Balance, April 1, 2019	$	2,000,794

			Drydocking
			costs
Balance, April 1, 2020			$	7,336,726
Additions		4,784,637		3,044,006
Amortization		(549,511)		(984,726)
Balance, December 31, 2019	$	6,235,920
Balance, September 30, 2020			$	9,396,006

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5. Vessels, Net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2019	$	1,732,993,810	$	(254,473,496)	$	1,478,520,314

									Accumulated
							Cost		depreciation		Net book Value
Balance, April 1, 2020							$	1,757,285,233	$	(319,626,400)	$	1,437,658,833
Other additions		17,460,014		—		17,460,014		4,776,772		—		4,776,772
Depreciation		—		(48,814,256)		(48,814,256)		—		(33,050,013)		(33,050,013)
Balance, December 31, 2019	$	1,750,453,824	$	(303,287,752)	$	1,447,166,072
Balance, September 30, 2020							$	1,762,062,005	$	(352,676,413)	$	1,409,385,592

Additions to vessels, net mainly consisted of ~~installments on the~~scrubber purchase ~~of scrubbers~~and installation costs and other capital improvements for ~~ten~~certain of our VLGCs during the ~~nine~~six months ended ~~December 31, 2019.~~September 30, 2020. Our vessels, with a total carrying value of ~~$1,447.2~~$1,409.4 million and ~~$1,478.5~~$1,437.7 million as of ~~December 31, 2019~~September 30, 2020 and March 31, ~~2019,~~2020, respectively, are ~~first‑priority~~first-priority mortgaged as collateral for our long-term debt (refer to Note 6 below). NoNaN impairment loss was recorded for the periods presented.

6. Long-term Debt

2015 ~~Debt~~AR Facility

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 ~~Debt~~ Facility”).

~~Amendment~~Refinancing of the Commercial Tranche of the 2015 Facility

On April 29, 2020, we amended and restated the 2015 Facility (the “2015 AR Facility”), to among other things, refinance the commercial tranche from the 2015 Facility Agreement (the “Original Commercial Tranche”). Pursuant to the 2015 ~~Debt~~AR Facility,

certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. The 2015 AR Facility subjects us to substantially similar covenants and restrictions as those imposed pursuant to the 2015 Facility. On July ~~23, 2019,~~14, 2020 (with retroactive effect to June 30, 2020), we ~~entered into an agreement to amend~~amended the 2015 ~~Debt~~AR Facility ~~(the “Debt~~and received approvals from those lenders constituting the “Required Lenders” under the 2015 AR Facility, ~~Amendment”), whose key provisions include:~~as applicable, to modify certain financial and security covenants to reflect the Company’s current financial condition. Most notably, the following changes to financial covenants and security value ratio are now in effect:

●

~~a modification to~~Elimination of the ~~definition of consolidated EBITDA to exclude expenses incurred in connection with the BW LPG acquisition attempt (see Exhibit 10.1);~~

~~the following financial covenant modification:~~

~~Minimum~~ interest coverage ~~ratio~~ratio;

●

Reduction of ~~consolidated EBITDA, as defined in the 2015 Debt Facility,~~minimum shareholders’ equity to consolidated net interest expense must be maintained greater than or equal to (i) 2.00 at all times from June 30, 2019 through March 31, 2020 and (ii) 2.50 from April 1, 2020 and at all times thereafter; and

$400 million with no upward adjustments;

●

~~the following modification to the definition~~Reduction of ~~consolidated liquidity:~~

if the minimum ~~interest coverage~~liquidity covenant from $40 million to $27.5 million;

●

Reduction of minimum cash balance from $2.2 million to $1.0 million per mortgaged vessel; and

●

Increase of the security value ratio ~~of consolidated EBITDA~~from 135% to consolidated net interest expense is less than 2.50 at any time or times during the period beginning on and including June 30, 2019 and ending on and including March 31, 2020, consolidated liquidity shall at such time or times be maintained in an amount at least equal to $47,500,000.

145%.

The provision applicable to our minimum cash balance requirements were modified under the terms of the amendment to the 2015 AR Facility and as a result our minimum cash balance no longer meets the criteria to be recognized as restricted cash. Accordingly, and with retroactive effect to June 30, 2020, we no longer classify these amounts as restricted cash on our condensed consolidated balance sheets. This requirement was reduced from $2.2 million per mortgaged vessel under the initial 2015 AR Facility to $1.0 million per mortgaged vessel per the July 14, 2020 amendment.

The advances in connection with New Facilities are to be repaid on the earlier of (i) the fifth (5th) anniversary of the utilization date of the new senior secured term loan facility, described above, and (ii) March 26, 2025. The New Facilities will bear interest at the rate of LIBOR plus a margin of 2.50%. The margin can be decreased by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. Pursuant to the terms of the 2015 AR Facility, we have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New

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Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage).

We were in compliance with all financial covenants as of September 30, 2020.

Corsair Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing of our 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”).

Concorde Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing of our 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Concorde Japanese Financing”).

Corvette Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing of our 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”).

CJNP Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing our 2007-built VLGC, the Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”). Refer to Note 14 below for information regarding our election to exercise our repurchase option under the CJNP Japanese Financing.

CMNL Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing our 2006-built VLGC, the Captain Markos NL, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL Japanese Financing”).

CNML Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”).

Cresques Japanese Financing and Prepayment of the Relevant Tranches of the 2015 Facility

On April 21, 2020, we prepaid $28.5 million of the 2015 Facility’s then outstanding principal using cash on hand prior to the closing of the Cresques Japanese Financing (defined below). On April 23, 2020, we refinanced a 2015-built VLGC, the Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (“Cresques Japanese Financing”). In connection therewith, we transferred the Cresques to the buyer for $71.5 million and, as part of the agreement, Dorian Dubai LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate the Cresques. We received $52.5 million in cash as part of the transaction with $19.0 million to be retained by the buyer as a deposit (the “Cresques Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 12-year bareboat charter term. This transaction is treated as a financing transaction and the Cresques continues to be recorded as

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an asset on our balance sheet. This debt financing has a floating interest rate of one-month LIBOR plus a margin of 2.5%, monthly broker commission fees of 1.25% over the 12-year term on interest and principal payments made, broker commission fees of 0.5% payable on the remaining debt outstanding at the time of the repurchase of the Cresques, and a monthly fixed straight-line principal obligation of $0.3 million over the 12-year term with a balloon payment of $11.5 million.

Debt Obligations

The table below presents our debt obligations:


	December 31, 2019		March 31, 2019
2015 Debt Facility

					September 30, 2020		March 31, 2020
2015 Facility/2015 AR Facility
Commercial Financing	$	166,461,402	$	175,687,613	$	155,505,698	$	163,385,998
KEXIM Direct Financing		114,502,131		125,860,144		96,561,085		110,716,127
KEXIM Guaranteed		119,130,446		130,366,568		101,007,604		115,385,072
K-sure Insured		59,000,735		64,706,170		49,893,671		57,098,924
Total 2015 Debt Facility	$	459,094,714	$	496,620,495

Total 2015 Facility/2015 AR Facility					$	402,968,058	$	446,586,121

Japanese Financings
Corsair Japanese Financing	$	44,958,333	$	47,395,833	$	42,520,833	$	44,145,833
Concorde Japanese Financing		49,538,462		51,961,538		47,115,385		48,730,769
Corvette Japanese Financing		50,076,923		52,500,000		47,653,846		49,269,231
CJNP Japanese Financing		19,420,625		20,506,250		18,335,000		19,058,750
CMNL Japanese Financing		18,418,899		19,446,131		17,391,667		18,076,488
CNML Japanese Financing		20,612,351		21,666,369		19,558,333		20,261,012
Cresques Japanese Financing						50,790,000		—
Total Japanese Financings	$	203,025,593	$	213,476,121	$	243,365,064	$	199,542,083


Total debt obligations	$	662,120,307	$	710,096,616	$	646,333,122	$	646,128,204
Less: deferred financing fees		11,846,890		14,005,830		11,834,427		11,152,985
Debt obligations—net of deferred financing fees	$	650,273,417	$	696,090,786	$	634,498,695	$	634,975,219


Presented as follows:
Current portion of long-term debt	$	63,968,414	$	63,968,414	$	70,155,283	$	53,056,125
Long-term debt—net of current portion and deferred financing fees		586,305,003		632,122,372		564,343,412		581,919,094
Total	$	650,273,417	$	696,090,786	$	634,498,695	$	634,975,219

Deferred Financing Fees

The analysis and movement of deferred financing fees is presented in the table below:


	Financing
	costs
Balance, April 1, 2019	$	14,005,830

			Financing
			costs
Balance, April 1, 2020			$	11,152,985
Additions		40,547		3,947,005
Amortization		(2,199,487)		(3,265,563)
Balance, December 31, 2019	$	11,846,890
Balance, September 30, 2020			$	11,834,427

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7. Leases

Time charter-in contracts

During the six months ended September 30, 2020, we time chartered-in a VLGC with a duration of 12 months with 0 option periods. Therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. As of September 30, 2020, right-of-use assets and lease liabilities of $21.5 million were recognized on our balance sheets related to one VLGC that we had previously time chartered-in for a period of greater than 12 months. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $4.6 million and $5.4 million for the three months ended September 30, 2020 and 2019, respectively and $11.5 million and $6.7 million for the six months ended September 30, 2020 and 2019, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:


	Three months ended				Six months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Charter hire expenses	$	4,518,850	$	2,055,000	$	9,234,448	$	4,110,000

Office leases

Operating lease rent expense related to our office leases was as follows:


	Three months ended				Six months ended
	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Operating lease rent expense	$	143,608	$	127,664	$	261,867	$	250,016

For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term of our office leases and time chartered-in vessels as of September 30, 2020 is 27.9 months.

Our operating lease right-of-use asset and lease liabilities as of September 30, 2020 were as follows:


Description	Location on Balance Sheet	September 30, 2020
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	834,413
Time charter-in VLGCs	Operating lease right-of-use assets	$	21,495,684

Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	425,345
Time charter-in VLGCs	Current portion of long-term operating leases	$	8,982,704

Long-term
Office Leases	Long-term operating leases	$	411,929
Time charter-in VLGCs	Long-term operating leases	$	12,512,980

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Maturities of operating lease liabilities as of September 30, 2020 were as follows:


Remainder of FY 2021	$	5,047,989
FY 2022		10,104,389
FY 2023		8,222,917
Total undiscounted lease payments		23,375,295
Less: imputed interest		(1,042,337)
Carrying value of lease liabilities	$	22,332,958

8. Stock Repurchase Program

On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of ~~shares of~~ our common ~~stock~~shares through the period ended December 31, 2020 (the “Common Share Repurchase Program”). On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of our common shares. The amount and timing of share repurchases are subject to capital availability and our determination that share repurchases are in the best interest of our shareholders. As of ~~December 31, 2019,~~September 30, 2020, we repurchased a total of ~~1.2~~4.5 million ~~shares~~ of our common ~~stock~~shares for ~~approximately $14.8~~$50.5 million under this program, resulting in ~~$35.2~~$49.5 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under this program.

8.9. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was ~~$0.7~~$0.4 million and ~~$1.2~~$0.9 million for the three months ended ~~December 31,~~September 30, 2020 and 2019, ~~and 2018,~~ respectively, and ~~$2.8~~$2.3 million and ~~$4.2~~$2.2 million for the ~~nine~~six months ended ~~December 31,~~September 30, 2020 and 2019, ~~and 2018,~~ respectively. Unrecognized compensation cost was ~~$2.0~~$2.6 million as of ~~December 31, 2019~~September 30, 2020 and will be recognized over a remaining weighted average life of ~~1.91~~2.22 years. For more information on our equity incentive

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plan, refer to Note 1112 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019.~~2020.

In June and September ~~and December 2019,~~2020, we granted ~~7,750, 6,470,~~7,575 and ~~4,745~~7,600 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.

In ~~July 2019, we~~ ~~granted 1,550 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value.~~

~~In August 2019,~~June 2020, we granted an aggregate of ~~175,200~~188,400 shares of restricted stock vesting in escalating installments on the grant date and ~~22,500~~on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees. One-fourth of the shares of restricted stock vested on the grant date and one-fourth will vest equally on the first, second and third anniversaries of the grant date. One-third of restricted stock units will vest equallyemployees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods.

In June 2020, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value.

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of ~~December 31, 2019~~September 30, 2020 and changes during the ~~nine~~six months ended ~~December 31, 2019,~~September 30, 2020, is as follows:


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2020	317,048	$	8.08
Granted	415,679		8.07
Vested	(374,406)		7.92
Forfeited	(150)		8.36
Unvested as of September 30, 2020	358,171	$	8.23

Weighted-Average

Grant-Date

Incentive Share/Unit Awards

Number of Shares/Units

Fair Value

Unvested as of April 1, 2019

641,013

$
13.54

Granted

218,215

8.47

Vested

(457,524)

15.23

Unvested as of December 31, 2019

401,704

$
8.87

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10. Revenues

~~9. Revenues~~

Revenues comprise the following:


	Three months ended				Nine months ended
	December 31, 2019		December 31, 2018		December 31, 2019		December 31,��2018

									Three months ended				Six months ended
									September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Net pool revenues—related party	$	77,470,478	$	46,683,295	$	208,507,192	$	94,816,738	$	49,723,556	$	80,944,577	$	116,652,977	$	131,036,714
Time charter revenues		7,859,035		8,370,000		29,112,464		28,477,881		4,177,064		10,271,398		9,263,068		21,253,429
Other revenues, net		108,293		60,000		608,571		270,500		809,657		408,900		1,959,556		500,278
Total revenues	$	85,437,806	$	55,113,295	$	238,228,227	$	123,565,119	$	54,710,277	$	91,624,875	$	127,875,601	$	152,790,421

Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019.~~2020.

Other revenues, net represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance.

~~10.~~11. Financial Instruments and Fair Value Disclosures

Our principal financial assets consist of cash and cash equivalents, restricted cash amounts due from related parties, and trade accounts ~~receivable and derivative instruments.~~receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, accrued liabilities, and ~~accrued liabilities.~~derivative instruments.

(a)

Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial

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condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions.

(b)

Interest rate risk: Our ~~long‑term~~long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 ~~Debt~~ Facility. Refer to Note 1819 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~2020 for information on our interest rate swap agreements related to the 2015 ~~Debt~~ Facility.

(c)

Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market‑based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements.

In May 2020, our interest rate swap with the Commonwealth Bank of Australia was novated to ABN AMRO Capital USA LLC with an increase in the fixed rate from 1.4275% to 1.4675%. In October 2020, we amended our $200 million non-amortizing interest rate swap with Citibank N.A. Refer to Note 14 for further details.

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Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy.

The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives, all of which are considered Level 2 items in accordance with the fair value hierarchy:

December 31, 2019

March 31, 2019

Current assets

Current liabilities

Current assets

Current liabilities

September 30, 2020

March 31, 2020

Current assets

Current liabilities

Current assets

Current liabilities

Derivatives not designated as hedging instruments

Derivative instruments

Derivative instruments

Forward freight agreements

1,590,000

—

136,633

—

2,605,442

December 31, 2019

March 31, 2019

Other non-current assets

Long-term liabilities

Other non-current assets

Long-term liabilities

September 30, 2020

March 31, 2020

Other non-current assets

Long-term liabilities

Other non-current assets

Long-term liabilities

Derivatives not designated as hedging instruments

Derivative instruments

Derivative instruments

Interest rate swap agreements

1,033,323

1,466,329

6,448,498

—

8,148,758

—

9,152,829

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The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations ~~included herein~~ for the periods presented is as follows:


		Three months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	September 30, 2020		September 30, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,606,347	$	945,000
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		1,362,339		(1,612,110)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(678,066)		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(1,451,629)		709,146
Gain/(loss) on derivatives, net		$	1,838,991	$	42,036


		Three months ended

							Six months ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	December 31, 2019		December 31, 2018		Location of gain/(loss) recognized	September 30, 2020		September 30, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	645,000	$	—	Unrealized gain/(loss) on derivatives	$	2,468,809	$	945,000
Interest rate swap—change in fair value	Unrealized gain/(loss) on derivatives		801,395		(6,669,266)
Interest rate swap—realized gain/(loss)	Realized gain on derivatives		449,276		881,276
Interest rate swaps—change in fair value						Unrealized gain/(loss) on derivatives		1,004,071		(7,682,899)
Forward freight agreements—realized gain/(loss)						Realized gain/(loss) on derivatives		(942,590)		—
Interest rate swaps—realized gain/(loss)						Realized gain/(loss) on derivatives		(1,993,334)		1,742,141
Gain/(loss) on derivatives, net		$	1,895,671	$	(5,787,990)		$	536,956	$	(4,995,758)

Nine months ended

Derivatives not designated as hedging instruments

Location of gain/(loss) recognized

December 31, 2019

December 31, 2018

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$
1,590,000

$
—

Interest rate swap—change in fair value

Unrealized gain/(loss) on derivatives

(6,881,504)

(3,910,190)

Interest rate swap—realized gain/(loss)

Realized gain on derivatives

2,191,417

2,494,832

Gain/(loss) on derivatives, net

$
(3,100,087)

$
(1,415,358)

As of ~~December 31, 2019~~September 30, 2020 and March 31, ~~2019,~~2020, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 and ~~2018.~~2019.

(d)

Book values and fair values of financial instruments: In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and

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accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and securities are considered Level 1 items. We have long-term bank debt for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CJNP Japanese Financing, CMNL Japanese Financing, and CNML Japanese Financing (collectively the “Japanese Financings”) that incur interest at a fixed-rate with the initial principal amount amortized to the purchase obligation price of each vessel. The Japanese Financings are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of the Japanese Financings as of:

December 31, 2019

March 31, 2019


Carrying Value

Fair Value


Carrying Value

Fair Value

Corsair Japanese Financing

$
44,958,333

$
47,063,504

$
47,395,833

$
45,901,900

Concorde Japanese Financing

49,538,462

52,040,924

51,961,538

50,176,288

Corvette Japanese Financing

50,076,923

52,630,327

52,500,000

50,671,689

CJNP Japanese Financing

19,420,625

20,712,784

20,506,250

20,918,881

CMNL Japanese Financing

18,418,899

19,843,518

19,446,131

19,862,056

CNML Japanese Financing

20,612,351

22,236,801

21,666,369

22,137,090

We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying value approximates their fair values as both instruments bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CJNP Japanese Financing, CMNL Japanese Financing, and CNML Japanese Financing (collectively the “Japanese Financings”) that incur interest at a fixed-rate with the initial principal amount amortized to the purchase obligation price of each vessel. The Japanese Financings are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of the Japanese Financings as of:


	September 30, 2020				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	42,520,833	$	47,342,515	$	44,145,833	$	48,867,762
Concorde Japanese Financing		47,115,385		52,917,381		48,730,769		54,407,677
Corvette Japanese Financing		47,653,846		53,579,174		49,269,231		55,059,323
CJNP Japanese Financing		18,335,000		20,126,203		19,058,750		21,006,399
CMNL Japanese Financing		17,391,667		19,454,148		18,076,488		20,238,260
CNML Japanese Financing		19,558,333		21,918,443		20,261,012		22,728,984

~~11. Earnings/(Loss)~~

12. Earnings Per Share (“EPS”)

Basic EPS represents net ~~income/(loss)~~income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding

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calculation. Diluted EPS represent net ~~income/(loss)~~income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented are as follows:


	Three months ended				Nine months ended

									Three months ended				Six months ended
(In U.S. dollars except share data)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018		September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Numerator:
Net income/(loss)	$	35,628,912	$	(6,218,652)	$	82,415,867	$	(34,992,330)
Net income									$	537,950	$	40,711,896	$	12,705,955	$	46,786,955
Denominator:
Basic weighted average number of common shares outstanding		53,944,991		54,441,203		54,380,855		54,356,060		50,711,714		54,646,451		50,632,392		54,599,978
Effect of dilutive restricted stock and restricted stock units		231,757		—		234,988		—		42,793		117,183		83,785		225,205
Diluted weighted average number of common shares outstanding		54,176,748		54,441,203		54,615,843		54,356,060		50,754,507		54,763,634		50,716,177		54,825,183
EPS:
Basic	$	0.66	$	(0.11)	$	1.52	$	(0.64)	$	0.01	$	0.75	$	0.25	$	0.86
Diluted	$	0.66	$	(0.11)	$	1.51	$	(0.64)	$	0.01	$	0.74	$	0.25	$	0.85

~~For the three and nine months ended December 31, 2018, there~~There were ~~725,685~~0 shares of unvested restricted stock, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be ~~anti-dilutive. There were no~~ anti-dilutive ~~shares of unvested restricted stock excluded from the calculation of diluted EPS~~ for the three and ~~nine~~six months ended ~~December 31,~~September 30, 2020 and 2019.

~~12.~~

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13. Commitments and Contingencies

Commitments under Contracts for Scrubbers Purchases

We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of:


	December 31, 2019

			September 30, 2020
Less than one year	$	4,218,540	$	2,245,768
Total	$	4,218,540	$	2,245,768

These amounts only reflect firm commitments for scrubber purchases as of ~~December 31, 2019~~September 30, 2020 and exclude costs related to their installation. The timing of these payments is subject to change as installation times are finalized.

Commitments under Contracts for Ballast Water Management Systems Purchases

We had contractual commitments to purchase ballast water management systems as of:


	September 30, 2020
Less than one year	$	207,200
One to three years		388,000
Total	$	595,200

Operating Leases

~~Operating lease rent expense was as follows:~~

Three months ended

Nine months ended

December 31, 2019

December 31, 2018

December 31, 2019

December 31, 2018
Operating lease rent expense

$
141,395

$
120,010

$
391,411

$
353,609

We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices:


	December 31, 2019

			September 30, 2020
Less than one year	$	531,200	$	344,109
One to three years		395,592		153,668
Total	$	926,792	$	497,777

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Time Charter-in

~~Charter hire expenses for the third-party time chartered-in VLGC were as follows:~~

Three months ended

Nine months ended

December 31, 2019

December 31, 2018

December 31, 2019

December 31, 2018
Charter hire expenses

$
2,071,206

$
—

$
6,181,206

$
—

We had the following time charter-in commitments relating to VLGCs ~~either~~ currently in our ~~fleet or contracted to be delivered to our~~ fleet:


	December 31, 2019

			September 30, 2020
Less than one year	$	8,370,000	$	14,536,000
One to three years		1,400,000		12,848,000
Total	$	9,770,000	$	27,384,000

Fixed Time Charter Contracts

We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	December 31, 2019

			September 30, 2020
Less than one year	$	16,675,858	$	21,385,858
One to three years		31,125,000		15,307,500
Total	$	47,800,858	$	36,693,358

Other

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the

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expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

14. Subsequent Events

~~13. Professional and Legal Fees Related to~~

Repurchase Notice for the ~~BW Proposal~~Captain John NP

~~In 2018, BW LPG Limited~~On October 13, 2020, we exercised the repurchase option under the CJNP Japanese Financing and ~~its affiliates (“BW”) made an unsolicited proposal to acquire all~~repurchased the Captain John NP for $18.3 million in cash and the application of ~~our outstanding common shares and, along with its affiliates, commenced a proxy contest to replace three members~~the deposit amount of ~~our Board of Directors with nominees proposed~~$26.6 million, which had been retained by ~~BW (the “BW Proposal”), which was subsequently withdrawn on October 8, 2018. During~~ the ~~three and nine months ended December 31, 2018, significant costs for professional and legal services incurred~~buyer in connection with the ~~BW Proposal totaled $7.8~~CJNP Japanese Financing (the “CJNP Deposit”), towards the repurchase of the vessel.

Amendment of the $200 Million Non-amortizing Interest Rate Swap

On October 9, 2020 (with retroactive effect to September 28, 2020), we amended our $200 million ~~and $10.0 million, respectively. No such costs were incurred during~~non-amortizing interest rate swap with Citibank N.A. Key provisions of the ~~nine months ended December 31, 2019.~~amendment include:

●

Reduction in fixed interest rate from 1.933% to 1.0908%;

●

Extension of swap maturity from March 2022 to March 2025; and

●

Amortization of notional principal amount from $200 million beginning in March 2021 to $95.2 million for the period ending March 2025.

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~~14. Subsequent Events~~

~~Repurchase of Our Common Shares~~

During January 2020, we repurchased 0.2 million of our common shares for $2.3 million pursuant to our Common Share Repurchase Program, which we held as treasury shares. As of January 31, 2020, we repurchased a total of 1.4 million shares of our common stock for approximately $17.1 million under this program, resulting in $32.9 million of available authorization remaining.

On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of shares of our common stock, resulting in an aggregate of $82.9 million of available authorization remaining under the program. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under this program.

~~Chartered-in VLGC~~

~~On February 1, 2020, we time chartered-in the 2020-built, hybrid scrubber-fitted~~ ~~Future Diamond~~ ~~to our fleet with an expiration during the first calendar quarter of 2023.~~

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ITEM 2.MANAGEMENT’S DISCUSSION AND ~~ANALYSIS~~ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion contains forward‑-looking statements that involve risks and uncertainties. As a result of many factors, such as those set forth under “Item 1A. Risk Factors” herein and in our Annual Report on Form 10-K for the year ended March 31, ~~2019,~~2020, our actual results may differ materially from those anticipated in these forward‑-looking statements. Please also see the section “Forward-Looking Statements” included in this quarterly report.

Overview

We are a Marshall Islands corporation headquartered in the United States and primarily focused on owning and operating VLGCs, each with a ~~cargo‑carrying~~cargo-carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. Our fleet currently consists of twenty-four VLGC carriers, including nineteen fuel-efficient 84,000 cbm ECO-VLGCs, three 82,000 cbm VLGCs, and two time chartered-in VLGCs. ~~Seven~~Ten of our ECO-VLGCs are currently equipped with scrubbers to reduce sulfur emissions and we have commitments related to scrubbers on an additional ~~five~~two of our VLGCs as of ~~February 1,~~October 28, 2020.

Dorian’s nineteen ECO-VLGCs, which incorporate fuel efficiency, emission-reducing technologies, and certain custom features, were acquired by us for an aggregate purchase price of $1.4 billion and delivered to us between July 2014 and February 2016, seventeen of which were delivered during calendar year 2015 or later.

On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. The vessels entered into the Helios Pool may operate either in the spot market, pursuant to contracts of affreightment, or COAs, or on time charters of two years' duration or less. As of ~~February 1,~~October 28, 2020, twenty-two of our twenty-four VLGCs were employed in the Helios Pool, including our two time chartered-in VLGCs.

Our customers, either directly or through the Helios Pool, include or have included global energy companies such as Exxon Mobil Corp., Chevron Corp., China International United Petroleum & Chemicals Co., Ltd., Royal Dutch Shell plc, Equinor ASA, Total S.A., and Sunoco LP, commodity traders such as Geogas Trading S.A., Glencore plc, Itochu Corporation, Bayegan Group and the Vitol Group and importers such as E1 Corp., Indian Oil Corporation, SK Gas Co. Ltd. Astomos Energy Corporation, and Oriental Energy Company Ltd. or subsidiaries of the foregoing.

We continue to pursue a balanced chartering strategy by employing our vessels on a mix of multi-year time charters, some of which may include a profit-sharing component, shorter-term time charters, spot market voyages and COAs. Currently, ~~three~~two of our VLGCs are on fixed-rate time charters outside of the Helios Pool. See “Our Fleet” below for more information and the definition of Pool-TCO.

Recent Developments

~~During January 2020, we repurchased 0.2 million of our common shares~~Repurchase Notice for $2.3 million pursuant to our Common Share Repurchase Program, which we held as treasury shares. As of January 31, 2020, we repurchased a total of 1.4 million shares of our common stock for approximately $17.1 million under this program, resulting in $32.9 million of available authorization remaining.the Captain John NP

On ~~February 3,~~October 13, 2020, ~~our Board of Directors authorized an increase to our Common Share Repurchase Program to~~we exercised the repurchase ~~up to an additional $50 million of shares of our common stock, resulting in an aggregate of $82.9 million of available authorization remaining~~option under the ~~program.~~

~~On February 1, 2020, we time chartered-in~~CJNP Japanese Financing and repurchased the ~~2020-built, hybrid scrubber-fitted~~ ~~Future Diamond~~ ~~to our fleet with an expiration during~~Captain John NP for $18.3 million in cash and the ~~first calendar quarter~~application of ~~2023.~~

the CJNP Deposit of $26.6 million towards the repurchase of the vessel.

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Amendment of the $200 Million Non-amortizing Interest Rate Swap

On October 9, 2020 (with retroactive effect to September 28, 2020), we amended our $200 million non-amortizing interest rate swap with Citibank N.A. Key provisions of the amendment include:

●

Reduction in fixed interest rate from 1.933% to 1.0908%;

●

Extension of swap maturity from March 2022 to March 2025; and

●

Amortization of notional principal amount from $200 million beginning in March 2021 to $95.2 million for the period ending March 2025.

Selected Financial Data

The following table presents our selected financial data and other information for the three and ~~nine~~six months ended ~~December 31,~~September 30, 2020 and 2019, ~~and 2018,~~ and as of ~~December 31, 2019~~September 30, 2020 and March 31, ~~2019,~~2020, and should be read in conjunction with our unaudited interim condensed consolidated financial statements and other financial information included in this quarterly report.


(in U.S. dollars, except fleet data)	Three months ended						Six months ended
Statement of Operations Data	September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Revenues	$	54,710,277		$	91,624,875		$	127,875,601		$	152,790,421
Expenses
Voyage expenses		858,919			855,023			1,674,114			1,194,137
Charter hire expenses		4,518,850			2,055,000			9,234,448			4,110,000
Vessel operating expenses		21,435,904			17,393,685			38,825,267			33,513,638
Depreciation and amortization		17,202,714			16,473,418			34,093,127			32,739,839
General and administrative expenses		5,912,810			5,895,406			17,215,786			12,631,241
Total expenses		49,929,197			42,672,532			101,042,742			84,188,855
Other income—related parties		632,680			314,084			1,100,703			937,367
Operating income		5,413,760			49,266,427			27,933,562			69,538,933
Other income/(expenses)
Interest and finance costs		(6,665,144)			(9,303,373)			(15,752,380)			(19,000,655)
Interest income		91,349			344,919			216,184			706,955
Unrealized gain/(loss) on derivatives		3,968,686			(667,110)			3,472,880			(6,737,899)
Realized gain/(loss) on derivatives		(2,129,695)			709,146			(2,935,924)			1,742,141
Other gain/(loss), net		(141,006)			361,887			(228,367)			537,480
Total other income/(expenses), net		(4,875,810)			(8,554,531)			(15,227,607)			(22,751,978)
Net income	$	537,950		$	40,711,896		$	12,705,955		$	46,786,955
Earnings per common share—basic	$	0.01		$	0.75		$	0.25		$	0.86
Earnings per common share—diluted	$	0.01		$	0.74		$	0.25		$	0.85
Other Financial Data
Adjusted EBITDA⁽¹⁾	$	22,295,472		$	67,337,351		$	63,409,539		$	105,719,734
Fleet Data
Calendar days⁽²⁾		2,024			2,024			4,026			4,026
Time chartered-in days⁽³⁾		184			92			376			153
Available days⁽⁴⁾		2,126			2,051			4,258			4,134
Operating days⁽⁵⁾⁽⁸⁾		2,070			1,906			3,824			3,956
Fleet utilization⁽⁶⁾⁽⁸⁾		97.4	%		92.9	%		89.8	%		95.7	%
Average Daily Results
Time charter equivalent rate⁽⁷⁾⁽⁸⁾	$	26,015		$	47,623		$	33,002		$	38,321
Daily vessel operating expenses⁽⁹⁾	$	10,591		$	8,594		$	9,644		$	8,324


(in U.S. dollars)	As of		As of
Balance Sheet Data	September 30, 2020		March 31, 2020
Cash and cash equivalents	$	145,059,032	$	48,389,688
Restricted cash—current		434,753		3,370,178
Restricted cash—non-current		81,411		35,629,261
Total assets		1,674,099,810		1,671,959,843
Current portion of long-term debt		70,155,283		53,056,125
Long-term debt—net of current portion and deferred financing fees⁽¹⁰⁾		564,343,412		581,919,094
Total liabilities		684,508,636		694,907,645
Total shareholders’ equity	$	989,591,174	$	977,052,198

(in U.S. dollars, except fleet data)

Three months ended

Nine months ended

Statement of Operations Data

December 31, 2019

December 31, 2018

December 31, 2019

December 31, 2018

Revenues

$
85,437,806

$
55,113,295

$
238,228,227

$
123,565,119

Expenses

Voyage expenses

1,178,702

287,221

2,372,839

822,618

Charter hire expenses

2,071,206

—

6,181,206

—

Vessel operating expenses

19,131,124

16,773,634

52,644,762

50,834,364

Depreciation and amortization

16,710,403

16,430,363

49,450,242

49,133,072

General and administrative expenses

5,037,783

5,156,573

17,669,024

18,768,996

Professional and legal fees related to the BW Proposal

—

7,766,847

—

10,020,436

Total expenses

44,129,218

46,414,638

128,318,073

129,579,486

Other income—related parties

450,169

614,633

1,387,536

1,843,782

Operating income/(loss)

41,758,757

9,313,290

111,297,690

(4,170,585)

Other income/(expenses)

Interest and finance costs

(8,778,905)

(10,000,018)

(27,779,560)

(30,526,971)

Interest income

394,876

413,546

1,101,831

1,326,442

Unrealized gain/(loss) on derivatives

1,446,395

(6,669,266)

(5,291,504)

(3,910,190)

Realized gain on derivatives

449,276

881,276

2,191,417

2,494,832

Other gain/(loss), net

358,513

(157,480)

895,993

(205,858)

Total other income/(expenses), net

(6,129,845)

(15,531,942)

(28,881,823)

(30,821,745)

Net income/(loss)

$
35,628,912

$
(6,218,652)

$
82,415,867

$
(34,992,330)

Earnings/(loss) per common share—basic

$
0.66

$
(0.11)

$
1.52

$
(0.64)

Earnings/(loss) per common share—diluted

$
0.66

$
(0.11)

$
1.51

$
(0.64)

Other Financial Data

Adjusted EBITDA(1)

$
59,874,055

$
27,230,044

$
165,593,789

$
50,270,795

Fleet Data

Calendar days(2)

2,024

2,024

6,050

6,050

Time chartered-in days(3)

92

—

275

—

Available days(4)

1,972

2,024

6,106

6,025

Operating days(5)(8)

1,941

1,821

5,897

5,410

Fleet utilization(6)(8)

98.4
%

90.0
%

96.6
%

89.8
%
Average Daily Results

Time charter equivalent rate(7)(8)

$
43,410

$
30,108

$
39,996

$
22,688

Daily vessel operating expenses(9)

$
9,452

$
8,287

$
8,702

$
8,402

(in U.S. dollars)

As of

As of


Balance Sheet Data

December 31, 2019

March 31, 2019

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

Current portion of long-term debt

63,968,414

63,968,414

Long-term debt—net of current portion and deferred financing fees(10)

586,305,003

632,122,372

Total liabilities

675,808,254

712,687,459

Total shareholders’ equity

$
982,024,776

$
912,682,558

Table of Contents

(1)

Adjusted EBITDA is an unaudited non-U.S. GAAP financial measure and represents net income/(loss) before interest and finance costs, unrealized (gain)/loss on derivatives, realized (gain)/loss on ~~derivatives,~~interest rate swaps, gain on early extinguishment of debt, stock-based compensation expense, impairment, and depreciation and amortization and is used as a supplemental financial measure by management to assess our financial and operating performance. We believe that adjusted EBITDA assists our management and investors by increasing the comparability of our performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects between periods of derivatives, interest and finance costs, gain on early extinguishment of debt, stock-based compensation expense, impairment, and depreciation and amortization expense, which items are affected by various and possibly changing financing methods, capital structure and historical cost basis and which items may significantly affect net income/(loss) between periods. We believe that including

~~Table of Contents~~

adjusted EBITDA as a financial and operating measure benefits investors in selecting between investing in us and other investment alternatives.

Adjusted EBITDA has certain limitations in use and should not be considered an alternative to net income/(loss), operating income, cash flow from operating activities or any other measure of financial performance presented in accordance with U.S. GAAP. Adjusted EBITDA excludes some, but not all, items that affect net income/(loss). Adjusted EBITDA as presented below may not be computed consistently with similarly titled measures of other companies and, therefore, might not be comparable with other companies.

The following table sets forth a reconciliation of net income/(loss) to Adjusted EBITDA (unaudited) for the periods presented:


	Three months ended				Nine months ended

									Three months ended				Six months ended
(in U.S. dollars)	December 31, 2019		December 31, 2018		December 31, 2019		December 31, 2018		September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Net income/(loss)	$	35,628,912	$	(6,218,652)	$	82,415,867	$	(34,992,330)
Net income									$	537,950	$	40,711,896	$	12,705,955	$	46,786,955
Interest and finance costs		8,778,905		10,000,018		27,779,560		30,526,971		6,665,144		9,303,373		15,752,380		19,000,655
Unrealized (gain)/loss on derivatives		(1,446,395)		6,669,266		5,291,504		3,910,190		(3,968,686)		667,110		(3,472,880)		6,737,899
Realized gain on derivatives		(449,276)		(881,276)		(2,191,417)		(2,494,832)
Realized (gain)/loss on interest rate swaps										1,451,629		(709,146)		1,993,334		(1,742,141)
Stock-based compensation expense		651,506		1,230,325		2,848,033		4,187,724		406,721		890,700		2,337,623		2,196,527
Depreciation and amortization		16,710,403		16,430,363		49,450,242		49,133,072		17,202,714		16,473,418		34,093,127		32,739,839
Adjusted EBITDA	$	59,874,055	$	27,230,044	$	165,593,789	$	50,270,795	$	22,295,472	$	67,337,351	$	63,409,539	$	105,719,734

(2)

~~(2)~~

We define calendar days as the total number of days in a period during which each vessel in our fleet was owned or operated pursuant to a bareboat charter. Calendar days are an indicator of the size of the fleet over a period and affect both the amount of revenues and the amount of expenses that are recorded during that period.

(3)

~~(3)~~

We define time chartered-in days as the aggregate number of days in a period during which we time chartered-in vessels from third parties.

(4)

~~(4)~~

We define available days as the sum of calendar days and time chartered-in days (collectively representing our commercially-managed vessels) less aggregate off hire days associated with scheduled maintenance, which include major repairs, drydockings, vessel upgrades or special or intermediate surveys. We use available days to measure the aggregate number of days in a period that our vessels should be capable of generating revenues.

(5)

~~(5)~~

We define operating days as available days less the aggregate number of days that the commercially-managed vessels in our fleet are off‑hire for any reason other than scheduled ~~maintenance.~~maintenance (e.g., repositioning following drydocking, commercial waiting, etc.). We use operating days to measure the number of days in a period that our operating vessels are on hire (refer to 8 below).

(6)

~~(6)~~

We calculate fleet utilization by dividing the number of operating days during a period by the number of available days during that period. An increase in non‑-scheduled off‑-hire days would reduce our operating days, and, therefore, our fleet utilization. We use fleet utilization to measure our ability to efficiently find suitable employment for our vessels.

(7)

~~(7)~~

Time charter equivalent rate, or TCE rate, is a non-U.S. GAAP measure of the average daily revenue performance of a vessel. TCE rate is a shipping industry performance measure used primarily to compare period‑to‑period changes in a shipping company’s performance despite changes in the mix of charter types (such as time charters, voyage charters) under which the vessels may be employed between the periods. Our method of calculating TCE rate is to divide revenue net of voyage expenses by operating days for the relevant time period, which may not be calculated the same by other companies.

Note that our calculation of TCE includes our portion of the net profit of the Helios Pool, which may also cause our calculation to differ from that of companies which do not account for pooling arrangements as we do.

Table of Contents

The following table sets forth a reconciliation of revenues to TCE rate (unaudited) for the periods presented:


(in U.S. dollars, except operating days)	Three months ended				Six months ended
Numerator:	September 30, 2020		September 30, 2019		September 30, 2020		September 30, 2019
Revenues	$	54,710,277	$	91,624,875	$	127,875,601	$	152,790,421
Voyage expenses		(858,919)		(855,023)		(1,674,114)		(1,194,137)
Time charter equivalent	$	53,851,358	$	90,769,852	$	126,201,487	$	151,596,284

Pool adjustment*		(22,760)		—		1,585,112		—
Time charter equivalent excluding pool adjustment*	$	53,828,598	$	90,769,852	$	127,786,599	$	151,596,284

Denominator:
Operating days		2,070		1,906		3,824		3,956
TCE rate:
Time charter equivalent rate	$	26,015	$	47,623	$	33,002	$	38,321
TCE rate excluding pool adjustment*	$	26,004	$	47,623	$	33,417	$	38,321

(in U.S. dollars, except operating days)

Three months ended

Nine months ended

Numerator:

December 31, 2019

December 31, 2018

December 31, 2019

December 31, 2018

Revenues

$
85,437,806

$
55,113,295

$
238,228,227

$
123,565,119

Voyage expenses

(1,178,702)

(287,221)

(2,372,839)

(822,618)

Time charter equivalent

$
84,259,104

$
54,826,074

$
235,855,388

$
122,742,501

Denominator:

Operating days

1,941

1,821

5,897

5,410

TCE rate:

Time charter equivalent rate

$
43,410

$
30,108

$
39,996

$
22,688

* Adjusted for the effect of a reallocation of pool profits in accordance with the pool participation agreements due to adjustments related to speed and consumption performance of the vessels operating in the Helios Pool.

(8)

~~(8)~~

We determine operating days for each vessel based on the underlying vessel employment, including our vessels in the Helios Pool, or the Company Methodology. If we were to calculate operating days for each vessel within the Helios Pool as a variable rate time charter, or the Alternate Methodology, our operating days and fleet utilization would be increased with a corresponding reduction to our TCE rate. Operating data using both methodologies is as follows:



	Three months ended						Nine months ended


													Three months ended						Six months ended
Company Methodology:	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018			September 30, 2020			September 30, 2019			September 30, 2020			September 30, 2019
Operating Days		1,941			1,821			5,897			5,410			2,070			1,906			3,824			3,956
Fleet Utilization		98.4	%		90.0	%		96.6	%		89.8	%		97.4	%		92.9	%		89.8	%		95.7	%
Time charter equivalent rate	$	43,410		$	30,108		$	39,996		$	22,688		$	26,015		$	47,623		$	33,002		$	38,321


Alternate Methodology:
Operating Days		1,972			2,023			6,106			6,023			2,126			2,051			4,258			4,134
Fleet Utilization		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Time charter equivalent rate	$	42,728		$	27,101		$	38,627		$	20,379		$	25,330		$	44,256		$	29,639		$	36,671

We believe that the Company Methodology using the underlying vessel employment provides more meaningful insight into market conditions and the performance of our vessels.

(9)

~~(9)~~

Daily vessel operating expenses are calculated by dividing vessel operating expenses by calendar days for the relevant time period.

(10)

~~(10)~~

Long-term debt is net of deferred financing fees of $11.8 million and ~~$14.0~~$11.2 million as of ~~December 31, 2019~~September 30, 2020 and March 31, ~~2019,~~2020, respectively.

Table of Contents

Our Fleet

The following table sets forth certain information regarding our fleet as of ~~February 1,~~October 28, 2020.



	Capacity			ECO		Charter
	(Cbm)	Shipyard	Year Built	Vessel(1)	Employment	Expiration(2)


							Capacity			ECO	Scrubber		Charter
							(Cbm)	Shipyard	Year Built	Vessel⁽¹⁾	Equipped	Employment	Expiration⁽²⁾
Dorian VLGCs
Captain Markos NL(3)	82,000	Hyundai	2006	—	Pool(6)	—	82,000	Hyundai	2006	—	—	Pool⁽⁴⁾	—
Captain John NP~~(3)~~	82,000	Hyundai	2007	—	Pool-TCO(7)	Q1 2020	82,000	Hyundai	2007	—	—	Pool⁽⁴⁾	—
Captain Nicholas ML(3)	82,000	Hyundai	2008	—	Pool-TCO(7)	Q4 2020	82,000	Hyundai	2008	—	—	Pool-TCO⁽⁵⁾	Q4 2021
Comet~~(4)~~	84,000	Hyundai	2014	X	Pool(6)	—	84,000	Hyundai	2014	X	X	Pool⁽⁴⁾	—
Corsair~~(4)~~(3)	84,000	Hyundai	2014	X	Time Charter(8)	Q4 2022	84,000	Hyundai	2014	X	X	Time Charter⁽⁶⁾	Q4 2022
Corvette~~(4)~~(3)	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	X	Pool⁽⁴⁾	—
Cougar	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Concorde~~(4)~~(3)	84,000	Hyundai	2015	X	Time Charter(9)	Q1 2022	84,000	Hyundai	2015	X	X	Time Charter⁽⁷⁾	Q1 2022
Cobra	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Continental~~(5)~~(8)	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Constitution	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	X	Pool⁽⁴⁾	—
Commodore	84,000	Hyundai	2015	X	Pool-TCO(7)	Q4 2020	84,000	Hyundai	2015	X	—	Pool-TCO⁽⁵⁾	Q4 2020
Cresques~~(4)~~(3)	84,000	Daewoo	2015	X	Pool(6)	—	84,000	Daewoo	2015	X	X	Pool⁽⁴⁾	—
Constellation~~(4)~~	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	X	Pool⁽⁴⁾	—
Cheyenne	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	X	Pool⁽⁴⁾	—
Clermont	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Cratis	84,000	Daewoo	2015	X	Pool(6)	—	84,000	Daewoo	2015	X	X	Pool⁽⁴⁾	—
Chaparral	84,000	Hyundai	2015	X	Pool-TCO(7)	Q1 2020	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Copernicus~~(4)~~	84,000	Daewoo	2015	X	Pool(6)	—	84,000	Daewoo	2015	X	X	Pool⁽⁴⁾	—
Commander	84,000	Hyundai	2015	X	Pool(6)	—	84,000	Hyundai	2015	X	—	Pool⁽⁴⁾	—
Challenger	84,000	Hyundai	2015	X	Pool-TCO(7)	Q4 2020	84,000	Hyundai	2015	X	—	Pool-TCO⁽⁵⁾	Q4 2020
Caravelle	84,000	Hyundai	2016	X	Pool(6)	—	84,000	Hyundai	2016	X	—	Pool⁽⁴⁾	—
Total	1,842,000						1,842,000

Time chartered-in VLGC
Laurel Prime(10)	83,305	Mitsubishi	2018	X	Pool(6)	—
Future Diamond(4)(11)	80,876	Hyundai	2020	X	Pool(6)	—

Time chartered-in VLGCs
Future Diamond⁽⁹⁾							80,876	Hyundai	2020	X	X	Pool⁽⁴⁾	—
Astomos Earth⁽¹⁰⁾							83,426	Mitsubishi	2012	—	—	Pool⁽⁴⁾	—

(1)

~~(1)~~

Represents vessels with very low revolutions per minute, long‑-stroke, electronically controlled engines, larger propellers, advanced hull design, and low friction paint.

(2)

~~(2)~~

Represents calendar year quarters.

(3)

~~(3)~~

Operated pursuant to a bareboat chartering agreement. See Note 6 to our unaudited interim condensed consolidated financial statements included herein.

(4)

~~(4)~~

~~VLGC equipped with scrubber.~~

~~(5)~~

~~Currently operating in the Helios Pool after being time-chartered back into our fleet from an existing time charter with a major oil company.~~

~~(6)~~

“Pool” indicates that the vessel operates in the Helios Pool on a voyage charter with a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.

(5)

~~(7)~~

“Pool-TCO” indicates that the vessel is operated in the Helios Pool on a time charter out to a third party and we receive a portion of the pool profits calculated according to a formula based on the vessel’s pro rata performance in the pool.

(6)

~~(8)~~

Currently on a time charter with an oil major that began in November 2019.

(7)

~~(9)~~

Currently on a time charter with a major oil company that began in March 2019.

(8)	~~(10)~~Currently operating in the Helios Pool after being time-chartered back into our fleet from an existing time charter with a major oil company.

(9)

Currently time chartered-in to our fleet with an expiration during the first calendar quarter of ~~2020.~~

2023.

(10)

~~(11)~~

Currently time chartered-in to our fleet with an expiration during the ~~first~~second calendar quarter of ~~2023.~~

2021.

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Results of Operations – For the three months ended ~~December 31, 2019~~September 30, 2020 as compared to the three months ended ~~December 31, 2018~~ September 30, 2019

Revenues

~~Revenues~~

The following table compares our Revenues for the three months ended ~~December 31:~~September 30:


					Increase /		Percent
	2019		2018		(Decrease)		Change

													Increase /		Percent
									2020		2019		(Decrease)		Change

Net pool revenues—related party	$	77,470,478	$	46,683,295	$	30,787,183	65.9	%	$	49,723,556	$	80,944,577	$	(31,221,021)	(38.6)	%
Time charter revenues		7,859,035		8,370,000		(510,965)	(6.1)	%		4,177,064		10,271,398		(6,094,334)	(59.3)	%
Other revenues, net		108,293		60,000		48,293	80.5	%		809,657		408,900		400,757	98.0	%
Total	$	85,437,806	$	55,113,295	$	30,324,511	55.0	%	$	54,710,277	$	91,624,875	$	(36,914,598)	(40.3)	%

Revenues, which represent net pool revenues—related party,, time charters and other revenues earned by our vessels, were ~~$85.4~~$54.7 million for the three months ended ~~December 31, 2019, an increase~~September 30, 2020, a decrease of ~~$30.3~~$36.9 million, or ~~55.0%~~40.3%, from ~~$55.1~~$91.6 million for the three months ended ~~December 31, 2018.~~September 30, 2019. The ~~increase~~decrease is primarily attributable to ~~an increase~~a reduction in average TCE rates, ~~and~~partially offset by increased fleet utilization. ~~Average~~Primarily driven by a reduction of spot market rates, average TCE rates ~~increased~~decreased by $21,608 from ~~$30,108~~$47,623 for the three months ended ~~December 31, 2018~~September 30, 2019 to ~~$43,410~~$26,015 for the three months ended December 31, 2019, primarily as a result of higher spot market rates during the three months ended December 31, 2019 as compared to the three months ended December 31, 2018, partially offset by an increase in bunker prices when comparing these periods.September 30, 2020. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged ~~$73.300~~$51.589 during the three months ended ~~December 31, 2019~~September 30, 2020 compared to an average of ~~$42.389~~$65.991 for the three months ended December 31, 2018. The average price of heavy fuel oil (expressed as U.S. dollars per metric tonnes) from Singapore and Fujairah increased from $466 during the three months ended December 31, 2018 to $473 during the three months ended December 31,September 30, 2019. Our fleet utilization increased from ~~90.0%~~92.9% during the three months ended ~~December 31, 2018~~September 30, 2019 to ~~98.4%~~97.4% during the three months ended ~~December 31, 2019.~~September 30, 2020.

Charter Hire Expenses

Charter hire expenses for the ~~vessel~~vessels chartered in from a third ~~party~~parties were $4.5 million and $2.1 million for the three months ended ~~December 31~~September 30, 2020 and 2019, respectively. The increase of $2.4 million, or 119.9%, ~~2019. No such costs were incurred during~~was caused by an increase in time chartered-in days, which increased from 92 for the three months ended ~~December 31, 2018.~~September 30, 2019 to 184 for the three months ended September 30, 2020.

Vessel Operating Expenses

Vessel operating expenses were ~~$19.1~~$21.4 million during the three months ended ~~December 31, 2019,~~September 30, 2020, or ~~$9,452~~$10,591 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet. Vessel operating expenses per vessel per calendar day increased by ~~$1,165~~$1,997 from ~~$8,287~~$8,594 for the three months ended ~~December 31, 2018~~September 30, 2019 to ~~$9,452~~$10,591 for the three months ended ~~December 31, 2019.~~September 30, 2020. The increase in vessel operating expenses for the three months ended ~~December 31, 2019,~~September 30, 2020, when compared with the three months ended ~~December 31, 2018~~,September 30, 2019, was primarily the result of a ~~$2.1~~$3.5 million, or ~~$1,030~~$1,723 per vessel per calendar day, increase in operating expenses related to repairs and maintenance, spares and stores, and coolant costs, which is inclusive of an increase of $1.6 million, or $810 per vessel per calendar day, in operating expenses related to the drydocking of vessels including repairs and maintenance, spares and stores, coolant costs, and other drydocking related operating expenses. Additionally, we experienced an increase in crew wages and related costs of $0.8 million, or $413 per vessel per calendar day.

General and Administrative Expenses

General and administrative expenses were ~~$5.0~~relatively flat at $5.9 million for both the three months ended September 30, 2020 and the three months ended September 30, 2019. We experienced increases of $0.8 million in salaries, wages and benefits, $0.6 million in higher insurance premiums, and $0.2 million in legal and professional fees, which is largely a result of costs incurred in our transition from being an emerging growth company under the Jumpstart Our Business Startups Act, offset by reductions of $1.1 million due to the timing of annual cash bonuses to certain employees and $0.5 million in stock-based compensation.

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Interest and Finance Costs

Interest and finance costs amounted to $6.7 million for the three months ended ~~December 31, 2019,~~September 30, 2020, a decrease of ~~$0.2~~$2.6 million, or ~~2.3%~~28.4%, from ~~$5.2~~$9.3 million for the three months ended ~~December 31, 2018. This decrease was due to a~~ ~~reduction of $0.6 million in stock-based compensation, partially offset by an increase of $0.4 million in other general and administrative expenses.~~

~~Table of Contents~~

~~Professional and Legal Fees Related to the BW Proposal~~

In 2018, BW made an unsolicited proposal to acquire all of our outstanding common shares and, along with its affiliates, commenced a proxy contest to replace three members of our Board of Directors with nominees proposed by BW. BW’s unsolicited proposal and proxy contest were subsequently withdrawn on October 8, 2018. Professional (including investment banking fees) and legal fees related to the BW Proposal were $7.8 million for the three months ended ~~December 31, 2018. No such costs were incurred during the three months ended~~ ~~December 31~~, September 30, 2019.

~~Interest and Finance Costs~~

~~Interest and finance costs amounted to $8.8 million for the~~ ~~three months ended December 31, 2019, a decrease of $1.2 million, or 12.2%, from $10.0 million for the~~ ~~three months ended December 31, 2018~~. The decrease of ~~$1.2~~$2.6 million during this period was due to a decrease of ~~$1.1~~$2.9 million in interest incurred on our long-term debt, primarily resulting from a decrease in ~~average indebtedness,~~LIBOR rates and a reduction of ~~$0.1~~average indebtedness, partially offset by an increase of $0.2 million in amortization of deferred financing ~~fees.~~fees and loan expenses. Average indebtedness, excluding deferred financing fees, decreased from ~~$739.9~~$692.0 million for the three months ended ~~December 31, 2018~~September 30, 2019 to ~~$676.0~~$657.5 million for the three months ended ~~December 31, 2019~~.September 30, 2020. As of ~~December 31, 2019,~~September 30, 2020, the outstanding balance of our long-term debt, net of deferred financing fees of $11.8 million, was ~~$650.3~~$634.5 million.

Unrealized Gain/(Loss) on Derivatives

Unrealized gain on derivatives ~~was approximately $1.4~~amounted to $4.0 million for the three months ended ~~December 31, 2019~~,September 30, 2020, compared to an unrealized loss of ~~$6.7~~$0.7 million for the three months ended ~~December 31, 2018~~.September 30, 2019. The ~~$8.1~~favorable $4.7 million difference is attributable to ~~(1)~~ an increase of ~~$7.5~~$3.0 million in ~~the~~favorable fair value ofchanges to our interest rate swaps ~~caused by~~resulting from changes in forward LIBOR yield curves and an increase of $1.7 million in favorable changes to our FFA positions.

Realized Gain/(Loss) on Derivatives

Realized loss on derivatives was $2.1 million for the three months ended September 30, 2020, compared to a realized gain of $0.7 million for the three months ended September 30, 2019. The unfavorable $2.8 million change is primarily attributable to (1) decreases in floating LIBOR resulting in a $2.1 million unfavorable variance on realized losses in the current period on our interest rate swaps and (2) ~~$0.6~~unfavorable settlements of $0.7 million ~~of unrealized gains~~ on our FFA positions.

Results of Operations – For the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 as compared to the ~~nine~~six months ended ~~December 31, 2018~~September 30, 2019

Revenues

~~Revenues~~

The following table compares our Revenues for the ~~nine~~six months ended ~~December 31:~~September 30:


					Increase /		Percent
	2019		2018		(Decrease)		Change

													Increase /		Percent
									2020		2019		(Decrease)		Change
Net pool revenues—related party	$	208,507,192	$	94,816,738	$	113,690,454	119.9	%	$	116,652,977	$	131,036,714	$	(14,383,737)	(11.0)	%
Time charter revenues		29,112,464		28,477,881		634,583	2.2	%		9,263,068		21,253,429		(11,990,361)	(56.4)	%
Other revenues, net		608,571		270,500		338,071	125.0	%		1,959,556		500,278		1,459,278	291.7	%
Total	$	238,228,227	$	123,565,119	$	114,663,108	92.8	%	$	127,875,601	$	152,790,421	$	(24,914,820)	(16.3)	%

Revenues, which represent net pool revenues—related party,, time charters and other revenues earned by our vessels, were ~~$238.2~~$127.9 million for the ~~nine~~six months ended ~~December 31, 2019, an increase~~September 30, 2020, a decrease of ~~$114.6~~$24.9 million, or ~~92.8%~~16.3%, from ~~$123.6~~$152.8 million for the ~~nine~~six months ended ~~December 31, 2018.~~September 30, 2019. The ~~increase~~decrease is primarily attributable to ~~an increase in~~a reduction of average TCE rates and decreased fleet utilization. Average TCE rates ~~increased~~decreased from ~~$22,688~~$38,321 for the ~~nine~~six months ended ~~December 31, 2018~~September 30, 2019 to ~~$39,996~~$33,002 for the ~~nine~~six months ended ~~December 31,~~September 30, 2020. During the six months ended September 30, 2020, we recognized a reallocation of prior period pool profits based on a periodic review of actual vessel performance in accordance with the pool participation agreements. This reallocation resulted in a $415 decrease in our fleet’s overall TCE rates for the six months ended September 30, 2020 due to adjustments related to speed and consumption performance of the vessels operating in the Helios Pool. Excluding this reallocation, TCE rates decreased by $4,904 when comparing the six months ended September 30, 2020 and 2019, primarily asdriven by a ~~result~~reduction of ~~higher~~ spot market ~~rates during the three months ended December 31, 2019 as compared to the three months ended December 31, 2018 along with a reduction in bunker prices.~~rates. The Baltic Exchange Liquid Petroleum Gas Index, an index published daily by the Baltic Exchange for the spot market rate for the benchmark Ras Tanura-Chiba route (expressed as U.S. dollars per metric ton), averaged ~~$67.183~~$46.697 during the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 compared to an average of ~~$36.404~~$64.222 for the ~~nine~~six months ended December 31, 2018. The average price of heavy fuel oil (expressed as U.S. dollars per metric tonnes) from Singapore and Fujairah decreased from $455 during the nine months ended December 31, 2018 to $431 during the nine months ended December 31,September 30, 2019. Our fleet utilization ~~increased~~decreased from 95.7% during the six months ended September 30, 2019 to 89.8% during the ~~nine~~six months ended ~~December 31, 2018 to 96.6% during the nine months ended December 31, 2019.~~September 30, 2020.

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Charter Hire Expenses

Charter hire expenses for the ~~vessel~~vessels chartered in from a third ~~party~~parties were ~~$6.2~~$9.2 million and $4.1 million for the ~~nine~~six months ended ~~December 31, 2019. No such costs were incurred during~~September 30, 2020 and 2019, respectively. The increase of $5.1 million, or 124.7%, was caused by an increase in time chartered-in days, which increased from 153 for the ~~nine~~six months ended ~~December 31, 2018.~~September 30, 2019 to 376 for the six months ended September 30, 2020.

Vessel Operating Expenses

Vessel operating expenses were ~~$52.6~~$38.8 million during the ~~nine~~six months ended ~~December 31, 2019,~~September 30, 2020, or ~~$8,702~~$9,644 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time-period for the technically-managed vessels that were in our fleet. ~~This was~~ ~~an increase of $1.8 million, or 3.6%, from $50.8 million for the nine months ended December 31, 2018.~~ Vessel operating expenses per vessel per calendar day increased by ~~$300~~$1,320 from ~~$8,402~~$8,324 for the ~~nine~~six months ended ~~December 31, 2018~~September 30, 2019 to ~~$8,702~~$9,644 for the ~~nine~~six months ended ~~December 31, 2019.~~September 30, 2020. The increase in vessel operating expenses for the ~~nine~~six months ended ~~December 31, 2019,~~September 30, 2020, when compared with the ~~nine~~six months ended ~~December 31, 2018~~,September 30, 2019, was primarily the result of a ~~$1.6~~$5.6 million, or ~~$260~~$1,390 per vessel per calendar day, increase in operating expenses related to repairs and maintenance, spares and stores, and coolant costs, which is inclusive of an increase of $2.4 million, or $602 per vessel per calendar day, in operating expenses related to the drydocking of vessels including repairs and maintenance, spares and stores, coolant costs, and other drydocking related operating expenses.

General and Administrative Expenses

General and administrative expenses were ~~$17.7~~$17.2 million for the ~~nine~~six months ended ~~December 31, 2019,~~ ~~a decrease~~September 30, 2020, an increase of ~~$1.1~~$4.6 million, or ~~5.9%~~36.3%, from ~~$18.8~~$12.6 million for the ~~nine~~six months ended ~~December 31, 2018~~. September 30, 2019. This ~~decrease~~ was ~~due~~driven by increases of $1.9 million in annual cash bonuses to ~~a reduction of~~certain employees, $1.3 million in ~~stock-based compensation, partially offset by an increase of $0.2~~salaries, wages and benefits, $0.6 million in ~~other general~~higher insurance premiums, and ~~administrative expenses.~~ $0.6 million in legal and professional fees, which is largely a result of costs incurred in our transition from being an emerging growth company under the Jumpstart Our Business Startups Act.

~~Professional and Legal Fees Related to the BW Proposal~~

In 2018, BW made an unsolicited proposal to acquire all of our outstanding common shares and, along with its affiliates, commenced a proxy contest to replace three members of our Board of Directors with nominees proposed by BW. BW’s unsolicited proposal and proxy contest were subsequently withdrawn on October 8, 2018. Professional (including investment banking fees) and legal fees related to the BW Proposal were $10.0 million for the nine months ended ~~December 31, 2018. No such costs were incurred during the nine months ended~~ ~~December 31, 2019.~~

Interest and Finance Costs

Interest and finance costs amounted to ~~$27.8~~$15.8 million for the ~~nine~~six months ended ~~December 31, 2019~~,September 30, 2020, a decrease of ~~$2.7~~$3.2 million, or ~~9.0%~~17.1%, from ~~$30.5~~$19.0 million for the ~~nine~~six months ended ~~December 31, 2018~~.September 30, 2019. The decrease of ~~$2.7~~$3.2 million during this period was due to a decrease of ~~$2.5~~$5.2 million in interest incurred on our long-term debt, primarily resulting from a decrease in ~~average indebtedness,~~LIBOR rates and a reduction of ~~$0.2~~average indebtedness, partially offset by an increase of $1.8 million in amortization of deferred financing ~~fees.~~fees, mainly due to accelerated amortization of $2.1 million related to the refinancing of the Cresques and the refinancing of the Original Commercial Tranche during the six months ended September 30, 2020. Average indebtedness, excluding deferred financing fees, decreased from ~~$754.9~~$699.9 million for the ~~nine~~six months ended ~~December 31, 2018~~September 30, 2019 to ~~$691.9~~$666.6 million for the ~~nine~~six months ended ~~December 31, 2019~~.September 30, 2020. As of ~~December 31, 2019,~~September 30, 2020, the outstanding balance of our long-term debt, net of deferred financing fees of $11.8 million, was ~~$650.3~~$634.5 million.

Unrealized Gain/(Loss) on Derivatives

Unrealized ~~loss~~gain on derivatives was ~~approximately $5.3~~$3.5 million for ~~the nine~~six months ended ~~December 31, 2019~~,September 30, 2020, compared to an unrealized loss ~~of $3.9~~$6.7 million for the ~~nine~~six months ended ~~December 31, 2018~~.September 30, 2020. The ~~$1.4~~favorable $10.2 million difference is primarily attributable to ~~a decrease~~an increase of ~~$3.0~~$8.7 million in ~~the~~favorable fair value ofchanges to our interest rate swaps ~~caused by~~resulting from changes in forward LIBOR yield curves and ~~reductions~~an increase of $1.5 million in ~~notional amounts, partially offset by $1.6~~favorable changes to our FFA positions.

Realized Gain/(Loss) on Derivatives

Realized loss on derivatives was $2.9 million for the six months ended September 30, 2020, compared to a realized gain of ~~unrealized gains~~$1.7 million for the six months ended September 30, 2019. The unfavorable $4.6 million change is primarily attributable to (1) decreases in floating LIBOR resulting in a $3.7 million unfavorable variance on realized losses in the current period on our interest rate swaps and (2) unfavorable settlements of $0.9 million on our FFA positions.

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Liquidity and Capital Resources

Our business is capital intensive, and our future success depends on our ability to maintain a high‑-quality fleet. As of ~~December 31, 2019~~,September 30, 2020, we had cash and cash equivalents of ~~$64.7~~$145.1 million, current restricted cash of ~~$1.6~~$0.4 million and non-current restricted cash of ~~$35.6~~$0.1 million.

~~Table of Contents~~

Our primary ~~source~~sources of capital during the ~~nine~~six months ended ~~December 31, 2019~~ ~~was $110.4~~ September 30, 2020 were $56.7 million in cash generated from ~~operations.~~operations, $24.0 million in net proceeds from the refinancing of the Cresques, $15.0 million in proceeds from the maturity of U.S. treasury bills, and $2.8 million in net proceeds from the refinancing of the 2015 Facility. As of ~~December 31, 2019~~,September 30, 2020, the outstanding balance of our long-term debt, net of deferred financing fees of $11.8 million, was ~~$650.3~~$634.5 million including ~~$64.0~~$70.2 million of principal on our long-term debt scheduled to be repaid within the next twelve months.

~~On July 23, 2019, we entered into an agreement to amend the 2015 Debt Facility as further described in Note 6 to our unaudited interim condensed consolidated financial statements.~~

On August 5, 2019, our Board of Directors authorized the Common Share Repurchase Program to repurchase of up to $50 million of our common shares through the period ended December 31, 2020. On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of our common shares. As of ~~February 1,~~October 28, 2020, we repurchased a total of ~~1.4~~4.5 million of our common shares for ~~approximately $17.1~~$50.5 million ~~under this program,~~ and have available ~~$32.9~~$49.5 million to repurchase additional common shares under ~~this program.~~the Common Share Repurchase Program. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under ~~this program.~~the Common Share Repurchase Program.

On April 21, 2020, we prepaid $28.5 million, which represented the portion of the then outstanding principal of the 2015 Facility related to the 2015-built VLGC Cresques, using cash on hand prior to the closing of the Cresques Japanese Financing. Refer to Note 23 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for further details on the prepayment of the 2015 Facility.

On ~~February 3,~~April 23, 2020, we refinanced a 2015-built VLGC, the Cresques, pursuant to the Cresques Japanese Financing. The refinancing proceeds of $52.5 million increased our ~~Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50~~unrestricted cash by $24.0 million after we prepaid $28.5 million of ~~shares~~the 2015 Facility on April 21, 2020 using cash on hand prior to the closing of the Cresques Japanese Financing. Refer to Note 23 to the consolidated financial statements included in our ~~common stock, resulting~~Annual Report on Form 10-K for the year ended March 31, 2020 for further details on the refinancing of the Cresques.

On April 29, 2020, we amended and restated the 2015 Facility, to among other things, refinance the Original Commercial Tranche through the entry into the New Facilities (as defined above), including (i) a new senior secured term loan facility in an aggregate principal amount of ~~$82.9~~$155.8 million, ~~of available authorization remaining~~which was used to prepay in full the outstanding principal amount under the ~~program.~~Original Commercial Tranche and for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. Refer to Note 23 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for further details on the refinancing of the Original Commercial Tranche of the 2015 Facility.

Operating expenses, including expenses to maintain the quality of our vessels in order to comply with international shipping standards and environmental laws and regulations, the funding of working capital requirements, long-term debt repayments, financing costs, contractual commitments to purchase scrubbers on certain of our VLGCs, and drydocking and scrubber ~~installation~~installations on certain of our VLGCs represent our ~~short‑term, medium‑term~~short-term, medium-term and ~~long‑term~~long-term liquidity needs as of ~~December 31, 2019.~~September 30, 2020. We anticipate satisfying our liquidity needs for at least the next twelve months with cash on hand and cash from operations. We may also seek additional liquidity through alternative sources of debt financings and/or through equity financings by way of private or public offerings. However, if these sources are insufficient to satisfy our short-term liquidity needs, or to satisfy our future medium-term or long-term liquidity needs, we may need to seek alternative sources of financing and/or modifications of our existing credit facility and financing arrangements. There is no assurance that we will be able to obtain any such financing or modifications to our existing credit facility and financing arrangements on terms acceptable to us, or at all.

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Our dividend policy will also impact our future liquidity position. Marshall Islands law generally prohibits the payment of dividends other than from surplus or while a company is insolvent or would be rendered insolvent by the payment of such a dividend.

As part of our growth strategy, we will continue to consider strategic opportunities, including the acquisition of additional vessels. We may choose to pursue such opportunities through internal growth or joint ventures or business acquisitions. We expect to finance the purchase price of any future acquisitions either through internally generated funds, public or private debt financings, public or private issuances of additional equity securities or a combination of these forms of financing.

Cash Flows

The following table summarizes our cash and cash equivalents provided by/(used in) operating, financing and investing activities for the ~~nine~~six months ended ~~December 31:~~September 30:

2019

2018

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 financing activities

(63,830,103)

(50,942,251)

Net increase/(decrease) in cash, cash equivalents, and restricted cash
$
35,468,954

$
(58,785,548)


	2020		2019
Net cash provided by operating activities	$	56,704,475	$	60,804,329
Net cash provided by/(used in) investing activities		7,440,407		(4,276,995)
Net cash used in financing activities		(6,107,992)		(39,244,113)
Net increase in cash, cash equivalents, and restricted cash	$	58,186,069	$	17,196,048

Operating Cash Flows. Net cash provided by operating activities for the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 was ~~$110.4~~$56.7 million, compared with net cash ~~used in~~provided by operating activities of ~~$4.4~~$60.8 million for the ~~nine~~six months ended

~~Table of Contents~~

~~December 31, 2018.~~September 30, 2019. The ~~increase~~decrease in cash generated from operations of ~~$114.8~~$4.1 million is primarily related to ~~an increase~~a decrease in operating income, ~~and is~~ partially offset by changes in working capital, mainly from amounts due from the Helios Pool as distributions from the Helios Pool are impacted by the timing of the completion of voyages, spot market rates and bunker prices.

Net cash flow from operating activities depends upon our overall profitability, market rates for vessels employed on voyage charters, charter rates agreed to for time charters, the timing and amount of payments for drydocking expenditures and unscheduled repairs and maintenance, fluctuations in working capital balances and bunker costs.

Investing Cash Flows. Net cash ~~used in~~provided by investing activities was ~~$11.0~~$7.4 million for the ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 compared with net cash used in investing activities of ~~$3.2~~$4.3 million for the ~~nine~~six months ended ~~December 31, 2018.~~September 30, 2019. For the ~~nine~~six months ended ~~December 31,~~September 30, 2020, net cash provided by investing activities was comprised of $15.0 million in proceeds from the maturity of U.S. treasury bills, partially offset by $3.7 million of vessel-related capital expenditures and $0.2 million in purchases of investment securities. For the six months ended September 30, 2019, net cash used in investing activities was primarily comprised of our vessel-related capital expenditures of $12.4 million, partially offset by $1.5 million of proceeds from the sale of investment securities. For the nine months ended December 31, 2018, net cash used in investing activities was primarily comprised of our vessel-related capital expenditures of $2.7 million and $0.5 million in purchases of investment securities.$4.1 million.

Financing Cash Flows. Net cash used in financing activities was ~~$63.8~~$6.1 million for the ~~nine~~six months ended ~~December 31, 2019,~~September 30, 2020, compared with ~~$50.9~~$39.2 million of cash used in financing activities for the ~~nine~~six months ended ~~December 31, 2018.~~September 30, 2019. For the ~~nine~~six months ended ~~December 31,~~September 30, 2020, net cash used in financing activities consisted of repayments of long-term debt of $55.4 million, payments of financing costs related to the Cresques Japanese Financing and the 2015 AR Facility of $3.7 million, and payments for treasury stock repurchases of $2.6 million, partially offset by $55.4 million in proceeds from long-term debt borrowings related to the Cresques Japanese Financing and the 2015 AR Facility. For the six months ended September 30, 2019, net cash used in financing activities primarily consisted of repayments of long-term debt of ~~$48.0~~$32.0 million and payments for treasury stock repurchases of ~~$15.8~~$7.2 million. For the nine months ended December 31, 2018, net cash used in financing activities consisted of repayments of long-term debt of $114.2 million, payments for treasury stock repurchases of $1.2 million, and payment of debt financing costs of $0.6 million, partially offset by long-term debt borrowings of $65.1 million related to the CJNP Japanese Financing, CMNL Japanese Financing, and CNML Japanese Financing.

Capital Expenditures. LPG transportation is a capital‑intensive business, requiring significant investment to maintain an efficient fleet and to stay in regulatory compliance.

We are generally required to complete a special survey for a vessel once every five years unless an extension of the drydocking to seven and one-half years is granted by the classification society and the vessel is not older than 20 years of age. Intermediate surveys are performed every two and one-half years after the first special survey. Drydocking each

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vessel takes approximately 10 to 20 ~~days, excluding any additional time for capital improvements.~~days. We spend significant amounts for scheduled drydocking (including the cost of classification society surveys) for each of our vessels.

As our vessels age and our fleet expands, our drydocking expenses will increase. We estimate the current cash outlay for a VLGC special survey to be approximately $1.0 million per vessel (excluding any capital improvements, such as scrubbers and ballast water management systems, to the vessel that may be made during such drydockings) and the cost of an intermediate survey to be between $100,000 and $200,000 per vessel. Ongoing costs for compliance with environmental regulations are primarily included as part of our drydocking and classification society survey costs. Additionally, ballast water management systems are expected to be installed on four of our VLGCs during their next drydockings between ~~December 2021~~November 2020 and July ~~2023~~2024 for approximately $0.8 million per vessel. Further, in October 2016, the International Maritime Organization (the “IMO”) set January 1, 2020 as the implementation date for vessels to comply with its low sulfur fuel oil requirement, which cuts sulfur levels from 3.5% to 0.5%. We may comply with this regulation by (i) consuming compliant fuels on board (0.5% sulfur), which are readily available globally since our last quarterly filing, but at a significantly higher cost; (ii) continuing to consume high-sulfur fuel oil by installing scrubbers for cleaning of the exhaust gases to levels at or below compliance with regulations (0.5% sulfur); or (iii) by retrofitting vessels to be powered by liquefied natural gas or LPG, which may be a viable option subject to the relative pricing of compliant low-sulfur fuel (0.5% sulfur) and LPG. Such costs of compliance with the IMO’s low sulfur fuel oil requirement are significant and could have an adverse effect on our operations and financial results. Currently, ~~seven~~ten of our technically-managed VLGCs are equipped with scrubbers and we have commitments related to scrubbers on an additional ~~five~~two of our VLGCs. We had contractual commitments for scrubber purchases of ~~$4.2~~$2.2 million as of ~~December 31, 2019.~~September 30, 2020. These amounts only reflect firm commitments for the purchase of scrubber ~~purchases~~parts and materials as of ~~December 31, 2019 and exclude costs related to their installation.~~September 30, 2020. We are not aware of any other proposed regulatory changes or environmental laws that we expect to have a material impact on our current or future results of operations that

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we have not already considered. Please see “Item 1A. Risk Factors—Risks Relating to Our Company—We are subject to regulation and liability, including environmental laws, which could require significant expenditures and adversely affect our financial conditions and results of operations” and “Item"Item 1A. Risk Factors—Risks Relating to Our Company—We may incur increasing costs for the drydocking, maintenance or replacement of our vessels as they age, and, as our vessels age, the risks associated with older vessels could adversely affect our ability to obtain profitable charters” in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~.2020.

Debt Agreements

For information relating to our secured term loan facilities, refer to Notes 9 and 23 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, ~~2019~~ 2020 and ~~Note~~Notes 6 and 14 to our unaudited interim condensed consolidated financial statements for ~~the three and nine months ended December 31, 2019~~September 30, 2020 included ~~herein~~. herein.

Off-Balance Sheet Arrangements

We currently do not have any off‑balance sheet arrangements.

Critical Accounting Policies and Estimates

The following is an update to the Critical Accounting Estimates set forth in “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations” included in our Annual Report on Form 10-K for the year ended March 31, ~~2019.~~2020.

Impairment of long-lived assets. We review our vessels and other fixed assets for impairment when events or circumstances indicate the carrying amount of the asset may not be recoverable. In addition, we compare independent appraisals to our carrying value for indicators of impairment to our vessels. When such indicators are present, an asset is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the asset over its remaining useful life and its eventual disposition to its carrying amount. An impairment charge is recognized if the carrying value is in excess of the estimated future undiscounted net operating cash flows. The impairment loss is measured based on the excess of the carrying amount over the fair market value of the asset. The new lower cost basis would result in a lower annual depreciation than before the impairment.

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Our estimates of fair market value assume that our vessels are all in good and seaworthy condition without need for repair and if inspected would be certified in class without notations of any kind. Our estimates are based on information available from various industry sources, including:

●

reports by industry analysts and data providers that focus on our industry and related dynamics affecting vessel values;

●

news and industry reports of similar vessel sales;

●

approximate market values for our vessels or similar vessels that we have received from shipbrokers, whether solicited or unsolicited, or that shipbrokers have generally disseminated;

●

offers that we may have received from potential purchasers of our vessels; and

●

vessel sale prices and values of which we are aware through both formal and informal communications with shipowners, shipbrokers, industry analysts and various other shipping industry participants and observers.

As we obtain information from various industry and other sources, our estimates of fair market value are inherently uncertain. In addition, vessel values are highly volatile; as such, our estimates may not be indicative of the current or future fair market value of our vessels or prices that we could achieve if we were to sell them.

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As of ~~December 31, 2019,~~September 30, 2020, independent appraisals of our VLGC fleet had indicators of impairment on ~~ten~~nine of our VLGCs in accordance with ASC 360 Property, Plant, and Equipment. We determined estimated net operating cash flows for our VLGCs by applying various assumptions regarding future time charter equivalent revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values. These assumptions were based on historical data as well as future expectations. We estimated spot market rates by obtaining the trailing 10-year historical average spot market rates, as published by maritime industry researchers. Estimated outflows for operating expenses and drydocking expenses were based on historical and budgeted costs and were adjusted for assumed inflation. Utilization was based on our historical levels achieved in the spot market and estimates of a residual value consistent with scrap rates used in management's evaluation of scrap value. Such estimates and assumptions regarding expected net operating cash flows require considerable judgment and were based upon historical experience, financial forecasts and industry trends and conditions. Therefore, based on this analysis, we concluded that no impairment charge was necessary because we believe the vessel carrying values are recoverable. No impairment charges were recognized for the three and ~~nine~~six months ended ~~December 31, 2019.~~September 30, 2020.

In addition, we performed a sensitivity analysis as of ~~December 31, 2019~~September 30, 2020 to determine the effect on recoverability of changes in TCE rates. The sensitivity analysis suggests that we would not incur an impairment charge on any of our VLGCs if daily TCE rates based on the 10-year historical average spot market rates were reduced by ~~30%~~40%. An impairment charge of ~~approximately $12.4~~$11.6 million on ~~seven~~nine of our VLGCs would be triggered by a reduction of ~~40%~~45% in the 10-year historical average spot market rates. The amount, if any, and timing of any impairment charges we may recognize in the future will depend upon the then current and expected future charter rates and vessel values, which may differ materially from those used in our estimates as of ~~December 31, 2019.~~September 30, 2020.

Recent Accounting Pronouncements

Refer to Note 2 to our unaudited interim condensed consolidated financial statements included herein for a discussion of recent accounting pronouncements.

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ITEM 3.QUANTITATIVE AND QUALITATIVE ~~DISCLOSURES~~DISCLOSURES ABOUT MARKET RISK

For additional discussion of our exposure to market risk, refer to “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” included in our Annual Report on Form 10-K for the year ended March 31, ~~2019.~~2020.

Interest Rate Risk

The LPG shipping industry is capital intensive, requiring significant amounts of investment. Much of this investment is provided in the form of long-term debt. Our 2015 ~~Debt~~ Facility agreement contains interest rates that fluctuate with LIBOR. We have entered into interest rate swap agreements to hedge a majority of our exposure to fluctuations of interest rate risk associated with our 2015 ~~Debt~~ Facility. We have hedged ~~$250~~$50 million of non-amortizing principal and ~~$165.2~~$335.8 million of amortizing principal of the 2015 ~~Debt~~ Facility as of ~~December 31, 2019~~September 30, 2020 and thus increasing interest rates could adversely impact our future earnings due to additional interest expense on our unhedged debt. For the 12 months following ~~December 31, 2019,~~September 30, 2020, a hypothetical increase or decrease of 20 basis points in the underlying LIBOR rates would result in an increase or decrease of our interest expense on all of our non-hedged interest-bearing debt by ~~approximately~~ $0.1 million assuming all other variables are held constant.

ITEM 4.CONTROLS AND ~~PROCEDURES~~PROCEDURES

Evaluation of Disclosure Controls and Procedures

An evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer, or CEO, and Chief Financial Officer, or CFO, of the effectiveness of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of ~~December 31, 2019.~~September 30, 2020. Based on that evaluation, our CEO and CFO concluded that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and

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reported within the time periods specified in the SEC’s rules and forms, and is accumulated and communicated to our management, including our CEO and CFO, to allow timely decisions regarding required disclosure. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those internal control systems determined to be effective can provide only a level of reasonable assurance with respect to financial statement preparation and presentation.

Changes in Internal Control Over Financial Reporting

There have been no changes in our internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) during the three and ~~nine~~six months ended ~~December 31, 2019~~September 30, 2020 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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PART II — OTHER ~~INFORMATION~~INFORMATION

ITEM 1.LEGAL ~~PROCEEDINGS~~PROCEEDINGS

From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

ITEM 1A.RISK ~~FACTORS~~FACTORS

Our operations and financial results are subject to various risks and uncertainties that could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common shares. For risk factors that may cause actual results to differ materially from those anticipated, please refer to “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the year ended March 31, ~~2019 and the following update thereto~~. 2020.

Our operations outside the United States expose us to global risks, such as political conflict, terrorism and public health threats, which may interfere with the operation of our vessels and could have a material adverse impact on our operating results, revenues and costs.

We are an international company and primarily conduct our operations outside the United States. Changing economic, political and governmental conditions in the countries where we are engaged in business or where our vessels are registered affect us. In the past, political conflicts have resulted in attacks on vessels or other petroleum-related infrastructures, mining of waterways and other efforts to disrupt shipping. Continuing conflicts, instability and other recent developments in the Middle East and elsewhere, including recent attacks involving vessels and vessel seizures in the Strait of Hormuz and off the coast of Gibraltar, the recent attack on an Iranian tanker near the Saudi Arabian port city of Jeddah and the presence of U.S. or other armed forces in Afghanistan, may lead to additional acts of terrorism or armed conflict around the world, and our vessels may face higher risks of being attacked or detained, or shipping routes transited by our vessels, such as the Strait of Hormuz, may be otherwise disrupted. In addition, future hostilities or other political instability in regions where our vessels trade could affect our trade patterns and adversely affect our operations and performance. Further hostilities in or closure of major waterways in the Middle East, Black Sea, or South China Sea region could adversely affect the availability of and demand for crude oil and petroleum products, as well as LPG, and negatively affect our investment and our customers' investment decisions over an extended period of time. In addition, sanctions against oil exporting countries such as Iran, Russia, Sudan and Syria may also impact the availability of crude oil, petroleum products and LPG would increase the availability of applicable vessels thereby impacting negatively charter rates.

Terrorist attacks, or the perception that LPG or natural gas facilities or oil refineries and LPG carriers are potential terrorist targets, could materially and adversely affect the continued supply of LPG. Concern that LPG and natural gas facilities may be targeted for attack by terrorists has contributed to a significant community and environmental resistance to the construction of a number of natural gas facilities, primarily in North America. If a terrorist incident involving a gas facility or gas carrier did occur, the incident may adversely affect necessary LPG facilities or natural gas facilities currently in operation. Furthermore, future terrorist attacks could result in increased volatility of the financial markets in the United States and globally and could result in an economic recession in the United States or the world.

In addition, public health threats, such as the coronavirus, influenza and other highly communicable diseases or viruses, outbreaks of which have from time to time occurred in various parts of the world in which we operate, including China, could adversely impact our operations, and the operations of our customers.

~~Any of these occurrences and related consequences could have a material adverse impact on our operating results, revenues and costs.~~

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The table below sets forth information regarding our purchases of our common ~~stock~~shares during the quarterly period ended ~~December 31, 2019:~~September 30, 2020:

Total

Number of

Shares

Purchased as

Part of

Maximum Dollar

Total

Publicly

Value of Shares

Number

Average

Announced

that May Yet Be

of Shares

Price Paid

Plans or

Purchased Under the
Period

Purchased

Per Share

Programs

Plan or Programs
October 1 to 31, 2019

47,875

$
10.45

47,875

$
43,324,653
November 1 to 30, 2019

502,800

12.89

502,600

36,847,794
December 1 to 31, 2019

110,800

14.87

110,800

35,200,165
Total

661,475

$
13.04

661,275

$
35,200,165


				Total
				Number of
				Shares
				Purchased as
				Part of	Maximum Dollar
	Total			Publicly	Value of Shares
	Number	Average		Announced	that May Yet Be
	of Shares	Price Paid		Plans or	Purchased Under the
Period	Purchased	Per Share		Programs	Plan or Programs
July 1 to 31, 2020	—	$	—	—	$	50,652,742
August 1 to 31, 2020	16,551		8.97	—		50,652,742
September 1 to 30, 2020	147,147		7.87	147,147		49,494,898
Total	163,698	$	7.98	147,147	$	49,494,898

On August 5, 2019, our Board of Directors authorized a program to repurchase up to $50 million of our common shares on or before December 31, 2020. Purchases of our common shares during the quarterly period ended ~~December 31, 2019~~September 30, 2020 represent share repurchases under this program along with common shares reacquired in satisfaction of tax withholding obligations upon vesting of employee restricted equity awards.

ITEM 6.~~EXHIBITS~~EXHIBITS

See accompanying Exhibit Index for a list of exhibits filed or furnished with this report.

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EXHIBIT INDEX

~~EXHIBIT INDEX~~


Exhibit Number		Description
10.1		~~Amendment No. 3~~Letter Agreement dated July ~~23, 2019 to the facility agreement originally dated March 23, 2015, as amended, by and~~14, 2020 among Dorian LPG Finance LLC, as borrower, the Company, as facility guarantor, certain wholly-owned subsidiaries of the Company as upstream guarantors, ABN ~~Amro~~AMRO Capital USA LLC, as administrative agent, security agent and lender, and Citibank N.A., London Branch, The Export-Import Bank of Korea, ING Bank N.V., London Branch, Crédit Agricole Corporate and Investment Bank and Skandinaviska Enskilda Banken AB (PUBL), as lenders, incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q filed with the SEC on August 4, 2020.

10.2		Consent to Effectiveness of New Financial Covenants Effective Date dated July 14, 2020 by ABN AMRO Capital USA LLC, Citibank N.A., London Branch, The Export-Import Bank of Korea, ING Bank N.V., London Branch, Crédit Agricole Corporate and ~~DVB~~Investment Bank ~~SE,~~and Skandinaviska Enskilda Banken AB (PUBL), as ~~bookrunners,~~lenders, addressed to Citibank N.A., London Branch, as ECA Agent, and ~~the lenders party~~ABN AMRO Capital USA LLC, as administrative agent, incorporated by reference to Exhibit 10.2 to the ~~agreement,~~ Company’s Quarterly Report on Form 10-Q filed with the ~~Commission~~SEC on August ~~7, 2019.~~4, 2020.

31.1		Certification of Chief Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2		Certification of Chief Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1†		Certifications of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2†		Certifications of Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS		Inline XBRL Document

101.SCH		Inline XBRL Taxonomy Extension Schema

101.CAL		Inline XBRL Taxonomy Extension Schema Calculation Linkbase

101.DEF		Inline XBRL Taxonomy Extension Schema Definition Linkbase

101.LAB		Inline XBRL Taxonomy Extension Schema Label Linkbase

101.PRE		Inline XBRL Taxonomy Extension Schema Presentation Linkbase

104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in exhibit 101)

†	This certification is deemed not filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.

†This certification is deemed not filed for purposes of Section 18 of the Exchange Act or otherwise subject to the liability of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended.

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SIGNATURES

~~SIGNATURES~~

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	Dorian LPG Ltd.
	(Registrant)

Date: ~~February 4,~~October 30, 2020	/s/ John C. Hadjipateras
	John C. Hadjipateras
	President and Chief Executive Officer
	(Principal Executive Officer)


Date: ~~February 4,~~October 30, 2020	/s/ Theodore B. Young
	Theodore B. Young
	Chief Financial Officer
	(Principal Financial Officer and Principal Accounting Officer)

3534


Marshall Islands
~~Marshall Islands~~		66-0818228
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)
c/o Dorian LPG (USA) LLC
27 Signal Road, Stamford, CT		06902
(Address of principal executive offices)		(Zip Code)


Title of Each Class	Trading Symbol
~~Title of Each Class~~	~~Trading Symbol~~	Name of Each Exchange on Which Registered
Common stock, par value $0.01 per share	LPG	New York Stock Exchange


Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐
~~Large accelerated filer~~ ☐	~~Accelerated filer~~ ☒	~~Non-accelerated filer~~ ☐
Smaller reporting company ☐	Emerging growth company ☒☐


PART I.	FINANCIAL INFORMATION

~~PART I.~~ITEM 1.		FINANCIAL ~~INFORMATION~~STATEMENTS

~~ITEM 1.~~		~~FINANCIAL STATEMENTS~~
		Unaudited Condensed Consolidated Balance Sheets as of ~~December 31, 2019~~September 30, 2020 and March 31, ~~2019~~2020	1
		Unaudited Condensed Consolidated Statements of Operations for the three and ~~nine~~six months ended ~~December 31,~~September 30, 2020 and September 30, 2019 ~~and December 31, 2018~~	2
		Unaudited Condensed Consolidated Statements of Shareholders' Equity for the ~~nine~~six months ended ~~December 31,~~September 30, 2020 and September 30, 2019 ~~and December 31, 2018~~	3
		Unaudited Condensed Consolidated Statements of Cash Flows for the ~~nine~~six months ended ~~December 31,~~September 30, 2020 and September 30, 2019 ~~and December 31, 2018~~	4
		Notes to Unaudited Condensed Consolidated Financial Statements	5

ITEM 2.		MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19
ITEM 3.		QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	30 31
ITEM 4.		CONTROLS AND PROCEDURES	30 31


PART II.	OTHER INFORMATION

~~PART II.~~ITEM 1.		~~OTHER INFORMATION~~LEGAL PROCEEDINGS
			32
ITEM 1.1A.		~~LEGAL PROCEEDINGS~~RISK FACTORS	32
ITEM ~~1A.~~2.		~~RISK FACTORS~~	32
~~ITEM 2.~~		UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	33
~~ITEM 6.~~		~~EXHIBITS~~	33
			32
~~EXHIBIT INDEX~~ITEM 6.		EXHIBITS	34 32

~~SIGNATURES~~EXHIBIT INDEX			35 33
SIGNATURES			34


	As of		As of
	December 31, 2019		March 31, 2019
Assets
Current assets
Cash and cash equivalents	$	64,691,247	$	30,838,684
Restricted cash—current		1,620,000		—
Trade receivables, net and accrued revenues		842,495		1,384,118
Due from related parties		69,135,975		44,455,643
Inventories		2,222,543		2,111,637
Derivative instruments		1,590,000		—
Prepaid expenses and other current assets		3,721,270		3,798,987
Total current assets		143,823,530		82,589,069
Fixed assets
Vessels, net		1,447,166,072		1,478,520,314
Other fixed assets, net		214,131		160,283
Total fixed assets		1,447,380,203		1,478,680,597
Other non-current assets
Deferred charges, net		6,235,920		2,000,794
Derivative instruments		1,033,323		6,448,498
Due from related parties—non-current		22,000,000		19,800,000
Restricted cash—non-current		35,630,353		35,633,962
Other non-current assets		1,729,701		217,097
Total assets	$	1,657,833,030	$	1,625,370,017
Liabilities and shareholders’ equity
Current liabilities
Trade accounts payable	$	13,761,191	$	7,212,580
Accrued expenses		5,838,090		3,436,116
Due to related parties		11,162		489,644
Deferred income		2,076,493		4,258,683
Current portion of long-term operating leases		393,523		—
Current portion of long-term debt		63,968,414		63,968,414
Total current liabilities		86,048,873		79,365,437
Long-term liabilities
Long-term debt—net of current portion and deferred financing fees		586,305,003		632,122,372
Derivative instruments		1,466,329		—
Other long-term liabilities		1,988,049		1,199,650
Total long-term liabilities		589,759,381		633,322,022
Total liabilities		675,808,254		712,687,459
Commitments and contingencies
Shareholders’ equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding		—		—
Common stock, $0.01 par value, 450,000,000 shares authorized, 59,078,230 and 58,882,515 shares issued, 53,987,172 and 55,167,708 shares outstanding (net of treasury stock), as of December 31, 2019 and March 31, 2019, respectively		590,783		588,826
Additional paid-in-capital		866,429,768		863,583,692
Treasury stock, at cost; 5,091,058 and 3,714,807 shares as of December 31, 2019 and March 31, 2019, respectively		(52,406,243)		(36,484,561)
Retained earnings		167,410,468		84,994,601
Total shareholders’ equity		982,024,776		912,682,558
Total liabilities and shareholders’ equity	$	1,657,833,030	$	1,625,370,017


	Number of					Additional
	common	Common		Treasury		paid-in		Retained
	shares	stock		stock		capital		Earnings		Total
Balance, April 1, 2018	58,640,161	$	586,402	$	(35,223,428)	$	858,109,882	$	135,940,506		959,413,362
Net loss for the period	—		—		—		—		(20,596,558)		(20,596,558)
Restricted share award issuances	209,552		2,095		—		(2,095)		—		—
Stock-based compensation	—		—		—		1,632,538		—		1,632,538
Purchase of treasury stock	—		—		(1,133,018)		—		—		(1,133,018)
Balance, June 30, 2018	58,849,713		588,497		(36,356,446)		859,740,325		115,343,948		939,316,324
Net loss for the period	—		—		—		—		(8,177,120)		(8,177,120)
Restricted share award issuances	9,582		98		—		(98)		—		—
Stock-based compensation	—		—		—		1,324,861		—		1,324,861
Balance, September 30, 2018	58,859,295	$	588,595	$	(36,356,446)	$	861,065,088	$	107,166,828	$	932,464,065
Net loss for the period	—		—		—		—		(6,218,652)		(6,218,652)
Restricted share award issuances	10,416		104		—		(104)		—		—
Stock-based compensation	—		—		—		1,230,325		—		1,230,325
Balance, December 31, 2018	58,869,711	$	588,699	$	(36,356,446)	$	862,295,309	$	100,948,176	$	927,475,738


	Number of					Additional
	common	Common		Treasury		paid-in		Retained
	shares	stock		stock		capital		Earnings		Total
Balance, April 1, 2019	58,882,515	$	588,826	$	(36,484,561)	$	863,583,692	$	84,994,601		912,682,558
Net income for the period	—		—		—		—		6,075,059		6,075,059
Restricted share award issuances	7,750		78		—		(78)		—		—
Stock-based compensation	—		—		—		1,305,827		—		1,305,827
Purchase of treasury stock	—		—		(983,582)		—		—		(983,582)
Balance, June 30, 2019	58,890,265		588,904		(37,468,143)		864,889,441		91,069,660		919,079,862
Net income for the period	—		—		—		—		40,711,896		40,711,896
Restricted share award issuances	183,220		1,832		—		(1,832)		—		—
Stock-based compensation	—		—		—		890,700		—		890,700
Purchase of treasury stock	—		—		(6,310,514)		—		—		(6,310,514)
Balance, September 30, 2019	59,073,485	$	590,736	$	(43,778,657)	$	865,778,309	$	131,781,556	$	954,371,944


Description	Location on Balance Sheet	December 31, 2019
Assets:
Non-current
Office Leases	Other non-current assets	$	1,107,262

Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	393,523

Long-term
Office Leases	Other long-term liabilities	$	717,150


Remainder FY 2020	$	109,820
FY 2021		441,252
FY 2022		451,124
FY 2023		182,101
Total lease payments		1,184,297
Less: imputed interest		(73,624)
Carrying value of lease liabilities	$	1,110,673


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2019	641,013	$	13.54
Granted	218,215		8.47
Vested	(457,524)		15.23
Unvested as of December 31, 2019	401,704	$	8.87


	December 31, 2019				March 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	44,958,333	$	47,063,504	$	47,395,833	$	45,901,900
Concorde Japanese Financing		49,538,462		52,040,924		51,961,538		50,176,288
Corvette Japanese Financing		50,076,923		52,630,327		52,500,000		50,671,689
CJNP Japanese Financing		19,420,625		20,712,784		20,506,250		20,918,881
CMNL Japanese Financing		18,418,899		19,843,518		19,446,131		19,862,056
CNML Japanese Financing		20,612,351		22,236,801		21,666,369		22,137,090



(in U.S. dollars, except fleet data)	Three months ended						Nine months ended
Statement of Operations Data	December 31, 2019			December 31, 2018			December 31, 2019			December 31, 2018
Revenues	$	85,437,806		$	55,113,295		$	238,228,227		$	123,565,119
Expenses
Voyage expenses		1,178,702			287,221			2,372,839			822,618
Charter hire expenses		2,071,206			—			6,181,206			—
Vessel operating expenses		19,131,124			16,773,634			52,644,762			50,834,364
Depreciation and amortization		16,710,403			16,430,363			49,450,242			49,133,072
General and administrative expenses		5,037,783			5,156,573			17,669,024			18,768,996
Professional and legal fees related to the BW Proposal		—			7,766,847			—			10,020,436
Total expenses		44,129,218			46,414,638			128,318,073			129,579,486
Other income—related parties		450,169			614,633			1,387,536			1,843,782
Operating income/(loss)		41,758,757			9,313,290			111,297,690			(4,170,585)
Other income/(expenses)
Interest and finance costs		(8,778,905)			(10,000,018)			(27,779,560)			(30,526,971)
Interest income		394,876			413,546			1,101,831			1,326,442
Unrealized gain/(loss) on derivatives		1,446,395			(6,669,266)			(5,291,504)			(3,910,190)
Realized gain on derivatives		449,276			881,276			2,191,417			2,494,832
Other gain/(loss), net		358,513			(157,480)			895,993			(205,858)
Total other income/(expenses), net		(6,129,845)			(15,531,942)			(28,881,823)			(30,821,745)
Net income/(loss)	$	35,628,912		$	(6,218,652)		$	82,415,867		$	(34,992,330)
Earnings/(loss) per common share—basic	$	0.66		$	(0.11)		$	1.52		$	(0.64)
Earnings/(loss) per common share—diluted	$	0.66		$	(0.11)		$	1.51		$	(0.64)
Other Financial Data
Adjusted EBITDA(1)	$	59,874,055		$	27,230,044		$	165,593,789		$	50,270,795
Fleet Data
Calendar days(2)		2,024			2,024			6,050			6,050
Time chartered-in days(3)		92			—			275			—
Available days(4)		1,972			2,024			6,106			6,025
Operating days(5)(8)		1,941			1,821			5,897			5,410
Fleet utilization(6)(8)		98.4	%		90.0	%		96.6	%		89.8	%
Average Daily Results
Time charter equivalent rate(7)(8)	$	43,410		$	30,108		$	39,996		$	22,688
Daily vessel operating expenses(9)	$	9,452		$	8,287		$	8,702		$	8,402


	2019		2018
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 financing activities		(63,830,103)		(50,942,251)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	$	35,468,954	$	(58,785,548)