Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2019 | Feb. 01, 2020 | |
Document and Entity Information | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,837,172 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
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 |
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 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Mar. 31, 2019 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 59,078,230 | 58,882,515 |
Common stock, shares outstanding (net of treasury stock) | 53,987,172 | 55,167,708 |
Treasury stock, shares at cost | 5,091,058 | 3,714,807 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues. | ||||
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) |
Weighted average shares outstanding Basic (in shares) | 53,944,991 | 54,441,203 | 54,380,855 | 54,356,060 |
Weighted average shares outstanding Diluted (in shares) | 54,176,748 | 54,441,203 | 54,615,843 | 54,356,060 |
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.52 | $ (0.64) |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.51 | $ (0.64) |
Net pool revenue - related party | ||||
Revenues. | ||||
Revenues | $ 77,470,478 | $ 46,683,295 | $ 208,507,192 | $ 94,816,738 |
Time charter revenue | ||||
Revenues. | ||||
Revenues | 7,859,035 | 8,370,000 | 29,112,464 | 28,477,881 |
Other revenues, net | ||||
Revenues. | ||||
Revenues | $ 108,293 | $ 60,000 | $ 608,571 | $ 270,500 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings | Total |
Balance at Mar. 31, 2018 | $ 586,402 | $ (35,223,428) | $ 858,109,882 | $ 135,940,506 | $ 959,413,362 |
Balance (in shares) at Mar. 31, 2018 | 58,640,161 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | (20,596,558) | (20,596,558) | |||
Restricted share award issuances | $ 2,095 | (2,095) | |||
Restricted share award issuances (in shares) | 209,552 | ||||
Stock-based compensation | 1,632,538 | 1,632,538 | |||
Purchase of treasury stock | (1,133,018) | (1,133,018) | |||
Balance at Jun. 30, 2018 | $ 588,497 | (36,356,446) | 859,740,325 | 115,343,948 | 939,316,324 |
Balance (in shares) at Jun. 30, 2018 | 58,849,713 | ||||
Balance at Mar. 31, 2018 | $ 586,402 | (35,223,428) | 858,109,882 | 135,940,506 | 959,413,362 |
Balance (in shares) at Mar. 31, 2018 | 58,640,161 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | (34,992,330) | ||||
Balance at Dec. 31, 2018 | $ 588,699 | (36,356,446) | 862,295,309 | 100,948,176 | 927,475,738 |
Balance (in shares) at Dec. 31, 2018 | 58,869,711 | ||||
Balance at Jun. 30, 2018 | $ 588,497 | (36,356,446) | 859,740,325 | 115,343,948 | 939,316,324 |
Balance (in shares) at Jun. 30, 2018 | 58,849,713 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | (8,177,120) | (8,177,120) | |||
Restricted share award issuances | $ 98 | (98) | |||
Restricted share award issuances (in shares) | 9,582 | ||||
Stock-based compensation | 1,324,861 | 1,324,861 | |||
Balance at Sep. 30, 2018 | $ 588,595 | (36,356,446) | 861,065,088 | 107,166,828 | 932,464,065 |
Balance (in shares) at Sep. 30, 2018 | 58,859,295 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | (6,218,652) | (6,218,652) | |||
Restricted share award issuances | $ 104 | (104) | |||
Restricted share award issuances (in shares) | 10,416 | ||||
Stock-based compensation | 1,230,325 | 1,230,325 | |||
Balance at Dec. 31, 2018 | $ 588,699 | (36,356,446) | 862,295,309 | 100,948,176 | 927,475,738 |
Balance (in shares) at Dec. 31, 2018 | 58,869,711 | ||||
Balance at Mar. 31, 2019 | $ 588,826 | (36,484,561) | 863,583,692 | 84,994,601 | 912,682,558 |
Balance (in shares) at Mar. 31, 2019 | 58,882,515 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 6,075,059 | 6,075,059 | |||
Restricted share award issuances | $ 78 | (78) | |||
Restricted share award issuances (in shares) | 7,750 | ||||
Stock-based compensation | 1,305,827 | 1,305,827 | |||
Purchase of treasury stock | (983,582) | (983,582) | |||
Balance at Jun. 30, 2019 | $ 588,904 | (37,468,143) | 864,889,441 | 91,069,660 | 919,079,862 |
Balance (in shares) at Jun. 30, 2019 | 58,890,265 | ||||
Balance at Mar. 31, 2019 | $ 588,826 | (36,484,561) | 863,583,692 | 84,994,601 | 912,682,558 |
Balance (in shares) at Mar. 31, 2019 | 58,882,515 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 82,415,867 | ||||
Balance at Dec. 31, 2019 | $ 590,783 | (52,406,243) | 866,429,768 | 167,410,468 | 982,024,776 |
Balance (in shares) at Dec. 31, 2019 | 59,078,230 | ||||
Balance at Jun. 30, 2019 | $ 588,904 | (37,468,143) | 864,889,441 | 91,069,660 | 919,079,862 |
Balance (in shares) at Jun. 30, 2019 | 58,890,265 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 40,711,896 | 40,711,896 | |||
Restricted share award issuances | $ 1,832 | (1,832) | |||
Restricted share award issuances (in shares) | 183,220 | ||||
Stock-based compensation | 890,700 | 890,700 | |||
Purchase of treasury stock | (6,310,514) | (6,310,514) | |||
Balance at Sep. 30, 2019 | $ 590,736 | (43,778,657) | 865,778,309 | 131,781,556 | 954,371,944 |
Balance (in shares) at Sep. 30, 2019 | 59,073,485 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 35,628,912 | 35,628,912 | |||
Restricted share award issuances | $ 47 | (47) | |||
Restricted share award issuances (in shares) | 4,745 | ||||
Stock-based compensation | 651,506 | 651,506 | |||
Purchase of treasury stock | (8,627,586) | (8,627,586) | |||
Balance at Dec. 31, 2019 | $ 590,783 | $ (52,406,243) | $ 866,429,768 | $ 167,410,468 | $ 982,024,776 |
Balance (in shares) at Dec. 31, 2019 | 59,078,230 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ 82,415,867 | $ (34,992,330) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 49,450,242 | 49,133,072 |
Amortization of financing costs | 2,199,487 | 2,383,918 |
Unrealized (gain)/loss on derivatives | 5,291,504 | 3,910,190 |
Stock-based compensation expense | 2,848,033 | 4,187,724 |
Unrealized foreign currency (gain)/loss, net | 68,225 | 285,938 |
Other non-cash items, net | (1,010,948) | 121,397 |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | 541,623 | 327,959 |
Prepaid expenses and other current assets | (479,382) | (704,832) |
Due from related parties | (26,880,332) | (31,046,174) |
Inventories | (110,906) | (133,650) |
Other non-current assets | (405,342) | (2,560) |
Trade accounts payable | 1,325,869 | (1,015,506) |
Accrued expenses and other liabilities | (1,265,635) | 4,061,128 |
Due to related parties | (478,482) | (334,353) |
Payments for drydocking costs | (3,133,783) | (579,711) |
Net cash provided by (used in) operating activities | 110,376,040 | (4,397,790) |
Cash flows from investing activities: | ||
Vessel-related capital expenditures | (12,370,273) | (2,703,247) |
Purchases of investment securities | (499,690) | |
Proceeds from sale of investment securities | 1,503,302 | |
Payments to acquire other fixed assets | (140,323) | (1,062) |
Net cash used in investing activities | (11,007,294) | (3,203,999) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 65,137,500 | |
Repayment of long-term debt borrowings | (47,976,310) | (114,212,965) |
Purchase of treasury stock | (15,813,246) | (1,238,642) |
Financing costs paid | (40,547) | (628,144) |
Net cash used in financing activities | (63,830,103) | (50,942,251) |
Effects of exchange rates on cash and cash equivalents | (69,689) | (241,508) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 35,468,954 | (58,785,548) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 66,472,646 | 129,368,380 |
Cash, cash equivalents, and restricted cash at the end of the period | $ 101,941,600 | $ 70,582,832 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Unaudited Condensed Consolidated Financial Statement (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2019, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), three 82,000 cbm VLGCs and one time chartered-in ECO-VLGC. As of December 31, 2019, six of our ECO-VLGCs are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on four of these VLGCs was completed during the nine months ended December 31, 2019. The installation of scrubbers on an additional two of our VLGCs was in progress as of December 31, 2019, one of which was completed in January 2020 with the other expected to be completed in February 2020. An additional four of our VLGCs are under contract to be equipped with scrubbers as of December 31, 2019, for which we expect installation to be completed during the first half of calendar year 2020. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements and related notes. The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2019 included in our Annual Report on Form 10-K filed with the SEC on May 30, 2019. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of December 31, 2019, 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 Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Management Subsidiaries 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) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Significant Accounting Policies | 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 same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as were applied in the preparation of our audited financial statements for the year ended March 31, 2019 (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), except as discussed herein. Accounting Pronouncements Adopted During the Nine Months Ended December 31, 2019 In February 2016, the FASB 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 amortization of the right-of-use asset, and for operating leases, the lessee recognizes a straight-line total lease expense. Lessor accounting remains largely unchanged 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 transitioning 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 for those periods. The adoption did not have a material effect 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. 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. 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 |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Dec. 31, 2019 | |
Transactions with Related Parties | |
Transactions with Related Parties | 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, 2019 and 2018, $0.1 million for the nine months ended December 31, 2019 and $0.2 for the nine months ended December 31, 2018 . As of December 31, 2019, $1.3 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets included herein. As of March 31, 2019, $1.2 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 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 variable rate time charters to be entered into 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 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 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, the Helios Pool operated thirty VLGCs, including twenty vessels from our fleet (including one vessel time chartered-in from an unrelated party), four Phoenix vessels, and six other vessels. As of December 31, 2019, we had receivables from the Helios Pool of $89.8 million, including $22.0 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2019, we had receivables from the Helios Pool of $62.5 million (net of an amount due to Helios Pool of $0.5 million which is reflected under “Due to related Parties”), including $19.8 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of December 31, 2019 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 million and $0.6 million for the three months ended December 31, 2019 and 2018, respectively, and $1.2 million and $1.7 million for the nine months ended December 31, 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 million and $0.1 million for the three months ended December 31, 2019, and 2018, respectively, and $0.9 million and $0.3 million for the nine months ended December 31, 2019 and 2018, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations included herein. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2019 and 2018. 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. |
Deferred Charges, Net
Deferred Charges, Net | 9 Months Ended |
Dec. 31, 2019 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 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 Additions 4,784,637 Amortization (549,511) Balance, December 31, 2019 $ 6,235,920 |
Vessels, Net
Vessels, Net | 9 Months Ended |
Dec. 31, 2019 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 17,460,014 — 17,460,014 Depreciation — (48,814,256) (48,814,256) Balance, December 31, 2019 $ 1,750,453,824 $ (303,287,752) $ 1,447,166,072 Additions to vessels, net mainly consisted of installments on the purchase of scrubbers for ten of our VLGCs during the nine months ended December 31, 2019. Our vessels, with a total carrying value of $1,447.2 million and $1,478.5 million as of December 31, 2019 and March 31, 2019, respectively, are first‑priority mortgaged as collateral for our long-term debt (refer to Note 6 below). No impairment loss was recorded for the periods presented. |
Long-term Debt
Long-term Debt | 9 Months Ended |
Dec. 31, 2019 | |
Long-term Debt | |
Long-term Debt | 6. Long-term Debt 2015 Debt 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 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 to the 2015 Debt Facility On July 23, 2019, we entered into an agreement to amend the 2015 Debt Facility (the “Debt Facility Amendment”), whose key provisions include: 1) a modification to the definition of consolidated EBITDA to exclude expenses incurred in connection with the BW LPG acquisition attempt (see Exhibit 10.1); 2) the following financial covenant modification: · Minimum interest coverage ratio of consolidated EBITDA, as defined in the 2015 Debt Facility, 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 3) the following modification to the definition of consolidated liquidity: · if the minimum interest coverage ratio of consolidated EBITDA 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. 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 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 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 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 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”). 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 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 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”). Debt Obligations The table below presents our debt obligations: December 31, 2019 March 31, 2019 2015 Debt Facility Commercial Financing $ 166,461,402 $ 175,687,613 KEXIM Direct Financing 114,502,131 125,860,144 KEXIM Guaranteed 119,130,446 130,366,568 K-sure Insured 59,000,735 64,706,170 Total 2015 Debt Facility $ 459,094,714 $ 496,620,495 Japanese Financings Corsair Japanese Financing $ 44,958,333 $ 47,395,833 Concorde Japanese Financing 49,538,462 51,961,538 Corvette Japanese Financing 50,076,923 52,500,000 CJNP Japanese Financing 19,420,625 20,506,250 CMNL Japanese Financing 18,418,899 19,446,131 CNML Japanese Financing 20,612,351 21,666,369 Total Japanese Financings $ 203,025,593 $ 213,476,121 Total debt obligations $ 662,120,307 $ 710,096,616 Less: deferred financing fees 11,846,890 14,005,830 Debt obligations—net of deferred financing fees $ 650,273,417 $ 696,090,786 Presented as follows: Current portion of long-term debt $ 63,968,414 $ 63,968,414 Long-term debt—net of current portion and deferred financing fees 586,305,003 632,122,372 Total $ 650,273,417 $ 696,090,786 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 Additions 40,547 Amortization (2,199,487) Balance, December 31, 2019 $ 11,846,890 |
Stock Repurchase Program
Stock Repurchase Program | 9 Months Ended |
Dec. 31, 2019 | |
Stock Repurchase Program | |
Stock Repurchase Program | 7. 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 through the period ended December 31, 2020 (the “Common Share Repurchase Program”). As of December 31, 2019, we repurchased a total of 1.2 million shares of our common stock for approximately $14.8 million under this program, resulting in $35.2 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 8. 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 million and $1.2 million for the three months ended December 31, 2019 and 2018, respectively, and $2.8 million and $4.2 million for the nine months ended December 31, 2019 and 2018, respectively. Unrecognized compensation cost was $2.0 million as of December 31, 2019 and will be recognized over a remaining weighted average life of 1.91 years. For more information on our equity incentive plan, refer to Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019. In June, September, and December 2019, we granted 7,750, 6,470, and 4,745 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, we granted an aggregate of 175,200 shares of restricted stock and 22,500 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 equally 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 . A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2019 and changes during the nine months ended December 31, 2019, is as follows: 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 |
Revenues
Revenues | 9 Months Ended |
Dec. 31, 2019 | |
Revenues. | |
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 Net pool revenues—related party $ 77,470,478 $ 46,683,295 $ 208,507,192 $ 94,816,738 Time charter revenues 7,859,035 8,370,000 29,112,464 28,477,881 Other revenues, net 108,293 60,000 608,571 270,500 Total revenues $ 85,437,806 $ 55,113,295 $ 238,228,227 $ 123,565,119 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. Other revenues, net represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 9 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 10. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, restricted cash amounts due from related parties, trade accounts receivable and derivative instruments. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties and accrued liabilities. (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 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 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 18 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 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. 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 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 Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Forward freight agreements 1,590,000 — — — December 31, 2019 March 31, 2019 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ 1,033,323 $ 1,466,329 $ 6,448,498 $ — 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 December 31, 2019 December 31, 2018 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ 645,000 $ — 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 Gain/(loss) on derivatives, net $ 1,895,671 $ (5,787,990) 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 and March 31, 2019, 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 months ended December 31, 2019 and 2018. (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 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 |
Earnings_(Loss) Per Share (EPS)
Earnings/(Loss) Per Share (EPS) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings/(Loss) Per Share ("EPS") | |
Earnings/(Loss) Per Share ("EPS") | 11. Earnings/(Loss) Per Share (“EPS”) Basic EPS represents net income/(loss) 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 calculation. Diluted EPS represent net income/(loss) 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 (In U.S. dollars except share data) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Numerator: Net income/(loss) $ 35,628,912 $ (6,218,652) $ 82,415,867 $ (34,992,330) Denominator: Basic weighted average number of common shares outstanding 53,944,991 54,441,203 54,380,855 54,356,060 Effect of dilutive restricted stock and restricted stock units 231,757 — 234,988 — Diluted weighted average number of common shares outstanding 54,176,748 54,441,203 54,615,843 54,356,060 EPS: Basic $ 0.66 $ (0.11) $ 1.52 $ (0.64) Diluted $ 0.66 $ (0.11) $ 1.51 $ (0.64) For the three and nine months ended December 31, 2018, there were 725,685 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 months ended December 31, 2019. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | 12. 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 Less than one year $ 4,218,540 Total $ 4,218,540 These amounts only reflect firm commitments for scrubber purchases as of December 31, 2019 and exclude costs related to their installation. The timing of these payments is subject to change as installation times are finalized. 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 Less than one year $ 531,200 One to three years 395,592 Total $ 926,792 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 Less than one year $ 8,370,000 One to three years 1,400,000 Total $ 9,770,000 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 Less than one year $ 16,675,858 One to three years 31,125,000 Total $ 47,800,858 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 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. |
Professional and Legal Fees Rel
Professional and Legal Fees Related to the BW Proposal | 9 Months Ended |
Dec. 31, 2019 | |
Professional and Legal Fees Related to the BW Proposal | |
Professional and Legal Fees Related to the BW Proposal | 13. Professional and Legal Fees Related to the BW Proposal In 2018, BW LPG Limited and its affiliates (“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 (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 in connection with the BW Proposal totaled $7.8 million and $10.0 million, respectively. No such costs were incurred during the nine months ended December 31, 2019. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Dec. 31, 2019 | |
Subsequent Events. | |
Subsequent Events | 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Accounting Pronouncements Adopted | Accounting Pronouncements Adopted During the Nine Months Ended December 31, 2019 In February 2016, the FASB 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 amortization of the right-of-use asset, and for operating leases, the lessee recognizes a straight-line total lease expense. Lessor accounting remains largely unchanged 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 transitioning 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 for those periods. The adoption did not have a material effect 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. 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. 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 |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of December 31, 2019, 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 Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Management Subsidiaries 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) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies | |
Schedule of operating lease right-of-use assets and liabilities | 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 |
Schedule of maturities of operating lease liabilities | 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 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2019 $ 2,000,794 Additions 4,784,637 Amortization (549,511) Balance, December 31, 2019 $ 6,235,920 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 17,460,014 — 17,460,014 Depreciation — (48,814,256) (48,814,256) Balance, December 31, 2019 $ 1,750,453,824 $ (303,287,752) $ 1,447,166,072 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Long-term Debt | |
Schedule of loans outstanding | December 31, 2019 March 31, 2019 2015 Debt Facility Commercial Financing $ 166,461,402 $ 175,687,613 KEXIM Direct Financing 114,502,131 125,860,144 KEXIM Guaranteed 119,130,446 130,366,568 K-sure Insured 59,000,735 64,706,170 Total 2015 Debt Facility $ 459,094,714 $ 496,620,495 Japanese Financings Corsair Japanese Financing $ 44,958,333 $ 47,395,833 Concorde Japanese Financing 49,538,462 51,961,538 Corvette Japanese Financing 50,076,923 52,500,000 CJNP Japanese Financing 19,420,625 20,506,250 CMNL Japanese Financing 18,418,899 19,446,131 CNML Japanese Financing 20,612,351 21,666,369 Total Japanese Financings $ 203,025,593 $ 213,476,121 Total debt obligations $ 662,120,307 $ 710,096,616 Less: deferred financing fees 11,846,890 14,005,830 Debt obligations—net of deferred financing fees $ 650,273,417 $ 696,090,786 Presented as follows: Current portion of long-term debt $ 63,968,414 $ 63,968,414 Long-term debt—net of current portion and deferred financing fees 586,305,003 632,122,372 Total $ 650,273,417 $ 696,090,786 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2019 $ 14,005,830 Additions 40,547 Amortization (2,199,487) Balance, December 31, 2019 $ 11,846,890 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Stock-Based Compensation Plans | |
Summary of the activity of restricted shares | 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 |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Revenues. | |
Schedule of revenues | Three months ended Nine months ended December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Net pool revenues—related party $ 77,470,478 $ 46,683,295 $ 208,507,192 $ 94,816,738 Time charter revenues 7,859,035 8,370,000 29,112,464 28,477,881 Other revenues, net 108,293 60,000 608,571 270,500 Total revenues $ 85,437,806 $ 55,113,295 $ 238,228,227 $ 123,565,119 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | December 31, 2019 March 31, 2019 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Forward freight agreements 1,590,000 — — — December 31, 2019 March 31, 2019 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ 1,033,323 $ 1,466,329 $ 6,448,498 $ — |
Schedule of effect of derivative instruments on the consolidated statement of operations | Three 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 $ 645,000 $ — 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 Gain/(loss) on derivatives, net $ 1,895,671 $ (5,787,990) 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) |
Summary of carrying value and estimated fair value of Japanese Financings | 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 |
Earnings_(Loss) Per Share (EP_2
Earnings/(Loss) Per Share (EPS) (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Numerator: Net income/(loss) $ 35,628,912 $ (6,218,652) $ 82,415,867 $ (34,992,330) Denominator: Basic weighted average number of common shares outstanding 53,944,991 54,441,203 54,380,855 54,356,060 Effect of dilutive restricted stock and restricted stock units 231,757 — 234,988 — Diluted weighted average number of common shares outstanding 54,176,748 54,441,203 54,615,843 54,356,060 EPS: Basic $ 0.66 $ (0.11) $ 1.52 $ (0.64) Diluted $ 0.66 $ (0.11) $ 1.51 $ (0.64) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Schedule of future minimum scrubber purchases commitments | December 31, 2019 Less than one year $ 4,218,540 Total $ 4,218,540 |
Schedule of operating lease rent expense | 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 |
Schedule of operating leases | December 31, 2019 Less than one year $ 531,200 One to three years 395,592 Total $ 926,792 |
Schedule of time charter-in expenses | 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 $ — |
Schedule of future minimum time charter-in commitments | December 31, 2019 Less than one year $ 8,370,000 One to three years 1,400,000 Total $ 9,770,000 |
Schedule of future minimum fixed time charter contracts | December 31, 2019 Less than one year $ 16,675,858 One to three years 31,125,000 Total $ 47,800,858 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 1 Months Ended | 9 Months Ended |
Jan. 31, 2020item | Dec. 31, 2019USD ($)item | |
Basis of Presentation and General Information | ||
Total number of vessels | 23 | |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 | |
Number of VLGCs having 82,000 cbm | 3 | |
Number of time chartered-in VLGC | 1 | |
The number of vessels that have exhaust gas cleaning systems | 6 | |
Number of VLGCs with scrubber purchase commitments that were in-process | $ | $ 2 | |
Number of VLGCs with scrubber purchase commitments that were completed | 1 | 4 |
Number of VLGCs with scrubber purchase commitments that remain to be installed | 4 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Dec. 31, 2019m³ |
CMNL LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CJNP LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CNML LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (Cougar) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (Cobra) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (Continental) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (Constitution) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (Commodore) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (Cresques) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (Cheyenne) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (Clermont) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (Cratis) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (Chaparral) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (Copernicus) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (Challenger) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (Caravelle) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Significant Accounting Polici_4
Significant Accounting Policies (AcctPro) (Details) - USD ($) | Dec. 31, 2019 | Apr. 01, 2019 |
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating lease right-of-use assets | $ 1,107,262 | |
Operating lease liability | $ 1,110,673 | |
Adjustment | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating lease right-of-use assets | $ 1,200,000 | |
Operating lease liability | $ 1,200,000 |
Significant Accounting Polici_5
Significant Accounting Policies (Lease assets and liabilities) (Details) | Dec. 31, 2019USD ($) |
Leases | |
Weighted average discount rate (as a percent) | 5.32% |
Weighted average remaining lease term | 33 months 3 days |
Operating lease right-of-use assets | $ 1,107,262 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Operating lease liabilities current | $ 393,523 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating lease liabilities current |
Operating lease liabilities non-current | $ 717,150 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Minimum | |
Leases | |
Weighted average discount rate (as a percent) | 4.56% |
Maximum | |
Leases | |
Weighted average discount rate (as a percent) | 5.53% |
Significant Accounting Polici_6
Significant Accounting Policies (Operating Lease Liability Maturity) (Details) | Dec. 31, 2019USD ($) |
Significant Accounting Policies | |
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 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Mar. 31, 2019USD ($) | Jul. 26, 2013 |
Transactions with Related Parties | |||||||
Due from related parties | $ 69,135,975 | $ 69,135,975 | $ 44,455,643 | ||||
Due to related parties | 11,162 | $ 11,162 | 489,644 | ||||
Number of time chartered-in VLGC | item | 1 | ||||||
Eagle Ocean Transport | Maximum | |||||||
Transactions with Related Parties | |||||||
Reimbursed miscellaneous costs | 100,000 | $ 100,000 | $ 100,000 | $ 100,000 | |||
Manager | |||||||
Transactions with Related Parties | |||||||
Due from related parties | 1,300,000 | 1,300,000 | 1,200,000 | ||||
Mr. John Hadjipateras | |||||||
Transactions with Related Parties | |||||||
Ownership interest (as a percent) | 100.00% | ||||||
Helios LPG Pool LLC | |||||||
Transactions with Related Parties | |||||||
Due from related parties | 89,800,000 | $ 89,800,000 | 62,500,000 | ||||
Due to related party | 500,000 | ||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | ||||||
Number of members | item | 2 | ||||||
Number of vessels that are operating under pooling agreement | item | 30 | ||||||
Number of time chartered-in VLGC | item | 1 | ||||||
Number of Company vessels that are operating under pooling agreement | item | 20 | ||||||
Working capital contributed | 22,000,000 | $ 22,000,000 | $ 19,800,000 | ||||
Helios LPG Pool LLC | Phoenix | |||||||
Transactions with Related Parties | |||||||
Number of third party vessels that are operating under pooling agreement | item | 4 | ||||||
Helios LPG Pool LLC | Oriental Energy | |||||||
Transactions with Related Parties | |||||||
Number of third party vessels that are operating under pooling agreement | item | 6 | ||||||
Other income-related party | Manager | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | $ 100,000 | 200,000 | |||||
Other income-related party | Manager | Maximum | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | 100,000 | 100,000 | |||||
Other income-related party | Helios LPG Pool LLC | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | 400,000 | 600,000 | 1,200,000 | 1,700,000 | |||
Other income | |||||||
Transactions with Related Parties | |||||||
Fixed reimbursement of expense from Helios | $ 400,000 | $ 100,000 | $ 900,000 | $ 300,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 9 Months Ended |
Dec. 31, 2019USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period | $ 2,000,794 |
Additions | 4,784,637 |
Amortization | (549,511) |
Balance at the end of the period | $ 6,235,920 |
Vessels, Net (Details)
Vessels, Net (Details) | 9 Months Ended | |
Dec. 31, 2019USD ($)item | Mar. 31, 2019USD ($) | |
Vessels, Net | ||
Vessels, net | $ 1,447,166,072 | $ 1,478,520,314 |
Vessels | ||
Cost | ||
Balance at the beginning of the period | 1,732,993,810 | |
Other additions | 17,460,014 | |
Balance at the end of the period | 1,750,453,824 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (254,473,496) | |
Impairment | 0 | |
Depreciation | (48,814,256) | |
Balance at the end of the period | $ (303,287,752) | |
Number of VLGCs with scrubber purchase commitments | item | 10 | |
Mortgaged VLGC vessels, carrying value | $ 1,447,200,000 | $ 1,478,500,000 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 9 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Jul. 23, 2019 | Mar. 31, 2019 | Mar. 31, 2015 | |
Debt obligations | ||||||
Total debt obligations | $ 662,120,307 | $ 710,096,616 | ||||
Less: deferred financing fees | $ 11,846,890 | 11,846,890 | 14,005,830 | |||
Total | 650,273,417 | 696,090,786 | ||||
Presented as follows: | ||||||
Current portion of long-term debt | 63,968,414 | 63,968,414 | ||||
Long-term debt—net of current portion and deferred financing fees | 586,305,003 | 632,122,372 | ||||
Total | 650,273,417 | 696,090,786 | ||||
Deferred financing fees | ||||||
Deferred finance fees, beginning | 14,005,830 | |||||
Additions | 40,547 | |||||
Amortization | (2,199,487) | $ (2,383,918) | ||||
Deferred finance fees, end | $ 11,846,890 | |||||
Japanese Financings | ||||||
Debt obligations | ||||||
Total debt obligations | 203,025,593 | 213,476,121 | ||||
Corsair Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 44,958,333 | 47,395,833 | ||||
Concorde Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 49,538,462 | 51,961,538 | ||||
Corvette Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 50,076,923 | 52,500,000 | ||||
CJNP Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 19,420,625 | 20,506,250 | ||||
CMNL Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 18,418,899 | 19,446,131 | ||||
CNML Japanese Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 20,612,351 | 21,666,369 | ||||
2015 Debt Facility | ||||||
Long-Term Debt | ||||||
Original loan amount | $ 758,000,000 | |||||
Minimum interest coverage ratio for following 9 month period (as a percent) | 200.00% | |||||
Minimum interest coverage ratio for thereafter (as a percent) | 250.00% | |||||
Minimum consolidated liquidity if interest coverage ratio of consolidated EBTDA is less than required | $ 47,500,000 | |||||
Debt obligations | ||||||
Total debt obligations | 459,094,714 | 496,620,495 | ||||
Commercial Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 166,461,402 | 175,687,613 | ||||
KEXIM Direct Financing | ||||||
Debt obligations | ||||||
Total debt obligations | 114,502,131 | 125,860,144 | ||||
KEXIM Guaranteed | ||||||
Debt obligations | ||||||
Total debt obligations | 119,130,446 | 130,366,568 | ||||
K-sure Insured | ||||||
Debt obligations | ||||||
Total debt obligations | $ 59,000,735 | $ 64,706,170 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 5 Months Ended | |
Dec. 31, 2019 | Aug. 05, 2019 | |
Stock repurchases | ||
Common stock repurchase authorized amount | $ 50 | |
Treasury stock shares acquired (in shares) | 1.2 | |
Treasury stock value acquired to date | $ 14.8 | |
Remaining available authorization | $ 35.2 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | Aug. 05, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Stock-Based Compensation Plans | |||||||||
Unrecognized compensation cost | $ 2 | $ 2 | $ 2 | ||||||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 10 months 28 days | ||||||||
General and administrative expenses | |||||||||
Stock-Based Compensation Plans | |||||||||
Stock-based compensation expense | $ 0.7 | $ 1.2 | $ 2.8 | $ 4.2 | |||||
Restricted stock awards | |||||||||
Number of Shares | |||||||||
Unvested at the beginning of the period (in shares) | 641,013 | ||||||||
Granted (in shares) | 218,215 | ||||||||
Vested (in shares) | (457,524) | ||||||||
Unvested at the end of the period (in shares) | 401,704 | 401,704 | 401,704 | ||||||
Weighted-Average Grant-Date Fair Value | |||||||||
Unvested at the beginning of the period (in dollars per share) | $ 13.54 | ||||||||
Granted (in dollars per share) | 8.47 | ||||||||
Vested (in dollars per share) | 15.23 | ||||||||
Unvested at the end of the period (in dollars per share) | $ 8.87 | $ 8.87 | $ 8.87 | ||||||
Certain officers and employees | Restricted stock awards | |||||||||
Number of Shares | |||||||||
Granted (in shares) | 175,200 | ||||||||
Certain officers and employees | Restricted stock awards | Vest immediately | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 25.00% | ||||||||
Certain officers and employees | Restricted stock awards | Vest one year after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 25.00% | ||||||||
Certain officers and employees | Restricted stock awards | Vest two years after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 25.00% | ||||||||
Certain officers and employees | Restricted stock awards | Vest three years after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 25.00% | ||||||||
Certain officers and employees | Restricted stock units | |||||||||
Number of Shares | |||||||||
Granted (in shares) | 22,500 | ||||||||
Certain officers and employees | Restricted stock units | Vest one year after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 33.30% | ||||||||
Certain officers and employees | Restricted stock units | Vest two years after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 33.30% | ||||||||
Certain officers and employees | Restricted stock units | Vest three years after grant | |||||||||
Stock-Based Compensation Plans | |||||||||
Vesting (as a percent) | 33.30% | ||||||||
Non-executive director | Restricted stock awards | |||||||||
Number of Shares | |||||||||
Granted (in shares) | 4,745 | 6,470 | 7,750 | ||||||
Non-employee consultant | Restricted stock awards | |||||||||
Number of Shares | |||||||||
Granted (in shares) | 1,550 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 85,437,806 | $ 55,113,295 | $ 238,228,227 | $ 123,565,119 |
Net pool revenue - related party | ||||
Revenues | 77,470,478 | 46,683,295 | 208,507,192 | 94,816,738 |
Time charter revenue | ||||
Revenues | 7,859,035 | 8,370,000 | 29,112,464 | 28,477,881 |
Other revenues, net | ||||
Revenues | $ 108,293 | $ 60,000 | $ 608,571 | $ 270,500 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | |
Derivative Instruments | |||||
Change in fair value | $ 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 | |
Interest rate swaps | Derivatives not designated as hedging instruments | |||||
Derivative Instruments | |||||
Gain/(loss) on derivatives, net | 1,895,671 | (5,787,990) | (3,100,087) | (1,415,358) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||||
Derivative Instruments | |||||
Change in fair value | 801,395 | (6,669,266) | (6,881,504) | (3,910,190) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain on derivatives | |||||
Derivative Instruments | |||||
Realized gain on derivatives | 449,276 | $ 881,276 | 2,191,417 | $ 2,494,832 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | |||||
Derivative Instruments | |||||
Derivative Asset | 1,033,323 | 1,033,323 | $ 6,448,498 | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||||
Derivative Instruments | |||||
Derivative Liabilities | 1,466,329 | 1,466,329 | |||
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||||
Derivative Instruments | |||||
Change in fair value | 645,000 | 1,590,000 | |||
Forward freight agreements | Derivatives not designated as hedging instruments | Current assets-Derivative instruments | |||||
Derivative Instruments | |||||
Derivative Asset | $ 1,590,000 | $ 1,590,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Dec. 31, 2019 | Mar. 31, 2019 |
Fair value | ||
Carrying Value | $ 650,273,417 | $ 696,090,786 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 44,958,333 | 47,395,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 47,063,504 | 45,901,900 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 49,538,462 | 51,961,538 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 52,040,924 | 50,176,288 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 50,076,923 | 52,500,000 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 52,630,327 | 50,671,689 |
CJNP Japanese Financing | ||
Fair value | ||
Carrying Value | 19,420,625 | 20,506,250 |
CJNP Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 20,712,784 | 20,918,881 |
CMNL Japanese Financing | ||
Fair value | ||
Carrying Value | 18,418,899 | 19,446,131 |
CMNL Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 19,843,518 | 19,862,056 |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 20,612,351 | 21,666,369 |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 22,236,801 | $ 22,137,090 |
Earnings_(Loss) Per Share (Deta
Earnings/(Loss) Per Share (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | ||||||||
Net income/(loss) | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ (6,218,652) | $ (8,177,120) | $ (20,596,558) | $ 82,415,867 | $ (34,992,330) |
Denominator: | ||||||||
Basic weighted average number of common shares outstanding (in shares) | 53,944,991 | 54,441,203 | 54,380,855 | 54,356,060 | ||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 231,757 | 234,988 | ||||||
Diluted weighted average number of common shares outstanding (in shares) | 54,176,748 | 54,441,203 | 54,615,843 | 54,356,060 | ||||
EPS: | ||||||||
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.52 | $ (0.64) | ||||
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.51 | $ (0.64) | ||||
Restricted stock awards | ||||||||
EPS: | ||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 725,685 | 0 | 725,685 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments under Contracts for Scrubber Purchases | ||||
Less than one year | $ 4,218,540 | $ 4,218,540 | ||
Total | 4,218,540 | 4,218,540 | ||
Operating Leases | ||||
Operating lease rent expense | 141,395 | $ 120,010 | 391,411 | $ 353,609 |
Commitments under Operating Leases | ||||
Less than one year | 531,200 | 531,200 | ||
One to three years | 395,592 | 395,592 | ||
Total | 926,792 | 926,792 | ||
Time Charter-in | ||||
Charter hire expenses | 2,071,206 | 6,181,206 | ||
Time Charter-in commitments | ||||
Less than one year | 8,370,000 | 8,370,000 | ||
One to three years | 1,400,000 | 1,400,000 | ||
Total | 9,770,000 | 9,770,000 | ||
Fixed Time Charter Commitments | ||||
Less than one year | 16,675,858 | 16,675,858 | ||
One to three years | 31,125,000 | 31,125,000 | ||
Total | $ 47,800,858 | $ 47,800,858 |
Professional and Legal Fees R_2
Professional and Legal Fees Related to the BW Proposal (Details) | 3 Months Ended | 9 Months Ended | |
Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | |
Professional and Legal Fees Related to the BW Proposal | |||
Costs for professional (including investment banking fees) and legal services incurred in connection with BW’s unsolicited acquisition proposal and proxy contest | $ 7,766,847 | $ 10,020,436 | |
BW | |||
Professional and Legal Fees Related to the BW Proposal | |||
Number of directors proposed to be replaced in BW proposal | item | 3 | ||
Costs for professional (including investment banking fees) and legal services incurred in connection with BW’s unsolicited acquisition proposal and proxy contest | $ 7,800,000 | $ 0 | $ 10,000,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 5 Months Ended | |||||
Jan. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | Feb. 03, 2020 | Aug. 05, 2019 | |
Amendment to the 2015 Debt Facility | ||||||||
Treasury stock shares acquired (in shares) | 1.2 | |||||||
Amount of shares repurchased | $ 8,627,586 | $ 6,310,514 | $ 983,582 | $ 1,133,018 | ||||
Treasury stock value acquired to date | 14,800,000 | $ 14,800,000 | ||||||
Remaining available authorization | $ 35,200,000 | $ 35,200,000 | ||||||
Common stock repurchase authorized amount | $ 50,000,000 | |||||||
Subsequent events | ||||||||
Amendment to the 2015 Debt Facility | ||||||||
Treasury stock shares acquired (in shares) | 0.2 | |||||||
Amount of shares repurchased | $ 2,300,000 | |||||||
Treasury stock shares acquired to date | 1.4 | |||||||
Treasury stock value acquired to date | $ 17,100,000 | |||||||
Remaining available authorization | $ 32,900,000 | $ 82,900,000 | ||||||
Common stock repurchase authorized amount | $ 50,000,000 |