Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | May 27, 2022 | Sep. 30, 2021 | |
Cover Abstract | |||
Entity Registrant Name | Dorian LPG Ltd. | ||
Entity Central Index Key | 0001596993 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36437 | ||
Entity Incorporation, State or Country Code | 1T | ||
Entity Tax Identification Number | 66-0818228 | ||
Entity Address, Address Line One | 27 Signal Road | ||
Entity Address, City or Town | Stamford | ||
Entity Address, State or Province | CT | ||
Entity Address, Postal Zip Code | 06902 | ||
City Area Code | 203 | ||
Local Phone Number | 674-9900 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | LPG | ||
Security Exchange Name | NYSE | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 498,141,942 | ||
Entity Common Stock, Shares Outstanding | 40,135,042 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Deloitte Certified Public Accountants S.A. | ||
Auditor Firm ID | 1163 | ||
Auditor Location | Athens, Greece |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 236,758,927 | $ 79,330,007 |
Restricted cash - current | 5,315,951 | |
Trade receivables, net and accrued revenues | 853,060 | 202,221 |
Due from related parties | 57,782,831 | 56,191,375 |
Inventories | 2,266,351 | 2,007,464 |
Prepaid expenses and other current assets | 10,232,083 | 10,296,229 |
Total current assets | 307,893,252 | 153,343,247 |
Fixed assets | ||
Vessels, net | 1,238,061,690 | 1,377,028,255 |
Vessel under construction | 16,401,532 | |
Other fixed assets, net | 54,101 | 148,836 |
Total fixed assets | 1,254,517,323 | 1,377,177,091 |
Other non-current assets | ||
Deferred charges, net | 9,839,000 | 10,158,202 |
Derivative instruments | 6,512,479 | |
Due from related parties-non-current | 19,800,000 | 23,100,000 |
Restricted cash - non-current | 77,987 | 81,241 |
Operating lease right-of-use assets | 8,087,014 | 17,672,227 |
Other non-current assets | 635,038 | 82,837 |
Total assets | 1,607,362,093 | 1,581,614,845 |
Current liabilities | ||
Trade accounts payable | 9,541,131 | 9,831,328 |
Accrued expenses | 3,801,448 | 8,765,264 |
Due to related parties | 37,433 | 117,803 |
Deferred income | 813,967 | 853,983 |
Derivative instruments | 1,100,529 | |
Current portion of long-term operating lease liabilities | 8,073,364 | 9,591,447 |
Current portion of long-term debt | 72,075,571 | 51,820,283 |
Dividends payable | 494,180 | |
Total current liabilities | 94,837,094 | 82,080,637 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 590,687,387 | 539,651,761 |
Long-term operating lease liabilities | 8,080,995 | |
Derivative instruments | 3,454,862 | |
Other long-term liabilities | 1,686,197 | 1,521,260 |
Total long-term liabilities | 592,373,584 | 552,708,878 |
Total liabilities | 687,210,678 | 634,789,515 |
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, 51,321,695 and 51,071,409 shares issued, 40,185,042 and 41,493,275 shares outstanding (net of treasury stock), as of March 31, 2022 and March 31, 2021, respectively | 513,217 | 510,715 |
Additional paid-in-capital | 760,105,994 | 756,776,217 |
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of March 31, 2022 and March 31, 2021, respectively | (121,226,936) | (99,862,114) |
Retained earnings | 280,759,140 | 289,400,512 |
Total shareholders' equity | 920,151,415 | 946,825,330 |
Total liabilities and shareholders' equity | $ 1,607,362,093 | $ 1,581,614,845 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2022 | Mar. 31, 2021 |
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 | 51,321,695 | 51,071,409 |
Common stock, shares outstanding (net of treasury stock) | 40,185,042 | 41,493,275 |
Treasury stock, shares at cost | 11,136,653 | 9,578,134 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues. | |||
Revenues | $ 274,221,448 | $ 315,938,812 | $ 333,429,998 |
Expenses | |||
Voyage expenses | 4,324,712 | 3,409,650 | 3,242,923 |
Charter hire expenses | 16,265,638 | 18,135,580 | 9,861,898 |
Vessel operating expenses | 74,204,218 | 78,219,869 | 71,478,369 |
Depreciation and amortization | 66,432,115 | 68,462,476 | 66,262,530 |
General and administrative expenses | 30,226,739 | 33,890,999 | 23,355,768 |
Total expenses | 191,453,422 | 202,118,574 | 174,201,488 |
Gain on disposal of vessels | 7,256,897 | ||
Other income-related parties | 2,374,050 | 2,279,454 | 1,840,321 |
Operating income | 92,398,973 | 116,099,692 | 161,068,831 |
Other income/(expenses) | |||
Interest and finance costs | (27,067,395) | (27,596,124) | (36,105,541) |
Interest income | 347,082 | 421,464 | 1,458,725 |
Unrealized gain/(loss) on derivatives | 11,067,870 | 7,202,880 | (18,206,769) |
Realized gain/(loss) on derivatives | (3,450,443) | (4,568,033) | 2,800,374 |
Other gain/(loss), net | (1,361,069) | 1,004,774 | 825,638 |
Total other income/(expenses), net | (20,463,955) | (23,535,039) | (49,227,573) |
Net income | $ 71,935,018 | $ 92,564,653 | $ 111,841,258 |
Weighted average shares outstanding Basic (in shares) | 40,203,937 | 49,729,358 | 53,881,483 |
Weighted average shares outstanding Diluted (in shares) | 40,365,088 | 49,826,798 | 54,115,338 |
Earnings per common share - basic (in dollars per share) | $ 1.79 | $ 1.86 | $ 2.08 |
Earnings per common share - diluted (in dollars per share) | $ 1.78 | $ 1.86 | $ 2.07 |
Net pool revenues - related party | |||
Revenues. | |||
Revenues | $ 246,305,480 | $ 292,679,614 | $ 298,079,123 |
Time charter revenues | |||
Revenues. | |||
Revenues | 22,377,211 | 19,492,595 | 34,111,230 |
Other revenue, net | |||
Revenues. | |||
Revenues | $ 5,538,757 | $ 3,766,603 | $ 1,239,645 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings/(Accumulated deficit) | Total |
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 for the period | 111,841,258 | 111,841,258 | |||
Restricted share award issuances | $ 2,007 | (2,007) | |||
Restricted share award issuances (in shares) | 200,775 | ||||
Stock-based compensation | 3,227,686 | 3,227,686 | |||
Purchase of treasury stock | (50,699,304) | (50,699,304) | |||
Balance at Mar. 31, 2020 | $ 590,833 | (87,183,865) | 866,809,371 | 196,835,859 | 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 92,564,653 | 92,564,653 | |||
Restricted share award issuances | $ 3,933 | (3,933) | |||
Restricted share award issuances (in shares) | 393,265 | ||||
Stock-based compensation | 3,356,199 | 3,356,199 | |||
Repurchase and cancellation of common stock | $ (84,051) | (113,385,420) | (113,469,471) | ||
Repurchase and cancellation of common stock (in shares) | (8,405,146) | ||||
Purchase of treasury stock | (12,678,249) | (12,678,249) | |||
Balance at Mar. 31, 2021 | $ 510,715 | (99,862,114) | 756,776,217 | 289,400,512 | 946,825,330 |
Balance (in shares) at Mar. 31, 2021 | 51,071,409 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 71,935,018 | 71,935,018 | |||
Restricted share award issuances | $ 2,502 | (2,502) | |||
Restricted share award issuances (in shares) | 250,286 | ||||
Dividend | (80,576,390) | (80,576,390) | |||
Stock-based compensation | 3,332,279 | 3,332,279 | |||
Purchase of treasury stock | (21,364,822) | (21,364,822) | |||
Balance at Mar. 31, 2022 | $ 513,217 | $ (121,226,936) | $ 760,105,994 | $ 280,759,140 | $ 920,151,415 |
Balance (in shares) at Mar. 31, 2022 | 51,321,695 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net income | $ 71,935,018 | $ 92,564,653 | $ 111,841,258 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 66,432,115 | 68,462,476 | 66,262,530 |
Amortization of operating lease right-of-use assets | 9,576,822 | 9,218,537 | 1,885,522 |
Amortization of financing costs | 5,889,040 | 4,695,360 | 2,893,392 |
Unrealized (gain)/loss on derivatives | (11,067,870) | (7,202,880) | 18,206,769 |
Stock-based compensation expense | 3,332,279 | 3,356,199 | 3,227,686 |
Gain on disposal of vessels | (7,256,897) | ||
Unrealized foreign currency (gain)/loss, net | 166,873 | (210,010) | 311,539 |
Other non-cash items, net | 1,267,576 | (1,091,825) | (1,200,001) |
Changes in operating assets and liabilities | |||
Trade receivables, net and accrued revenue | (650,839) | 618,625 | 563,272 |
Prepaid expenses and other current assets | (2,607,346) | (1,192,336) | (222,510) |
Due from related parties | 897,936 | 10,656,326 | (25,692,058) |
Inventories | (258,887) | (11,261) | 115,434 |
Other non-current assets | (552,201) | 1,490,267 | (1,356,007) |
Operating lease liabilities-current and long-term | (9,590,424) | (9,221,782) | (1,888,347) |
Trade accounts payable | (115,287) | 212,173 | 1,470,669 |
Accrued expenses and other liabilities | (4,889,118) | 4,309,014 | (2,078,325) |
Due to related parties | (80,370) | (319,047) | (52,794) |
Payments for drydocking costs | (3,733,250) | (5,738,793) | (5,251,622) |
Net cash provided by operating activities | 118,695,170 | 170,595,696 | 169,036,407 |
Cash flows from investing activities: | |||
Payments for vessel under construction and vessel capital expenditures | (23,185,913) | (9,492,953) | (19,883,090) |
Payments for short-term investments | (14,888,638) | ||
Purchases of investment securities | (2,250,681) | (4,743,809) | |
Proceeds from sale of investment securities | 3,742,429 | 275,393 | 1,767,906 |
Proceeds from maturity of short-term investments | 15,000,000 | ||
Proceeds from disposal of vessels | 90,460,363 | ||
Payments to acquire other fixed assets | (17,541) | (141,012) | |
Net cash provided by/(used in) investing activities | 68,766,198 | 1,021,090 | (33,144,834) |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 298,250,000 | 55,378,172 | |
Repayment of long-term debt borrowings | (230,317,537) | (99,418,395) | (63,968,414) |
Repurchase of common stock | (21,364,822) | (126,260,923) | (50,642,795) |
Financing costs paid | (1,664,252) | (4,183,321) | (40,547) |
Dividends paid | (80,082,210) | ||
Net cash used in financing activities | (35,178,821) | (174,484,467) | (114,651,756) |
Effects of exchange rates on cash and cash equivalents | (172,832) | 205,753 | (323,336) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 152,109,715 | (2,661,928) | 20,916,481 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 84,727,199 | 87,389,127 | 66,472,646 |
Cash, cash equivalents, and restricted cash at the end of the period | 236,836,914 | 84,727,199 | 87,389,127 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 20,591,883 | 21,787,205 | 32,461,153 |
Cash paid for amounts included in the measurement of operating lease liabilities | 10,082,984 | 10,088,410 | 2,810,468 |
Vessel-related capital expenditures included in liabilities | 107,275 | 320,992 | 4,408,333 |
Unpaid dividends included in liabilities | 494,180 | ||
Financing costs included in liabilities | $ 1,689,600 | $ 596,800 | $ 595,138 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows: | ||||
Cash and cash equivalents | $ 236,758,927 | $ 79,330,007 | $ 48,389,688 | |
Restricted cash - current | 5,315,951 | 3,370,178 | ||
Restricted cash - non-current | 77,987 | 81,241 | 35,629,261 | |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 236,836,914 | $ 84,727,199 | $ 87,389,127 | $ 66,472,646 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Consolidated Financial Statements (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 through the ownership and operation of LPG tankers. Dorian LPG Ltd. 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. As of March 31, 2022, our fleet consists of twenty-two VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), one 82,000 cbm VLGC, and two time chartered-in VLGCs. Thirteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. Additionally, on March 31, 2021, we entered into a bareboat agreement to charter-in a newbuilding dual-fuel VLGC for which construction commenced in December 2021 and is expected to be delivered in March 2023 (see Note 19 for further details). We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries. 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. See Note 3 below for further description of the Helios Pool relationship. Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2022 are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 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 (2) 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 (2) 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 (2) 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral (2) 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus (2) 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 (2) 2016 84,000 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 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 10 and 24 below for further information. (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Note 19 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. Customers For the years ended March 31, 2022, 2021, and 2020 the Helios Pool accounted for 90%, 93%, and 89% of our total revenues, respectively. No other individual charterer accounted for more than 10% of total revenues. COVID-19 Since the beginning of calendar year 2020, the COVID-19 pandemic has negatively affected economic conditions, the supply chain, the labor market, the demand for certain shipped goods regionally as well as globally and has also negatively impacted and may continue to impact our operations and the operations of our customers and suppliers. Measures taken to mitigate the spread of the COVID-19 virus, including travel bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The extent of COVID-19’s future impact on the global economy, the shipping industry and our financial and operational results, which could be material, will depend on the development of the pandemic, vaccination rates among the population, the effectiveness of COVID-19 vaccines against COVID-19 and its variants, and the extent to which measures such as those referenced above are reinstituted. Any new uncertainties regarding the economic impact of the COVID-19 pandemic may likely result in market turmoil, which could also negatively impact our business, financial condition and cash flows. Over the course of the pandemic, governments approved large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to continue to sustain the business and financial condition of companies in the shipping industry. To date, we have experienced increases in crew wages and related costs, particularly in crew travel and medical costs, as a result of COVID-19. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: (b) Use of estimates: (c) Other comprehensive income/(loss): income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. (d) Foreign currency translation: (e) Cash and cash equivalents: (f) Short-term investments: (g) Investment securities: (h) Trade receivables, net and accrued revenues: (i) Due from related parties: (j) Inventories: (k) Vessels, net: (l) Impairment of vessels: (m) Vessel depreciation: (n) Drydocking and special survey costs: seven and one-half years (o) Financing costs: (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. (q) Leases: 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 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 guidance, we elected the practical expedient 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. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ● ● We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense 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. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts 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. (r) Voyage charter revenues: three Revenue from Contracts with Customers (s) Voyage expenses: (t) Commissions: (u) Charter hire expenses: (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (w) Repairs and maintenance: (x) Stock-based compensation : (y) Stock repurchases : (z) Dividends : (aa) Segment reporting: (ab) Derivative instruments: (ac) Fair value of financial instruments: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. (ad) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2022 | |
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 $0.1 million for each of the years ended March 31, 2022, 2021 and 2020. As of March 31, 2022 and 2021, $1.0 million was due from DHSA and included in “Due from related parties.” Helios LPG Pool LLC (“Helios Pool”) operated twenty-two VLGCs, including twenty vessels from our fleet (including two vessels time chartered-in from unrelated parties), and two Phoenix vessels. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Inventories | 4. Inventories Our inventories by type were as follows: March 31, 2022 March 31, 2021 Lubricants $ 2,096,713 $ 1,475,228 Victualing — 404,419 Bonded stores 169,638 127,817 Total $ 2,266,351 $ 2,007,464 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2022 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 Other additions 5,372,597 — 5,372,597 Depreciation — (66,003,175) (66,003,175) Balance, March 31, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 6,575,263 — 6,575,263 Disposals (131,157,644) 49,063,637 (82,094,007) Depreciation — (63,447,821) (63,447,821) Balance, March 31, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2022 and 2021. Our vessels, with a total carrying value of $1,198.7 million and $1,337.4 million as of March 31, 2022 and 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 10 below). No impairment loss was recorded for the periods presented. In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL Captain Nicholas ML |
Vessel Under Construction
Vessel Under Construction | 12 Months Ended |
Mar. 31, 2022 | |
Vessel Under Construction. | |
Vessel Under Construction | 6. Vessel Under Construction Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 109,488 Capitalized interest 292,044 Balance, March 31, 2022 $ 16,401,532 |
Other Fixed Assets, Net
Other Fixed Assets, Net | 12 Months Ended |
Mar. 31, 2022 | |
Other Fixed Assets, Net | |
Other Fixed Assets, Net | 7. Other Fixed Assets, Net Other fixed assets, net were $0.1 million and $0.1 million as of March 31, 2022 and March 31, 2021, respectively, and represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets, net was $0.3 million as of both March 31, 2022 and March 31, 2021. |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2022 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 8. Deferred Charges, Net The analysis and movement of deferred charges, net is presented in the table below: Drydocking costs Balance, April 1, 2020 $ 7,336,726 Additions 5,178,916 Amortization (2,357,440) Balance, March 31, 2021 $ 10,158,202 Additions 2,869,210 Disposals (298,852) Amortization (2,889,560) Balance, March 31, 2022 $ 9,839,000 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses | |
Accrued Expenses | 9. Accrued Expenses Accrued expenses comprised of the following: March 31, 2022 March 31, 2021 Accrued contingent claim $ — $ 4,000,000 Accrued voyage and vessel operating expenses 1,676,853 2,730,803 Accrued employee-related costs 952,471 1,301,510 Accrued professional services 946,411 523,950 Accrued loan and swap interest 126,878 204,237 Other 98,835 4,764 Total $ 3,801,448 $ 8,765,264 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2022 | |
Long-term Debt | |
Long-term Debt | 10. Long-Term Debt Description of our Debt Obligations 2015 AR Facility In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with its amendments and restatement, the “2015 AR Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2021, the debt financing was secured by, among other things, fifteen of our ECO VLGCs. On April 29, 2020, we amended and restated the 2015 AR Facility to among other things, refinance the commercial tranche from the 2015 AR Facility (the “Original Commercial Tranche”). Pursuant to the April 2020 amendment and restatement of the 2015 AR Facility, certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. On July 14, 2020 (with retroactive effect to June 30, 2020), we amended the 2015 AR Facility and received approvals from those lenders constituting the “Required Lenders” under the 2015 AR Facility, as applicable, to modify certain financial and security covenants to reflect the Company’s current financial condition. The 2015 AR Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness. The 2015 AR Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed; (ii) first priority assignments of all of the financed vessels’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 AR Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time. The 2015 AR Facility also contains customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or management of the vessels, or entry into a new line of business. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. The following financial covenants are the most restrictive from the 2015 AR Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement and its amendments: ● The ratio of current assets and long-term restricted cash divided by current liabilities, excluding current portion of long-term debt, shall always be greater than 1.00; ● Maintain minimum shareholders’ equity at all times equal to the aggregate of $400 million; ● The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00; ● Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall be 145%. ● ● The provision applicable to our minimum cash balance requirements were modified under the terms of the amendment to the 2015 AR Facility and as a result our minimum cash balance no longer meets the criteria to be recognized as restricted cash. Accordingly, and with retroactive effect to June 30, 2020, we no longer classify these amounts as restricted cash on our consolidated balance sheets. This requirement was reduced from $2.2 million per mortgaged vessel under the initial 2015 AR Facility to $1.0 million per mortgaged vessel per the July 14, 2020 amendment. The advances in connection with New Facilities are to be repaid on the earlier of (i) the fifth (5th) anniversary of the utilization date of the new senior secured term loan facility, described above, and (ii) March 26, 2025. The New Facilities bear interest at the rate of LIBOR plus a margin of 2.50%. The margin can be decreased by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 .60 Certain terms of the borrowings under each tranche of the 2015 AR Facility are as follows: Interest Rate at Original Term Interest Rate Description (1) March 31, 2022 (2) Tranche 1 Commercial Financing 7 years (3) London InterBank Offered Rate (“LIBOR”) plus a margin (5) 3.37 % Tranche 2 KEXIM Direct Financing 12 years (4) LIBOR plus a margin of 2.45% 3.42 % Tranche 3 KEXIM Guaranteed 12 years (4) LIBOR plus a margin of 1.40% 2.37 % Tranche 4 K-sure Insured 12 years (4) LIBOR plus a margin of 1.50% 2.47 % (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The LIBOR rate in effect as of March 31, 2022 was 0.974030% . (3) The Commercial Financing Tranche was refinanced on April 29, 2020, to, among other things, extend the term by three years . (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (5) The Commercial Financing tranche margin over LIBOR at the time of its amendment and restatement described above was 2.50% and can be reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60 . We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2022, the set margin was 2.40% . one During the year ended March 31, 2022, portions of the 2015 AR Facility were prepaid with the refinancings of the VLGCs Constellation Commander Cratis Copernicus Chaparral Caravelle BALCAP Facility Constellation Commander Constellation Commander The corporate financial covenants related to the BALCAP Facility are identical to those in the 2015 AR Facility. We were in compliance with all financial covenants as of March 31, 2022. Corsair Japanese Financing On November 7, 2017, we refinanced a 2014-built VLGC, Corsair Corsair 2 Corsair 12-year Corsair the 12-year 12-year Concorde Japanese Financing On January 31, 2018, we refinanced a 2015-built VLGC, Concorde Concorde 3 Concorde 13-year Concorde 13-year 13-year Corvette Japanese Financing On March 16, 2018, we refinanced a 2015-built VLGC, Corvette Corvette 3 Corvette 13-year Corvette 13-year 13-year CMNL/CJNP Japanese Financing On June 25, 2018, we refinanced our 2006-built VLGC, Captain Markos NL Captain Markos NL 2 Captain Markos NL 7-year Captain Markos NL commission fees of 1.25% over the 7-year Captain Markos NL Captain Markos NL 7-year Captain Markos NL Captain John NP Captain John NP CNML Japanese Financing On June 26, 2018, we refinanced our 2008-built VLGC, Captain Nicholas ML Captain Nicholas ML 2 Captain Nicholas ML 7-year Captain Nicholas ML 7-year Captain Nicholas ML Captain Nicholas ML 7-year Captain Nicholas ML Cresques Japanese Financing Cresques Cresques 3 Cresques 12-year Cresques 12-year Cresques 12-year Cratis Japanese Financing On March 18, 2022, we refinanced a 2015-built VLGC, Cratis Cratis 3 Cratis 9-year term. The refinancing proceeds of $50.0 million were used to prepay $25.1 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Cratis Copernicus Japanese Financing On March 18, 2022, we refinanced a 2015-built VLGC, Copernicus Copernicus 3 Copernicus 9-year Copernicus 9-year Chaparral Japanese Financing On March 29, 2022, we refinanced a 2015-built VLGC, Chaparral Chaparral 3 5 Chaparral Chaparral 7-year Caravelle Japanese Financing On March 31, 2022, we refinanced a 2016-built VLGC, Caravelle Caravelle 3 Caravelle 10-year Caravelle continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.2%, not including financing costs of $0.3 million, monthly broker commission fees of 1.25% over the 10-year Debt Obligations The table below presents our debt obligations: March 31, 2022 March 31, 2021 2015 AR Facility Commercial Financing $ 91,651,888 $ 155,205,698 KEXIM Direct Financing 44,406,733 89,474,512 KEXIM Guaranteed 47,190,358 93,997,081 K-sure Insured 23,132,295 46,333,895 Total 2015 AR Facility $ 206,381,274 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 37,645,833 $ 40,895,833 Concorde Japanese Financing 42,269,231 45,500,000 Corvette Japanese Financing 42,807,692 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing — 18,855,655 Cresques Japanese Financing 45,660,000 49,080,000 Cratis Japanese Financing 49,660,000 — Copernicus Japanese Financing 49,660,000 — Chaparral Japanese Financing 64,662,242 — Caravelle Japanese Financing 49,700,000 — Total Japanese Financings $ 382,064,998 $ 217,076,795 BALCAP Facility $ 81,574,172 $ — Total debt obligations $ 670,020,444 $ 602,087,981 Less: deferred financing fees 7,257,486 10,615,937 Debt obligations—net of deferred financing fees $ 662,762,958 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 72,075,571 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 590,687,387 539,651,761 Total $ 662,762,958 $ 591,472,044 Deferred Financing Fees Financing costs Balance, April 1, 2020 $ 11,152,985 Additions 4,158,312 Amortization (4,695,360) Balance, March 31, 2021 $ 10,615,937 Additions 2,530,589 Amortization (5,889,040) Balance, March 31, 2022 $ 7,257,486 Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2022 are as follows: Year ending March 31: 2023 $ 72,075,571 2024 47,490,194 2025 128,146,403 2026 48,265,607 2027 93,060,886 Thereafter 280,981,783 Total $ 670,020,444 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Leases | |
Leases | 11. Leases Time charter-in contracts liabilities Charter hire expenses for the VLGCs time chartered in were as follows: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Charter hire expenses $ 16,265,638 $ 18,135,580 $ 9,861,898 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expires during August 2022. During the years ended March 31, 2022 and 2021, we did not enter into any new office leases and did not renew any office leases. Operating lease rent expense related to our office leases was as follows: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Operating lease rent expense $ 624,370 $ 558,400 $ 541,574 For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2022 is 10.0 months. Description Location on Balance Sheet March 31, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 194,343 Time charter-in VLGCs Operating lease right-of-use assets $ 7,892,671 Liabilities: Current Office Leases Current portion of long-term operating leases $ 180,693 Time charter-in VLGCs Current portion of long-term operating leases $ 7,892,671 Less than one year $ 8,214,964 Total undiscounted lease payments 8,214,964 Less: imputed interest (141,600) Carrying value of operating lease liabilities $ 8,073,364 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2022 | |
Common Stock. | |
Common Stock | 12. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights. On July 30, 2021, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on August 9, 2021, totaling $40.4 million. We paid $40.2 million on September 8, 2021 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. On January 4, 2022, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on January 14, 2022, totaling $40.1 million. We paid $39.9 million on January 25, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. These were irregular dividends. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. On August 5, 2019, our Board of Directors authorized the repurchase of up to $50.0 million of our common shares through the period ended December 31, 2020 (the “2019 Common Share Repurchase Authority”). On February 3, 2020, our Board of Directors authorized an increase to our 2019 Common Share Repurchase Authority to repurchase up to an additional $50.0 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our 2019 Common Share Repurchase Authority, which was set to expire on December 31, 2020. Following this Board action, we were authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. Through expiration of our 2019 Common Share Repurchase Authority on December 31, 2021, our purchases under this authority totaled 7.0 million of our common shares for an aggregate consideration of $81.0 million. On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under these authorizations, when in force, purchases were and 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 amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. No repurchases had been made under the 2022 Common Share Repurchase Authority as of March 31, 2022. We are not obligated to make any common share repurchases. On February 2, 2021, we announced a tender offer to purchase up to 7,407,407, or about 14.8%, of our then outstanding common shares at a price of $13.50 per share. Based on preliminary results indicating that the tender offer was oversubscribed, we elected to increase the number of shares accepted for payment by 997,739, or slightly less than 2% of our then outstanding shares, pursuant to the terms of the tender offer . The number of shares we purchased and canceled from each tendering shareholder was prorated so our purchases in the tender offer totaled of 8,405,146 shares, or approximately 16.8% of our then outstanding common shares, for an aggregate purchase price of approximately $113.5 million. Refer to Note 13 below for shares granted under the equity incentive plan during the years ended March 31, 2022, 2021, and 2020. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2022 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 13. Stock-Based Compensation Plans In April 2014, we adopted an e quity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive non-qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. At that time, we reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 201 During the year ended March 31, 2022, we granted an aggregate of 180,900 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date and 36,700 restricted stock units to certain of our officers and employees vesting ratably on the first, second, and third anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. 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. During the year ended March 31, 2021 , we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2021, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value. During the year ended March 31, 2020 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. During the years ended March 31, 2022, 2021, and 2020, we granted 46,086 , 41,711 , and 24,025 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. During the year ended March 31, 2020, we granted 1,550 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value. No such shares were granted during the year ended March 31, 2022 and 2021. Our stock-based compensation expense was $3.3 million, $3.4 million and $3.2 million for the years ended March 31, 2022, 2021, and 2020, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2022 was $1.7 million and the expense will be recognized over a remaining weighted average life of 1.80 years. A summary of the activity of our restricted shares as of March 31, 2022 and 2021 and changes during the year ended March 31, 2022 and 2021, are as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2020 317,048 $ 8.08 Granted 442,215 8.34 Vested (400,942) 8.23 Forfeited (150) 8.36 Unvested as of March 31, 2021 358,171 $ 8.23 Granted 263,686 13.34 Vested (288,667) 10.21 Forfeited (4,100) 10.24 Unvested as of March 31, 2022 329,090 $ 10.56 The total fair value of restricted shares that vested during the years ended March 31, 2022, 2021, and 2020 was $4.1 million, $3.4 million and $5.2 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2022 | |
Revenues. | |
Revenues | 14. Revenues Revenues comprise the following: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Net pool revenues—related party $ 246,305,480 $ 292,679,614 $ 298,079,123 Time charter revenues 22,377,211 19,492,595 34,111,230 Other revenues, net 5,538,757 3,766,603 1,239,645 Total revenues $ 274,221,448 $ 315,938,812 $ 333,429,998 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 Notes 2 and 3 above for further information. Other revenues, net mainly represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Voyage Expenses
Voyage Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Voyage Expenses. | |
Voyage Expenses | 15. Voyage Expenses Voyage expenses comprise the following: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Bunkers $ 2,159,341 $ 1,537,007 $ 1,345,360 War risk insurances 1,510,720 1,272,647 1,095,156 Brokers’ commissions 265,207 334,333 469,143 Security cost 322,150 221,882 272,985 Port charges and other related expenses 1,556 1,500 5,898 Other voyage expenses 65,738 42,281 54,381 Total $ 4,324,712 $ 3,409,650 $ 3,242,923 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2022 | |
Vessel Operating Expenses. | |
Vessel Operating Expenses | 16. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Crew wages and related costs $ 44,950,878 $ 44,017,660 $ 42,683,848 Spares and stores 14,486,392 17,061,388 13,249,931 Repairs and maintenance costs 4,528,776 6,096,812 4,416,259 Insurance 4,056,225 3,942,622 4,173,052 Lubricants 3,351,279 3,241,330 3,607,749 Miscellaneous expenses 2,830,668 3,860,057 3,347,530 Total $ 74,204,218 $ 78,219,869 $ 71,478,369 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2022 | |
Interest and Finance Costs | |
Interest and Finance Costs | 17. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Interest incurred $ 20,119,655 $ 21,665,379 $ 32,355,390 Amortization of financing costs 5,889,040 4,695,360 2,893,392 Other financing costs 1,350,744 1,235,385 856,759 Capitalized interest (292,044) — — Total $ 27,067,395 $ 27,596,124 $ 36,105,541 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Taxes | |
Income Taxes | 18. Income Taxes Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our fiscal years ended March 31, 2022, 2021 and 2020, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 19. Commitments and Contingencies Commitments under Contracts for Ballast Water Management Systems Purchases March 31, 2022 Less than one year $ 54,490 Total $ 54,490 Commitments under Bareboat Charter Header Agreement Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: March 31, 2022 Less than one year $ 149,135 Total $ 149,135 Time Charter-in During the year ended March 31, 2022, we time chartered-in three newbuilding dual-fuel Panamax LPG vessels with purchase options that are scheduled to be delivered in the second and third calendar quarters of 2023 for a period of seven years each and also time chartered-in a VLGC for one year that was delivered to us in October 2021. As of March 31, 2022, we had the following time charter-in commitments relating to VLGCs: March 31, 2022 Less than one year $ 17,130,893 One to three years 64,080,000 Three to five years 64,080,000 Thereafter 91,700,000 Total $ 236,990,893 Fixed Time Charter Commitments We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of: March 31, 2022 Less than one year $ 17,295,578 Total $ 17,295,578 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 other than that described below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the unaudited interim condensed consolidated financial statements. In January 2021, subsequent to the delivery of one of our VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The claim was settled for $4.0 million during the year ended March 31, 2022. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 20. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, investment securities, amounts due from related parties, derivative instruments, and trade accounts receivable. 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 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 the 2015 AR Facility. The principal terms of our interest rate swaps are as follows: Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2022 March 31, 2021 2015 AR Facility - Citibank (1) September 2015 March 2025 1.091 % $ 188,000,000 $ 200,000,000 2015 AR Facility - ING (2) September 2015 March 2025 1.145 % 47,000,000 50,000,000 2015 AR Facility - Citibank (3) October 2015 March 2022 1.468 % — 26,325,000 2015 AR Facility - Citibank (3) October 2015 March 2022 1.380 % — 39,487,500 2015 AR Facility - Citibank (3) June 2016 March 2022 1.213 % — 35,750,774 2015 AR Facility - Citibank (3) June 2016 March 2022 1.161 % — 14,690,857 $ 235,000,000 $ 366,254,131 (1) Reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Reduces by quarterly with a final settlement of $23.8 million in March 2025. (3) Settled in March 2022. (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, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs is recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of March 31, 2022 and 2021. 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: March 31, 2022 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ — $ — $ 1,100,529 March 31, 2022 March 31, 2021 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 $ 6,512,479 $ — $ — $ 3,454,862 The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2022 March 31, 2021 March 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 $ (2,605,442) Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 11,067,870 4,597,438 (15,601,327) Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) 396,894 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (3,450,443) (3,779,363) 2,403,480 Gain/(loss) on derivatives, net $ 7,617,427 $ 2,634,847 $ (15,406,395) As of March 31, 2022 and March 31, 2021, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2022, 2021 and 2020. (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 investment securities are considered Level 1 items. The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: Year ended March 31, 2022 March 31, 2021 March 31, 2020 Unrealized gain/(loss) on investment securities $ (1,587,090) $ 1,317,890 $ 1,288,304 Less: Realized gain/(loss) on investment securities 447,255 295 1,281,671 Net gain/(loss) on investment securities $ (1,139,835) $ 1,317,595 $ 6,633 We have long-term bank debt and the Cresques Japanese Financing 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 have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, and Caravelle Japanese Financing (collectively, along with the CMNL/CJNP Japanese Financing and CNML Japanese Financing that were repaid, the “Japanese Financings”) that incur interest at a fixed-rate. We have long-term debt related to the BALCAP Facility that incurs interest at a fixed-rate. The Japanese Financings and BALCAP Facility 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 our fixed rate debt obligations as of: March 31, 2022 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 37,645,833 $ 36,904,683 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 42,269,231 41,352,417 45,500,000 49,791,680 Corvette Japanese Financing 42,807,692 41,862,894 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing — — 18,855,655 21,195,305 Cratis Japanese Financing 49,660,000 46,716,277 — — Copernicus Japanese Financing 49,660,000 46,716,277 — — Chaparral Japanese Financing 64,662,242 64,321,963 — — Caravelle Japanese Financing 49,700,000 46,792,400 — — BALCAP Facility $ 81,574,172 $ 77,063,912 $ — $ — |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2022 | |
Retirement Plans | |
Retirement Plans | 21. Retirement Plans U.S. Defined Contribution Plan Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2022, 2021, and 2020. Greece Defined Benefit Plan Our employees based in Greece have a required statutory defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greek Plan totaling $0.1 million for the year ended March 31, 2022, $0.3 million for the year ended March 31, 2021, and less than $0.1 million for the year ended March 31, 2020. Denmark and U.K. Retirement Accounts We contribute to retirement accounts for certain employees based Denmark and in the United Kingdom based on a percentage of their annual salaries. For each of the years ended March 31, 2022, 2021 and 2020, we recognized compensation expense of $0.2 million related to these contributions. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share ("EPS") | |
Earnings Per Share ("EPS") | 22. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of 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, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of 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 were as follows: Year ended (In U.S. dollars except share data) March 31, 2022 March 31, 2021 March 31, 2020 Numerator: Net income $ 71,935,018 $ 92,564,653 $ 111,841,258 Denominator: Basic weighted average number of common shares outstanding 40,203,937 49,729,358 53,881,483 Effect of dilutive restricted stock and restricted stock units 161,151 97,440 233,855 Diluted weighted average number of common shares outstanding 40,365,088 49,826,798 54,115,338 EPS: Basic $ 1.79 $ 1.86 $ 2.08 Diluted $ 1.78 $ 1.86 $ 2.07 There were no shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the years ended March 31, 2022 2021, and 2020. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2022 | |
Selected Quarterly Financial Information (unaudited) | |
Selected Quarterly Financial Information (unaudited) | 23. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2022 and 2021 quarterly results: Three months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Revenues $ 62,950,738 $ 63,086,858 $ 68,559,782 $ 79,624,070 Operating income 13,255,888 19,115,310 22,550,972 37,476,803 Net income 5,869,100 14,101,803 16,580,885 35,383,230 Earnings per common share, basic 0.14 0.35 0.42 0.89 Earnings per common share, diluted $ 0.14 $ 0.35 $ 0.41 $ 0.88 Three months ended June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Revenues $ 73,165,324 $ 54,710,277 $ 88,479,024 $ 99,584,187 Operating income 22,519,802 5,413,760 41,875,535 46,290,595 Net income 12,168,005 537,950 35,825,264 44,033,434 Earnings per common share, basic 0.24 0.01 0.71 0.93 Earnings per common share, diluted $ 0.24 $ 0.01 $ 0.71 $ 0.93 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Subsequent Events. | |
Subsequent Events | 24. Subsequent Events Prepayment of the 2015 AR Facility Dividend On May 5, 2022, we announced that our Board of Directors declared a cash dividend of $2.50 per share of the Company’s common stock to all shareholders of record as of the close of business on May 16, 2022, totaling $100.3 million. We expect to pay $99.7 million on or about June 2, 2022 and the remaining $0.6 million will be deferred until certain shares of restricted stock vest. Cougar Japanese Financing On May 19, 2022, we refinanced a 2015-built VLGC, the Cougar Cougar 3 Cougar 10-year Cougar 10-year 10-year |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Principles of consolidation | (a) Principles of consolidation: |
Use of estimates | (b) Use of estimates: |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. |
Foreign currency translation | (d) Foreign currency translation: |
Cash and cash equivalents | (e) Cash and cash equivalents: |
Short-term investments | (f) Short-term investments: |
Investment securities | (g) Investment securities: |
Trade receivables, net and accrued revenues | (h) Trade receivables, net and accrued revenues: |
Due from related parties | (i) Due from related parties: |
Inventories | (j) Inventories: |
Vessels, net | (k) Vessels, net: |
Impairment of vessels | (l) Impairment of vessels: |
Vessel depreciation | (m) Vessel depreciation: |
Drydocking and special survey costs | (n) Drydocking and special survey costs: seven and one-half years |
Financing costs | (o) Financing costs: |
Restricted cash | (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. |
Leases | (q) Leases: 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 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 guidance, we elected the practical expedient 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. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ● ● We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense 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. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts 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. |
Revenues and expenses | (r) Voyage charter revenues: three Revenue from Contracts with Customers (s) Voyage expenses: (t) Commissions: (u) Charter hire expenses: (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. |
Repairs and maintenance | (w) Repairs and maintenance: |
Stock-based compensation | (x) Stock-based compensation : |
Stock repurchases | (y) Stock repurchases : |
Dividends | (z) Dividends : |
Segment reporting | (aa) Segment reporting: |
Derivative instruments | (ab) Derivative instruments: |
Fair value of financial instruments | (ac) Fair value of financial instruments: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Accounting Pronouncements Not Yet Adopted | (ad) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 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 (2) 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 (2) 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 (2) 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral (2) 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus (2) 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 (2) 2016 84,000 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 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 10 and 24 below for further information. (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Note 19 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventories | |
Schedule of inventories by type | March 31, 2022 March 31, 2021 Lubricants $ 2,096,713 $ 1,475,228 Victualing — 404,419 Bonded stores 169,638 127,817 Total $ 2,266,351 $ 2,007,464 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 Other additions 5,372,597 — 5,372,597 Depreciation — (66,003,175) (66,003,175) Balance, March 31, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 6,575,263 — 6,575,263 Disposals (131,157,644) 49,063,637 (82,094,007) Depreciation — (63,447,821) (63,447,821) Balance, March 31, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 |
Vessel Under Construction (Tabl
Vessel Under Construction (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Vessel Under Construction. | |
Schedule of vessel under construction | Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 109,488 Capitalized interest 292,044 Balance, March 31, 2022 $ 16,401,532 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2020 $ 7,336,726 Additions 5,178,916 Amortization (2,357,440) Balance, March 31, 2021 $ 10,158,202 Additions 2,869,210 Disposals (298,852) Amortization (2,889,560) Balance, March 31, 2022 $ 9,839,000 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accrued Expenses | |
Schedule of accrued expenses | March 31, 2022 March 31, 2021 Accrued contingent claim $ — $ 4,000,000 Accrued voyage and vessel operating expenses 1,676,853 2,730,803 Accrued employee-related costs 952,471 1,301,510 Accrued professional services 946,411 523,950 Accrued loan and swap interest 126,878 204,237 Other 98,835 4,764 Total $ 3,801,448 $ 8,765,264 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Long-term Debt | |
Schedule of certain terms under each tranche of the 2015 Debt Facility | Interest Rate at Original Term Interest Rate Description (1) March 31, 2022 (2) Tranche 1 Commercial Financing 7 years (3) London InterBank Offered Rate (“LIBOR”) plus a margin (5) 3.37 % Tranche 2 KEXIM Direct Financing 12 years (4) LIBOR plus a margin of 2.45% 3.42 % Tranche 3 KEXIM Guaranteed 12 years (4) LIBOR plus a margin of 1.40% 2.37 % Tranche 4 K-sure Insured 12 years (4) LIBOR plus a margin of 1.50% 2.47 % (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The LIBOR rate in effect as of March 31, 2022 was 0.974030% . (3) The Commercial Financing Tranche was refinanced on April 29, 2020, to, among other things, extend the term by three years . (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (5) The Commercial Financing tranche margin over LIBOR at the time of its amendment and restatement described above was 2.50% and can be reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60 . We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2022, the set margin was 2.40% . |
Schedule of loans outstanding | March 31, 2022 March 31, 2021 2015 AR Facility Commercial Financing $ 91,651,888 $ 155,205,698 KEXIM Direct Financing 44,406,733 89,474,512 KEXIM Guaranteed 47,190,358 93,997,081 K-sure Insured 23,132,295 46,333,895 Total 2015 AR Facility $ 206,381,274 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 37,645,833 $ 40,895,833 Concorde Japanese Financing 42,269,231 45,500,000 Corvette Japanese Financing 42,807,692 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing — 18,855,655 Cresques Japanese Financing 45,660,000 49,080,000 Cratis Japanese Financing 49,660,000 — Copernicus Japanese Financing 49,660,000 — Chaparral Japanese Financing 64,662,242 — Caravelle Japanese Financing 49,700,000 — Total Japanese Financings $ 382,064,998 $ 217,076,795 BALCAP Facility $ 81,574,172 $ — Total debt obligations $ 670,020,444 $ 602,087,981 Less: deferred financing fees 7,257,486 10,615,937 Debt obligations—net of deferred financing fees $ 662,762,958 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 72,075,571 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 590,687,387 539,651,761 Total $ 662,762,958 $ 591,472,044 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2020 $ 11,152,985 Additions 4,158,312 Amortization (4,695,360) Balance, March 31, 2021 $ 10,615,937 Additions 2,530,589 Amortization (5,889,040) Balance, March 31, 2022 $ 7,257,486 |
Schedule of minimum annual principal payments | Year ending March 31: 2023 $ 72,075,571 2024 47,490,194 2025 128,146,403 2026 48,265,607 2027 93,060,886 Thereafter 280,981,783 Total $ 670,020,444 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Leases | |
Schedule of time charter-in expenses | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Charter hire expenses $ 16,265,638 $ 18,135,580 $ 9,861,898 |
Schedule of operating lease rent expense | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Operating lease rent expense $ 624,370 $ 558,400 $ 541,574 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet March 31, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 194,343 Time charter-in VLGCs Operating lease right-of-use assets $ 7,892,671 Liabilities: Current Office Leases Current portion of long-term operating leases $ 180,693 Time charter-in VLGCs Current portion of long-term operating leases $ 7,892,671 |
Schedule of maturities of operating lease liabilities | Less than one year $ 8,214,964 Total undiscounted lease payments 8,214,964 Less: imputed interest (141,600) Carrying value of operating lease liabilities $ 8,073,364 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
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, 2020 317,048 $ 8.08 Granted 442,215 8.34 Vested (400,942) 8.23 Forfeited (150) 8.36 Unvested as of March 31, 2021 358,171 $ 8.23 Granted 263,686 13.34 Vested (288,667) 10.21 Forfeited (4,100) 10.24 Unvested as of March 31, 2022 329,090 $ 10.56 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Revenues. | |
Schedule of revenues | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Net pool revenues—related party $ 246,305,480 $ 292,679,614 $ 298,079,123 Time charter revenues 22,377,211 19,492,595 34,111,230 Other revenues, net 5,538,757 3,766,603 1,239,645 Total revenues $ 274,221,448 $ 315,938,812 $ 333,429,998 |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Voyage Expenses. | |
Schedule of voyage expenses | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Bunkers $ 2,159,341 $ 1,537,007 $ 1,345,360 War risk insurances 1,510,720 1,272,647 1,095,156 Brokers’ commissions 265,207 334,333 469,143 Security cost 322,150 221,882 272,985 Port charges and other related expenses 1,556 1,500 5,898 Other voyage expenses 65,738 42,281 54,381 Total $ 4,324,712 $ 3,409,650 $ 3,242,923 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2022 | |
Vessel Operating Expenses. | |
Schedule of vessel operating expenses | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Crew wages and related costs $ 44,950,878 $ 44,017,660 $ 42,683,848 Spares and stores 14,486,392 17,061,388 13,249,931 Repairs and maintenance costs 4,528,776 6,096,812 4,416,259 Insurance 4,056,225 3,942,622 4,173,052 Lubricants 3,351,279 3,241,330 3,607,749 Miscellaneous expenses 2,830,668 3,860,057 3,347,530 Total $ 74,204,218 $ 78,219,869 $ 71,478,369 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Interest and Finance Costs | |
Schedule of interest and finance costs | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Interest incurred $ 20,119,655 $ 21,665,379 $ 32,355,390 Amortization of financing costs 5,889,040 4,695,360 2,893,392 Other financing costs 1,350,744 1,235,385 856,759 Capitalized interest (292,044) — — Total $ 27,067,395 $ 27,596,124 $ 36,105,541 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Schedule of commitments under contracts for BWMS Purchases | March 31, 2022 Less than one year $ 54,490 Total $ 54,490 |
Schedule of operating leases | Less than one year $ 8,214,964 Total undiscounted lease payments 8,214,964 Less: imputed interest (141,600) Carrying value of operating lease liabilities $ 8,073,364 |
Schedule of future minimum time charter-in commitments | March 31, 2022 Less than one year $ 17,130,893 One to three years 64,080,000 Three to five years 64,080,000 Thereafter 91,700,000 Total $ 236,990,893 |
Schedule of future minimum fixed time charter contracts | March 31, 2022 Less than one year $ 17,295,578 Total $ 17,295,578 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | March 31, 2022 Less than one year $ 149,135 Total $ 149,135 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of principal terms of the interest rate swaps | Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2022 March 31, 2021 2015 AR Facility - Citibank (1) September 2015 March 2025 1.091 % $ 188,000,000 $ 200,000,000 2015 AR Facility - ING (2) September 2015 March 2025 1.145 % 47,000,000 50,000,000 2015 AR Facility - Citibank (3) October 2015 March 2022 1.468 % — 26,325,000 2015 AR Facility - Citibank (3) October 2015 March 2022 1.380 % — 39,487,500 2015 AR Facility - Citibank (3) June 2016 March 2022 1.213 % — 35,750,774 2015 AR Facility - Citibank (3) June 2016 March 2022 1.161 % — 14,690,857 $ 235,000,000 $ 366,254,131 (1) Reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Reduces by quarterly with a final settlement of $23.8 million in March 2025. (3) Settled in March 2022. |
Schedule of financial derivatives | March 31, 2022 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ — $ — $ 1,100,529 March 31, 2022 March 31, 2021 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 $ 6,512,479 $ — $ — $ 3,454,862 |
Schedule of effect of derivative instruments on the consolidated statement of operations | Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2022 March 31, 2021 March 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 $ (2,605,442) Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 11,067,870 4,597,438 (15,601,327) Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) 396,894 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (3,450,443) (3,779,363) 2,403,480 Gain/(loss) on derivatives, net $ 7,617,427 $ 2,634,847 $ (15,406,395) |
Summary of gains and losses on investment securities | Year ended March 31, 2022 March 31, 2021 March 31, 2020 Unrealized gain/(loss) on investment securities $ (1,587,090) $ 1,317,890 $ 1,288,304 Less: Realized gain/(loss) on investment securities 447,255 295 1,281,671 Net gain/(loss) on investment securities $ (1,139,835) $ 1,317,595 $ 6,633 |
Summary of carrying value and estimated fair value of Japanese Financings | March 31, 2022 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 37,645,833 $ 36,904,683 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 42,269,231 41,352,417 45,500,000 49,791,680 Corvette Japanese Financing 42,807,692 41,862,894 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing — — 18,855,655 21,195,305 Cratis Japanese Financing 49,660,000 46,716,277 — — Copernicus Japanese Financing 49,660,000 46,716,277 — — Chaparral Japanese Financing 64,662,242 64,321,963 — — Caravelle Japanese Financing 49,700,000 46,792,400 — — BALCAP Facility $ 81,574,172 $ 77,063,912 $ — $ — |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Earnings Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Year ended (In U.S. dollars except share data) March 31, 2022 March 31, 2021 March 31, 2020 Numerator: Net income $ 71,935,018 $ 92,564,653 $ 111,841,258 Denominator: Basic weighted average number of common shares outstanding 40,203,937 49,729,358 53,881,483 Effect of dilutive restricted stock and restricted stock units 161,151 97,440 233,855 Diluted weighted average number of common shares outstanding 40,365,088 49,826,798 54,115,338 EPS: Basic $ 1.79 $ 1.86 $ 2.08 Diluted $ 1.78 $ 1.86 $ 2.07 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Selected Quarterly Financial Information (unaudited) | |
Schedule of quarterly results | Three months ended June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Revenues $ 62,950,738 $ 63,086,858 $ 68,559,782 $ 79,624,070 Operating income 13,255,888 19,115,310 22,550,972 37,476,803 Net income 5,869,100 14,101,803 16,580,885 35,383,230 Earnings per common share, basic 0.14 0.35 0.42 0.89 Earnings per common share, diluted $ 0.14 $ 0.35 $ 0.41 $ 0.88 Three months ended June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Revenues $ 73,165,324 $ 54,710,277 $ 88,479,024 $ 99,584,187 Operating income 22,519,802 5,413,760 41,875,535 46,290,595 Net income 12,168,005 537,950 35,825,264 44,033,434 Earnings per common share, basic 0.24 0.01 0.71 0.93 Earnings per common share, diluted $ 0.24 $ 0.01 $ 0.71 $ 0.93 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 12 Months Ended |
Mar. 31, 2022item | |
Total number of vessels | 22 |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 |
Number of VLGCs having 82,000 cbm | 1 |
Number of time chartered-in VLGC | 2 |
The number of vessels that have exhaust gas cleaning systems | 13 |
The number of chartered-in vessels that have exhaust gas cleaning systems | 1 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Mar. 31, 2022m³ |
CJNP | |
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 (Caravel) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sakura LPG Transport LLC (Hull No. 1755) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Minimum | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 80,000 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (ConRisk) (Details) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue. | Customer concentration | Helios LPG Pool LLC | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 90.00% | 93.00% | 89.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Other) (Details) | 12 Months Ended | ||
Mar. 31, 2022USD ($)DerivativeInstrument | Mar. 31, 2021USD ($)DerivativeInstrument | Mar. 31, 2020USD ($)DerivativeInstrument | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Foreign currency translation | |||
Number of foreign currency derivative instruments held | DerivativeInstrument | 0 | 0 | 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies (PPE) (Details) | 12 Months Ended |
Mar. 31, 2022item | |
Segment reporting: | |
Number of reportable segments | 1 |
Vessels | |
Vessels, Net | |
Useful life of vessels | 25 years |
Initial drydocking period | 5 years |
Number of years for initial drydocking requirement | 15 years |
Drydocking period if extension granted | 7 years 6 months |
Maximum age of vessel for extension of drydocking period | 20 years |
Significant Accounting Polici_5
Significant Accounting Policies (FV) (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Accounting hedges | |||
Derivative Instruments: | |||
Fair value of derivative | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies (AcctPro) (Details) | 12 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements or Change in Accounting Principle | |
Lease, Practical Expedient, Lessor Single Lease Component | true |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle | |
The standard payment period terms of freight paid | 3 days |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle | |
The standard payment period terms of freight paid | 5 days |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Jul. 26, 2013 |
Transactions with Related Parties | |||||
Due from related parties - current | $ 57,782,831 | $ 56,191,375 | |||
Due to related parties | $ 37,433 | 117,803 | |||
Number of time chartered-in VLGC | item | 2 | ||||
Manager | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | $ 100,000 | 100,000 | $ 100,000 | ||
Due from related parties - current | 1,000,000 | 1,000,000 | |||
Mr. John Hadjipateras | Eagle Ocean Transport | |||||
Transactions with Related Parties | |||||
Ownership interest (as a percent) | 100.00% | ||||
Helios LPG Pool LLC | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | 2,100,000 | 2,000,000 | 1,600,000 | ||
Due from related parties | 76,500,000 | 78,100,000 | |||
Due from related parties - current | $ 3,300,000 | 1,100,000 | |||
Due to related parties | 400,000 | ||||
Number of members | item | 2 | ||||
Number of vessels that are operating under pooling agreement | item | 22 | ||||
Number of time chartered-in VLGC | item | 2 | ||||
Number of Company vessels that are operating under pooling agreement | item | 20 | ||||
Working capital contributed | $ 23,100,000 | 24,200,000 | |||
The amount of expenses with fixed reimbursement to the entity for working in high risk areas | 3,100,000 | $ 3,500,000 | $ 1,200,000 | ||
Helios LPG Pool LLC | Asset acquisition | |||||
Transactions with Related Parties | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | ||||
Helios LPG Pool LLC | Maximum | |||||
Transactions with Related Parties | |||||
Due to related parties | $ 100,000 | ||||
Helios LPG Pool LLC | Phoenix | |||||
Transactions with Related Parties | |||||
Number of third party vessels that are operating under pooling agreement | item | 2 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Inventories | ||
Inventories | $ 2,266,351 | $ 2,007,464 |
Lubricants | ||
Inventories | ||
Inventories | 2,096,713 | 1,475,228 |
Victualing | ||
Inventories | ||
Inventories | 404,419 | |
Bonded stores | ||
Inventories | ||
Inventories | $ 169,638 | $ 127,817 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Vessels, Net | |||
Vessels, net | $ 1,238,061,690 | $ 1,377,028,255 | |
Vessels | |||
Vessels, Net | |||
Vessels, net | 1,238,061,690 | 1,377,028,255 | $ 1,437,658,833 |
Cost | |||
Balance at the beginning of the period | 1,762,657,830 | 1,757,285,233 | |
Other additions | 6,575,263 | 5,372,597 | |
Disposals | (131,157,644) | ||
Balance at the end of the period | 1,638,075,449 | 1,762,657,830 | |
Accumulated depreciation | |||
Balance at the beginning of the period | (385,629,575) | (319,626,400) | |
Disposals accumulated depreciation | 49,063,637 | ||
Impairment | 0 | 0 | |
Disposals net book value | (82,094,007) | ||
Depreciation | (63,447,821) | (66,003,175) | |
Balance at the end of the period | (400,013,759) | (385,629,575) | |
Mortgaged VLGC vessels, carrying value | 1,198,700,000 | $ 1,337,400,000 | |
CMNL | |||
Accumulated depreciation | |||
Gain loss on vessel held for sale | 3,500,000 | ||
CNML | |||
Accumulated depreciation | |||
Gain loss on vessel held for sale | $ 3,800,000 |
Vessel Under Construction (Deta
Vessel Under Construction (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Vessel under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Capitalized interest | $ 292,044 | |
Balance | $ 16,401,532 | |
Vessels under commitment | ||
Vessel under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Installment payments | $ 16,000,000 | |
Other capitalized expenditures | 109,488 | |
Capitalized interest | 292,044 | |
Balance | $ 16,401,532 |
Other Fixed Assets, Net (Detail
Other Fixed Assets, Net (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Other Fixed Assets, Net | ||
Other fixed assets | $ 54,101 | $ 148,836 |
Accumulated depreciation for other fixed assets | $ 300,000 | $ 300,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Movement in deferred charges, net | ||
Balance at the beginning of the period - drydocking costs | $ 10,158,202 | $ 7,336,726 |
Additions - drydocking costs | 2,869,210 | 5,178,916 |
Disposals - drydocking costs | (298,852) | |
Amortization - drydocking costs | (2,889,560) | (2,357,440) |
Balance at the end of the period - drydocking costs | $ 9,839,000 | $ 10,158,202 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Accrued Expenses | ||
Accrued contingency claim | $ 4,000,000 | |
Accrued voyage and vessel operating expenses | $ 1,676,853 | 2,730,803 |
Accrued employee-related costs | 952,471 | 1,301,510 |
Accrued professional services | 946,411 | 523,950 |
Accrued loan and swap interest | 126,878 | 204,237 |
Other | 98,835 | 4,764 |
Total | $ 3,801,448 | $ 8,765,264 |
Long-Term Debt (Other) (Details
Long-Term Debt (Other) (Details) | Mar. 31, 2022USD ($) | Mar. 29, 2022USD ($) | Mar. 18, 2022USD ($) | Jan. 26, 2022USD ($) | Dec. 29, 2021USD ($) | Nov. 30, 2021USD ($) | Apr. 23, 2020USD ($) | Apr. 21, 2020USD ($) | Apr. 20, 2020 | Jun. 26, 2018USD ($) | Jun. 25, 2018USD ($) | Mar. 16, 2018USD ($) | Jan. 31, 2018USD ($) | Nov. 07, 2017USD ($) | Mar. 31, 2015USD ($)item | Mar. 31, 2022USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2015USD ($) | Apr. 29, 2020USD ($) |
Long-Term Debt | ||||||||||||||||||||
Financing costs paid | $ 1,664,252 | $ 4,183,321 | $ 40,547 | |||||||||||||||||
Drawdowns | 298,250,000 | 55,378,172 | ||||||||||||||||||
Proceeds from sale of vessel | 90,460,363 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 670,020,444 | 670,020,444 | 602,087,981 | |||||||||||||||||
Current portion of long-term debt | 72,075,571 | 72,075,571 | 51,820,283 | |||||||||||||||||
Long-term debt-net of current portion and deferred financing fees | 590,687,387 | 590,687,387 | 539,651,761 | |||||||||||||||||
Total | 662,762,958 | 662,762,958 | 591,472,044 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||||||
Deferred finance fees, beginning | 10,615,937 | 11,152,985 | ||||||||||||||||||
Additions | 2,530,589 | 4,158,312 | ||||||||||||||||||
Amortization | (5,889,040) | (4,695,360) | (2,893,392) | |||||||||||||||||
Deferred finance fees, end | 7,257,486 | 7,257,486 | 10,615,937 | $ 11,152,985 | ||||||||||||||||
Corsair LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 65,000,000 | |||||||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||||||
Period until purchase option exercisable | 2 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 52,000,000 | |||||||||||||||||||
Deposit retained by buyer | 13,000,000 | |||||||||||||||||||
Concorde LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||||
Term of Charter Agreement | 13 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | |||||||||||||||||||
Deposit retained by buyer | 14,000,000 | |||||||||||||||||||
Corvette LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||||
Term of Charter Agreement | 13 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | |||||||||||||||||||
Deposit retained by buyer | 14,000,000 | |||||||||||||||||||
CMNL | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 45,800,000 | |||||||||||||||||||
Term of Charter Agreement | 7 years | |||||||||||||||||||
Period until purchase option exercisable | 2 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 20,600,000 | |||||||||||||||||||
Deposit retained by buyer | $ 25,200,000 | |||||||||||||||||||
CNML | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 50,800,000 | |||||||||||||||||||
Term of Charter Agreement | 7 years | |||||||||||||||||||
Period until purchase option exercisable | 2 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 22,900,000 | |||||||||||||||||||
Deposit retained by buyer | $ 27,900,000 | |||||||||||||||||||
Dorian Dubai LPG Transport LLC (Cresques) | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 71,500,000 | |||||||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 52,500,000 | |||||||||||||||||||
Deposit retained by buyer | $ 19,000,000 | |||||||||||||||||||
Repayment of debt | $ 28,500,000 | |||||||||||||||||||
Cratis LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||||
Term of Charter Agreement | 9 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 50,000,000 | |||||||||||||||||||
Deposit retained by buyer | 20,000,000 | |||||||||||||||||||
Copernicus LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||||
Term of Charter Agreement | 9 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 50,000,000 | |||||||||||||||||||
Deposit retained by buyer | $ 20,000,000 | |||||||||||||||||||
Chaparral LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 64,900,000 | |||||||||||||||||||
Term of Charter Agreement | 7 years | |||||||||||||||||||
Period until purchase option exercisable | 5 years | |||||||||||||||||||
Period until purchase option exercisable extension period | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 64,900,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Caravelle LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Value of vessel transferred | $ 71,500,000 | 71,500,000 | ||||||||||||||||||
Term of Charter Agreement | 10 years | |||||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||||
Proceeds from sale of vessel | $ 50,000,000 | |||||||||||||||||||
Deposit retained by buyer | 21,500,000 | 21,500,000 | ||||||||||||||||||
2015 Facility | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 758,000,000 | $ 758,000,000 | ||||||||||||||||||
Number of tranches in which loan facility is divided | item | 4 | |||||||||||||||||||
Number of VLGC newbuildings secured by loan | item | 15 | |||||||||||||||||||
Repayment of debt | 33,700,000 | 35,100,000 | ||||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | $ 1,600,000 | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 206,381,274 | $ 206,381,274 | 385,011,186 | |||||||||||||||||
2015 Facility | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.40% | |||||||||||||||||||
Interest Rate | 0.97403% | 0.97403% | ||||||||||||||||||
Commercial Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 249,000,000 | 249,000,000 | ||||||||||||||||||
Term | 7 years | |||||||||||||||||||
Interest Rate | 3.37% | 3.37% | ||||||||||||||||||
Loan term period | 3 years | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 91,651,888 | $ 91,651,888 | 155,205,698 | |||||||||||||||||
Commercial Financing | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | 2.40% | ||||||||||||||||||
KEXIM Direct Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 204,000,000 | $ 204,000,000 | ||||||||||||||||||
Term | 12 years | |||||||||||||||||||
Interest Rate | 3.42% | 3.42% | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 44,406,733 | $ 44,406,733 | 89,474,512 | |||||||||||||||||
KEXIM Direct Financing | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.45% | |||||||||||||||||||
KEXIM Guaranteed and K-sure Insured | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 305,000,000 | $ 305,000,000 | ||||||||||||||||||
KEXIM Guaranteed | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 202,000,000 | $ 202,000,000 | ||||||||||||||||||
Term | 12 years | |||||||||||||||||||
Interest Rate | 2.37% | 2.37% | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 47,190,358 | $ 47,190,358 | 93,997,081 | |||||||||||||||||
KEXIM Guaranteed | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.40% | |||||||||||||||||||
K-sure Insured | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 103,000,000 | $ 103,000,000 | ||||||||||||||||||
Term | 12 years | |||||||||||||||||||
Interest Rate | 2.47% | 2.47% | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 23,132,295 | $ 23,132,295 | 46,333,895 | |||||||||||||||||
K-sure Insured | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.50% | |||||||||||||||||||
2017 Bridge Loan | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Repayment of debt | $ 30,100,000 | |||||||||||||||||||
Japanese Financing Agreement [Member] | ||||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 382,064,998 | 382,064,998 | 217,076,795 | |||||||||||||||||
Corsair Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 13,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 37,645,833 | 37,645,833 | 40,895,833 | |||||||||||||||||
Concorde Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 14,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 42,269,231 | 42,269,231 | 45,500,000 | |||||||||||||||||
Corvette Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 14,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 42,807,692 | 42,807,692 | 46,038,462 | |||||||||||||||||
CJNP Japanese Financing | CMNL | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Deposit retained by buyer | $ 25,200,000 | |||||||||||||||||||
Vessel purchase price | $ 15,800,000 | |||||||||||||||||||
CMNL Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 6.00% | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||||
Periodic principal payment amount | $ 100,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 11,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 16,706,845 | |||||||||||||||||||
CNML Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 6.00% | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||||
Periodic principal payment amount | $ 100,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 13,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 18,855,655 | |||||||||||||||||||
CNML Japanese Financing | CNML | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Deposit retained by buyer | $ 27,900,000 | |||||||||||||||||||
Vessel purchase price | $ 17,800,000 | |||||||||||||||||||
Cresques Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||||
Percentage of broker commission fee payable | 0.50% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 11,500,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 45,660,000 | 45,660,000 | $ 49,080,000 | |||||||||||||||||
Cresques Japanese Financing | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | |||||||||||||||||||
Cratis Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 4.10% | |||||||||||||||||||
Loan term period | 9 years | |||||||||||||||||||
Estimated financing cost to be incurred | $ 300,000 | |||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 13,300,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 49,660,000 | 49,660,000 | ||||||||||||||||||
Cratis Japanese Financing | Cratis LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Term of Charter Agreement | 9 years | |||||||||||||||||||
Copernicus Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 4.10% | |||||||||||||||||||
Loan term period | 9 years | |||||||||||||||||||
Financing cost to be incurred | $ 300,000 | |||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 13,300,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 49,660,000 | 49,660,000 | ||||||||||||||||||
Chaparral Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 5.30% | |||||||||||||||||||
Loan term period | 7 years | |||||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||||
Periodic principal payment amount | 500,000 | |||||||||||||||||||
Vessel purchase price | 45,800,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 64,662,242 | $ 64,662,242 | ||||||||||||||||||
Caravelle Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 4.20% | 4.20% | ||||||||||||||||||
Loan term period | 10 years | |||||||||||||||||||
Estimated financing cost to be incurred | $ 300,000 | $ 300,000 | ||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 1.25% | |||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | 0.50% | ||||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 14,000,000 | $ 14,000,000 | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 49,700,000 | 49,700,000 | ||||||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Security leverage ratio | 40.00% | 40.00% | ||||||||||||||||||
Additional basis points to decrease the margin | 0.10% | 0.10% | ||||||||||||||||||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.10% | 0.10% | ||||||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | |||||||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Additional basis points to increase the margin | 0.10% | 0.10% | ||||||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Security leverage ratio | 60.00% | 60.00% | ||||||||||||||||||
New senior secured term loan facility | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 155,800,000 | |||||||||||||||||||
New senior secured revolving credit facility | Maximum | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 25,000,000 | |||||||||||||||||||
2015 AR Facility | Cratis LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Repayment of debt | 25,100,000 | |||||||||||||||||||
2015 AR Facility | Copernicus LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Repayment of debt | $ 25,300,000 | |||||||||||||||||||
2015 AR Facility | Chaparral LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Repayment of debt | $ 24,000,000 | |||||||||||||||||||
2015 AR Facility | Caravelle LPG Transport LLC | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Repayment of debt | 24,800,000 | |||||||||||||||||||
BALCAP Facility | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 83,400,000 | |||||||||||||||||||
Drawdowns | $ 34,900,000 | |||||||||||||||||||
Stated rate (as a percent) | 3.78% | |||||||||||||||||||
Loan term period | 5 years | |||||||||||||||||||
Periodic principal payment amount | $ 900,000 | |||||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||||
Balloon payment amount | $ 44,100,000 | |||||||||||||||||||
Security leverage ratio | 125.00% | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 81,574,172 | $ 81,574,172 |
Long-Term Debt (Covenants) (Det
Long-Term Debt (Covenants) (Details) - USD ($) $ in Millions | Apr. 20, 2020 | Mar. 31, 2022 | Jun. 30, 2021 | Jul. 14, 2020 | Apr. 29, 2020 | Jul. 23, 2019 | Mar. 16, 2018 | Jan. 31, 2018 | Mar. 31, 2015 |
2015 Facility | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 758 | ||||||||
The amount of restricted cash released | $ 1.6 | $ 1.6 | |||||||
Maximum consolidated net debt to consolidated total capitalization ratio (as a percent) | 60.00% | ||||||||
Minimum stockholder's equity balance | $ 400 | ||||||||
Current assets and long-term restricted cash divided by current liabilities ratio (as a percent) | 100.00% | ||||||||
Amendment to the 2015 Debt Facility | |||||||||
Ownership percentage of common shares by any shareholder other than certain entities or directors or officers that permits lenders to accelerate indebtedness (as a percent) | 33.30% | ||||||||
2015 Facility | LIBOR | |||||||||
Long-Term Debt | |||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.40% | ||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | |||||||||
Long-Term Debt | |||||||||
Additional basis points to decrease the margin | 0.10% | 0.10% | |||||||
Security leverage ratio | 40.00% | 40.00% | |||||||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.10% | 0.10% | |||||||
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR | |||||||||
Long-Term Debt | |||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum | |||||||||
Long-Term Debt | |||||||||
Security leverage ratio | 60.00% | 60.00% | |||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum | |||||||||
Long-Term Debt | |||||||||
Additional basis points to increase the margin | 0.10% | 0.10% | |||||||
New senior secured term loan facility | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 155.8 | ||||||||
New senior secured revolving credit facility | Maximum | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 25 | ||||||||
2015 AR Facility | |||||||||
Long-Term Debt | |||||||||
Minimum cash per mortgaged vessel from first anniversary through thereafter | $ 1 | $ 2.2 | $ 1 | ||||||
Minimum liquidity covenant | $ 27.5 | ||||||||
Percentage of increase in security value ratio | 145.00% |
Long-Term Debt (FutMin) (Detail
Long-Term Debt (FutMin) (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Minimum annual principal payments | ||
2023 | $ 72,075,571 | |
2024 | 47,490,194 | |
2025 | 128,146,403 | |
2026 | 48,265,607 | |
2027 | 93,060,886 | |
Thereafter | 280,981,783 | |
Total | $ 670,020,444 | $ 602,087,981 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 12 Months Ended | ||
Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | |
Leases | |||
Number of option period for time charter | item | 0 | 0 | |
Operating lease income | $ 19,200,000 | $ 29,100,000 | $ 18,300,000 |
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Charter Hire Expenses | Charter Hire Expenses | Charter Hire Expenses |
Lease term | 12 months | 12 months | |
Weighted average discount rate (as a percent) | 3.88% | ||
Weighted average remaining lease term | 10 months | ||
Operating lease right-of-use assets - Office Leases | $ 194,343 | ||
Operating lease right-of-use assets - Time Charter in VLGCs | 7,892,671 | ||
Operating lease liabilities current - Office Leases | 180,693 | ||
Operating lease liabilities current - Time Charter in VLGCs | $ 7,892,671 | ||
Minimum | |||
Leases | |||
Weighted average discount rate (as a percent) | 3.82% | ||
Maximum | |||
Leases | |||
Weighted average discount rate (as a percent) | 5.53% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Time Charter-in | |||
Charter hire expenses | $ 16,265,638 | $ 18,135,580 | $ 9,861,898 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Operating Leases | |||
Operating lease rent expense | $ 624,370 | $ 558,400 | $ 541,574 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Mar. 31, 2022USD ($) |
Leases | |
Less than one year | $ 8,214,964 |
Total undiscounted lease payments | 8,214,964 |
Less: imputed interest | (141,600) |
Carrying value of operating lease liabilities | $ 8,073,364 |
Common Stock (Other) (Details)
Common Stock (Other) (Details) | Jan. 25, 2022USD ($) | Jan. 04, 2022USD ($)$ / shares | Sep. 08, 2021USD ($) | Jul. 30, 2021USD ($)$ / shares | Mar. 31, 2022USD ($)itemshares | Mar. 31, 2021shares | Jul. 01, 2013$ / sharesshares |
Common Stock. | |||||||
Dividends declared (in dollars per share) | $ / shares | $ 1 | $ 1 | |||||
Dividends, Common Stock | $ | $ 40,100,000 | $ 40,400,000 | |||||
Dividends paid in cash | $ | $ 39,900,000 | $ 40,200,000 | $ 80,082,210 | ||||
Dividends payable | $ | $ 200,000 | $ 200,000 | $ 494,180 | ||||
Common stock | |||||||
Authorized capital stock (in shares) | shares | 500,000,000 | ||||||
Par value of capital stock (in dollars per share) | $ / shares | $ 0.01 | ||||||
Common Stock, Shares Authorized | shares | 450,000,000 | 450,000,000 | 450,000,000 | ||||
Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | ||||
Number of votes entitled to shareholders | item | 1 |
Common Stock (SBC) (Details)
Common Stock (SBC) (Details) - USD ($) | 2 Months Ended | 12 Months Ended | 29 Months Ended | |||||||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2021 | Feb. 02, 2022 | Feb. 02, 2021 | Dec. 29, 2020 | Feb. 03, 2020 | Aug. 05, 2019 | |
Stock repurchases | ||||||||||
Common stock repurchase authorized amount | $ 100,000,000 | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||
Treasury stock shares acquired (in shares) | 0 | 7,000,000 | ||||||||
Treasury stock value acquired | $ 21,364,822 | $ 12,678,249 | $ 50,699,304 | $ 81,000,000 | ||||||
Remaining available authorization | $ 41,400,000 | |||||||||
Tender Offer February 2, 2021 | ||||||||||
Stock repurchases | ||||||||||
Repurchase authorization (in shares) | 8,405,146 | |||||||||
Percent of shares outstanding authorized for repurchase | 16.80% | |||||||||
Authorized share price (in dollars per share) | $ 13.50 | |||||||||
Common stock repurchase authorized amount | $ 113,500,000 | |||||||||
Original Tender Offer February 2, 2021 | ||||||||||
Stock repurchases | ||||||||||
Repurchase authorization (in shares) | 7,407,407 | |||||||||
Percent of shares outstanding authorized for repurchase | 14.80% | |||||||||
Oversubscribed Tender Offer February 2, 2021 | ||||||||||
Stock repurchases | ||||||||||
Repurchase authorization (in shares) | 997,739 | |||||||||
Percent of shares outstanding authorized for repurchase | 2.00% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | 24 Months Ended | ||||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2022 | Oct. 31, 2021 | Apr. 30, 2014 | |
Stock-Based Compensation Plans | ||||||
Number of common shares reserved for issuance under the Equity Incentive Plan | 2,015,000 | 2,850,000 | ||||
Restricted stock awards | ||||||
Stock-Based Compensation Plans | ||||||
Granted (in shares) | 263,686 | 442,215 | ||||
Unrecognized compensation cost | $ 1.7 | $ 1.7 | ||||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 9 months 18 days | |||||
Fair value of restricted shares | $ 4.1 | $ 3.4 | $ 5.2 | |||
Number of Shares | ||||||
Unvested at the beginning of the period (in shares) | 358,171 | 317,048 | 317,048 | |||
Granted (in shares) | 263,686 | 442,215 | ||||
Vested (in shares) | (288,667) | (400,942) | ||||
Forfeited (in shares) | (4,100) | (150) | ||||
Unvested at the end of the period (in shares) | 329,090 | 358,171 | 317,048 | 329,090 | ||
Weighted-Average Grant-Date Fair Value | ||||||
Unvested at the beginning of the period (in dollars per share) | $ 8.23 | $ 8.08 | $ 8.08 | |||
Granted (in dollars per share) | 13.34 | 8.34 | ||||
Vested (in dollars per share) | 10.21 | 8.23 | ||||
Forfeited (in dollars per share) | 10.24 | 8.36 | ||||
Unvested at the end of the period (in dollars per share) | $ 10.56 | $ 8.23 | $ 8.08 | $ 10.56 | ||
Restricted stock awards | General and administrative expenses | ||||||
Stock-Based Compensation Plans | ||||||
Stock-based compensation expense | $ 3.3 | $ 3.4 | $ 3.2 | |||
Restricted stock awards | Vest immediately | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 25.00% | |||||
Restricted stock awards | Vest one year after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 25.00% | |||||
Vesting period | 1 year | |||||
Restricted stock awards | Vest two years after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 25.00% | |||||
Vesting period | 2 years | |||||
Restricted stock awards | Vest three years after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 25.00% | |||||
Vesting period | 3 years | |||||
Restricted stock units | Vest one year after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 1 year | |||||
Restricted stock units | Vest two years after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 2 years | |||||
Restricted stock units | Vest three years after grant | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 3 years | |||||
Certain officers and employees | Restricted stock awards | ||||||
Stock-Based Compensation Plans | ||||||
Granted (in shares) | 180,900 | 188,400 | 175,200 | |||
Number of Shares | ||||||
Granted (in shares) | 180,900 | 188,400 | 175,200 | |||
Certain officers and employees | Restricted stock units | ||||||
Stock-Based Compensation Plans | ||||||
Granted (in shares) | 36,700 | 56,450 | 22,500 | |||
Minimum percent of weighted average price of common shares over any consecutive 15 day period of book value of one share of the company | 95.00% | |||||
Number of Shares | ||||||
Granted (in shares) | 36,700 | 56,450 | 22,500 | |||
Non-executive director | Restricted stock awards | ||||||
Stock-Based Compensation Plans | ||||||
Granted (in shares) | 46,086 | 41,711 | 24,025 | |||
Number of Shares | ||||||
Granted (in shares) | 46,086 | 41,711 | 24,025 | |||
President and Chief Executive Officer | ||||||
Stock-Based Compensation Plans | ||||||
Shares issued | 155,654 | |||||
Non-employee consultant | Restricted stock awards | ||||||
Stock-Based Compensation Plans | ||||||
Granted (in shares) | 1,550 | 0 | ||||
Number of Shares | ||||||
Granted (in shares) | 1,550 | 0 |
Revenues (Details)
Revenues (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 274,221,448 | $ 315,938,812 | $ 333,429,998 |
Net pool revenues - related party | |||
Revenues | 246,305,480 | 292,679,614 | 298,079,123 |
Time charter revenues | |||
Revenues | 22,377,211 | 19,492,595 | 34,111,230 |
Other revenue, net | |||
Revenues | $ 5,538,757 | $ 3,766,603 | $ 1,239,645 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Voyage Expenses. | |||
Bunkers | $ 2,159,341 | $ 1,537,007 | $ 1,345,360 |
War risk insurances | 1,510,720 | 1,272,647 | 1,095,156 |
Brokers' commissions | 265,207 | 334,333 | 469,143 |
Security cost | 322,150 | 221,882 | 272,985 |
Port charges and other related expenses | 1,556 | 1,500 | 5,898 |
Other voyage expenses | 65,738 | 42,281 | 54,381 |
Total voyage expenses | $ 4,324,712 | $ 3,409,650 | $ 3,242,923 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Vessel Operating Expenses. | |||
Crew wages and related costs | $ 44,950,878 | $ 44,017,660 | $ 42,683,848 |
Spares and stores | 14,486,392 | 17,061,388 | 13,249,931 |
Repairs and maintenance costs | 4,528,776 | 6,096,812 | 4,416,259 |
Insurance | 4,056,225 | 3,942,622 | 4,173,052 |
Lubricants | 3,351,279 | 3,241,330 | 3,607,749 |
Miscellaneous expenses | 2,830,668 | 3,860,057 | 3,347,530 |
Total | $ 74,204,218 | $ 78,219,869 | $ 71,478,369 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Interest and Finance Costs | |||
Interest incurred | $ 20,119,655 | $ 21,665,379 | $ 32,355,390 |
Amortization of financing costs | 5,889,040 | 4,695,360 | 2,893,392 |
Other finance costs | 1,350,744 | 1,235,385 | 856,759 |
Capitalized interest | (292,044) | ||
Total | $ 27,067,395 | $ 27,596,124 | $ 36,105,541 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Income Taxes | |
Tax rate on US source shipping income (as a percent) | 4.00% |
Shipping income (as a percent) | 50.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Mar. 31, 2022USD ($)item | Mar. 31, 2021USD ($) | |
Commitments under Contracts for BWMS Purchases | |||
Less than one year | $ 54,490 | ||
Total | 54,490 | ||
Commitments under Operating Leases | |||
Less than one year | 8,214,964 | ||
Total undiscounted lease payments | $ 8,214,964 | ||
Time Charter-in commitments | |||
Number of VLGC with charter-in commitments to be delivered | item | 3 | ||
Duration of Very Large Gas Carrier Vessels that have charter-in commitments to be delivered | 7 years | 1 year | |
Less than one year | $ 17,130,893 | ||
One to three years | 64,080,000 | ||
Three to five years | 64,080,000 | ||
Thereafter | 91,700,000 | ||
Total | 236,990,893 | ||
Fixed Time Charter Commitments | |||
Less than one year | 17,295,578 | ||
Total | 17,295,578 | ||
Commitments under Bareboat Charter Header Agreement | |||
Bareboat charter agreement term of contract | 13 years | ||
Amount of predelivery cost commitments | $ 24,000,000 | ||
Amount of predelivery and additional features commitments | $ 25,000,000 | ||
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement | 9,000,000 | ||
Other | |||
Contingency expense | 4,000,000 | ||
United States, Greece, United Kingdom, And Denmark | |||
Commitments under Operating Leases | |||
Less than one year | 149,135 | ||
Total undiscounted lease payments | $ 149,135 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Interest rate swaps | ||
Derivative Instruments | ||
Nominal value | $ 235,000,000 | $ 366,254,131 |
1.091% interest rate swap due on March 2025 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.091% | |
Nominal value | $ 188,000,000 | 200,000,000 |
Final settlement amount | $ 95,200,000 | |
1.145% interest rate swap due on March 2025 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.145% | |
Nominal value | $ 47,000,000 | $ 50,000,000 |
Final settlement amount | $ 23,800,000 | |
1.468% interest rate swap due on March 2022 | ABN | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.468% | |
Nominal value | $ 26,325,000 | |
1.380% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.38% | |
Nominal value | $ 39,487,500 | |
1.213% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.213% | |
Nominal value | $ 35,750,774 | |
1.161% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.161% | |
Nominal value | $ 14,690,857 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments | |||
Change in fair value | $ 11,067,870 | $ 7,202,880 | $ (18,206,769) |
Realized gain/(loss) on derivatives | (3,450,443) | (4,568,033) | 2,800,374 |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | 7,617,427 | 2,634,847 | (15,406,395) |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 11,067,870 | 4,597,438 | (15,601,327) |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | (3,450,443) | (3,779,363) | 2,403,480 |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | |||
Derivative Instruments | |||
Derivative Asset | 6,512,479 | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 1,100,529 | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 3,454,862 | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 2,605,442 | (2,605,442) | |
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | (788,670) | $ 396,894 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Current assets-Derivative instruments | |||
Derivative Instruments | |||
Derivative Asset | 0 | 0 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | $ 0 | $ 0 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Financial Instruments and Fair Value Disclosures | |||
Unrealized gain/(loss) on investment securities | $ (1,587,090) | $ 1,317,890 | $ 1,288,304 |
Less: Realized gain/(loss) on investment securities | 447,255 | 295 | 1,281,671 |
Net gain/(loss) on investment securities | $ (1,139,835) | $ 1,317,595 | $ 6,633 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Mar. 31, 2022 | Mar. 31, 2021 |
Fair value | ||
Carrying Value | $ 662,762,958 | $ 591,472,044 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 37,645,833 | 40,895,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 36,904,683 | 44,298,064 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 42,269,231 | 45,500,000 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,352,417 | 49,791,680 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 42,807,692 | 46,038,462 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,862,894 | 50,376,434 |
CJNP Japanese Financing | ||
Fair value | ||
Carrying Value | 16,706,845 | |
CJNP Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 18,792,993 | |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 18,855,655 | |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 21,195,305 | |
Cratis Japanese Financing | ||
Fair value | ||
Carrying Value | 49,660,000 | |
Cratis Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 46,716,277 | |
Copernicus Japanese Financing | ||
Fair value | ||
Carrying Value | 49,660,000 | |
Copernicus Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 46,716,277 | |
Chaparral Japanese Financing | ||
Fair value | ||
Carrying Value | 64,662,242 | |
Chaparral Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 64,321,963 | |
Caravelle Japanese Financing | ||
Fair value | ||
Carrying Value | 49,700,000 | |
Caravelle Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 46,792,400 | |
BALCAP Facility | ||
Fair value | ||
Carrying Value | 81,574,172 | |
BALCAP Facility | Level 2 | ||
Fair value | ||
Fair Value | $ 77,063,912 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Defined Contribution Plans and Defined Benefit Plan | |||
Compensation expense associated with safe harbor contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | 0.1 | 0.3 | |
United Kingdom and Denmark | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0.2 | $ 0.2 | 0.2 |
Maximum | Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0.1 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Numerator: | |||||||||||
Net income | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 44,033,434 | $ 35,825,264 | $ 537,950 | $ 12,168,005 | $ 71,935,018 | $ 92,564,653 | $ 111,841,258 |
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding (in shares) | 40,203,937 | 49,729,358 | 53,881,483 | ||||||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 161,151 | 97,440 | 233,855 | ||||||||
Diluted weighted average number of common shares outstanding (in shares) | 40,365,088 | 49,826,798 | 54,115,338 | ||||||||
EPS: | |||||||||||
Earnings per common share - basic (in dollars per share) | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 1.79 | $ 1.86 | $ 2.08 |
Earnings per common share - diluted (in dollars per share) | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 1.78 | $ 1.86 | $ 2.07 |
Restricted stock awards | |||||||||||
EPS: | |||||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 0 | 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Selected Quarterly Financial Information (unaudited) | |||||||||||
Revenues | $ 79,624,070 | $ 68,559,782 | $ 63,086,858 | $ 62,950,738 | $ 99,584,187 | $ 88,479,024 | $ 54,710,277 | $ 73,165,324 | $ 274,221,448 | $ 315,938,812 | $ 333,429,998 |
Operating income | 37,476,803 | 22,550,972 | 19,115,310 | 13,255,888 | 46,290,595 | 41,875,535 | 5,413,760 | 22,519,802 | 92,398,973 | 116,099,692 | 161,068,831 |
Net income | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 44,033,434 | $ 35,825,264 | $ 537,950 | $ 12,168,005 | $ 71,935,018 | $ 92,564,653 | $ 111,841,258 |
Earnings per common share - basic (in dollars per share) | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 1.79 | $ 1.86 | $ 2.08 |
Earnings per common share - diluted (in dollars per share) | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 1.78 | $ 1.86 | $ 2.07 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jun. 02, 2022 | May 19, 2022 | May 05, 2022 | Apr. 21, 2022 | Jan. 25, 2022 | Jan. 04, 2022 | Sep. 08, 2021 | Jul. 30, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Subsequent Event | |||||||||||
Repayment of long-term debt borrowings | $ 230,317,537 | $ 99,418,395 | $ 63,968,414 | ||||||||
Dividends declared (in dollars per share) | $ 1 | $ 1 | |||||||||
Dividends declared | $ 40,100,000 | $ 40,400,000 | |||||||||
Dividends paid in cash | $ 39,900,000 | $ 40,200,000 | 80,082,210 | ||||||||
Dividends payable | $ 200,000 | $ 200,000 | 494,180 | ||||||||
Proceeds from sale of vessel | $ 90,460,363 | ||||||||||
Commercial Financing | |||||||||||
Subsequent Event | |||||||||||
Loan term period | 3 years | ||||||||||
Subsequent events | |||||||||||
Subsequent Event | |||||||||||
Dividends declared (in dollars per share) | $ 2.50 | ||||||||||
Dividends declared | $ 100,300,000 | ||||||||||
Dividends paid in cash | $ 99,700,000 | ||||||||||
Dividends payable | $ 600,000 | ||||||||||
Subsequent events | Commercial Financing | |||||||||||
Subsequent Event | |||||||||||
Repayment of long-term debt borrowings | $ 11,100,000 | ||||||||||
Subsequent events | KEXIM Direct Financing | |||||||||||
Subsequent Event | |||||||||||
Repayment of long-term debt borrowings | 11,100,000 | ||||||||||
Subsequent events | K-sure Insured | |||||||||||
Subsequent Event | |||||||||||
Repayment of long-term debt borrowings | 2,800,000 | ||||||||||
Subsequent events | Cougar Japanese Financing | |||||||||||
Subsequent Event | |||||||||||
Loan term period | 10 years | ||||||||||
Estimated financing cost to be incurred | $ 300,000 | ||||||||||
Percentage of broker commission fee payable | 1.25% | ||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | ||||||||||
Periodic principal payment amount | $ 900,000 | ||||||||||
Principal payment frequency | quarterly | ||||||||||
Balloon payment amount | $ 14,000,000 | ||||||||||
Subsequent events | Cougar Japanese Financing | three-month SOFR | |||||||||||
Subsequent Event | |||||||||||
Margin (as a percent) | 2.45% | ||||||||||
Subsequent events | 2015 AR Facility | |||||||||||
Subsequent Event | |||||||||||
Repayment of long-term debt borrowings | $ 25,000,000 | ||||||||||
Subsequent events | Cougar LPG Transport LLC | |||||||||||
Subsequent Event | |||||||||||
Deposit retained by buyer used for purchase payment | $ 20,000,000 | ||||||||||
Value of vessel transferred | $ 70,000,000 | ||||||||||
Term of Charter Agreement | 10 years | ||||||||||
Period until purchase option exercisable | 3 years | ||||||||||
Proceeds from sale of vessel | $ 50,000,000 | ||||||||||
Deposit retained by buyer | 20,000,000 | ||||||||||
Subsequent events | Cougar LPG Transport LLC | 2015 AR Facility | |||||||||||
Subsequent Event | |||||||||||
Repayment of debt | $ 20,000,000 |