Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | May 25, 2023 | Sep. 30, 2022 | |
Cover Abstract | |||
Entity Registrant Name | Dorian LPG Ltd. | ||
Entity Central Index Key | 0001596993 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2023 | ||
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 | $ 519,083,561 | ||
Entity Common Stock, Shares Outstanding | 40,382,730 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2023 | ||
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, 2023 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 148,797,232 | $ 236,758,927 |
Trade receivables, net and accrued revenues | 3,282,256 | 853,060 |
Due from related parties | 73,070,095 | 57,782,831 |
Inventories | 2,642,395 | 2,266,351 |
Prepaid expenses and other current assets | 8,507,007 | 10,232,083 |
Total current assets | 236,298,985 | 307,893,252 |
Fixed assets | ||
Vessels, net | 1,263,928,605 | 1,238,061,690 |
Vessel under construction | 16,401,532 | |
Other fixed assets, net | 48,213 | 54,101 |
Total fixed assets | 1,263,976,818 | 1,254,517,323 |
Other non-current assets | ||
Deferred charges, net | 8,367,301 | 9,839,000 |
Derivative instruments | 9,278,544 | 6,512,479 |
Due from related parties-non-current | 20,900,000 | 19,800,000 |
Restricted cash - non-current | 76,418 | 77,987 |
Operating lease right-of-use assets | 158,179,398 | 8,087,014 |
Available-for-sale securities | 11,366,838 | |
Other non-current assets | 469,227 | 635,038 |
Total assets | 1,708,913,529 | 1,607,362,093 |
Current liabilities | ||
Trade accounts payable | 10,807,376 | 9,541,131 |
Accrued expenses | 5,637,725 | 3,801,448 |
Due to related parties | 168,793 | 37,433 |
Deferred income | 208,558 | 813,967 |
Current portion of long-term operating lease liabilities | 23,407,555 | 8,073,364 |
Current portion of long-term debt | 53,110,676 | 72,075,571 |
Dividends payable | 1,255,861 | 494,180 |
Total current liabilities | 94,596,544 | 94,837,094 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 604,256,670 | 590,687,387 |
Long-term operating lease liabilities | 134,782,483 | |
Other long-term liabilities | 1,431,510 | 1,686,197 |
Total long-term liabilities | 740,470,663 | 592,373,584 |
Total liabilities | 835,067,207 | 687,210,678 |
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, 51,630,593 and 51,321,695 shares issued, 40,382,730 and 40,185,042 shares outstanding (net of treasury stock), as of March 31, 2023 and March 31, 2022, respectively | 516,306 | 513,217 |
Additional paid-in-capital | 764,383,292 | 760,105,994 |
Treasury stock, at cost; 11,247,863 and 11,136,653 shares as of March 31, 2023 and March 31, 2022, respectively | (122,896,838) | (121,226,936) |
Retained earnings | 231,843,562 | 280,759,140 |
Total shareholders' equity | 873,846,322 | 920,151,415 |
Total liabilities and shareholders' equity | $ 1,708,913,529 | $ 1,607,362,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2023 | Mar. 31, 2022 |
Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | |
Preferred stock, shares authorized | 50,000,000 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Common stock, par value (in dollars per share) | $ 0.01 | |
Common stock, shares authorized | 450,000,000 | |
Common stock, shares issued | 51,630,593 | 51,321,695 |
Common stock, shares outstanding (net of treasury stock) | 40,382,730 | 40,185,042 |
Treasury stock, shares at cost | 11,247,863 | 11,136,653 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues: | |||
Revenues | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
Expenses | |||
Voyage expenses | 3,611,452 | 4,324,712 | 3,409,650 |
Charter hire expenses | 23,194,712 | 16,265,638 | 18,135,580 |
Vessel operating expenses | 71,501,771 | 74,204,218 | 78,219,869 |
Depreciation and amortization | 63,396,131 | 66,432,115 | 68,462,476 |
General and administrative expenses | 32,086,382 | 30,226,739 | 33,890,999 |
Total expenses | 193,790,448 | 191,453,422 | 202,118,574 |
Gain on disposal of vessels | 7,256,897 | ||
Other income-related parties | 2,401,701 | 2,374,050 | 2,279,454 |
Operating income | 198,360,468 | 92,398,973 | 116,099,692 |
Other income/(expenses) | |||
Interest and finance costs | (37,803,787) | (27,067,395) | (27,596,124) |
Interest income | 3,808,809 | 347,082 | 421,464 |
Unrealized gain on derivatives | 2,766,065 | 11,067,870 | 7,202,880 |
Realized gain/(loss) on derivatives | 3,771,522 | (3,450,443) | (4,568,033) |
Other gain/(loss), net | 1,540,853 | (1,361,069) | 1,004,774 |
Total other income/(expenses), net | (25,916,538) | (20,463,955) | (23,535,039) |
Net income | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
Weighted average shares outstanding Basic (in shares) | 40,026,313 | 40,203,937 | 49,729,358 |
Weighted average shares outstanding Diluted (in shares) | 40,211,642 | 40,365,088 | 49,826,798 |
Earnings per common share - basic (in dollars per share) | $ 4.31 | $ 1.79 | $ 1.86 |
Earnings per common share - diluted (in dollars per share) | $ 4.29 | $ 1.78 | $ 1.86 |
Net pool revenues - related party | |||
Revenues: | |||
Revenues | $ 364,548,262 | $ 246,305,480 | $ 292,679,614 |
Time charter revenues | |||
Revenues: | |||
Revenues | 22,709,620 | 22,377,211 | 19,492,595 |
Other revenue, net | |||
Revenues: | |||
Revenues | $ 2,491,333 | $ 5,538,757 | $ 3,766,603 |
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, 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 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 172,443,930 | 172,443,930 | |||
Restricted share award issuances | $ 3,089 | (3,089) | |||
Restricted share award issuances (in shares) | 308,898 | ||||
Dividend | (221,359,508) | (221,359,508) | |||
Stock-based compensation | 4,280,387 | 4,280,387 | |||
Purchase of treasury stock | (1,669,902) | (1,669,902) | |||
Balance at Mar. 31, 2023 | $ 516,306 | $ (122,896,838) | $ 764,383,292 | $ 231,843,562 | $ 873,846,322 |
Balance (in shares) at Mar. 31, 2023 | 51,630,593 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Shareholders Equity | ||
Dividends per share | $ 5.50 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 63,396,131 | 66,432,115 | 68,462,476 |
Amortization of operating lease right-of-use assets | 10,866,495 | 9,576,822 | 9,218,537 |
Amortization of financing costs | 5,600,493 | 5,889,040 | 4,695,360 |
Unrealized gain on derivatives | (2,766,065) | (11,067,870) | (7,202,880) |
Stock-based compensation expense | 4,280,387 | 3,332,279 | 3,356,199 |
Gain on disposal of vessels | (7,256,897) | ||
Unrealized foreign currency (gain)/loss, net | 921,289 | 166,873 | (210,010) |
Other non-cash items, net | (4,571,737) | 1,267,576 | (1,091,825) |
Changes in operating assets and liabilities | |||
Trade receivables, net and accrued revenue | (2,429,196) | (650,839) | 618,625 |
Prepaid expenses and other current assets | (54,066) | (2,607,346) | (1,192,336) |
Due from related parties | (16,387,264) | 897,936 | 10,656,326 |
Inventories | (376,044) | (258,887) | (11,261) |
Other non-current assets | 165,811 | (552,201) | 1,490,267 |
Operating lease liabilities-current and long-term | (9,078,157) | (9,590,424) | (9,221,782) |
Trade accounts payable | 591,835 | (115,287) | 212,173 |
Accrued expenses and other liabilities | 2,498,574 | (4,889,118) | 4,309,014 |
Due to related parties | 131,360 | (80,370) | (319,047) |
Payments for drydocking costs | (1,173,940) | (3,733,250) | (5,738,793) |
Net cash provided by operating activities | 224,059,836 | 118,695,170 | 170,595,696 |
Cash flows from investing activities: | |||
Payments for vessels and vessel capital expenditures | (68,781,071) | (23,185,913) | (9,492,953) |
Purchases of investment securities | (2,250,681) | (4,743,809) | |
Purchase of U.S. treasury notes | (11,275,322) | ||
Proceeds from sale of investment securities | 3,718,981 | 3,742,429 | 275,393 |
Proceeds from maturity of short-term investments | 15,000,000 | ||
Proceeds from disposal of vessels | 90,460,363 | ||
Payments to acquire other fixed assets | (3,778) | (17,541) | |
Net cash provided by/(used in) investing activities | (76,341,190) | 68,766,198 | 1,021,090 |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 346,000,000 | 298,250,000 | 55,378,172 |
Repayment of long-term debt borrowings | (352,458,012) | (230,317,537) | (99,418,395) |
Repurchase of common stock | (1,669,902) | (21,364,822) | (126,260,923) |
Financing costs paid | (6,506,267) | (1,664,252) | (4,183,321) |
Dividends paid | (220,597,827) | (80,082,210) | |
Net cash used in financing activities | (235,232,008) | (35,178,821) | (174,484,467) |
Effects of exchange rates on cash and cash equivalents | (449,902) | (172,832) | 205,753 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (87,963,264) | 152,109,715 | (2,661,928) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 236,836,914 | 84,727,199 | 87,389,127 |
Cash, cash equivalents, and restricted cash at the end of the period | 148,873,650 | 236,836,914 | 84,727,199 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest excluding interest capitalized to vessels | 31,071,625 | 20,591,883 | 21,787,205 |
Cash paid for amounts included in the measurement of operating lease liabilities | 11,965,581 | 10,082,984 | 10,088,410 |
Right of use assets recognized | 163,337,516 | ||
Unpaid lease liability on initial recognition | 161,574,834 | ||
Capitalized drydocking costs included in liabilities | 234,290 | 6,735 | 870,776 |
Vessel-related capital expenditures included in liabilities | 1,317,456 | 107,275 | 320,992 |
Unpaid dividends included in liabilities | 1,255,861 | 494,180 | |
Financing costs included in liabilities | 663,600 | 1,689,600 | 596,800 |
Reconcilliation 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 | 148,797,232 | 236,758,927 | 79,330,007 |
Restricted cash - current | 5,315,951 | ||
Restricted cash - non-current | 76,418 | 77,987 | 81,241 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 148,873,650 | $ 236,836,914 | $ 84,727,199 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2023 | |
Basis of Presentation and General Information: | |
Basis of Presentation and General Information | 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, 2023, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC (“Dual-fuel ECO VLGC”), nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), one 82,000 cbm modern VLGC, two time chartered-in dual fuel Panamax size VLGCs, and two time chartered-in ECO 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. An additional three of our technically-managed VLGCs had contractual commitments to be equipped with scrubbers as of March 31, 2023, two of which are expected to complete the installation of their scrubbers during the year ended March 31, 2024 with the third during the year ended March 31, 2025. 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, 2023 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 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar (2) 2015 84,000 Concorde LPG Transport LLC VLGC Concorde 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 VLGC Captain Markos (2) 2023 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 9 below for further information. Customers For the years ended March 31, 2023, 2022, and 2021 the Helios Pool accounted for 94%, 90%, and 93% 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, and the demand for certain shipped goods regionally as well as globally. 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. Our business has been and may continue to be materially and adversely affected by this pandemic and we are unable to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results. In response to the pandemic, many countries, ports and organizations, including those where we conduct our operations, implemented measures to combat the pandemic, such as quarantines and travel restrictions. Though these measures have in large part been relaxed, to the extent governments determine to reinstate similar measures in the future as a result of any resurgence or worsening of the pandemic in the wake of the spread of variants and subvariants of COVID-19, this could cause severe trade disruptions. The extent to which COVID-19 will impact our results of operations and financial condition, including possible vessel impairments, will depend on future developments including, among others, new information which may emerge concerning the severity of the virus and any variants and subvariants thereof, any resurgence of the virus, the actions to contain or treat its impact, others and the length of time that the pandemic continues and whether subsequent waves of the infection happen, including as a result of vaccination rates among the population, the effectiveness of COVID-19 vaccines and the response by governmental bodies and regulators. To date, we are still experiencing some degree of increased crew costs in connection with the COVID-19 outbreak. There are several jurisdictions that limit and/or prohibit the change of crew resulting in continuing higher operating costs and time delays. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2023 | |
Significant Accounting Policies: | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: (b) Use of estimates: (c) Other comprehensive income/(loss): (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: Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet. (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 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: ● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and ● number of days the vessel participated in the pool in the period. We recognize net pool revenues—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 generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. (s) Voyage expenses: (t) Commissions: (u) Charter hire expenses: (v) Vessel operating expenses: (w) Stock-based compensation : (x) Stock repurchases : (y) Dividends : (z) Segment reporting: (aa) Derivative instruments: (ab) 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. (ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued 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 was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2023 | |
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, 2023, 2022 and 2021. As of March 31, 2023 and 2022, there was $0 and $1.0 million, respectively, due from DHSA and included in “Due from related parties.” Helios LPG Pool LLC (“Helios Pool”) |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2023 | |
Inventories: | |
Inventories | 4. Inventories Our inventories by type were as follows: March 31, 2023 March 31, 2022 Lubricants $ 2,472,716 $ 2,096,713 Bonded stores 169,679 169,638 Total $ 2,642,395 $ 2,266,351 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2023 | |
Vessels, Net: | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 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 delivered 84,432,491 — 84,432,491 Other additions 1,955,694 — 1,955,694 Depreciation — (60,521,270) (60,521,270) Balance, March 31, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 For the year ended March 31, 2023, additions to vessels, net mainly consisted of amounts transferred from Vessels under Construction relating to the cost of a newbuilding dual-fuel VLGC, Captain Markos 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, 2023 | |
Vessel Under Construction: | |
Vessel Under Construction | 6. Vessel Under Construction Net book Value 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 Installment payments 64,000,000 Other capitalized expenditures 2,664,003 Capitalized interest 1,366,956 Vessel delivered (transferred to Vessels, Net) (84,432,491) Balance, March 31, 2023 $ — |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Charges, Net: | |
Deferred Charges, Net | 7. Deferred Charges, Net The analysis and movement of deferred charges, net is presented in the table below: Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 2,869,210 Disposals (298,852) Amortization (2,889,560) Balance, March 31, 2022 $ 9,839,000 Additions 1,401,495 Amortization (2,873,194) Balance, March 31, 2023 $ 8,367,301 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses: | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses comprised of the following: March 31, 2023 March 31, 2022 Accrued voyage and vessel operating expenses 3,072,568 1,676,853 Accrued employee-related costs 1,292,735 952,471 Accrued professional services 479,502 946,411 Accrued loan and swap interest 529,069 126,878 Other 263,851 98,835 Total $ 5,637,725 $ 3,801,448 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2023 | |
Long-term Debt: | |
Long-term Debt | 9. Long-Term Debt Description of our Debt Obligations 2022 Debt Facility On July 29, 2022, we entered into a $260.0 million debt financing facility (the “2022 Debt Facility”) with Crédit Agricole Corporate and Investment Bank (“CACIB”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S (“DSF”) to refinance indebtedness under the 2015 AR Facility and the Concorde Japanese Financing, and to releverage Corvette following the repurchase of that vessel from its owners on July 21, 2022. The 2022 Debt Facility consists of (i) a term loan facility in an aggregate principal amount of $240.0 million and (ii) a revolving credit facility in an aggregate principal amount of up to $20.0 million. The loan comprised two separate drawdowns with $216.0 million drawn on August 4, 2022 relating to nine of our VLGCs, and the remaining $24.0 million relating to Concorde drawn on September 6, 2022. The term loan is for a period of seven years with an interest rate of SOFR plus a margin of 2.20% . The margin can be decreased by five basis points if the leverage ratio (which is based on the ratio of the debt outstanding to the aggregate market value of our vessels secured under the 2022 Debt Facility) is less than 35% or increased by five basis points if it is greater than or equal to 45% . The 2022 Debt Facility agreement also includes a provision to receive a five basis point increase or reduction in the margin for reductions 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) versus the level set by the International Maritime Organization. This is calculated annually and, as of March 31, 2023, our margin has been reduced by five basis points to 2.10% . The 2022 Debt 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’ mandatory insurances and earnings and management agreements; (iii) first priority pledge in respect of all 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 to non-Helios LPG Pool parties with an original tenor greater than 13 months; and (v) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2022 Debt Facility further provides that the facility is secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility. The 2022 Debt Facility also contains customary covenants that require us to maintain adequate insurance coverage and to properly maintain the vessels. 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 on 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 2022 Debt 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 not be less than 145% ; and ● Minimum liquidity covenant of the greater of (i) $27.5 million and (ii) 5% of consolidated interest-bearing debt. We were in compliance with all financial covenants as of March 31, 2023. 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. On April 21, 2022, we prepaid $25.0 million of the 2015 AR Facility’s then outstanding principal using cash on hand, consisting of $11.1 million of the commercial tranche, $11.1 million of the KEXIM direct tranche, and $2.8 million of the K-sure insured tranche. On May 19, 2022, we prepaid $20.0 million of the 2015 AR Facility’s then outstanding principal related to Cougar BALCAP Facility Constellation Commander financing has a 3.78% fixed interest rate, a term of five years, a face amount of $83.4 million, and a fixed monthly, mortgage-style payment of $0.9 million with a balloon payment of $44.1 million in December 2026. We received $34.9 million of net cash proceeds after repayment of debt under the 2015 AR Facility related to those vessels and fees and expenses related to the refinancing transaction. Constellation Commander The corporate financial covenants related to the BALCAP Facility are identical to those in the 2022 Debt Facility. We were in compliance with all financial covenants as of March 31, 2023. Japanese Financing Arrangements Corsair Japanese Financing On November 7, 2017, we refinanced a 2014-built VLGC, Corsair Corsair 2 Corsair 12-year Corsair 12-year 12-year Concorde Japanese Financing On January 31, 2018, we refinanced a 2015-built VLGC, Concorde Concorde 3 Concorde 13-year transaction and 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 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 towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 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 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 10-year Cougar Japanese Financing On May 19, 2022, we refinanced a 2015-built VLGC, Cougar Cougar Cougar Cougar Captain Markos Dual-Fuel Japanese Financing On March 31, 2023, we financed a 2023-built Dual-fuel VLGC, Captain Markos, from the shipyard pursuant to a memorandum of agreement and a bareboat charter agreement. Similar to our previous Japanese financings, this transaction is treated as a financing transaction and Captain Markos is recorded as an asset on our balance sheet. Prior to the delivery of the vessel, we paid $25.0 million in cash and, upon delivery, entered into a $56 million bareboat charter financing arrangement. This debt financing has a floating interest rate of one-month SOFR plus a credit adjustment spread of 0.1148% (reflecting the difference between unsecured LIBOR and secured SOFR) and a margin of 2.475% , monthly broker commission fees of 1.25% over the 13 -year term on interest and principal payments made, broker commission fees of 1.0% payable on the remaining debt outstanding at the time of the repurchase of Captain Markos , and a monthly fixed straight-line principal obligation of $0.210 million until February 29, 2028 and of $0.250 million from March 31, 2028 through the remainder of bareboat charter period with a balloon payment of $19.4 million. We have early buyout options beginning March 31, 2028 with a purchase obligation on March 31, 2036. Debt Obligations The table below presents our debt obligations: March 31, 2023 March 31, 2022 2015 AR Facility Commercial Financing $ — $ 91,651,888 KEXIM Direct Financing — 44,406,733 KEXIM Guaranteed — 47,190,358 K-sure Insured — 23,132,295 Total 2015 AR Facility $ — $ 206,381,274 2022 Debt Facility $ 225,000,000 $ — Japanese Financings Corsair Japanese Financing $ 34,395,834 $ 37,645,833 Concorde Japanese Financing — 42,269,231 Corvette Japanese Financing — 42,807,692 Cresques Japanese Financing 27,377,615 45,660,000 Cratis Japanese Financing 45,580,000 49,660,000 Copernicus Japanese Financing 45,580,000 49,660,000 Chaparral Japanese Financing 62,342,859 64,662,242 Caravelle Japanese Financing 46,100,000 49,700,000 Cougar Japanese Financing 47,300,000 — Captain Markos Dual-Fuel Japanese Financing 55,790,000 — Total Japanese Financings $ 364,466,308 $ 382,064,998 BALCAP Facility $ 74,096,125 $ 81,574,172 Total debt obligations $ 663,562,433 $ 670,020,444 Less: deferred financing fees 6,195,087 7,257,486 Debt obligations—net of deferred financing fees $ 657,367,346 $ 662,762,958 Presented as follows: Current portion of long-term debt $ 53,110,676 $ 72,075,571 Long-term debt—net of current portion and deferred financing fees 604,256,670 590,687,387 Total $ 657,367,346 $ 662,762,958 Deferred Financing Fees Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 2,530,589 Amortization (5,889,040) Balance, March 31, 2022 $ 7,257,486 Additions 4,538,094 Amortization (5,600,493) Balance, March 31, 2023 $ 6,195,087 Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2023 are as follows: Year ending March 31: 2024 $ 53,110,675 2025 53,543,315 2026 53,994,778 2027 95,660,887 2028 45,966,482 Thereafter 361,286,296 Total $ 663,562,433 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2023 | |
Leases: | |
Leases | 10. Leases Time charter-in contracts ten March 31, 2023 Charter hire expenses for the VLGCs time chartered in were as follows: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Charter hire expenses $ 23,194,712 16,265,638 18,135,580 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expired 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. During the year ended March 31, 2023, we extended the leases of our Stamford, Connecticut offices and our Athens, Greece office for an additional five Operating lease rent expense related to our office leases was as follows: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Operating lease rent expense $ 569,804 $ 624,370 $ 558,400 For our office leases and time charter-in arrangements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.86%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2023 is 74.8 months. Description Location on Balance Sheet March 31, 2023 March 31, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,654,498 $ 194,343 Time charter-in VLGCs Operating lease right-of-use assets $ 156,524,900 $ 7,892,671 Liabilities: Current Office Leases Current portion of long-term operating leases $ 436,810 $ 180,693 Time charter-in VLGCs Current portion of long-term operating leases $ 22,970,745 $ 7,892,671 Long-term Office Leases Long-term operating leases $ 1,228,328 $ — Time charter-in VLGCs Long-term operating leases $ 133,554,155 $ — Less than one year $ 31,720,834 One to three years 63,977,268 Three to five years 51,807,905 More than 5 40,663,139 Total undiscounted lease payments 188,169,146 Less: imputed interest (29,979,108) Carrying value of operating lease liabilities $ 158,190,038 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2023 | |
Common Stock: | |
Common Stock | 11. 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. On May 4, 2022, we announced that our board of directors (“Board of Directors”) declared an irregular cash dividend of $2.50 per share of our common stock to all shareholders of record as of the close of business on May 16, 2022, totaling $100.3 million. We paid $99.7 million on June 2, 2022, with the remaining $0.6 million deferred until certain shares of restricted stock vest. On June 15, 2022, we paid $0.2 million of dividends that were deferred until the vesting of certain restricted stock. On August 3, 2022, we announced that our Board of Directors declared an irregular 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 15, 2022, totaling $40.3 million. We paid $40.1 million on September 2, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. On August 5, 2022, we paid $0.4 million of dividends that were deferred until the vesting of certain restricted stock. On October 27, 2022, we announced that our Board of Directors declared an irregular 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 November 7, 2022, totaling $40.4 million. We paid $40.1 million on December 6, 2022 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. On February 1, 2023, we announced that our Board of Directors declared an irregular 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 February 15, 2023, totaling $40.4 million. We paid $40.1 million on February 28, 2023 and the remaining $0.3 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 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 this authorization, 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. As of March 31, 2023, our total purchases under the 2022 Common Share Repurchase Authority totaled 50,000 shares for an aggregate consideration of $0.7 million. We are not obligated to make any common share repurchases. Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2023, 2022, and 2021. Refer to Note 23 for dividend declared in April 2023. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2023 | |
Stock-Based Compensation Plans: | |
Stock-Based Compensation Plans | 12. 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, 2023, we granted to certain of our officers and employees an aggregate of 47,750 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 53,100 restricted stock units vesting ratably on the grant date and on the first and second anniversaries of the grant date, and 165,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date. The final tranche of restricted stock granted to certain of 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, 2022, we granted to certain of our officers and employees an aggregate of 51,400 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 11,700 restricted stock units vesting ratably on the first, second, and third anniversaries of the grant date, 129,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date, and 25,000 restricted stock units vesting ratably on the first and second anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to certain of 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 years ended March 31, 2023, 2022, and 2021, we granted 34,695 , 46,086 , and 41,711 , shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. Our stock-based compensation expense was $4.3 million, $3.3 million and $3.4 million for the years ended March 31, 2023, 2022, and 2021, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2023 was $2.0 million and the expense will be recognized over a remaining weighted average life of 1.89 years. A summary of the activity of our restricted shares as of March 31, 2023 and 2022 and changes during the year ended March 31, 2023 and 2022, are as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 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 Granted 301,045 16.01 Vested (299,253) 12.83 Forfeited (2,500) 14.66 Unvested as of March 31, 2023 328,382 $ 13.46 The total fair value of restricted shares that vested during the years ended March 31, 2023, 2022, and 2021 was $4.8 million, $4.1 million and $3.4 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, 2023 | |
Revenues: | |
Revenues | 13. Revenues Revenues comprise the following: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Net pool revenues—related party $ 364,548,262 $ 246,305,480 $ 292,679,614 Time charter revenues 22,709,620 22,377,211 19,492,595 Other revenues, net 2,491,333 5,538,757 3,766,603 Total revenues $ 389,749,215 $ 274,221,448 $ 315,938,812 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, 2023 | |
Voyage Expenses: | |
Voyage Expenses | 14. Voyage Expenses Voyage expenses comprise the following: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Bunkers $ 2,109,904 $ 2,159,341 $ 1,537,007 War risk insurances 940,436 1,510,720 1,272,647 Brokers’ commissions 290,099 265,207 334,333 Security cost 243,235 322,150 221,882 Other voyage expenses 27,778 67,294 43,781 Total $ 3,611,452 $ 4,324,712 $ 3,409,650 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2023 | |
Vessel Operating Expenses: | |
Vessel Operating Expenses | 15. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Crew wages and related costs $ 42,141,262 $ 44,950,878 $ 44,017,660 Spares and stores 13,644,604 14,486,392 17,061,388 Repairs and maintenance costs 4,743,513 4,528,776 6,096,812 Insurance 3,906,409 4,056,225 3,942,622 Lubricants 4,002,361 3,351,279 3,241,330 Miscellaneous expenses 3,063,622 2,830,668 3,860,057 Total $ 71,501,771 $ 74,204,218 $ 78,219,869 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2023 | |
Interest and Finance Costs: | |
Interest and Finance Costs | 16. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Interest incurred $ 31,398,739 $ 20,119,655 $ 21,665,379 Amortization of financing costs 5,600,493 5,889,040 4,695,360 Other financing costs 2,171,511 1,350,744 1,235,385 Capitalized interest (1,366,956) (292,044) — Total $ 37,803,787 $ 27,067,395 $ 27,596,124 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2023 | |
Income Taxes: | |
Income Taxes | 17. 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, 2023, 2022 and 2021, 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, 2023 | |
Commitments and Contingencies: | |
Commitments and Contingencies | 18. Commitments and Contingencies Commitments under Contracts to Drydock Certain VLGCs and for Scrubbers Purchases March 31, 2023 Less than one year $ 8,951,601 One to three years 174,993 Total $ 9,126,594 Time Charter-in We had the following time charter-in commitments relating to VLGCs: March 31, 2023 Less than one year $ 11,237,333 One to three years 21,600,000 Three to five years 21,600,000 Thereafter 24,300,000 Total $ 78,737,333 The time charter-in commitments as of March 31, 2023, relate to (i) a newbuilding dual-fuel Panamax VLGC that we previously entered into an agreement to time-charter in, with purchase options beginning in year seven, that is scheduled to be delivered during the third calendar quarter of 2023 for a period of seven years; (ii) a less than one-year time chartered in VLGC that is scheduled to expire during the third calendar quarter of 2023; and (iii) excludes operating lease liabilities related to three VLGCs that are recorded on the consolidated balance sheets as of March 31, 2023. 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, 2023 Less than one year $ 24,660,000 One to three years 7,387,986 Total $ 32,047,986 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 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, 2023 | |
Financial Instruments and Fair Value Disclosures: | |
Financial Instruments and Fair Value Disclosures | 19. 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 SOFR 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 2022 Debt Facility. On August 8, 2022, our interest rate swap with Citibank N.A. was novated to CACIB and BNP with the original amount equally apportioned to each counterparty, an adjustment in the fixed rate from 1.0908% to 0.9208% and a change in the indexed rate from LIBOR to SOFR. On August 25, 2022, our interest rate with ING was amended with an adjustment in the fixed rate from 1.145% to 0.915% and the indexed rate changed from LIBOR to SOFR. On January 20, 2023, we entered into an interest rate swap agreement with ING in order to manage our variable interest rate exposure risk by effectively converting a portion of our debt from a floating to a fixed rate. The notional value increases as other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement in July 2029. The effect is to maintain a constant ratio between the debt outstanding under the 2022 Debt Facility and the notional hedges. The initial notional value when effective on June 26, 2023 is $3.5 million and a fixed interest rate of 2.8525% . Additionally, we have exposure to floating rate movements on two of our Japanese Financings. The Cougar Japanese Financing is subject to SOFR and the Cresques Japanese Financing is the only debt agreement which is subject to LIBOR. 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, 2023 March 31, 2022 2022 Debt Facility - Citibank (1) September 2015 March 2022 1.0908 % $ — $ 188,000,000 2022 Debt Facility - ING (2) September 2015 March 2025 0.9150 % 36,695,201 47,000,000 2022 Debt Facility - CACIB (3) August 2022 March 2025 0.9208 % 73,390,402 — 2022 Debt Facility - BNP (4) August 2022 March 2025 0.9208 % 73,390,402 — 2022 Debt Facility - ING (5) January 2023 July 2029 2.8250 % — — $ 183,476,005 $ 235,000,000 (1) Novated to CACIB and BNP with the original amount equally apportioned to each counterparty in August 2022. (2) Reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) Reduces quarterly with a final settlement of $47.6 million in March 2025. (5) Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement of $80 million in July 2029. (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 SOFR swap yield rates. SOFR 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, 2023 and 2022. 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, 2023 March 31, 2022 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 $ 9,278,544 $ — $ 6,512,479 $ — The effect of derivative instruments within the consolidated statements of operations for the periods presented is as follows: Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2023 March 31, 2022 March 31, 2021 Forward freight agreements—change in fair value Unrealized gain on derivatives $ — $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain on derivatives 2,766,065 11,067,870 4,597,438 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — — (788,670) Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 3,771,522 (3,450,443) (3,779,363) Gain/(loss) on derivatives, net $ 6,537,587 $ 7,617,427 $ 2,634,847 As of March 31, 2023 and March 31, 2022, 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, 2023 and 2022. (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 investment securities that are included in other current assets in our balance sheet and available-for-sale securities (U.S. treasury notes with an aggregate fair value of $11.4 million as of March 31, 2023 and face values of $1.8 million maturing on September 30, 2024 and $10.0 million maturing March 15, 2025) that are recorded as a non-current asset on 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, 2023 March 31, 2022 March 31, 2021 Unrealized gain/(loss) on investment securities $ 1,443,683 $ (1,587,090) $ 1,317,595 Realized gain on investment securities 987,206 447,255 295 Net gain/(loss) on investment securities $ 2,430,889 $ (1,139,835) $ 1,317,890 We have long-term bank debt, the Cougar Japanese Financing, the Captain Markos Dual Fuel Japanese Financing, 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 SOFR at March 31, 2023 and LIBOR at March 31, 2022, each of 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, 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, 2023 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 34,395,834 $ 33,051,190 $ 37,645,833 $ 36,904,683 Concorde Japanese Financing — — 42,269,231 41,352,417 Corvette Japanese Financing — — 42,807,692 41,862,894 Cratis Japanese Financing 45,580,000 42,185,289 49,660,000 46,716,277 Copernicus Japanese Financing 45,580,000 42,185,289 49,660,000 46,716,277 Chaparral Japanese Financing 62,342,859 60,701,217 64,662,242 64,321,963 Caravelle Japanese Financing 46,100,000 42,707,169 49,700,000 46,792,400 BALCAP Facility $ 74,096,125 69,032,167 $ 81,574,172 $ 77,063,912 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2023 | |
Retirement Plans: | |
Retirement Plans | 20. 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, 2023, 2022, and 2021. Greece Defined Benefit Plan Our employees based in Greece participate in a required statutory defined benefit pension plan as required by the provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized a liability associated with our projected benefit obligation to the Greek Plan of $0.8 million and $1.0 million as of March 31, 2023 and 2022, respectively, representing a reduction of the liability of $0.2 million during the year ended March 31, 2023 and increases in the liability of $0.1 million and $0.3 million for the years ended March 31, 2022 and 2021, respectively, for which we recognized income or expense on our consolidated statement of operations. Denmark and U.K. Retirement Accounts We contribute to retirement accounts for certain employees in Denmark and the United Kingdom based on a percentage of their annual salaries. For each of the years ended March 31, 2023, 2022 and 2021, 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, 2023 | |
Earnings Per Share ("EPS"): | |
Earnings Per Share ("EPS") | 21. 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, 2023 March 31, 2022 March 31, 2021 Numerator: Net income $ 172,443,930 $ 71,935,018 $ 92,564,653 Denominator: Basic weighted average number of common shares outstanding 40,026,313 40,203,937 49,729,358 Effect of dilutive restricted stock and restricted stock units 185,329 161,151 97,440 Diluted weighted average number of common shares outstanding 40,211,642 40,365,088 49,826,798 EPS: Basic $ 4.31 $ 1.79 $ 1.86 Diluted $ 4.29 $ 1.78 $ 1.86 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, 2023 2022, and 2021. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2023 | |
Selected Quarterly Financial Information (unaudited): | |
Selected Quarterly Financial Information (unaudited) | 22. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2023 and 2022 quarterly results: Three months ended June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Revenues $ 76,823,722 $ 75,968,187 $ 103,322,256 $ 133,635,050 Operating income 28,947,004 28,137,816 57,494,075 83,781,573 Net income 24,847,720 20,311,465 51,263,710 76,021,035 Earnings per common share, basic 0.62 0.51 1.28 1.90 Earnings per common share, diluted $ 0.62 $ 0.51 $ 1.27 $ 1.89 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2023 | |
Subsequent Events: | |
Subsequent Events | 23. Subsequent Event Dividend On April 26, 2023, we announced that our Board of Directors has declared an irregular 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 May 8, 2023, totaling $40.4 million. We paid $40.1 million on May 22, 2023 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2023 | |
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): |
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: Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet. |
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 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: ● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and ● number of days the vessel participated in the pool in the period. We recognize net pool revenues—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. |
Voyage charter revenues | (r) Voyage charter revenues: three Revenue from Contracts with Customers generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. |
Voyage expenses | (s) Voyage expenses: |
Commissions | (t) Commissions: |
Charter hire expenses | (u) Charter hire expenses: |
Vessel operating expenses | (v) Vessel operating expenses: |
Stock-based compensation | (w) Stock-based compensation : |
Stock repurchases | (x) Stock repurchases : |
Dividends | (y) Dividends : |
Segment reporting | (z) Segment reporting: |
Derivative instruments | (aa) Derivative instruments: |
Fair value of financial instruments | (ab) 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 | (ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued 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 was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar (2) 2015 84,000 Concorde LPG Transport LLC VLGC Concorde 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 VLGC Captain Markos (2) 2023 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 9 below for further information. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Inventories: | |
Schedule of inventories by type | March 31, 2023 March 31, 2022 Lubricants $ 2,472,716 $ 2,096,713 Bonded stores 169,679 169,638 Total $ 2,642,395 $ 2,266,351 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Vessels, Net: | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 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 delivered 84,432,491 — 84,432,491 Other additions 1,955,694 — 1,955,694 Depreciation — (60,521,270) (60,521,270) Balance, March 31, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 |
Vessel Under Construction (Tabl
Vessel Under Construction (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Vessel Under Construction: | |
Schedule of vessel under construction | Net book Value 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 Installment payments 64,000,000 Other capitalized expenditures 2,664,003 Capitalized interest 1,366,956 Vessel delivered (transferred to Vessels, Net) (84,432,491) Balance, March 31, 2023 $ — |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Deferred Charges, Net: | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 2,869,210 Disposals (298,852) Amortization (2,889,560) Balance, March 31, 2022 $ 9,839,000 Additions 1,401,495 Amortization (2,873,194) Balance, March 31, 2023 $ 8,367,301 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Accrued Expenses: | |
Schedule of accrued expenses | March 31, 2023 March 31, 2022 Accrued voyage and vessel operating expenses 3,072,568 1,676,853 Accrued employee-related costs 1,292,735 952,471 Accrued professional services 479,502 946,411 Accrued loan and swap interest 529,069 126,878 Other 263,851 98,835 Total $ 5,637,725 $ 3,801,448 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Long-term Debt: | |
Schedule of loans outstanding | March 31, 2023 March 31, 2022 2015 AR Facility Commercial Financing $ — $ 91,651,888 KEXIM Direct Financing — 44,406,733 KEXIM Guaranteed — 47,190,358 K-sure Insured — 23,132,295 Total 2015 AR Facility $ — $ 206,381,274 2022 Debt Facility $ 225,000,000 $ — Japanese Financings Corsair Japanese Financing $ 34,395,834 $ 37,645,833 Concorde Japanese Financing — 42,269,231 Corvette Japanese Financing — 42,807,692 Cresques Japanese Financing 27,377,615 45,660,000 Cratis Japanese Financing 45,580,000 49,660,000 Copernicus Japanese Financing 45,580,000 49,660,000 Chaparral Japanese Financing 62,342,859 64,662,242 Caravelle Japanese Financing 46,100,000 49,700,000 Cougar Japanese Financing 47,300,000 — Captain Markos Dual-Fuel Japanese Financing 55,790,000 — Total Japanese Financings $ 364,466,308 $ 382,064,998 BALCAP Facility $ 74,096,125 $ 81,574,172 Total debt obligations $ 663,562,433 $ 670,020,444 Less: deferred financing fees 6,195,087 7,257,486 Debt obligations—net of deferred financing fees $ 657,367,346 $ 662,762,958 Presented as follows: Current portion of long-term debt $ 53,110,676 $ 72,075,571 Long-term debt—net of current portion and deferred financing fees 604,256,670 590,687,387 Total $ 657,367,346 $ 662,762,958 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 2,530,589 Amortization (5,889,040) Balance, March 31, 2022 $ 7,257,486 Additions 4,538,094 Amortization (5,600,493) Balance, March 31, 2023 $ 6,195,087 |
Schedule of minimum annual principal payments | Year ending March 31: 2024 $ 53,110,675 2025 53,543,315 2026 53,994,778 2027 95,660,887 2028 45,966,482 Thereafter 361,286,296 Total $ 663,562,433 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Leases: | |
Schedule of time charter-in expenses | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Charter hire expenses $ 23,194,712 16,265,638 18,135,580 |
Schedule of operating lease rent expense | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Operating lease rent expense $ 569,804 $ 624,370 $ 558,400 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet March 31, 2023 March 31, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,654,498 $ 194,343 Time charter-in VLGCs Operating lease right-of-use assets $ 156,524,900 $ 7,892,671 Liabilities: Current Office Leases Current portion of long-term operating leases $ 436,810 $ 180,693 Time charter-in VLGCs Current portion of long-term operating leases $ 22,970,745 $ 7,892,671 Long-term Office Leases Long-term operating leases $ 1,228,328 $ — Time charter-in VLGCs Long-term operating leases $ 133,554,155 $ — |
Schedule of maturities of operating lease liabilities | Less than one year $ 31,720,834 One to three years 63,977,268 Three to five years 51,807,905 More than 5 40,663,139 Total undiscounted lease payments 188,169,146 Less: imputed interest (29,979,108) Carrying value of operating lease liabilities $ 158,190,038 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
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, 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 Granted 301,045 16.01 Vested (299,253) 12.83 Forfeited (2,500) 14.66 Unvested as of March 31, 2023 328,382 $ 13.46 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Revenues: | |
Schedule of revenues | Revenues comprise the following: Year ended March 31, 2023 March 31, 2022 March 31, 2021 Net pool revenues—related party $ 364,548,262 $ 246,305,480 $ 292,679,614 Time charter revenues 22,709,620 22,377,211 19,492,595 Other revenues, net 2,491,333 5,538,757 3,766,603 Total revenues $ 389,749,215 $ 274,221,448 $ 315,938,812 |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Voyage Expenses: | |
Schedule of voyage expenses | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Bunkers $ 2,109,904 $ 2,159,341 $ 1,537,007 War risk insurances 940,436 1,510,720 1,272,647 Brokers’ commissions 290,099 265,207 334,333 Security cost 243,235 322,150 221,882 Other voyage expenses 27,778 67,294 43,781 Total $ 3,611,452 $ 4,324,712 $ 3,409,650 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2023 | |
Vessel Operating Expenses: | |
Schedule of vessel operating expenses | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Crew wages and related costs $ 42,141,262 $ 44,950,878 $ 44,017,660 Spares and stores 13,644,604 14,486,392 17,061,388 Repairs and maintenance costs 4,743,513 4,528,776 6,096,812 Insurance 3,906,409 4,056,225 3,942,622 Lubricants 4,002,361 3,351,279 3,241,330 Miscellaneous expenses 3,063,622 2,830,668 3,860,057 Total $ 71,501,771 $ 74,204,218 $ 78,219,869 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Interest and Finance Costs: | |
Schedule of interest and finance costs | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Interest incurred $ 31,398,739 $ 20,119,655 $ 21,665,379 Amortization of financing costs 5,600,493 5,889,040 4,695,360 Other financing costs 2,171,511 1,350,744 1,235,385 Capitalized interest (1,366,956) (292,044) — Total $ 37,803,787 $ 27,067,395 $ 27,596,124 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies: | |
Schedule of contractual commitments for scrubber purchases | March 31, 2023 Less than one year $ 8,951,601 One to three years 174,993 Total $ 9,126,594 |
Schedule of operating leases | Less than one year $ 31,720,834 One to three years 63,977,268 Three to five years 51,807,905 More than 5 40,663,139 Total undiscounted lease payments 188,169,146 Less: imputed interest (29,979,108) Carrying value of operating lease liabilities $ 158,190,038 |
Schedule of future minimum time charter-in commitments | March 31, 2023 Less than one year $ 11,237,333 One to three years 21,600,000 Three to five years 21,600,000 Thereafter 24,300,000 Total $ 78,737,333 |
Schedule of future minimum fixed time charter contracts | March 31, 2023 Less than one year $ 24,660,000 One to three years 7,387,986 Total $ 32,047,986 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Financial Instruments and Fair Value Disclosures: | |
Schedule of principal terms of the interest rate swaps | 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, 2023 March 31, 2022 2022 Debt Facility - Citibank (1) September 2015 March 2022 1.0908 % $ — $ 188,000,000 2022 Debt Facility - ING (2) September 2015 March 2025 0.9150 % 36,695,201 47,000,000 2022 Debt Facility - CACIB (3) August 2022 March 2025 0.9208 % 73,390,402 — 2022 Debt Facility - BNP (4) August 2022 March 2025 0.9208 % 73,390,402 — 2022 Debt Facility - ING (5) January 2023 July 2029 2.8250 % — — $ 183,476,005 $ 235,000,000 (1) Novated to CACIB and BNP with the original amount equally apportioned to each counterparty in August 2022. (2) Reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) Reduces quarterly with a final settlement of $47.6 million in March 2025. (5) Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement of $80 million in July 2029. |
Schedule of financial derivatives | March 31, 2023 March 31, 2022 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 $ 9,278,544 $ — $ 6,512,479 $ — |
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, 2023 March 31, 2022 March 31, 2021 Forward freight agreements—change in fair value Unrealized gain on derivatives $ — $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain on derivatives 2,766,065 11,067,870 4,597,438 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — — (788,670) Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 3,771,522 (3,450,443) (3,779,363) Gain/(loss) on derivatives, net $ 6,537,587 $ 7,617,427 $ 2,634,847 |
Summary of gains and losses on investment securities | Year ended March 31, 2023 March 31, 2022 March 31, 2021 Unrealized gain/(loss) on investment securities $ 1,443,683 $ (1,587,090) $ 1,317,595 Realized gain on investment securities 987,206 447,255 295 Net gain/(loss) on investment securities $ 2,430,889 $ (1,139,835) $ 1,317,890 |
Summary of carrying value and estimated fair value of Japanese Financings | March 31, 2023 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 34,395,834 $ 33,051,190 $ 37,645,833 $ 36,904,683 Concorde Japanese Financing — — 42,269,231 41,352,417 Corvette Japanese Financing — — 42,807,692 41,862,894 Cratis Japanese Financing 45,580,000 42,185,289 49,660,000 46,716,277 Copernicus Japanese Financing 45,580,000 42,185,289 49,660,000 46,716,277 Chaparral Japanese Financing 62,342,859 60,701,217 64,662,242 64,321,963 Caravelle Japanese Financing 46,100,000 42,707,169 49,700,000 46,792,400 BALCAP Facility $ 74,096,125 69,032,167 $ 81,574,172 $ 77,063,912 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Earnings Per Share ("EPS"): | |
Schedule of calculations of basic and diluted EPS | Year ended (In U.S. dollars except share data) March 31, 2023 March 31, 2022 March 31, 2021 Numerator: Net income $ 172,443,930 $ 71,935,018 $ 92,564,653 Denominator: Basic weighted average number of common shares outstanding 40,026,313 40,203,937 49,729,358 Effect of dilutive restricted stock and restricted stock units 185,329 161,151 97,440 Diluted weighted average number of common shares outstanding 40,211,642 40,365,088 49,826,798 EPS: Basic $ 4.31 $ 1.79 $ 1.86 Diluted $ 4.29 $ 1.78 $ 1.86 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2023 | |
Selected Quarterly Financial Information (unaudited): | |
Schedule of quarterly results | Three months ended June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Revenues $ 76,823,722 $ 75,968,187 $ 103,322,256 $ 133,635,050 Operating income 28,947,004 28,137,816 57,494,075 83,781,573 Net income 24,847,720 20,311,465 51,263,710 76,021,035 Earnings per common share, basic 0.62 0.51 1.28 1.90 Earnings per common share, diluted $ 0.62 $ 0.51 $ 1.27 $ 1.89 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 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 12 Months Ended |
Mar. 31, 2023 item | |
Total number of vessels | 25 |
Number of dual-fuel ECO-design VLGCs having 84,000 cbm | 1 |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 |
Number of VLGCs having 82,000 cbm | 1 |
Number of dual-fuel time chartered-in VLGCs | 2 |
Number of time chartered-in ECO-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 |
Number of VLGCs with scrubber purchase commitments that were in-process as of the balance sheet date | 3 |
Number of VLGCs with scrubber purchase commitments that currently in progress of being scrubber-equipped | 2 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Mar. 31, 2023 m³ |
CJNP LPG Transport LLC (The Captain John NP) | 2007 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC (The Comet) | 2014 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC (The Corsair) | 2014 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC (The Corvette) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (The Cougar) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC (The Concorde) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (The Cobra) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (The Continental) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (The Constitution) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (The Commodore) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (The Cresques) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC (The Constellation) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (The Cheyenne) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (The Clermont) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (The Cratis) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (The Chaparral) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (The Copernicus) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC (The Commander) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (The Challenger) | 2015 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (The Caravelle) | 2016 | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sakura LPG Transport LLC (The Captain Markos) | 2023 | |
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, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenue. | Customer concentration | Helios LPG Pool LLC | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 94% | 90% | 93% |
Significant Accounting Polici_3
Significant Accounting Policies (Other) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 | $ 0 |
Minimum | |||
Short-term Investments: | |||
Maturity of Time Deposits | 3 months | ||
Maximum | |||
Short-term Investments: | |||
Maturity of Time Deposits | 12 months |
Significant Accounting Polici_4
Significant Accounting Policies (PPE) (Details) | 12 Months Ended |
Mar. 31, 2023 item | |
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) | Mar. 31, 2023 USD ($) |
Accounting hedges | |
Derivative Instruments: | |
Fair value of derivative | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies (AcctPro) (Details) | 12 Months Ended |
Mar. 31, 2023 | |
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 | |
Standard payment period terms of freight paid | 3 days |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle | |
Standard payment period terms of freight paid | 5 days |
Transactions with Related Par_2
Transactions with Related Parties (Details) | 12 Months Ended | ||||
Apr. 01, 2014 item | Mar. 31, 2023 USD ($) item | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Jul. 26, 2013 | |
Transactions with Related Parties | |||||
Due from related parties - current | $ 73,070,095 | $ 57,782,831 | |||
Due to related parties | $ 168,793 | 37,433 | |||
Number of time chartered-in ECO-VLGC | 2 | ||||
Dorian (Hellas) S.A | Eagle Ocean Transport | |||||
Transactions with Related Parties | |||||
Ownership interest (as a percent) | 100% | ||||
Helios LPG Pool LLC | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | $ 2,200,000 | 2,100,000 | $ 2,000,000 | ||
Due from related parties | 93,700,000 | 76,500,000 | |||
Due from related parties - current | $ 1,100,000 | 3,300,000 | |||
Due to related parties | 100,000 | ||||
Number of board members from each joint venture | item | 2 | ||||
Number of vessels that are operating under pooling agreement | item | 27 | ||||
Number of Company vessels that are operating under pooling agreement | item | 23 | ||||
Working capital contributed | $ 20,900,000 | 23,100,000 | |||
The amount of expenses with fixed reimbursement to the entity for working in high risk areas | 1,400,000 | 3,100,000 | 3,500,000 | ||
Helios LPG Pool LLC | Asset acquisition | |||||
Transactions with Related Parties | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50% | ||||
Helios LPG Pool LLC | Maximum | |||||
Transactions with Related Parties | |||||
Due to related parties | $ 200,000 | ||||
Helios LPG Pool LLC | Phoenix | |||||
Transactions with Related Parties | |||||
Number of vessels that are operating under pooling agreement | item | 4 | ||||
Other income-related party | Dorian (Hellas) S.A | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | $ 100,000 | 100,000 | $ 100,000 | ||
Due from related parties | |||||
Transactions with Related Parties | |||||
Due from related parties | $ 1 | ||||
Due from related parties | Dorian (Hellas) S.A | |||||
Transactions with Related Parties | |||||
Due from related parties | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Inventories | ||
Inventories | $ 2,642,395 | $ 2,266,351 |
Lubricants | ||
Inventories | ||
Inventories | 2,472,716 | 2,096,713 |
Bonded stores | ||
Inventories | ||
Inventories | $ 169,679 | $ 169,638 |
Vessels, Net (Details)
Vessels, Net (Details) | 12 Months Ended | 24 Months Ended | |
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Vessels, Net | |||
Vessels, net, beginning of period | $ 1,238,061,690 | ||
Vessels, net, end of period | 1,263,928,605 | $ 1,238,061,690 | $ 1,263,928,605 |
Vessels | |||
Vessels, Net | |||
Vessels, net, beginning of period | 1,238,061,690 | 1,377,028,255 | 1,377,028,255 |
Disposals, net | (82,094,007) | ||
Vessels, net, end of period | 1,263,928,605 | 1,238,061,690 | 1,263,928,605 |
Cost | |||
Balance at the beginning of the period | 1,638,075,449 | 1,762,657,830 | 1,762,657,830 |
Other additions | 1,955,694 | 6,575,263 | |
Vessel delivered | 84,432,491 | ||
Disposals, cost | (131,157,644) | ||
Balance at the end of the period | 1,724,463,634 | 1,638,075,449 | 1,724,463,634 |
Accumulated depreciation | |||
Balance at the beginning of the period | (400,013,759) | (385,629,575) | (385,629,575) |
Disposals, accumulated depreciation | 49,063,637 | ||
Impairment | 0 | ||
Depreciation | (60,521,270) | (63,447,821) | |
Balance at the end of the period | (460,535,029) | (400,013,759) | (460,535,029) |
Mortgaged VLGC vessels, carrying value | $ 1,227,800,000 | 1,198,700,000 | $ 1,227,800,000 |
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, 2023 | Mar. 31, 2022 | |
Vessel under construction | ||
Balance | $ 16,401,532 | |
Capitalized interest | $ 1,366,956 | $ 292,044 |
Balance | 16,401,532 | |
Vessels under commitment | ||
Vessel under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Balance | $ 16,401,532 | |
Installment payments | 16,000,000 | |
Installment payments | 64,000,000 | |
Other capitalized expenditures | 2,664,003 | 109,488 |
Capitalized interest | 1,366,956 | 292,044 |
Vessels delivered (transferred to Vessels) | $ (84,432,491) | |
Balance | $ 16,401,532 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Movement in deferred charges, net | ||
Balance at the beginning of the period | $ 9,839,000 | $ 10,158,202 |
Additions | 1,401,495 | 2,869,210 |
Disposals | (298,852) | |
Amortization | (2,873,194) | (2,889,560) |
Balance at the end of the period | $ 8,367,301 | $ 9,839,000 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Accrued Expenses: | ||
Accrued voyage and vessel operating expenses | $ 3,072,568 | $ 1,676,853 |
Accrued employee-related costs | 1,292,735 | 952,471 |
Accrued professional services | 479,502 | 946,411 |
Accrued loan and swap interest | 529,069 | 126,878 |
Other | 263,851 | 98,835 |
Total | $ 5,637,725 | $ 3,801,448 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 12 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2023 | Mar. 23, 2023 | Mar. 20, 2023 | Mar. 13, 2023 | Aug. 04, 2022 | Jul. 29, 2022 | May 19, 2022 | Apr. 21, 2022 | Mar. 31, 2022 | Mar. 29, 2022 | Mar. 18, 2022 | Jan. 26, 2022 | Dec. 29, 2021 | Apr. 23, 2020 | Apr. 21, 2020 | Jun. 26, 2018 | Mar. 16, 2018 | Jan. 31, 2018 | Nov. 07, 2017 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Sep. 06, 2022 | Apr. 29, 2020 | Mar. 31, 2015 | |
Long-Term Debt | |||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 90,460,363 | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings | $ 346,000,000 | 298,250,000 | $ 55,378,172 | ||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | $ 663,562,433 | $ 670,020,444 | 663,562,433 | 670,020,444 | |||||||||||||||||||||
Less: deferred financing fees | 6,195,087 | 7,257,486 | 6,195,087 | 7,257,486 | 10,615,937 | ||||||||||||||||||||
Total | 657,367,346 | 662,762,958 | 657,367,346 | 662,762,958 | |||||||||||||||||||||
Presented as follows: | |||||||||||||||||||||||||
Current portion of long-term debt | 53,110,676 | 72,075,571 | 53,110,676 | 72,075,571 | |||||||||||||||||||||
Long-term debt-net of current portion and deferred financing fees | 604,256,670 | 590,687,387 | 604,256,670 | 590,687,387 | |||||||||||||||||||||
Total | 657,367,346 | 662,762,958 | 657,367,346 | 662,762,958 | |||||||||||||||||||||
Deferred financing fees | |||||||||||||||||||||||||
Deferred finance fees, beginning | 7,257,486 | 10,615,937 | |||||||||||||||||||||||
Additions | 4,538,094 | 2,530,589 | |||||||||||||||||||||||
Amortization | (5,600,493) | (5,889,040) | (4,695,360) | ||||||||||||||||||||||
Deferred finance fees, end | 6,195,087 | 7,257,486 | 6,195,087 | 7,257,486 | $ 10,615,937 | ||||||||||||||||||||
2017 Bridge Loan | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | $ 30,100,000 | ||||||||||||||||||||||||
2015 Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 758,000,000 | ||||||||||||||||||||||||
Repayment of debt | $ 158,700,000 | $ 20,000,000 | $ 25,000,000 | $ 33,700,000 | $ 35,100,000 | ||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 206,381,274 | 206,381,274 | |||||||||||||||||||||||
Commercial Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | 249,000,000 | ||||||||||||||||||||||||
Repayment of debt | 11,100,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 91,651,888 | 91,651,888 | |||||||||||||||||||||||
KEXIM Direct Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | 204,000,000 | ||||||||||||||||||||||||
Repayment of debt | 11,100,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 44,406,733 | 44,406,733 | |||||||||||||||||||||||
KEXIM Guaranteed and K-sure Insured | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | 305,000,000 | ||||||||||||||||||||||||
KEXIM Guaranteed | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | 202,000,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 47,190,358 | 47,190,358 | |||||||||||||||||||||||
K-sure Insured | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 103,000,000 | ||||||||||||||||||||||||
Repayment of debt | $ 2,800,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 23,132,295 | 23,132,295 | |||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | 13,000,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 34,395,834 | 37,645,833 | 34,395,834 | 37,645,833 | |||||||||||||||||||||
Concorde Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | ||||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | 14,000,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 42,269,231 | 42,269,231 | |||||||||||||||||||||||
Corvette Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | ||||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | 14,000,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 42,807,692 | 42,807,692 | |||||||||||||||||||||||
Cresques Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
SOFR adjustment term | 1 month | ||||||||||||||||||||||||
LIBOR adjustment term | 1 month | ||||||||||||||||||||||||
Increase in interest rate from switch from LIBOR to SOFR | 0.11448% | ||||||||||||||||||||||||
Repayment of debt | $ 15,000,000 | ||||||||||||||||||||||||
Fees incurred on prepayment of debt | 100,000 | ||||||||||||||||||||||||
Adjusted monthly principal payment amount | $ 100,000 | ||||||||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||||||||||||
Percentage of broker commission fee payable | 0.50% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | $ 11,500,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 27,377,615 | 45,660,000 | 27,377,615 | 45,660,000 | |||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | $ 13,300,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 45,580,000 | 49,660,000 | 45,580,000 | 49,660,000 | |||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | 13,300,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 45,580,000 | 49,660,000 | 45,580,000 | 49,660,000 | |||||||||||||||||||||
Chaparral Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Vessel purchase price | $ 45,800,000 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 62,342,859 | $ 64,662,242 | 62,342,859 | $ 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 | |||||||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | 1.25% | |||||||||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | 0.50% | |||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||||||||||||
Balloon payment amount | 14,000,000 | $ 14,000,000 | |||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 46,100,000 | 49,700,000 | 46,100,000 | 49,700,000 | |||||||||||||||||||||
Cougar Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Estimated financing cost to be incurred | $ 400,000 | ||||||||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | ||||||||||||||||||||||||
Principal payment frequency | quarterly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 900,000 | ||||||||||||||||||||||||
Balloon payment amount | $ 14,000,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | $ 47,300,000 | $ 47,300,000 | |||||||||||||||||||||||
CNML Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Stated rate (as a percent) | 6% | ||||||||||||||||||||||||
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% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||||||||||||||||
Balloon payment amount | 13,000,000 | ||||||||||||||||||||||||
Captain Markos Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | 1.25% | |||||||||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 1% | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Balloon payment amount | $ 19,400,000 | $ 19,400,000 | |||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 55,790,000 | 55,790,000 | |||||||||||||||||||||||
BALCAP Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 83,400,000 | ||||||||||||||||||||||||
Security leverage ratio | 125% | ||||||||||||||||||||||||
Stated rate (as a percent) | 3.78% | ||||||||||||||||||||||||
Loan term period | 5 years | ||||||||||||||||||||||||
Proceeds from long-term debt borrowings | $ 34,900,000 | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Periodic principal payment amount | $ 900,000 | ||||||||||||||||||||||||
Balloon payment amount | $ 44,100,000 | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | 74,096,125 | 81,574,172 | 74,096,125 | 81,574,172 | |||||||||||||||||||||
2022 Debt Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 260,000,000 | ||||||||||||||||||||||||
Minimum liquidity covenant | 27,500,000 | $ 27,500,000 | |||||||||||||||||||||||
Percentage Of Interest Bearing Debt | 5% | ||||||||||||||||||||||||
Debt obligations | |||||||||||||||||||||||||
Total debt obligations | $ 225,000,000 | $ 225,000,000 | |||||||||||||||||||||||
2022 Revolving Credit Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | 20,000,000 | ||||||||||||||||||||||||
2022 Term Loan Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 240,000,000 | ||||||||||||||||||||||||
Amount drawn on line of credit | $ 216,000,000 | $ 24,000,000 | |||||||||||||||||||||||
Additional Basis Points To Decrease Margin | 0.05% | ||||||||||||||||||||||||
Additional Basis Points To Increase Margin | 0.05% | ||||||||||||||||||||||||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.05% | ||||||||||||||||||||||||
Net basis point reduction to loan interest rate | 0.05% | 0.05% | |||||||||||||||||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.10% | ||||||||||||||||||||||||
Loan term period | 7 years | ||||||||||||||||||||||||
Minimum | Captain Markos Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Periodic principal payment amount | $ 210,000 | ||||||||||||||||||||||||
Minimum | 2022 Debt Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Debt Instrument Covenants Current Ratio | 100% | 100% | |||||||||||||||||||||||
Minimum stockholder's equity balance | $ 400,000,000 | $ 400,000,000 | |||||||||||||||||||||||
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio | 60% | 60% | |||||||||||||||||||||||
Percentage of increase in security value ratio | 145% | ||||||||||||||||||||||||
Minimum | 2022 Term Loan Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Security leverage ratio | 45% | ||||||||||||||||||||||||
Maximum | Captain Markos Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Periodic principal payment amount | $ 250,000 | ||||||||||||||||||||||||
Maximum | New senior secured term loan facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 155,800,000 | ||||||||||||||||||||||||
Maximum | New senior secured revolving credit facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Original loan amount | $ 25,000,000 | ||||||||||||||||||||||||
Maximum | 2022 Debt Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio | 100% | 100% | |||||||||||||||||||||||
Maximum | 2022 Term Loan Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Security leverage ratio | 35% | ||||||||||||||||||||||||
LIBOR | Cresques Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||||||||||||||||||
SOFR | Cougar Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
SOFR adjustment term | 3 months | ||||||||||||||||||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.45% | ||||||||||||||||||||||||
SOFR | Captain Markos Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
SOFR adjustment term | 1 month | ||||||||||||||||||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.475% | ||||||||||||||||||||||||
Credit adjustment spread added to SOFR for interest rate on loan facility (as a percent) | 0.1148% | ||||||||||||||||||||||||
SOFR | 2022 Term Loan Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.20% | ||||||||||||||||||||||||
Corsair LPG Transport LLC (The Corsair) | |||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 52,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 13,000,000 | ||||||||||||||||||||||||
Concorde LPG Transport LLC (The Concorde) | |||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 56,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 | ||||||||||||||||||||||||
Corvette LPG Transport LLC (The Corvette) | |||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 56,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 | ||||||||||||||||||||||||
CNML LPG Transport LLC | |||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 22,900,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 27,900,000 | ||||||||||||||||||||||||
CNML LPG Transport LLC | CNML Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Vessel purchase price | $ 17,800,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 27,900,000 | ||||||||||||||||||||||||
Dorian Dubai LPG Transport LLC (The 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 Property, Plant, and Equipment | $ 52,500,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 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 Property, Plant, and Equipment | $ 50,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | $ 20,000,000 | ||||||||||||||||||||||||
Cratis LPG Transport LLC | Cratis Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Term of Charter Agreement | 9 years | ||||||||||||||||||||||||
Cratis LPG Transport LLC | 2015 AR Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | $ 25,100,000 | ||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 50,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | 20,000,000 | ||||||||||||||||||||||||
Copernicus LPG Transport LLC | 2015 AR Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | $ 25,300,000 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 64,900,000 | ||||||||||||||||||||||||
Principal payment frequency | monthly | ||||||||||||||||||||||||
Chaparral LPG Transport LLC | 2015 AR Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | $ 24,000,000 | ||||||||||||||||||||||||
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 Property, Plant, and Equipment | $ 50,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | 21,500,000 | $ 21,500,000 | |||||||||||||||||||||||
Caravelle LPG Transport LLC | 2015 AR Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | $ 24,800,000 | ||||||||||||||||||||||||
Dorian Shanghai LPG Transport LLC (The Cougar) | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Term of Charter Agreement | 10 years | ||||||||||||||||||||||||
Period until purchase option exercisable | 3 years | ||||||||||||||||||||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 50,000,000 | ||||||||||||||||||||||||
Deposit retained by buyer used for purchase payment | 20,000,000 | ||||||||||||||||||||||||
Dorian Shanghai LPG Transport LLC (The Cougar) | 2015 Facility | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Repayment of debt | 20,000,000 | ||||||||||||||||||||||||
Dorian Shanghai LPG Transport LLC (The Cougar) | Cougar Japanese Financing | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | ||||||||||||||||||||||||
Dorian Sakura LPG Transport LLC (The Captain Markos) | |||||||||||||||||||||||||
Long-Term Debt | |||||||||||||||||||||||||
Vessel purchase price | $ 25,000,000 | ||||||||||||||||||||||||
Value of vessel transferred | $ 56,000,000 | $ 56,000,000 | |||||||||||||||||||||||
Term of Charter Agreement | 13 years |
Long-Term Debt (Covenants) (Det
Long-Term Debt (Covenants) (Details) - USD ($) $ in Millions | Apr. 29, 2020 | Mar. 31, 2015 |
2015 Facility | ||
Long-Term Debt | ||
Original loan amount | $ 758 | |
New senior secured term loan facility | Maximum | ||
Long-Term Debt | ||
Original loan amount | $ 155.8 | |
New senior secured revolving credit facility | Maximum | ||
Long-Term Debt | ||
Original loan amount | $ 25 |
Long-Term Debt (FutMin) (Detail
Long-Term Debt (FutMin) (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Minimum annual principal payments | ||
2024 | $ 53,110,675 | |
2025 | 53,543,315 | |
2026 | 53,994,778 | |
2027 | 95,660,887 | |
2028 | 45,966,482 | |
Thereafter | 361,286,296 | |
Total | $ 663,562,433 | $ 670,020,444 |
Long-Term Debt (Reclassificatio
Long-Term Debt (Reclassification) (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Stock-Based Compensation Plans: | ||
Current portion of long-term debt | $ 53,110,676 | $ 72,075,571 |
Long-term debt | 604,256,670 | $ 590,687,387 |
Scheduled principal repayments | $ 53,110,675 |
Long-Term Debt (Other) (Details
Long-Term Debt (Other) (Details) | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Mar. 20, 2023 USD ($) | Aug. 04, 2022 USD ($) | May 19, 2022 USD ($) | Apr. 21, 2022 USD ($) | Mar. 31, 2022 USD ($) | Mar. 29, 2022 USD ($) | Mar. 18, 2022 USD ($) | Jan. 26, 2022 USD ($) | Dec. 29, 2021 USD ($) | Apr. 23, 2020 USD ($) | Apr. 21, 2020 USD ($) | Jun. 26, 2018 USD ($) | Mar. 16, 2018 USD ($) | Jan. 31, 2018 USD ($) | Nov. 07, 2017 USD ($) | Mar. 31, 2015 USD ($) item | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Apr. 29, 2020 USD ($) | |
Long-Term Debt | ||||||||||||||||||||
Financing costs paid | $ 6,506,267 | $ 1,664,252 | $ 4,183,321 | |||||||||||||||||
Drawdowns | 346,000,000 | 298,250,000 | 55,378,172 | |||||||||||||||||
Proceeds from sale of vessel | 90,460,363 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 670,020,444 | 663,562,433 | 670,020,444 | |||||||||||||||||
Current portion of long-term debt | 72,075,571 | 53,110,676 | 72,075,571 | |||||||||||||||||
Long-term debt-net of current portion and deferred financing fees | 590,687,387 | 604,256,670 | 590,687,387 | |||||||||||||||||
Total | 662,762,958 | 657,367,346 | 662,762,958 | |||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||||||
Deferred finance fees, beginning | 7,257,486 | 10,615,937 | ||||||||||||||||||
Additions | 4,538,094 | 2,530,589 | ||||||||||||||||||
Amortization | (5,600,493) | (5,889,040) | (4,695,360) | |||||||||||||||||
Deferred finance fees, end | 7,257,486 | 6,195,087 | 7,257,486 | $ 10,615,937 | ||||||||||||||||
Corsair LPG Transport LLC (The Corsair) | ||||||||||||||||||||
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 (The Concorde) | ||||||||||||||||||||
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 (The Corvette) | ||||||||||||||||||||
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 | |||||||||||||||||||
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 (The 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 | |||||||||||||||||||
Number of tranches in which loan facility is divided | item | 4 | |||||||||||||||||||
Number of VLGC newbuildings secured by loan | item | 15 | |||||||||||||||||||
Repayment of debt | $ 158,700,000 | $ 20,000,000 | $ 25,000,000 | 33,700,000 | 35,100,000 | |||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 206,381,274 | 206,381,274 | ||||||||||||||||||
Commercial Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 249,000,000 | |||||||||||||||||||
Repayment of debt | 11,100,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 91,651,888 | 91,651,888 | ||||||||||||||||||
KEXIM Direct Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | 204,000,000 | |||||||||||||||||||
Repayment of debt | 11,100,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 44,406,733 | 44,406,733 | ||||||||||||||||||
KEXIM Guaranteed and K-sure Insured | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | 305,000,000 | |||||||||||||||||||
KEXIM Guaranteed | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | 202,000,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 47,190,358 | 47,190,358 | ||||||||||||||||||
K-sure Insured | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Original loan amount | $ 103,000,000 | |||||||||||||||||||
Repayment of debt | $ 2,800,000 | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | 23,132,295 | 23,132,295 | ||||||||||||||||||
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 | 364,466,308 | 382,064,998 | |||||||||||||||||
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% | |||||||||||||||||||
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 | 34,395,834 | 37,645,833 | |||||||||||||||||
Concorde Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | |||||||||||||||||||
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% | |||||||||||||||||||
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 | ||||||||||||||||||
Corvette Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | |||||||||||||||||||
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% | |||||||||||||||||||
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 | ||||||||||||||||||
CNML Japanese Financing | ||||||||||||||||||||
Long-Term Debt | ||||||||||||||||||||
Stated rate (as a percent) | 6% | |||||||||||||||||||
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 | |||||||||||||||||||
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 | ||||||||||||||||||||
Repayment of debt | $ 15,000,000 | |||||||||||||||||||
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 | 27,377,615 | 45,660,000 | |||||||||||||||||
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 | 45,580,000 | 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 | 45,580,000 | 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 | 62,342,859 | $ 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 | ||||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | 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 | 46,100,000 | 49,700,000 | |||||||||||||||||
New senior secured term loan facility | Maximum | ||||||||||||||||||||
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% | |||||||||||||||||||
Presented as follows: | ||||||||||||||||||||
Total debt obligations | $ 81,574,172 | $ 74,096,125 | $ 81,574,172 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 12 Months Ended | 36 Months Ended | ||||
Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2021 USD ($) | Mar. 31, 2023 USD ($) | Jan. 01, 2023 USD ($) | Apr. 01, 2022 USD ($) | |
Leases | ||||||
Operating lease income | $ 38,600,000 | $ 19,200,000 | $ 29,100,000 | |||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Charter Hire Expenses | |||||
Weighted average discount rate (as a percent) | 5.86% | 5.86% | ||||
Weighted average remaining lease term | 74 months 24 days | 74 months 24 days | ||||
Operating lease right-of-use assets - Office Leases | $ 1,654,498 | 194,343 | $ 1,654,498 | |||
Operating lease right-of-use assets - Time Charter in VLGCs | 156,524,900 | 7,892,671 | 156,524,900 | |||
Operating lease liabilities current - Office Leases | 436,810 | 180,693 | 436,810 | |||
Operating lease liabilities current - Time Charter in VLGCs | 22,970,745 | $ 7,892,671 | 22,970,745 | |||
Operating lease liabilities non-current - Office Leases | 1,228,328 | 1,228,328 | ||||
Operating lease liabilities non-current - Time Charter in VLGCs | $ 133,554,155 | $ 133,554,155 | ||||
Minimum | ||||||
Leases | ||||||
Weighted average discount rate (as a percent) | 4.92% | 4.92% | ||||
Maximum | ||||||
Leases | ||||||
Weighted average discount rate (as a percent) | 6.34% | 6.34% | ||||
Stamford CT Office Member | ||||||
Leases | ||||||
Office lease extension term | 5 years | 5 years | ||||
Athens Office Member | ||||||
Leases | ||||||
Office lease extension term | 4 years | 4 years | ||||
Copenhagen Office Member | ||||||
Leases | ||||||
New office lease term | 31 months | 31 months | ||||
Existing Time Charter-in Contracts | ||||||
Leases | ||||||
Charter lease contracts extended | 1 | 1 | ||||
Charter lease extension options | 2 | 2 | ||||
Charter lease extension term | 1 year | 1 year | ||||
Charter lease term | 2 years | 2 years | ||||
Operating lease right-of-use assets - Time Charter in VLGCs | $ 35,000,000 | $ 35,000,000 | $ 38,300,000 | |||
Existing Time Charter-in Contracts | Maximum | ||||||
Leases | ||||||
Charter lease extension term | 4 years | 4 years | ||||
New Time Charter-in Contracts | ||||||
Leases | ||||||
New charter lease contracts | 2 | 2 | ||||
Charter lease extension options | 3 | 3 | ||||
Charter lease extension term | 1 year | 1 year | ||||
Charter lease term | 7 years | 7 years | ||||
New Time Charter-in Contracts | Maximum | ||||||
Leases | ||||||
Charter lease extension term | 10 years | 10 years | ||||
Dual-Fuel Panamax VLGC (1) | ||||||
Leases | ||||||
Operating lease right-of-use assets - Time Charter in VLGCs | $ 61,600,000 | $ 61,600,000 | $ 61,900,000 | |||
Dual-Fuel Panamax VLGC (2) | ||||||
Leases | ||||||
Operating lease right-of-use assets - Time Charter in VLGCs | $ 59,900,000 | $ 59,900,000 | $ 61,200,000 | |||
Time Chartered-in Vessels Excluded From Lease Liability | ||||||
Leases | ||||||
Charter lease contracts extended | 1 | 1 | ||||
Charter lease extension term | 11 months | 11 months |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Time Charter-in | |||
Charter hire expenses | $ 23,194,712 | $ 16,265,638 | $ 18,135,580 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Leases | |||
Operating lease rent expense | $ 569,804 | $ 624,370 | $ 558,400 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Mar. 31, 2023 USD ($) |
Leases: | |
Less than one year | $ 31,720,834 |
One to three years | 63,977,268 |
Three to five years | 51,807,905 |
More than 5 | 40,663,139 |
Total undiscounted lease payments | 188,169,146 |
Less: imputed interest | (29,979,108) |
Carrying value of operating lease liabilities | $ 158,190,038 |
Common Stock (Other) (Details)
Common Stock (Other) (Details) | 12 Months Ended | ||||||||||||||||
Feb. 28, 2023 USD ($) | Feb. 01, 2023 USD ($) $ / shares | Dec. 06, 2022 USD ($) | Oct. 27, 2022 USD ($) $ / shares | Sep. 02, 2022 USD ($) | Aug. 05, 2022 USD ($) | Aug. 03, 2022 USD ($) $ / shares | Jun. 15, 2022 USD ($) | Jun. 02, 2022 USD ($) | May 04, 2022 USD ($) $ / shares | Jan. 25, 2022 USD ($) | Jan. 04, 2022 USD ($) $ / shares | Sep. 08, 2021 USD ($) | Jul. 30, 2021 USD ($) $ / shares | Mar. 31, 2023 USD ($) item shares | Mar. 31, 2022 USD ($) | Jul. 01, 2013 $ / shares shares | |
Common Stock: | |||||||||||||||||
Dividends declared (in dollars per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 2.50 | $ 1 | $ 1 | |||||||||||
Dividends, Common Stock | $ | $ 40,400,000 | $ 40,400,000 | $ 40,300,000 | $ 100,300,000 | $ 40,100,000 | $ 40,400,000 | |||||||||||
Dividends paid in cash | $ | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 400,000 | $ 200,000 | $ 99,700,000 | $ 39,900,000 | $ 40,200,000 | $ 220,597,827 | $ 80,082,210 | |||||||
Dividends payable | $ | $ 300,000 | $ 300,000 | $ 200,000 | $ 600,000 | $ 200,000 | $ 200,000 | $ 1,255,861 | $ 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 | |||||||||||||||
Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | |||||||||||||||
Number of votes entitled to shareholders | item | 1 |
Common Stock (SBC) (Details)
Common Stock (SBC) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Feb. 02, 2022 | |
Stock repurchases | ||||
Treasury stock value acquired | $ 1,669,902 | $ 21,364,822 | $ 12,678,249 | |
2022 Common Share Repurchase Authority | ||||
Stock repurchases | ||||
Common stock repurchase authorized amount | $ 100,000,000 | |||
Treasury stock shares acquired (in shares) | 50,000 | |||
Treasury stock value acquired | $ 700,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | 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) | 301,045 | 263,686 | |||
Unrecognized compensation cost | $ 2 | ||||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 10 months 20 days | ||||
Fair value of restricted shares | $ 4.8 | $ 4.1 | $ 3.4 | ||
Number of Shares | |||||
Unvested at the beginning of the period (in shares) | 329,090 | 358,171 | |||
Granted (in shares) | 301,045 | 263,686 | |||
Vested (in shares) | (299,253) | (288,667) | |||
Forfeited (in shares) | (2,500) | (4,100) | |||
Unvested at the end of the period (in shares) | 328,382 | 329,090 | 358,171 | ||
Weighted-Average Grant-Date Fair Value | |||||
Unvested at the beginning of the period (in dollars per share) | $ 10.56 | $ 8.23 | |||
Granted (in dollars per share) | 16.01 | 13.34 | |||
Vested (in dollars per share) | 12.83 | 10.21 | |||
Forfeited (in dollars per share) | 14.66 | 10.24 | |||
Unvested at the end of the period (in dollars per share) | $ 13.46 | $ 10.56 | $ 8.23 | ||
Restricted stock awards | General and administrative expenses | |||||
Stock-Based Compensation Plans | |||||
Stock-based compensation expense | $ 4.3 | $ 3.3 | $ 3.4 | ||
Certain officers and employees | Restricted stock awards | |||||
Stock-Based Compensation Plans | |||||
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% | ||||
Certain officers and employees | Restricted stock awards | Vest two years after grant | |||||
Stock-Based Compensation Plans | |||||
Granted (in shares) | 165,500 | 129,500 | |||
Number of Shares | |||||
Granted (in shares) | 165,500 | 129,500 | |||
Certain officers and employees | Restricted stock awards | Vest three years after grant | |||||
Stock-Based Compensation Plans | |||||
Granted (in shares) | 47,750 | 51,400 | 188,400 | ||
Number of Shares | |||||
Granted (in shares) | 47,750 | 51,400 | 188,400 | ||
Certain officers and employees | Restricted stock units | |||||
Stock-Based Compensation Plans | |||||
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% | ||||
Certain officers and employees | Restricted stock units | Vest two years after grant | |||||
Stock-Based Compensation Plans | |||||
Shares issued | 53,100 | 25,000 | |||
Certain officers and employees | Restricted stock units | Vest three years after grant | |||||
Stock-Based Compensation Plans | |||||
Shares issued | 11,700 | 56,450 | |||
Non-executive director | Restricted stock units | |||||
Stock-Based Compensation Plans | |||||
Shares issued | 34,695 | 46,086 | 41,711 | ||
President and Chief Executive Officer | Restricted stock units | |||||
Stock-Based Compensation Plans | |||||
Shares issued | 155,654 |
Revenues (Details)
Revenues (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
Net pool revenues - related party | |||
Revenues | 364,548,262 | 246,305,480 | 292,679,614 |
Time charter revenues | |||
Revenues | 22,709,620 | 22,377,211 | 19,492,595 |
Other revenue, net | |||
Revenues | $ 2,491,333 | $ 5,538,757 | $ 3,766,603 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Voyage Expenses: | |||
Bunkers | $ 2,109,904 | $ 2,159,341 | $ 1,537,007 |
War risk insurances | 940,436 | 1,510,720 | 1,272,647 |
Brokers' commissions | 290,099 | 265,207 | 334,333 |
Security cost | 243,235 | 322,150 | 221,882 |
Other voyage expenses | 27,778 | 67,294 | 43,781 |
Total voyage expenses | $ 3,611,452 | $ 4,324,712 | $ 3,409,650 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Vessel Operating Expenses: | |||
Crew wages and related costs | $ 42,141,262 | $ 44,950,878 | $ 44,017,660 |
Spares and stores | 13,644,604 | 14,486,392 | 17,061,388 |
Repairs and maintenance costs | 4,743,513 | 4,528,776 | 6,096,812 |
Insurance | 3,906,409 | 4,056,225 | 3,942,622 |
Lubricants | 4,002,361 | 3,351,279 | 3,241,330 |
Miscellaneous expenses | 3,063,622 | 2,830,668 | 3,860,057 |
Total | $ 71,501,771 | $ 74,204,218 | $ 78,219,869 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Interest and Finance Costs: | |||
Interest incurred | $ 31,398,739 | $ 20,119,655 | $ 21,665,379 |
Amortization of financing costs | 5,600,493 | 5,889,040 | 4,695,360 |
Other finance costs | 2,171,511 | 1,350,744 | 1,235,385 |
Capitalized interest | (1,366,956) | (292,044) | |
Total | $ 37,803,787 | $ 27,067,395 | $ 27,596,124 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2023 | |
Tax rate on US source shipping income (as a percent) | 4% |
Shipping income (as a percent) | 50% |
U.S. | |
Tax rate on US source shipping income (as a percent) | 4% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Commitments under Contracts for Scrubber Purchases | ||
Less than one year | $ 8,951,601 | |
One to three years | 174,993 | |
Total | $ 9,126,594 | |
Time Charter-in commitments | ||
Duration of VLGCs with charter-in commitments to be delivered | 1 year | |
Less than one year | $ 11,237,333 | |
One to three years | 21,600,000 | |
Three to five years | 21,600,000 | |
Thereafter | 24,300,000 | |
Total | 78,737,333 | |
Fixed Time Charter Commitments | ||
Less than one year | 24,660,000 | |
One to three years | 7,387,986 | |
Total | $ 32,047,986 | |
Other | ||
Contingency expense | $ 4,000,000 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | Jan. 20, 2023 | Aug. 25, 2022 | Aug. 08, 2022 | |
Derivative Instruments | ||||||
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other Assets | Other Assets | ||||
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities | Other Liabilities | ||||
Change in fair value | $ 2,766,065 | $ 11,067,870 | $ 7,202,880 | |||
Realized gain/(loss) on derivatives | 3,771,522 | (3,450,443) | (4,568,033) | |||
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | ||||||
Derivative Instruments | ||||||
Gain/(loss) on derivatives, net | 6,537,587 | 7,617,427 | 2,634,847 | |||
Interest rate swaps | Derivatives not designated as hedging instruments | ||||||
Derivative Instruments | ||||||
Derivative Asset | 9,278,544 | 6,512,479 | ||||
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Change in fair value | 2,766,065 | 11,067,870 | 4,597,438 | |||
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Realized gain/(loss) on derivatives | 3,771,522 | $ (3,450,443) | (3,779,363) | |||
Interest rate swaps | ING Bank N. V. | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 2.8525% | |||||
Notional value of interest rate swap agreement | $ 3,500,000 | |||||
Interest rate swaps | Original Interest Rate | Citibank N. A. | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 1.0908% | |||||
Interest rate swaps | Original Interest Rate | ING Bank N. V. | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 1.145% | |||||
Interest rate swaps | Interest Rate As Adjusted | ING Bank N. V. | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 0.915% | |||||
Interest rate swaps | Interest Rate As Adjusted | CACIB and BNP Bank | ||||||
Derivative Instruments | ||||||
Derivative fixed interest rate (as a percent) | 0.9208% | |||||
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | ||||||
Derivative Instruments | ||||||
Change in fair value | 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) | |||||
US Treasury Notes | ||||||
Derivative Instruments | ||||||
Marketable Securities | 11,400,000 | |||||
US Treasury Notes | September 30, 2024 maturity | ||||||
Derivative Instruments | ||||||
Marketable securities face value | 1,800,000 | |||||
US Treasury Notes | March 15, 2025 maturity | ||||||
Derivative Instruments | ||||||
Marketable securities face value | $ 10,000,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Financial Instruments and Fair Value Disclosures: | |||
Unrealized gain/(loss) on investment securities | $ 1,443,683 | $ (1,587,090) | $ 1,317,595 |
Less: Realized gain on investment securities | 987,206 | 447,255 | 295 |
Net gain/(loss) on investment securities | $ 2,430,889 | $ (1,139,835) | $ 1,317,890 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Fair value | ||
Carrying Value | $ 657,367,346 | $ 662,762,958 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 34,395,834 | 37,645,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 33,051,190 | 36,904,683 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 42,269,231 | |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,352,417 | |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 42,807,692 | |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,862,894 | |
Cratis Japanese Financing | ||
Fair value | ||
Carrying Value | 45,580,000 | 49,660,000 |
Cratis Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 42,185,289 | 46,716,277 |
Copernicus Japanese Financing | ||
Fair value | ||
Carrying Value | 45,580,000 | 49,660,000 |
Copernicus Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 42,185,289 | 46,716,277 |
Chaparral Japanese Financing | ||
Fair value | ||
Carrying Value | 62,342,859 | 64,662,242 |
Chaparral Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 60,701,217 | 64,321,963 |
Caravelle Japanese Financing | ||
Fair value | ||
Carrying Value | 46,100,000 | 49,700,000 |
Caravelle Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 42,707,169 | 46,792,400 |
BALCAP Facility | ||
Fair value | ||
Carrying Value | 74,096,125 | 81,574,172 |
BALCAP Facility | Level 2 | ||
Fair value | ||
Fair Value | $ 69,032,167 | $ 77,063,912 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($) | Mar. 31, 2023 | Mar. 31, 2022 |
Interest rate swaps | ||
Derivative Instruments | ||
Nominal value | $ 183,476,005 | $ 235,000,000 |
1.0908% Interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.0908% | |
Nominal value | 188,000,000 | |
0.9150% Interest rate swap due on March 2025 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 0.915% | |
Nominal value | $ 36,695,201 | $ 47,000,000 |
Final settlement amount | $ 23,800,000 | |
0.9208% Interest rate swap due on March 2025 | CACIB | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 0.9208% | |
Nominal value | $ 73,390,402 | |
Final settlement amount | $ 47,600,000 | |
0.9208% Interest rate swap due on March 2025 | BNP Bank | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 0.9208% | |
Nominal value | $ 73,390,402 | |
Final settlement amount | $ 47,600,000 | |
2.8250% Interest rate swap due on July 2029 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 2.825% | |
Maximum notional amount before balance decreases | $ 148,000,000 | |
Final settlement amount | $ 80,000,000 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
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 | (0.2) | ||
Defined benefit plan liability | 0.8 | 1 | |
Period increase in defined benefit plan liability | 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 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Numerator: | |||||||||||
Net income | $ 76,021,035 | $ 51,263,710 | $ 20,311,465 | $ 24,847,720 | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding (in shares) | 40,026,313 | 40,203,937 | 49,729,358 | ||||||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 185,329 | 161,151 | 97,440 | ||||||||
Diluted weighted average number of common shares outstanding (in shares) | 40,211,642 | 40,365,088 | 49,826,798 | ||||||||
EPS: | |||||||||||
Earnings per common share - basic (in dollars per share) | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 4.31 | $ 1.79 | $ 1.86 |
Earnings per common share - diluted (in dollars per share) | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 4.29 | $ 1.78 | $ 1.86 |
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, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Selected Quarterly Financial Information (unaudited): | |||||||||||
Revenues | $ 133,635,050 | $ 103,322,256 | $ 75,968,187 | $ 76,823,722 | $ 79,624,070 | $ 68,559,782 | $ 63,086,858 | $ 62,950,738 | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
Operating income | 83,781,573 | 57,494,075 | 28,137,816 | 28,947,004 | 37,476,803 | 22,550,972 | 19,115,310 | 13,255,888 | 198,360,468 | 92,398,973 | 116,099,692 |
Net income | $ 76,021,035 | $ 51,263,710 | $ 20,311,465 | $ 24,847,720 | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
Earnings per common share - basic (in dollars per share) | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 4.31 | $ 1.79 | $ 1.86 |
Earnings per common share - diluted (in dollars per share) | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 4.29 | $ 1.78 | $ 1.86 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 12 Months Ended | |||||||||||||||||
May 22, 2023 | Apr. 26, 2023 | Feb. 28, 2023 | Feb. 01, 2023 | Dec. 06, 2022 | Oct. 27, 2022 | Sep. 02, 2022 | Aug. 05, 2022 | Aug. 03, 2022 | Jun. 15, 2022 | Jun. 02, 2022 | May 04, 2022 | Jan. 25, 2022 | Jan. 04, 2022 | Sep. 08, 2021 | Jul. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2022 | |
Subsequent Event | ||||||||||||||||||
Dividends, Common Stock | $ 40,400,000 | $ 40,400,000 | $ 40,300,000 | $ 100,300,000 | $ 40,100,000 | $ 40,400,000 | ||||||||||||
Dividends paid in cash | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 400,000 | $ 200,000 | $ 99,700,000 | $ 39,900,000 | $ 40,200,000 | $ 220,597,827 | $ 80,082,210 | ||||||||
Subsequent events | ||||||||||||||||||
Subsequent Event | ||||||||||||||||||
Declared dividends (per share) | $ 1 | |||||||||||||||||
Dividends, Common Stock | $ 40,400,000 | |||||||||||||||||
Dividends paid in cash | $ 40,100,000 | |||||||||||||||||
Declared dividends payable | $ 300,000 |