Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | May. 26, 2016 | Sep. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | DORIAN LPG LTD. | ||
Entity Central Index Key | 1,596,993 | ||
Document Type | 10-K/A | ||
Document Period End Date | Mar. 31, 2016 | ||
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 Filer Category | Accelerated Filer | ||
Entity Public Float | $ 398,012,472 | ||
Entity Common Stock, Shares Outstanding | 55,627,128 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 46,411,962 | $ 204,821,183 |
Trade receivables, net and accrued revenues | 107,317 | 22,847,224 |
Prepaid expenses and other receivables | 2,247,706 | 1,780,548 |
Due from related parties | 54,504,359 | 386,743 |
Inventories | 2,288,073 | 3,375,759 |
Total current assets | 105,559,417 | 233,211,457 |
Fixed assets | ||
Vessels, net | 1,667,224,476 | 419,976,053 |
Vessels under construction | 398,175,504 | |
Other fixed assets, net | 591,288 | 464,889 |
Total fixed assets | 1,667,815,764 | 818,616,446 |
Other non-current assets | ||
Deferred charges, net | 24,043,051 | 13,965,921 |
Due from related parties—non-current | 17,600,000 | |
Restricted cash | 50,812,789 | 33,210,000 |
Other non-current assets | 95,271 | 97,446 |
Total assets | 1,865,926,292 | 1,099,101,270 |
Current liabilities | ||
Trade accounts payable | 6,826,503 | 5,224,349 |
Accrued expenses | 9,721,477 | 5,647,702 |
Due to related parties | 708,210 | 525,170 |
Deferred income | 4,606,540 | 1,122,239 |
Current portion of long-term debt | 66,265,643 | 15,677,553 |
Total current liabilities | 88,128,373 | 28,197,013 |
Long-term liabilities | ||
Long-term debt-net of current portion | 770,102,729 | 184,665,874 |
Derivative instruments | 21,647,965 | 12,730,462 |
Other long-term liabilities | 447,988 | 293,662 |
Total long-term liabilities | 792,198,682 | 197,689,998 |
Total liabilities | $ 880,327,055 | $ 225,887,011 |
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, 58,057,493 and 58,057,493 shares issued, 56,125,028 and 58,057,493 shares outstanding (net of treasury stock), as of March 31, 2016 and March 31, 2015, respectively | $ 580,575 | $ 580,575 |
Additional paid-in-capital | 848,179,471 | 844,539,059 |
Treasury stock, at cost; 1,932,465 and zero shares as of March 31, 2016 and March 31, 2015, respectively | (20,943,816) | |
Retained earnings | 157,783,007 | 28,094,625 |
Total shareholders' equity | 985,599,237 | 873,214,259 |
Total liabilities and shareholders' equity | $ 1,865,926,292 | $ 1,099,101,270 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Mar. 31, 2015 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 58,057,493 | 58,057,493 |
Common stock, shares outstanding | 56,125,028 | 58,057,493 |
Treasury stock, shares at cost | 1,932,465 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues. | ||||||||||||
Net pool revenues—related party | $ 202,918,232 | |||||||||||
Voyage charter revenues | $ 11,210,785 | 46,194,134 | $ 77,331,934 | |||||||||
Time charter revenues | 17,602,137 | 38,737,172 | 26,098,290 | |||||||||
Other revenues | 820,778 | 1,358,291 | 698,925 | |||||||||
Total revenues | $ 85,335,229 | $ 93,283,708 | $ 74,946,432 | $ 35,642,460 | $ 35,333,108 | $ 32,583,990 | $ 20,358,211 | $ 15,853,840 | 29,633,700 | 289,207,829 | 104,129,149 | |
Expenses | ||||||||||||
Voyage expenses | 6,670,971 | 12,064,682 | 22,081,856 | |||||||||
Vessel operating expenses | 8,394,959 | 47,119,990 | 21,256,165 | |||||||||
Management fees-related party | 3,122,356 | 1,125,000 | ||||||||||
Impairment | 1,431,818 | |||||||||||
Depreciation and amortization | 6,620,372 | 42,591,942 | 14,093,744 | |||||||||
General and administrative expenses | 433,674 | 29,836,029 | 14,145,086 | |||||||||
Loss on disposal of assets | 1,125,395 | |||||||||||
Total expenses | 25,242,332 | 132,738,038 | 74,133,669 | |||||||||
Other income—related party | 1,945,396 | 93,929 | ||||||||||
Operating income | 42,088,645 | 54,011,305 | 48,743,550 | 13,571,687 | 10,587,098 | 10,825,590 | 3,476,450 | 5,200,271 | 4,391,368 | 158,415,187 | 30,089,409 | |
Other income/(expenses) | ||||||||||||
Interest and finance costs | (1,579,206) | (12,757,013) | (289,090) | |||||||||
Interest income | 428,201 | 148,360 | 418,597 | |||||||||
Loss on derivatives, net | (1,104,001) | (15,775,629) | (3,959,203) | |||||||||
Foreign currency gain/(loss), net | 697,481 | (342,523) | (998,931) | |||||||||
Total other income/(expenses), net | (1,557,525) | (28,726,805) | (4,828,627) | |||||||||
Net income | $ 20,160,912 | $ 54,661,323 | $ 41,213,264 | $ 13,652,883 | $ 8,828,251 | $ 8,996,605 | $ 3,768,677 | $ 3,667,249 | $ 2,833,843 | $ 2,833,843 | $ 129,688,382 | $ 25,260,782 |
Earnings per common share – basic (in dollars per share) | $ 0.09 | $ 2.29 | $ 0.45 | |||||||||
Earnings per common share – diluted (in dollars per share) | $ 0.09 | $ 2.29 | $ 0.45 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings/(Accumulated deficit) | Due from shareholder | Total |
Balance at Jul. 01, 2013 | $ 1 | $ 99 | $ (100) | |||
Balance (in shares) at Jul. 01, 2013 | 100 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Cancellation - July 29, 2013 | $ (1) | (99) | $ 100 | |||
Cancellation - July 29, 2013 (shares) | (100) | |||||
Fractional shares cancelled (in shares) | (19) | |||||
Net income | $ 2,833,843 | $ 2,833,843 | ||||
Balance at Mar. 31, 2014 | $ 483,650 | 688,881,939 | 2,833,843 | 692,199,432 | ||
Balance (in shares) at Mar. 31, 2014 | 48,365,011 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Restricted share award issuances | $ 9,290 | (9,290) | ||||
Restricted share award issuances (in shares) | 929,000 | |||||
Net income | 25,260,782 | 25,260,782 | ||||
Stock-based compensation | 2,311,565 | 2,311,565 | ||||
Balance at Mar. 31, 2015 | $ 580,575 | 844,539,059 | 28,094,625 | 873,214,259 | ||
Balance (in shares) at Mar. 31, 2015 | 58,057,493 | |||||
Increase (Decrease) in Shareholders' Equity | ||||||
Net income | $ 129,688,382 | 129,688,382 | ||||
Stock-based compensation | 3,640,412 | 3,640,412 | ||||
Purchase of treasury stock | $ (20,943,816) | (20,943,816) | ||||
Balance at Mar. 31, 2016 | $ 580,575 | $ (20,943,816) | $ 848,179,471 | $ 157,783,007 | $ 985,599,237 | |
Balance (in shares) at Mar. 31, 2016 | 58,057,493 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 2,833,843 | $ 129,688,382 | $ 25,260,782 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Impairment | 1,431,818 | ||
Depreciation and amortization | 6,620,372 | 42,591,942 | 14,093,744 |
Amortization of financing costs | 800,806 | 2,499,185 | 830,899 |
Unrealized loss/(gain) on derivatives | (2,623,456) | 8,917,503 | (1,331,954) |
Stock-based compensation expense | 4,052,249 | 2,311,565 | |
Loss on disposal of assets | 1,125,395 | ||
Unrealized exchange differences | (8,004) | 96,550 | 1,244,394 |
Other non-cash items | 138,588 | 489,039 | |
Changes in operating assets and liabilities | |||
Trade receivables, net and accrued revenue | (1,966,746) | 22,739,907 | (21,018,670) |
Prepaid expenses and other receivables | (343,047) | (467,158) | (1,437,501) |
Due from related parties | (1,639,497) | (71,717,616) | 1,252,754 |
Inventories | 396,776 | 1,087,686 | (2,317,430) |
Other non-current assets | 2,175 | (97,446) | |
Trade accounts payable | 1,799,616 | 1,044,595 | 2,731,828 |
Accrued expenses and other liabilities | 2,043,523 | 9,045,077 | 2,306,631 |
Due to related parties | (292,687) | 183,040 | 411,705 |
Payments for drydocking costs | (385,077) | (538,938) | |
Net cash provided by operating activities | 7,236,422 | 151,027,500 | 25,623,220 |
Cash flows from investing activities: | |||
Payments for vessels and vessels under construction | (172,237,529) | (895,063,383) | (314,173,298) |
Net payments to acquire predecessor businesses | (13,732,896) | ||
Restricted cash deposits | (35,448,702) | (17,602,789) | (28,700,000) |
Restricted cash released | 30,938,702 | ||
Proceeds from disposal of assets | 2,713,660 | ||
Payments to acquire other fixed assets | (15,597) | (462,329) | (392,248) |
Net cash used in investing activities | (221,434,724) | (910,414,841) | (312,326,844) |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 676,819,873 | 80,086,143 | |
Repayment of long-term debt borrowings | (6,506,000) | (40,794,928) | (9,612,000) |
Purchase of treasury stock | (20,943,816) | ||
Financing costs paid | (1,516,847) | (13,990,720) | (11,220,812) |
Cash proceeds from common share issuances | 510,496,990 | 155,830,178 | |
Payments relating to issuance costs | (9,152,050) | (1,388,918) | |
Net cash provided by/(used in) financing activities | 493,322,093 | 601,090,409 | 213,694,591 |
Effects of exchange rates on cash and cash equivalents | 8,004 | (112,289) | (1,301,579) |
Net increase/(decrease) in cash and cash equivalents | 279,131,795 | (158,409,221) | (74,310,612) |
Cash and cash equivalents at the beginning of the period | 204,821,183 | 279,131,795 | |
Cash and cash equivalents at the end of the period | 279,131,795 | 46,411,962 | 204,821,183 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest excluding interest capitalized to vessels | 517,646 | 8,354,474 | 69,323 |
Predelivery costs for vessels and vessels under construction included in liabilities | 653,159 | $ 1,040,189 | 1,211,534 |
Non cash consideration of shares issued to acquire Predecessor businesses and acquisitions of assets | 187,495,680 | ||
Financing costs included in liabilities | 1,039,479 | ||
Issuance costs included in liabilities | $ 549,966 | $ 244,414 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Consolidated Financial Statements (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013, under the laws of the Republic of the Marshall Islands and 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”) is focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. Our fleet currently consists of twenty-two VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”) and three 82,000 cbm VLGCs. The Company remained dormant until July 29, 2013 when the following transactions were completed concurrently: · The Company completed a private placement of 9,310,054 shares of its common stock with institutional investors and other investors in Norway (“NPP”). The shares were issued at NOK 75.00 per share, equivalent to USD 12.66 per share and realized gross proceeds of $117.9 million based on the exchange rate on July 29, 2013. · The Company acquired from Dorian Holdings LLC (“Dorian Holdings”) the following in exchange for 4,667,135 shares of its common stock and $9.7 million in cash: (a) 100% interest in three ship owning entities, CNML LPG Transport LLC (“CNML”), CJNP LPG Transport LLC (“CJNP”) and CMNL LPG Transport LLC (“CMNL”), which each owned a VLGC (the Captain Nicholas ML , the Captain John NP and the Captain Markos NL respectively), the related bank debt, interest rate swaps, and the inventory on board each vessel. The Captain Nicholas ML , Captain John NP and Captain Markos NL were previously owned by Cepheus Transport Ltd, Lyra Gas Transport Ltd and Cetus Transport Ltd., all owned by principals of Dorian Holdings until July 29, 2013 on which date they were sold to CNML, CJNP and CMNL, respectively. The sale of the vessels required approval from the bank that had provided the related financing that was assumed by the Company in connection with the transaction and resulted in a modification of the financing terms in connection with the acquisition. A further description of the loan arrangements is provided in Note 11. (b) 100% interest in two entities, each a party to a contract for the construction of one VLGC, option rights to construct an additional 1.5 VLGCs and $2.67 million in cash. The Company acquired from an affiliate of Dorian Holdings a 100% interest in an LPG pressurized gas carrier (“PGC”), the LPG Grendon , and the inventory onboard the vessel for $6.672 million in cash. The abovementioned acquisitions from Dorian Holdings and its affiliate were accounted as a business combination (refer to Note 4) and the operations of LPG Grendon along with that of the three VLGCs referred to above are herein referred to as the Predecessor. · The Company issued 4,667,135 shares of its common stock to SEACOR Holdings Inc., through its subsidiary, SeaDor Holdings LLC (“SeaDor”) as consideration for the following: (a) 100% interest in a subsidiary company, SEACOR LPGI LLC, a party to a contract for the construction of one VLGC; (b) $49.9 million in cash; and (c) the assignment to the Company of option rights to purchase 1.5 VLGC vessels. The above mentioned acquisitions from SeaDor were accounted for as an asset acquisition. The allocation of the purchase price between the assets acquired is described in Note 3(b). At the closing of the NPP, Dorian Holdings (the “Original Shareholders”) surrendered the 100 shares of capital stock of the Company, which were then cancelled. Following the completion of the above transactions on July 29, 2013 , Dorian Holdings, whose chairman is Mr. John Hadjipateras, our Chairman, President and Chief Executive Officer, and SeaDor, each owned approximately 25.0% of the Company’s outstanding common stock with the remaining 50% held by institutional investors and high net worth investors. We successfully closed our initial public offering ("IPO") on May 13, 2014 and our shares are listed on the NYSE and trade under the symbol “LPG”. The accompanying 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”) and entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. 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, 2016 are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 CJNP LPG Transport LLC VLGC Captain John NP 2007 CMNL LPG Transport LLC VLGC Captain Markos NL 2006 Comet LPG Transport LLC VLGC Comet 2014 Corsair LPG Transport LLC VLGC Corsair 2014 Corvette LPG Transport LLC VLGC Corvette 2015 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 Concorde LPG Transport LLC VLGC Concorde 2015 Dorian Houston LPG Transport LLC VLGC Cobra 2015 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 Constellation LPG Transport LLC VLGC Constellation 2015 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 Commander LPG Transport LLC VLGC Commander 2015 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 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) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (2) (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Owner of the Pressurized Gas Carrier (“PGC”) Grendon until it was sold in February 2016 Customers For the year ended March 31, 2016 , the Helios Pool and one other individual charterer accounted for 70% and 12% of our total revenues, respectively. For the year ended March 31, 2015 , five charterers represented 27% , 19% , 14% , 12% and 11% of total revenues, respectively. For the period ended March 31, 2014 , three charterers represented 51% , 13% and 10% of total revenues, respectively. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly ‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income, which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus has not presented this in the statement of operations or in a separate statement. (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, the Company had no foreign currency derivative instruments. (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. ( f) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero . (g) Due from related parties: Due from related parties reflect receivables from Helios Pool, and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. (h) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. (i) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. (j) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. ( k) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (l) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock each of our vessels every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every 2.5 years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. (m) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected in Deferred charges in the accompanying consolidated balance sheet. (n) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements and a pledged cash deposit. 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. (o) Revenues and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Net pool revenue: 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. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge—to discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. 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 the Company 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 accompanying consolidated balance sheet . Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (p) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. (q) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. (r) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. ( s) Segment reporting: Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (t) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. (u) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. (v) Recent accounting pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption, early adoption is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2015, the FASB issued accounting guidance amending consolidation analysis which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. The pronouncement is effective prospectively for annual periods beginning after December 15, 2015, and interim periods within that reporting period. The amended guidance will have no impact on our financial statements. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015 and interim periods within that reporting period, with early adoption permitted. We will adopt this pronouncement on April 1, 2016 and the amount of debt issuance costs that would be classified on our balance sheet as a reduction of debt was $23.7 million as of March 31, 2016 and $13.3 million as of March 31, 2015 . In July 2015, the FASB issued accounting guidance requiring entities to measure most inventory at the lower of cost and net realizable value. The pronouncement is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, will require a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. Lessor accounting remains largely unchanged. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The pronouncement is effective prospectively for public business entities for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted for all entities. We are currently assessing the impact the amended guidance will have on our financial statements. In March 2016, the FASB issued accounting guidance to simplify the requirements of accounting for share-based payment transactions. The guidance simplifies the accounting for taxes related to stock-based compensation, including adjustments to how excess tax benefits and an entity’s payments for tax withholdings should be classified. Additionally, an entity may make an entity-wide policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period with early adoption permitted in any interim or annual period. We have early adopted this pronouncement for the year ended March 31, 2016 and have made the entity-wide policy election to account for forfeitures when they occur, which resulted in us recognizing an additional $0.1 million of stock-based compensation for the year ended March 31, 2016 . |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2016 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties (a) Dorian Holdings: Dorian was formed by Dorian Holdings on July 1, 2013, to acquire and operate LPG tankers and initially to acquire the LPG tankers held by affiliates of Dorian Holdings. These acquisitions were accounted for as the acquisition of a business, refer Notes to 1 and 4. In addition on July 29, 2013, we entered into a license agreement with Dorian Holdings pursuant to which Dorian Holdings has granted us a non ‑transferable, non ‑exclusive, perpetual (subject to termination for material breach or a change of control event), world ‑wide, royalty ‑free right and license to use the Dorian logo and “Dorian LPG” in connection with our LPG business. (b) SEACOR Holdings Inc. (“SEACOR”): On April 29, 2013, affiliates of the Company entered into a series of agreements with subsidiaries of SEACOR under which the affiliates of the Company granted certain rights to SEACOR to purchase newbuilding contracts for VLGCs and associated options. The affiliates of the Company had the right to repurchase a portion of those contracts and the associated options. As part of these agreements, subsidiaries of SEACOR paid the first installment under the newbuilding contracts to the shipyard, which, under the terms of the agreements, could be partially acquired by Dorian affiliates for the amount of the installments paid, certain agreed third party expenses, and a capital charge of 6% per annum. As described in Note 1, the Company acquired a 100% interest in SEACOR LPG I LLC, a party to a contract for the construction of one VLGC, $49.9 million in cash and the assignment to the Company of option rights to purchase 1.5 VLGC vessels, from SEACOR in exchange for 4,667,135 shares of its common stock. This transaction was accounted for as an asset acquisition. The fair value of the transaction was determined based on the number of shares issued by the Company. The fair value of the common stock was determined to be NOK75.00 per share (or $12.66 per share at the exchange rate on July 29, 2013) which was the price per share for the Company’s common shares issued to private investors on the same date. The total transaction value of $59.4 million (including transaction costs) was allocated to the assets purchased as follows: Cash $ Purchase contract for one VLGC newbuilding contract (includes advance payment) Purchase option contracts $ The allocation between the newbuilding contract and the purchase options was based on their relative fair value. The fair value of the newbuilding contract and purchase options was computed as the excess of the purchase consideration for similar vessels with similar delivery dates based on valuation from an independent broker over the purchase consideration of the contracts acquired plus for newbuilding contracts any advance to the shipyard as of the acquisition date. The appraised value was determined using recent transactions involving comparable vessels as adjusted for age and features. The appraisal was performed on “willing Seller and willing Buyer” basis and based on the sale and purchase market condition prevailing at the acquisition date subject to the vessel being in sound condition and made available for delivery charter free. (c) Scorpio Tankers Inc. (“Scorpio”): On November 26, 2013, the Company issued 7,990,425 shares of its common stock to Scorpio as consideration for 100% interest in thirteen subsidiary companies, (each a party to a contract for the construction of one VLGC) and $1.9 million in cash. This transaction was accounted for as an asset acquisition. The fair value of the transaction was determined based on the number of shares issued by the Company. The fair value of the common stock was determined to be NOK92.50 per share (or $15.16 per share at the exchange rate on November 26, 2013), which was the price per share for the Company’s common shares issued to private investors on the same date. The total transaction value of $121.3 million (including transaction costs) was allocated to the assets purchased as follows: Cash $ Purchase contract for thirteen VLGC newbuilding contracts (includes advance payments) $ The cost of the group of non ‑cash assets was allocated to each of the new building contracts based on their relative fair value. The fair value of each newbuilding contract was determined as the excess of the purchase consideration as of the acquisition date for similar vessels with similar delivery dates based on valuation from an independent broker over the purchase consideration of the contracts acquired plus any advance paid to the shipyard. The appraised value was determined using recent transactions involving comparable vessels as adjusted for age and features. The appraisal was performed on “willing Seller and willing Buyer” basis and based on the sale and purchase market condition prevailing at the acquisition date subject to the vessel being in sound condition and made available for delivery charter free. (d) Dorian (Hellas) S.A.: A. Ship ‑Owning Companies Management Agreements: Pursuant to management agreements entered into by each vessel owning subsidiary on July 26, 2013, as amended, with Dorian (Hellas) S.A. (“DHSA” or the “Manager”), the technical, crew and commercial management as well as insurance and accounting services of its vessels was outsourced to DHSA. In addition, under these management agreements, strategic and financial services had also been outsourced to DHSA. DHSA had entered into agreements with each of Eagle Ocean Transport Inc. (“Eagle Ocean Transport”) and Highbury Shipping Services Limited (“HSSL”), to provide certain of these services on behalf of the vessel owning companies. Mr. John Hadjipateras, our Chairman, President and CEO, owns 100% of Eagle Ocean Transport, and our Vice President of Chartering, Insurance and Legal, Nigel Grey ‑Turner, owns 100% of HSSL. The fees payable for the above services to DHSA amounted to $93,750 per month per vessel, payable one month in advance. These management agreements terminated on June 30, 2014. As of July 1, 2014, vessel management services and the associated agreements for our fleet were transferred from DHSA and are now provided through our wholly owned subsidiaries Dorian LPG (USA) LLC, Dorian LPG (UK) Ltd. and Dorian LPG Management Corp. Subsequent to the transition agreements, Eagle Ocean Transport continues to incur related travel costs for certain transitioned employees as well as office-related costs, for which we reimbursed Eagle Ocean Transport $0.8 million and $0.7 million for the years ended March 31, 2016 and 2015 , respectively. Such expenses are reimbursed based on their actual cost. Management fees related to these agreements for the year ended March 31, 2015 and for the period July 1, 2013 to March 31, 2014 amounted to $1.1 million and $3.1 million, respectively, and are presented in Management fees ‑ related party in the consolidated statements of operations. There were no management fees incurred for the year ended March 31, 2016. 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 totaling $0.5 million and $0.1 million was earned and included in other income for the years ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , $0.9 million was due from DHSA and included in due from related parties and $0.5 million was due to DHSA and included in due to related parties. B. Pre ‑Delivery Services: A fixed monthly fee of $15,000 per hull was payable to the Manager for pre ‑delivery services provided during the period from July 29, 2013 until the date of delivery of each newbuilding. These management agreements terminated on June 30, 2014. As of July 1, 2014, vessel management services and the associated agreements for our fleet were transferred from the Manager and are now provided through our wholly owned subsidiaries. Management fees related to the pre ‑delivery services provided by DHSA for the year ended March 31, 2015 and for the period July 1, 2013 to March 31, 2014 amounted to $0.9 million and $1.2 million, respectively. For the period July 1, 2013 to March 31, 2014, $0.1 million is presented in Management fees ‑related party in the consolidated statement of operations. (e) Eagle Ocean Transport Inc.: As part of the series of agreements with SEACOR, Eagle Ocean Transport, a company 100% owned by Mr. John Hadjipateras, our Chairman, President and Chief Executive Officer, is entitled to retain 100% of any portion of the shipbroker fee rebated to it as compensation for its services in securing the newbuilding contracts for three VLGCs and three associated option agreements. To the extent that any fees are received in respect of option vessels under such agreements, the fees shall be shared evenly between SEACOR and Eagle Ocean Transport. Collectively, Eagle Ocean Transport and SEACOR received a total of $0.8 million and $0.5 million of shipbroker rebates for their services in securing the newbuilding contracts for the year ended March 31, 2015 and period ended March 31, 2014, respectively. In addition, Eagle Ocean Transport was reimbursed for an amount of $0.3 million, representing costs incurred on behalf of the Company relating to equity issuances and debt restructuring for the period July 1, 2013 to March 31, 2014. (f) Helios LPG Pool LLC (“Helios Pool”): On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool and entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared as described in Note 2 above. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire (refer to Note 2 above) and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a VIE as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of ASC 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. In March 2016, the Helios Pool reached an agreement with Oriental Energy Company Ltd. ("Oriental Energy"). When fully delivered, the Helios Pool will operate eight VLGCs for Oriental Energy, some of which will be time chartered-in at a fixed time charter hire rate. The agreement with Oriental Energy had no impact on the ownership structure or the power to direct significant activities of the Helios Pool. As of March 31, 2016 , we had receivables from the Helios Pool of $71.0 million, including $17.6 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of March 31, 2016 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the consolidated statement of operations and were $1.4 million for the year ended March 31, 2016 . Additionally, we received a fixed reimbursement of expenses such as costs for security guards and war risk insurance for voyages operating high risk areas from the Helios Pool, for which we earned $1.2 million for the year ended March 31, 2016 and are included in “Other revenues” in the consolidated statement of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the year ended March 31, 2016 . The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net pool revenues to the participants based on the results of the pool, operating days and pool points, as variable rate time charter hire for the relevant vessel. We recognize net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of pool revenues for the month can be estimated reliably. Revenue earned is presented in Note 14 . (g) Consulting : Since the formation of the Predecessor Companies, a member of our board of directors, who resigned effective May 1, 2015, provided certain chartering and commercial services to the Company, its subsidiaries, and the Predecessor Companies. This individual entered into a consulting agreement on May 1, 2015 that provides for, among other things, an annual fee of $250,000 , payable for services rendered commencing on May 8, 2014. Related to this consulting agreement we expensed $0.2 million and $0.2 million, for the years ended March 31, 2016 and 2015 , respectively. (h) Artwork : During the year ended March 31, 2016 , we purchased $0.1 million of artwork for newbuilding vessels, which have been capitalized and presented in “Vessels, net” for vessels that have been delivered during the period, for our Athens, Greece office and for a shipyard, which are included in “General and administrative expenses” in the consolidated statement of operations. The artist is a relative of one of our executive officers. (i) Commissions : Orient River Trading Ltd., a company 100% owned by a senior officer of our 100% owned subsidiary Dorian Management Corp., provided disponent owner services for certain charterers that do not recognize Marshall Islands vessel-owning subsidary companies. Commission expenses on voyages utilizing these services, included in “Voyage expenses” in the consolidated statement of operations, amounted to $0.1 million and $0.1 million for the years ended March 31, 2016 and 2015, respectively. There were no commissions for these services for the period ended March 31, 2014. |
Acquisition of Business
Acquisition of Business | 12 Months Ended |
Mar. 31, 2016 | |
Acquisition of Business | |
Acquisition of Business | 4. Acquisition of Business On July 29, 2013, Dorian Holdings sold to Dorian in exchange for equity and $9.7 million in cash its 100% interest in CMNL, CJNP , CNML owners of the Captain Markos NL, Captain John NP and Captain Nicholas ML , respectively and acquired the related inventory on board, and assumed the associated bank debt, and interest rate swap and 100% interest in two entities, each a party to a contract for the construction of one VLGC, and option rights to construct an additional 1.5 VLGCs and $2.67 million in cash. The $9.7 million cash related to the payment for inventories and LPG coolant on board of $2.3 million and to reimburse for an advance for vessels under construction of $7.4 million In addition on July 29, 2013 Dorian acquired 100% interest of Grendon Tanker LLC, the owner of the Grendon (until its sale to a third party in February 2016), from an affiliate of Dorian Holdings for a cash consideration of $6,625,000 plus the value of inventory on board the vessel. These acquisitions have been treated as business acquisitions and were initially recorded at fair value. The following table summarizes the fair value of the consideration paid and assets/liabilities acquired. Fair value of total consideration Acquisition from Dorian Grendon Holdings acquisition Total Cash $ $ $ Equity instruments (4,667,135 common shares of the Company at NOK 75.00 per share) — Total consideration Fair value of identifiable assets and liabilities acquired: Cash — Vessels Inventories on board the vessels Newbuilding vessels contracted for construction — Other assets—Vessel purchase options — Long term bank debt — Interest rate swaps — Net assets acquired—fair value $ $ $ The fair value of the common stock was determined to be NOK75.00 per share (or $12.66 per share at the exchange rate on July 29, 2013) being the price the Company issued its common shares to private investors under its private placement which closed on the same date. The vessels were acquired with attached charters. The attached charters for each vessel were evaluated by the Company based on market charter rates on the acquisition date and were found to be at market values, and thus none of the purchase consideration was allocated to the attached time charters or voyage charter. The fair values of the vessels, excluding LPG coolant, on the date of acquisition were determined by the Company based on valuations from an independent broker. The appraised value was determined using recent transactions involving comparable vessels as adjusted for age and features. The appraisal was performed on “willing Seller and willing Buyer” basis and based on the sale and purchase market condition prevailing at the acquisition date subject to the vessel being in sound condition and made available for delivery charter free. The fair value of the LPG coolant at the date of acquisition was determined by the quantity purchased valued at the then current LPG rate. The fair value of the newbuilding contracts and vessel purchase options was computed as the excess of the purchase consideration for similar vessels with similar delivery dates based on valuation from an independent broker over the purchase consideration of the contracts acquired plus in respect of the newbuilding contracts any advance paid to the shipyard as of the acquisition date. The fair value of the interest rate swaps was determined using a discounted cash flow approach based on market ‑based LIBOR swap yield rates. The fair value of the bank debt and cash was determined to be its face value. In addition, on July 29, 2013 Dorian Holdings granted the Company a royalty ‑free, non ‑exclusive right and license to use the then newly created Dorian logo and “Dorian LPG”. The Company evaluated the license agreement and did not assign any value to the use of this logo and name based on the fact that it was a brand new logo, created shortly prior to the NPP and never used in the market place, and for which the Company does not have exclusive use. The revenue and net income relating to the Predecessor operations acquired since their acquisition date to March 31, 2014 included in the consolidated statement of operations for the period ended March 31, 2014 amount to $29,633,700 and $3,152,335 , respectively. Pro forma Information (unaudited) The following table summarizes total net revenues and net income of the Company, had the acquisition of the Predecessor operations occurred on April 1, 2013: For the year ended $ in 000’s March 31, 2014 Net revenues $ Net income $ The combined results in the table above have been prepared for comparative purposes only and include acquisition related adjustments for depreciation, interest charges and management fees. The combined results do not purport to be indicative of the results of operations which would have resulted had the acquisition been effected at the beginning of the applicable period noted above, or the future results of operations of the combined entity. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2016 | |
Inventories | |
Inventories | 5. Inventories Our inventories by type were as follows: March 31, 2016 March 31, 2015 Lubricants $ $ Victualing Bonded stores Communication cards Bunkers — Total $ $ |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2016 | |
Vessels, Net | |
Vessels, Net | 6. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2015 $ $ $ Vessels delivered — Impairment (1) Depreciation — Balance, March 31, 2015 Vessels delivered — Other additions — Disposals Depreciation — Balance, March 31, 2016 $ $ $ (1) We recognized no impairment losses for the year ended March 31, 2016 , and a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 . We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable. Vessels delivered represent amounts transferred from Vessels under Construction relating to the cost of our ECO VLGCs delivered to us between July 2014 and February 2016. Vessels with a total carrying value of $1,667.2 million as of March 31, 2016 are first ‑priority mortgaged as collateral for our loan facilities (refer to Note 11 below). As of March 31, 2015 , vessels with a total carrying value of $416.0 million were first priority mortgaged as collateral for our loan facilities. |
Vessels Under Construction
Vessels Under Construction | 12 Months Ended |
Mar. 31, 2016 | |
Vessels Under Construction. | |
Vessels Under Construction | 7. Vessels Under Construction Balance, April 1, 2015 $ Installment payments to shipyards Other capitalized expenditures Capitalized interest Vessels delivered (transferred to Vessels) Balance, March 31, 2015 Installment payments to shipyards Other capitalized expenditures Capitalized interest Vessels delivered (transferred to Vessels) Balance, March 31, 2016 $ — Other capitalized expenditures for the year ended March 31, 2016 represent LPG coolant of $5.0 million, fees paid to third party vendors of $17.3 million and $0.4 million of employee-related costs for supervision fees and other newbuilding pre-delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process. Other capitalized expenditures for the year ended March 31, 2015 represent LPG coolant of $1.4 million, fees paid to our Manager of $0.9 million and to third party vendors of $8.6 million and $0.1 million of employee-related costs for supervision fees and other newbuilding pre ‑delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process. |
Other Fixed Assets, Net
Other Fixed Assets, Net | 12 Months Ended |
Mar. 31, 2016 | |
Other Fixed Assets, Net | |
Other Fixed Assets, Net | 8. Other Fixed Assets, Net Other fixed assets of $591,288 and $464,889 as of March 31, 2016 and March 31, 2015 , respectively, represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets net was $279,651 as of March 31, 2016 and $ 46,402 as of March 31, 2015 . |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2016 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 9. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Financing Drydocking Equity Total deferred costs costs offering costs charges, net Balance, April 1, 2014 $ $ $ $ Additions Amortization — Transferred to APIC — — Balance, March 31, 2015 — Additions — — Amortization — Balance, March 31, 2016 $ $ $ — $ The drydocking costs incurred during the year ended March 31, 2015 relate to the drydocking for Grendon . Financing costs incurred during the year ended March 31, 2016 and 2015 relate to the 2015 Debt Facility as further described in Note 11. Offering costs related to our IPO were transferred to additional paid in capital (“APIC”) on completion of our IPO on May 13, 2014. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Accrued Expenses | |
Accrued Expenses | 10. Accrued Expenses Accrued expenses comprised of the following: March 31, 2016 March 31, 2015 Accrued employee-related costs $ $ Accrued professional services Accrued loan and swap interest Accrued voyage and vessel operating expenses Accrued board of directors' stock-based compensation and fees — Other Accrued financing costs — Total $ $ |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt | |
Long-Term Debt | 11. Long ‑Term Debt Description of our Debt Obligations 2015 Debt Facility In March 2015, we entered into a $758 million debt financing facility (the “2015 Debt Facility”) with four separate tranches. Commercial debt financing (“Commercial Financing”) of $249 million is being provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank S.E. ("DVB"); Citibank (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA"), (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") is directly providing $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing is being 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. The debt financing is secured by, among other things, eighteen of the Company's ECO VLGCs, and represents a loan-to-contract cost ratio before fees of approximately 55% . The 2015 Debt Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness. A commitment fee was payable on the average daily unused amount under the 2015 Debt Facility of 40% of the margin on each tranche. Additionally, we incurred approximately $13.0 million and $13.4 million of debt issuance costs associated with the 2015 Debt Facility for the years ended March 31, 2016 and 2015, respectively, which have been deferred and are amortized over the life of the agreement and are included as part of interest expense. Certain terms of the borrowings under each tranche of the 2015 Debt Facility are as follows: Interest Rate at Term Interest Rate Description (1) March 31, 2016 (2) Tranche 1 Commercial Financing years London InterBank Offered Rate (“LIBOR”) plus a margin (4) % Tranche 2 KEXIM Direct Financing years (3) LIBOR plus a margin of 2.45 % % Tranche 3 KEXIM Guaranteed years (3) LIBOR plus a margin of 1.40 % % Tranche 4 K-sure Insured years (3) LIBOR plus a margin of 1.50 % % (1) The interest rate of the 2015 Debt Facility on Tranche 1 is determined in accordance with the agreement as three or six month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three month LIBOR plus the applicable margin for the respective tranches. (2) The set LIBOR rate in effect as of March 31, 2016 was 0.63% . (3) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (4) The Commercial Financing tranche margin over LIBOR is 2.75% and is reduced to 2.50% if 50% or more but less than 75% of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement and to 2.25% if 75% or more of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement. As of March 31, 2016 , the set margin was 2.75% . The 2015 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’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 Debt Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility but such assignments have not been entered into at this time. During the year ended March 31, 2016 , we made drawdowns of $676.8 million, including $9.6 million to pay guarantee and insurance fees, under the 2015 Debt Facility, which was secured by eighteen ECO VLGCs delivered during that period and was comprised of four separate tranches. As of March 31, 2016 , the 2015 Debt Facility was fully drawn. Royal Bank of Scotland plc. (“RBS”) secured bank debt As discussed in Note 1 to the consolidated financial statements, the Company assumed the debt obligations associated with the financing of the vessels that were acquired through the acquisition of CMNL, CJNP and CNML. The prior loan arrangements associated with those vessels required approval from the lenders to sell the vessels and agreement from the lenders to transfer the borrowings to another party. As a consequence, the Company and the lender negotiated new borrowing terms in connection with this transaction. The new terms are described below. The total borrowings outstanding immediately prior to the debt modification and immediately after remained the same. CMNL, CJNP, CNML and Corsair as joint and several borrowers (Borrowers), and Dorian LPG Ltd. as parent guarantor entered into a loan facility of $135,224,500 (the “RBS Loan Facility”), which replaced the prior borrowing arrangements of the Predecessor. The RBS Loan Facility is divided into three tranches. Tranche A of $47.6 million, Tranche B of $34.5 million and Tranche C of up to $53.1 million and is associated with each of the Captain John NP , Captain Markos NL and the Captain Nicholas ML , respectively. Tranche A is payable in twelve equal semi ‑annual installments each in the amount of $1,700,000 that commenced on September 24, 2013 plus a balloon of $27,200,000 payable concurrently with the last installment on March 24, 2019. Tranche B is payable in eleven equal semi ‑annual installments each in the amount of $1,278,500 that commenced on November 17, 2013 plus a balloon of $20,456,000 payable concurrently with the last installment on November 17, 2018. Tranche C is payable in fourteen equal semi ‑annual installments each in the amount of $1,827,500 that commenced on January 21, 2014 plus a balloon of $27,520,000 payable concurrently with the last installment July 21, 2020. The interest rate on the RBS Loan Facility increased in accordance with the loan agreement from LIBOR plus a margin of 1.5% per annum to LIBOR plus a margin of 2.0% per annum on September 26, 2014, concurrent with the delivery of the Corsair and to 2.5% on September 26, 2015 until maturity. In the event of non ‑ compliance the Borrowers will be required within one month of being notified in writing by the lender to make such prepayment. In the event the lender agrees to release Corsair or another borrower approved by the lender from joint and several liabilities under the agreement, the minimum market adjusted security cover is adjusted to 175% and the margin will be increased to 2.75% . The RBS Loan Facility provides that it be secured by, among other things, (i) first priority mortgages on the vessels financed; (ii) first assignments of all freights, earnings and insurances; (iii) first assignment of any borrowers’ rights and interests in any hedging agreement in connection with the facility; and (iv) assignment of any approved charter in respect of any financed vessel. The 2015 Debt Facility and RBS Loan Facility also contain customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or management of the vessels, or enter into a new line of business. The loan facilities include customary events of default, including those relating to a failure to pay principal or interest, a breach of covenant, representation and warranty, a cross-default to other indebtedness and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. Debt Covenants: The following financial covenants are the most restrictive from the 2015 Debt Facility and the RBS Loan 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: 2015 Debt Facility Covenants · The ratio of current assets divided by current liabilities shall always be greater than 1.00 ; · Maintain minimum stockholder’s equity at all times equal to the aggregate of (i) $400,000,000 , (ii) 50% of any new equity raised after loan agreement date and (iii) 25% of the positive net income for the immediately preceding financial year; · Minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense must be maintained (i) greater than or equal to: 1.00 for the 12-month period starting in the calendar quarter following the one in which delivery of the first ship occurs, (ii) 1.50 in the subsequent year, (iii) 2.00 in the third year following the initial period, and (iv) 2.50 thereafter; · The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00; · Liquidity reserve minimum must be the higher of (a) the aggregate of (i) $25 million and (ii) $1,100,000 for every vessel delivered and financed by the 2015 Debt Facility and (b) 5% of the consolidated interest bearing debt outstanding of the Company; · Fair market value of the mortgaged ships plus any additional security shall be at least 135% of the outstanding loan balance; RBS Loan Facility Covenants · The ratio of cash flow from operations before interest and finance costs to cash debt service costs shall not be less than 1 :1; · Minimum shareholders' equity, as adjusted for any reduction in vessel fair market value, shall not be less than $85 million; · Minimum cash balance of $10 million at the end of each quarter and minimum cash balances of $1.5 million per mortgaged vessel in a pledged account with the lender at all times; · The ratio of Total Debt to Shareholders Funds shall not exceed 150% at all times; · The ratio of the aggregate market value of the vessels securing the loan to the principal amount outstanding under such loan, plus 100% of the related swap exposure, at all times shall be in excess of 125%; and · No dividends shall be paid in excess of free cash flow if an event of default is occurring. The RBS Loan Facility further (i) requires that the existing shareholders at the date of the agreement maintain their ownership of our common shares at a minimum level of 15% of our issued share capital, subject to downward adjustment for any future equity issuances by us, (ii) provides that the ownership of more than one ‑ third of our common shares by any shareholder other than the existing shareholders at the date of the agreement is an event of default and/or permits the lender to accelerate the indebtedness, (iii) permits the lender to accelerate the indebtedness if at any time the existing shareholders at the date of the agreement do not maintain a representative on our board of directors or any other of our management committees; (iv) requires the lender's approval prior to chartering for a period of greater than one year any of the vessels securing the loan, subject to certain conditions; and (v) restricts our subsidiaries, which own the vessels securing the loan, from paying any dividends, however, the loan facility permits the borrowers to make expenditures to fund our administration and operations. Similarly, the 2015 Debt Facility permits the lenders to accelerate the indebtedness if, without the prior written consent of the lenders, (i) one-third of our common shares are owned by any shareholder other than certain entities, directors or officers listed in the agreement; (ii) there are certain changes to our board of directors; or (iii) Mr. John Hadjipateras ceases to serve on our board of directors. We were in compliance with the financial covenants as of March 31, 2016 . Debt Obligations The table below presents our debt obligations: RBS secured bank debt March 31, 2016 March 31, 2015 Tranche A $ $ Tranche B Tranche C Total $ $ 2015 Debt Facility Commercial Financing $ $ KEXIM Direct Financing KEXIM Guaranteed K-sure Insured Total Total debt obligations $ $ Presented as follows: Current portion of long-term debt $ $ Long-term debt—net of current portion Total $ $ Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2016 are as follows: Year ending March 31: 2017 $ 2018 2019 2020 2021 Thereafter Total $ |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2016 | |
Common Stock. | |
Common Stock | 12. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. On July 29, 2013, the Company issued the following shares: · 9,310,054 common shares on completion of its NPP, at NOK75.00 per share, equivalent to USD12.66 per share based on the exchange rate on July 29, 2013 · 4,667,135 common shares to Dorian Holdings (refer to Note 4) · 4,667,135 common shares to SeaDor Holdings LLC (refer to Note 3) The fair value of the shares issued to Dorian and SeaDor was determined by the Company to be NOK75 (or USD12.66) per share based on the issue price of the NPP. On November 26, 2013, the Company issued the following shares: · 16,081,081 common shares on completion of a second Private Placement in Norway (“NPP2”), at NOK92.50 per share, equivalent to USD15.16 per share based on the exchange rate on November 26, 2013 · 7,990,425 common shares to Scorpio Tankers Inc. (refer to Note 3) On February 12, 2014, the Company issued the following shares: · 5,649,200 common shares on completion of a third Private Placement in Norway (“NPP3”), at NOK110.00 per share, equivalent to USD17.92 per share based on the exchange rate on February 12, 2014 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 April 25, 2014 the Company completed a one -for-five reverse stock split and reduced the number of the Company’s issued and outstanding common shares and affected all issued and outstanding common shares, outstanding immediately prior to the effectiveness of the reverse stock split. The number of the Company’s authorized common shares was not affected by the reverse split and the par value of our common shares remained unchanged at $0.01 per share. The reverse stock split reduced the number of the Company’s common shares outstanding at March 31, 2014 from 241,825,149 to 48,365,011 after the cancellation of 19 fractional shares. No fractional shares were issued in connection with the reverse stock split. Shareholders who otherwise held a fractional share of the Company’s common stock as a result of the reverse stock split received a cash payment in lieu of such fractional share. All amounts related to number of shares and per share amounts have been retroactively restated. On April 25, 2014, we completed a private placement of 1,412,698 common shares with a strategic investor at a price of NOK 110.00 or USD 18.40 based upon the exchange rate on April 24, 2014, which represents approximately $26.0 million in gross proceeds not including closing fees. On May 13, 2014, we completed an initial public offering of 7,105,263 common shares on the New York Stock Exchange at a price of $19.00 per share, or $135.0 million in gross proceeds not including underwriting fees or closing costs. The shares began trading on the New York Stock Exchange on May 8, 2014 under the ticker symbol “LPG”. On May 22, 2014, we completed the issuance of 245,521 common shares related to the overallotment exercise by the underwriters of our initial public offering at a price of $19.00 per share, or $4.7 million in gross proceeds not including underwriting fees or closing costs. On June 25, 2014, we completed the exchange offer of unregistered common shares that we previously issued in our prior equity private placements, other than the common shares owned by our affiliates, for 15,528,507 common shares that have been registered under the Securities Act of 1933, as amended, the complete terms and conditions of which were set forth in a prospectus dated May 8, 2014 and the related letter of transmittal. In June 2014, we granted 655,000 shares of restricted stock to certain of our officers and, in March 2015, we granted 274,000 shares of restricted stock to certain of our employees and non-employee consultants (see Note 13 for further discussion regarding stock-based compensation). In August 2015, we established a stock repurchase program authorizing the repurchase of up to $100.0 million of our common stock. As of March 31, 2016 , we repurchased a total of 1,932,465 shares of our common stock for approximately $20.9 million under this program, resulting in $79.1 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 13. Stock-Based Compensation Plans In April 2014, we adopted an equity 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. We have 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 2014. The plan is administered by our compensation committee. In June 2014, we granted 655,000 shares of restricted stock to certain of our officers and, in March 2015, we granted 274,000 shares of restricted stock to certain of our employees and non-employee consultants. One -third of these restricted shares vest three years after grant date, one -third vest four years after grant date, and one -third vest five years after grant date. The restricted shares were valued at their fair market value on their grant date and are expensed on a straight-line basis over five years. Our stock-based compensation expense was $4.1 million (including accrued stock-based compensation of $0.5 million for our board of directors) and $2.3 million for the years ended March 31, 2016 and 2015 , respectively, and is included within general and administrative expenses in our accompanying consolidated statements of operations. There was no stock-based compensation expense for the period of July 1, 2013 through March 31, 2014. Unrecognized compensation cost as of March 31, 2016 was $12.2 million and will be recognized over the remaining weighted average life of 3.45 years. A summary of the activity of our restricted shares as of March 31, 2016 and 2015 changes during the year ended March 31, 2016 and 2015 , are as follows: Weighted-Average Grant-Date Restricted Share Awards Numbers of Shares Fair Value Unvested as of April 1, 2014 — $ — Granted Unvested as of March 31, 2015 Granted — — Unvested as of March 31, 2016 $ |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2016 | |
Revenues. | |
Revenues | 14. Revenues Revenues comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Net pool revenues—related party $ $ — $ — Voyage charter revenues Time charter revenues Other revenues Total $ $ $ Time charter revenue included a profit-sharing element of the time charter agreements of $7.8 million and $6.1 million for the year ended March 31, 2015 and the period ended March 31, 2014 , respectively. There was no profit-sharing element of the time charter agreements for the year ended March 31, 2016 . Other revenue represents income from charterers relating to reimbursement of expenses such as costs for security guards and war risk insurance. |
Voyage Expenses
Voyage Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Voyage Expenses. | |
Voyage Expenses | 15. Voyage Expenses Voyage expenses comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Bunkers $ $ $ Port charges and other related expenses Brokers’ commissions Security cost War risk insurances Other voyage expenses Total $ $ $ |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2016 | |
Vessel Operating Expenses. | |
Vessel Operating Expenses | 16. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 March 31, 2014 Crew wages and related costs $ $ $ Spares and stores Insurance Lubricants Repairs and maintenance costs Miscellaneous expenses Total $ $ $ |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2016 | |
Interest and Finance Costs | |
Interest and Finance Costs | 17. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Interest incurred $ $ $ Amortization of financing costs Other financing costs Capitalized interest Total $ $ $ |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2016 | |
Income Taxes | |
Income Taxes | 18. Income Taxes The Company 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. The Company is also subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related thereto attributable to the transport of cargo to or from the United States (“Shipping Income”), unless exempt from United States federal income taxation. If the Company does not qualify for the exemption from tax under Section 883, of the Internal Revenue Code of 1986, as amended, the Company and its subsidiaries will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, “U.S. source shipping income” means 50% of the Shipping Income derived by the Company and its subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our first fiscal year ended March 31, 2014, we do not believe that we were able to qualify for exemption under Section 883 and as a consequence, our gross U.S. source shipping income is subject to a 4% gross basis tax (without allowance for deductions) equal to $39,266 and is included in Voyage expenses in the consolidated statement of operations. For our fiscal years ended March 31, 2016 and 2015, we believe that we will qualify for exemption under Section 883 and as a consequence, our gross U.S. source shipping income will not be subject to a 4% gross basis tax. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies | |
Commitments and Contingencies | 19. Commitments and Contingencies Commitments under Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices: March 31, 2016 Less than one year $ One to three years Three to five years Total $ 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: March 31, 2016 Less than one year $ One to three years Three to five years Total $ 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, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2016 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 20. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, amounts due from related parties and trade accounts receivable. Our principal financial liabilities consist of long-term bank loan, interest rate swaps, 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 receivable from Helios Pool, and cash and cash equivalents. 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 by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long ‑ term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the RBS Loan Facility and our 2015 Debt Facility. The principal terms of the interest rate swaps are as follows: Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2016 March 31, 2015 RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CNML (3) July 2013 (8) July 2020 % 2015 Debt Facility - Citibank (4) September 2015 March 2022 % — 2015 Debt Facility - ING (5) September 2015 March 2022 % — 2015 Debt Facility - CBA (6) October 2015 March 2022 % — 2015 Debt Facility - Citibank (7) October 2015 March 2022 % — (1) Reduces semi-annually by $1.3 million with a final settlement of $21.7 million due in November 2018. (2) Reduces semi-annually by $1.7 million with final settlement of $28.9 million due in March 2019. (3) Reduces semi-annually by $1.7 million with a final settlement of $27.5 million due in July 2020. (4) Non-amortizing with a final settlement of $200 million in March 2022. (5) Non-amortizing with a final settlement of $50 million in March 2022. (6) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (7) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (8) RBS swaps assumed from Predecessor Businesses in July 2013 (c) Fair Value Measurements: Fair Value on a Recurring Basis: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay for the early termination of the agreements. 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, 2016 March 31, 2015 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 $ — $ $ — $ The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: July 1, 2013 Year ended Year ended (inception) Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2016 March 31, 2015 to March 31, 2014 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ $ $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Gain/(loss) on derivatives, net $ $ $ As of March 31, 2016 and March 31, 2015 , no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the year ended March 31, 2016 or during the year ended March 31, 2015 . Fair value on a non-recurring basis: As of March 31, 2016 and March 31, 2015 , we reviewed the carrying amount and the estimated recoverable amount for each of our vessels. The review for the year ended March 31, 2015 indicated that the carrying amount was not recoverable for our PGC vessel. The fair value is considered a Level 2 item in the fair value hierarchy and is based on our best estimate of the value of the vessel, which is supported by independent vessel appraisals. We recognized an impairment loss of $1.4 million during the year ended March 31, 2015 as further described in Note 6 to the consolidated financial statements. No impairment loss was incurred for the year ended March 31, 2016 . We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the year ended March 31, 2016 or during the year ended March 31, 2015 . (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), 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, 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. We also have long term bank debt for which we believe the historical carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. Cash and cash equivalents and restricted cash are considered Level 1 items. |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2016 | |
Retirement Plans | |
Retirement Plans | 21. Retirement Plans Defined Contribution Plan United States-based employees participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to a 401(k) plan on a pre-tax basis, in accordance with Internal Revenue Service guidelines. 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 and $0.1 million for the years ended March 31, 2016 and 2015 , respectively. There was no compensation expense associated with the safe harbor contributions for the period ended March 31, 2014 as the plan was initiated during the year ended March 31, 2015 coinciding with the transfer of management services from the Manager to our wholly owned subsidiaries, as described in Note 3. Defined Benefit Plan Our Greece-based employees have a statutory required defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greece Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greece Plan totaling $0.2 million and $0.3 million for the years ended March 31, 2016 and 2015 , respectively, and no compensation expense for the period ended March 31, 2014 . Other We contribute to retirement accounts for certain United Kingdom-based employees based on a percentage of their annual salaries. For the years ended March 31, 2016 and 2015 , we recognized compensation expense of $0.1 million and $0.1 million, respectively, related to these contributions. There was no compensation expense associated with these contributions for the period ended March 31, 2014. |
Shareholder Rights Plan
Shareholder Rights Plan | 12 Months Ended |
Mar. 31, 2016 | |
Shareholder Rights Plan | |
Shareholder Rights Plan | 22. Shareholder Rights Plan On December 21, 2015, our Board of Directors declared a dividend of one preferred share purchase right (a "Right") for each share of our common stock outstanding on December 31, 2015. Each Right is attached to and trades with the associated share of common stock. The Rights will become exercisable only if a person or group has acquired 15% or more of our outstanding common stock or announces a tender offer or exchange offer which, if consummated, would result in ownership by a person or group of 15% or more of our outstanding common stock (an "Acquiring Person"). If a person becomes an Acquiring Person, each Right will entitle its holder (other than an Acquiring Person and certain related parties) to purchase for $60 a number of shares of our common stock having a market value of twice such price. In addition, at any time after a person or group acquires 15% or more of our outstanding common stock (unless such person or group acquires 50% or more), our Board of Directors may exchange one share of our common stock for each outstanding Right (other than Rights owned by the Acquiring Person and certain related parties, which would have become void). Any person who, prior to the time of public announcement of the existence of the Rights, beneficially owned 15% or more of our outstanding common stock is not considered to be an Acquiring Person so long as such person does not acquire additional shares in excess of certain limitations. The Rights will expire on December 20, 2018; provided that if our shareholders have not ratified the shareholder rights plan by December 20, 2016, the shareholder rights plan will expire on December 20, 2016. |
Earnings Per Share (EPS)
Earnings Per Share (EPS) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share ("EPS") | |
Earnings Per Share ("EPS") | 23. 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 Year ended July 1, 2013 (inception) (In U.S. dollars except share data) March 31, 2016 March 31, 2015 March 31, 2014 Numerator: Net income $ $ $ Denominator: Basic weighted average number of common shares outstanding Effect of dilutive restricted stock — — Diluted weighted average number of common shares outstanding EPS: Basic $ $ $ Diluted $ $ $ For the year ended March 31, 2016 , there were 655,000 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS for the year ended March 31, 2015 or for the period ended March 31, 2014 . |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2016 | |
Selected Quarterly Financial Information (unaudited) | |
Selected Quarterly Financial Information (unaudited) | 24. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2016 and 2015 quarterly results : Three months ended Three months ended Three months ended Three months ended June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Revenues $ $ $ $ Operating income Net income $ $ $ $ Earnings per common share, basic and diluted $ $ $ $ Three months ended Three months ended Three months ended Three months ended June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Revenues $ $ $ $ Operating income Net income $ $ $ $ Earnings per common share, basic and diluted $ $ $ $ |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events. | |
Subsequent Events | 25. Subsequent Events During April and May 2016, we repurchased and held 497,900 common shares as treasury shares for $5.0 million. |
Significant Accounting Polici32
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies | |
Principles of consolidation | (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly ‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. |
Use of estimates | (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income, which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus has not presented this in the statement of operations or in a separate statement. |
Foreign currency translation | (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, the Company had no foreign currency derivative instruments. |
Cash and cash equivalents | (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Trade receivables, net and accrued revenues | (f) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero . |
Due from related parties | (g) Due from related parties: Due from related parties reflect receivables from Helios Pool, and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. |
Inventories | (h) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. |
Vessels, net | (i) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. |
Impairment of long-lived assets | (j) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. |
Vessel depreciation | (k) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. |
Drydocking and special survey costs | (l) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock each of our vessels every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every 2.5 years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. |
Financing costs | (m) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected in Deferred charges in the accompanying consolidated balance sheet. |
Restricted cash | (n) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements and a pledged cash deposit. 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. |
Revenues and expenses | (o) Revenues and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Net pool revenue: 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. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge—to discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. 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 the Company 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 accompanying consolidated balance sheet . Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. |
Repairs and maintenance | (p) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. |
Stock-based compensation | (q) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. |
Stock repurchases | (r) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. |
Segment reporting | (s) Segment reporting: Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Derivative instruments | (t) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. |
Fair value of financial instruments | (u) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. |
Recent accounting pronouncements | (v) Recent accounting pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption, early adoption is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2015, the FASB issued accounting guidance amending consolidation analysis which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. The pronouncement is effective prospectively for annual periods beginning after December 15, 2015, and interim periods within that reporting period. The amended guidance will have no impact on our financial statements. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015 and interim periods within that reporting period, with early adoption permitted. We will adopt this pronouncement on April 1, 2016 and the amount of debt issuance costs that would be classified on our balance sheet as a reduction of debt was $23.7 million as of March 31, 2016 and $13.3 million as of March 31, 2015 . In July 2015, the FASB issued accounting guidance requiring entities to measure most inventory at the lower of cost and net realizable value. The pronouncement is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, will require a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. Lessor accounting remains largely unchanged. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The pronouncement is effective prospectively for public business entities for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted for all entities. We are currently assessing the impact the amended guidance will have on our financial statements. In March 2016, the FASB issued accounting guidance to simplify the requirements of accounting for share-based payment transactions. The guidance simplifies the accounting for taxes related to stock-based compensation, including adjustments to how excess tax benefits and an entity’s payments for tax withholdings should be classified. Additionally, an entity may make an entity-wide policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period with early adoption permitted in any interim or annual period. We have early adopted this pronouncement for the year ended March 31, 2016 and have made the entity-wide policy election to account for forfeitures when they occur, which resulted in us recognizing an additional $0.1 million of stock-based compensation for the year ended March 31, 2016 . |
Basis of Presentation and Gen33
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | 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, 2016 are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 CJNP LPG Transport LLC VLGC Captain John NP 2007 CMNL LPG Transport LLC VLGC Captain Markos NL 2006 Comet LPG Transport LLC VLGC Comet 2014 Corsair LPG Transport LLC VLGC Corsair 2014 Corvette LPG Transport LLC VLGC Corvette 2015 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 Concorde LPG Transport LLC VLGC Concorde 2015 Dorian Houston LPG Transport LLC VLGC Cobra 2015 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 Constellation LPG Transport LLC VLGC Constellation 2015 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 Commander LPG Transport LLC VLGC Commander 2015 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 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) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (2) (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Owner of the Pressurized Gas Carrier (“PGC”) Grendon until it was sold in February 2016 |
Transactions with Related Par34
Transactions with Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
SeaDor | |
Transactions with Related Parties | |
Schedule of transaction value allocated to the assets purchased | Cash $ Purchase contract for one VLGC newbuilding contract (includes advance payment) Purchase option contracts $ |
Scorpio | |
Transactions with Related Parties | |
Schedule of transaction value allocated to the assets purchased | Cash $ Purchase contract for thirteen VLGC newbuilding contracts (includes advance payments) $ |
Acquisition of Business (Tables
Acquisition of Business (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Acquisition of Business | |
Schedule of fair value of the consideration paid and assets/liabilities acquired | Acquisition from Dorian Grendon Holdings acquisition Total Cash $ $ $ Equity instruments (4,667,135 common shares of the Company at NOK 75.00 per share) — Total consideration Fair value of identifiable assets and liabilities acquired: Cash — Vessels Inventories on board the vessels Newbuilding vessels contracted for construction — Other assets—Vessel purchase options — Long term bank debt — Interest rate swaps — Net assets acquired—fair value $ $ $ |
Summary of total net revenues and net income | For the year ended $ in 000’s March 31, 2014 Net revenues $ Net income $ |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Inventories | |
Schedule of inventories by type | March 31, 2016 March 31, 2015 Lubricants $ $ Victualing Bonded stores Communication cards Bunkers — Total $ $ |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2015 $ $ $ Vessels delivered — Impairment (1) Depreciation — Balance, March 31, 2015 Vessels delivered — Other additions — Disposals Depreciation — Balance, March 31, 2016 $ $ $ (1) We recognized no impairment losses for the year ended March 31, 2016 , and a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 . We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable. |
Vessels Under Construction (Tab
Vessels Under Construction (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Vessels Under Construction. | |
Schedule of vessels under construction | Balance, April 1, 2015 $ Installment payments to shipyards Other capitalized expenditures Capitalized interest Vessels delivered (transferred to Vessels) Balance, March 31, 2015 Installment payments to shipyards Other capitalized expenditures Capitalized interest Vessels delivered (transferred to Vessels) Balance, March 31, 2016 $ — |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Financing Drydocking Equity Total deferred costs costs offering costs charges, net Balance, April 1, 2014 $ $ $ $ Additions Amortization — Transferred to APIC — — Balance, March 31, 2015 — Additions — — Amortization — Balance, March 31, 2016 $ $ $ — $ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Accrued Expenses | |
Schedule of accrued expenses | March 31, 2016 March 31, 2015 Accrued employee-related costs $ $ Accrued professional services Accrued loan and swap interest Accrued voyage and vessel operating expenses Accrued board of directors' stock-based compensation and fees — Other Accrued financing costs — Total $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Long-Term Debt | |
Schedule of certain terms under each tranche of the 2015 Debt Facility | Interest Rate at Term Interest Rate Description (1) March 31, 2016 (2) Tranche 1 Commercial Financing years London InterBank Offered Rate (“LIBOR”) plus a margin (4) % Tranche 2 KEXIM Direct Financing years (3) LIBOR plus a margin of 2.45 % % Tranche 3 KEXIM Guaranteed years (3) LIBOR plus a margin of 1.40 % % Tranche 4 K-sure Insured years (3) LIBOR plus a margin of 1.50 % % (1) The interest rate of the 2015 Debt Facility on Tranche 1 is determined in accordance with the agreement as three or six month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three month LIBOR plus the applicable margin for the respective tranches. (2) The set LIBOR rate in effect as of March 31, 2016 was 0.63% . (3) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (4) The Commercial Financing tranche margin over LIBOR is 2.75% and is reduced to 2.50% if 50% or more but less than 75% of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement and to 2.25% if 75% or more of the vessels financed in the 2015 Debt Facility are employed under time charters as defined in the agreement. As of March 31, 2016 , the set margin was 2.75% . |
Schedule of loans outstanding | RBS secured bank debt March 31, 2016 March 31, 2015 Tranche A $ $ Tranche B Tranche C Total $ $ 2015 Debt Facility Commercial Financing $ $ KEXIM Direct Financing KEXIM Guaranteed K-sure Insured Total Total debt obligations $ $ Presented as follows: Current portion of long-term debt $ $ Long-term debt—net of current portion Total $ $ |
Schedule of minimum annual principal payments | Year ending March 31: 2017 $ 2018 2019 2020 2021 Thereafter Total $ |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Plans | |
Summary of the activity of restricted shares | Weighted-Average Grant-Date Restricted Share Awards Numbers of Shares Fair Value Unvested as of April 1, 2014 — $ — Granted Unvested as of March 31, 2015 Granted — — Unvested as of March 31, 2016 $ |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Revenues. | |
Schedule of revenues | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Net pool revenues—related party $ $ — $ — Voyage charter revenues Time charter revenues Other revenues Total $ $ $ |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Voyage Expenses. | |
Schedule of voyage expenses | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Bunkers $ $ $ Port charges and other related expenses Brokers’ commissions Security cost War risk insurances Other voyage expenses Total $ $ $ |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2016 | |
Vessel Operating Expenses. | |
Schedule of vessel operating expenses | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 March 31, 2014 Crew wages and related costs $ $ $ Spares and stores Insurance Lubricants Repairs and maintenance costs Miscellaneous expenses Total $ $ $ |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Interest and Finance Costs | |
Schedule of interest and finance costs | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Interest incurred $ $ $ Amortization of financing costs Other financing costs Capitalized interest Total $ $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies | |
Schedule of operating leases | March 31, 2016 Less than one year $ One to three years Three to five years Total $ |
Schedule of future minimum fixed time charter contracts | March 31, 2016 Less than one year $ One to three years Three to five years Total $ |
Financial Instruments and Fai48
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of principal terms of the interest rate swaps | Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2016 March 31, 2015 RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CNML (3) July 2013 (8) July 2020 % 2015 Debt Facility - Citibank (4) September 2015 March 2022 % — 2015 Debt Facility - ING (5) September 2015 March 2022 % — 2015 Debt Facility - CBA (6) October 2015 March 2022 % — 2015 Debt Facility - Citibank (7) October 2015 March 2022 % — (1) Reduces semi-annually by $1.3 million with a final settlement of $21.7 million due in November 2018. (2) Reduces semi-annually by $1.7 million with final settlement of $28.9 million due in March 2019. (3) Reduces semi-annually by $1.7 million with a final settlement of $27.5 million due in July 2020. (4) Non-amortizing with a final settlement of $200 million in March 2022. (5) Non-amortizing with a final settlement of $50 million in March 2022. (6) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (7) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (8) RBS swaps assumed from Predecessor Businesses in July 2013 |
Schedule of financial derivatives | March 31, 2016 March 31, 2015 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 $ — $ $ — $ |
Schedule of effect of derivative instruments on the consolidated statement of operations | July 1, 2013 Year ended Year ended (inception) Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2016 March 31, 2015 to March 31, 2014 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ $ $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Gain/(loss) on derivatives, net $ $ $ |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Year ended Year ended July 1, 2013 (inception) (In U.S. dollars except share data) March 31, 2016 March 31, 2015 March 31, 2014 Numerator: Net income $ $ $ Denominator: Basic weighted average number of common shares outstanding Effect of dilutive restricted stock — — Diluted weighted average number of common shares outstanding EPS: Basic $ $ $ Diluted $ $ $ |
Selected Quarterly Financial 50
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Selected Quarterly Financial Information (unaudited) | |
Schedule of quarterly results | Three months ended Three months ended Three months ended Three months ended June 30, 2015 September 30, 2015 December 31, 2015 March 31, 2016 Revenues $ $ $ $ Operating income Net income $ $ $ $ Earnings per common share, basic and diluted $ $ $ $ Three months ended Three months ended Three months ended Three months ended June 30, 2014 September 30, 2014 December 31, 2014 March 31, 2015 Revenues $ $ $ $ Operating income Net income $ $ $ $ Earnings per common share, basic and diluted $ $ $ $ |
Basis of Presentation and Gen51
Basis of Presentation and General Information (Details) | May. 22, 2014shares | May. 13, 2014shares | Apr. 25, 2014USD ($)shares | Apr. 24, 2014shares | Feb. 12, 2014NOK / sharesshares | Nov. 26, 2013NOK / sharesshares | Jul. 29, 2013USD ($)itemshares | Jul. 01, 2013shares | Mar. 31, 2014shares | Mar. 31, 2014shares | Mar. 31, 2016item | Apr. 25, 2014NOK / shares | Apr. 25, 2014$ / shares | Feb. 12, 2014$ / shares | Nov. 26, 2013$ / shares | Jul. 29, 2013NOK / shares | Jul. 29, 2013$ / shares |
Number of VLGCs with minimum 80,000 cbm | item | 22 | ||||||||||||||||
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | item | 19 | ||||||||||||||||
Number of VLGCs having 82,000 cbm | item | 3 | ||||||||||||||||
Mr. John Hadjipateras | |||||||||||||||||
Ownership interest (as a percent) | 25.00% | 25.00% | |||||||||||||||
SeaDor | |||||||||||||||||
Ownership interest (as a percent) | 25.00% | 25.00% | |||||||||||||||
Institutional investors and high net worth investors | |||||||||||||||||
Ownership interest (as a percent) | 50.00% | 50.00% | |||||||||||||||
Business combination | |||||||||||||||||
Cash consideration | $ 16,405,396 | ||||||||||||||||
Total non-stock consideration | 75,497,895 | ||||||||||||||||
Business combination | Dorian Holdings | |||||||||||||||||
Cash consideration | $ 9,732,911 | ||||||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | 100.00% | |||||||||||||||
Number of ship owning entities | item | 3 | ||||||||||||||||
Number of VLGC vessels owned by each subsidiary | item | 1 | ||||||||||||||||
Number of VLGCs with option rights to construct | item | 1.5 | ||||||||||||||||
Cash acquired from acquisition | $ 2,670,000 | ||||||||||||||||
Total non-stock consideration | 68,825,410 | ||||||||||||||||
Asset acquisition | SeaDor | |||||||||||||||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||||||||||||||
Cash consideration | $ 59,400,000 | ||||||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | 100.00% | |||||||||||||||
Number of VLGC vessels owned by each subsidiary | item | 1 | ||||||||||||||||
Number of VLGCs with option rights to construct | item | 1.5 | ||||||||||||||||
Cash acquired from acquisition | $ 49,854,870 | ||||||||||||||||
Common stock | |||||||||||||||||
Shares issued | shares | 245,521 | 7,105,263 | 1,412,698 | 5,649,200 | 24,071,506 | 18,644,324 | |||||||||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||||||||||||||
Shares cancelled | shares | 19 | 19 | |||||||||||||||
Common stock | Dorian Holdings | |||||||||||||||||
Shares issued | shares | 4,667,135 | ||||||||||||||||
Value of common stock (per share) | (per share) | 75 | 12.66 | |||||||||||||||
Shares cancelled | shares | 100 | ||||||||||||||||
Common stock | SeaDor | |||||||||||||||||
Shares issued | shares | 4,667,135 | ||||||||||||||||
Common stock | Business combination | Dorian Holdings | |||||||||||||||||
Number of shares of common stock issued | shares | 4,667,135 | ||||||||||||||||
Cash consideration | $ 9,700,000 | ||||||||||||||||
Common stock | Asset acquisition | SeaDor | |||||||||||||||||
Number of shares of common stock issued | shares | 4,667,135 | ||||||||||||||||
Common stock | Private placement | |||||||||||||||||
Shares issued | shares | 1,412,698 | 5,649,200 | 16,081,081 | 9,310,054 | |||||||||||||
Value of common stock (per share) | (per share) | NOK 110 | NOK 92.50 | NOK 110 | $ 18.40 | $ 17.92 | $ 15.16 | NOK 75 | $ 12.66 | |||||||||
Gross proceeds received | $ 26,000,000 | $ 117,900,000 | |||||||||||||||
Grendon Tanker LLC | Business combination | Dorian Holdings | |||||||||||||||||
Cash consideration | 6,672,000 | ||||||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | 100.00% | |||||||||||||||
Grendon Tanker LLC | Business combination | Affiliates of Dorian Holdings | |||||||||||||||||
Cash consideration | 6,672,485 | ||||||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | 100.00% | |||||||||||||||
Total non-stock consideration | $ 6,672,485 |
Basis of Presentation and Gen52
Basis of Presentation and General Information (Capacity) (Details) | Mar. 31, 2016m³ |
CNML | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CJNP | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CMNL | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (Cougar) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (Cobra) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (Continental) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (Constitution) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (Commodore) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (Cresques) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (Cheyenne) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (Clermont) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (Cratis) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (Chaparral) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (Copernicus) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (Challenger) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (Caravel) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Minimum | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 80,000 |
Basis of Presentation and Gen53
Basis of Presentation and General Information (ConRisk) (Detail) - Revenue - Customer concentration - item | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Charterers individually accounting for more than 10% of revenues | |||
Number Of charterers | 3 | 5 | |
Helios LPG Pool LLC | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 70.00% | ||
Customer One | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 51.00% | 27.00% | |
Customer Two | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 13.00% | 12.00% | 19.00% |
Customer Three | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 10.00% | 14.00% | |
Customer Four | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 12.00% | ||
Customer Five | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 11.00% |
Significant Accounting Polici54
Significant Accounting Policies (Details) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014USD ($)item | Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($)item | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Foreign currency translation | |||
Number of foreign currency derivative instruments held | item | 0 | 0 | 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici55
Significant Accounting Policies (PPE) (Details) | 12 Months Ended |
Mar. 31, 2016item | |
Segment reporting: | |
Number of reportable segment | 1 |
Vessels | |
Vessels, Net | |
Useful life of vessels | 25 years |
Initial drydocking period | 5 years |
Drydocking period after 15 years | 2 years 6 months |
Number of years for initial drydocking requirement | 15 years |
Significant Accounting Polici56
Significant Accounting Policies (FV) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 |
Accounting hedges | |||
Derivative Instruments: | |||
Fair value of derivative | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici57
Significant Accounting Policies (AcctPro) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Long-term debt | $ 836,368,372 | $ 200,343,427 |
Presentation of debt issuance costs | Pro Forma Adjustment | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Long-term debt | $ (23,700,000) | $ (13,300,000) |
Transactions with Related Par58
Transactions with Related Parties (Details) | Apr. 01, 2015item | Nov. 26, 2013USD ($)itemshares | Jul. 29, 2013USD ($)itemshares | Jul. 26, 2013USD ($)item | Mar. 31, 2016USD ($)item | Mar. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | May. 01, 2015USD ($) | Nov. 26, 2013NOK / shares | Nov. 26, 2013USD ($)$ / shares | Jul. 29, 2013NOK / shares | Jul. 29, 2013USD ($)$ / shares |
Transaction value allocated to assets purchased | |||||||||||||
Fees for chartering and operational services | $ 1,945,396 | $ 93,929 | |||||||||||
Due from related parties | $ 54,504,359 | 54,504,359 | 386,743 | ||||||||||
Common stock | |||||||||||||
Transactions with Related Parties | |||||||||||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||||||||||
Eagle Ocean Transport | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Reimbursed related travel costs and office-related costs | 800,000 | 700,000 | |||||||||||
SeaDor | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Ownership interest (as a percent) | 25.00% | ||||||||||||
SeaDor | Asset acquisition | |||||||||||||
Transactions with Related Parties | |||||||||||||
Capital charge (as a percent) | 6.00% | ||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||||||||||
Number of VLGC vessels owned by each subsidiary | item | 1 | ||||||||||||
Number of VLGCs with option rights to construct | item | 1.5 | ||||||||||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Cash consideration | $ 59,400,000 | ||||||||||||
Cash acquired from acquisition | $ 49,854,870 | ||||||||||||
Purchase contract for VLGC newbuilding contracts (includes advance payment) | $ 7,009,675 | ||||||||||||
Purchase option contracts | 2,529,126 | ||||||||||||
Total consideration | $ 59,393,671 | ||||||||||||
SeaDor | Asset acquisition | Common stock | |||||||||||||
Transactions with Related Parties | |||||||||||||
Number of shares of common stock issued | shares | 4,667,135 | ||||||||||||
Scorpio | Asset acquisition | |||||||||||||
Transactions with Related Parties | |||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | 100.00% | |||||||||||
Number of VLGC vessels owned by each subsidiary | item | 1 | ||||||||||||
Value of common stock (per share) | (per share) | NOK 92.50 | $ 15.16 | |||||||||||
Number of entities acquired | item | 13 | ||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Cash consideration | $ 121,300,000 | ||||||||||||
Cash acquired from acquisition | $ 1,930,000 | ||||||||||||
Purchase contract for VLGC newbuilding contracts (includes advance payment) | $ 119,386,040 | ||||||||||||
Total consideration | $ 121,316,040 | ||||||||||||
Scorpio | Asset acquisition | Common stock | |||||||||||||
Transactions with Related Parties | |||||||||||||
Number of shares of common stock issued | shares | 7,990,425 | ||||||||||||
Manager | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Monthly management fee per vessel | $ 93,750 | ||||||||||||
Advance payments period | 1 month | ||||||||||||
Management fees for vessels | $ 3,100,000 | 0 | 1,100,000 | ||||||||||
Fees for chartering and operational services | 500,000 | 100,000 | |||||||||||
Due from related parties | 900,000 | 900,000 | |||||||||||
Due to related party | 500,000 | 500,000 | |||||||||||
Monthly pre-delivery fee per vessel | $ 15,000 | ||||||||||||
Pre-delivery fees paid | 1,200,000 | 900,000 | |||||||||||
Pre-delivery fees expensed | 100,000 | ||||||||||||
Mr. John Hadjipateras | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Ownership interest (as a percent) | 25.00% | ||||||||||||
Mr. John Hadjipateras | Eagle Ocean Transport | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Ownership interest (as a percent) | 100.00% | ||||||||||||
Percentage of shipbroker fee rebated to it as compensation for its services that can be retained | 100.00% | ||||||||||||
Number of new building contracts for VLGCs | item | 3 | ||||||||||||
Number of new building contracts for associated option agreements | item | 3 | ||||||||||||
Reimbursed equity issuances and debt restructuring costs | 300,000 | ||||||||||||
Mr. John Hadjipateras | Eagle Ocean Transport Inc and SeaCor | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Shipbroker rebates paid to related party | 500,000 | 800,000 | |||||||||||
Vice President of Chartering, Insurance and Legal, Nigel Grey-Turner | HSSL | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Ownership interest (as a percent) | 100.00% | ||||||||||||
Helios LPG Pool LLC | |||||||||||||
Transactions with Related Parties | |||||||||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | ||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Fees for chartering and operational services | 1,400,000 | ||||||||||||
Due from related parties | 71,000,000 | 71,000,000 | |||||||||||
Number of members | item | 2 | ||||||||||||
Working capital contributed | $ 17,600,000 | 17,600,000 | |||||||||||
Reimbursed high risk related costs | 1,200,000 | ||||||||||||
Helios LPG Pool LLC | Oriental Energy | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Number of vessels | item | 8 | ||||||||||||
Former board of directors member | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Consulting agreement amount | $ 250,000 | ||||||||||||
Related party expense | 200,000 | 200,000 | |||||||||||
Relative of executive officer | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Related party expense | $ 100,000 | ||||||||||||
Orient River Trading | |||||||||||||
Transaction value allocated to assets purchased | |||||||||||||
Ownership interest (as a percent) | 100.00% | 100.00% | |||||||||||
Related party expense | $ 0 | $ 100,000 | $ 100,000 |
Acquisition of Business (Detail
Acquisition of Business (Details) | Jul. 29, 2013USD ($)itemshares | Mar. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Jul. 29, 2013NOK / shares | Jul. 29, 2013USD ($)$ / shares |
Common stock | |||||
Fair value of identifiable assets and liabilities acquired: | |||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||
Dorian Holdings | Common stock | |||||
Fair value of identifiable assets and liabilities acquired: | |||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||
Business combination | |||||
Fair value of total consideration | |||||
Cash | $ 16,405,396 | ||||
Equity instruments | 59,092,499 | ||||
Total consideration | $ 75,497,895 | ||||
Fair value of identifiable assets and liabilities acquired: | |||||
Cash | $ 2,672,500 | ||||
Vessels | 201,082,529 | ||||
Inventories on board the vessels | 1,455,107 | ||||
Newbuilding vessels contracted for construction | 17,593,130 | ||||
Other assets - Vessel purchase options | 4,605,000 | ||||
Long term bank debt | (135,224,500) | ||||
Interest rate swaps | (16,685,871) | ||||
Net assets acquired - fair value | $ 75,497,895 | ||||
Business combination | Predecessor | |||||
Pro forma Information | |||||
Revenue relating to the Predecessor operations since acquisition date | $ 29,633,700 | ||||
Net income relating to the Predecessor operations since acquisition date | $ 3,152,335 | ||||
Net revenues | $ 45,017,000 | ||||
Net income | $ 6,613,000 | ||||
Business combination | Dorian Holdings | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Number of VLGCs with option rights to construct | item | 1.5 | ||||
Amount paid for LPG coolant | $ 2,300,000 | ||||
Amount paid to reimburse for an advance for vessels under construction | 7,400,000 | ||||
Fair value of total consideration | |||||
Cash | 9,732,911 | ||||
Equity instruments | 59,092,499 | ||||
Total consideration | $ 68,825,410 | ||||
Fair value of identifiable assets and liabilities acquired: | |||||
Cash | $ 2,672,500 | ||||
Vessels | 194,457,529 | ||||
Inventories on board the vessels | 1,407,622 | ||||
Newbuilding vessels contracted for construction | 17,593,130 | ||||
Other assets - Vessel purchase options | 4,605,000 | ||||
Long term bank debt | (135,224,500) | ||||
Interest rate swaps | (16,685,871) | ||||
Net assets acquired - fair value | $ 68,825,410 | ||||
Business combination | Dorian Holdings | CNML | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | CNML | Predecessor | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | CJNP | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | CJNP | Predecessor | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | CMNL | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | CMNL | Predecessor | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Business combination | Dorian Holdings | Other subsidiaries | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Number of entities which are party to contract for construction of VLGC | item | 2 | ||||
Number of VLGC vessels acquired | item | 1 | ||||
Number of VLGCs with option rights to construct | item | 1.5 | ||||
Business combination | Dorian Holdings | Grendon Tanker LLC | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Fair value of total consideration | |||||
Cash | $ 6,672,000 | ||||
Business combination | Dorian Holdings | Common stock | |||||
Fair value of total consideration | |||||
Cash | $ 9,700,000 | ||||
Number of shares acquired in exchange of common stock | shares | 4,667,135 | ||||
Business combination | Affiliates of Dorian Holdings | Grendon Tanker LLC | |||||
Acquisition of business | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% | ||||
Fair value of total consideration | |||||
Cash | $ 6,672,485 | ||||
Total consideration | $ 6,672,485 | ||||
Fair value of identifiable assets and liabilities acquired: | |||||
Vessels | $ 6,625,000 | ||||
Inventories on board the vessels | 47,485 | ||||
Net assets acquired - fair value | $ 6,672,485 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Inventories | ||
Inventories | $ 2,288,073 | $ 3,375,759 |
Lubricants | ||
Inventories | ||
Inventories | 1,612,354 | 737,502 |
Victualing | ||
Inventories | ||
Inventories | 494,098 | 132,017 |
Bonded stores | ||
Inventories | ||
Inventories | 103,446 | 35,399 |
Communication cards | ||
Inventories | ||
Inventories | $ 78,175 | 24,417 |
Bunkers | ||
Inventories | ||
Inventories | $ 2,446,424 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Cost | |||
Impairment | $ (1,431,818) | ||
Accumulated depreciation | |||
Vessels, net | $ 1,667,224,476 | 419,976,053 | |
Vessels | |||
Cost | |||
Balance at the beginning of the period | 439,180,669 | 201,390,135 | |
Additions | 1,292,872,267 | 240,415,534 | |
Disposals | (4,268,279) | ||
Other additions | 195,272 | ||
Impairment | (2,625,000) | ||
Impairment | 0 | (1,431,818) | |
Balance at the end of the period | 1,727,979,929 | 439,180,669 | |
Accumulated depreciation | |||
Balance at the beginning of the period | (19,204,616) | (6,555,269) | |
Disposals accumulated depreciation | 429,214 | ||
Impairment | 1,193,182 | ||
Disposals net book value | (3,839,065) | ||
Depreciation | (41,980,051) | (13,842,529) | |
Balance at the end of the period | (60,755,453) | (19,204,616) | |
Vessels, net | 1,667,224,476 | 419,976,053 | $ 194,834,866 |
Mortgaged VLGC vessels, carrying value | $ 1,667,200,000 | $ 416,000,000 |
Vessels Under Construction (Det
Vessels Under Construction (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Vessels under construction | |||
Balance | $ 398,175,504 | ||
Capitalized interest | $ 972,010 | 4,809,014 | $ 3,501,620 |
Balance | 398,175,504 | ||
Vessels under commitment | |||
Vessels under construction | |||
Balance | 398,175,504 | 323,206,206 | |
Installment payments to shipyards | 867,187,966 | 300,866,261 | |
Other capitalized expenditures | 22,699,783 | 11,016,951 | |
Capitalized interest | 4,809,014 | 3,501,620 | |
Vessels delivered (transferred to Vessels) | (1,292,872,267) | (240,415,534) | |
Balance | $ 323,206,206 | 398,175,504 | |
Amount paid for LPG coolant | 5,000,000 | 1,400,000 | |
Vessels under commitment | Third party vendors | |||
Vessels under construction | |||
Other capitalized expenditures | 17,300,000 | 8,600,000 | |
Vessels under commitment | Employee related costs | |||
Vessels under construction | |||
Other capitalized expenditures | $ 400,000 | 100,000 | |
Vessels under commitment | Manager | |||
Vessels under construction | |||
Other capitalized expenditures | $ 900,000 |
Other Fixed Assets, Net (Detail
Other Fixed Assets, Net (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Other Fixed Assets, Net | ||
Other fixed assets | $ 591,288 | $ 464,889 |
Accumulated depreciation for other fixed assets | $ 279,651 | $ 46,402 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Movement in deferred charges, net | ||
Balance at the beginning of the period | $ 13,965,921 | $ 2,555,674 |
Additions | 12,951,085 | 14,495,378 |
Amortization | (2,873,955) | (1,020,108) |
Transferred to APIC | (2,065,023) | |
Balance at the end of the period | 24,043,051 | 13,965,921 |
Financing costs | ||
Movement in deferred charges, net | ||
Balance at the beginning of the period | 13,296,216 | 716,040 |
Additions | 12,951,085 | 13,411,075 |
Amortization | (2,499,185) | (830,899) |
Balance at the end of the period | 23,748,116 | 13,296,216 |
Drydocking costs | ||
Movement in deferred charges, net | ||
Balance at the beginning of the period | 669,705 | 535,291 |
Additions | 323,623 | |
Amortization | (374,770) | (189,209) |
Balance at the end of the period | $ 294,935 | 669,705 |
IPO offering costs | ||
Movement in deferred charges, net | ||
Balance at the beginning of the period | 1,304,343 | |
Additions | 760,680 | |
Transferred to APIC | $ (2,065,023) |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Accrued Expenses | ||
Accrued employee-related costs | $ 4,231,542 | $ 546,095 |
Accrued professional services | 1,676,880 | 1,282,639 |
Accrued loan and swap interest | 1,664,002 | 1,619,897 |
Accrued voyage and vessel operating expenses | 1,644,557 | 1,406,023 |
Accrued board of directors' stock-based compensation and fees | 492,652 | |
Other | 11,844 | 88,048 |
Accrued financing costs | 705,000 | |
Total | $ 9,721,477 | $ 5,647,702 |
Long-Term Debt (Details)
Long-Term Debt (Details) | Jan. 21, 2014USD ($)item | Nov. 17, 2013USD ($)item | Sep. 24, 2013USD ($)item | Mar. 31, 2015USD ($)item | Mar. 31, 2014USD ($) | Mar. 31, 2016USD ($)item | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($)item |
Long-Term Debt | ||||||||
Financing costs paid | $ 1,516,847 | $ 13,990,720 | $ 11,220,812 | |||||
Drawdowns | 676,819,873 | 80,086,143 | ||||||
Presented as follows: | ||||||||
Current portion of long-term debt | $ 15,677,553 | 66,265,643 | 15,677,553 | |||||
Long-term debt-net of current portion | 184,665,874 | 770,102,729 | 184,665,874 | |||||
Total | 200,343,427 | $ 836,368,372 | 200,343,427 | |||||
2015 Debt Facility | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 758,000,000 | 758,000,000 | ||||||
Number of tranches in which loan facility is divided | item | 4 | 4 | ||||||
Number of VLGC newbuildings secured by loan | item | 18 | 18 | ||||||
Loan-to-contract cost ratio before fees (as a percent) | 55.00% | |||||||
Commitment fee (as a percent) | 40.00% | |||||||
Financing costs paid | $ 13,000,000 | 13,400,000 | ||||||
Drawdowns | 676,800,000 | |||||||
Guarantee and insurance fees | 9,600,000 | |||||||
Presented as follows: | ||||||||
Total | $ 81,236,927 | $ 726,873,872 | 81,236,927 | |||||
2015 Debt Facility | LIBOR | ||||||||
Long-Term Debt | ||||||||
Interest Rate | 0.63% | |||||||
Commercial Financing | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 249,000,000 | 249,000,000 | ||||||
Term | 7 years | |||||||
Interest Rate | 3.38% | |||||||
Presented as follows: | ||||||||
Total | $ 26,695,381 | $ 241,442,384 | $ 26,695,381 | |||||
Commercial Financing | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.75% | |||||||
Commercial Financing | 50% or more but less than 75% vessels financed are employed under time charters | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.50% | |||||||
Commercial Financing | 75% or more vessels financed are employed under time charters | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.25% | |||||||
Commercial Financing | Minimum | 50% or more but less than 75% vessels financed are employed under time charters | ||||||||
Long-Term Debt | ||||||||
Percent of vessels financed that are employed under time charters | 50.00% | 50.00% | ||||||
Commercial Financing | Minimum | 75% or more vessels financed are employed under time charters | ||||||||
Long-Term Debt | ||||||||
Percent of vessels financed that are employed under time charters | 75.00% | 75.00% | ||||||
Commercial Financing | Maximum | 50% or more but less than 75% vessels financed are employed under time charters | ||||||||
Long-Term Debt | ||||||||
Percent of vessels financed that are employed under time charters | 75.00% | 75.00% | ||||||
KEXIM Direct Financing | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 204,000,000 | $ 204,000,000 | ||||||
Term | 12 years | |||||||
Interest Rate | 3.08% | |||||||
Presented as follows: | ||||||||
Total | $ 21,890,212 | $ 194,827,596 | 21,890,212 | |||||
KEXIM Direct Financing | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.45% | |||||||
KEXIM Guaranteed and K-sure Insured | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 305,000,000 | 305,000,000 | ||||||
KEXIM Guaranteed | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 202,000,000 | 202,000,000 | ||||||
Term | 12 years | |||||||
Interest Rate | 2.03% | |||||||
Presented as follows: | ||||||||
Total | $ 21,655,293 | $ 192,736,763 | 21,655,293 | |||||
KEXIM Guaranteed | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 1.40% | |||||||
K-sure Insured | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 103,000,000 | 103,000,000 | ||||||
Term | 12 years | |||||||
Interest Rate | 2.13% | |||||||
Presented as follows: | ||||||||
Total | $ 10,996,041 | $ 97,867,129 | 10,996,041 | |||||
K-sure Insured | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 1.50% | |||||||
Royal Bank of Scotland plc (RBS) | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 135,224,500 | $ 135,224,500 | ||||||
Number of tranches in which loan facility is divided | item | 3 | |||||||
Period after non-compliance prepayment required to be made | 1 month | |||||||
Minimum market adjusted security cover ratio as percentage of aggregate outstanding loan balance in the event of lender release | 175.00% | |||||||
Margin in the event of lender release (as a percent) | 2.75% | |||||||
Presented as follows: | ||||||||
Total | $ 119,106,500 | $ 109,494,500 | 119,106,500 | |||||
Royal Bank of Scotland plc (RBS) | Prior to September 26, 2014 | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 1.50% | |||||||
Royal Bank of Scotland plc (RBS) | After September 26, 2015 | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.50% | |||||||
Royal Bank of Scotland plc (RBS) | From September 26, 2014 through September 25, 2015 | LIBOR | ||||||||
Long-Term Debt | ||||||||
Margin added to LIBOR for interest rate on loan facility | 2.00% | |||||||
Tranche A | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 47,600,000 | |||||||
Number of semi annual installments | item | 12 | |||||||
Semi-annual installment | $ 1,700,000 | |||||||
Balloon payment | $ 27,200,000 | |||||||
Presented as follows: | ||||||||
Total | 40,800,000 | $ 37,400,000 | 40,800,000 | |||||
Tranche B | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 34,500,000 | |||||||
Number of semi annual installments | item | 11 | |||||||
Semi-annual installment | $ 1,278,500 | |||||||
Balloon payment | $ 20,456,000 | |||||||
Presented as follows: | ||||||||
Total | 30,684,000 | 28,127,000 | 30,684,000 | |||||
Tranche C | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 53,100,000 | |||||||
Number of semi annual installments | item | 14 | |||||||
Semi-annual installment | $ 1,827,500 | |||||||
Balloon payment | $ 27,520,000 | |||||||
Presented as follows: | ||||||||
Total | $ 47,622,500 | $ 43,967,500 | $ 47,622,500 |
Long-Term Debt (Covenants) (Det
Long-Term Debt (Covenants) (Details) | 12 Months Ended |
Mar. 31, 2016USD ($) | |
2015 Debt Facility | |
Long-Term Debt | |
Current assets divided by current liabilities ratio | 100.00% |
Minimum stockholder's equity balance | $ 400,000,000 |
Percent of any new equity raised after closing date | 50.00% |
Percent of positive net income for the immediately preceding financial year | 25.00% |
Minimum interest coverage ratio for following 12 month period | 100.00% |
Minimum interest coverage ratio for following subsequent year | 150.00% |
Minimum interest coverage ratio for following third year | 200.00% |
Minimum interest coverage ratio for thereafter | 250.00% |
Maximum consolidated net debt to consolidated total capitalization ratio | 60.00% |
Minimum cash balance | $ 25,000,000 |
Minimum cash balance for every vessel delivered | $ 1,100,000 |
Percent of consolidated interest bearing debt outstanding | 5.00% |
Minimum percent of any additional security then held by the security agent to outstanding loan balance | 135.00% |
Royal Bank of Scotland plc (RBS) | |
Long-Term Debt | |
Debt service coverage ratio | 100.00% |
Minimum Shareholders' funds as adjusted for any reduction in the vessel fair market value | $ 85,000,000 |
Minimum cash balance at the end of each quarter | 10,000,000 |
Minimum cash per mortgaged vessel | $ 1,500,000 |
Ratio of total debt to shareholders funds | 150.00% |
Percent of swap exposure added to market value of vessels securing the loan | 100.00% |
Minimum aggregate market value of vessels securing loan and related swap exposure | 125.00% |
Amount of dividend shall be paid if an event of default has occurred or is continuing | $ 0 |
Minimum ownership level (as a percent) | 15 |
Long-Term Debt (FutMin) (Detail
Long-Term Debt (FutMin) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Minimum annual principal payments | ||
2,017 | $ 66,265,643 | |
2,018 | 65,978,785 | |
2,019 | 113,634,786 | |
2,020 | 60,021,785 | |
2,021 | 85,714,286 | |
Thereafter | 444,753,087 | |
Total | $ 836,368,372 | $ 200,343,427 |
Common Stock (Details)
Common Stock (Details) $ / shares in Units, $ in Millions | Jun. 25, 2014shares | May. 22, 2014USD ($)$ / sharesshares | May. 13, 2014USD ($)$ / sharesshares | Apr. 25, 2014USD ($)shares | Apr. 24, 2014shares | Feb. 12, 2014NOK / sharesshares | Nov. 26, 2013NOK / sharesshares | Jul. 29, 2013USD ($)shares | Jul. 01, 2013$ / sharesshares | Mar. 31, 2014shares | Mar. 31, 2014shares | Mar. 31, 2016item$ / sharesshares | Mar. 31, 2015$ / sharesshares | Apr. 25, 2014NOK / sharesshares | Apr. 25, 2014$ / sharesshares | Feb. 12, 2014$ / shares | Nov. 26, 2013$ / shares | Jul. 29, 2013NOK / shares | Jul. 29, 2013$ / shares |
Common stock | |||||||||||||||||||
Authorized capital stock (in shares) | 500,000,000 | ||||||||||||||||||
Par value of capital stock (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | ||||||||||||||||
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||||||||||||||||
Number of votes entitled to shareholders | item | 1 | ||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||||||||||
Common stock, shares outstanding | 56,125,028 | 58,057,493 | |||||||||||||||||
Common stock | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 245,521 | 7,105,263 | 1,412,698 | 5,649,200 | 24,071,506 | 18,644,324 | |||||||||||||
Value of common stock (per share) | (per share) | NOK 75 | $ 12.66 | |||||||||||||||||
Reverse stock split ratio | 0.2 | ||||||||||||||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||
Common stock, shares outstanding | 241,825,149 | 241,825,149 | 48,365,011 | 48,365,011 | |||||||||||||||
Shares cancelled | 19 | 19 | |||||||||||||||||
Number of fractional shares issued in connection with the reverse stock split | 0 | ||||||||||||||||||
Common stock | Dorian Holdings | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 4,667,135 | ||||||||||||||||||
Value of common stock (per share) | (per share) | 75 | 12.66 | |||||||||||||||||
Shares cancelled | 100 | ||||||||||||||||||
Common stock | SeaDor | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 4,667,135 | ||||||||||||||||||
Common stock | Scorpio | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 7,990,425 | ||||||||||||||||||
Common stock | Private placement | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 1,412,698 | 5,649,200 | 16,081,081 | 9,310,054 | |||||||||||||||
Value of common stock (per share) | (per share) | NOK 110 | NOK 92.50 | NOK 110 | $ 18.40 | $ 17.92 | $ 15.16 | NOK 75 | $ 12.66 | |||||||||||
Gross proceeds received from private placement | $ | $ 26 | $ 117.9 | |||||||||||||||||
Common stock | IPO | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 7,105,263 | ||||||||||||||||||
Value of common stock (per share) | $ / shares | $ 19 | ||||||||||||||||||
Gross proceeds received from issuance under initial public offering | $ | $ 135 | ||||||||||||||||||
Common stock | Over-Allotment | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 245,521 | ||||||||||||||||||
Value of common stock (per share) | $ / shares | $ 19 | ||||||||||||||||||
Gross proceeds received from issuance under initial public offering | $ | $ 4.7 | ||||||||||||||||||
Common stock | Prior equity private placement | |||||||||||||||||||
Common stock | |||||||||||||||||||
Shares issued | 15,528,507 |
Common Stock (SBC) (Details)
Common Stock (SBC) (Details) - USD ($) | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Aug. 31, 2015 |
Stock repurchases | |||||
Authorized amount | $ 100,000,000 | ||||
Treasury stock shares acquired (in shares) | 1,932,465 | ||||
Treasury stock value acquired | $ 20,943,816 | ||||
Remaining available authorization | $ 79,100,000 | ||||
Restricted stock awards | |||||
Common stock | |||||
Shares granted to officers under the equity incentive plan | 655,000 | 274,000 | 929,000 |
Stock-Based Compensation Plan71
Stock-Based Compensation Plans (Details) - USD ($) | Jun. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 30, 2014 |
Stock-Based Compensation Plans | ||||||
Number of common shares reserved for issuance under the Equity Incentive Plan | 2,850,000 | |||||
Accrued board of directors' stock-based compensation | $ 492,652 | |||||
Restricted stock awards | ||||||
Stock-Based Compensation Plans | ||||||
Straight-line amortization period | 5 years | |||||
Stock-based compensation expense | $ 0 | |||||
Accrued board of directors' stock-based compensation | 500,000 | |||||
Unrecognized compensation cost | $ 12,200,000 | |||||
Weighted average life over which unrecognized compensation is expected to be recognized | 3 years 5 months 12 days | |||||
Number of Shares | ||||||
Unvested at the beginning of the period (in shares) | 929,000 | |||||
Granted (in shares) | 655,000 | 274,000 | 929,000 | |||
Unvested at the end of the period (in shares) | 929,000 | 929,000 | 929,000 | |||
Weighted-Average Grant-Date Fair Value | ||||||
Unvested at the beginning of the period (in dollars per share) | $ 19.70 | |||||
Granted (in dollars per share) | $ 19.70 | |||||
Unvested at the end of the period (in dollars per share) | $ 19.70 | $ 19.70 | $ 19.70 | |||
Restricted stock awards | General and administrative expenses | ||||||
Stock-Based Compensation Plans | ||||||
Stock-based compensation expense | $ 4,100,000 | $ 2,300,000 | ||||
Restricted stock awards | Vesting period of three years after grant date | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 3 years | |||||
Restricted stock awards | Vesting period of four years after grant date | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 4 years | |||||
Restricted stock awards | Vesting period of five years after grant date | ||||||
Stock-Based Compensation Plans | ||||||
Vesting (as a percent) | 33.00% | |||||
Vesting period | 5 years |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues. | |||||||||||
Net pool revenues—related party | $ 202,918,232 | ||||||||||
Voyage charter revenues | $ 11,210,785 | 46,194,134 | $ 77,331,934 | ||||||||
Time charter revenues | 17,602,137 | 38,737,172 | 26,098,290 | ||||||||
Other revenues | 820,778 | 1,358,291 | 698,925 | ||||||||
Total revenues | $ 85,335,229 | $ 93,283,708 | $ 74,946,432 | $ 35,642,460 | $ 35,333,108 | $ 32,583,990 | $ 20,358,211 | $ 15,853,840 | 29,633,700 | 289,207,829 | 104,129,149 |
Profit-sharing sharing revenue | $ 6,100,000 | $ 0 | $ 7,800,000 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Voyage Expenses. | |||
Bunkers | $ 5,271,126 | $ 7,240,544 | $ 15,678,905 |
Port charges and other related expenses | 552,634 | 2,558,697 | 3,603,707 |
Brokers' commissions | 386,244 | 1,335,584 | 1,703,589 |
Security cost | 298,820 | 370,762 | 709,035 |
War risk insurances | 37,001 | 219,261 | 146,320 |
Other voyage expenses | 125,146 | 339,834 | 240,300 |
Total voyage expenses | $ 6,670,971 | $ 12,064,682 | $ 22,081,856 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Vessel Operating Expenses. | |||
Crew wages and related costs | $ 5,306,441 | $ 31,449,090 | $ 14,529,018 |
Spares and stores | 1,395,287 | 6,403,785 | 2,666,100 |
Insurance | 566,021 | 3,527,386 | 1,343,071 |
Lubricants | 480,279 | 2,489,494 | 964,951 |
Repairs and maintenance costs | 502,424 | 2,076,576 | 1,315,028 |
Miscellaneous expenses | 144,507 | 1,173,659 | 437,997 |
Total | $ 8,394,959 | $ 47,119,990 | $ 21,256,165 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Finance Costs | |||
Interest incurred | $ 1,666,159 | $ 14,350,900 | $ 2,657,943 |
Amortization of financing costs | 800,806 | 2,499,185 | 830,899 |
Other finance costs | 84,251 | 715,942 | 301,868 |
Capitalized interest | (972,010) | (4,809,014) | (3,501,620) |
Total | $ 1,579,206 | $ 12,757,013 | $ 289,090 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Mar. 31, 2016 | |
Income Taxes | ||
Tax rate (as a percent) | 4.00% | |
U.S. | ||
Income Taxes | ||
Tax rate on US source shipping income (as a percent) | 4.00% | |
Shipping income (as a percent) | 50.00% | |
Tax on US source shipping income | $ 39,266 |
Commitments and Contingencies77
Commitments and Contingencies (Details) | Mar. 31, 2016USD ($) |
Commitments under Operating Leases | |
Less than one year | $ 382,194 |
One to three years | 462,543 |
Three to five years | 31,463 |
Total | 876,200 |
Fixed time charter | |
Fixed Time Charter Commitments | |
Less than one year | 53,053,113 |
One to three years | 85,001,227 |
Three to five years | 27,531,365 |
Total | $ 165,585,705 |
Financial Instruments and Fai78
Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($) | Mar. 31, 2016 | Mar. 31, 2015 |
Interest rate swaps | ||
Derivative Instruments | ||
Nominal value | $ 564,902,000 | $ 117,924,000 |
5.395% interest rate swap due on Nov 2018 | RBS | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 5.395% | |
Nominal value | $ 20,456,000 | 20,456,000 |
4.936% interest rate swap due on Nov 2018 | RBS | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 4.936% | |
Nominal value | $ 7,671,000 | 10,228,000 |
4.772% interest rate swap due on March 2019 | RBS | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 4.772% | |
Nominal value | $ 27,979,875 | 30,523,500 |
2.960% interest rate swap due on March 2019 | RBS | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 2.96% | |
Nominal value | $ 9,420,125 | 10,276,500 |
4.350% interest rate swap due on July 2020 | RBS | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 4.35% | |
Nominal value | $ 43,000,000 | $ 46,440,000 |
Semi-annual reduction of notional amount | 1,700,000 | |
Final settlement amount | $ 27,500,000 | |
1.930% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.933% | |
Nominal value | $ 200,000,000 | |
Final settlement amount | $ 200,000,000 | |
2.000% interest rate swap due on March 2022 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 2.00% | |
Nominal value | $ 50,000,000 | |
Final settlement amount | $ 50,000,000 | |
1.430% interest rate swap due on March 2022 | CBA | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.43% | |
Nominal value | $ 82,550,000 | |
Quarterly reduction of notional amount | 2,800,000 | |
Final settlement amount | $ 17,900,000 | |
1.380% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.38% | |
Nominal value | $ 123,825,000 | |
Quarterly reduction of notional amount | 4,200,000 | |
Final settlement amount | 26,900,000 | |
CNML | Interest rate swaps | RBS | ||
Derivative Instruments | ||
Semi-annual reduction of notional amount | 1,300,000 | |
Final settlement amount | 21,700,000 | |
CJNP | Interest rate swaps | RBS | ||
Derivative Instruments | ||
Semi-annual reduction of notional amount | 1,700,000 | |
Final settlement amount | $ 28,900,000 |
Financial Instruments and Fai79
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments | |||
Change in fair value | $ 2,623,456 | $ (8,917,503) | $ 1,331,954 |
Gain/(loss) on derivatives, net | (1,104,001) | (15,775,629) | (3,959,203) |
Impairment | 1,431,818 | ||
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | (1,104,001) | (15,775,629) | (3,959,203) |
Interest rate swaps | Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Change in fair value | 2,623,456 | (8,917,503) | 1,331,954 |
Realized loss | $ (3,727,457) | (6,858,126) | (5,291,157) |
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||
Derivative Instruments | |||
Liability derivatives | $ 21,647,965 | $ 12,730,462 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Contribution Plans and Defined Benefit Plan | |||
Compensation expense associated with safe harbor contributions | $ 0 | $ 0.1 | $ 0.1 |
Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | 0 | 0.2 | 0.3 |
United Kingdom | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0 | $ 0.1 | $ 0.1 |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) | Dec. 21, 2015$ / sharesshares |
Shareholder Rights Plan | |
Dividend issued for each share of common stock (in shares) | 1 |
Exercise price of rights (in dollars per share) | $ / shares | $ 60 |
Shares entitled to purchase with rights (in shares) | 1 |
Minimum | |
Shareholder Rights Plan | |
Ownership to trigger rights exercisable (as a percent) | 15.00% |
Maximum | |
Shareholder Rights Plan | |
Ownership to trigger rights exercisable (as a percent) | 50.00% |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||||||||||||
Net income | $ 20,160,912 | $ 54,661,323 | $ 41,213,264 | $ 13,652,883 | $ 8,828,251 | $ 8,996,605 | $ 3,768,677 | $ 3,667,249 | $ 2,833,843 | $ 2,833,843 | $ 129,688,382 | $ 25,260,782 |
Denominator: | ||||||||||||
Basic weighted average number of common shares outstanding (in shares) | 32,075,897 | 56,657,570 | 56,183,707 | |||||||||
Effect of dilutive restricted stock (in shares) | 49,524 | |||||||||||
Diluted weighted average number of common shares outstanding (in shares) | 32,075,897 | 56,707,094 | 56,183,707 | |||||||||
EPS: | ||||||||||||
Earnings per common share – basic (in dollars per share) | $ 0.09 | $ 2.29 | $ 0.45 | |||||||||
Earnings per common share – diluted (in dollars per share) | $ 0.09 | $ 2.29 | $ 0.45 | |||||||||
Restricted stock awards | ||||||||||||
EPS: | ||||||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 655,000 | 0 |
Selected Quarterly Financial 83
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Selected Quarterly Financial Information (unaudited) | ||||||||||||
Revenues | $ 85,335,229 | $ 93,283,708 | $ 74,946,432 | $ 35,642,460 | $ 35,333,108 | $ 32,583,990 | $ 20,358,211 | $ 15,853,840 | $ 29,633,700 | $ 289,207,829 | $ 104,129,149 | |
Operating income/(loss) | 42,088,645 | 54,011,305 | 48,743,550 | 13,571,687 | 10,587,098 | 10,825,590 | 3,476,450 | 5,200,271 | 4,391,368 | 158,415,187 | 30,089,409 | |
Net income/(loss) | $ 20,160,912 | $ 54,661,323 | $ 41,213,264 | $ 13,652,883 | $ 8,828,251 | $ 8,996,605 | $ 3,768,677 | $ 3,667,249 | $ 2,833,843 | $ 2,833,843 | $ 129,688,382 | $ 25,260,782 |
Earnings per common share, basic and diluted (in dollars per share) | $ 0.36 | $ 0.97 | $ 0.72 | $ 0.24 | $ 0.15 | $ 0.16 | $ 0.07 | $ 0.07 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | 2 Months Ended | 12 Months Ended |
May. 31, 2016 | Mar. 31, 2016 | |
Subsequent Events | ||
Treasury stock shares acquired (in shares) | 1,932,465 | |
Treasury stock value acquired | $ 20,943,816 | |
Subsequent events | ||
Subsequent Events | ||
Treasury stock shares acquired (in shares) | 497,900 | |
Treasury stock value acquired | $ 5,000,000 |
Combined statements of operatio
Combined statements of operations - Predecessor | 4 Months Ended |
Jul. 28, 2013USD ($) | |
Predecessor | |
Revenues | $ 15,383,116 |
Expenses | |
Voyage expenses | 3,623,872 |
Voyage expenses-related party | 198,360 |
Vessel operating expenses | 4,638,725 |
Management fees-related party | 601,202 |
Depreciation and amortization | 3,955,309 |
General and administrative expenses | 28,204 |
Total expenses | 13,045,672 |
Operating income | 2,337,444 |
Other income/(expenses) | |
Interest and finance costs | (762,815) |
Interest income | 98 |
Gain/(loss) on derivatives, net | 2,830,205 |
Foreign currency gain/(loss), net | (5) |
Total other income/(expenses), net | 2,067,483 |
Net income | $ 4,404,927 |
Combined statements of owners e
Combined statements of owners equity - Predecessor - 4 months ended Jul. 28, 2013 - Predecessor - USD ($) | Owners' capital | Retained earnings/(Accumulated deficit) | Total |
Balance at Mar. 31, 2013 | $ 73,880,910 | $ (61,123,120) | $ 12,757,790 |
Increase (Decrease) in owners' equity | |||
Net income | 4,404,927 | 4,404,927 | |
Balance at Jul. 28, 2013 | $ 73,880,910 | $ (56,718,193) | $ 17,162,717 |
Combined statements of cash flo
Combined statements of cash flows - Predecessor | 4 Months Ended |
Jul. 28, 2013USD ($) | |
Predecessor | |
Cash flows from operating activities: | |
Net income | $ 4,404,927 |
Adjustments to reconcile net income to net cash provided by operating activities: | |
Depreciation and amortization | 3,955,309 |
Amortization of financing costs | 15,437 |
Unrealized loss on derivatives | (4,684,006) |
Changes in assets and liabilities: | |
Trade receivables | (3,431,789) |
Prepaid expenses and other receivables | 8,646 |
Due from related parties | 853,214 |
Inventories | 415,631 |
Trade accounts payable | 759,262 |
Accrued expenses and other liabilities | (336,312) |
Due to related parties | 2,710,151 |
Net cash provided by operating activities | 4,670,470 |
Cash flows from investing activities: | |
Payments for vessel improvements | (90,492) |
Net cash used in investing activities | (90,492) |
Cash flows from financing activities: | |
Repayment of long-term debt borrowings | (5,606,000) |
Net cash provided by/(used in) financing activities | (5,606,000) |
Net increase/(decrease) in cash and cash equivalents | (1,026,022) |
Cash and cash equivalents at the beginning of the period | 1,041,644 |
Cash and cash equivalents at the end of the period | 15,622 |
Supplemental disclosure of cash flow information | |
Cash paid during the period for interest excluding interest capitalized to vessels | $ 1,002,958 |
Basis of Presentation and Gen88
Basis of Presentation and General Information (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Consolidated Financial Statements (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013, under the laws of the Republic of the Marshall Islands and 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”) is focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. Our fleet currently consists of twenty-two VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”) and three 82,000 cbm VLGCs. The Company remained dormant until July 29, 2013 when the following transactions were completed concurrently: · The Company completed a private placement of 9,310,054 shares of its common stock with institutional investors and other investors in Norway (“NPP”). The shares were issued at NOK 75.00 per share, equivalent to USD 12.66 per share and realized gross proceeds of $117.9 million based on the exchange rate on July 29, 2013. · The Company acquired from Dorian Holdings LLC (“Dorian Holdings”) the following in exchange for 4,667,135 shares of its common stock and $9.7 million in cash: (a) 100% interest in three ship owning entities, CNML LPG Transport LLC (“CNML”), CJNP LPG Transport LLC (“CJNP”) and CMNL LPG Transport LLC (“CMNL”), which each owned a VLGC (the Captain Nicholas ML , the Captain John NP and the Captain Markos NL respectively), the related bank debt, interest rate swaps, and the inventory on board each vessel. The Captain Nicholas ML , Captain John NP and Captain Markos NL were previously owned by Cepheus Transport Ltd, Lyra Gas Transport Ltd and Cetus Transport Ltd., all owned by principals of Dorian Holdings until July 29, 2013 on which date they were sold to CNML, CJNP and CMNL, respectively. The sale of the vessels required approval from the bank that had provided the related financing that was assumed by the Company in connection with the transaction and resulted in a modification of the financing terms in connection with the acquisition. A further description of the loan arrangements is provided in Note 11. (b) 100% interest in two entities, each a party to a contract for the construction of one VLGC, option rights to construct an additional 1.5 VLGCs and $2.67 million in cash. The Company acquired from an affiliate of Dorian Holdings a 100% interest in an LPG pressurized gas carrier (“PGC”), the LPG Grendon , and the inventory onboard the vessel for $6.672 million in cash. The abovementioned acquisitions from Dorian Holdings and its affiliate were accounted as a business combination (refer to Note 4) and the operations of LPG Grendon along with that of the three VLGCs referred to above are herein referred to as the Predecessor. · The Company issued 4,667,135 shares of its common stock to SEACOR Holdings Inc., through its subsidiary, SeaDor Holdings LLC (“SeaDor”) as consideration for the following: (a) 100% interest in a subsidiary company, SEACOR LPGI LLC, a party to a contract for the construction of one VLGC; (b) $49.9 million in cash; and (c) the assignment to the Company of option rights to purchase 1.5 VLGC vessels. The above mentioned acquisitions from SeaDor were accounted for as an asset acquisition. The allocation of the purchase price between the assets acquired is described in Note 3(b). At the closing of the NPP, Dorian Holdings (the “Original Shareholders”) surrendered the 100 shares of capital stock of the Company, which were then cancelled. Following the completion of the above transactions on July 29, 2013 , Dorian Holdings, whose chairman is Mr. John Hadjipateras, our Chairman, President and Chief Executive Officer, and SeaDor, each owned approximately 25.0% of the Company’s outstanding common stock with the remaining 50% held by institutional investors and high net worth investors. We successfully closed our initial public offering ("IPO") on May 13, 2014 and our shares are listed on the NYSE and trade under the symbol “LPG”. The accompanying 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”) and entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. 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, 2016 are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 CJNP LPG Transport LLC VLGC Captain John NP 2007 CMNL LPG Transport LLC VLGC Captain Markos NL 2006 Comet LPG Transport LLC VLGC Comet 2014 Corsair LPG Transport LLC VLGC Corsair 2014 Corvette LPG Transport LLC VLGC Corvette 2015 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 Concorde LPG Transport LLC VLGC Concorde 2015 Dorian Houston LPG Transport LLC VLGC Cobra 2015 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 Constellation LPG Transport LLC VLGC Constellation 2015 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 Commander LPG Transport LLC VLGC Commander 2015 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 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) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (2) (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Owner of the Pressurized Gas Carrier (“PGC”) Grendon until it was sold in February 2016 Customers For the year ended March 31, 2016 , the Helios Pool and one other individual charterer accounted for 70% and 12% of our total revenues, respectively. For the year ended March 31, 2015 , five charterers represented 27% , 19% , 14% , 12% and 11% of total revenues, respectively. For the period ended March 31, 2014 , three charterers represented 51% , 13% and 10% of total revenues, respectively. |
Predecessor | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information The accompanying combined financial statements include the accounts of entities listed below (collectively, the “Owning Companies” or “Company” or “Predecessor”). The Owning Companies have been presented on a combined basis, as they had common board of directors who functioned as the executive management and made all significant management decisions throughout the periods presented. In order to present the track record of this management team the entities are presented in a single combined set of financial statements. Date of Type of Vessel owning Company incorporation vessel (3) Vessel's name Built CBM (2) Cepheus Transport Ltd. (Cepheus) (1) March 17, 2004 VLGC Captain Nicholas ML 2008 Lyra Gas Transport Ltd (Lyra) (1) January 30, 2005 VLGC Captain John NP 2007 Cetus Transport Ltd. (Cetus) (1) January 27, 2004 VLGC Captain Markos NL 2006 Orion Tankers Limited (Orion) (1) October 26, 2005 PGC Grendon 1996 (1) Incorporated in Republic of Liberia. (2) CBM: Cubic meters, a standard measure for LPG tanker capacity. (3) Very Large Gas Carrier (“VLGC”), Pressurized Gas Carrier (“PGC”) The Owning Companies are engaged in providing international seaborne transportation services of liquefied petroleum gas (LPG) worldwide through the ownership of LPG tankers to LPG producers and users. The Owning Companies’ vessels are managed by Dorian (Hellas) S.A. ‑Panama (the “Manager”), a related party. The Manager is a company incorporated in Panama and has a registered branch in Greece, established in 1974 under the provisions of Law 89/1967, 378/1968 and article 25 of law 27/75, as amended by article 4 of law 2234/94. The following charterers individually accounted for more than 10% of the Company’s revenues as follows: % of revenue Charterer April 1, 2013 to July 28, 2013 Statoil Hydro ASA % Petredec Ltd. % E1Corp. % Astomos Energy Corporation % |
Significant Accounting Polici89
Significant Accounting Policies (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly ‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income, which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus has not presented this in the statement of operations or in a separate statement. (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, the Company had no foreign currency derivative instruments. (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. ( f) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero . (g) Due from related parties: Due from related parties reflect receivables from Helios Pool, and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. (h) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. (i) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. (j) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. ( k) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (l) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock each of our vessels every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every 2.5 years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. (m) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected in Deferred charges in the accompanying consolidated balance sheet. (n) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements and a pledged cash deposit. 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. (o) Revenues and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Net pool revenue: 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. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge—to discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. 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 the Company 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 accompanying consolidated balance sheet . Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (p) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. (q) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. (r) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to stockholders’ equity. Treasury shares are included in authorized and issued shares but excluded from outstanding shares. ( s) Segment reporting: Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (t) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. (u) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. (v) Recent accounting pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption, early adoption is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2015, the FASB issued accounting guidance amending consolidation analysis which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. The pronouncement is effective prospectively for annual periods beginning after December 15, 2015, and interim periods within that reporting period. The amended guidance will have no impact on our financial statements. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015 and interim periods within that reporting period, with early adoption permitted. We will adopt this pronouncement on April 1, 2016 and the amount of debt issuance costs that would be classified on our balance sheet as a reduction of debt was $23.7 million as of March 31, 2016 and $13.3 million as of March 31, 2015 . In July 2015, the FASB issued accounting guidance requiring entities to measure most inventory at the lower of cost and net realizable value. The pronouncement is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, will require a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. Lessor accounting remains largely unchanged. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The pronouncement is effective prospectively for public business entities for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted for all entities. We are currently assessing the impact the amended guidance will have on our financial statements. In March 2016, the FASB issued accounting guidance to simplify the requirements of accounting for share-based payment transactions. The guidance simplifies the accounting for taxes related to stock-based compensation, including adjustments to how excess tax benefits and an entity’s payments for tax withholdings should be classified. Additionally, an entity may make an entity-wide policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period with early adoption permitted in any interim or annual period. We have early adopted this pronouncement for the year ended March 31, 2016 and have made the entity-wide policy election to account for forfeitures when they occur, which resulted in us recognizing an additional $0.1 million of stock-based compensation for the year ended March 31, 2016 . |
Predecessor | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of combination: The accompanying combined 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 and operating results of the legal entities comprising the Owning Companies as discussed in Note 1, which were all under common management. The combined statements represent an aggregation of the U.S. GAAP financial information of the entities comprising the Owning Companies. All intercompany balances and transactions have been eliminated upon combination. (b) Use of estimates: The preparation of the Predecessor combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income , which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented. (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Each foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of the balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the combined statement of operations. (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. (f) Trade receivables (net): Trade receivables (net), reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for the periods presented. (g) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. (h) Vessels: Vessels are stated at cost, less accumulated depreciation. The cost of the vessels consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The cost of vessels constructed includes financing costs incurred during the construction period. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. (i) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels. (j) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which is estimated to be $ 400 per lightweight ton. Management of the Owning Companies estimates the useful life of its vessels to be 20 years from the date of initial delivery from the shipyard for VLGC’s and 25 years for PGC vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (k) Drydocking and special survey costs: Drydocking and special survey costs are accounted under deferral method whereby actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock a vessel once every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every two and one ‑half years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within “Depreciation and amortization” in the combined statements of operations. (l) Financing costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to debt extinguishment. The unamortized financing costs are reflected in Deferred Charges in the accompanying combined balance sheets. (m) Revenue and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Accrued revenue results from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge-to-discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. In the event a vessel is 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 the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Commissions: Charter hire commissions to brokers or the Manager are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. (n) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. (o) Segment reporting: Each of the Owning Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (p) Derivative Instruments: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the combined financial statements at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. (q) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. (r) Recent accounting pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s combined financial statements in the current period or expected to have an impact on future periods. |
Transactions with Related Par90
Transactions with Related Parties (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties (a) Dorian Holdings: Dorian was formed by Dorian Holdings on July 1, 2013, to acquire and operate LPG tankers and initially to acquire the LPG tankers held by affiliates of Dorian Holdings. These acquisitions were accounted for as the acquisition of a business, refer Notes to 1 and 4. In addition on July 29, 2013, we entered into a license agreement with Dorian Holdings pursuant to which Dorian Holdings has granted us a non ‑transferable, non ‑exclusive, perpetual (subject to termination for material breach or a change of control event), world ‑wide, royalty ‑free right and license to use the Dorian logo and “Dorian LPG” in connection with our LPG business. (b) SEACOR Holdings Inc. (“SEACOR”): On April 29, 2013, affiliates of the Company entered into a series of agreements with subsidiaries of SEACOR under which the affiliates of the Company granted certain rights to SEACOR to purchase newbuilding contracts for VLGCs and associated options. The affiliates of the Company had the right to repurchase a portion of those contracts and the associated options. As part of these agreements, subsidiaries of SEACOR paid the first installment under the newbuilding contracts to the shipyard, which, under the terms of the agreements, could be partially acquired by Dorian affiliates for the amount of the installments paid, certain agreed third party expenses, and a capital charge of 6% per annum. As described in Note 1, the Company acquired a 100% interest in SEACOR LPG I LLC, a party to a contract for the construction of one VLGC, $49.9 million in cash and the assignment to the Company of option rights to purchase 1.5 VLGC vessels, from SEACOR in exchange for 4,667,135 shares of its common stock. This transaction was accounted for as an asset acquisition. The fair value of the transaction was determined based on the number of shares issued by the Company. The fair value of the common stock was determined to be NOK75.00 per share (or $12.66 per share at the exchange rate on July 29, 2013) which was the price per share for the Company’s common shares issued to private investors on the same date. The total transaction value of $59.4 million (including transaction costs) was allocated to the assets purchased as follows: Cash $ Purchase contract for one VLGC newbuilding contract (includes advance payment) Purchase option contracts $ The allocation between the newbuilding contract and the purchase options was based on their relative fair value. The fair value of the newbuilding contract and purchase options was computed as the excess of the purchase consideration for similar vessels with similar delivery dates based on valuation from an independent broker over the purchase consideration of the contracts acquired plus for newbuilding contracts any advance to the shipyard as of the acquisition date. The appraised value was determined using recent transactions involving comparable vessels as adjusted for age and features. The appraisal was performed on “willing Seller and willing Buyer” basis and based on the sale and purchase market condition prevailing at the acquisition date subject to the vessel being in sound condition and made available for delivery charter free. (c) Scorpio Tankers Inc. (“Scorpio”): On November 26, 2013, the Company issued 7,990,425 shares of its common stock to Scorpio as consideration for 100% interest in thirteen subsidiary companies, (each a party to a contract for the construction of one VLGC) and $1.9 million in cash. This transaction was accounted for as an asset acquisition. The fair value of the transaction was determined based on the number of shares issued by the Company. The fair value of the common stock was determined to be NOK92.50 per share (or $15.16 per share at the exchange rate on November 26, 2013), which was the price per share for the Company’s common shares issued to private investors on the same date. The total transaction value of $121.3 million (including transaction costs) was allocated to the assets purchased as follows: Cash $ Purchase contract for thirteen VLGC newbuilding contracts (includes advance payments) $ The cost of the group of non ‑cash assets was allocated to each of the new building contracts based on their relative fair value. The fair value of each newbuilding contract was determined as the excess of the purchase consideration as of the acquisition date for similar vessels with similar delivery dates based on valuation from an independent broker over the purchase consideration of the contracts acquired plus any advance paid to the shipyard. The appraised value was determined using recent transactions involving comparable vessels as adjusted for age and features. The appraisal was performed on “willing Seller and willing Buyer” basis and based on the sale and purchase market condition prevailing at the acquisition date subject to the vessel being in sound condition and made available for delivery charter free. (d) Dorian (Hellas) S.A.: A. Ship ‑Owning Companies Management Agreements: Pursuant to management agreements entered into by each vessel owning subsidiary on July 26, 2013, as amended, with Dorian (Hellas) S.A. (“DHSA” or the “Manager”), the technical, crew and commercial management as well as insurance and accounting services of its vessels was outsourced to DHSA. In addition, under these management agreements, strategic and financial services had also been outsourced to DHSA. DHSA had entered into agreements with each of Eagle Ocean Transport Inc. (“Eagle Ocean Transport”) and Highbury Shipping Services Limited (“HSSL”), to provide certain of these services on behalf of the vessel owning companies. Mr. John Hadjipateras, our Chairman, President and CEO, owns 100% of Eagle Ocean Transport, and our Vice President of Chartering, Insurance and Legal, Nigel Grey ‑Turner, owns 100% of HSSL. The fees payable for the above services to DHSA amounted to $93,750 per month per vessel, payable one month in advance. These management agreements terminated on June 30, 2014. As of July 1, 2014, vessel management services and the associated agreements for our fleet were transferred from DHSA and are now provided through our wholly owned subsidiaries Dorian LPG (USA) LLC, Dorian LPG (UK) Ltd. and Dorian LPG Management Corp. Subsequent to the transition agreements, Eagle Ocean Transport continues to incur related travel costs for certain transitioned employees as well as office-related costs, for which we reimbursed Eagle Ocean Transport $0.8 million and $0.7 million for the years ended March 31, 2016 and 2015 , respectively. Such expenses are reimbursed based on their actual cost. Management fees related to these agreements for the year ended March 31, 2015 and for the period July 1, 2013 to March 31, 2014 amounted to $1.1 million and $3.1 million, respectively, and are presented in Management fees ‑ related party in the consolidated statements of operations. There were no management fees incurred for the year ended March 31, 2016. 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 totaling $0.5 million and $0.1 million was earned and included in other income for the years ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , $0.9 million was due from DHSA and included in due from related parties and $0.5 million was due to DHSA and included in due to related parties. B. Pre ‑Delivery Services: A fixed monthly fee of $15,000 per hull was payable to the Manager for pre ‑delivery services provided during the period from July 29, 2013 until the date of delivery of each newbuilding. These management agreements terminated on June 30, 2014. As of July 1, 2014, vessel management services and the associated agreements for our fleet were transferred from the Manager and are now provided through our wholly owned subsidiaries. Management fees related to the pre ‑delivery services provided by DHSA for the year ended March 31, 2015 and for the period July 1, 2013 to March 31, 2014 amounted to $0.9 million and $1.2 million, respectively. For the period July 1, 2013 to March 31, 2014, $0.1 million is presented in Management fees ‑related party in the consolidated statement of operations. (e) Eagle Ocean Transport Inc.: As part of the series of agreements with SEACOR, Eagle Ocean Transport, a company 100% owned by Mr. John Hadjipateras, our Chairman, President and Chief Executive Officer, is entitled to retain 100% of any portion of the shipbroker fee rebated to it as compensation for its services in securing the newbuilding contracts for three VLGCs and three associated option agreements. To the extent that any fees are received in respect of option vessels under such agreements, the fees shall be shared evenly between SEACOR and Eagle Ocean Transport. Collectively, Eagle Ocean Transport and SEACOR received a total of $0.8 million and $0.5 million of shipbroker rebates for their services in securing the newbuilding contracts for the year ended March 31, 2015 and period ended March 31, 2014, respectively. In addition, Eagle Ocean Transport was reimbursed for an amount of $0.3 million, representing costs incurred on behalf of the Company relating to equity issuances and debt restructuring for the period July 1, 2013 to March 31, 2014. (f) Helios LPG Pool LLC (“Helios Pool”): On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool and entered into pool participation agreements for the purpose of establishing and operating, as charterer, under a variable rate time charter to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared as described in Note 2 above. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire (refer to Note 2 above) and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a VIE as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of ASC 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. In March 2016, the Helios Pool reached an agreement with Oriental Energy Company Ltd. ("Oriental Energy"). When fully delivered, the Helios Pool will operate eight VLGCs for Oriental Energy, some of which will be time chartered-in at a fixed time charter hire rate. The agreement with Oriental Energy had no impact on the ownership structure or the power to direct significant activities of the Helios Pool. As of March 31, 2016 , we had receivables from the Helios Pool of $71.0 million, including $17.6 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of March 31, 2016 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the consolidated statement of operations and were $1.4 million for the year ended March 31, 2016 . Additionally, we received a fixed reimbursement of expenses such as costs for security guards and war risk insurance for voyages operating high risk areas from the Helios Pool, for which we earned $1.2 million for the year ended March 31, 2016 and are included in “Other revenues” in the consolidated statement of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the year ended March 31, 2016 . The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the pool aggregates the revenue and expenses for all the vessels in the pool and distributes net pool revenues to the participants based on the results of the pool, operating days and pool points, as variable rate time charter hire for the relevant vessel. We recognize net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of pool revenues for the month can be estimated reliably. Revenue earned is presented in Note 14 . (g) Consulting : Since the formation of the Predecessor Companies, a member of our board of directors, who resigned effective May 1, 2015, provided certain chartering and commercial services to the Company, its subsidiaries, and the Predecessor Companies. This individual entered into a consulting agreement on May 1, 2015 that provides for, among other things, an annual fee of $250,000 , payable for services rendered commencing on May 8, 2014. Related to this consulting agreement we expensed $0.2 million and $0.2 million, for the years ended March 31, 2016 and 2015 , respectively. (h) Artwork : During the year ended March 31, 2016 , we purchased $0.1 million of artwork for newbuilding vessels, which have been capitalized and presented in “Vessels, net” for vessels that have been delivered during the period, for our Athens, Greece office and for a shipyard, which are included in “General and administrative expenses” in the consolidated statement of operations. The artist is a relative of one of our executive officers. (i) Commissions : Orient River Trading Ltd., a company 100% owned by a senior officer of our 100% owned subsidiary Dorian Management Corp., provided disponent owner services for certain charterers that do not recognize Marshall Islands vessel-owning subsidary companies. Commission expenses on voyages utilizing these services, included in “Voyage expenses” in the consolidated statement of operations, amounted to $0.1 million and $0.1 million for the years ended March 31, 2016 and 2015, respectively. There were no commissions for these services for the period ended March 31, 2014. |
Predecessor | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas) S.A: Ship ‑Owning Companies Management Agreements: The Owning Companies historically outsourced the technical, crew and commercial management as well as insurance and accounting services of the vessels to Dorian (Hellas) S.A., pursuant to management agreements (“ Management Agreements ”) with each vessel owning subsidiary. These agreements had an initial term of 12 months and thereafter could be terminated by either party giving two months written notice. For each of the periods presented, under the Management Agreements the Manager received for each VLGC and PGC vessel a commission of 1.25% or 2% , respectively, of the gross freight, demurrage, dead freights and charter hire which are due and payable (“charter hire commission”) and a fixed monthly management fee of $40,000 or $32,000 per vessel respectively. In addition, under the Management Agreements, the Manager is entitled to a commission of 1% on the contract price, for any vessel bought or sold. The following amounts charged by the Manager are included in the combined statement of operations: April 1, 2013 to July 28, 2013 (i) Charter hire commissions , included in Voyage expenses—related party $ (ii) Management fees $ The amounts due to/from related parties represent amounts due to/from the Manager relating to payments made by the Manager on behalf of each of the Owning Companies net of amounts transferred to the Manager. |
Vessels, Net (Predecessor)
Vessels, Net (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Vessels, Net | |
Vessels, Net | 6. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2015 $ $ $ Vessels delivered — Impairment (1) Depreciation — Balance, March 31, 2015 Vessels delivered — Other additions — Disposals Depreciation — Balance, March 31, 2016 $ $ $ (1) We recognized no impairment losses for the year ended March 31, 2016 , and a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 . We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable. Vessels delivered represent amounts transferred from Vessels under Construction relating to the cost of our ECO VLGCs delivered to us between July 2014 and February 2016. Vessels with a total carrying value of $1,667.2 million as of March 31, 2016 are first ‑priority mortgaged as collateral for our loan facilities (refer to Note 11 below). As of March 31, 2015 , vessels with a total carrying value of $416.0 million were first priority mortgaged as collateral for our loan facilities. |
Predecessor | |
Vessels, Net | |
Vessels, Net | 4. Vessels, Net Accumulated Net book Vessel cost depreciation value Balance, April 1, 2013 $ $ $ Vessel improvements — Depreciation — Balance, July 28, 2013 $ $ $ All the Company’s vessels were first ‑priority mortgaged as collateral to secure the bank loans. The vessel improvements relate to improvements to the vessels and include systems to improve the consumption of the main engines lubricating oil, fuel system modification (double fuel system), and modifications to increase the vessel cargo operation flexibility. |
Deferred Charges, Net (Predeces
Deferred Charges, Net (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Deferred Charges, Net | 9. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Financing Drydocking Equity Total deferred costs costs offering costs charges, net Balance, April 1, 2014 $ $ $ $ Additions Amortization — Transferred to APIC — — Balance, March 31, 2015 — Additions — — Amortization — Balance, March 31, 2016 $ $ $ — $ The drydocking costs incurred during the year ended March 31, 2015 relate to the drydocking for Grendon . Financing costs incurred during the year ended March 31, 2016 and 2015 relate to the 2015 Debt Facility as further described in Note 11. Offering costs related to our IPO were transferred to additional paid in capital (“APIC”) on completion of our IPO on May 13, 2014. |
Predecessor | |
Deferred Charges, Net | 5. Deferred Charges, Net The deferred charges comprised of the following: Financing Drydocking costs costs Total April 1, 2013 $ $ $ Amortization July 28, 2013 $ $ $ |
Owners Capital (Predecessor)
Owners Capital (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Owners' Capital | |
Owners' Capital | 12. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. On July 29, 2013, the Company issued the following shares: · 9,310,054 common shares on completion of its NPP, at NOK75.00 per share, equivalent to USD12.66 per share based on the exchange rate on July 29, 2013 · 4,667,135 common shares to Dorian Holdings (refer to Note 4) · 4,667,135 common shares to SeaDor Holdings LLC (refer to Note 3) The fair value of the shares issued to Dorian and SeaDor was determined by the Company to be NOK75 (or USD12.66) per share based on the issue price of the NPP. On November 26, 2013, the Company issued the following shares: · 16,081,081 common shares on completion of a second Private Placement in Norway (“NPP2”), at NOK92.50 per share, equivalent to USD15.16 per share based on the exchange rate on November 26, 2013 · 7,990,425 common shares to Scorpio Tankers Inc. (refer to Note 3) On February 12, 2014, the Company issued the following shares: · 5,649,200 common shares on completion of a third Private Placement in Norway (“NPP3”), at NOK110.00 per share, equivalent to USD17.92 per share based on the exchange rate on February 12, 2014 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 April 25, 2014 the Company completed a one -for-five reverse stock split and reduced the number of the Company’s issued and outstanding common shares and affected all issued and outstanding common shares, outstanding immediately prior to the effectiveness of the reverse stock split. The number of the Company’s authorized common shares was not affected by the reverse split and the par value of our common shares remained unchanged at $0.01 per share. The reverse stock split reduced the number of the Company’s common shares outstanding at March 31, 2014 from 241,825,149 to 48,365,011 after the cancellation of 19 fractional shares. No fractional shares were issued in connection with the reverse stock split. Shareholders who otherwise held a fractional share of the Company’s common stock as a result of the reverse stock split received a cash payment in lieu of such fractional share. All amounts related to number of shares and per share amounts have been retroactively restated. On April 25, 2014, we completed a private placement of 1,412,698 common shares with a strategic investor at a price of NOK 110.00 or USD 18.40 based upon the exchange rate on April 24, 2014, which represents approximately $26.0 million in gross proceeds not including closing fees. On May 13, 2014, we completed an initial public offering of 7,105,263 common shares on the New York Stock Exchange at a price of $19.00 per share, or $135.0 million in gross proceeds not including underwriting fees or closing costs. The shares began trading on the New York Stock Exchange on May 8, 2014 under the ticker symbol “LPG”. On May 22, 2014, we completed the issuance of 245,521 common shares related to the overallotment exercise by the underwriters of our initial public offering at a price of $19.00 per share, or $4.7 million in gross proceeds not including underwriting fees or closing costs. On June 25, 2014, we completed the exchange offer of unregistered common shares that we previously issued in our prior equity private placements, other than the common shares owned by our affiliates, for 15,528,507 common shares that have been registered under the Securities Act of 1933, as amended, the complete terms and conditions of which were set forth in a prospectus dated May 8, 2014 and the related letter of transmittal. In June 2014, we granted 655,000 shares of restricted stock to certain of our officers and, in March 2015, we granted 274,000 shares of restricted stock to certain of our employees and non-employee consultants (see Note 13 for further discussion regarding stock-based compensation). In August 2015, we established a stock repurchase program authorizing the repurchase of up to $100.0 million of our common stock. As of March 31, 2016 , we repurchased a total of 1,932,465 shares of our common stock for approximately $20.9 million under this program, resulting in $79.1 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. |
Predecessor | |
Owners' Capital | |
Owners' Capital | 6. Owners’ Capital Each ship owning entity is a body corporate duly organized under the laws of the Republic of Liberia and has an authorized share capital divided into 500 registered and/or bearer shares of no par value, all of which have been issued in the bearer form. The holders of the shares are entitled to one vote on all matters submitted to a vote of owners and to receive all dividends, if any. Ship-owning entity Date of incorporation Cetus Transport Ltd. March 17, 2004 Lyra Gas Transport Ltd. January 30, 2005 Cepheus Transport Ltd. January 27, 2004 Orion Tankers Limited October 26,2005 As discussed in Note 1, the financial statements are comprised of the combined financial information of the entities that comprise the Owning Companies. As a result, the financial statements reflect owners’ capital and not share capital and additional paid in capital of a parent company. Owners’ capital represents contributions from owners. The owners’ capital was used to partly finance the acquisition of the vessels. |
Revenues (Predecessor)
Revenues (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Revenues | |
Revenues | 14. Revenues Revenues comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Net pool revenues—related party $ $ — $ — Voyage charter revenues Time charter revenues Other revenues Total $ $ $ Time charter revenue included a profit-sharing element of the time charter agreements of $7.8 million and $6.1 million for the year ended March 31, 2015 and the period ended March 31, 2014 , respectively. There was no profit-sharing element of the time charter agreements for the year ended March 31, 2016 . Other revenue represents income from charterers relating to reimbursement of expenses such as costs for security guards and war risk insurance. |
Predecessor | |
Revenues | |
Revenues | 7. Revenues Revenues comprise the following: April 1, 2013 to July 28, 2013 Time charter revenue $ Voyage charter revenue Other income Total $ Included in time charter revenue is the profit ‑sharing element of the time charter agreements of $2,702,635 for the period April 1, 2013 to July 28, 2013. Other income represents demurrage income and income from charterers relating to expenses such as security guards and additional war risk insurance recovered from the charterers. |
Voyage Expenses (Predecessor)
Voyage Expenses (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Voyage Expenses | |
Voyage Expenses | 15. Voyage Expenses Voyage expenses comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Bunkers $ $ $ Port charges and other related expenses Brokers’ commissions Security cost War risk insurances Other voyage expenses Total $ $ $ |
Predecessor | |
Voyage Expenses | |
Voyage Expenses | 8. Voyage Expenses Voyage expenses, including voyage expenses—related party, are comprised as follows: April 1, 2013 to July 28, 2013 Brokers commission $ Bunkers Port charges and other related expenses Security cost War risk insurances Other voyage expenses Total voyage expenses $ |
Vessel Operating Expenses (Pred
Vessel Operating Expenses (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Vessel Operating Expenses | |
Vessel Operating Expenses | 16. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 March 31, 2014 Crew wages and related costs $ $ $ Spares and stores Insurance Lubricants Repairs and maintenance costs Miscellaneous expenses Total $ $ $ |
Predecessor | |
Vessel Operating Expenses | |
Vessel Operating Expenses | 9. Vessel Operating Expenses Vessel operating expenses are comprised of the following: April 1, 2013 to July 28, 2013 Crew wages and related costs $ Spares and stores Lubricants Insurance Repairs and maintenance costs Miscellaneous expenses Total $ |
Interest and Finance Cost (Pred
Interest and Finance Cost (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Interest and Finance Cost | |
Interest and Finance Cost | 17. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Interest incurred $ $ $ Amortization of financing costs Other financing costs Capitalized interest Total $ $ $ |
Predecessor | |
Interest and Finance Cost | |
Interest and Finance Cost | 10. Interest and Finance Cost Interest and finance cost is comprised of $659,832 of interest on long-term debt and $102,983 of other finance costs for the period ended July 28, 2013. |
Income Taxes (Predecessor)
Income Taxes (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Income Taxes | |
Income Taxes | 18. Income Taxes The Company 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. The Company is also subject to United States federal income taxation in respect of income that is derived from the international operation of ships and the performance of services directly related thereto attributable to the transport of cargo to or from the United States (“Shipping Income”), unless exempt from United States federal income taxation. If the Company does not qualify for the exemption from tax under Section 883, of the Internal Revenue Code of 1986, as amended, the Company and its subsidiaries will be subject to a 4% tax on its “U.S. source shipping income,” imposed without the allowance for any deductions. For these purposes, “U.S. source shipping income” means 50% of the Shipping Income derived by the Company and its subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our first fiscal year ended March 31, 2014, we do not believe that we were able to qualify for exemption under Section 883 and as a consequence, our gross U.S. source shipping income is subject to a 4% gross basis tax (without allowance for deductions) equal to $39,266 and is included in Voyage expenses in the consolidated statement of operations. For our fiscal years ended March 31, 2016 and 2015, we believe that we will qualify for exemption under Section 883 and as a consequence, our gross U.S. source shipping income will not be subject to a 4% gross basis tax. |
Predecessor | |
Income Taxes | |
Income Taxes | 11. Income Taxes The Owning Companies are incorporated in the Republic of Liberia and under the laws of the Liberia, are not subject to income taxes, however, they are subject to registration and tonnage taxes, which are not income taxes and are included in vessel operating expenses in the accompanying combined statements of operations. Furthermore, the Owning Companies are subject to a 4% United States federal tax in respect of its U.S. source shipping income (imposed on gross income without the allowance for any deductions), which is not an income tax. Such taxes have been recorded within Voyage Expenses in the accompanying combined statements of operations. In many cases, these taxes are recovered from the charterers; such amounts recovered are recorded within Revenues in the accompanying combined statements of operations. |
Commitments and Contingencies99
Commitments and Contingencies (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies | 19. Commitments and Contingencies Commitments under Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices: March 31, 2016 Less than one year $ One to three years Three to five years Total $ 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: March 31, 2016 Less than one year $ One to three years Three to five years Total $ 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, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying consolidated financial statements. |
Predecessor | |
Commitments and Contingencies | 12. Commitments and Contingencies From time to time the Owning Companies 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. The Owning Companies are not aware of any claim, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying financial statements. |
Derivative Instruments (Predece
Derivative Instruments (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Financial Instruments and Fair Value Disclosures | |
Derivative Instruments | 13. Derivative Instruments The Owning Companies use interest rate swaps for the management of interest rate risk exposure. The interest rate swaps effectively convert a portion of the Company’s debt from a floating to a fixed rate. To hedge its exposure to changes in interest rates the Company is a party to five floating ‑to ‑fixed interest rate swaps with RBS covering notional amounts aggregating approximately $136,718,000 as of March 31, 2013. On March 31, 2005 and April 3, 2007 Cetus Transport Ltd entered into interest rate swap agreements with RBS with effective dates November 21, 2006 and November 17, 2006, respectively, and termination dated November 21, 2018 and November 17, 2018. Under the terms of this arrangement the Company swaps the notional amount outstanding under the agreement from a floating rate of interest to a fixed rate of 5.395% and 4.936% respectively. The original notional amount of $51,140,000 is reduced semi ‑annually by $1,278,500 with a final settlement of $20,456,000 due in November, 2018. On March 9, 2007 and February 7, 2012, Lyra Gas Transport Ltd entered into interest rate swap agreements with RBS with effective dates March 22, 2007 and September 24, 2011, respectively, and termination dated March 22, 2019. Under the terms of this arrangement the Company swaps the notional amount outstanding under the agreement from a floating rate of interest to a fixed rate of 4.772% and 2.960% respectively. The original notional amount of $64,146,313 is reduced semi ‑annually by $1,700,000 with a final settlement of $28,900,000 due in March 22, 2019. On January 8, 2009, Cepheus Transport Ltd entered into an extendable interest rate swap agreement with the RBS with effective date July 21, 2008 and termination dated July 21, 2014. RBS holds the right to extend the interest rate swap until the July 21 2020. Under the terms of this arrangement the Company swaps the notional amount outstanding under the agreement from a floating rate of interest to a fixed rate of 4.35% . The original notional amount of $68,800,000 is reduced semi ‑annually by $1,720,000 with a final settlement of $29,240,000 due in July 21, 2020. The effect of derivative instruments on the combined statements of operations is as follows: April 1, 2013 Derivatives not designated as hedging instruments Location of gain/(loss) recognized to July 28, 2013 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Loss on derivatives—net $ |
Financial Instruments (Predeces
Financial Instruments (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Financial Instruments | |
Financial Instruments | 20. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, amounts due from related parties and trade accounts receivable. Our principal financial liabilities consist of long-term bank loan, interest rate swaps, 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 receivable from Helios Pool, and cash and cash equivalents. 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 by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long ‑ term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the RBS Loan Facility and our 2015 Debt Facility. The principal terms of the interest rate swaps are as follows: Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2016 March 31, 2015 RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CMNL (1) July 2013 (8) Nov 2018 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CJNP (2) July 2013 (8) March 2019 % RBS - CNML (3) July 2013 (8) July 2020 % 2015 Debt Facility - Citibank (4) September 2015 March 2022 % — 2015 Debt Facility - ING (5) September 2015 March 2022 % — 2015 Debt Facility - CBA (6) October 2015 March 2022 % — 2015 Debt Facility - Citibank (7) October 2015 March 2022 % — (1) Reduces semi-annually by $1.3 million with a final settlement of $21.7 million due in November 2018. (2) Reduces semi-annually by $1.7 million with final settlement of $28.9 million due in March 2019. (3) Reduces semi-annually by $1.7 million with a final settlement of $27.5 million due in July 2020. (4) Non-amortizing with a final settlement of $200 million in March 2022. (5) Non-amortizing with a final settlement of $50 million in March 2022. (6) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (7) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (8) RBS swaps assumed from Predecessor Businesses in July 2013 (c) Fair Value Measurements: Fair Value on a Recurring Basis: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay for the early termination of the agreements. 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, 2016 March 31, 2015 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 $ — $ $ — $ The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: July 1, 2013 Year ended Year ended (inception) Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2016 March 31, 2015 to March 31, 2014 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ $ $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Gain/(loss) on derivatives, net $ $ $ As of March 31, 2016 and March 31, 2015 , no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the year ended March 31, 2016 or during the year ended March 31, 2015 . Fair value on a non-recurring basis: As of March 31, 2016 and March 31, 2015 , we reviewed the carrying amount and the estimated recoverable amount for each of our vessels. The review for the year ended March 31, 2015 indicated that the carrying amount was not recoverable for our PGC vessel. The fair value is considered a Level 2 item in the fair value hierarchy and is based on our best estimate of the value of the vessel, which is supported by independent vessel appraisals. We recognized an impairment loss of $1.4 million during the year ended March 31, 2015 as further described in Note 6 to the consolidated financial statements. No impairment loss was incurred for the year ended March 31, 2016 . We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the year ended March 31, 2016 or during the year ended March 31, 2015 . (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), 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, 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. We also have long term bank debt for which we believe the historical carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. Cash and cash equivalents and restricted cash are considered Level 1 items. |
Predecessor | |
Financial Instruments | |
Financial Instruments | 14. Financial Instruments The principal financial assets of the Company consist of cash and cash equivalents, amounts due from related parties and trade accounts receivable. The principal financial liabilities of the Company consist of long ‑term bank loans, interest rate swaps, accounts payable, amounts due to related parties and accrued liabilities. (a) Interest rate risk: The Company’s long ‑term bank loans are based on LIBOR and hence the Company is exposed to movements in LIBOR. The Company entered into interest rate swap agreements, discussed in Note 13, in order to hedge its variable interest rate exposure. (b) Concentration of credit risk: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist principally of trade accounts receivable, amounts due from related parties, cash and cash equivalents. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its trade accounts receivable. The Company places its cash and cash equivalents, with high credit quality financial institutions. (c) Fair value: The carrying values of trade accounts receivable, amounts due from related parties, cash and cash equivalents, accounts payable, amounts due to related parties and accrued liabilities are reasonable estimates of their fair value due to the short ‑term nature of these financial instruments. The fair value of long ‑term bank loans approximate the recorded value, due to their variable interest rate, being the LIBOR. LIBOR rates are observable at commonly quoted intervals for the full terms of the loans and hence long ‑term bank loans are considered Level 2 items in accordance with the fair value hierarchy. The interest rate swaps, discussed in Note 13, are stated at fair value. The fair value of the interest rate swaps is determined using a discounted cash flow approach based on market ‑based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that the Company would have to pay for the early termination of the agreements. |
Subsequent Events (Predecessor)
Subsequent Events (Predecessor) | 12 Months Ended |
Mar. 31, 2016 | |
Subsequent Events | |
Subsequent Events | 25. Subsequent Events During April and May 2016, we repurchased and held 497,900 common shares as treasury shares for $5.0 million. |
Predecessor | |
Subsequent Events | |
Subsequent Events | 15. Subsequent Events On July 29, 2013, the following transactions took place: · Cepheus, Lyra and Cetus sold the Captain Nicholas ML , the Captain John NP and the Captain Markos NL to CMNL LPG Transport LLC, CJNP LPG Transport LLC and CNML LPG Transport LLC (being newly created entities of the same shareholders), respectively, which also assumed the related outstanding bank debt and interest rate swaps related to each vessel. · 100% interest in CMNL LPG Transport LLC, CJNP LPG Transport LLC and CNML LPG Transport LLC was contributed to Dorian LPG Ltd. in exchange for equity in Dorian LPG Ltd. · The Grendon was sold to Grendon Tanker LLC, a wholly-owned subsidiary of Dorian LPG Ltd. |
Significant Accounting Polic103
Significant Accounting Policies (Predecessor) (Policies) | 12 Months Ended |
Mar. 31, 2016 | |
Significant Accounting Policies | |
Principles of combination | (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly ‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. |
Use of estimates | (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income, which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus has not presented this in the statement of operations or in a separate statement. |
Foreign currency translation | (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, the Company had no foreign currency derivative instruments. |
Cash and cash equivalents | (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Trade receivables (net) | (f) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero . |
Inventories | (h) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. |
Vessels | (i) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. |
Impairment of long-lived assets | (j) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. |
Vessel depreciation | (k) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. |
Drydocking and special survey costs | (l) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock each of our vessels every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every 2.5 years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. |
Financing costs | (m) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected in Deferred charges in the accompanying consolidated balance sheet. |
Revenue and expenses | (o) Revenues and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Net pool revenue: 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. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge—to discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. 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 the Company 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 accompanying consolidated balance sheet . Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. |
Repairs and maintenance | (p) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. |
Segment reporting | (s) Segment reporting: Each of the Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Derivative Instruments | (t) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. |
Fair value of financial instruments | (u) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. |
Recent accounting pronouncements | (v) Recent accounting pronouncements: In May 2014, the Financial Accounting Standards Board (“FASB”) amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. The standard is effective for annual periods beginning after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption, early adoption is permitted, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2015, the FASB issued accounting guidance amending consolidation analysis which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. The pronouncement is effective prospectively for annual periods beginning after December 15, 2015, and interim periods within that reporting period. The amended guidance will have no impact on our financial statements. In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015 and interim periods within that reporting period, with early adoption permitted. We will adopt this pronouncement on April 1, 2016 and the amount of debt issuance costs that would be classified on our balance sheet as a reduction of debt was $23.7 million as of March 31, 2016 and $13.3 million as of March 31, 2015 . In July 2015, the FASB issued accounting guidance requiring entities to measure most inventory at the lower of cost and net realizable value. The pronouncement is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements. In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, will require a dual approach for lessee accounting under which a lessee would account for leases as finance leases or operating leases. Both finance leases and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee would recognize interest expense and amortization of the right-of-use asset, and for operating leases, the lessee would recognize a straight-line total lease expense. Lessor accounting remains largely unchanged. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The pronouncement is effective prospectively for public business entities for annual periods beginning after December 15, 2018, and interim periods within that reporting period. Early adoption is permitted for all entities. We are currently assessing the impact the amended guidance will have on our financial statements. In March 2016, the FASB issued accounting guidance to simplify the requirements of accounting for share-based payment transactions. The guidance simplifies the accounting for taxes related to stock-based compensation, including adjustments to how excess tax benefits and an entity’s payments for tax withholdings should be classified. Additionally, an entity may make an entity-wide policy election to either estimate the number of awards that are expected to vest or account for forfeitures when they occur. The pronouncement is effective for annual periods beginning after December 15, 2016, and interim periods within that reporting period with early adoption permitted in any interim or annual period. We have early adopted this pronouncement for the year ended March 31, 2016 and have made the entity-wide policy election to account for forfeitures when they occur, which resulted in us recognizing an additional $0.1 million of stock-based compensation for the year ended March 31, 2016 . |
Predecessor | |
Significant Accounting Policies | |
Principles of combination | (a) Principles of combination: The accompanying combined 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 and operating results of the legal entities comprising the Owning Companies as discussed in Note 1, which were all under common management. The combined statements represent an aggregation of the U.S. GAAP financial information of the entities comprising the Owning Companies. All intercompany balances and transactions have been eliminated upon combination. |
Use of estimates | (b) Use of estimates: The preparation of the Predecessor combined financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): The Company follows the accounting guidance relating to Comprehensive Income , which requires separate presentation of certain transactions that are recorded directly as components of stockholders’ equity. The Company has no other comprehensive income/(loss) and accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented. |
Foreign currency translation | (d) Foreign currency translation: The functional currency of the Company is the U.S. Dollar. Each foreign currency transaction is measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of the balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the combined statement of operations. |
Cash and cash equivalents | (e) Cash and cash equivalents: The Company considers highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Trade receivables (net) | (f) Trade receivables (net): Trade receivables (net), reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No allowance for doubtful accounts was recorded for the periods presented. |
Inventories | (g) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or market. Cost is determined by the first in, first out method. |
Vessels | (h) Vessels: Vessels are stated at cost, less accumulated depreciation. The cost of the vessels consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The cost of vessels constructed includes financing costs incurred during the construction period. Subsequent expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. |
Impairment of long-lived assets | (i) Impairment of long ‑lived assets: The Company reviews their vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. In this respect, management regularly reviews the carrying amount of the vessels in connection with the estimated recoverable amount for each of the Company’s vessels. |
Vessel depreciation | (j) Vessel depreciation: Depreciation is computed using the straight ‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate, which is estimated to be $ 400 per lightweight ton. Management of the Owning Companies estimates the useful life of its vessels to be 20 years from the date of initial delivery from the shipyard for VLGC’s and 25 years for PGC vessels. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. |
Drydocking and special survey costs | (k) Drydocking and special survey costs: Drydocking and special survey costs are accounted under deferral method whereby actual costs incurred are deferred and are amortized on a straight ‑line basis over the period through the date the next survey is scheduled to become due. We are required to drydock a vessel once every five years until it reaches 15 years of age, after which we are required to drydock the applicable vessel every two and one ‑half years. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written ‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within “Depreciation and amortization” in the combined statements of operations. |
Financing costs | (l) Financing costs: Financing fees incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding debt extinguishment. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to debt extinguishment. The unamortized financing costs are reflected in Deferred Charges in the accompanying combined balance sheets. |
Revenue and expenses | (m) Revenue and expenses: Revenue is recognized when an agreement exists, the vessel is made available to the charterer or services are provided, the charter hire is determinable and collection of the related revenue is reasonably assured. Time charter revenue: Time charter revenues are recorded ratably over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Accrued revenue results from straight ‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non ‑current. Revenues earned through the profit sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Voyage charter revenue: Under a voyage charter, the revenues are recognized on a pro ‑rata basis over the duration of the voyage determined on a discharge-to-discharge port basis but the Company does not begin recognizing revenue until a charter has been agreed to by the customer and the Company, even if the vessel has discharged its cargo and is sailing to the anticipated load port for its next voyage. In the event a vessel is 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 the Company to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Commissions: Charter hire commissions to brokers or the Manager are deferred and amortized over the related charter period and are included in Voyage expenses. Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores, and other miscellaneous expenses. |
Repairs and maintenance | (n) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. |
Segment reporting | (o) Segment reporting: Each of the Owning Company’s vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, the Company has determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Derivative Instruments | (p) Derivative Instruments: The Company enters into interest rate swap agreements to manage its exposure to fluctuations of interest rate risk associated with its borrowings. All derivatives are recognized in the combined financial statements at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis. When such derivatives do not qualify for hedge accounting, the Company recognizes their fair value changes in current period earnings. |
Fair value of financial instruments | (q) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: 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. |
Recent accounting pronouncements | (r) Recent accounting pronouncements: There are no recent accounting pronouncements the adoption of which would have a material effect on the Company’s combined financial statements in the current period or expected to have an impact on future periods. |
Basis of Presentation and Ge104
Basis of Presentation and General Information (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation and General Information | |
Schedule of the entities that are presented in a single combined set of financial statements in order to present the track record of management team | 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, 2016 are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 CJNP LPG Transport LLC VLGC Captain John NP 2007 CMNL LPG Transport LLC VLGC Captain Markos NL 2006 Comet LPG Transport LLC VLGC Comet 2014 Corsair LPG Transport LLC VLGC Corsair 2014 Corvette LPG Transport LLC VLGC Corvette 2015 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 Concorde LPG Transport LLC VLGC Concorde 2015 Dorian Houston LPG Transport LLC VLGC Cobra 2015 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 Constellation LPG Transport LLC VLGC Constellation 2015 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 Commander LPG Transport LLC VLGC Commander 2015 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 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) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (2) (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Owner of the Pressurized Gas Carrier (“PGC”) Grendon until it was sold in February 2016 |
Predecessor | |
Basis of Presentation and General Information | |
Schedule of the entities that are presented in a single combined set of financial statements in order to present the track record of management team | Date of Type of Vessel owning Company incorporation vessel (3) Vessel's name Built CBM (2) Cepheus Transport Ltd. (Cepheus) (1) March 17, 2004 VLGC Captain Nicholas ML 2008 Lyra Gas Transport Ltd (Lyra) (1) January 30, 2005 VLGC Captain John NP 2007 Cetus Transport Ltd. (Cetus) (1) January 27, 2004 VLGC Captain Markos NL 2006 Orion Tankers Limited (Orion) (1) October 26, 2005 PGC Grendon 1996 (1) Incorporated in Republic of Liberia. (2) CBM: Cubic meters, a standard measure for LPG tanker capacity. (3) Very Large Gas Carrier (“VLGC”), Pressurized Gas Carrier (“PGC”) |
Schedule of charterers that individually accounted for more than 10% of the Company's revenue | % of revenue Charterer April 1, 2013 to July 28, 2013 Statoil Hydro ASA % Petredec Ltd. % E1Corp. % Astomos Energy Corporation % |
Transactions with Related Pa105
Transactions with Related Parties (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Predecessor | |
Transactions with Related Parties | |
Schedule of amounts charged by the Manager included in combined statement of operations | April 1, 2013 to July 28, 2013 (i) Charter hire commissions , included in Voyage expenses—related party $ (ii) Management fees $ |
Vessels, Net (Predecessor) (Tab
Vessels, Net (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2015 $ $ $ Vessels delivered — Impairment (1) Depreciation — Balance, March 31, 2015 Vessels delivered — Other additions — Disposals Depreciation — Balance, March 31, 2016 $ $ $ (1) We recognized no impairment losses for the year ended March 31, 2016 , and a non-cash impairment loss of $1.4 million for the year ended March 31, 2015 . We prepared future undiscounted cash flows for the PGC vessel as there were indicators of impairment for this size vessel, which provided evidence that the book value was not recoverable. |
Predecessor | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Net book Vessel cost depreciation value Balance, April 1, 2013 $ $ $ Vessel improvements — Depreciation — Balance, July 28, 2013 $ $ $ |
Deferred Charges, Net (Prede107
Deferred Charges, Net (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Deferred Charges, Net | |
Schedule of deferred charges | Financing Drydocking Equity Total deferred costs costs offering costs charges, net Balance, April 1, 2014 $ $ $ $ Additions Amortization — Transferred to APIC — — Balance, March 31, 2015 — Additions — — Amortization — Balance, March 31, 2016 $ $ $ — $ |
Predecessor | |
Deferred Charges, Net | |
Schedule of deferred charges | Financing Drydocking costs costs Total April 1, 2013 $ $ $ Amortization July 28, 2013 $ $ $ |
Owners Capital (Predecessor) (T
Owners Capital (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Predecessor | |
Owners' Capital | |
Schedule of share holders | Ship-owning entity Date of incorporation Cetus Transport Ltd. March 17, 2004 Lyra Gas Transport Ltd. January 30, 2005 Cepheus Transport Ltd. January 27, 2004 Orion Tankers Limited October 26,2005 |
Revenues (Predecessor) (Tables)
Revenues (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Revenues | |
Schedule of revenues | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Net pool revenues—related party $ $ — $ — Voyage charter revenues Time charter revenues Other revenues Total $ $ $ |
Predecessor | |
Revenues | |
Schedule of revenues | April 1, 2013 to July 28, 2013 Time charter revenue $ Voyage charter revenue Other income Total $ |
Voyage Expenses (Predecessor) (
Voyage Expenses (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Voyage Expenses | |
Schedule of voyage expenses, including voyage expenses - related party | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 to March 31, 2014 Bunkers $ $ $ Port charges and other related expenses Brokers’ commissions Security cost War risk insurances Other voyage expenses Total $ $ $ |
Predecessor | |
Voyage Expenses | |
Schedule of voyage expenses, including voyage expenses - related party | April 1, 2013 to July 28, 2013 Brokers commission $ Bunkers Port charges and other related expenses Security cost War risk insurances Other voyage expenses Total voyage expenses $ |
Vessel Operating Expenses (P111
Vessel Operating Expenses (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Vessel Operating Expenses | |
Schedule of vessel operating expenses | Year ended Year ended July 1, 2013 (inception) March 31, 2016 March 31, 2015 March 31, 2014 Crew wages and related costs $ $ $ Spares and stores Insurance Lubricants Repairs and maintenance costs Miscellaneous expenses Total $ $ $ |
Predecessor | |
Vessel Operating Expenses | |
Schedule of vessel operating expenses | April 1, 2013 to July 28, 2013 Crew wages and related costs $ Spares and stores Lubricants Insurance Repairs and maintenance costs Miscellaneous expenses Total $ |
Derivative Instruments (Pred112
Derivative Instruments (Predecessor) (Tables) | 12 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments | |
Schedule of effect of derivative instruments on the combined statements of operations | July 1, 2013 Year ended Year ended (inception) Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2016 March 31, 2015 to March 31, 2014 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ $ $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Gain/(loss) on derivatives, net $ $ $ |
Predecessor | |
Derivative Instruments | |
Schedule of effect of derivative instruments on the combined statements of operations | April 1, 2013 Derivatives not designated as hedging instruments Location of gain/(loss) recognized to July 28, 2013 Interest Rate Swap—Change in fair value Gain/(loss) on derivatives, net $ Interest Rate Swap—Realized loss Gain/(loss) on derivatives, net Loss on derivatives—net $ |
Basis of Presentation and Ge113
Basis of Presentation and General Information (Predecessor) (Details) - Predecessor | Jul. 28, 2013m³ |
Cepheus | |
Vessel owning Company | |
Capacity of vessel (in cubic meters) | 82,000 |
Lyra | |
Vessel owning Company | |
Capacity of vessel (in cubic meters) | 82,000 |
Cetus | |
Vessel owning Company | |
Capacity of vessel (in cubic meters) | 82,000 |
Orion | |
Vessel owning Company | |
Capacity of vessel (in cubic meters) | 5,000 |
Basis of Presentation and Ge114
Basis of Presentation and General Information (Predecessor) (ConcRisk) (Details) - Predecessor - Revenue - Customer concentration | 4 Months Ended |
Jul. 28, 2013 | |
Statoil ASA | |
Charterers individually accounting for more than 10% of revenues | |
Percentage of total revenues | 49.00% |
Petredec Ltd | |
Charterers individually accounting for more than 10% of revenues | |
Percentage of total revenues | 18.00% |
E1Corp | |
Charterers individually accounting for more than 10% of revenues | |
Percentage of total revenues | 19.00% |
Astomos Energy Corporation | |
Charterers individually accounting for more than 10% of revenues | |
Percentage of total revenues | 12.00% |
Significant Accounting Polic115
Significant Accounting Policies (Predecessor) (Details) - USD ($) | Jul. 28, 2013 | Jun. 30, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 |
Other comprehensive income/loss: | |||||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 | ||
Trade receivables (net): | |||||
Allowance for doubtful accounts | $ 0 | $ 0 | |||
Predecessor | |||||
Other comprehensive income/loss: | |||||
Other comprehensive income/(loss) | $ 0 | $ 0 | |||
Trade receivables (net): | |||||
Allowance for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polic116
Significant Accounting Policies (Predecessor) (PPE) (Details) | 4 Months Ended | 12 Months Ended |
Jul. 28, 2013USD ($)item | Mar. 31, 2016item | |
Segment reporting: | ||
Number of reportable segment | 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 after 15 years | 2 years 6 months | |
Predecessor | ||
Segment reporting: | ||
Number of reportable segment | 1 | |
Predecessor | Vessels | ||
Vessels, Net | ||
Estimated scrap rate per lightweight ton | $ | $ 400 | |
Initial drydocking period | 5 years | |
Number of years for initial drydocking requirement | 15 years | |
Drydocking period after 15 years | 2 years 6 months | |
Predecessor | VLGC vessels | ||
Vessels, Net | ||
Useful life of vessels | 20 years | |
Predecessor | PGC vessels | ||
Vessels, Net | ||
Useful life of vessels | 25 years |
Transactions with Related Pa117
Transactions with Related Parties (Predecessor) (Details) - Manager - USD ($) | Jul. 26, 2013 | Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 |
Transactions with Related Parties | |||||
Fixed monthly management fee | $ 93,750 | ||||
Management fees | $ 3,100,000 | $ 0 | $ 1,100,000 | ||
Predecessor | |||||
Transactions with Related Parties | |||||
Initial term of agreement entered into with the related party by the entity | 12 months | ||||
Period of written advance notice of termination after initial termination period | 2 months | ||||
Commission as a percentage of contract price | 1.00% | ||||
Charter hire commissions, included in Voyage expenses-related party | $ 198,360 | ||||
Management fees | $ 601,202 | ||||
Predecessor | VLGC vessels | |||||
Transactions with Related Parties | |||||
Charter hire commission (as a percent) | 1.25% | ||||
Fixed monthly management fee | $ 40,000 | ||||
Predecessor | PGC vessels | |||||
Transactions with Related Parties | |||||
Charter hire commission (as a percent) | 2.00% | ||||
Fixed monthly management fee | $ 32,000 |
Vessels, Net (Predecessor) (Det
Vessels, Net (Predecessor) (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |||
Jul. 28, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Accumulated depreciation | |||||
Vessels, net | $ 1,667,224,476 | $ 419,976,053 | |||
Vessels | |||||
Cost | |||||
Balance at the beginning of the period | 439,180,669 | 201,390,135 | |||
Balance at the end of the period | 1,727,979,929 | 439,180,669 | |||
Accumulated depreciation | |||||
Balance at the beginning of the period | (19,204,616) | (6,555,269) | |||
Depreciation | (41,980,051) | (13,842,529) | |||
Balance at the end of the period | (60,755,453) | (19,204,616) | |||
Vessels, net | $ 1,667,224,476 | $ 419,976,053 | $ 194,834,866 | ||
Predecessor | Vessels | |||||
Cost | |||||
Balance at the beginning of the period | $ 252,493,282 | ||||
Vessel improvements | 90,492 | ||||
Balance at the end of the period | 252,583,774 | ||||
Accumulated depreciation | |||||
Balance at the beginning of the period | (65,415,560) | ||||
Depreciation | (3,839,271) | ||||
Balance at the end of the period | (69,254,831) | ||||
Vessels, net | $ 183,328,943 | $ 187,077,722 |
Deferred Charges, Net (Prede119
Deferred Charges, Net (Predecessor) (Details) - USD ($) | 4 Months Ended | 12 Months Ended | |
Jul. 28, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | |
Movement in deferred charges, net | |||
Balance at the beginning of the period | $ 13,965,921 | $ 2,555,674 | |
Amortization | (2,873,955) | (1,020,108) | |
Balance at the end of the period | 24,043,051 | 13,965,921 | |
Financing costs | |||
Movement in deferred charges, net | |||
Balance at the beginning of the period | 13,296,216 | 716,040 | |
Amortization | (2,499,185) | (830,899) | |
Balance at the end of the period | 23,748,116 | 13,296,216 | |
Drydocking costs | |||
Movement in deferred charges, net | |||
Balance at the beginning of the period | 669,705 | 535,291 | |
Amortization | (374,770) | (189,209) | |
Balance at the end of the period | $ 294,935 | $ 669,705 | |
Predecessor | |||
Movement in deferred charges, net | |||
Balance at the beginning of the period | $ 1,211,863 | ||
Amortization | (131,475) | ||
Balance at the end of the period | 1,080,388 | ||
Predecessor | Financing costs | |||
Movement in deferred charges, net | |||
Balance at the beginning of the period | 262,355 | ||
Amortization | (15,437) | ||
Balance at the end of the period | 246,918 | ||
Predecessor | Drydocking costs | |||
Movement in deferred charges, net | |||
Balance at the beginning of the period | 949,508 | ||
Amortization | (116,038) | ||
Balance at the end of the period | $ 833,470 |
Owners Capital (Predecessor) (D
Owners Capital (Predecessor) (Details) | 4 Months Ended | 12 Months Ended | |
Jul. 28, 2013item$ / sharesshares | Mar. 31, 2016item | Jul. 01, 2013$ / sharesshares | |
Owners' Capital | |||
Number of registered and/or bearer shares into which authorized share capital of each ship owning entity is divided | shares | 500,000,000 | ||
Par value of registered and/or bearer shares of each ship owning entity (in dollars per share) | $ / shares | $ 0.01 | ||
Number of votes entitled to shareholders | item | 1 | ||
Predecessor | |||
Owners' Capital | |||
Number of registered and/or bearer shares into which authorized share capital of each ship owning entity is divided | shares | 500 | ||
Par value of registered and/or bearer shares of each ship owning entity (in dollars per share) | $ / shares | $ 0 | ||
Number of votes entitled to shareholders | item | 1 |
Revenues (Predecessor) (Details
Revenues (Predecessor) (Details) - USD ($) | 3 Months Ended | 4 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||||||||||||
Time charter revenues | $ 17,602,137 | $ 38,737,172 | $ 26,098,290 | |||||||||
Voyage charter revenues | 11,210,785 | 46,194,134 | 77,331,934 | |||||||||
Other income | 820,778 | 1,358,291 | 698,925 | |||||||||
Total revenues | $ 85,335,229 | $ 93,283,708 | $ 74,946,432 | $ 35,642,460 | $ 35,333,108 | $ 32,583,990 | $ 20,358,211 | $ 15,853,840 | 29,633,700 | 289,207,829 | 104,129,149 | |
Profit-sharing revenue | $ 6,100,000 | $ 0 | $ 7,800,000 | |||||||||
Predecessor | ||||||||||||
Revenues | ||||||||||||
Time charter revenues | $ 8,850,543 | |||||||||||
Voyage charter revenues | 6,236,525 | |||||||||||
Other income | 296,048 | |||||||||||
Total revenues | 15,383,116 | |||||||||||
Profit-sharing revenue | $ 2,702,635 |
Voyage Expenses (Predecessor122
Voyage Expenses (Predecessor) (Details) - USD ($) | 4 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Voyage Expenses | ||||
Brokers commission | $ 386,244 | $ 1,335,584 | $ 1,703,589 | |
Bunkers | 5,271,126 | 7,240,544 | 15,678,905 | |
Port charges and other related expenses | 552,634 | 2,558,697 | 3,603,707 | |
Security cost | 298,820 | 370,762 | 709,035 | |
War risk insurances | 37,001 | 219,261 | 146,320 | |
Other voyage expenses | 125,146 | 339,834 | 240,300 | |
Total voyage expenses | $ 6,670,971 | $ 12,064,682 | $ 22,081,856 | |
Predecessor | ||||
Voyage Expenses | ||||
Brokers commission | $ 396,720 | |||
Bunkers | 2,755,445 | |||
Port charges and other related expenses | 391,091 | |||
Security cost | 206,940 | |||
War risk insurances | 26,673 | |||
Other voyage expenses | 45,363 | |||
Total voyage expenses | $ 3,822,232 |
Vessel Operating Expenses (P123
Vessel Operating Expenses (Predecessor) (Details) - USD ($) | 4 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Vessel Operating Expenses | ||||
Crew wages and related costs | $ 5,306,441 | $ 31,449,090 | $ 14,529,018 | |
Spares and stores | 1,395,287 | 6,403,785 | 2,666,100 | |
Lubricants | 480,279 | 2,489,494 | 964,951 | |
Insurance | 566,021 | 3,527,386 | 1,343,071 | |
Repairs and maintenance costs | 502,424 | 2,076,576 | 1,315,028 | |
Miscellaneous expenses | 144,507 | 1,173,659 | 437,997 | |
Total | $ 8,394,959 | $ 47,119,990 | $ 21,256,165 | |
Predecessor | ||||
Vessel Operating Expenses | ||||
Crew wages and related costs | $ 2,519,315 | |||
Spares and stores | 1,284,161 | |||
Lubricants | 176,502 | |||
Insurance | 298,249 | |||
Repairs and maintenance costs | 279,921 | |||
Miscellaneous expenses | 80,577 | |||
Total | $ 4,638,725 |
Interest and Finance Cost (P124
Interest and Finance Cost (Predecessor) (Details) - USD ($) | 4 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Interest and Finance Cost | ||||
Interest on long-term debt | $ 1,666,159 | $ 14,350,900 | $ 2,657,943 | |
Other finance costs | $ 84,251 | $ 715,942 | $ 301,868 | |
Predecessor | ||||
Interest and Finance Cost | ||||
Interest on long-term debt | $ 659,832 | |||
Other finance costs | $ 102,983 |
Income Taxes (Predecessor) (Det
Income Taxes (Predecessor) (Details) - U.S. | Mar. 31, 2016 | Jul. 28, 2013 |
Income Taxes | ||
Tax rate on foreign shipping income (as a percent) | 4.00% | |
Predecessor | ||
Income Taxes | ||
Tax rate on foreign shipping income (as a percent) | 4.00% |
Derivative Instruments (Pred126
Derivative Instruments (Predecessor) (Details) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2013USD ($)item | Feb. 07, 2012USD ($) | Jan. 08, 2009USD ($) | Apr. 03, 2007USD ($) |
Interest rate swaps | ||||||
Derivative Instruments | ||||||
Nominal value | $ 564,902,000 | $ 117,924,000 | ||||
Predecessor | Interest rate swaps | ||||||
Derivative Instruments | ||||||
Number of interest rate swaps | item | 5 | |||||
Nominal value | $ 136,718,000 | |||||
Predecessor | Interest rate swaps | Cetus | ||||||
Derivative Instruments | ||||||
Nominal value | $ 51,140,000 | |||||
Semi-annual reduction of notional amount | 1,278,500 | |||||
Final settlement amount | $ 20,456,000 | |||||
Predecessor | Interest rate swaps | Lyra | ||||||
Derivative Instruments | ||||||
Nominal value | $ 64,146,313 | |||||
Semi-annual reduction of notional amount | 1,700,000 | |||||
Final settlement amount | $ 28,900,000 | |||||
Predecessor | 5.395% interest rate swap due on Nov 2018 | Cetus | ||||||
Derivative Instruments | ||||||
Fixed interest rate (as a percent) | 5.395% | |||||
Predecessor | 4.936% interest rate swap due on Nov 2018 | Cetus | ||||||
Derivative Instruments | ||||||
Fixed interest rate (as a percent) | 4.936% | |||||
Predecessor | 4.772% interest rate swap due on March 2019 | Lyra | ||||||
Derivative Instruments | ||||||
Fixed interest rate (as a percent) | 4.772% | |||||
Predecessor | 2.960% interest rate swap due on March 2019 | Lyra | ||||||
Derivative Instruments | ||||||
Fixed interest rate (as a percent) | 2.96% | |||||
Predecessor | 4.350% interest rate swap due on July 2020 | Cepheus | ||||||
Derivative Instruments | ||||||
Nominal value | $ 68,800,000 | |||||
Fixed interest rate (as a percent) | 4.35% | |||||
Semi-annual reduction of notional amount | $ 1,720,000 | |||||
Final settlement amount | $ 29,240,000 |
Derivative Instruments (Pred127
Derivative Instruments (Predecessor) (Ops) (Details) - USD ($) | 4 Months Ended | 9 Months Ended | 12 Months Ended | |
Jul. 28, 2013 | Mar. 31, 2014 | Mar. 31, 2016 | Mar. 31, 2015 | |
Effect of derivative instruments on the combined statements of operations | ||||
Change in fair value | $ 2,623,456 | $ (8,917,503) | $ 1,331,954 | |
Gain/(loss) on derivatives, net | (1,104,001) | (15,775,629) | (3,959,203) | |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | ||||
Effect of derivative instruments on the combined statements of operations | ||||
Gain/(loss) on derivatives, net | (1,104,001) | (15,775,629) | (3,959,203) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | ||||
Effect of derivative instruments on the combined statements of operations | ||||
Change in fair value | 2,623,456 | (8,917,503) | 1,331,954 | |
Realized loss | $ (3,727,457) | $ (6,858,126) | $ (5,291,157) | |
Predecessor | ||||
Effect of derivative instruments on the combined statements of operations | ||||
Change in fair value | $ 4,684,006 | |||
Gain/(loss) on derivatives, net | 2,830,205 | |||
Predecessor | Interest rate swaps | Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | ||||
Effect of derivative instruments on the combined statements of operations | ||||
Change in fair value | 4,684,007 | |||
Realized loss | (1,853,802) | |||
Gain/(loss) on derivatives, net | $ 2,830,205 |
Subsequent Events (Predecess128
Subsequent Events (Predecessor) (Details) - Business combination - Dorian Holdings | Jul. 29, 2013 |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
CMNL | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
CJNP | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
CNML | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
Predecessor | CMNL | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
Predecessor | CJNP | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
Predecessor | CNML | |
Subsequent Events | |
Interest transferred to Dorian LPG Ltd. (as a percent) | 100.00% |
Uncategorized Items - lpg-20160
Label | Element | Value |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 229,991,012 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 362,198,636 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 97,175,941 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 25,863,564 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 123,240,560 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 4,338,356 |
Additional Paid In Capital [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 229,804,569 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 361,957,921 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 97,119,449 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 25,849,437 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 123,169,507 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 4,335,901 |
Common Stock [Member] | ||
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 186,443 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 240,715 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 56,492 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 14,127 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | 71,053 |
Stock Issued During Period, Value, New Issues | us-gaap_StockIssuedDuringPeriodValueNewIssues | $ 2,455 |