Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Dec. 31, 2016 | Jan. 26, 2017 | |
Document and Entity Information | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 1,596,993 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,967,332 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 31,839,639 | $ 46,411,962 |
Trade receivables, net and accrued revenues | 1,382,311 | 107,317 |
Prepaid expenses and other receivables | 2,079,074 | 2,247,706 |
Due from related parties | 24,693,405 | 54,504,359 |
Inventories | 2,886,237 | 2,288,073 |
Total current assets | 62,880,666 | 105,559,417 |
Fixed assets | ||
Vessels, net | 1,619,392,122 | 1,667,224,476 |
Other fixed assets, net | 386,288 | 591,288 |
Total fixed assets | 1,619,778,410 | 1,667,815,764 |
Other non-current assets | ||
Deferred charges, net | 1,886,686 | 294,935 |
Derivative instruments | 4,961,435 | |
Due from related parties—non-current | 19,800,000 | 17,600,000 |
Restricted cash | 50,812,789 | 50,812,789 |
Other non-current assets | 93,417 | 95,271 |
Total assets | 1,760,213,403 | 1,842,178,176 |
Current liabilities | ||
Trade accounts payable | 5,699,438 | 6,826,503 |
Accrued expenses | 5,756,643 | 9,721,477 |
Due to related parties | 556,364 | 708,210 |
Deferred income | 8,110,293 | 4,606,540 |
Current portion of long-term debt | 65,978,786 | 66,265,643 |
Total current liabilities | 86,101,524 | 88,128,373 |
Long-term liabilities | ||
Long-term debt—net of current portion and deferred financing fees | 700,715,644 | 746,354,613 |
Derivative instruments | 69,750 | 21,647,965 |
Other long-term liabilities | 427,008 | 447,988 |
Total long-term liabilities | 701,212,402 | 768,450,566 |
Total liabilities | 787,313,926 | 856,578,939 |
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, 58,335,007 and 58,057,493 shares issued, 54,967,332 and 56,125,028 shares outstanding (net of treasury stock), as of December 31, 2016 and March 31, 2016, respectively | 583,350 | 580,575 |
Additional paid-in-capital | 851,827,474 | 848,179,471 |
Treasury stock, at cost; 3,367,675 and 1,932,465 shares as of December 31, 2016 and March 31, 2016, respectively | (33,897,269) | (20,943,816) |
Retained earnings | 154,385,922 | 157,783,007 |
Total shareholders' equity | 972,899,477 | 985,599,237 |
Total liabilities and shareholders' equity | $ 1,760,213,403 | $ 1,842,178,176 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Mar. 31, 2016 |
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 | 58,335,007 | 58,057,493 |
Common stock, shares outstanding | 54,967,332 | 56,125,028 |
Treasury stock, shares at cost | 3,367,675 | 1,932,465 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues. | ||||
Net pool revenues—related party | $ 22,301,512 | $ 66,044,777 | $ 80,798,208 | $ 130,701,023 |
Time charter revenues | 11,921,875 | 11,237,746 | 36,919,910 | 26,169,581 |
Voyage charter revenues | 1,296,952 | 15,567,844 | 1,296,952 | 46,013,858 |
Other revenues | 214,649 | 433,341 | 846,927 | 988,138 |
Total revenues | 35,734,988 | 93,283,708 | 119,861,997 | 203,872,600 |
Expenses | ||||
Voyage expenses | 1,193,265 | 4,347,222 | 2,415,287 | 11,411,841 |
Vessel operating expenses | 17,114,358 | 14,265,183 | 49,549,255 | 30,479,158 |
Depreciation and amortization | 16,385,921 | 13,536,900 | 48,944,183 | 26,697,882 |
General and administrative expenses | 5,166,239 | 7,506,740 | 15,981,464 | 20,002,555 |
Loss on disposal of assets | 105,549 | |||
Total expenses | 39,859,783 | 39,656,045 | 116,890,189 | 88,696,985 |
Other income—related party | 670,836 | 383,642 | 1,776,659 | 1,150,927 |
Operating income/(loss) | (3,453,959) | 54,011,305 | 4,748,467 | 116,326,542 |
Other income/(expenses) | ||||
Interest and finance costs | (7,332,260) | (4,633,454) | (21,530,588) | (5,700,583) |
Interest income | 27,711 | 22,382 | 81,206 | 137,226 |
Unrealized gain on derivatives | 24,381,306 | 7,389,868 | 26,539,650 | 3,665,324 |
Realized loss on derivatives | (8,390,014) | (2,007,426) | (12,980,717) | (4,482,250) |
Foreign currency loss, net | (193,160) | (121,352) | (255,103) | (418,789) |
Total other income/(expenses), net | 8,493,583 | 650,018 | (8,145,552) | (6,799,072) |
Net income/(loss) | $ 5,039,624 | $ 54,661,323 | $ (3,397,085) | $ 109,527,470 |
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.09 | $ 0.97 | $ (0.06) | $ 1.92 |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.09 | $ 0.97 | $ (0.06) | $ 1.92 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings/(Accumulated deficit) | Total |
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/(loss) | 109,527,470 | 109,527,470 | |||
Stock-based compensation | 2,684,152 | 2,684,152 | |||
Purchase of treasury stock | $ (10,070,645) | (10,070,645) | |||
Balance at Dec. 31, 2015 | $ 580,575 | (10,070,645) | 847,223,211 | 137,622,095 | 975,355,236 |
Balance (in shares) at Dec. 31, 2015 | 58,057,493 | ||||
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 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) | (3,397,085) | (3,397,085) | |||
Restricted share award issuances | $ 2,775 | (2,775) | |||
Restricted share award issuances (in shares) | 277,514 | ||||
Stock-based compensation | 3,650,778 | 3,650,778 | |||
Purchase of treasury stock | (12,953,453) | (12,953,453) | |||
Balance at Dec. 31, 2016 | $ 583,350 | $ (33,897,269) | $ 851,827,474 | $ 154,385,922 | $ 972,899,477 |
Balance (in shares) at Dec. 31, 2016 | 58,335,007 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 9 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | ||
Net income/(loss) | $ (3,397,085) | $ 109,527,470 |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 48,944,183 | 26,697,882 |
Amortization of financing costs | 2,820,407 | 1,553,730 |
Unrealized gain on derivatives | (26,539,650) | (3,665,324) |
Stock-based compensation expense | 3,238,940 | 3,050,819 |
Loss on disposal of assets | 105,549 | |
Unrealized exchange differences | 346,165 | 322,455 |
Other non-cash items | 256,630 | 61,323 |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | (1,274,994) | 10,305,211 |
Prepaid expenses and other receivables | 168,632 | (2,253,247) |
Due from related parties | 27,610,954 | (73,632,993) |
Inventories | (598,164) | 1,252,001 |
Other non-current assets | 1,854 | (8) |
Trade accounts payable | (1,460,727) | 3,386,722 |
Accrued expenses and other liabilities | (227,353) | 6,241,601 |
Due to related parties | (151,846) | 32,127 |
Payments for drydocking costs | (533,096) | |
Net cash provided by operating activities | 49,204,850 | 82,985,318 |
Cash flows from investing activities: | ||
Payments for vessels and vessels under construction | (1,755,832) | (839,065,088) |
Restricted cash deposits | (16,502,789) | |
Proceeds from disposal of assets | 136,660 | |
Payments to acquire other fixed assets | (7,029) | (443,417) |
Net cash used in investing activities | (1,762,861) | (855,874,634) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 634,648,196 | |
Repayment of long-term debt borrowings | (48,646,448) | (20,939,276) |
Purchase of treasury stock | (12,953,453) | (10,070,645) |
Financing costs paid | (99,785) | (13,210,445) |
Net cash (used in)/provided by financing activities | (61,699,686) | 590,427,830 |
Effects of exchange rates on cash and cash equivalents | (314,626) | (324,778) |
Net decrease in cash and cash equivalents | (14,572,323) | (182,786,264) |
Cash and cash equivalents at the beginning of the period | 46,411,962 | 204,821,183 |
Cash and cash equivalents at the end of the period | $ 31,839,639 | $ 22,034,919 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 9 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Unaudited Condensed Consolidated Financial Statement (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas ("LPG") worldwide through the ownership and operation of LPG tankers. Dorian and its subsidiaries (together "we", “us”, "our", "DLPG" 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. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship. The accompanying unaudited condensed consolidated financial statements and related notes (the "Financial Statements") have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the Financial Statements. The Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2016 included in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on May 31, 2016, as subsequently amended. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of December 31, 2016, which are all wholly-owned and are incorporated in Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 2006 CJNP LPG Transport LLC VLGC Captain John NP 2007 CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 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 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Dec. 31, 2016 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as were applied in the preparation of our audited financial statements for the year ended March 31, 2016 (see Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016). In November 2016, the Financial Accounting Standards Board (the “FASB”) issued accounting guidance to require that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The pronouncement is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. We are currently assessing the impact the amended guidance will have on our financial statements. In August 2016, the FASB issued accounting guidance addressing specific cash flow issues with the objective of reducing the existing diversity in practice. The pronouncement is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We do not believe that the impact of the adoption of this amended guidance will have a material effect 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 and have made the entity-wide policy election to account for forfeitures when they occur. The amended guidance had no significant impact on our financial statements for the three and nine months ended December 31, 2016. 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 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 April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs, which we adopted in April 2016. 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. The reclassification does not impact net income/(loss) as previously reported or any prior amounts reported on the consolidated statements of comprehensive income, or the consolidated statements of cash flows. The effect of the retrospective application of this change in accounting principle on our consolidated balance sheets as of December 31, 2016 and March 31, 2016 resulted in a reduction of “Deferred charges, net” and “Total assets” in the amount of $21.0 million and $23.7 million, respectively, with a corresponding reduction of “Long-term debt—net of current portion” and “Total long-term liabilities.” In May 2014, the 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. In August 2015, the FASB voted to defer the effective date by one year for fiscal years beginning on or after December 15, 2017 and interim periods within that reporting period and permit early adoption of the standard, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 9 Months Ended |
Dec. 31, 2016 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas), S.A. As of July 1, 2014, vessel management services and the associated agreements for our fleet were transferred from Dorian (Hellas), S.A. (“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, Inc. (“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 $0.1 million and $0.2 million for the three months ended December 31, 2016 and 2015, respectively, and $0.3 million and $0.6 million for the nine months ended December 31, 2016 and 2015, respectively. Such expenses are reimbursed based on their actual cost. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million and less than $0.1 million for the three months ended December 31, 2016 and 2015, respectively, and $0.3 million and $0.1 million for the nine months ended December 31, 2016 and 2015, respectively. As of December 31, 2016, $1.2 million was due from DHSA and included in “Due from related parties” in the unaudited condensed consolidated balance sheets and $0.5 million was due to DHSA and included in “Due to related parties” in the unaudited condensed consolidated balance sheets. As of March 31, 2016, $0.9 million was due from DHSA and included in “Due from related parties” in the unaudited condensed consolidated balance sheets and $0.5 million was due to DHSA and included in “Due to related parties” in the unaudited condensed consolidated balance sheets. Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. In March 2016, the Helios Pool reached an agreement with Oriental Energy Company Ltd. ("Oriental Energy") whereby Oriental Energy would contribute certain vessels to the Helios Pool, have certain of its vessels time chartered by the Helios Pool and simultaneously enter into a multi-year contract of affreightment covering Oriental Energy’s shipments from the United States Gulf. 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 December 31, 2016, the Helios Pool operated twenty-four VLGCs, including seventeen of our vessels, three Oriental Energy vessels and four Phoenix vessels. As of December 31, 2016, we had receivables from the Helios Pool of $43.2 million, including $19.8 million of working capital contributed for the operation of our vessels in the 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 December 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 unaudited condensed consolidated statement of operations and were $0.6 million and $0.4 million for the three months ended December 31, 2016 and 2015, respectively, and were $1.5 million and $1.1 million for the nine months ended December 31, 2016 and 2015, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.2 million and $0.3 million for the three months ended December 31, 2016 and 2015, respectively, and $0.7 million and $0.6 million for the nine months ended December 31, 2016 and 2015, respectively, and are included in “Other revenues” in the unaudited condensed consolidated statement of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the three and nine months ended December 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, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all the pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. We recognize net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned is presented in Note 8. Artwork During the three and nine months ended December 31, 2015, we purchased less than $0.1 and $0.1 million, respectively, of artwork for newbuilding vessels, which have been capitalized and presented in “Vessels, net” in the unaudited condensed consolidated balance sheets, for our Athens, Greece office and for a shipyard, which are included in “General and administrative expenses” in the unaudited condensed consolidated statement of operations. The artist is a relative of one of our executive officers. No artwork was purchased during the three and nine months ended December 31, 2016. |
Deferred Charges, Net
Deferred Charges, Net | 9 Months Ended |
Dec. 31, 2016 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Drydocking costs Balance, April 1, 2016 $ Additions Amortization Balance, December 31, 2016 $ The drydocking costs incurred during the nine months ended December 31, 2016 relate to the drydocking of two of our VLGCs. |
Vessels, Net
Vessels, Net | 9 Months Ended |
Dec. 31, 2016 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2016 $ $ $ Additions — Transfers out — Depreciation — Balance, December 31, 2016 $ $ $ Additions to vessels, net were largely due to capital improvements made to two of our VLGCs during the nine months ended December 31, 2016. Vessels, with a total carrying value of $1,619.4 million and $1,667.2 million as of December 31, 2016 and March 31, 2016, respectively, are first‑priority mortgaged as collateral for our long-term debt facilities (refer to Note 6 below). No impairment loss was recorded for the periods presented. |
Long-Term Debt
Long-Term Debt | 9 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt | |
Long-Term Debt | 6. Long-term Debt RBS Loan Facility - refer to Note 11 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016 for information on the RBS Loan Facility. 2015 Debt Facility – refer to Note 11 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016 for information on the 2015 Debt Facility. Debt Obligations The table below presents our debt obligations: RBS secured bank debt December 31, 2016 March 31, 2016 Tranche A $ $ Tranche B Tranche C Total RBS secured bank debt $ $ 2015 Debt Facility Commercial Financing $ $ KEXIM Direct Financing KEXIM Guaranteed K-sure Insured Total 2015 Debt Facility $ $ Total debt obligations $ $ Less: deferred financing fees Debt obligations—net of deferred financing fees $ $ Presented as follows: Current portion of long-term debt $ $ Long-term debt—net of current portion and deferred financing fees Total $ $ Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2016 $ Additions Amortization Balance, December 31, 2016 $ |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 9 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 7. Stock-Based Compensation Plans Our stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations and was $1.2 million and $1.3 million for the three months ended December 31, 2016 and 2015, respectively, and $3.2 million and $3.1 million for the nine months ended December 31, 2016 and 2015, respectively. Unrecognized compensation cost was $10.6 million as of December 31, 2016 and will be recognized over the remaining weighted average life of 1.65 years. For more information on our equity incentive plan, see Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016. In June 2016, we granted 250,000 shares of restricted stock to certain of our officers and employees. One-fourth of these restricted shares vested immediately on the grant date, one-fourth will vest one year after grant date, one-fourth will vest two years after grant date, and one-fourth will vest three years after grant date. The restricted shares were valued at their grant date fair market value and expensed on a straight-line basis over the vesting periods. In June 2016, September 2016 and December 2016, we granted 6,950, 10,130 and 8,695 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. In December 2016, we granted 1,739 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value. A summary of the activity of restricted shares awarded under our equity incentive plan as of December 31, 2016 and changes during the nine months ended December 31, 2016, is as follows: Weighted-Average Grant-Date Incentive Share Awards Numbers of Shares Fair Value Unvested as of April 1, 2016 $ Granted Vested Forfeited Unvested as of December 31, 2016 $ |
Revenues
Revenues | 9 Months Ended |
Dec. 31, 2016 | |
Revenues. | |
Revenues | 8. Revenues Revenues comprise the following: Three months ended Nine months ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Net pool revenues—related party $ $ $ $ Time charter revenues Voyage charter revenues Other revenues Total revenues $ $ $ $ Net pool revenues—related party depend upon the net results of the Helios Pool, operating days and pool points for each vessel. Refer to Note 2 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2016. Other revenues represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 9 Months Ended |
Dec. 31, 2016 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 9. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, amounts due from related parties, trade accounts receivable and derivative instruments. Our principal financial liabilities consist of long‑term debt, derivative instruments, accounts payable, amounts due to related parties and accrued liabilities. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, 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 interest rate swaps related to the RBS Loan Facility were terminated during the three months ended December 31, 2016 for $8.1 million. In September 2015, we entered into interest rate swaps with Citibank N.A. (“Citibank”) and ING Bank N.V. (“ING”) to effectively convert a notional amount of $200 million and $50 million, respectively, of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.93% and 2.00%, respectively, each with a termination date of March 23, 2022. In October 2015, we entered into interest rate swaps with the Commonwealth Bank of Australia (“CBA”) and Citibank to effectively convert amortizing notional amounts of $85.7 million and $128.6 million, respectively, of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.43% and 1.38%, respectively, each with a termination date of March 23, 2022. In June 2016, we entered into two interest rate swaps with Citibank to effectively convert amortizing notional amounts of $73.0 million and $30.0 million, respectively, of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.21% and 1.16%, respectively, each with a termination date of March 23, 2022. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay 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: December 31, 2016 March 31, 2016 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 unaudited condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2016 December 31, 2015 Interest Rate Swap—Change in fair value Unrealized gain on derivatives $ $ Interest Rate Swap—Realized loss Realized loss on derivatives Gain/(loss) on derivatives, net $ $ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2016 December 31, 2015 Interest Rate Swap—Change in fair value Unrealized gain on derivatives $ $ Interest Rate Swap—Realized loss Realized loss on derivatives Gain/(loss) on derivatives, net $ $ As of December 31, 2016 and March 31, 2016, 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 three and nine months ended December 31, 2016 and 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. |
Earnings_(Loss) Per Share (EPS)
Earnings/(Loss) Per Share (EPS) | 9 Months Ended |
Dec. 31, 2016 | |
Earnings/(Loss) Per Share ("EPS") | |
Earnings/(Loss) Per Share ("EPS") | 10. Earnings/(Loss) Per Share (“EPS”) Basic EPS represents net income/(loss) 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, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Numerator: Net income/(loss) $ $ $ $ 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 three months ended December 31, 2016 and 2015, there were 865,500 and 655,000 shares of unvested restricted stock, respectively, and for the nine months ended December 31, 2016 and 2015, there were 1,114,625 and 655,000 shares of unvested restricted stock, respectively, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies Commitments under Operating Leases As of December 31, 2016, we had the following commitments as a lessee under operating leases relating to our United States, Greece and United Kingdom offices: December 31, 2016 Less than one year $ One to three years Total $ Fixed Time Charter Contracts As of December 31, 2016, we had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: December 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 that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. |
Shareholder Rights Plan
Shareholder Rights Plan | 9 Months Ended |
Dec. 31, 2016 | |
Shareholder Rights Plan | |
Shareholder Rights Plan | 12. Shareholder Rights Plan On December 16, 2016, 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 27, 2016. 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, publicly disclosed in a Schedule 13D or Schedule 13G (or an amendment thereto) on file with the Securities and Exchange Commission that they 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 August 31, 2018. |
Basis of Presentation and Gen19
Basis of Presentation and General Information (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of December 31, 2016, which are all wholly-owned and are incorporated in Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 2006 CJNP LPG Transport LLC VLGC Captain John NP 2007 CNML LPG Transport LLC VLGC Captain Nicholas ML 2008 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 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2016 $ Additions Amortization Balance, December 31, 2016 $ |
Vessels, Net (Tables)
Vessels, Net (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2016 $ $ $ Additions — Transfers out — Depreciation — Balance, December 31, 2016 $ $ $ |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Long-Term Debt | |
Schedule of loans outstanding | RBS secured bank debt December 31, 2016 March 31, 2016 Tranche A $ $ Tranche B Tranche C Total RBS secured bank debt $ $ 2015 Debt Facility Commercial Financing $ $ KEXIM Direct Financing KEXIM Guaranteed K-sure Insured Total 2015 Debt Facility $ $ Total debt obligations $ $ Less: deferred financing fees Debt obligations—net of deferred financing fees $ $ Presented as follows: Current portion of long-term debt $ $ Long-term debt—net of current portion and deferred financing fees Total $ $ |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2016 $ Additions Amortization Balance, December 31, 2016 $ |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Stock-Based Compensation Plans | |
Summary of the activity of restricted shares | Weighted-Average Grant-Date Incentive Share Awards Numbers of Shares Fair Value Unvested as of April 1, 2016 $ Granted Vested Forfeited Unvested as of December 31, 2016 $ |
Revenues (Tables)
Revenues (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Revenues. | |
Schedule of revenues | Three months ended Nine months ended December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Net pool revenues—related party $ $ $ $ Time charter revenues Voyage charter revenues Other revenues Total revenues $ $ $ $ |
Financial Instruments and Fai25
Financial Instruments and Fair Value Disclosures (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | December 31, 2016 March 31, 2016 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 | Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2016 December 31, 2015 Interest Rate Swap—Change in fair value Unrealized gain on derivatives $ $ Interest Rate Swap—Realized loss Realized loss on derivatives Gain/(loss) on derivatives, net $ $ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2016 December 31, 2015 Interest Rate Swap—Change in fair value Unrealized gain on derivatives $ $ Interest Rate Swap—Realized loss Realized loss on derivatives Gain/(loss) on derivatives, net $ $ |
Earnings_(Loss) Per Share (EP26
Earnings/(Loss) Per Share (EPS) (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 Numerator: Net income/(loss) $ $ $ $ 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 $ $ $ $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies | |
Schedule of operating leases | December 31, 2016 Less than one year $ One to three years Total $ |
Schedule of future minimum fixed time charter contracts | December 31, 2016 Less than one year $ One to three years Three to five years Total $ |
Basis of Presentation and Gen28
Basis of Presentation and General Information (Details) | 9 Months Ended |
Dec. 31, 2016item | |
Basis of Presentation and General Information | |
Total number of vessels | 22 |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 |
Number of VLGCs having 82,000 cbm | 3 |
Basis of Presentation and Gen29
Basis of Presentation and General Information (Capacity) (Details) | Dec. 31, 2016m³ |
CMNL | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CJNP | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CNML | |
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 (Caravelle) | |
Vessel Owning Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Significant Accounting Polici30
Significant Accounting Policies (AcctPro) (Details) - USD ($) | Dec. 31, 2016 | Mar. 31, 2016 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred charges, net | $ (1,886,686) | $ (294,935) |
Long-term debt—net of current portion and deferred financing fees | (700,715,644) | (746,354,613) |
Presentation of debt issuance costs | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Deferred charges, net | 21,000,000 | 23,700,000 |
Long-term debt—net of current portion and deferred financing fees | $ 21,000,000 | $ 23,700,000 |
Transactions with Related Par31
Transactions with Related Parties (Details) | Apr. 01, 2015item | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) |
Transactions with Related Parties | ||||||
Fees for chartering and operational services | $ 670,836 | $ 383,642 | $ 1,776,659 | $ 1,150,927 | ||
Due from related parties | 24,693,405 | 24,693,405 | $ 54,504,359 | |||
Eagle Ocean Transport | ||||||
Transactions with Related Parties | ||||||
Reimbursed related travel costs and office-related costs | 100,000 | 200,000 | 300,000 | 600,000 | ||
Manager | ||||||
Transactions with Related Parties | ||||||
Due from related parties | 1,200,000 | 1,200,000 | 900,000 | |||
Due to related party | 500,000 | 500,000 | 500,000 | |||
Helios LPG Pool LLC | ||||||
Transactions with Related Parties | ||||||
Due from related parties | 43,200,000 | $ 43,200,000 | 71,000,000 | |||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | |||||
Number of members | item | 2 | |||||
Number of vessels contributed | item | 17 | |||||
Number of vessels operated by third party | item | 24 | |||||
Working capital contributed | 19,800,000 | $ 19,800,000 | $ 17,600,000 | |||
Helios LPG Pool LLC | Phoenix | ||||||
Transactions with Related Parties | ||||||
Number of vessels operated by third party | item | 4 | |||||
Helios LPG Pool LLC | Oriental Energy | ||||||
Transactions with Related Parties | ||||||
Number of vessels operated by third party | item | 3 | |||||
Relative of executive officer | ||||||
Transactions with Related Parties | ||||||
Related party expense | 0 | $ 0 | ||||
Relative of executive officer | Maximum | ||||||
Transactions with Related Parties | ||||||
Related party expense | 100,000 | 100,000 | ||||
Other income-related party | ||||||
Transactions with Related Parties | ||||||
Fees for chartering and operational services | 1,500,000 | 1,100,000 | ||||
Other income-related party | Helios LPG Pool LLC | ||||||
Transactions with Related Parties | ||||||
Fees for chartering and operational services | 600,000 | 400,000 | ||||
Other income | ||||||
Transactions with Related Parties | ||||||
Fees for chartering and operational services | 300,000 | 100,000 | ||||
Fixed reimbursement of expense from Helios | 200,000 | 300,000 | $ 700,000 | $ 600,000 | ||
Other income | Manager | ||||||
Transactions with Related Parties | ||||||
Fees for chartering and operational services | $ 100,000 | |||||
Other income | Manager | Maximum | ||||||
Transactions with Related Parties | ||||||
Fees for chartering and operational services | $ 100,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 9 Months Ended |
Dec. 31, 2016USD ($)item | |
Movement in deferred charges, net | |
Balance at the beginning of the period | $ 294,935 |
Additions | 1,699,708 |
Amortization | (107,957) |
Balance at the end of the period | $ 1,886,686 |
Number of vessels incurring dry docking costs | item | 2 |
Vessels, Net (Details)
Vessels, Net (Details) | 9 Months Ended | ||
Dec. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | Mar. 31, 2016USD ($) | |
Cost | |||
Additions | $ 984,639 | ||
Transfers out | (195,273) | ||
Impairment | 0 | $ 0 | |
Accumulated depreciation | |||
Depreciation | (48,621,720) | ||
Vessels, net | 1,619,392,122 | $ 1,667,224,476 | |
Mortgaged VLGC vessels, carrying value | 1,619,400,000 | $ 1,667,200,000 | |
Vessels | |||
Cost | |||
Balance at the beginning of the period | 1,727,979,929 | ||
Additions | 984,639 | ||
Transfers out | (195,273) | ||
Balance at the end of the period | 1,728,769,295 | ||
Accumulated depreciation | |||
Balance at the beginning of the period | (60,755,453) | ||
Depreciation | (48,621,720) | ||
Balance at the end of the period | $ (109,377,173) | ||
Number of vessels with capital improvements | item | 2 |
Long-Term Debt (Condensed) (Det
Long-Term Debt (Condensed) (Details) - USD ($) | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Mar. 31, 2016 | |
Debt obligations | ||||
Total debt obligations | $ 787,721,924 | $ 836,368,372 | ||
Less: deferred financing fees | $ 23,748,116 | 21,027,494 | 23,748,116 | |
Total | 766,694,430 | 812,620,256 | ||
Presented as follows: | ||||
Current portion of long-term debt | 65,978,786 | 66,265,643 | ||
Long-term debt—net of current portion and deferred financing fees | 700,715,644 | 746,354,613 | ||
Total | 766,694,430 | 812,620,256 | ||
Deferred financing fees | ||||
Deferred finance fees, beginning | 23,748,116 | |||
Additions | 99,785 | |||
Amortization | (2,820,407) | $ (1,553,730) | ||
Deferred finance fees, end | $ 21,027,494 | |||
Royal Bank of Scotland plc (RBS) | ||||
Debt obligations | ||||
Total debt obligations | 103,410,000 | 109,494,500 | ||
Tranche A | ||||
Debt obligations | ||||
Total debt obligations | 35,700,000 | 37,400,000 | ||
Tranche B | ||||
Debt obligations | ||||
Total debt obligations | 25,570,000 | 28,127,000 | ||
Tranche C | ||||
Debt obligations | ||||
Total debt obligations | 42,140,000 | 43,967,500 | ||
2015 Debt Facility | ||||
Debt obligations | ||||
Total debt obligations | 684,311,924 | 726,873,872 | ||
Commercial Financing | ||||
Debt obligations | ||||
Total debt obligations | 230,977,160 | 241,442,384 | ||
KEXIM Direct Financing | ||||
Debt obligations | ||||
Total debt obligations | 181,945,598 | 194,827,596 | ||
KEXIM Guaranteed | ||||
Debt obligations | ||||
Total debt obligations | 179,993,011 | 192,736,763 | ||
K-sure Insured | ||||
Debt obligations | ||||
Total debt obligations | $ 91,396,155 | $ 97,867,129 |
Stock-Based Compensation Plan35
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-Based Compensation Plans | |||||||
Unrecognized compensation cost | $ 10.6 | $ 10.6 | $ 10.6 | ||||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 7 months 24 days | ||||||
General and administrative expenses | |||||||
Stock-Based Compensation Plans | |||||||
Stock-based compensation expense | $ 1.2 | $ 1.3 | $ 3.2 | $ 3.1 | |||
Restricted stock awards | |||||||
Number of Shares | |||||||
Unvested at the beginning of the period (in shares) | 929,000 | ||||||
Granted (in shares) | 250,000 | 277,514 | |||||
Vested (in shares) | (90,014) | ||||||
Forfeited (in shares) | (1,875) | ||||||
Unvested at the end of the period (in shares) | 1,114,625 | 1,114,625 | 1,114,625 | ||||
Weighted-Average Grant-Date Fair Value | |||||||
Unvested at the beginning of the period (in dollars per share) | $ 19.70 | ||||||
Granted (in dollars per share) | 7.75 | ||||||
Vested (in dollars per share) | 7.60 | ||||||
Forfeited (in dollars per share) | 7.82 | ||||||
Unvested at the end of the period (in dollars per share) | $ 17.72 | $ 17.72 | $ 17.72 | ||||
Restricted stock awards | Vest immediately | |||||||
Stock-Based Compensation Plans | |||||||
Vesting (as a percent) | 25.00% | ||||||
Restricted stock awards | Vest one year after grant | |||||||
Stock-Based Compensation Plans | |||||||
Vesting (as a percent) | 25.00% | ||||||
Restricted stock awards | Vest two years after grant | |||||||
Stock-Based Compensation Plans | |||||||
Vesting (as a percent) | 25.00% | ||||||
Restricted stock awards | Vest three years after grant | |||||||
Stock-Based Compensation Plans | |||||||
Vesting (as a percent) | 25.00% | ||||||
Non-executive director | Restricted stock awards | |||||||
Number of Shares | |||||||
Granted (in shares) | 8,695 | 10,130 | 6,950 | ||||
Non-employee consultant | Restricted stock awards | |||||||
Number of Shares | |||||||
Granted (in shares) | 1,739 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues. | ||||
Net pool revenues—related party | $ 22,301,512 | $ 66,044,777 | $ 80,798,208 | $ 130,701,023 |
Time charter revenues | 11,921,875 | 11,237,746 | 36,919,910 | 26,169,581 |
Voyage charter revenues | 1,296,952 | 15,567,844 | 1,296,952 | 46,013,858 |
Other revenues | 214,649 | 433,341 | 846,927 | 988,138 |
Total revenues | $ 35,734,988 | $ 93,283,708 | $ 119,861,997 | $ 203,872,600 |
Financial Instruments and Fai37
Financial Instruments and Fair Value Disclosures (Swaps) (Details) $ in Millions | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($)item | Oct. 31, 2015USD ($) | Sep. 30, 2015USD ($) |
Interest rate swaps | Royal Bank of Scotland plc (RBS) | ||||
Derivative Instruments | ||||
Final settlement amount | $ 8.1 | |||
Interest rate swaps | Citibank N.A. | ||||
Derivative Instruments | ||||
Number of interest rate swaps | item | 2 | |||
Fixed interest rate (as a percent) | 1.38% | 1.93% | ||
Nominal value | $ 128.6 | $ 200 | ||
Interest rate swaps | ING Bank N. V. Member | ||||
Derivative Instruments | ||||
Fixed interest rate (as a percent) | 2.00% | |||
Nominal value | $ 50 | |||
Interest rate swaps | CBA | ||||
Derivative Instruments | ||||
Fixed interest rate (as a percent) | 1.43% | |||
Nominal value | $ 85.7 | |||
1.21% interest rate swap due March 2022 | Citibank N.A. | ||||
Derivative Instruments | ||||
Fixed interest rate (as a percent) | 1.21% | |||
Nominal value | $ 73 | |||
1.16% interest rate swap due March 2022 | Citibank N.A. | ||||
Derivative Instruments | ||||
Fixed interest rate (as a percent) | 1.16% | |||
Nominal value | $ 30 |
Financial Instruments and Fai38
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2016 | |
Derivative Instruments | |||||
Change in fair value | $ 24,381,306 | $ 7,389,868 | $ 26,539,650 | $ 3,665,324 | |
Realized loss on derivatives | (8,390,014) | (2,007,426) | (12,980,717) | (4,482,250) | |
Interest rate swaps | Derivatives not designated as hedging instruments | |||||
Derivative Instruments | |||||
Gain/(loss) on derivatives, net | 15,991,292 | 5,382,442 | 13,558,933 | (816,926) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||||
Derivative Instruments | |||||
Change in fair value | 24,381,306 | 7,389,868 | 26,539,650 | 3,665,324 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized loss on derivatives | |||||
Derivative Instruments | |||||
Realized loss on derivatives | (8,390,014) | $ (2,007,426) | (12,980,717) | $ (4,482,250) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | |||||
Derivative Instruments | |||||
Derivative Asset | 4,961,435 | 4,961,435 | |||
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||||
Derivative Instruments | |||||
Liability derivatives | $ 69,750 | $ 69,750 | $ 21,647,965 |
Earnings_(Loss) Per Share (EP39
Earnings/(Loss) Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | ||||
Net income/(loss) | $ 5,039,624 | $ 54,661,323 | $ (3,397,085) | $ 109,527,470 |
Denominator: | ||||
Basic weighted average number of common shares outstanding (in shares) | 53,845,777 | 56,554,253 | 54,153,218 | 56,904,489 |
Effect of dilutive restricted stock (in shares) | 33,568 | 40,239 | 47,939 | |
Diluted weighted average number of common shares outstanding (in shares) | 53,879,345 | 56,594,492 | 54,153,218 | 56,952,428 |
EPS: | ||||
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.09 | $ 0.97 | $ (0.06) | $ 1.92 |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.09 | $ 0.97 | $ (0.06) | $ 1.92 |
Restricted stock awards | ||||
EPS: | ||||
Number of shares excluded from the calculation of diluted EPS | 865,500 | 655,000 | 1,114,625 | 655,000 |
Commitments and Contingencies40
Commitments and Contingencies (Details) | Dec. 31, 2016USD ($) |
Commitments under Operating Leases | |
Less than one year | $ 293,179 |
One to three years | 176,513 |
Total | 469,692 |
Fixed time charter | |
Fixed Time Charter Contracts | |
Less than one year | 49,723,113 |
One to three years | 65,686,227 |
Three to five years | 8,213,252 |
Total | $ 123,622,592 |
Shareholder Rights Plan (Detail
Shareholder Rights Plan (Details) | Dec. 16, 2016$ / 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% |