Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Sep. 30, 2018 | Oct. 24, 2018 | |
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 | Sep. 30, 2018 | |
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 | 55,166,775 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 48,244,169 | $ 103,505,676 |
Trade receivables, net and accrued revenues | 8,203 | 336,162 |
Prepaid expenses and other receivables | 2,758,407 | 2,471,415 |
Due from related parties | 42,375,930 | 26,880,720 |
Inventories | 2,146,835 | 2,012,907 |
Total current assets | 95,533,544 | 135,206,880 |
Fixed assets | ||
Vessels, net | 1,507,941,555 | 1,539,111,833 |
Other fixed assets, net | 155,637 | 203,678 |
Total fixed assets | 1,508,097,192 | 1,539,315,511 |
Other non-current assets | ||
Deferred charges, net | 1,880,556 | 1,574,522 |
Derivative instruments | 17,023,975 | 14,264,899 |
Due from related parties—non-current | 20,900,000 | 19,800,000 |
Restricted cash - non-current | 35,636,008 | 25,862,704 |
Other non-current assets | 89,619 | 85,640 |
Total assets | 1,679,160,894 | 1,736,110,156 |
Current liabilities | ||
Trade accounts payable | 7,721,058 | 6,329,193 |
Accrued expenses | 6,512,098 | 4,702,808 |
Due to related parties | 11,162 | 345,515 |
Deferred income | 4,724,985 | 5,564,557 |
Current portion of long-term debt | 63,968,414 | 65,067,569 |
Total current liabilities | 82,937,717 | 82,009,642 |
Long-term liabilities | ||
Long-term debt—net of current portion and deferred financing fees | 662,567,722 | 694,035,583 |
Other long-term liabilities | 1,191,390 | 651,569 |
Total long-term liabilities | 663,759,112 | 694,687,152 |
Total liabilities | 746,696,829 | 776,696,794 |
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, 58,859,295 and 58,640,161 shares issued, 55,166,775 and 55,090,165 shares outstanding (net of treasury stock), as of September 30, 2018 and March 31, 2018, respectively | 588,595 | 586,402 |
Additional paid-in-capital | 861,065,088 | 858,109,882 |
Treasury stock, at cost; 3,692,520 and 3,549,996 shares as of September 30, 2018 and March 31, 2018, respectively | (36,356,446) | (35,223,428) |
Retained earnings | 107,166,828 | 135,940,506 |
Total shareholders' equity | 932,464,065 | 959,413,362 |
Total liabilities and shareholders' equity | $ 1,679,160,894 | $ 1,736,110,156 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Mar. 31, 2018 |
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 | 58,859,295 | 58,640,161 |
Common stock, shares outstanding (net of treasury stock) | 55,166,775 | 55,090,165 |
Treasury stock, shares at cost | 3,692,520 | 3,549,996 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues. | ||||
Revenues | $ 40,807,542 | $ 34,729,021 | $ 68,451,824 | $ 75,754,493 |
Expenses | ||||
Voyage expenses | 435,224 | 1,275,521 | 535,397 | 1,514,966 |
Vessel operating expenses | 17,375,273 | 15,740,438 | 34,060,730 | 32,625,727 |
Depreciation and amortization | 16,437,653 | 16,464,707 | 32,702,709 | 32,757,865 |
General and administrative expenses | 7,462,726 | 5,421,145 | 15,866,012 | 13,956,054 |
Total expenses | 41,710,876 | 38,901,811 | 83,164,848 | 80,854,612 |
Other income—related parties | 584,632 | 638,070 | 1,229,149 | 1,271,953 |
Operating loss | (318,702) | (3,534,720) | (13,483,875) | (3,828,166) |
Other income/(expenses) | ||||
Interest and finance costs | (10,152,672) | (8,602,430) | (20,526,953) | (16,080,164) |
Interest income | 451,923 | 28,226 | 912,896 | 44,042 |
Unrealized gain/(loss) on derivatives | 1,051,460 | 652,160 | 2,759,076 | (1,718,031) |
Realized gain/(loss) on derivatives | 830,991 | (435,920) | 1,613,556 | (1,048,783) |
Gain on early extinguishment of debt | 4,117,364 | |||
Foreign currency loss, net | (40,120) | (22,452) | (48,378) | (91,368) |
Total other income/(expenses), net | (7,858,418) | (8,380,416) | (15,289,803) | (14,776,940) |
Net loss | $ (8,177,120) | $ (11,915,136) | $ (28,773,678) | $ (18,605,106) |
Weighted average shares outstanding basic and diluted (in shares) | 54,431,820 | 54,076,271 | 54,313,255 | 53,976,330 |
Loss per common share—basic and diluted (in dollars per share) | $ (0.15) | $ (0.22) | $ (0.53) | $ (0.34) |
Net pool revenue - related party | ||||
Revenues. | ||||
Revenues | $ 32,027,042 | $ 20,468,380 | $ 48,133,443 | $ 48,943,739 |
Time charter revenue | ||||
Revenues. | ||||
Revenues | 8,640,000 | 12,507,394 | 20,107,881 | 25,072,049 |
Voyage charter revenue | ||||
Revenues. | ||||
Revenues | 1,733,247 | 1,733,247 | ||
Other revenue, net | ||||
Revenues. | ||||
Revenues | $ 140,500 | $ 20,000 | $ 210,500 | $ 5,458 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders' Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings | Total |
Balance at Mar. 31, 2017 | $ 583,422 | $ (33,897,269) | $ 852,974,373 | $ 156,341,192 | $ 976,001,718 |
Balance (in shares) at Mar. 31, 2017 | 58,342,201 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net loss | (18,605,106) | (18,605,106) | |||
Restricted share award issuances | $ 2,785 | (2,785) | |||
Restricted share award issuances (in shares) | 278,526 | ||||
Stock-based compensation | 2,699,788 | 2,699,788 | |||
Purchase of treasury stock | (1,084,902) | (1,084,902) | |||
Balance at Sep. 30, 2017 | $ 586,207 | (34,982,171) | 855,671,376 | 137,736,086 | 959,011,498 |
Balance (in shares) at Sep. 30, 2017 | 58,620,727 | ||||
Balance at Mar. 31, 2018 | $ 586,402 | (35,223,428) | 858,109,882 | 135,940,506 | 959,413,362 |
Balance (in shares) at Mar. 31, 2018 | 58,640,161 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net loss | (28,773,678) | (28,773,678) | |||
Restricted share award issuances | $ 2,193 | (2,193) | |||
Restricted share award issuances (in shares) | 219,134 | ||||
Stock-based compensation | 2,957,399 | 2,957,399 | |||
Purchase of treasury stock | (1,133,018) | (1,133,018) | |||
Balance at Sep. 30, 2018 | $ 588,595 | $ (36,356,446) | $ 861,065,088 | $ 107,166,828 | $ 932,464,065 |
Balance (in shares) at Sep. 30, 2018 | 58,859,295 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 6 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (28,773,678) | $ (18,605,106) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities: | ||
Depreciation and amortization | 32,702,709 | 32,757,865 |
Amortization of financing costs | 1,597,214 | 2,898,375 |
Unrealized (gain)/loss on derivatives | (2,759,076) | 1,718,031 |
Stock-based compensation expense | 2,957,399 | 2,699,788 |
Gain on early extinguishment of debt | (4,117,364) | |
Unrealized foreign currency (gain)/loss, net | 160,216 | (201,649) |
Other non-cash items | 46,576 | 31,920 |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | 327,959 | (195,912) |
Prepaid expenses and other receivables | (270,499) | (117,328) |
Due from related parties | (16,595,210) | 15,654,791 |
Inventories | (133,928) | 38,252 |
Other non-current assets | (3,979) | (6,147) |
Trade accounts payable | 1,025,472 | (1,011,069) |
Accrued expenses and other liabilities | 1,085,801 | 384,106 |
Due to related parties | (334,353) | 812,324 |
Payments for drydocking costs | (281,366) | (419,958) |
Net cash provided by/(used in) operating activities | (9,248,743) | 32,320,919 |
Cash flows from investing activities: | ||
Vessel-related capital expenditures | (1,144,400) | (297,534) |
Payments to acquire other fixed assets | (15,183) | (88,447) |
Net cash used in investing activities | (1,159,583) | (385,981) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 65,137,500 | 97,000,000 |
Repayment of long-term debt borrowings | (98,220,882) | (124,121,733) |
Purchase of treasury stock | (1,238,642) | (1,084,902) |
Financing costs paid | (628,144) | (2,832,856) |
Payments relating to issuance costs | (10,710) | |
Net cash used in financing activities | (34,950,168) | (31,050,201) |
Effects of exchange rates on cash and cash equivalents | (129,709) | 149,322 |
Net increase (decrease) in cash, cash equivalents and restricted cash | (45,488,203) | 1,034,059 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 129,368,380 | 67,892,698 |
Cash, cash equivalents, and restricted cash at the end of the period | $ 83,880,177 | $ 68,926,757 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 6 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Unaudited Condensed Consolidated Financial Statement (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. 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. Two of our ECO VLGCs are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We have entered into a contract for an additional seven of our ECO VLGCs to be fitted with scrubbers, including options on three of our VLGCs, which were exercised in October 2018 . On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements and related notes. The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2018 included in our Annual Report on Form 10-K filed with the SEC on June 27, 2018. 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 September 30, 2018, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Management Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Sep. 30, 2018 | |
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, 2018 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018), except as discussed herein. Accounting Pronouncements Adopted During the Six Months Ended September 30, 2018 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 and are applied using a retrospective transition method to each period presented. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: September 30, 2018 March 31, 2018 September 30, 2017 March 31, 2017 Cash and cash equivalents $ 48,244,169 $ 103,505,676 $ 50,844,921 $ 17,018,552 Restricted cash—non-current 35,636,008 25,862,704 18,081,836 50,874,146 Total cash, cash equivalents, and restricted cash $ 83,880,177 $ 129,368,380 $ 68,926,757 $ 67,892,698 In August 2016, the FASB issued accounting guidance addressing specific cash flow statement 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. The implementation of this guidance did not have a material effect on our condensed consolidated financial statements. 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. The amended guidance introduces a five-step process to achieve the fundamental principles and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. It also provides further guidance on applying collectability criterion to assess whether a contract is valid and represents a substantive transaction on the basis of whether a customer has the ability and intention to pay the promised consideration. The amended guidance 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. The amended guidance shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. Under the amended guidance, voyage charter revenues are recognized based on load-to-discharge basis as compared to the previously used discharge-to-discharge basis, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Additionally, voyage expenses related to voyage charters, including bunkers and port expenses, are deferred until load port and expensed on a load-to-discharge basis under the amended guidance. There is no modifications under the amended guidance for our method of recognizing net pool revenues—related party and time charter revenues. We adopted the amended guidance beginning April 1, 2018. The adoption of the amended guidance did not have any material impact on our condensed consolidated financial statements for the six months ended September 30, 2018 or for prior periods, but may impact the timing with which voyage charter revenues will be recognized in future periods. Accounting Pronouncements Not Yet Adopted 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 from current U.S. GAAP. We expect that our time charter arrangements will be subject to the requirements of the new lease guidance as we will be regarded as the lessor under these arrangements. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued amended guidance to provide entities with relief from the cost of implementing certain aspects of the new leasing guidance. Entities may elect not to recast comparative periods presented when transitioning to the new leasing guidance and, furthermore, lessors may elect not to separate lease and nonlease components when certain conditions are met. 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 intend to adopt the new guidance on its required effective date of April 1, 2019 and are currently assessing the impact the amended guidance will have on our condensed consolidated financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Sep. 30, 2018 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas), S.A. Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million for both the three months ended September 30, 2018 and 2017, respectively, $0.1 million for the six months ended September 30, 2018 and $0.2 million for the six months ended September 30, 2017. As of September 30, 2018, $1.1 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets included herein. As of March 31, 2018, $0.9 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets. Eagle Ocean Transport incurs office-related costs on behalf of us, for which we reimbursed Eagle Ocean Transport less than $0.1 million for the three months ended September 30, 2018 and 2017, respectively, less than $0.1 million for the six months ended September 30, 2018, and $0.1 million for the six months ended September 30, 2017. Such expenses are reimbursed based on their actual cost . Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of September 30, 2018, the Helios Pool operated twenty-nine VLGCs, including nineteen of our vessels, five Phoenix vessels, and five other vessels. As of September 30, 2018, we had receivables from the Helios Pool of $62.2 million, including $20.9 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2018, we had receivables from the Helios Pool of $45.4 million (net of an amount due to Helios Pool of $0.3 million which is reflected under “Due to related Parties”), including $19.8 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of September 30, 2018 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations included herein and were $0.6 million and $0.5 million for the three months ended September 30, 2018 and 2017, respectively, and $1.1 million for both the six months ended September 30, 2018 and 2017. 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 $0.1 million and less than $0.1 million for the three months ended September 30, 2018, and 2017, respectively and $0.2 million and less than $0.1 million for the six months ended September 30, 2018 and 2017, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statement of operations included herein. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the six months ended September 30, 2018 and 2017. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 8. |
Deferred Charges, Net
Deferred Charges, Net | 6 Months Ended |
Sep. 30, 2018 | |
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, 2018 $ 1,574,522 Additions 578,537 Amortization (272,503) Balance, September 30, 2018 $ 1,880,556 |
Vessels, Net
Vessels, Net | 6 Months Ended |
Sep. 30, 2018 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2018 $ 1,728,987,980 $ (189,876,147) $ 1,539,111,833 Other additions 1,213,621 — 1,213,621 Depreciation — (32,383,899) (32,383,899) Balance, September 30, 2018 $ 1,730,201,601 $ (222,260,046) $ 1,507,941,555 Additions to vessels, net were largely due to capital improvements made to eight of our VLGCs during the six months ended September 30, 2018 and mainly consisted of the first installment on the purchase of scrubbers for four of our ECO VLGCs. Our vessels, with a total carrying value of $1,507.9 million and $1,539.1 million as of September 30, 2018 and March 31, 2018, respectively, are first‑priority mortgaged as collateral for our long-term debt (refer to Note 6 below). No impairment loss was recorded for the periods presented. |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Sep. 30, 2018 | |
Long-Term Debt | |
Long-Term Debt | 6. Long-term Debt 2015 Debt Facility Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Debt Facility”). 2017 Bridge Loan Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on our $97.0 million bridge loan agreement (the “2017 Bridge Loan”) with DNB Capital LLC that we entered into on June 8, 2017. On June 4, 2018, we prepaid $22.3 million of the 2017 Bridge Loan’s then outstanding principal using cash on hand prior to the closing of the CJNP Japanese Financing (defined below). On June 20, 2018, we prepaid the remaining 2017 Bridge Loan’s outstanding principal of $44.6 million ($23.4 million related to the Captain Nicholas ML and $21.2 million related to the Captain Markos NL ) using cash on hand prior to the closing of the CMNL Japanese Financing (defined below) and the CNML Japanese Financing (defined below). Corsair Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on the refinancing of our 2014-built VLGC, the Corsair , pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”) . Concorde Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on the refinancing of our 2015-built VLGC, the Concorde , pursuant to a memorandum of agreement and a bareboat charter agreement (the “Concorde Japanese Financing”). Corvette Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on the refinancing of our 2015-built VLGC, the Corvette , pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”). CJNP Japanese Financing On June 11, 2018, we refinanced our 2007-built VLGC, the Captain John NP , pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”). In connection therewith, we transferred the Captain John NP to the buyer for $48.3 million and, as part of the agreement, CJNP LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 6 years, with purchase options from the end of year 2 through a mandatory buyout by 2024 . We continue to technically manage, commercially charter, and operate the Captain John NP . We received $21.7 million, which increased our unrestricted cash, as part of the transaction with $26.6 million to be retained by the buyer as a deposit (the “CJNP Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 6-year bareboat charter term. This transaction is treated as a financing transaction and the Captain John NP continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 6.0%, not including estimated financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 6-year term on interest and principal payments made, broker commission fees of 1.0% payable on the repurchase of the Captain John NP excluding the CJNP Deposit, and a monthly fixed straight-line principal obligation of approximately $0.1 million over the 6-year term with a balloon payment of $13.0 million. CMNL Japanese Financing On June 25, 2018, we refinanced our 2006-built VLGC, the Captain Markos NL , pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL Japanese Financing”). In connection therewith, we transferred the Captain Markos NL to the buyer for $45.8 million and, as part of the agreement, CMNL LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years, with purchase options from the end of year 2 through a mandatory buyout by 2025 . We continue to technically manage, commercially charter, and operate the Captain Markos NL . We received $20.6 million, which increased our unrestricted cash, as part of the transaction with $25.2 million to be retained by the buyer as a deposit (the “CMNL Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 7-year bareboat charter term. This transaction is treated as a financing transaction and the Captain Markos NL continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 6.0%, not including estimated financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 7-year term on interest and principal payments made, broker commission fees of 1.0%. payable on the repurchase of the Captain Markos NL excluding the CMNL Deposit, and a monthly fixed straight-line principal obligation of approximately $0.1 million over the 7-year term with a balloon payment of $11.0 million. CNML Japanese Financing On June 26, 2018, we refinanced our 2008-built VLGC, the Captain Nicholas ML , pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”). In connection therewith, we transferred the Captain Nicholas ML to the buyer for $50.8 million and, as part of the agreement, CNML LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years, with purchase options from the end of year 2 through a mandatory buyout by 2025 . We continue to technically manage, commercially charter, and operate the Captain Nicholas ML . We received $22.9 million, which increased our unrestricted cash, as part of the transaction with $27.9 million to be retained by the buyer as a deposit (the “CNML Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 7-year bareboat charter term. This transaction is treated as a financing transaction and the Captain Nicholas ML continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 6.0%, not including estimated financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 7-year term on interest and principal payments made, broker commission fees of 1.0%, payable on the repurchase of the Captain Nicholas ML , and a monthly fixed straight-line principal obligation of approximately $0.1 million over the 7-year term with a balloon payment of $13.0 million. Debt Obligations The table below presents our debt obligations: September 30, 2018 March 31, 2018 2015 Debt Facility Commercial Financing $ 181,838,421 $ 187,989,229 KEXIM Direct Financing 133,432,153 141,004,162 KEXIM Guaranteed 137,857,316 145,348,064 K-sure Insured 68,509,793 72,313,416 Total 2015 Debt Facility $ 521,637,683 $ 546,654,871 Japanese Financings Corsair Japanese Financing $ 49,020,833 $ 50,645,833 Concorde Japanese Financing 53,576,923 55,192,308 Corvette Japanese Financing 54,115,385 55,730,769 CJNP Japanese Financing 21,230,000 — CMNL Japanese Financing 20,130,942 — CNML Japanese Financing 22,369,038 — Total Japanese Financings $ 220,443,121 $ 161,568,910 2017 Bridge Loan $ — $ 66,940,405 Total debt obligations $ 742,080,804 $ 775,164,186 Less: deferred financing fees 15,544,668 16,061,034 Debt obligations—net of deferred financing fees $ 726,536,136 $ 759,103,152 Presented as follows: Current portion of long-term debt $ 63,968,414 $ 65,067,569 Long-term debt—net of current portion and deferred financing fees 662,567,722 694,035,583 Total $ 726,536,136 $ 759,103,152 Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2018 $ 16,061,034 Additions 1,080,848 Amortization (1,597,214) Balance, September 30, 2018 $ 15,544,668 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 6 Months Ended |
Sep. 30, 2018 | |
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 interim condensed consolidated statements of operations and was $1.3 million and $1.2 million for the three months ended September 30, 2018 and 2017, respectively and $3.0 million and $2.7 million for the six months ended September 30, 2018 and 2017, respectively. Unrecognized compensation cost was $5.3 million as of September 30, 2018 and will be recognized over a remaining weighted average life of 1.41 years. For more information on our equity incentive plan, refer to Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018. In June 2018, we granted 200,000 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 are expensed on a straight-line basis over the vesting periods. In June 2018 and September 2018, we granted 7,960 and 7,985 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. In June 2018 and September 2018, we granted 1,592 and 1,597 shares of stock, respectively, 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 September 30, 2018 and changes during the six months ended September 30, 2018, is as follows: Weighted-Average Grant-Date Incentive Share Awards Numbers of Shares Fair Value Unvested as of April 1, 2018 918,344 $ 15.67 Granted 219,134 8.31 Vested (411,793) 15.85 Unvested as of September 30, 2018 725,685 $ 13.34 |
Revenues
Revenues | 6 Months Ended |
Sep. 30, 2018 | |
Revenues. | |
Revenues | 8. Revenues Revenues comprise the following: Three months ended Six months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net pool revenues—related party $ 32,027,042 $ 20,468,380 $ 48,133,443 $ 48,943,739 Time charter revenues 8,640,000 12,507,394 20,107,881 25,072,049 Voyage charter revenues — 1,733,247 — 1,733,247 Other revenues, net 140,500 20,000 210,500 5,458 Total revenues $ 40,807,542 $ 34,729,021 $ 68,451,824 $ 75,754,493 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018. Other revenues, net represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 6 Months Ended |
Sep. 30, 2018 | |
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, restricted cash amounts due from related parties, trade accounts receivable and derivative instruments. Our principal financial liabilities consist of long term debt, accounts payable, amounts due to related parties and accrued liabilities. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long‑term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 Debt Facility. Refer to Note 18 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2018 for information on our interest rate swap agreements related to the 2015 Debt Facility. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. 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: September 30, 2018 March 31, 2018 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 $ 17,023,975 $ — $ 14,264,899 $ — The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations included herein for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized September 30, 2018 September 30, 2017 Interest Rate Swap—Change in fair value Unrealized gain/(loss) on derivatives $ 1,051,460 $ 652,160 Interest Rate Swap—Realized gain/(loss) Realized gain/(loss) on derivatives 830,991 (435,920) Gain/(loss) on derivatives, net $ 1,882,451 $ 216,240 Six months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized September 30, 2018 September 30, 2017 Interest Rate Swap—Change in fair value Unrealized gain/(loss) on derivatives $ 2,759,076 $ (1,718,031) Interest Rate Swap—Realized gain/(loss) Realized gain/(loss) on derivatives 1,613,556 (1,048,783) Gain/(loss) on derivatives, net $ 4,372,632 $ (2,766,814) As of September 30, 2018 and March 31, 2018, 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 six months ended September 30, 2018 and 2017. (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, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents and restricted cash are considered Level 1 items. We have long-term bank debt for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CJNP Japanese Financing, CMNL Japanese Financing, and CNML Japanese Financing (collectively the “Japanese Financings”) that incur interest at a fixed-rate with the initial principal amount amortized to the purchase obligation price of each vessel. The Japanese Financings are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of the Japanese Financings as of: September 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 49,020,833 $ 45,410,069 $ 50,645,833 $ 50,645,833 Concorde Japanese Financing 53,576,923 49,330,698 55,192,308 55,192,308 Corvette Japanese Financing 54,115,385 49,792,999 55,730,769 55,730,769 CJNP Japanese Financing 21,230,000 20,993,639 — — CMNL Japanese Financing 20,130,942 19,894,012 — — CNML Japanese Financing $ 22,369,038 $ 22,098,229 $ — $ — |
Earnings_(Loss) Per Share (EPS)
Earnings/(Loss) Per Share (EPS) | 6 Months Ended |
Sep. 30, 2018 | |
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 Six months ended (In U.S. dollars except share data) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Numerator: Net loss $ (8,177,120) $ (11,915,136) $ (28,773,678) $ (18,605,106) Denominator: Basic and diluted weighted average number of common shares outstanding 54,431,820 54,076,271 54,313,255 53,976,330 EPS: Basic and diluted $ (0.15) $ (0.22) $ (0.53) $ (0.34) For the three and six months ended September 30, 2018, there were 725,685 shares of unvested restricted stock and for the three and six months ended September 30, 2017, there were 1,029,266 shares of unvested restricted stock, 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 | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies Commitments under Contracts for Scrubber Purchases During the three months ended September 30, 2018, we entered into a contract to purchase scrubbers to reduce sulfur emissions. We had the following contractual commitments related to the scrubbers purchases: September 30, 2018 Less than one year $ 3,024,231 One to three years 2,387,551 Total $ 5,411,782 Operating Leases Operating lease rent expense was as follows: Three months ended Six months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Operating lease rent expense $ 106,117 $ 108,358 $ 233,599 $ 214,550 We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: September 30, 2018 Less than one year $ 422,421 One to three years 473,247 Three to five years 329,217 Total $ 1,224,885 Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: September 30, 2018 Less than one year $ 29,578,114 One to three years 12,431,365 Total $ 42,009,479 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. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies | |
Recent accounting pronouncements | Accounting Pronouncements Adopted During the Six Months Ended September 30, 2018 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 and are applied using a retrospective transition method to each period presented. The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same amounts shown in the condensed consolidated statements of cash flows: September 30, 2018 March 31, 2018 September 30, 2017 March 31, 2017 Cash and cash equivalents $ 48,244,169 $ 103,505,676 $ 50,844,921 $ 17,018,552 Restricted cash—non-current 35,636,008 25,862,704 18,081,836 50,874,146 Total cash, cash equivalents, and restricted cash $ 83,880,177 $ 129,368,380 $ 68,926,757 $ 67,892,698 In August 2016, the FASB issued accounting guidance addressing specific cash flow statement 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. The implementation of this guidance did not have a material effect on our condensed consolidated financial statements. 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. The amended guidance introduces a five-step process to achieve the fundamental principles and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. It also provides further guidance on applying collectability criterion to assess whether a contract is valid and represents a substantive transaction on the basis of whether a customer has the ability and intention to pay the promised consideration. The amended guidance 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. The amended guidance shall be applied either retrospectively to each period presented or as a cumulative effect adjustment as of the date of adoption. Under the amended guidance, voyage charter revenues are recognized based on load-to-discharge basis as compared to the previously used discharge-to-discharge basis, provided an agreed non-cancellable charter between the Company and the charterer is in existence, the charter rate is fixed and determinable, and collectability is reasonably assured. Additionally, voyage expenses related to voyage charters, including bunkers and port expenses, are deferred until load port and expensed on a load-to-discharge basis under the amended guidance. There is no modifications under the amended guidance for our method of recognizing net pool revenues—related party and time charter revenues. We adopted the amended guidance beginning April 1, 2018. The adoption of the amended guidance did not have any material impact on our condensed consolidated financial statements for the six months ended September 30, 2018 or for prior periods, but may impact the timing with which voyage charter revenues will be recognized in future periods. Accounting Pronouncements Not Yet Adopted 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 from current U.S. GAAP. We expect that our time charter arrangements will be subject to the requirements of the new lease guidance as we will be regarded as the lessor under these arrangements. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued amended guidance to provide entities with relief from the cost of implementing certain aspects of the new leasing guidance. Entities may elect not to recast comparative periods presented when transitioning to the new leasing guidance and, furthermore, lessors may elect not to separate lease and nonlease components when certain conditions are met. 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 intend to adopt the new guidance on its required effective date of April 1, 2019 and are currently assessing the impact the amended guidance will have on our condensed consolidated financial statements. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of September 30, 2018, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques 2015 84,000 Constellation LPG Transport LLC VLGC Constellation 2015 84,000 Dorian Monaco LPG Transport LLC VLGC Cheyenne 2015 84,000 Dorian Barcelona LPG Transport LLC VLGC Clermont 2015 84,000 Dorian Geneva LPG Transport LLC VLGC Cratis 2015 84,000 Dorian Cape Town LPG Transport LLC VLGC Chaparral 2015 84,000 Dorian Tokyo LPG Transport LLC VLGC Copernicus 2015 84,000 Commander LPG Transport LLC VLGC Commander 2015 84,000 Dorian Explorer LPG Transport LLC VLGC Challenger 2015 84,000 Dorian Exporter LPG Transport LLC VLGC Caravelle 2016 84,000 Management Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dormant Subsidiaries Subsidiary SeaCor LPG I LLC SeaCor LPG II LLC Capricorn LPG Transport LLC Constitution LPG Transport LLC Grendon Tanker LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Significant Accounting Policies | |
Reconciliation of cash, cash equivalents, and restricted cash | September 30, 2018 March 31, 2018 September 30, 2017 March 31, 2017 Cash and cash equivalents $ 48,244,169 $ 103,505,676 $ 50,844,921 $ 17,018,552 Restricted cash—non-current 35,636,008 25,862,704 18,081,836 50,874,146 Total cash, cash equivalents, and restricted cash $ 83,880,177 $ 129,368,380 $ 68,926,757 $ 67,892,698 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2018 $ 1,574,522 Additions 578,537 Amortization (272,503) Balance, September 30, 2018 $ 1,880,556 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2018 $ 1,728,987,980 $ (189,876,147) $ 1,539,111,833 Other additions 1,213,621 — 1,213,621 Depreciation — (32,383,899) (32,383,899) Balance, September 30, 2018 $ 1,730,201,601 $ (222,260,046) $ 1,507,941,555 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Long-Term Debt | |
Schedule of loans outstanding | September 30, 2018 March 31, 2018 2015 Debt Facility Commercial Financing $ 181,838,421 $ 187,989,229 KEXIM Direct Financing 133,432,153 141,004,162 KEXIM Guaranteed 137,857,316 145,348,064 K-sure Insured 68,509,793 72,313,416 Total 2015 Debt Facility $ 521,637,683 $ 546,654,871 Japanese Financings Corsair Japanese Financing $ 49,020,833 $ 50,645,833 Concorde Japanese Financing 53,576,923 55,192,308 Corvette Japanese Financing 54,115,385 55,730,769 CJNP Japanese Financing 21,230,000 — CMNL Japanese Financing 20,130,942 — CNML Japanese Financing 22,369,038 — Total Japanese Financings $ 220,443,121 $ 161,568,910 2017 Bridge Loan $ — $ 66,940,405 Total debt obligations $ 742,080,804 $ 775,164,186 Less: deferred financing fees 15,544,668 16,061,034 Debt obligations—net of deferred financing fees $ 726,536,136 $ 759,103,152 Presented as follows: Current portion of long-term debt $ 63,968,414 $ 65,067,569 Long-term debt—net of current portion and deferred financing fees 662,567,722 694,035,583 Total $ 726,536,136 $ 759,103,152 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2018 $ 16,061,034 Additions 1,080,848 Amortization (1,597,214) Balance, September 30, 2018 $ 15,544,668 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
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, 2018 918,344 $ 15.67 Granted 219,134 8.31 Vested (411,793) 15.85 Unvested as of September 30, 2018 725,685 $ 13.34 |
Revenues (Tables)
Revenues (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Revenues. | |
Schedule of revenues | Three months ended Six months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Net pool revenues—related party $ 32,027,042 $ 20,468,380 $ 48,133,443 $ 48,943,739 Time charter revenues 8,640,000 12,507,394 20,107,881 25,072,049 Voyage charter revenues — 1,733,247 — 1,733,247 Other revenues, net 140,500 20,000 210,500 5,458 Total revenues $ 40,807,542 $ 34,729,021 $ 68,451,824 $ 75,754,493 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | September 30, 2018 March 31, 2018 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 $ 17,023,975 $ — $ 14,264,899 $ — |
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 September 30, 2018 September 30, 2017 Interest Rate Swap—Change in fair value Unrealized gain/(loss) on derivatives $ 1,051,460 $ 652,160 Interest Rate Swap—Realized gain/(loss) Realized gain/(loss) on derivatives 830,991 (435,920) Gain/(loss) on derivatives, net $ 1,882,451 $ 216,240 Six months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized September 30, 2018 September 30, 2017 Interest Rate Swap—Change in fair value Unrealized gain/(loss) on derivatives $ 2,759,076 $ (1,718,031) Interest Rate Swap—Realized gain/(loss) Realized gain/(loss) on derivatives 1,613,556 (1,048,783) Gain/(loss) on derivatives, net $ 4,372,632 $ (2,766,814) |
Summary of carrying value and estimated fair value of Japanese Financings | September 30, 2018 March 31, 2018 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 49,020,833 $ 45,410,069 $ 50,645,833 $ 50,645,833 Concorde Japanese Financing 53,576,923 49,330,698 55,192,308 55,192,308 Corvette Japanese Financing 54,115,385 49,792,999 55,730,769 55,730,769 CJNP Japanese Financing 21,230,000 20,993,639 — — CMNL Japanese Financing 20,130,942 19,894,012 — — CNML Japanese Financing $ 22,369,038 $ 22,098,229 $ — $ — |
Earnings_(Loss) Per Share (EP_2
Earnings/(Loss) Per Share (EPS) (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended Six months ended (In U.S. dollars except share data) September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Numerator: Net loss $ (8,177,120) $ (11,915,136) $ (28,773,678) $ (18,605,106) Denominator: Basic and diluted weighted average number of common shares outstanding 54,431,820 54,076,271 54,313,255 53,976,330 EPS: Basic and diluted $ (0.15) $ (0.22) $ (0.53) $ (0.34) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies | |
Schedule of future minimum scrubber purchases commitments | September 30, 2018 Less than one year $ 3,024,231 One to three years 2,387,551 Total $ 5,411,782 |
Schedule of operating lease rent expense | Three months ended Six months ended September 30, 2018 September 30, 2017 September 30, 2018 September 30, 2017 Operating lease rent expense $ 106,117 $ 108,358 $ 233,599 $ 214,550 |
Schedule of operating leases | September 30, 2018 Less than one year $ 422,421 One to three years 473,247 Three to five years 329,217 Total $ 1,224,885 |
Schedule of future minimum fixed time charter contracts | September 30, 2018 Less than one year $ 29,578,114 One to three years 12,431,365 Total $ 42,009,479 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 6 Months Ended |
Sep. 30, 2018item | |
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 |
The number of vessels that have exhaust gas cleaning systems | 2 |
The number of vessels with contracts to purchase exhaust gas cleaning systems | 7 |
The number of vessels with options to purchase exhaust gas cleaning systems | 3 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Sep. 30, 2018m³ |
CMNL LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CJNP LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
CNML LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (Cougar) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (Cobra) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (Continental) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (Constitution) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (Commodore) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (Cresques) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (Cheyenne) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (Clermont) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (Cratis) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (Chaparral) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (Copernicus) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (Challenger) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (Caravelle) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Significant Accounting Polici_4
Significant Accounting Policies (AcctPro) (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cash and cash equivalents | $ 48,244,169 | $ 103,505,676 | ||
Restricted cash - non-current | 35,636,008 | 25,862,704 | ||
Total cash, cash equivalents, and restricted cash | 83,880,177 | 129,368,380 | $ 68,926,757 | $ 67,892,698 |
Accounting Standards Update 2016-18 | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Cash and cash equivalents | 48,244,169 | 103,505,676 | 50,844,921 | 17,018,552 |
Restricted cash - non-current | 35,636,008 | 25,862,704 | 18,081,836 | 50,874,146 |
Total cash, cash equivalents, and restricted cash | $ 83,880,177 | $ 129,368,380 | $ 68,926,757 | $ 67,892,698 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | 3 Months Ended | 6 Months Ended | |||||
Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Mar. 31, 2018USD ($) | Apr. 01, 2014 | Jul. 26, 2013 | |
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | $ 584,632 | $ 638,070 | $ 1,229,149 | $ 1,271,953 | |||
Due from related parties | 42,375,930 | 42,375,930 | $ 26,880,720 | ||||
Due to related parties | 11,162 | 11,162 | 345,515 | ||||
Eagle Ocean Transport | |||||||
Transactions with Related Parties | |||||||
Reimbursed office-related costs | 100,000 | ||||||
Eagle Ocean Transport | Maximum | |||||||
Transactions with Related Parties | |||||||
Reimbursed office-related costs | 100,000 | 100,000 | 100,000 | ||||
Manager | |||||||
Transactions with Related Parties | |||||||
Due from related parties | 1,100,000 | 1,100,000 | 900,000 | ||||
Mr. John Hadjipateras | Eagle Ocean Transport | |||||||
Transactions with Related Parties | |||||||
Ownership interest (as a percent) | 100.00% | ||||||
Helios LPG Pool LLC | |||||||
Transactions with Related Parties | |||||||
Due from related parties | 62,200,000 | $ 62,200,000 | 45,400,000 | ||||
Due to related party | 300,000 | ||||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | ||||||
Number of vessels that are operating under pooling agreement | item | 29 | ||||||
Number of Company vessels that are operating under pooling agreement | item | 19 | ||||||
Working capital contributed | 20,900,000 | $ 20,900,000 | $ 19,800,000 | ||||
Helios LPG Pool LLC | Phoenix | |||||||
Transactions with Related Parties | |||||||
Number of third party vessels that are operating under pooling agreement | item | 5 | ||||||
Helios LPG Pool LLC | Oriental Energy | |||||||
Transactions with Related Parties | |||||||
Number of third party vessels that are operating under pooling agreement | item | 5 | ||||||
Other income-related party | Manager | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | $ 100,000 | 200,000 | |||||
Other income-related party | Helios LPG Pool LLC | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | 600,000 | 500,000 | 1,100,000 | 1,100,000 | |||
Other income | |||||||
Transactions with Related Parties | |||||||
Fixed reimbursement of expense from Helios | 100,000 | $ 200,000 | |||||
Other income | Maximum | |||||||
Transactions with Related Parties | |||||||
Fixed reimbursement of expense from Helios | 100,000 | $ 100,000 | |||||
Other income | Manager | |||||||
Transactions with Related Parties | |||||||
Related party income for chartering and operational services | $ 100,000 | $ 100,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 6 Months Ended |
Sep. 30, 2018USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period | $ 1,574,522 |
Additions | 578,537 |
Amortization | (272,503) |
Balance at the end of the period | $ 1,880,556 |
Vessels, Net (Details)
Vessels, Net (Details) | 6 Months Ended | |
Sep. 30, 2018USD ($)item | Mar. 31, 2018USD ($) | |
Accumulated depreciation | ||
Vessels, net | $ 1,507,941,555 | $ 1,539,111,833 |
The number of vessels with contracts to purchase exhaust gas cleaning systems | item | 7 | |
Vessels | ||
Cost | ||
Balance at the beginning of the period | $ 1,728,987,980 | |
Other additions | 1,213,621 | |
Balance at the end of the period | 1,730,201,601 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (189,876,147) | |
Impairment | 0 | |
Depreciation | (32,383,899) | |
Balance at the end of the period | $ (222,260,046) | |
Number of vessels with capital improvements | item | 8 | |
The number of vessels with contracts to purchase exhaust gas cleaning systems | item | 4 | |
Mortgaged VLGC vessels, carrying value | $ 1,507,900,000 | $ 1,539,100,000 |
Long-Term Debt (Condensed) (Det
Long-Term Debt (Condensed) (Details) - USD ($) | Jun. 26, 2018 | Jun. 25, 2018 | Jun. 20, 2018 | Jun. 11, 2018 | Jun. 04, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Mar. 31, 2018 | Jun. 08, 2017 | Mar. 31, 2015 |
Debt obligations | |||||||||||
Total debt obligations | $ 742,080,804 | $ 775,164,186 | |||||||||
Less: deferred financing fees | $ 16,061,034 | 15,544,668 | 16,061,034 | ||||||||
Total | 726,536,136 | 759,103,152 | |||||||||
Presented as follows: | |||||||||||
Current portion of long-term debt | 63,968,414 | 65,067,569 | |||||||||
Long-term debt—net of current portion and deferred financing fees | 662,567,722 | 694,035,583 | |||||||||
Total | 726,536,136 | 759,103,152 | |||||||||
Deferred financing fees | |||||||||||
Deferred finance fees, beginning | 16,061,034 | ||||||||||
Additions | 1,080,848 | ||||||||||
Amortization | (1,597,214) | $ (2,898,375) | |||||||||
Deferred finance fees, end | $ 15,544,668 | ||||||||||
CJNP LPG Transport LLC | |||||||||||
Long-Term Debt | |||||||||||
Value of vessel transferred | $ 48,300,000 | ||||||||||
Term of Charter Agreement | 6 years | ||||||||||
Period until purchase option exercisable | 2 years | ||||||||||
Proceeds from sale of vessel | $ 21,700,000 | ||||||||||
Deposit retained by buyer | $ 26,600,000 | ||||||||||
CMNL LPG Transport LLC | |||||||||||
Long-Term Debt | |||||||||||
Value of vessel transferred | $ 45,800,000 | ||||||||||
Term of Charter Agreement | 7 years | ||||||||||
Period until purchase option exercisable | 2 years | ||||||||||
Proceeds from sale of vessel | $ 20,600,000 | ||||||||||
Deposit retained by buyer | $ 25,200,000 | ||||||||||
CNML LPG Transport LLC | |||||||||||
Long-Term Debt | |||||||||||
Value of vessel transferred | $ 50,800,000 | ||||||||||
Term of Charter Agreement | 7 years | ||||||||||
Period until purchase option exercisable | 2 years | ||||||||||
Proceeds from sale of vessel | $ 22,900,000 | ||||||||||
Deposit retained by buyer | $ 27,900,000 | ||||||||||
2017 Bridge Loan | |||||||||||
Long-Term Debt | |||||||||||
Original loan amount | $ 97,000,000 | ||||||||||
Repayment of debt | $ 44,600,000 | $ 22,300,000 | |||||||||
Debt obligations | |||||||||||
Total debt obligations | 66,940,405 | ||||||||||
2017 Bridge Loan | CMNL LPG Transport LLC | |||||||||||
Long-Term Debt | |||||||||||
Repayment of debt | 21,200,000 | ||||||||||
2017 Bridge Loan | CNML LPG Transport LLC | |||||||||||
Long-Term Debt | |||||||||||
Repayment of debt | $ 23,400,000 | ||||||||||
Japanese Financings | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 220,443,121 | 161,568,910 | |||||||||
Corsair Japanese Financing | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 49,020,833 | 50,645,833 | |||||||||
Concorde Japanese Financing | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 53,576,923 | 55,192,308 | |||||||||
Corvette Japanese Financing | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 54,115,385 | 55,730,769 | |||||||||
CJNP Japanese Financing | |||||||||||
Long-Term Debt | |||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||
Estimated financing cost to be incurred | $ 100,000 | ||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||
Brokerage commission fee on exercised purchase option excluding buyer deposit (as a percent) | 1.00% | ||||||||||
Principal payment frequency | monthly | ||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||
Balloon payment amount | $ 13,000,000 | ||||||||||
Debt obligations | |||||||||||
Total debt obligations | 21,230,000 | ||||||||||
CMNL Japanese Financing | |||||||||||
Long-Term Debt | |||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||
Estimated financing cost to be incurred | $ 100,000 | ||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||
Brokerage commission fee on exercised purchase option excluding buyer deposit (as a percent) | 1.00% | ||||||||||
Principal payment frequency | monthly | ||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||
Balloon payment amount | $ 11,000,000 | ||||||||||
Debt obligations | |||||||||||
Total debt obligations | 20,130,942 | ||||||||||
CNML Japanese Financing | |||||||||||
Long-Term Debt | |||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||
Estimated financing cost to be incurred | $ 100,000 | ||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||
Brokerage commission fee on exercised purchase option excluding buyer deposit (as a percent) | 1.00% | ||||||||||
Principal payment frequency | monthly | ||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||
Balloon payment amount | $ 13,000,000 | ||||||||||
Debt obligations | |||||||||||
Total debt obligations | 22,369,038 | ||||||||||
2015 Debt Facility | |||||||||||
Long-Term Debt | |||||||||||
Original loan amount | $ 758,000,000 | ||||||||||
Debt obligations | |||||||||||
Total debt obligations | 521,637,683 | 546,654,871 | |||||||||
Commercial Financing | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 181,838,421 | 187,989,229 | |||||||||
KEXIM Direct Financing | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 133,432,153 | 141,004,162 | |||||||||
KEXIM Guaranteed | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | 137,857,316 | 145,348,064 | |||||||||
K-sure Insured | |||||||||||
Debt obligations | |||||||||||
Total debt obligations | $ 68,509,793 | $ 72,313,416 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Jun. 30, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Stock-Based Compensation Plans | ||||||
Unrecognized compensation cost | $ 5.3 | $ 5.3 | $ 5.3 | |||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 4 months 28 days | |||||
General and administrative expenses | ||||||
Stock-Based Compensation Plans | ||||||
Stock-based compensation expense | $ 1.3 | $ 1.2 | $ 3 | $ 2.7 | ||
Restricted stock awards | ||||||
Number of Shares | ||||||
Unvested at the beginning of the period (in shares) | 918,344 | |||||
Granted (in shares) | 200,000 | 219,134 | ||||
Vested (in shares) | (411,793) | |||||
Unvested at the end of the period (in shares) | 725,685 | 725,685 | 725,685 | |||
Weighted-Average Grant-Date Fair Value | ||||||
Unvested at the beginning of the period (in dollars per share) | $ 15.67 | |||||
Granted (in dollars per share) | 8.31 | |||||
Vested (in dollars per share) | 15.85 | |||||
Unvested at the end of the period (in dollars per share) | $ 13.34 | $ 13.34 | $ 13.34 | |||
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) | 7,985 | 7,960 | ||||
Non-employee consultant | Restricted stock awards | ||||||
Number of Shares | ||||||
Granted (in shares) | 1,597 | 1,592 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues | $ 40,807,542 | $ 68,451,824 | ||
Net pool revenue - related party | ||||
Revenues | 32,027,042 | 48,133,443 | ||
Time charter revenue | ||||
Revenues | 8,640,000 | 20,107,881 | ||
Other revenue, net | ||||
Revenues | $ 140,500 | $ 210,500 | ||
Revenue Guidance in Effect before Topic 606 | ||||
Revenues | $ 34,729,021 | $ 75,754,493 | ||
Revenue Guidance in Effect before Topic 606 | Net pool revenue - related party | ||||
Revenues | 20,468,380 | 48,943,739 | ||
Revenue Guidance in Effect before Topic 606 | Time charter revenue | ||||
Revenues | 12,507,394 | 25,072,049 | ||
Revenue Guidance in Effect before Topic 606 | Voyage charter revenue | ||||
Revenues | 1,733,247 | 1,733,247 | ||
Revenue Guidance in Effect before Topic 606 | Other revenue, net | ||||
Revenues | $ 20,000 | $ 5,458 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Mar. 31, 2018 | |
Derivative Instruments | |||||
Change in fair value | $ 1,051,460 | $ 652,160 | $ 2,759,076 | $ (1,718,031) | |
Realized gain/(loss) on derivatives | 830,991 | (435,920) | 1,613,556 | (1,048,783) | |
Interest rate swaps | Derivatives not designated as hedging instruments | |||||
Derivative Instruments | |||||
Gain/(loss) on derivatives, net | 1,882,451 | 216,240 | 4,372,632 | (2,766,814) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized loss on derivatives | |||||
Derivative Instruments | |||||
Change in fair value | 1,051,460 | 652,160 | 2,759,076 | (1,718,031) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized loss on derivatives | |||||
Derivative Instruments | |||||
Realized gain/(loss) on derivatives | 830,991 | $ (435,920) | 1,613,556 | $ (1,048,783) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | |||||
Derivative Instruments | |||||
Derivative Asset | $ 17,023,975 | $ 17,023,975 | $ 14,264,899 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Carry and FV) (Details) - USD ($) | Sep. 30, 2018 | Mar. 31, 2018 |
Fair value | ||
Carry Value | $ 726,536,136 | $ 759,103,152 |
Corsair Japanese Financing | ||
Fair value | ||
Carry Value | 49,020,833 | 50,645,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 45,410,069 | 50,645,833 |
Concorde Japanese Financing | ||
Fair value | ||
Carry Value | 53,576,923 | 55,192,308 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 49,330,698 | 55,192,308 |
Corvette Japanese Financing | ||
Fair value | ||
Carry Value | 54,115,385 | 55,730,769 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 49,792,999 | $ 55,730,769 |
CJNP Japanese Financing | ||
Fair value | ||
Carry Value | 21,230,000 | |
CJNP Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 20,993,639 | |
CMNL Japanese Financing | ||
Fair value | ||
Carry Value | 20,130,942 | |
CMNL Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 19,894,012 | |
CNML Japanese Financing | ||
Fair value | ||
Carry Value | 22,369,038 | |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 22,098,229 |
Earnings_(Loss) Per Share (EP_3
Earnings/(Loss) Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Numerator: | ||||
Net loss | $ (8,177,120) | $ (11,915,136) | $ (28,773,678) | $ (18,605,106) |
Denominator: | ||||
Basic and diluted weighted average number of common shares outstanding (in shares) | 54,431,820 | 54,076,271 | 54,313,255 | 53,976,330 |
EPS: | ||||
Basic and diluted (in dollars per share) | $ (0.15) | $ (0.22) | $ (0.53) | $ (0.34) |
Restricted stock awards | ||||
EPS: | ||||
Number of shares excluded from the calculation of diluted EPS | 725,685 | 1,029,266 | 725,685 | 1,029,266 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 3 Months Ended | 6 Months Ended | ||
Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)item | Sep. 30, 2017USD ($) | |
Commitments and Contingencies | ||||
The number of vessels with contracts to purchase exhaust gas cleaning systems | item | 7 | 7 | ||
Commitments under Contracts for Scrubber Purchases | ||||
Less than one year | $ 3,024,231 | $ 3,024,231 | ||
One to three years | 2,387,551 | 2,387,551 | ||
Total | 5,411,782 | 5,411,782 | ||
Operating Leases | ||||
Operating lease rent expense | 106,117 | $ 108,358 | 233,599 | $ 214,550 |
Commitments under Operating Leases | ||||
Less than one year | 422,421 | 422,421 | ||
One to three years | 473,247 | 473,247 | ||
Three to five years | 329,217 | 329,217 | ||
Total | 1,224,885 | 1,224,885 | ||
Fixed Time Charter Contracts | ||||
Less than one year | 29,578,114 | 29,578,114 | ||
One to three years | 12,431,365 | 12,431,365 | ||
Total | $ 42,009,479 | $ 42,009,479 |