Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Jun. 09, 2020 | Sep. 30, 2019 | |
Document and Entity Information | |||
Entity Registrant Name | DORIAN LPG LTD. | ||
Entity Central Index Key | 0001596993 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2020 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 414,273,991 | ||
Entity Common Stock, Shares Outstanding | 50,827,952 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 48,389,688 | $ 30,838,684 |
Short-term investments | 14,923,140 | 599,949 |
Restricted cash - current | 3,370,178 | |
Trade receivables, net and accrued revenues | 820,846 | 1,384,118 |
Due from related parties | 66,847,701 | 44,455,643 |
Inventories | 1,996,203 | 2,111,637 |
Prepaid expenses and other current assets | 3,266,999 | 3,199,038 |
Total current assets | 139,614,755 | 82,589,069 |
Fixed assets | ||
Vessels, net | 1,437,658,833 | 1,478,520,314 |
Other fixed assets, net | 185,613 | 160,283 |
Total fixed assets | 1,437,844,446 | 1,478,680,597 |
Other non-current assets | ||
Deferred charges, net | 7,336,726 | 2,000,794 |
Derivative instruments | 6,448,498 | |
Due from related parties—non-current | 23,100,000 | 19,800,000 |
Restricted cash - non-current | 35,629,261 | 35,633,962 |
Operating lease right-of-use assets | 26,861,551 | |
Other non-current assets | 1,573,104 | 217,097 |
Total assets | 1,671,959,843 | 1,625,370,017 |
Current liabilities | ||
Trade accounts payable | 13,552,796 | 7,212,580 |
Accrued expenses | 4,080,952 | 3,436,116 |
Due to related parties | 436,850 | 489,644 |
Deferred income | 2,068,205 | 4,258,683 |
Derivative instruments | 2,605,442 | |
Current portion of long-term operating lease liabilities | 9,212,589 | |
Current portion of long-term debt | 53,056,125 | 63,968,414 |
Total current liabilities | 85,012,959 | 79,365,437 |
Long-term liabilities | ||
Long-term debt—net of current portion and deferred financing fees | 581,919,094 | 632,122,372 |
Long-term operating lease liabilities | 17,651,939 | |
Derivative instruments | 9,152,829 | |
Other long-term liabilities | 1,170,824 | 1,199,650 |
Total long-term liabilities | 609,894,686 | 633,322,022 |
Total liabilities | 694,907,645 | 712,687,459 |
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, 59,083,290 and 58,882,515 shares issued, 50,827,952 and 55,167,708 shares outstanding (net of treasury stock), as of March 31, 2020 and March 31, 2019, respectively | 590,833 | 588,826 |
Additional paid-in-capital | 866,809,371 | 863,583,692 |
Treasury stock, at cost; 8,255,338 and 3,714,807 shares as of March 31, 2020 and March 31, 2019, respectively | (87,183,865) | (36,484,561) |
Retained earnings | 196,835,859 | 84,994,601 |
Total shareholders' equity | 977,052,198 | 912,682,558 |
Total liabilities and shareholders' equity | $ 1,671,959,843 | $ 1,625,370,017 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Mar. 31, 2019 |
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 | 59,083,290 | 58,882,515 |
Common stock, shares outstanding (net of treasury stock) | 50,827,952 | 55,167,708 |
Treasury stock, shares at cost | 8,255,338 | 3,714,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues. | |||
Revenues | $ 333,429,998 | $ 158,032,485 | $ 159,334,760 |
Expenses | |||
Voyage expenses | 3,242,923 | 1,697,883 | 2,213,773 |
Charter hire expenses | 9,861,898 | 237,525 | |
Vessel operating expenses | 71,478,369 | 66,880,568 | 64,312,644 |
Depreciation and amortization | 66,262,530 | 65,201,151 | 65,329,951 |
General and administrative expenses | 23,355,768 | 24,434,246 | 26,186,332 |
Professional and legal fees related to the BW Proposal | 10,022,747 | ||
Total expenses | 174,201,488 | 168,474,120 | 158,042,700 |
Other income-related parties | 1,840,321 | 2,479,599 | 2,549,325 |
Operating income/(loss) | 161,068,831 | (7,962,036) | 3,841,385 |
Other income/(expenses) | |||
Interest and finance costs | (36,105,541) | (40,649,231) | (35,658,045) |
Interest income | 1,458,725 | 1,755,259 | 440,059 |
Unrealized gain/(loss) on derivatives | (18,206,769) | (7,816,401) | 8,421,531 |
Realized gain/(loss) on derivatives | 2,800,374 | 3,788,123 | (1,328,886) |
Gain on early extinguishment of debt | 4,117,364 | ||
Other gain/(loss), net | 825,638 | (61,619) | (234,094) |
Total other income/(expenses), net | (49,227,573) | (42,983,869) | (24,242,071) |
Net income/(loss) | $ 111,841,258 | $ (50,945,905) | $ (20,400,686) |
Weighted average shares outstanding Basic (in shares) | 53,881,483 | 54,513,118 | 54,039,886 |
Weighted average shares outstanding Diluted (in shares) | 54,115,338 | 54,513,118 | 54,039,886 |
Earnings/(loss) per common share – basic (in dollars per share) | $ 2.08 | $ (0.93) | $ (0.38) |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 2.07 | $ (0.93) | $ (0.38) |
Net pool revenues - related party | |||
Revenues. | |||
Revenues | $ 298,079,123 | $ 120,015,771 | $ 106,958,576 |
Time charter revenues | |||
Revenues. | |||
Revenues | 34,111,230 | 37,726,214 | 50,176,166 |
Voyage charter revenues | |||
Revenues. | |||
Revenues | 2,068,491 | ||
Other revenues, net | |||
Revenues. | |||
Revenues | $ 1,239,645 | $ 290,500 | $ 131,527 |
Consolidated Statements of Shar
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 income/(loss) for the period | (20,400,686) | (20,400,686) | |||
Restricted share award issuances | $ 2,980 | (2,980) | |||
Restricted share award issuances (in shares) | 297,960 | ||||
Stock-based compensation | 5,138,489 | 5,138,489 | |||
Purchase of treasury stock | (1,326,159) | (1,326,159) | |||
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 income/(loss) for the period | (50,945,905) | (50,945,905) | |||
Restricted share award issuances | $ 2,424 | (2,424) | |||
Restricted share award issuances (in shares) | 242,354 | ||||
Stock-based compensation | 5,476,234 | 5,476,234 | |||
Purchase of treasury stock | (1,261,133) | (1,261,133) | |||
Balance at Mar. 31, 2019 | $ 588,826 | (36,484,561) | 863,583,692 | 84,994,601 | 912,682,558 |
Balance (in shares) at Mar. 31, 2019 | 58,882,515 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 111,841,258 | 111,841,258 | |||
Restricted share award issuances | $ 2,007 | (2,007) | |||
Restricted share award issuances (in shares) | 200,775 | ||||
Stock-based compensation | 3,227,686 | 3,227,686 | |||
Purchase of treasury stock | (50,699,304) | (50,699,304) | |||
Balance at Mar. 31, 2020 | $ 590,833 | $ (87,183,865) | $ 866,809,371 | $ 196,835,859 | $ 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 111,841,258 | $ (50,945,905) | $ (20,400,686) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 66,262,530 | 65,201,151 | 65,329,951 |
Amortization of operating lease right-of-use asset | 1,885,522 | ||
Amortization of financing costs | 2,893,392 | 3,136,051 | 7,506,509 |
Unrealized (gain)/loss on derivatives | 18,206,769 | 7,816,401 | (8,421,531) |
Stock-based compensation expense | 3,227,686 | 5,476,234 | 5,138,489 |
Gain on early extinguishment of debt | (4,117,364) | ||
Unrealized foreign currency (gain)/loss, net | 311,539 | 303,835 | (63,761) |
Other non-cash items, net | (1,200,001) | (48,182) | 144,545 |
Changes in operating assets and liabilities | |||
Trade receivables, net and accrued revenue | 563,272 | (1,047,956) | (325,132) |
Prepaid expenses and other current assets | (222,510) | (537,549) | (579,981) |
Due from related parties | (25,692,058) | (17,574,923) | 15,576,280 |
Inventories | 115,434 | (98,730) | 567,835 |
Other non-current assets | (1,356,007) | (131,457) | (10,171) |
Operating lease liabilities—current and long-term | (1,888,347) | ||
Trade accounts payable | 1,470,669 | 793,925 | (561,808) |
Accrued expenses and other liabilities | (2,078,325) | (2,999,444) | (2,406,945) |
Due to related parties | (52,794) | 144,129 | 334,353 |
Payments for drydocking costs | (5,251,622) | (604,147) | (461,480) |
Net cash provided by operating activities | 169,036,407 | 8,883,433 | 57,249,103 |
Cash flows from investing activities: | |||
Vessel-related capital expenditures | (19,883,090) | (3,972,815) | (297,534) |
Payments for short-term investments | (14,888,638) | (499,690) | |
Proceeds from sale of investment securities | 1,767,906 | ||
Payments to acquire other fixed assets | (141,012) | (47,799) | (139,503) |
Net cash used in investing activities | (33,144,834) | (4,520,304) | (437,037) |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 65,137,500 | 261,000,000 | |
Repayment of long-term debt borrowings | (63,968,414) | (130,205,069) | (251,994,382) |
Purchase of treasury stock | (50,642,795) | (1,310,064) | (1,220,535) |
Financing costs paid | (40,547) | (628,144) | (3,113,425) |
Net cash provided by/(used in) financing activities | (114,651,756) | (67,005,777) | 4,671,658 |
Effects of exchange rates on cash and cash equivalents | (323,336) | (253,086) | (8,042) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 20,916,481 | (62,895,734) | 61,475,682 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 66,472,646 | 129,368,380 | 67,892,698 |
Cash, cash equivalents, and restricted cash at the end of the period | 87,389,127 | 66,472,646 | 129,368,380 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 32,461,153 | 36,906,567 | 27,958,102 |
Cash paid for amounts included in the measurement of operating lease liabilities | 2,810,468 | ||
Vessel-related capital expenditures included in liabilities | 4,408,333 | 33,015 | 60,854 |
Financing costs included in liabilities | $ 595,138 | $ 595,138 | $ 142,434 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows: | ||||
Cash and cash equivalents | $ 48,389,688 | $ 30,838,684 | $ 103,505,676 | |
Restricted cash - current | 3,370,178 | |||
Restricted cash - non-current | 35,629,261 | 35,633,962 | 25,862,704 | |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 87,389,127 | $ 66,472,646 | $ 129,368,380 | $ 67,892,698 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Consolidated Financial Statements (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we,” “us,” “our,” or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. As of March 31, 2020, our fleet consists of twenty-four VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), three 82,000 cbm VLGCs, and two time chartered-in VLGCs. Nine of our technically-managed ECO VLGCs are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on six of these VLGCs was completed during the year ended March 31, 2020 and the installation of a scrubber on an additional VLGC was in progress as of March 31, 2020 and was completed in April 2020. An additional three of our technically-managed VLGCs had contractual commitments to be equipped with scrubbers as of March 31, 2020, for which one is currently in progress of being scrubber-equipped. The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship. Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2020 are listed below. Vessel Owning 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) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information Customers For the year ended March 31, 2020, the Helios Pool accounted for 89% of our total revenues. No other individual charterer accounted for more than 10%. For the year ended March 31, 2019, the Helios Pool and one other individual charterer represented 76% and 14% of our total revenues, respectively. For the year ended March 31, 2018, the Helios Pool and two other individual charterers accounted for 67%, 13% and 11% of our total revenues, respectively. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. (d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, we had no foreign currency derivative instruments. (e) Cash and cash equivalents: We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. (f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments. (g) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero. (h) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. (i) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation. (j) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. (k) Impairment of long‑lived assets: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. (l) Vessel depreciation: Depreciation is computed using the straight‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (m) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight‑line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels every five years until they reach 15 years of age unless an extension of the drydocking to seven and one-half years is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. (n) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the accompanying consolidated balance sheet. (o) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements and pledged cash deposits. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. (p) Leases: We adopted the new lease guidance as described in Note 2 effective April 1, 2019 and applied the modified retrospective approach. Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2020, 2019, and 2018 and to Note 18 for a description of commitments related to our leases as of March 31, 2020. The following is a description of our arrangements that were impacted by this new guidance. Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The adoption of the guidance did not impact our accounting for time charter out contracts. Time charter revenues are recognized when an agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non‑current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Revenue generated from time charters is accounted for as revenue earned under the new leasing guidance further described below. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and number of days the vessel participated in the pool in the period. We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases, pursuant to the accounting standard on leases, as further described below. Time charter-in contracts Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases. (q) In a voyage charter contract, a charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has standard payment terms of freight paid within three to five days after completion of loading. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime, known as despatch, resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer. Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers . Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the accompanying consolidated balance sheet. We adopted ASC 606 on April 1, 2018 using the modified retrospective approach. The adoption of the amended guidance did not have any material impact on the consolidated financial statements for the year ended March 31, 2019 or for prior periods, given our revenues are primarily generated by pool and time charter arrangements, and there were no voyage charter arrangements in progress as of March 31, 2019 or 2018. (r) Voyage expenses: V oyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. (s) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. (t) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent. (u) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (v) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. (w) Stock-based compensation : Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. (x) Stock repurchases : We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares. (y) Segment reporting: Each of our vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when we charter a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. (z) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. (aa) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. (bb) Recent accounting pronouncements: Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-2 (codified as ASC 842) 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 remained largely unchanged from previous U.S. GAAP. 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 adopted the guidance effective April 1, 2019 and applied the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. We elected to adopt the “package of practical expedients,” which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the short-term lease recognition exemption for all leases that qualified. This means, for those leases that qualified, we did not recognize right-of-use assets or lease liabilities, and this included not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all leases other than leases of real estate, and this included not separating lease and non-lease components for all leases other than leases of real estate in transition. The adoption did not have a material effect on our consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets and operating lease liabilities related to our office leases (described in Note 10) on our consolidated balance sheet of approximately $1.2 million as of April 1, 2019. Refer to Note 18 for a description of our operating lease expenses for the years ended March 31, 2020, 2019 and 2018 and commitments related to our leases as of March 31, 2020. In relation to our time chartered-in VLGC (described in Note 10), the adoption of the new guidance had no impact on our financial statements since the length of the time charter was not more than 12 months. Refer to Note 10 — Leases for additional information regarding the adoption of ASC 842 from a lessor as well as from a lessee perspective. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2020 | |
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, $0.2 million and $0.4 million for the years ended March 31, 2020, 2019 and 2018, respectively. As of March 31, 2020, $1.3 million was due from DHSA and included in “Due from related parties.” As of March 31, 2019, $1.2 million was due from DHSA and included in “Due from related parties.” Eagle Ocean Transport incurs miscellaneous costs on behalf of us, for which we reimbursed Eagle Ocean Transport less than $0.1 million for each of the years ended March 31, 2020 and 2019, and $0.1 million for the year ended March 31, 2018. Such expenses are reimbursed based on their actual cost. Helios LPG Pool LLC (“Helios Pool”) 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 March 31, 2020, the Helios Pool operated thirty-six VLGCs, including twenty-two vessels from our fleet (including one vessel time chartered-in from an unrelated party), four Phoenix vessels, five from other participants, and five time chartered-in vessels. As of March 31, 2020, we had net receivables from the Helios Pool of $88.1 million (net of an amount due to Helios Pool of $0.4 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2019, we had receivables from the Helios Pool of $62.5 million (net of an amount due to Helios Pool of $0.5 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 March 31, 2019 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the consolidated statement of operations and were $1.6 million, $2.2 million and $2.2 million for the years ended March 31, 2020, 2019 and 2018, respectively. Additionally, we received 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 $1.2 million, $0.3 million and $0.1 million for the years ended March 31, 2020, 2019 and 2018 respectively, and are included in “Other revenues, net” in the consolidated statement of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the years ended March 31, 2020, 2019 and 2018. 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 time 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, to the extent they have been collected from third-party customers of the Helios Pool, 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 13. Consulting A former member of our board of directors, who resigned as a director effective May 1, 2015, provided certain chartering and commercial services to the Company, its subsidiaries, and the Predecessor Companies since the formation of the Predecessor Companies. This individual entered into a consulting agreement in May 2015, which was amended in June 2016, that provided for, among other things, an annual fee for services rendered of $120,000. This agreement was terminated effective April 1, 2018. Related to this consulting agreement, we expensed $0.1 million for the year ended March 31, 2018. No such expenses were incurred for the years ended March 31, 2020 and 2019. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2020 | |
Inventories | |
Inventories | 4. Inventories Our inventories by type were as follows: March 31, 2020 March 31, 2019 Lubricants $ 1,544,352 $ 1,699,316 Victualing 328,297 287,795 Bonded stores 123,554 124,526 Total $ 1,996,203 $ 2,111,637 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2020 | |
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 4,005,830 — 4,005,830 Depreciation — (64,597,349) (64,597,349) Balance, March 31, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 24,291,423 — 24,291,423 Depreciation — (65,152,904) (65,152,904) Balance, March 31, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers for certain of our VLGCs and other capital improvements to our VLGCs during the years ended March 31, 2020 and 2019. Our vessels, with a total carrying value of $1,437.7 million and $1,478.5 million as of March 31, 2020 and 2019, respectively, are first‑priority mortgaged as collateral for our long-term debt (refer to Note 9 below). No impairment loss was recorded for the periods presented. |
Other Fixed Assets, Net
Other Fixed Assets, Net | 12 Months Ended |
Mar. 31, 2020 | |
Other Fixed Assets, Net | |
Other Fixed Assets, Net | 6. Other Fixed Assets, Net Other fixed assets, net were $0.2 million and $0.2 million as of March 31, 2020 and March 31, 2019, respectively, and represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets, net was $0.3 million as of March 31, 2020 and $0.3 million as of March 31, 2019. |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2020 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 7. Deferred Charges, Net The analysis and movement of deferred charges, net is presented in the table below: Drydocking costs Balance, April 1, 2018 $ 1,574,522 Additions 955,372 Amortization (529,100) Balance, April 1, 2019 $ 2,000,794 Additions 6,329,877 Amortization (993,945) Balance, March 31, 2020 $ 7,336,726 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Accrued Expenses | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses comprised of the following: March 31, 2020 March 31, 2019 Accrued voyage and vessel operating expenses $ 2,473,385 $ 1,684,336 Accrued professional services 266,836 400,984 Accrued loan and swap interest 284,985 394,532 Accrued employee-related costs 949,310 867,514 Accrued board of directors' fees 88,750 88,750 Other 17,686 — Total $ 4,080,952 $ 3,436,116 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2020 | |
Long-term Debt | |
Long-term Debt | 9. Long‑Term Debt Description of our Debt Obligations 2015 Facility In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with the amendments described below, the “2015 Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2020, the debt financing is secured by, among other things, sixteen of our ECO VLGCs, and represents a loan-to-contract cost ratio before fees of approximately 55%. The 2015 Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness. A commitment fee was payable on the average daily unused amount under the 2015 Facility of 40% of the margin on each tranche. Certain terms of the borrowings under each tranche of the 2015 Facility are as follows: Interest Rate at Term Interest Rate Description (1) March 31, 2020 (2) Tranche 1 Commercial Financing years London InterBank Offered Rate (“LIBOR”) plus a margin (4) 3.98 % Tranche 2 KEXIM Direct Financing years (3) LIBOR plus a margin of 2.45% 3.68 % Tranche 3 KEXIM Guaranteed years (3) LIBOR plus a margin of 1.40% 2.63 % Tranche 4 K-sure Insured years (3) LIBOR plus a margin of 1.50% 2.73 % (1) The interest rate of the 2015 Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The set LIBOR rate in effect as of March 31, 2020 was 1.23%. (3) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (4) The Commercial Financing tranche margin over LIBOR is 2.75% and is reduced to 2.50% if 50% or more but less than 75% of the vessels financed in the 2015 Facility are employed under time charters as defined in the agreement and to 2.25% if 75% or more of the vessels financed in the 2015 Facility are employed under time charters as defined in the agreement. As of March 31, 2020, the set margin was 2.75%. The 2015 Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed; (ii) first priority assignments of all of the financed vessels’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time. The 2015 Facility also contains customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or management of the vessels, or entry into a new line of business. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. On May 31, 2017, we entered into an agreement to amend the 2015 Facility. This amendment included the relaxation of certain covenants under the debt financing facility; the release of $26.8 million of restricted cash as of the date of this amendment that was applied towards the next two debt principal payments, interest and certain fees; and certain other modifications. Fees related to this amendment totaled approximately $1.1 million. The following financial covenants, some of which were relaxed under this amendment, are the most restrictive from the 2015 Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement: · The ratio of current assets and long-term restricted cash divided by current liabilities, excluding current portion of long-term debt, shall always be greater than 1.00; · Maintain minimum shareholders’ equity at all times equal to the aggregate of (i) $400,000,000, (ii) 50% of any new equity raised after loan agreement date and (iii) 25% of the positive net income for the immediately preceding financial year; · Minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense must be maintained greater than or equal to (i) 1.25 at all times prior to and through March 31, 2018, (ii) 1.50 at all times from April 1, 2018 through March 31, 2019, and (iii) 2.50 at all times thereafter; and · The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00; · Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall be at least (i) 125% at all times prior to and through March 31, 2018, (ii) 130% at all times from April 1, 2018 through March 31, 2019, (iii) 135% at all times thereafter. The following negative covenant was added under this amendment: · Restrictions on dividends and stock repurchases until the earlier of (i) an Approved Equity Offering (defined below) and (ii) the second anniversary of this amendment; and This amendment also includes a provision for the reduction of the minimum balance held as restricted cash. The minimum balance of the restricted cash deposited under this amendment is or was: · the lesser of $18.0 million and $1.0 million per mortgaged vessel under the 2015 Facility at all times from the date of this amendment through six months after the date of this amendment; · the lesser of $29.0 million and $1.6 million per mortgaged vessel under the 2015 Facility at all times from six months from the date of this amendment through the first anniversary of the date of this amendment; · the lesser of $40.0 million and $2.2 million per mortgaged vessel under the 2015 Facility at all times thereafter; and · if we complete a common stock offering of at least $50.0 million, including fees (an “Approved Equity Offering”), the restricted cash shall be calculated as an amount at least equal to 5% of the total principal of the 2015 Facility outstanding, but at no time less than the lesser of $20.0 million and $1.1 million per mortgaged vessel under the 2015 Facility. On July 23, 2019, we entered into an agreement to amend the 2015 Facility. Fees related to this amendment totaled less than $0.1 million. This amendment’s key provisions include: 1) a modification to the definition of consolidated EBITDA to exclude expenses incurred in connection with the BW LPG acquisition attempt (see Exhibit 10.1); 2) the following financial covenant modification: · Minimum interest coverage ratio of consolidated EBITDA, as defined in the 2015 Facility, to consolidated net interest expense must be maintained greater than or equal to (i) 2.00 at all times from June 30, 2019 through March 31, 2020 and (ii) 2.50 from April 1, 2020 and at all times thereafter; and 3) the following modification to the definition of consolidated liquidity: · if the minimum interest coverage ratio of consolidated EBITDA to consolidated net interest expense is less than 2.50 at any time or times during the period beginning on and including June 30, 2019 and ending on and including March 31, 2020, consolidated liquidity shall at such time or times be maintained in an amount at least equal to $47,500,000. The 2015 Facility permits the lenders to accelerate the indebtedness if, without the prior written consent of the lenders, (i) one-third of our common shares are owned by any shareholder other than certain entities, directors or officers listed in the agreement; (ii) there are certain changes to our board of directors; or (iii) Mr. John C. Hadjipateras ceases to serve on our board of directors. 2017 Bridge Loan On June 8, 2017, we entered into a $97.0 million bridge loan agreement (the “2017 Bridge Loan”) with DNB Capital LLC. The principal amount of the 2017 Bridge Loan was due on or before August 8, 2018 (the “Original Maturity Date”) and initially accrued interest on the outstanding principal amount at a rate of LIBOR plus 2.50% for the period ended December 7, 2017; LIBOR plus 4.50% for the period from December 8 until March 7, 2018; LIBOR plus 6.50% for the period March 8, 2018 until June 7, 2018, and LIBOR plus 8.50% from June 8, 2018 until the Original Maturity Date. The proceeds of the 2017 Bridge Loan were used to repay in full our bank debt provided by Royal Bank of Scotland plc. associated with each of the Captain John NP , Captain Markos NL and the Captain Nicholas ML (the “RBS Loan Facility”), at 96% of the then outstanding principal amount. The remaining proceeds were used to pay accrued interest, legal, arrangement and advisory fees related to the 2017 Bridge Loan. The 2017 Bridge Loan was initially secured by, among other things, (i) first priority mortgages on the VLGCs that were financed under the RBS Loan Facility and the Corsair , (ii) first assignments of all freights, earnings and insurances relating to these four VLGCs, and (iii) pledges of membership interests of the borrowers. On November 7, 2017, we prepaid $30.1 million of the 2017 Bridge Loan’s then outstanding principal with proceeds from the Corsair Japanese Financing (defined below) and the security interests related to the Corsair were released under the facility. Refer to “Corsair Japanese Financing” below for further details. On December 8, 2017, we entered into an agreement to amend the Original Maturity Date and margin on the 2017 Bridge Loan for a fee of $0.2 million. The remaining outstanding principal amount of the 2017 Bridge Loan was due on or before December 31, 2018 (the “Amended Maturity Date”) and accrues interest on the outstanding principal amount at a rate of LIBOR plus 2.50% for the period ending March 31, 2018; LIBOR plus 6.50% for the period April 1, 2018 until June 30, 2018, and LIBOR plus 8.50% from July 1, 2018 until the Amended Maturity Date. 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 Captain Nicholas ML and $23.4 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 On November 7, 2017, we refinanced a 2014-built VLGC, the Corsair , pursuant to a memorandum of agreement and a bareboat charter agreement (“Corsair Japanese Financing”). In connection therewith, we transferred the Corsair to the buyer for $65.0 million and, as part of the agreement, Corsair LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year 2 onwards through a mandatory buyout by 2029 . We continue to technically manage, commercially charter, and operate the Corsair . We received $52.0 million in cash as part of the transaction with $13.0 million to be retained by the buyer as a deposit (the “Corsair 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 12-year bareboat charter term. The refinancing proceeds of $52.0 million were used to prepay $30.1 million of the 2017 Bridge Loan’s then outstanding principal amount. The remaining proceeds were used to pay legal fees associated with this transaction and for general corporate purposes. The Corsair Japanese Financing is treated as a financing transaction and the VLGC continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 12-year term on interest and principal payments made, broker commission fees of 1% of the purchase option price excluding the Corsair Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 12-year term with a balloon payment of $13.0 million. Concorde Japanese Financing On January 31, 2018, we refinanced a 2015-built VLGC, the Concorde , pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred the Concorde to the buyer for $70.0 million and, as part of the agreement, Concorde LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2031 . We continue to technically manage, commercially charter, and operate the Concorde . We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Concorde 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 13-year bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $35.1 million of the 2015 Facility’s then outstanding principal amount. Pursuant to the 2015 Facility Amendment and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and the Concorde continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 13-year term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Concorde Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 13-year term with a balloon payment of $14.0 million. Corvette Japanese Financing On March 16, 2018, we refinanced a 2015-built VLGC, the Corvette , pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred the Corvette to the buyer for $70.0 million and, as part of the agreement, Corvette LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2031 . We continue to technically manage, commercially charter, and operate the Corvette . We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Corvette 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 13-year bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $33.7 million of the 2015 Facility’s then outstanding principal amount. Pursuant to the 2015 Facility Amendment and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and the Corvette continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 13-year term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Corvette Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 13-year term with a balloon payment of $14.0 million. 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 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 0.5% paid upon the delivery of the Captain John NP to the buyer, broker commission fees of 0.5% payable on the repurchase of the Captain John NP , 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 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 0.5% paid upon the delivery of the Captain Markos NL to the buyer, broker commission fees of 0.5%. payable on the repurchase of the Captain Markos NL , 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 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 0.5%, paid upon the delivery of the Captain Nicholas ML to the buyer, broker commission fees of 0.5%, 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: March 31, 2020 March 31, 2019 2015 Facility Commercial Financing $ 163,385,998 $ 175,687,613 KEXIM Direct Financing 110,716,127 125,860,144 KEXIM Guaranteed 115,385,072 130,366,568 K-sure Insured 57,098,924 64,706,170 Total 2015 Facility $ 446,586,121 $ 496,620,495 Japanese Financings Corsair Japanese Financing $ 44,145,833 $ 47,395,833 Concorde Japanese Financing 48,730,769 51,961,538 Corvette Japanese Financing 49,269,231 52,500,000 CJNP Japanese Financing 19,058,750 20,506,250 CMNL Japanese Financing 18,076,488 19,446,131 CNML Japanese Financing 20,261,012 21,666,369 Total Japanese Financings $ 199,542,083 $ 213,476,121 Total debt obligations $ 646,128,204 $ 710,096,616 Less: deferred financing fees 11,152,985 14,005,830 Debt obligations—net of deferred financing fees $ 634,975,219 $ 696,090,786 Presented as follows: Current portion of long-term debt $ 53,056,125 $ 63,968,414 Long-term debt—net of current portion and deferred financing fees 581,919,094 632,122,372 Total $ 634,975,219 $ 696,090,786 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 1,080,847 Amortization (3,136,051) Balance, March 31, 2019 $ 14,005,830 Additions 40,547 Amortization (2,893,392) Balance, March 31, 2020 $ 11,152,985 Additions represent financing costs associated with an amendment to the 2015 Facility for the year ended March 31, 2020 and financing costs associated with the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CJNP Japanese Financing, CMNL Japanese Financing, and CNML Japanese Financing (collectively the “Japanese Financings”) and the 2017 Bridge Loan for the year ended March 31, 2019, which have been deferred and are amortized over the life of the respective agreements and are included as part of interest expense in the consolidated statements of operations. Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2020 are as follows: Year ending March 31: 2021 $ 53,056,125 2022 61,935,946 2023 52,266,798 2024 52,266,798 2025 214,015,573 Thereafter 212,586,964 Total $ 646,128,204 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2020 | |
Leases | |
Leases | 10. Leases Time charter-in contracts The duration of our only time charter-in contract at the time of adoption of the guidance was 12 months. We accounted for this charter-in contract using the practical expedient for contracts with initial lease terms of 12 month or less as described above and, during the year ended March 31, 2020, expensed $8.2 million related to this time charter-in contract within “charter hire expense” on our consolidated statement of operations. During the year ended March 31, 2020, we time chartered-in a VLGC for a period of greater than 12 months and the applicable right-of-use asset and lease liabilities of $27.4 million were recognized on our balance sheets as of March 31, 2020. None of the three option periods of up to an aggregate of four years were included in the recognition of the right-of-use asset for the time chartered-in VLGC as market conditions at the time of each option renewal election date for a time charter-in will be major factors in the decision of whether to exercise the option and such conditions are not known at the time of initial recognition. As of March 31, 2020, we had a contract to time charter-in a vessel that was delivered to us in May 2020. This duration of this lease is 12 months with no option periods and, therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $18.3 million and $0.1 million for the years ended March 31, 2020 and 2019, respectively. We had no time chartered-in VLGCs during the year ended March 31, 2018. Charter hire expenses for the VLGCs time chartered in were as follows: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Charter hire expenses $ 9,861,898 $ 237,525 $ — Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. During the year ended March 31, 2020, we renewed an operating lease for our London office greater than 12 months and the applicable right-of-use asset and lease liabilities of $0.2 million were recognized on our balance sheets as of March 31, 2020. Two option periods for our Athens office were included in the recognition of the right-of-use asset as it is probable that the renewal options of 1-year each will be exercised. We accounted for our Copenhagen office lease using the practical expedient for contracts with initial lease terms of 12 month or less as described above and, during the year ended March 31, 2020, expensed $0.1 million related to this time charter-in contract within “general and administrative expenses” on our consolidated statement of operations. Operating lease rent expense related to our office leases was as follows: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Operating lease rent expense $ 541,574 $ 471,425 $ 426,155 For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and time chartered-in vessels as of March 31, 2020 is 33.9 months. Our operating lease right-of-use asset and lease liabilities as of March 31, 2020 were as follows: Description Location on Balance Sheet March 31, 2020 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,003,084 Time charter-in VLGCs Operating lease right-of-use assets $ 25,858,467 Liabilities: Current Office Leases Current portion of long-term operating leases $ 398,096 Time charter-in VLGCs Current portion of long-term operating leases $ 8,814,493 Long-term Office Leases Long-term operating leases $ 607,965 Time charter-in VLGCs Long-term operating leases $ 17,043,974 Maturities of operating lease liabilities as of March 31, 2020 were as follows: FY 2021 $ 10,078,464 FY 2022 10,088,339 FY 2023 8,212,288 Total undiscounted lease payments 28,379,091 Less: imputed interest (1,514,563) Carrying value of lease liabilities $ 26,864,528 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2020 | |
Common Stock. | |
Common Stock | 11. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding‑up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre‑emptive rights. In August 2019, our Board of Directors authorized the repurchase of up to $50 million of shares of our common stock through the period ended December 31, 2020 (the “Common Share Repurchase Program”) and, in February 2020, authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of shares of our common stock. As of March 31, 2020, we repurchased a total of 4.4 million shares of our common stock for approximately $49.3 million under this program, resulting in $50.7 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under this program. Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2020, 2019, and 2018. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans In April 2014, we adopted an equity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly ‑ owned or generally exclusively controlled by such persons, may be eligible to receive non ‑ qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. We have reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 2014. The plan is administered by our compensation committee. During the year ended March 31, 2020 we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One-fourth of the shares of restricted stock vested on the grant date and one-fourth will vest equally on the first, second and third anniversaries of the grant date. One-third of restricted stock units will vest equally on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2019 , 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 vested 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. During the year ended March 31, 2018 , we granted 259,800 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. During the years ended March 31, 2020, 2019, and 2018, we granted 24,025, 35,295, and 31,800 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. During the years ended March 31, 2020, 2019, and 2018, we granted 1,550, 7,059, and 6,360 shares of stock, respectively, to a non-employee consultant, which were valued and expensed at their grant date fair market value. Our stock-based compensation expense was $3.2 million, $5.5 million and $5.1 million for the years ended March 31, 2020, 2019, and 2018, respectively, and is included within general and administrative expenses in our accompanying consolidated statements of operations. Unrecognized compensation cost as of March 31, 2020 was $1.6 million and the expense will be recognized over a remaining weighted average life of 1.86 years. A summary of the activity of our restricted shares as of March 31, 2020 and 2019 and changes during the year ended March 31, 2020 and 2019, are as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2018 918,344 $ 15.67 Granted 242,354 8.10 Vested (519,685) 14.76 Unvested as of March 31, 2019 641,013 $ 13.54 Granted 223,275 8.47 Vested (547,240) 14.64 Unvested as of March 31, 2020 317,048 $ 8.08 The total fair value of restricted shares that vested during the years ended March 31, 2020, 2019, and 2018 was $5.2 million, $3.9 million and $3.7 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2020 | |
Revenues. | |
Revenues | 13. Revenues Revenues comprise the following: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Net pool revenues—related party $ 298,079,123 $ 120,015,771 $ 106,958,576 Time charter revenues 34,111,230 37,726,214 50,176,166 Voyage charter revenues — — 2,068,491 Other revenues, net 1,239,645 290,500 131,527 Total revenues $ 333,429,998 $ 158,032,485 $ 159,334,760 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Notes 2 and 3 above for further information. Other revenues, net represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Voyage Expenses
Voyage Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Voyage Expenses. | |
Voyage Expenses | 14. Voyage Expenses Voyage expenses comprise the following: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Bunkers $ 1,345,360 $ 756,354 $ 817,676 Port charges and other related expenses 5,898 167,230 539,605 Brokers’ commissions 469,143 440,955 631,659 Security cost 272,985 277,487 117,368 War risk insurances 1,095,156 13,052 12,310 Other voyage expenses 54,381 42,805 95,155 Total $ 3,242,923 $ 1,697,883 $ 2,213,773 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2020 | |
Vessel Operating Expenses. | |
Vessel Operating Expenses | 15. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Crew wages and related costs $ 42,683,848 $ 41,649,202 $ 42,807,373 Spares and stores 13,249,931 10,625,997 8,730,107 Repairs and maintenance costs 4,416,259 5,594,957 4,028,775 Insurance 4,173,052 3,452,874 3,758,485 Lubricants 3,607,749 3,206,445 2,677,177 Miscellaneous expenses 3,347,530 2,351,093 2,310,727 Total $ 71,478,369 $ 66,880,568 $ 64,312,644 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2020 | |
Interest and Finance Costs | |
Interest and Finance Costs | 16. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended March 31, 2020 March 31, 2019 March 31, 2018 Interest incurred $ 32,355,390 $ 36,638,171 $ 27,422,693 Amortization of financing costs 2,893,392 3,136,051 7,506,509 Other financing costs 856,759 875,009 728,843 Total $ 36,105,541 $ 40,649,231 $ 35,658,045 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Income Taxes | 17. Income Taxes Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our fiscal years ended March 31, 2020, 2019, and 2018, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies | |
Commitments and Contingencies | 18. Commitments and Contingencies Commitments under Contracts for Scrubber Purchases We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of: March 31, 2020 Less than one year $ 4,112,466 Total $ 4,112,466 Commitments under Contracts for Ballast Water Management Systems Purchases We had contractual commitments to purchase ballast water management systems as of: March 31, 2020 Less than one year $ 937,400 Total $ 937,400 Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: March 31, 2020 Less than one year $ 423,901 One to three years 278,446 Total $ 702,347 Time Charter-in We had the following time charter-in commitments relating to VLGCs either currently in our fleet or contracted to be delivered to our fleet as of: March 31, 2020 Less than one year $ 18,363,500 One to three years 18,366,000 Total $ 36,729,500 Fixed Time Charter Commitments We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of: March 31, 2020 Less than one year $ 18,230,858 One to three years 25,852,500 Total $ 44,083,358 Other From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2020 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 19. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, short-term investments, 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, derivative instruments and accrued liabilities. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long-term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the 2015 Facility. The principal terms of our interest rate swaps are as follows: Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2020 March 31, 2019 2015 Facility - Citibank(1) September 2015 March 2022 1.933 % 200,000,000 200,000,000 2015 Facility - ING(2) September 2015 March 2022 2.002 % 50,000,000 50,000,000 2015 Facility - CBA(3) October 2015 March 2022 1.428 % 37,550,000 48,800,000 2015 Facility - Citibank(4) October 2015 March 2022 1.380 % 56,325,000 73,200,000 2015 Facility - Citibank(5) June 2016 March 2022 1.213 % 43,598,575 51,429,047 2015 Facility - Citibank(6) June 2016 March 2022 1.161 % 17,915,709 21,133,439 405,389,284 444,562,486 (1) Non-amortizing with a final settlement of $200 million in March 2022. (2) Non-amortizing with a final settlement of $50 million in March 2022. (3) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (4) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (5) Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022. (6) Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market‑based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy: March 31, 2020 March 31, 2019 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Forward freight agreements — 2,605,442 — — March 31, 2020 March 31, 2019 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 9,152,829 $ 6,448,498 $ — The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2020 March 31, 2019 March 31, 2018 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ (2,605,442) $ — $ — Interest rate swap—change in fair value Unrealized gain/(loss) on derivatives (15,601,327) (7,816,401) 8,421,531 Forward freight agreements—realized gain/(loss) Realized gain on derivatives 396,894 — — Interest rate swap—realized gain/(loss) Realized gain on derivatives 2,403,480 3,788,123 (1,328,886) Gain/(loss) on derivatives, net $ (12,800,953) $ (4,028,278) $ 7,092,645 As of March 31, 2020 and March 31, 2019, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2020, 2019 and 2018. (d) Book values and fair values of financial instruments. In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and securities are considered Level 1 items. We have short-term investments in six-month U.S. treasury bills for which we have not elected the fair value option. The fair value of these instruments is commonly quoted and would be considered Level 1 items under the fair value hierarchy if we elected the fair value option. As of March 31, 2020, the carrying value of the short-term investments in six-month U.S. treasury bills was $14.9 million and the fair value was $15.0 million. 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: March 31, 2020 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 44,145,833 $ 48,867,762 $ 47,395,833 $ 45,901,900 Concorde Japanese Financing 48,730,769 54,407,677 51,961,538 50,176,288 Corvette Japanese Financing 49,269,231 55,059,323 52,500,000 50,671,689 CJNP Japanese Financing 19,058,750 21,006,399 20,506,250 20,918,881 CMNL Japanese Financing 18,076,488 20,238,260 19,446,131 19,862,056 CNML Japanese Financing 20,261,012 22,728,984 21,666,369 22,137,090 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2020 | |
Retirement Plans | |
Retirement Plans | 20. Retirement Plans U.S. Defined Contribution Plan Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2020, 2019, and 2018. Greece Defined Benefit Plan Our employees based in Greece have a required statutory defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greek Plan totaling less than $0.1 million for the year ended March 31, 2020, and $0.1 million for each of the years ended March 31, 2019 and 2018. U.K. and Denmark Retirement Accounts We contribute to retirement accounts for certain employees based in the United Kingdom and Denmark based on a percentage of their annual salaries. For the year ended March 31, 2020, we recognized compensation expense of $0.2 million related to these contributions and for each of the years ended March 31, 2019 and 2018, we recognized compensation expense of $0.1 million related to these contributions. |
Earnings_(Loss) Per Share (EPS)
Earnings/(Loss) Per Share (EPS) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings/(Loss) Per Share ("EPS") | |
Earnings/(Loss) Per Share ("EPS") | 21. 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, thus 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 were as follows: Year ended (In U.S. dollars except share data) March 31, 2020 March 31, 2019 March 31, 2018 Numerator: Net income/(loss) $ 111,841,258 $ (50,945,905) $ (20,400,686) Denominator: Basic weighted average number of common shares outstanding 53,881,483 54,513,118 54,039,886 Effect of dilutive restricted stock and restricted stock units 233,855 — — Diluted weighted average number of common shares outstanding 54,115,338 54,513,118 54,039,886 EPS: Basic $ 2.08 $ (0.93) $ (0.38) Diluted $ 2.07 $ (0.93) $ (0.38) For the years ended March 31, 2019 and 2018, there were 641,013 and 918,334 shares of unvested restricted stock, respectively, excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the year ended March 31, 2020. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2020 | |
Selected Quarterly Financial Information (unaudited) | |
Selected Quarterly Financial Information (unaudited) | 22. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2020 and 2019 quarterly results: Three months ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Revenues $ 61,165,546 $ 91,624,875 $ 85,437,806 $ 95,201,771 Operating income 20,272,506 49,266,427 41,758,757 49,771,141 Net income 6,075,059 40,711,896 35,628,912 29,425,391 Earnings per common share, basic 0.11 0.75 0.66 0.56 Earnings per common share, diluted $ 0.11 $ 0.74 $ 0.66 $ 0.56 Three months ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Revenues $ 27,644,282 $ 40,807,542 $ 55,113,295 $ 34,467,366 Operating income/(loss) (13,165,173) (318,702) 9,313,290 (3,791,451) Net loss (20,596,558) (8,177,120) (6,218,652) (15,953,575) Loss per common share, basic (0.38) (0.15) (0.11) (0.29) Loss per common share, diluted $ (0.38) $ (0.15) $ (0.11) $ (0.29) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2020 | |
Subsequent Events. | |
Subsequent Events | 23. Subsequent Events COVID-19 The outbreak of COVID-19, which originated in China in December 2019 and subsequently spread to most developed nations of the world, has resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures have resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The reduction of economic activity has significantly reduced the global demand for oil, refined petroleum products and LPG. The Company expects that the impact of the COVID-19 virus and the uncertainty in the supply and demand for fossil fuels, including LPG, will continue to cause volatility in the commodity markets. Although to date there has not been any significant effect in our operating activities due to COVID-19, other than an approximately 60-day delay associated with the drydocking of one of our vessels in China, the extent to which COVID-19 will impact our results of operation and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact. An estimate of the impact cannot therefore be made at this time. Cresques Japanese Financing and Prepayment of the 2015 Facility On April 21, 2020, we prepaid $28.5 million of the 2015 Facility’s then outstanding principal using cash on hand prior to the closing of the Cresques Japanese Financing (defined below). On April 23, 2020, we refinanced a 2015-built VLGC, the Cresques , pursuant to a memorandum of agreement and a bareboat charter agreement (“Cresques Japanese Financing”). In connection therewith, we transferred the Cresques to the buyer for $71.5 million and, as part of the agreement, Dorian Dubai LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate the Cresques . We received $52.5 million in cash as part of the transaction with $19.0 million to be retained by the buyer as a deposit (the “Cresques 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 12-year bareboat charter term. This transaction is treated as a financing transaction and the Cresques continues to be recorded as an asset on our balance sheet. This debt financing has a floating interest rate of one-month LIBOR plus a margin of 2.5%, monthly broker commission fees of 1.25% over the 12-year term on interest and principal payments made, broker commission fees of 0.5% payable of the remaining debt outstanding at the time of the repurchase of the Cresques , and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 12-year term with a balloon payment of approximately $11.5 million. Refinancing of the Commercial Tranche of the 2015 Facility On April 29, 2020, we amended and restated the 2015 Facility (the “2015 AR Facility”), to among other things, refinance the commercial tranche from the 2015 Facility Agreement (the “Original Commercial Tranche”). Pursuant to the 2015 AR Facility, certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of approximately to $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. The 2015 AR Facility subjects us to substantially similar covenants and restrictions as those imposed pursuant to the 2015 Facility. However, if we receive approvals of those lenders constituting the “Required Lenders” under the 2015 AR Facility, we may enjoy improvements in certain covenants. For example, upon the approval of the “Required Lenders” the following changes to the existing financial covenants and security value ratio currently in place will become effective: · Elimination of the interest coverage ratio; · Reduction of the minimum liquidity covenant from $40 million to at least $27.5 million; and · Increase of the security value ratio from 135% to 145%. The advances in connection with New Facilities are to be repaid on the earlier of (i) the fifth (5th) anniversary of the utilization date of the new senior secured term loan facility, described above, and (ii) March 26, 2025. The New Facilities will bear interest at the rate of LIBOR plus a margin of 2.50%. The margin can be decreased by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. Pursuant to the terms of the 2015 AR Facility, we have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance travelled on such voyage). |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Principles of consolidation | (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly‑owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. |
Use of estimates | (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. |
Foreign currency translation | (d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, we had no foreign currency derivative instruments. |
Cash and cash equivalents | (e) Cash and cash equivalents: We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents. |
Short-term investments | (f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments. |
Trade receivables, net and accrued revenues | (g) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero. |
Due from related parties | (h) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. |
Inventories | (i) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation. |
Vessels, net | (j) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred. |
Impairment of long-lived assets | (k) Impairment of long‑lived assets: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. |
Vessel depreciation | (l) Vessel depreciation: Depreciation is computed using the straight‑line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. |
Drydocking and special survey costs | (m) Drydocking and special survey costs: Drydocking and special survey costs are accounted under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight‑line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels every five years until they reach 15 years of age unless an extension of the drydocking to seven and one-half years is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written‑off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations. |
Financing costs | (n) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced is expensed in the period the repayment or refinancing is made, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the accompanying consolidated balance sheet. |
Restricted cash | (o) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements and pledged cash deposits. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. |
Leases | (p) Leases: We adopted the new lease guidance as described in Note 2 effective April 1, 2019 and applied the modified retrospective approach. Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2020, 2019, and 2018 and to Note 18 for a description of commitments related to our leases as of March 31, 2020. The following is a description of our arrangements that were impacted by this new guidance. Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. The adoption of the guidance did not impact our accounting for time charter out contracts. Time charter revenues are recognized when an agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight‑line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non‑current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Revenue generated from time charters is accounted for as revenue earned under the new leasing guidance further described below. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and number of days the vessel participated in the pool in the period. We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases, pursuant to the accounting standard on leases, as further described below. Time charter-in contracts Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases. |
Revenues and expenses | (q) In a voyage charter contract, a charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has standard payment terms of freight paid within three to five days after completion of loading. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime, known as despatch, resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer. Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers . Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of the our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the accompanying consolidated balance sheet. We adopted ASC 606 on April 1, 2018 using the modified retrospective approach. The adoption of the amended guidance did not have any material impact on the consolidated financial statements for the year ended March 31, 2019 or for prior periods, given our revenues are primarily generated by pool and time charter arrangements, and there were no voyage charter arrangements in progress as of March 31, 2019 or 2018. (r) Voyage expenses: V oyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. (s) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. (t) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent. (u) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. |
Repairs and maintenance | (v) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses. |
Stock-based compensation | (w) Stock-based compensation : Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. |
Stock repurchases | (x) Stock repurchases : We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares. |
Segment reporting | (y) Segment reporting: Each of our vessels serve the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that it operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when we charter a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable. |
Derivative instruments | (z) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. |
Fair value of financial instruments | (aa) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Recent accounting pronouncements | (bb) Recent accounting pronouncements: Accounting Pronouncements Recently Adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2016-2 (codified as ASC 842) 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 remained largely unchanged from previous U.S. GAAP. 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 adopted the guidance effective April 1, 2019 and applied the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. We elected to adopt the “package of practical expedients,” which permitted us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We elected the short-term lease recognition exemption for all leases that qualified. This means, for those leases that qualified, we did not recognize right-of-use assets or lease liabilities, and this included not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. We also elected the practical expedient to not separate lease and non-lease components for all leases other than leases of real estate, and this included not separating lease and non-lease components for all leases other than leases of real estate in transition. The adoption did not have a material effect on our consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets and operating lease liabilities related to our office leases (described in Note 10) on our consolidated balance sheet of approximately $1.2 million as of April 1, 2019. Refer to Note 18 for a description of our operating lease expenses for the years ended March 31, 2020, 2019 and 2018 and commitments related to our leases as of March 31, 2020. In relation to our time chartered-in VLGC (described in Note 10), the adoption of the new guidance had no impact on our financial statements since the length of the time charter was not more than 12 months. Refer to Note 10 — Leases for additional information regarding the adoption of ASC 842 from a lessor as well as from a lessee perspective. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned 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) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Inventories | |
Schedule of inventories by type | March 31, 2020 March 31, 2019 Lubricants $ 1,544,352 $ 1,699,316 Victualing 328,297 287,795 Bonded stores 123,554 124,526 Total $ 1,996,203 $ 2,111,637 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
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 4,005,830 — 4,005,830 Depreciation — (64,597,349) (64,597,349) Balance, March 31, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 24,291,423 — 24,291,423 Depreciation — (65,152,904) (65,152,904) Balance, March 31, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2018 $ 1,574,522 Additions 955,372 Amortization (529,100) Balance, April 1, 2019 $ 2,000,794 Additions 6,329,877 Amortization (993,945) Balance, March 31, 2020 $ 7,336,726 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Accrued Expenses | |
Schedule of accrued expenses | March 31, 2020 March 31, 2019 Accrued voyage and vessel operating expenses $ 2,473,385 $ 1,684,336 Accrued professional services 266,836 400,984 Accrued loan and swap interest 284,985 394,532 Accrued employee-related costs 949,310 867,514 Accrued board of directors' fees 88,750 88,750 Other 17,686 — Total $ 4,080,952 $ 3,436,116 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Long-term Debt | |
Schedule of certain terms under each tranche of the 2015 Debt Facility | Interest Rate at Term Interest Rate Description (1) March 31, 2020 (2) Tranche 1 Commercial Financing years London InterBank Offered Rate (“LIBOR”) plus a margin (4) 3.98 % Tranche 2 KEXIM Direct Financing years (3) LIBOR plus a margin of 2.45% 3.68 % Tranche 3 KEXIM Guaranteed years (3) LIBOR plus a margin of 1.40% 2.63 % Tranche 4 K-sure Insured years (3) LIBOR plus a margin of 1.50% 2.73 % (1) The interest rate of the 2015 Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The set LIBOR rate in effect as of March 31, 2020 was 1.23%. (3) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (4) The Commercial Financing tranche margin over LIBOR is 2.75% and is reduced to 2.50% if 50% or more but less than 75% of the vessels financed in the 2015 Facility are employed under time charters as defined in the agreement and to 2.25% if 75% or more of the vessels financed in the 2015 Facility are employed under time charters as defined in the agreement. As of March 31, 2020, the set margin was 2.75%. |
Schedule of loans outstanding | March 31, 2020 March 31, 2019 2015 Facility Commercial Financing $ 163,385,998 $ 175,687,613 KEXIM Direct Financing 110,716,127 125,860,144 KEXIM Guaranteed 115,385,072 130,366,568 K-sure Insured 57,098,924 64,706,170 Total 2015 Facility $ 446,586,121 $ 496,620,495 Japanese Financings Corsair Japanese Financing $ 44,145,833 $ 47,395,833 Concorde Japanese Financing 48,730,769 51,961,538 Corvette Japanese Financing 49,269,231 52,500,000 CJNP Japanese Financing 19,058,750 20,506,250 CMNL Japanese Financing 18,076,488 19,446,131 CNML Japanese Financing 20,261,012 21,666,369 Total Japanese Financings $ 199,542,083 $ 213,476,121 Total debt obligations $ 646,128,204 $ 710,096,616 Less: deferred financing fees 11,152,985 14,005,830 Debt obligations—net of deferred financing fees $ 634,975,219 $ 696,090,786 Presented as follows: Current portion of long-term debt $ 53,056,125 $ 63,968,414 Long-term debt—net of current portion and deferred financing fees 581,919,094 632,122,372 Total $ 634,975,219 $ 696,090,786 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2018 $ 16,061,034 Additions 1,080,847 Amortization (3,136,051) Balance, March 31, 2019 $ 14,005,830 Additions 40,547 Amortization (2,893,392) Balance, March 31, 2020 $ 11,152,985 |
Schedule of minimum annual principal payments | Year ending March 31: 2021 $ 53,056,125 2022 61,935,946 2023 52,266,798 2024 52,266,798 2025 214,015,573 Thereafter 212,586,964 Total $ 646,128,204 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Leases | |
Schedule of time charter-in expenses | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Charter hire expenses $ 9,861,898 $ 237,525 $ — |
Schedule of operating lease rent expense | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Operating lease rent expense $ 541,574 $ 471,425 $ 426,155 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet March 31, 2020 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,003,084 Time charter-in VLGCs Operating lease right-of-use assets $ 25,858,467 Liabilities: Current Office Leases Current portion of long-term operating leases $ 398,096 Time charter-in VLGCs Current portion of long-term operating leases $ 8,814,493 Long-term Office Leases Long-term operating leases $ 607,965 Time charter-in VLGCs Long-term operating leases $ 17,043,974 |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities as of March 31, 2020 were as follows: FY 2021 $ 10,078,464 FY 2022 10,088,339 FY 2023 8,212,288 Total undiscounted lease payments 28,379,091 Less: imputed interest (1,514,563) Carrying value of lease liabilities $ 26,864,528 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Stock-Based Compensation Plans | |
Summary of the activity of restricted shares | Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2018 918,344 $ 15.67 Granted 242,354 8.10 Vested (519,685) 14.76 Unvested as of March 31, 2019 641,013 $ 13.54 Granted 223,275 8.47 Vested (547,240) 14.64 Unvested as of March 31, 2020 317,048 $ 8.08 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Revenues. | |
Schedule of revenues | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Net pool revenues—related party $ 298,079,123 $ 120,015,771 $ 106,958,576 Time charter revenues 34,111,230 37,726,214 50,176,166 Voyage charter revenues — — 2,068,491 Other revenues, net 1,239,645 290,500 131,527 Total revenues $ 333,429,998 $ 158,032,485 $ 159,334,760 |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Voyage Expenses. | |
Schedule of voyage expenses | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Bunkers $ 1,345,360 $ 756,354 $ 817,676 Port charges and other related expenses 5,898 167,230 539,605 Brokers’ commissions 469,143 440,955 631,659 Security cost 272,985 277,487 117,368 War risk insurances 1,095,156 13,052 12,310 Other voyage expenses 54,381 42,805 95,155 Total $ 3,242,923 $ 1,697,883 $ 2,213,773 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2020 | |
Vessel Operating Expenses. | |
Schedule of vessel operating expenses | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Crew wages and related costs $ 42,683,848 $ 41,649,202 $ 42,807,373 Spares and stores 13,249,931 10,625,997 8,730,107 Repairs and maintenance costs 4,416,259 5,594,957 4,028,775 Insurance 4,173,052 3,452,874 3,758,485 Lubricants 3,607,749 3,206,445 2,677,177 Miscellaneous expenses 3,347,530 2,351,093 2,310,727 Total $ 71,478,369 $ 66,880,568 $ 64,312,644 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Interest and Finance Costs | |
Schedule of interest and finance costs | Year ended March 31, 2020 March 31, 2019 March 31, 2018 Interest incurred $ 32,355,390 $ 36,638,171 $ 27,422,693 Amortization of financing costs 2,893,392 3,136,051 7,506,509 Other financing costs 856,759 875,009 728,843 Total $ 36,105,541 $ 40,649,231 $ 35,658,045 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Schedule of future minimum scrubber purchases commitments | March 31, 2020 Less than one year $ 4,112,466 Total $ 4,112,466 |
Schedule of commitments under contracts for BWMS Purchases | March 31, 2020 Less than one year $ 937,400 Total $ 937,400 |
Schedule of operating leases | Maturities of operating lease liabilities as of March 31, 2020 were as follows: FY 2021 $ 10,078,464 FY 2022 10,088,339 FY 2023 8,212,288 Total undiscounted lease payments 28,379,091 Less: imputed interest (1,514,563) Carrying value of lease liabilities $ 26,864,528 |
Schedule of future minimum time charter-in commitments | March 31, 2020 Less than one year $ 18,363,500 One to three years 18,366,000 Total $ 36,729,500 |
Schedule of future minimum fixed time charter contracts | March 31, 2020 Less than one year $ 18,230,858 One to three years 25,852,500 Total $ 44,083,358 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | March 31, 2020 Less than one year $ 423,901 One to three years 278,446 Total $ 702,347 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of principal terms of the interest rate swaps | Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2020 March 31, 2019 2015 Facility - Citibank(1) September 2015 March 2022 1.933 % 200,000,000 200,000,000 2015 Facility - ING(2) September 2015 March 2022 2.002 % 50,000,000 50,000,000 2015 Facility - CBA(3) October 2015 March 2022 1.428 % 37,550,000 48,800,000 2015 Facility - Citibank(4) October 2015 March 2022 1.380 % 56,325,000 73,200,000 2015 Facility - Citibank(5) June 2016 March 2022 1.213 % 43,598,575 51,429,047 2015 Facility - Citibank(6) June 2016 March 2022 1.161 % 17,915,709 21,133,439 405,389,284 444,562,486 (1) Non-amortizing with a final settlement of $200 million in March 2022. (2) Non-amortizing with a final settlement of $50 million in March 2022. (3) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (4) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (5) Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022. (6) Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022. |
Schedule of financial derivatives | March 31, 2020 March 31, 2019 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Forward freight agreements — 2,605,442 — — March 31, 2020 March 31, 2019 Other non-current assets Long-term liabilities Other non-current assets Long-term liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 9,152,829 $ 6,448,498 $ — |
Schedule of effect of derivative instruments on the consolidated statement of operations | Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2020 March 31, 2019 March 31, 2018 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ (2,605,442) $ — $ — Interest rate swap—change in fair value Unrealized gain/(loss) on derivatives (15,601,327) (7,816,401) 8,421,531 Forward freight agreements—realized gain/(loss) Realized gain on derivatives 396,894 — — Interest rate swap—realized gain/(loss) Realized gain on derivatives 2,403,480 3,788,123 (1,328,886) Gain/(loss) on derivatives, net $ (12,800,953) $ (4,028,278) $ 7,092,645 |
Summary of carrying value and estimated fair value of Japanese Financings | March 31, 2020 March 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 44,145,833 $ 48,867,762 $ 47,395,833 $ 45,901,900 Concorde Japanese Financing 48,730,769 54,407,677 51,961,538 50,176,288 Corvette Japanese Financing 49,269,231 55,059,323 52,500,000 50,671,689 CJNP Japanese Financing 19,058,750 21,006,399 20,506,250 20,918,881 CMNL Japanese Financing 18,076,488 20,238,260 19,446,131 19,862,056 CNML Japanese Financing 20,261,012 22,728,984 21,666,369 22,137,090 |
Earnings_(Loss) Per Share (EP_2
Earnings/(Loss) Per Share (EPS) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Year ended (In U.S. dollars except share data) March 31, 2020 March 31, 2019 March 31, 2018 Numerator: Net income/(loss) $ 111,841,258 $ (50,945,905) $ (20,400,686) Denominator: Basic weighted average number of common shares outstanding 53,881,483 54,513,118 54,039,886 Effect of dilutive restricted stock and restricted stock units 233,855 — — Diluted weighted average number of common shares outstanding 54,115,338 54,513,118 54,039,886 EPS: Basic $ 2.08 $ (0.93) $ (0.38) Diluted $ 2.07 $ (0.93) $ (0.38) |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2020 | |
Selected Quarterly Financial Information (unaudited) | |
Schedule of quarterly results | Three months ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Revenues $ 61,165,546 $ 91,624,875 $ 85,437,806 $ 95,201,771 Operating income 20,272,506 49,266,427 41,758,757 49,771,141 Net income 6,075,059 40,711,896 35,628,912 29,425,391 Earnings per common share, basic 0.11 0.75 0.66 0.56 Earnings per common share, diluted $ 0.11 $ 0.74 $ 0.66 $ 0.56 Three months ended June 30, 2018 September 30, 2018 December 31, 2018 March 31, 2019 Revenues $ 27,644,282 $ 40,807,542 $ 55,113,295 $ 34,467,366 Operating income/(loss) (13,165,173) (318,702) 9,313,290 (3,791,451) Net loss (20,596,558) (8,177,120) (6,218,652) (15,953,575) Loss per common share, basic (0.38) (0.15) (0.11) (0.29) Loss per common share, diluted $ (0.38) $ (0.15) $ (0.11) $ (0.29) |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 12 Months Ended |
Mar. 31, 2020item | |
Basis of Presentation and General Information | |
Total number of vessels | 24 |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 |
Number of VLGCs having 82,000 cbm | 3 |
Number of time chartered-in VLGC | 2 |
The number of vessels that have exhaust gas cleaning systems | 9 |
Number of VLGCs with scrubber purchase commitments that were completed | 6 |
Number of VLGCs with scrubber purchase commitments that were in-process as of the balance sheet date | 1 |
Number of VLGCs with scrubber purchase commitments that remain to be installed | 3 |
Number of VLGCs with scrubber purchase commitments that currently in progress of being scrubber-equipped | 1 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Mar. 31, 2020m³ |
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 |
Minimum | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 80,000 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (ConRisk) (Details) - Revenue. - Customer concentration - item | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Charterers individually accounting for more than 10% of revenues | |||
Number of charterers | 1 | 2 | |
Helios LPG Pool LLC | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 89.00% | 76.00% | 67.00% |
Customer Two | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 14.00% | 13.00% | |
Customer Three | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 11.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Other) (Details) | 12 Months Ended | ||
Mar. 31, 2020USD ($)DerivativeInstrument | Mar. 31, 2019USD ($)DerivativeInstrument | Mar. 31, 2018USD ($)DerivativeInstrument | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Foreign currency translation | |||
Number of foreign currency derivative instruments held | DerivativeInstrument | 0 | 0 | 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies (PPE) (Details) | 12 Months Ended |
Mar. 31, 2020item | |
Segment reporting: | |
Number of reportable segments | 1 |
Vessels | |
Vessels, Net | |
Useful life of vessels | 25 years |
Initial drydocking period | 5 years |
Number of years for initial drydocking requirement | 15 years |
Drydocking period if extension granted | 7 years 6 months |
Maximum age of vessel for extension of drydocking period | 20 years |
Significant Accounting Polici_5
Significant Accounting Policies (FV) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Accounting hedges | |||
Derivative Instruments: | |||
Fair value of derivative | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies (AcctPro) (Details) - USD ($) | 12 Months Ended | |||
Mar. 31, 2020 | Apr. 01, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | |
New Accounting Pronouncements or Change in Accounting Principle | ||||
Lease, Practical Expedient, Lessor Single Lease Component | false | |||
Amount of voyage charter arrangements in progress | $ 0 | $ 0 | ||
Lease, Practical Expedients, Package [true false] | true | |||
Operating lease right-of-use assets | $ 26,861,551 | |||
Operating lease liability | $ 26,864,528 | |||
Adjustment | Accounting Standards Update 2016-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
Operating lease right-of-use assets | $ 1,200,000 | |||
Operating lease liability | $ 1,200,000 | |||
Minimum | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
The standard payment period terms of freight paid | 3 days | |||
Maximum | ||||
New Accounting Pronouncements or Change in Accounting Principle | ||||
The standard payment period terms of freight paid | 5 days |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | May 01, 2015USD ($) | Jul. 26, 2013 |
Transactions with Related Parties | ||||||
Due from related parties | $ 66,847,701 | $ 44,455,643 | ||||
Due to related parties | $ 436,850 | 489,644 | ||||
Number of time chartered-in VLGC | item | 2 | |||||
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 | ||||
Manager | ||||||
Transactions with Related Parties | ||||||
Related party income for chartering and operational services | 100,000 | 200,000 | 400,000 | |||
Due from related parties | 1,300,000 | 1,200,000 | ||||
Mr. John Hadjipateras | Eagle Ocean Transport | ||||||
Transactions with Related Parties | ||||||
Ownership interest (as a percent) | 100.00% | |||||
Helios LPG Pool LLC | ||||||
Transactions with Related Parties | ||||||
Related party income for chartering and operational services | 1,600,000 | 2,200,000 | 2,200,000 | |||
Due from related parties | 88,100,000 | 62,500,000 | ||||
Due to related parties | $ 400,000 | 500,000 | ||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | |||||
Number of members | item | 2 | |||||
Number of vessels that are operating under pooling agreement | item | 36 | |||||
Number of time chartered-in VLGC | item | 1 | |||||
Number of Company vessels that are operating under pooling agreement | item | 22 | |||||
Number of vessels operated by third party | item | 5 | |||||
Working capital contributed | $ 24,200,000 | 19,800,000 | ||||
The amount of expenses with fixed reimbursement to the entity for working in high risk areas | $ 1,200,000 | 300,000 | 100,000 | |||
Helios LPG Pool LLC | Phoenix | ||||||
Transactions with Related Parties | ||||||
Number of third party vessels that are operating under pooling agreement | item | 4 | |||||
Helios LPG Pool LLC | Time Chartered-in Vessels | ||||||
Transactions with Related Parties | ||||||
Number of third party vessels that are operating under pooling agreement | item | 5 | |||||
Former board of directors member | ||||||
Transactions with Related Parties | ||||||
Consulting agreement amount | $ 120,000 | |||||
Related party expense | $ 0 | $ 0 | $ 100,000 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Inventories | ||
Inventories | $ 1,996,203 | $ 2,111,637 |
Lubricants | ||
Inventories | ||
Inventories | 1,544,352 | 1,699,316 |
Victualing | ||
Inventories | ||
Inventories | 328,297 | 287,795 |
Bonded stores | ||
Inventories | ||
Inventories | $ 123,554 | $ 124,526 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Vessels, Net | |||
Vessels, net | $ 1,437,658,833 | $ 1,478,520,314 | |
Vessels | |||
Vessels, Net | |||
Vessels, net | 1,437,658,833 | 1,478,520,314 | $ 1,539,111,833 |
Cost | |||
Balance at the beginning of the period | 1,732,993,810 | 1,728,987,980 | |
Other additions | 24,291,423 | 4,005,830 | |
Balance at the end of the period | 1,757,285,233 | 1,732,993,810 | |
Accumulated depreciation | |||
Balance at the beginning of the period | (254,473,496) | (189,876,147) | |
Impairment | 0 | 0 | |
Depreciation | (65,152,904) | (64,597,349) | |
Balance at the end of the period | (319,626,400) | (254,473,496) | |
Mortgaged VLGC vessels, carrying value | $ 1,437,700,000 | $ 1,478,500,000 |
Other Fixed Assets, Net (Detail
Other Fixed Assets, Net (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Other Fixed Assets, Net | ||
Other fixed assets | $ 185,613 | $ 160,283 |
Accumulated depreciation for other fixed assets | $ 300,000 | $ 300,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Movement in deferred charges, net | ||
Balance at the beginning of the period - drydocking costs | $ 2,000,794 | $ 1,574,522 |
Additions - drydocking costs | 6,329,877 | 955,372 |
Amortization - drydocking costs | (993,945) | (529,100) |
Balance at the end of the period - drydocking costs | $ 7,336,726 | $ 2,000,794 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Accrued Expenses | ||
Accrued voyage and vessel operating expenses | $ 2,473,385 | $ 1,684,336 |
Accrued professional services | 266,836 | 400,984 |
Accrued loan and swap interest | 284,985 | 394,532 |
Accrued employee-related costs | 949,310 | 867,514 |
Accrued board of directors' fees | 88,750 | 88,750 |
Other | 17,686 | |
Total | $ 4,080,952 | $ 3,436,116 |
Long-Term Debt (Other) (Details
Long-Term Debt (Other) (Details) | Jun. 26, 2018USD ($) | Jun. 25, 2018USD ($) | Jun. 20, 2018USD ($) | Jun. 11, 2018USD ($) | Jun. 04, 2018USD ($) | Mar. 16, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 08, 2017USD ($) | Nov. 07, 2017USD ($) | Jun. 08, 2017USD ($) | Mar. 31, 2015USD ($)item | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | May 31, 2017USD ($) |
Long-Term Debt | ||||||||||||||||||
Financing costs paid | $ 40,547 | $ 628,144 | $ 3,113,425 | |||||||||||||||
Drawdowns | 65,137,500 | 261,000,000 | ||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 646,128,204 | $ 710,096,616 | ||||||||||||||||
Less: deferred financing fees | 11,152,985 | 14,005,830 | 16,061,034 | 11,152,985 | 14,005,830 | |||||||||||||
Current portion of long-term debt | 53,056,125 | 63,968,414 | ||||||||||||||||
Long-term debt—net of current portion and deferred financing fees | 581,919,094 | 632,122,372 | ||||||||||||||||
Total | 634,975,219 | 696,090,786 | ||||||||||||||||
Long-term Debt, Other Disclosures [Abstract] | ||||||||||||||||||
Deferred finance fees, beginning | 14,005,830 | 16,061,034 | ||||||||||||||||
Additions | 40,547 | 1,080,847 | ||||||||||||||||
Amortization | (2,893,392) | (3,136,051) | (7,506,509) | |||||||||||||||
Deferred finance fees, end | $ 11,152,985 | $ 14,005,830 | $ 16,061,034 | |||||||||||||||
Corsair LPG Transport LLC | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Value of vessel transferred | $ 65,000,000 | |||||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||||
Period until purchase option exercisable | 2 years | |||||||||||||||||
Proceeds from sale of vessel | $ 52,000,000 | |||||||||||||||||
Deposit retained by buyer | 13,000,000 | |||||||||||||||||
Concorde LPG Transport LLC | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||
Term of Charter Agreement | 13 years | |||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | |||||||||||||||||
Deposit retained by buyer | 14,000,000 | |||||||||||||||||
Corvette LPG Transport LLC | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Value of vessel transferred | $ 70,000,000 | |||||||||||||||||
Term of Charter Agreement | 13 years | |||||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | |||||||||||||||||
Deposit retained by buyer | 14,000,000 | |||||||||||||||||
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 | |||||||||||||||||
2015 Debt Facility | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 758,000,000 | $ 758,000,000 | ||||||||||||||||
Number of tranches in which loan facility is divided | item | 4 | |||||||||||||||||
Number of VLGC newbuildings secured by loan | item | 16 | |||||||||||||||||
Loan-to-contract cost ratio before fees (as a percent) | 55.00% | |||||||||||||||||
Commitment fee (as a percent) | 40.00% | |||||||||||||||||
Repayment of debt | 33,700,000 | 35,100,000 | ||||||||||||||||
The amount of restricted cash released | $ 1,600,000 | $ 1,600,000 | $ 26,800,000 | |||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 446,586,121 | 496,620,495 | ||||||||||||||||
2015 Debt Facility | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Interest Rate | 1.23% | |||||||||||||||||
Commercial Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 249,000,000 | $ 249,000,000 | ||||||||||||||||
Term | 7 years | |||||||||||||||||
Interest Rate | 3.98% | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 163,385,998 | 175,687,613 | ||||||||||||||||
Commercial Financing | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.75% | 2.75% | ||||||||||||||||
Commercial Financing | 50% or more but less than 75% vessels financed are employed under time charters | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | |||||||||||||||||
Commercial Financing | 75% or more vessels financed are employed under time charters | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.25% | |||||||||||||||||
Commercial Financing | Minimum | 50% or more but less than 75% vessels financed are employed under time charters | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Percent of vessels financed that are employed under time charters | 50.00% | 50.00% | ||||||||||||||||
Commercial Financing | Minimum | 75% or more vessels financed are employed under time charters | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Percent of vessels financed that are employed under time charters | 75.00% | 75.00% | ||||||||||||||||
Commercial Financing | Maximum | 50% or more but less than 75% vessels financed are employed under time charters | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Percent of vessels financed that are employed under time charters | 75.00% | 75.00% | ||||||||||||||||
KEXIM Direct Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 204,000,000 | $ 204,000,000 | ||||||||||||||||
Term | 12 years | |||||||||||||||||
Interest Rate | 3.68% | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 110,716,127 | 125,860,144 | ||||||||||||||||
KEXIM Direct Financing | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.45% | |||||||||||||||||
KEXIM Guaranteed and K-sure Insured | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 305,000,000 | $ 305,000,000 | ||||||||||||||||
KEXIM Guaranteed | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 202,000,000 | $ 202,000,000 | ||||||||||||||||
Term | 12 years | |||||||||||||||||
Interest Rate | 2.63% | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 115,385,072 | 130,366,568 | ||||||||||||||||
KEXIM Guaranteed | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.40% | |||||||||||||||||
K-sure Insured | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 103,000,000 | $ 103,000,000 | ||||||||||||||||
Term | 12 years | |||||||||||||||||
Interest Rate | 2.73% | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 57,098,924 | 64,706,170 | ||||||||||||||||
K-sure Insured | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.50% | |||||||||||||||||
2017 Bridge Loan | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Original loan amount | $ 97,000,000 | |||||||||||||||||
Financing costs paid | $ 200,000 | |||||||||||||||||
Repayment of debt | $ 44,600,000 | $ 22,300,000 | $ 30,100,000 | |||||||||||||||
2017 Bridge Loan | Period Ending December 7, 2017 | LIBOR | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | |||||||||||||||||
CMNL LPG Transport LLC | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Repayment of debt | 23,400,000 | |||||||||||||||||
CNML LPG Transport LLC | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Repayment of debt | $ 21,200,000 | |||||||||||||||||
Japanese Financing Agreement [Member] | ||||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 199,542,083 | 213,476,121 | ||||||||||||||||
Corsair Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 13,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 44,145,833 | 47,395,833 | ||||||||||||||||
Concorde Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 14,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 48,730,769 | 51,961,538 | ||||||||||||||||
Corvette Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Stated rate (as a percent) | 4.90% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | |||||||||||||||||
Periodic principal payment amount | $ 300,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 14,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 49,269,231 | 52,500,000 | ||||||||||||||||
CJNP Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Stated rate (as a percent) | 6.00% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||
Periodic principal payment amount | $ 100,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 13,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 19,058,750 | 20,506,250 | ||||||||||||||||
CMNL Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Stated rate (as a percent) | 6.00% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||
Periodic principal payment amount | $ 100,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 11,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | 18,076,488 | 19,446,131 | ||||||||||||||||
CNML Japanese Financing | ||||||||||||||||||
Long-Term Debt | ||||||||||||||||||
Stated rate (as a percent) | 6.00% | |||||||||||||||||
Financing cost to be incurred | $ 100,000 | |||||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | |||||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||||
Periodic principal payment amount | $ 100,000 | |||||||||||||||||
Principal payment frequency | monthly | |||||||||||||||||
Balloon payment amount | $ 13,000,000 | |||||||||||||||||
Presented as follows: | ||||||||||||||||||
Total debt obligations | $ 20,261,012 | $ 21,666,369 |
Long-Term Debt (Covenants) (Det
Long-Term Debt (Covenants) (Details) | Jun. 20, 2018USD ($) | Jun. 04, 2018USD ($) | Mar. 16, 2018USD ($) | Jan. 31, 2018USD ($) | Dec. 08, 2017USD ($) | Nov. 07, 2017USD ($) | Jun. 08, 2017USD ($)item | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jul. 23, 2019USD ($) | May 31, 2017USD ($)item | Mar. 31, 2015USD ($) |
Long-Term Debt | |||||||||||||
Deferred financing fees | $ 40,547 | $ 628,144 | $ 3,113,425 | ||||||||||
2015 Debt Facility | |||||||||||||
Long-Term Debt | |||||||||||||
Number of debt principal payments with relaxed covenants | item | 2 | ||||||||||||
Minimum cash balance requirement through six months from the Amendment Date | $ 18,000,000 | ||||||||||||
Minimum cash per mortgaged vessel through six months from the Amendment Date | 1,000,000 | ||||||||||||
Minimum cash balance requirement from six months from the amendment date through first anniversary | 29,000,000 | ||||||||||||
Minimum cash per mortgaged vessel from six months from the Amendment Date through first anniversary | 1,600,000 | ||||||||||||
Minimum cash balance requirement from first anniversary through thereafter | 40,000,000 | ||||||||||||
Minimum cash per mortgaged vessel from first anniversary through thereafter | 2,200,000 | ||||||||||||
Minimum stock offering for recalculation of restricted cash covenants | $ 50,000,000 | ||||||||||||
Percent of principal debt outstanding for recalculation of restricted cash covenants (as a percent) | 5.00% | ||||||||||||
Minimum cash balance required to be maintained if common stock offering met required threshold | $ 20,000,000 | ||||||||||||
Minimum cash per mortgaged vessel if common stock offering met threshold | $ 1,100,000 | ||||||||||||
Minimum interest coverage ratio for following 12 month period (as a percent) | 125.00% | ||||||||||||
Minimum interest coverage ratio for following subsequent year (as a percent) | 150.00% | ||||||||||||
Minimum interest coverage ratio for thereafter (as a percent) | 250.00% | 250.00% | |||||||||||
Minimum fair market value of mortgaged ships plus any additional security over the outstanding loan balance through March 31, 2018 | 125.00% | ||||||||||||
Minimum fair market value of mortgaged ships plus any additional security over the outstanding loan balance from April 1, 2018 through March 31, 2019 | 130.00% | ||||||||||||
Minimum fair market value of mortgaged ships plus any additional security over the outstanding loan balance thereafter | 135.00% | ||||||||||||
Amendment fees | $ 100,000 | $ 1,100,000 | |||||||||||
Repayment of debt | $ 33,700,000 | $ 35,100,000 | |||||||||||
Original loan amount | $ 758,000,000 | ||||||||||||
The amount of restricted cash released | $ 1,600,000 | $ 1,600,000 | $ 26,800,000 | ||||||||||
Maximum consolidated net debt to consolidated total capitalization ratio (as a percent) | 60.00% | ||||||||||||
Minimum stockholder's equity balance | $ 400,000,000 | ||||||||||||
Percent of any new equity raised after closing date (as a percent) | 50.00% | ||||||||||||
Percent of positive net income for the immediately preceding financial year (as a percent) | 25.00% | ||||||||||||
Current assets and long-term restricted cash divided by current liabilities ratio (as a percent) | 100.00% | ||||||||||||
Amendment to the 2015 Debt Facility | |||||||||||||
Minimum interest coverage ratio for following 9 month period (as a percent) | 200.00% | ||||||||||||
Minimum interest coverage ratio for thereafter (as a percent) | 250.00% | 250.00% | |||||||||||
Minimum consolidated liquidity if interest coverage ratio of consolidated EBITDA is less than required | $ 47,500,000 | ||||||||||||
Ownership percentage of common shares by any shareholder other than certain entities or directors or officers that permits lenders to accelerate indebtedness (as a percent) | 33.30% | ||||||||||||
2017 Bridge Loan | |||||||||||||
Long-Term Debt | |||||||||||||
Repayment of debt | $ 44,600,000 | $ 22,300,000 | $ 30,100,000 | ||||||||||
Original loan amount | $ 97,000,000 | ||||||||||||
Deferred financing fees | $ 200,000 | ||||||||||||
Number of VLGC secured by loan agreement | item | 4 | ||||||||||||
2017 Bridge Loan | LIBOR | Period Ending December 7, 2017 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||||||
2017 Bridge Loan | LIBOR | December 8, 2017 until March 7, 2018 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 4.50% | ||||||||||||
2017 Bridge Loan | LIBOR | March 8, 2018 until June 7, 2018 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 6.50% | ||||||||||||
2017 Bridge Loan | LIBOR | June 8, 2018 until Maturity Date | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 8.50% | ||||||||||||
2017 Bridge Loan | LIBOR | Period Ending March 31, 2018 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||||||
2017 Bridge Loan | LIBOR | April 1, 2018 until June 30, 2018 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 6.50% | ||||||||||||
2017 Bridge Loan | LIBOR | July 1, 2018 until December 31, 2018 | |||||||||||||
Long-Term Debt | |||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 8.50% | ||||||||||||
Royal Bank of Scotland plc (RBS) | |||||||||||||
Long-Term Debt | |||||||||||||
Debt redemption price (as a percent) | 96.00% |
Long-Term Debt (FutMin) (Detail
Long-Term Debt (FutMin) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Minimum annual principal payments | ||
2021 | $ 53,056,125 | |
2022 | 61,935,946 | |
2023 | 52,266,798 | |
2024 | 52,266,798 | |
2025 | 214,015,573 | |
Thereafter | 212,586,964 | |
Total | $ 646,128,204 | $ 710,096,616 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 12 Months Ended | ||
Mar. 31, 2020USD ($)Option | Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | |
Leases | |||
Operating lease expense | $ 541,574 | ||
Operating lease right-of-use assets | 26,861,551 | ||
Operating lease liability | $ 26,864,528 | ||
Number of option period for time charter | Option | 3 | ||
Lease term | 12 months | ||
Lease renewal term | 1 year | ||
Number of option period for office leases | Option | 2 | ||
Weighted average discount rate (as a percent) | 3.88% | ||
Weighted average remaining lease term | 33 months 27 days | ||
Operating lease right-of-use assets - Office Leases | $ 1,003,084 | ||
Operating lease right-of-use assets - Time Charter in VLGCs | 25,858,467 | ||
Operating lease liabilities current - Office Leases | 398,096 | ||
Operating lease liabilities current - Time Charter in VLGCs | 8,814,493 | ||
Operating lease liabilities non-current - Office Leases | 607,965 | ||
Operating lease liabilities non-current - Time Charter in VLGCs | 17,043,974 | ||
Charter hire expense | |||
Leases | |||
Operating lease expense | 8,200,000 | ||
Operating lease right-of-use assets | 27,400,000 | ||
Operating lease liability | 27,400,000 | ||
Operating lease income | 18,300,000 | $ 100,000 | $ 0 |
General and administrative expenses | |||
Leases | |||
Operating lease expense | 100,000 | ||
Operating lease right-of-use assets | 200,000 | ||
Operating lease liability | $ 200,000 | ||
Minimum | |||
Leases | |||
Lease term | 4 years | ||
Weighted average discount rate (as a percent) | 3.82% | ||
Maximum | |||
Leases | |||
Weighted average discount rate (as a percent) | 5.53% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Time Charter-in | ||
Charter hire expenses | $ 9,861,898 | $ 237,525 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Operating Leases | |||
Operating lease rent expense | $ 471,425 | $ 426,155 | |
Operating lease rent expense | $ 541,574 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Mar. 31, 2020USD ($) |
Leases | |
FY 2021 | $ 10,078,464 |
FY 2022 | 10,088,339 |
FY 2023 | 8,212,288 |
Total undiscounted lease payments | 28,379,091 |
Less: imputed interest | (1,514,563) |
Carrying value of lease liabilities | $ 26,864,528 |
Common Stock (Other) (Details)
Common Stock (Other) (Details) | 12 Months Ended | ||
Mar. 31, 2020itemshares | Mar. 31, 2019shares | Jul. 01, 2013$ / sharesshares | |
Common stock | |||
Authorized capital stock (in shares) | 500,000,000 | ||
Par value of capital stock (in dollars per share) | $ / shares | $ 0.01 | ||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Number of votes entitled to shareholders | item | 1 |
Common Stock (SBC) (Details)
Common Stock (SBC) (Details) - USD ($) shares in Millions | 8 Months Ended | 12 Months Ended | ||||
Mar. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Feb. 03, 2020 | Aug. 05, 2019 | |
Stock repurchases | ||||||
Common stock repurchase authorized amount | $ 50,000,000 | $ 50,000,000 | ||||
Treasury stock shares acquired (in shares) | 4.4 | |||||
Treasury stock value acquired | $ 49,300,000 | $ 50,699,304 | $ 1,261,133 | $ 1,326,159 | ||
Remaining available authorization | $ 50,700,000 | $ 50,700,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Apr. 30, 2014 | |
Stock-Based Compensation Plans | ||||
Number of common shares reserved for issuance under the Equity Incentive Plan | 2,850,000 | |||
Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 223,275 | 242,354 | ||
Unrecognized compensation cost | $ 1.6 | |||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 10 months 10 days | |||
Fair value of restricted shares | $ 5.2 | $ 3.9 | $ 3.7 | |
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 641,013 | 918,344 | ||
Granted (in shares) | 223,275 | 242,354 | ||
Vested (in shares) | (547,240) | (519,685) | ||
Unvested at the end of the period (in shares) | 317,048 | 641,013 | 918,344 | |
Weighted-Average Grant-Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 13.54 | $ 15.67 | ||
Granted (in dollars per share) | 8.47 | 8.10 | ||
Vested (in dollars per share) | 14.64 | 14.76 | ||
Unvested at the end of the period (in dollars per share) | $ 8.08 | $ 13.54 | $ 15.67 | |
Restricted stock awards | General and administrative expenses | ||||
Stock-Based Compensation Plans | ||||
Stock-based compensation expense | $ 3.2 | $ 5.5 | $ 5.1 | |
Restricted stock awards | Vest immediately | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | 25.00% | |
Restricted stock awards | Vest one year after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | 25.00% | |
Vesting period | 1 year | 1 year | 1 year | |
Restricted stock awards | Vest two years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | 25.00% | |
Vesting period | 2 years | 2 years | 2 years | |
Restricted stock awards | Vest three years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | 25.00% | |
Vesting period | 3 years | 3 years | 3 years | |
Restricted stock units | Vest one year after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 1 year | |||
Restricted stock units | Vest two years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 2 years | |||
Restricted stock units | Vest three years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 3 years | |||
Certain officers and employees | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 175,200 | 200,000 | 259,800 | |
Number of Shares | ||||
Granted (in shares) | 175,200 | 200,000 | 259,800 | |
Certain officers and employees | Restricted stock units | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 22,500 | |||
Number of Shares | ||||
Granted (in shares) | 22,500 | |||
Non-executive director | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 24,025 | 35,295 | 31,800 | |
Number of Shares | ||||
Granted (in shares) | 24,025 | 35,295 | 31,800 | |
Non-employee consultant | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 1,550 | 7,059 | 6,360 | |
Number of Shares | ||||
Granted (in shares) | 1,550 | 7,059 | 6,360 |
Revenues (Details)
Revenues (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues | $ 333,429,998 | $ 158,032,485 | |
Net pool revenues - related party | |||
Revenues | 298,079,123 | 120,015,771 | |
Time charter revenues | |||
Revenues | 34,111,230 | 37,726,214 | |
Other revenues, net | |||
Revenues | $ 1,239,645 | $ 290,500 | |
Revenue Guidance in Effect before Topic 606 | |||
Revenues | $ 159,334,760 | ||
Revenue Guidance in Effect before Topic 606 | Net pool revenues - related party | |||
Revenues | 106,958,576 | ||
Revenue Guidance in Effect before Topic 606 | Time charter revenues | |||
Revenues | 50,176,166 | ||
Revenue Guidance in Effect before Topic 606 | Voyage charter revenues | |||
Revenues | 2,068,491 | ||
Revenue Guidance in Effect before Topic 606 | Other revenues, net | |||
Revenues | $ 131,527 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Voyage Expenses. | |||
Bunkers | $ 1,345,360 | $ 756,354 | $ 817,676 |
Port charges and other related expenses | 5,898 | 167,230 | 539,605 |
Brokers' commissions | 469,143 | 440,955 | 631,659 |
Security cost | 272,985 | 277,487 | 117,368 |
War risk insurances | 1,095,156 | 13,052 | 12,310 |
Other voyage expenses | 54,381 | 42,805 | 95,155 |
Total voyage expenses | $ 3,242,923 | $ 1,697,883 | $ 2,213,773 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Vessel Operating Expenses. | |||
Crew wages and related costs | $ 42,683,848 | $ 41,649,202 | $ 42,807,373 |
Spares and stores | 13,249,931 | 10,625,997 | 8,730,107 |
Repairs and maintenance costs | 4,416,259 | 5,594,957 | 4,028,775 |
Insurance | 4,173,052 | 3,452,874 | 3,758,485 |
Lubricants | 3,607,749 | 3,206,445 | 2,677,177 |
Miscellaneous expenses | 3,347,530 | 2,351,093 | 2,310,727 |
Total | $ 71,478,369 | $ 66,880,568 | $ 64,312,644 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Interest and Finance Costs | |||
Interest incurred | $ 32,355,390 | $ 36,638,171 | $ 27,422,693 |
Amortization of financing costs | 2,893,392 | 3,136,051 | 7,506,509 |
Other finance costs | 856,759 | 875,009 | 728,843 |
Total | $ 36,105,541 | $ 40,649,231 | $ 35,658,045 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Tax rate on US source shipping income (as a percent) | 4.00% |
Shipping income (as a percent) | 50.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Mar. 31, 2020USD ($) |
Commitments under Contracts for Scrubber Purchases | |
Less than one year | $ 4,112,466 |
Total | 4,112,466 |
Commitments under Contracts for BWMS Purchases | |
Less than one year | 937,400 |
Total | 937,400 |
Commitments under Operating Leases | |
Less than one year | 10,078,464 |
Total undiscounted lease payments | 28,379,091 |
Time Charter-in commitments | |
Less than one year | 18,363,500 |
One to three years | 18,366,000 |
Total | 36,729,500 |
Fixed Time Charter Commitments | |
Less than one year | 18,230,858 |
One to three years | 25,852,500 |
Total | 44,083,358 |
United States, Greece, United Kingdom, And Denmark | |
Commitments under Operating Leases | |
Less than one year | 423,901 |
One to three years | 278,446 |
Total undiscounted lease payments | $ 702,347 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Interest rate swaps | ||
Derivative Instruments | ||
Nominal value | $ 405,389,284 | $ 444,562,486 |
1.933% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.933% | |
Nominal value | $ 200,000,000 | 200,000,000 |
Final settlement amount | $ 200,000,000 | |
2.002% interest rate swap due on March 2022 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 2.002% | |
Nominal value | $ 50,000,000 | 50,000,000 |
Final settlement amount | $ 50,000,000 | |
1.428% interest rate swap due on March 2022 | CBA | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.428% | |
Nominal value | $ 37,550,000 | 48,800,000 |
Quarterly reduction of notional amount | 2,800,000 | |
Final settlement amount | $ 17,900,000 | |
1.380% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.38% | |
Nominal value | $ 56,325,000 | 73,200,000 |
Quarterly reduction of notional amount | 4,200,000 | |
Final settlement amount | $ 26,900,000 | |
1.213% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.213% | |
Nominal value | $ 43,598,575 | 51,429,047 |
Quarterly reduction of notional amount | 2,000,000 | |
Final settlement amount | $ 29,900,000 | |
1.161% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.161% | |
Nominal value | $ 17,915,709 | $ 21,133,439 |
Quarterly reduction of notional amount | 800,000 | |
Final settlement amount | $ 12,300,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Derivative Instruments | |||
Change in fair value | $ (18,206,769) | $ (7,816,401) | $ 8,421,531 |
Realized gain/(loss) on derivatives | 2,800,374 | 3,788,123 | (1,328,886) |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | (12,800,953) | (4,028,278) | 7,092,645 |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | (15,601,327) | (7,816,401) | 8,421,531 |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | 2,403,480 | 3,788,123 | $ (1,328,886) |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | |||
Derivative Instruments | |||
Derivative Asset | $ 6,448,498 | ||
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 9,152,829 | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | (2,605,442) | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | 396,894 | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | $ 2,605,442 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Mar. 31, 2020 | Mar. 31, 2019 |
Fair value | ||
Carrying Value | $ 634,975,219 | $ 696,090,786 |
US Treasury Bills | ||
Fair value | ||
Carrying Value | 14,900,000 | |
US Treasury Bills | Level 1 | ||
Fair value | ||
Fair Value | 15,000,000 | |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 44,145,833 | 47,395,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 48,867,762 | 45,901,900 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 48,730,769 | 51,961,538 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 54,407,677 | 50,176,288 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 49,269,231 | 52,500,000 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 55,059,323 | 50,671,689 |
CJNP Japanese Financing | ||
Fair value | ||
Carrying Value | 19,058,750 | 20,506,250 |
CJNP Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 21,006,399 | 20,918,881 |
CMNL Japanese Financing | ||
Fair value | ||
Carrying Value | 18,076,488 | 19,446,131 |
CMNL Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 20,238,260 | 19,862,056 |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 20,261,012 | 21,666,369 |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 22,728,984 | $ 22,137,090 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Defined Contribution Plans and Defined Benefit Plan | |||
Compensation expense associated with safe harbor contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | 0.1 | 0.1 | |
United Kingdom and Denmark | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | 0.2 | $ 0.1 | $ 0.1 |
Maximum | Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0.1 |
Earnings_(Loss) Per Share (EP_3
Earnings/(Loss) Per Share (EPS) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | |||||||||||
Net income/(loss) | $ 29,425,391 | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ (15,953,575) | $ (6,218,652) | $ (8,177,120) | $ (20,596,558) | $ 111,841,258 | $ (50,945,905) | $ (20,400,686) |
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding (in shares) | 53,881,483 | 54,513,118 | 54,039,886 | ||||||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 233,855 | ||||||||||
Diluted weighted average number of common shares outstanding (in shares) | 54,115,338 | 54,513,118 | 54,039,886 | ||||||||
EPS: | |||||||||||
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.56 | $ 0.66 | $ 0.75 | $ 0.11 | $ (0.29) | $ (0.11) | $ (0.15) | $ (0.38) | $ 2.08 | $ (0.93) | $ (0.38) |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.56 | $ 0.66 | $ 0.74 | $ 0.11 | $ (0.29) | $ (0.11) | $ (0.15) | $ (0.38) | $ 2.07 | $ (0.93) | $ (0.38) |
Restricted stock awards | |||||||||||
EPS: | |||||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 641,013 | 918,334 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | |
Selected Quarterly Financial Information (unaudited) | |||||||||||
Revenues | $ 95,201,771 | $ 85,437,806 | $ 91,624,875 | $ 61,165,546 | $ 34,467,366 | $ 55,113,295 | $ 40,807,542 | $ 27,644,282 | $ 333,429,998 | $ 158,032,485 | $ 159,334,760 |
Operating income/(loss) | 49,771,141 | 41,758,757 | 49,266,427 | 20,272,506 | (3,791,451) | 9,313,290 | (318,702) | (13,165,173) | 161,068,831 | (7,962,036) | 3,841,385 |
Net income/(loss) | $ 29,425,391 | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ (15,953,575) | $ (6,218,652) | $ (8,177,120) | $ (20,596,558) | $ 111,841,258 | $ (50,945,905) | $ (20,400,686) |
Earnings/(loss) per common share basic (in dollars per share) | $ 0.56 | $ 0.66 | $ 0.75 | $ 0.11 | $ (0.29) | $ (0.11) | $ (0.15) | $ (0.38) | $ 2.08 | $ (0.93) | $ (0.38) |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.56 | $ 0.66 | $ 0.74 | $ 0.11 | $ (0.29) | $ (0.11) | $ (0.15) | $ (0.38) | $ 2.07 | $ (0.93) | $ (0.38) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent events - USD ($) $ in Millions | Apr. 29, 2020 | Apr. 28, 2020 | Apr. 21, 2020 |
Subsequent Events | |||
Delay term associated with dry locking | 60 days | ||
Dorian Dubai LPG Transport LLC | |||
Subsequent Events | |||
Prepayment of debt | $ 28.5 | ||
Value of vessel transferred | $ 71.5 | ||
Term of Charter Agreement | 12 years | ||
Period until purchase option exercisable | 3 years | ||
Proceeds from sale of vessel | $ 52.5 | ||
Deposit retained by buyer | $ 19 | ||
Cresques Japanese Financing | |||
Subsequent Events | |||
Monthly brokerage commission (as a percent) | 1.25% | ||
Percentage of broker commission fee payable | 0.50% | ||
Periodic principal payment amount | $ 0.3 | ||
Principal payment frequency | monthly | ||
Balloon payment amount | $ 11.5 | ||
Cresques Japanese Financing | LIBOR | |||
Subsequent Events | |||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||
Refinancing Of Commercial Tranche Of 2015 Facility | |||
Subsequent Events | |||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.10% | ||
Additional basis points to decrease the margin | 0.10% | ||
Security leverage ratio | 40.00% | ||
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR | |||
Subsequent Events | |||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum | |||
Subsequent Events | |||
Additional basis points to increase the margin | 0.10% | ||
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum | |||
Subsequent Events | |||
Security leverage ratio | 60.00% | ||
New senior secured term loan facility | |||
Subsequent Events | |||
Original loan amount | $ 155.8 | ||
New senior secured revolving credit facility | Maximum | |||
Subsequent Events | |||
Original loan amount | 25 | ||
2015 AR Facility | |||
Subsequent Events | |||
Minimum liquidity covenant | $ 27.5 | $ 40 | |
Percentage of increase in security value ratio | 145.00% | 135.00% |