Dorian LPG (LPG) 10-Q 2 Feb 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2020	Jan. 29, 2021
Cover Abstract
Entity Registrant Name	DORIAN LPG LTD.
Entity Central Index Key	0001596993
Document Type	10-Q
Document Period End Date	Dec. 31, 2020
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-36437
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	66-0818228
Entity Address, Address Line One	27 Signal Road
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	674-9900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPG
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		49,886,990
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 133,593,851	$ 48,389,688
Restricted cash - current		3,370,178
Short-term investments		14,919,384
Trade receivables, net and accrued revenues	432	820,846
Due from related parties	75,999,872	66,847,701
Inventories	2,130,293	1,996,203
Prepaid expenses and other current assets	6,462,837	3,270,755
Total current assets	218,187,285	139,614,755
Fixed assets
Vessels, net	1,393,340,037	1,437,658,833
Other fixed assets, net	113,355	185,613
Total fixed assets	1,393,453,392	1,437,844,446
Other non-current assets
Deferred charges, net	10,084,303	7,336,726
Due from related parties-non-current	23,100,000	23,100,000
Restricted cash - non-current	84,778	35,629,261
Operating lease right-of-use assets	20,031,892	26,861,551
Other non-current assets	101,454	1,573,104
Total assets	1,665,043,104	1,671,959,843
Current liabilities
Trade accounts payable	11,274,403	13,552,796
Accrued expenses	4,600,415	4,080,952
Due to related parties	253,463	436,850
Deferred income	70,571	2,068,205
Derivative instruments		2,605,442
Current portion of long-term operating lease liabilities	9,509,871	9,212,589
Current portion of long-term debt	51,820,283	53,056,125
Total current liabilities	77,529,006	85,012,959
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	552,103,044	581,919,094
Long-term operating lease liabilities	10,525,174	17,651,939
Derivative instruments	7,805,857	9,152,829
Other long-term liabilities	1,307,164	1,170,824
Total long-term liabilities	571,741,239	609,894,686
Total liabilities	649,270,245	694,907,645
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, 59,465,124 and 59,083,290 shares issued, 49,886,990 and 50,827,952 shares outstanding (net of treasury stock), as of December 31, 2020 and March 31, 2020, respectively	594,651	590,833
Additional paid-in-capital	869,673,244	866,809,371
Treasury stock, at cost; 9,578,134 and 8,255,338 shares as of December 31, 2020 and March 31, 2020, respectively	(99,862,114)	(87,183,865)
Retained earnings	245,367,078	196,835,859
Total shareholders' equity	1,015,772,859	977,052,198
Total liabilities and shareholders' equity	$ 1,665,043,104	$ 1,671,959,843

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Mar. 31, 2020
Condensed Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	59,465,124	59,083,290
Common stock, shares outstanding (net of treasury stock)	49,886,990	50,827,952
Treasury stock, shares at cost	9,578,134	8,255,338

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues.
Revenues	$ 88,479,024	$ 85,437,806	$ 216,354,625	$ 238,228,227
Expenses
Voyage expenses	752,404	1,178,702	2,426,518	2,372,839
Charter hire expenses	4,392,132	2,071,206	13,626,580	6,181,206
Vessel operating expenses	19,202,291	19,131,124	58,027,558	52,644,762
Depreciation and amortization	17,253,447	16,710,403	51,346,574	49,450,242
General and administrative expenses	5,548,526	5,037,783	22,764,312	17,669,024
Total expenses	47,148,800	44,129,218	148,191,542	128,318,073
Other income-related parties	545,311	450,169	1,646,014	1,387,536
Operating income	41,875,535	41,758,757	69,809,097	111,297,690
Other income/(expenses)
Interest and finance costs	(6,087,193)	(8,778,905)	(21,839,573)	(27,779,560)
Interest income	53,197	394,876	269,381	1,101,831
Unrealized gain/(loss) on derivatives	479,534	1,446,395	3,952,414	(5,291,504)
Realized gain/(loss) on derivatives	(760,991)	449,276	(3,696,915)	2,191,417
Other gain/(loss), net	265,182	358,513	36,815	895,993
Total other income/(expenses), net	(6,050,271)	(6,129,845)	(21,277,878)	(28,881,823)
Net income	$ 35,825,264	$ 35,628,912	$ 48,531,219	$ 82,415,867
Weighted average shares outstanding Basic (in shares)	50,255,908	53,944,991	50,511,473	54,380,855
Weighted average shares outstanding Diluted (in shares)	50,368,392	54,176,748	50,605,985	54,615,843
Earnings per common share - basic (in dollars per share)	$ 0.71	$ 0.66	$ 0.96	$ 1.52
Earnings per common share - diluted (in dollars per share)	$ 0.71	$ 0.66	$ 0.96	$ 1.51
Net pool revenues - related party
Revenues.
Revenues	$ 82,659,967	$ 77,470,478	$ 199,312,944	$ 208,507,192
Time charter revenues
Revenues.
Revenues	4,665,664	7,859,035	13,928,732	29,112,464
Other revenues, net
Revenues.
Revenues	$ 1,153,393	$ 108,293	$ 3,112,949	$ 608,571

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity - USD ($)	Common stock	Treasury stock	Additional paid-in capital	Retained earnings	Total
Balance at Mar. 31, 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 for the period				6,075,059	6,075,059
Restricted share award issuances	$ 78		(78)
Restricted share award issuances (in shares)	7,750
Stock-based compensation			1,305,827		1,305,827
Purchase of treasury stock		(983,582)			(983,582)
Balance at Jun. 30, 2019	$ 588,904	(37,468,143)	864,889,441	91,069,660	919,079,862
Balance (in shares) at Jun. 30, 2019	58,890,265
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 for the period					82,415,867
Balance at Dec. 31, 2019	$ 590,783	(52,406,243)	866,429,768	167,410,468	982,024,776
Balance (in shares) at Dec. 31, 2019	59,078,230
Balance at Jun. 30, 2019	$ 588,904	(37,468,143)	864,889,441	91,069,660	919,079,862
Balance (in shares) at Jun. 30, 2019	58,890,265
Increase (Decrease) in Shareholders' Equity
Net income for the period				40,711,896	40,711,896
Restricted share award issuances	$ 1,832		(1,832)
Restricted share award issuances (in shares)	183,220
Stock-based compensation			890,700		890,700
Purchase of treasury stock		(6,310,514)			(6,310,514)
Balance at Sep. 30, 2019	$ 590,736	(43,778,657)	865,778,309	131,781,556	954,371,944
Balance (in shares) at Sep. 30, 2019	59,073,485
Increase (Decrease) in Shareholders' Equity
Net income for the period				35,628,912	35,628,912
Restricted share award issuances	$ 47		(47)
Restricted share award issuances (in shares)	4,745
Stock-based compensation			651,506		651,506
Purchase of treasury stock		(8,627,586)			(8,627,586)
Balance at Dec. 31, 2019	$ 590,783	(52,406,243)	866,429,768	167,410,468	982,024,776
Balance (in shares) at Dec. 31, 2019	59,078,230
Balance at Mar. 31, 2020	$ 590,833	(87,183,865)	866,809,371	196,835,859	977,052,198
Balance (in shares) at Mar. 31, 2020	59,083,290
Increase (Decrease) in Shareholders' Equity
Net income for the period				12,168,005	12,168,005
Restricted share award issuances	$ 3,516		(3,516)
Restricted share award issuances (in shares)	351,629
Stock-based compensation			1,930,902		1,930,902
Purchase of treasury stock		(1,198,214)			(1,198,214)
Balance at Jun. 30, 2020	$ 594,349	(88,382,079)	868,736,757	209,003,864	989,952,891
Balance (in shares) at Jun. 30, 2020	59,434,919
Balance at Mar. 31, 2020	$ 590,833	(87,183,865)	866,809,371	196,835,859	977,052,198
Balance (in shares) at Mar. 31, 2020	59,083,290
Increase (Decrease) in Shareholders' Equity
Net income for the period					48,531,219
Balance at Dec. 31, 2020	$ 594,651	(99,862,114)	869,673,244	245,367,078	1,015,772,859
Balance (in shares) at Dec. 31, 2020	59,465,124
Balance at Jun. 30, 2020	$ 594,349	(88,382,079)	868,736,757	209,003,864	989,952,891
Balance (in shares) at Jun. 30, 2020	59,434,919
Increase (Decrease) in Shareholders' Equity
Net income for the period				537,950	537,950
Restricted share award issuances	$ 151		(151)
Restricted share award issuances (in shares)	15,100
Stock-based compensation			406,721		406,721
Purchase of treasury stock		(1,306,388)			(1,306,388)
Balance at Sep. 30, 2020	$ 594,500	(89,688,467)	869,143,327	209,541,814	989,591,174
Balance (in shares) at Sep. 30, 2020	59,450,019
Increase (Decrease) in Shareholders' Equity
Net income for the period				35,825,264	35,825,264
Restricted share award issuances	$ 151		(151)
Restricted share award issuances (in shares)	15,105
Stock-based compensation			530,068		530,068
Purchase of treasury stock		(10,173,647)			(10,173,647)
Balance at Dec. 31, 2020	$ 594,651	$ (99,862,114)	$ 869,673,244	$ 245,367,078	$ 1,015,772,859
Balance (in shares) at Dec. 31, 2020	59,465,124

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 48,531,219	$ 82,415,867
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	51,346,574	49,450,242
Amortization of operating lease right-of-use asset	6,876,606
Amortization of financing costs	4,005,265	2,199,487
Unrealized (gain)/loss on derivatives	(3,952,414)	5,291,504
Stock-based compensation expense	2,867,691	2,848,033
Unrealized foreign currency (gain)/loss, net	(236,303)	68,225
Other non-cash items, net	(411,380)	(1,010,948)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue	820,414	541,623
Prepaid expenses and other current assets	(1,755,118)	(479,382)
Due from related parties	(9,152,171)	(26,880,332)
Inventories	(134,090)	(110,906)
Other non-current assets	1,471,650	(405,342)
Operating lease liabilities-current and long-term	(6,877,479)
Trade accounts payable	(37,288)	1,325,869
Accrued expenses and other liabilities	(863,951)	(1,265,635)
Due to related parties	(183,387)	(478,482)
Payments for drydocking costs	(4,720,105)	(3,133,783)
Net cash provided by operating activities	87,595,733	110,376,040
Cash flows from investing activities:
Vessel-related capital expenditures	(9,301,455)	(12,370,273)
Purchases of investment securities	(488,231)
Proceeds from sale of investment securities		1,503,302
Proceeds from maturity of short-term investments	15,000,000
Payments to acquire other fixed assets	(11,566)	(140,323)
Net cash provided by/(used in) investing activities	5,198,748	(11,007,294)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	55,378,172
Repayment of long-term debt borrowings	(86,463,325)	(47,976,310)
Purchase of treasury stock	(11,659,822)	(15,813,246)
Financing costs paid	(3,997,015)	(40,547)
Net cash used in financing activities	(46,741,990)	(63,830,103)
Effects of exchange rates on cash and cash equivalents	237,011	(69,689)
Net increase in cash, cash equivalents, and restricted cash	46,289,502	35,468,954
Cash, cash equivalents, and restricted cash at the beginning of the period	87,389,127	66,472,646
Cash, cash equivalents, and restricted cash at the end of the period	$ 133,678,629	$ 101,941,600

Basis of Presentation and Gener

Basis of Presentation and General Information	9 Months Ended
	Dec. 31, 2020
Basis of Presentation and General Information
Basis of Presentation and General Information	1. Basis of Presentation and General Information ​ Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 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. As of December 31, 2020, ten of our ECO-VLGCs are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We have commitments related to scrubbers on an additional two of our VLGCs. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). ​ On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. ​ The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or cash flows. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2020 included in our Annual Report on Form 10-K filed with the SEC on June 12, 2020. ​ Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. ​ Our subsidiaries as of December 31, 2020, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. ​ Vessel Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of ​ ​ ​ Subsidiary ​ vessel ​ Vessel’s name ​ Built ​ CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 ​ CJNP LPG Transport LLC VLGC Captain John NP 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 (2) ​ 2015 ​ 84,000 ​ Constellation LPG Transport LLC ​ VLGC ​ Constellation ​ 2015 ​ 84,000 ​ Dorian Monaco LPG Transport LLC ​ VLGC ​ Cheyenne ​ 2015 ​ 84,000 ​ Dorian Barcelona LPG Transport LLC ​ VLGC ​ Clermont ​ 2015 ​ 84,000 ​ Dorian Geneva LPG Transport LLC ​ VLGC ​ Cratis ​ 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 and Other Non-vessel Subsidiaries ​ ​ ​ Subsidiary Dorian LPG Management Corp. ​ Dorian LPG (USA) LLC (incorporated in USA) ​ Dorian LPG (UK) Ltd. (incorporated in UK) ​ Dorian LPG Finance LLC ​ Occident River Trading Limited (incorporated in UK) ​ Dorian LPG (DK) ApS (incorporated in Denmark) ​ Dorian LPG Chartering LLC ​ Dorian LPG FFAS LLC ​ (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. ​ COVID-19 ​ measures. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react and progress on the approval and distribution of vaccines. An estimate of the impact cannot therefore be made at this time.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2020 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020), except as discussed herein. ​ Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our condensed consolidated financial statements and related disclosures. ​

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Dec. 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 less than $0.1 million for both the three months ended December 31, 2020 and 2019 and $0.1 million for both the nine months ended December 31, 2020 and 2019. ​ As of December 31, 2020, $1.1 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets. As of March 31, 2020, $1.3 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets. ​ Helios LPG Pool LLC ​ On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of December 31, 2020, the Helios Pool operated thirty-three VLGCs, including twenty-two vessels from our fleet (including two vessels time chartered-in from an unrelated party), three Phoenix vessels, five from other participants, and three time chartered-in vessels. ​ As of December 31, 2020, we had net receivables from the Helios Pool of $97.6 million (net of an amount due to Helios Pool of $0.2 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 (of which $1.1 million is classified as current). 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 (of which $1.1 million is classified as current). Our maximum exposure to losses from the pool as of December 31, 2020 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million and $0.4 million for the three months ended December 31, 2020 and 2019, respectively, and $1.5 million and $1.2 million for the nine months ended December 31, 2020 and 2019, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.9 million and $0.4 million for the three months ended December 31, 2020, and 2019, respectively, and $2.9 million and $0.9 million for the nine months ended December 31, 2020, and 2019, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations. ​ Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2020 and 2019. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. 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. 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 10.

Deferred Charges, Net

Deferred Charges, Net	9 Months Ended
	Dec. 31, 2020
Deferred Charges, Net.
Deferred Charges, Net	4. Deferred Charges, Net ​ The analysis and movement of deferred charges is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2020 ​ $ 7,336,726 ​ Additions ​ ​ 4,312,240 ​ Amortization ​ ​ (1,564,663) ​ Balance, December 31, 2020 $ 10,084,303 ​ ​

Vessels, Net

Vessels, Net	9 Months Ended
	Dec. 31, 2020
Vessels, Net
Vessels, Net	5. Vessels, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2020 ​ $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 ​ Other additions ​ ​ 5,382,833 ​ ​ — ​ ​ 5,382,833 ​ Depreciation ​ ​ — ​ ​ (49,701,629) ​ ​ (49,701,629) ​ Balance, December 31, 2020 $ 1,762,668,066 $ (369,328,029) $ 1,393,340,037 ​ ​ Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2020. Certain of our vessels, with a total carrying value of $1,350.1 million and $1,437.7 million as of December 31, 2020 and March 31, 2020, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 6 below). No impairment loss was recorded for the periods presented.

Long-term Debt

Long-term Debt	9 Months Ended
	Dec. 31, 2020
Long-term Debt
Long-term Debt	6. Long-term Debt ​ 2015 AR Facility ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Facility”). ​ 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 (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 $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. On July 14, 2020 (with retroactive effect to June 30, 2020), we amended the 2015 AR Facility and received approvals from those lenders constituting the “Required Lenders” under the 2015 AR Facility, as applicable, to modify certain financial and security covenants to reflect the Company’s current financial condition. Most notably, the following changes to financial covenants and security value ratio are now in effect: ​ ● Elimination of the interest coverage ratio; ● Reduction of minimum shareholders’ equity to $400 million with no upward adjustments; ● Reduction of the minimum liquidity covenant from $40 million to $27.5 million; ● Reduction of minimum cash balance from $2.2 million to $1.0 million per mortgaged vessel; and ● Increase of the security value ratio from 135% to 145% . ​ The provision applicable to our minimum cash balance requirements were modified under the terms of the amendment to the 2015 AR Facility and as a result our minimum cash balance no longer meets the criteria to be recognized as restricted cash. Accordingly, and with retroactive effect to June 30, 2020, we no longer classify these amounts as restricted cash on our condensed consolidated balance sheets. This requirement was reduced from $2.2 million per mortgaged vessel under the initial 2015 AR Facility to $1.0 million per mortgaged vessel per the July 14, 2020 amendment. ​ 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 traveled on such voyage). ​ We were in compliance with all financial covenants as of December 31, 2020. ​ Corsair Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on the refinancing of our 2014-built VLGC, the Corsair Concorde Japanese Financing Concorde ​ Corvette Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on the refinancing of our 2015-built VLGC, the Corvette CJNP Japanese Financing Captain John NP Captain John NP ​ CMNL Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on the refinancing our 2006-built VLGC, the Captain Markos NL ​ CNML Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML ​ Cresques Japanese Financing and Prepayment of the Relevant Tranches 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 on the remaining debt outstanding at the time of the repurchase of the Cresques, and a monthly fixed straight-line principal obligation of $0.3 million over the 12-year term with a balloon payment of $11.5 million. ​ Debt Obligations ​ The table below presents our debt obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 March 31, 2020 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ 155,355,698 ​ $ 163,385,998 ​ KEXIM Direct Financing ​ ​ 93,017,799 ​ ​ 110,716,127 ​ KEXIM Guaranteed ​ ​ 97,502,342 ​ ​ 115,385,072 ​ K-sure Insured ​ ​ 48,113,783 ​ ​ 57,098,924 ​ Total 2015 AR Facility ​ $ 393,989,622 ​ $ 446,586,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 41,708,333 ​ $ 44,145,833 ​ Concorde Japanese Financing ​ ​ 46,307,692 ​ ​ 48,730,769 ​ Corvette Japanese Financing ​ ​ 46,846,154 ​ ​ 49,269,231 ​ CJNP Japanese Financing ​ ​ — ​ ​ 19,058,750 ​ CMNL Japanese Financing ​ ​ 17,049,256 ​ ​ 18,076,488 ​ CNML Japanese Financing ​ ​ 19,206,994 ​ ​ 20,261,012 ​ Cresques Japanese Financing ​ ​ 49,935,000 ​ ​ — ​ Total Japanese Financings ​ $ 221,053,429 ​ $ 199,542,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 615,043,051 ​ $ 646,128,204 ​ Less: deferred financing fees ​ ​ 11,119,724 ​ ​ 11,152,985 ​ Debt obligations—net of deferred financing fees ​ $ 603,923,327 ​ $ 634,975,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 51,820,283 ​ $ 53,056,125 ​ Long-term debt—net of current portion and deferred financing fees ​ 552,103,044 ​ ​ 581,919,094 ​ Total $ 603,923,327 ​ $ 634,975,219 ​ ​ Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2020 ​ $ 11,152,985 ​ Additions ​ ​ 3,972,004 ​ Amortization ​ ​ (4,005,265) ​ Balance, December 31, 2020 $ 11,119,724 ​ ​

Leases

Leases	9 Months Ended
	Dec. 31, 2020
Leases
Leases	​ 7. Leases Time charter-in contracts ​ liabilities ​ Charter hire expenses for the VLGCs time chartered in were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Charter hire expenses ​ $ 4,392,132 ​ $ 2,071,206 ​ $ 13,626,580 ​ $ 6,181,206 ​ 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 nine months ended December 31, 2020, we did not enter into any new office lease contracts. ​ Operating lease rent expense related to our office leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Operating lease rent expense ​ $ 139,568 ​ $ 141,395 ​ $ 401,435 ​ $ 391,411 ​ 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 of our office leases and time chartered-in vessels as of December 31, 2020 is 24.9 months. ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 750,828 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 19,281,064 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 442,793 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 9,067,078 ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 311,188 Time charter-in VLGCs ​ Long-term operating leases ​ $ 10,213,986 ​ ​ ​ ​ ​ ​ ​ Remainder of FY 2021 ​ $ 2,528,880 FY 2022 ​ ​ 10,119,928 FY 2023 ​ ​ 8,231,604 Total undiscounted lease payments ​ ​ 20,880,412 Less: imputed interest ​ ​ (845,367) Carrying value of lease liabilities ​ $ 20,035,045 ​

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Dec. 31, 2020
Stock Repurchase Program
Stock Repurchase Program	​ 8. Stock Repurchase Program ​ On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of our common shares through the period ended December 31, 2020 (the “Common Share Repurchase Program”). On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our Common Share Repurchase Program, which was set to expire on December 31, 2020. Following this Board action, we are now authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of December 31, 2020, our total purchases under this authority totaled 5.5 million of our common shares for an aggregate consideration of $60.7 million. Following the increase and extension of the program, we currently have $47.9 million of available share repurchase authority 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 amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. We are not obligated to make any common share repurchases under the Common Share Repurchase Program. ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Dec. 31, 2020
Stock-Based Compensation Plans
Stock-Based Compensation Plans	9. Stock-Based Compensation Plans ​ Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.5 million and $0.7 million for the three months ended December 31, 2020 and 2019, respectively, and $2.9 million and $2.8 million for the nine months ended December 31, 2020 and 2019, respectively. Unrecognized compensation cost was $2.3 million as of December 31, 2020 and will be recognized over a remaining weighted average life of 2.03 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020. During the three months ended December 31, 2020, upon the recommendation of our compensation committee, our Board of Directors amended the form of our director compensation. Following the Board action, the compensation of our non-executive directors is now paid 100% in the form of equity share awards. ​ In June, September, and December 2020, we granted 7,575 , 7,600 , and 15,105 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. ​ In June 2020, we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods . ​ In June 2020, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value. ​ A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2020 and changes during the nine months ended December 31, 2020, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2020 ​ 317,048 ​ $ 8.08 ​ Granted ​ 430,784 ​ ​ 8.21 ​ Vested ​ (389,511) ​ ​ 8.09 ​ Forfeited ​ (150) ​ ​ 8.36 ​ Unvested as of December 31, 2020 ​ 358,171 ​ $ 8.23 ​ ​

Revenues

Revenues	9 Months Ended
	Dec. 31, 2020
Revenues.
Revenues	10. Revenues ​ Revenues comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ December 31, 2020 December 31, 2019 ​ December 31, 2020 December 31, 2019 Net pool revenues—related party ​ $ 82,659,967 ​ $ 77,470,478 ​ $ 199,312,944 ​ $ 208,507,192 ​ Time charter revenues ​ ​ 4,665,664 ​ ​ 7,859,035 ​ ​ 13,928,732 ​ ​ 29,112,464 ​ Other revenues, net ​ ​ 1,153,393 ​ 108,293 ​ ​ 3,112,949 ​ 608,571 ​ Total revenues ​ $ 88,479,024 $ 85,437,806 ​ $ 216,354,625 $ 238,228,227 ​ ​ Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020. ​ Other revenues, net represent income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Dec. 31, 2020
Financial Instruments and Fair Value Disclosures
Financial Instruments and Fair Value Disclosures	11. Financial Instruments and Fair Value Disclosures ​ Our principal financial assets consist of cash and cash equivalents, restricted cash, amounts due from related parties, securities, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, accrued liabilities, and derivative instruments. ​ (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. ​ (b) Interest rate risk: Our long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 AR Facility. Refer to Note 19 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2020 for information on our interest rate swap agreements related to the 2015 AR Facility. ​ (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. ​ In May 2020, our interest rate swap with the Commonwealth Bank of Australia was novated to ABN AMRO Capital USA LLC with an increase in the fixed rate from 1.4275% to 1.4675%. ​ In October 2020 (with retroactive effect to September 28, 2020), we amended our $200 million non-amortizing interest rate swap with Citibank N.A. Key provisions of the amendment include: ​ ● Reduction in fixed interest rate from 1.933% to 1.0908% ; ● Extension of swap maturity from March 2022 to March 2025; and ● Amortization of notional principal amount from $200 million beginning in March 2021 to $95.2 million through the period ending March 2025. ​ In November 2020 (with retroactive effect to September 28, 2020), we amended our $50 million non-amortizing interest rate swap with ING Bank N.V. Key provisions of the amendment include: ​ ● Reduction in fixed interest rate from 2.002% to 1.145% ; ● Extension of swap maturity from March 2022 to March 2025; and ● Amortization of notional principal amount from $50 million beginning in March 2022 to $23.8 million through the period ending March 2025. ​ 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 vessels operating in the Helios Pool, and to take advantage of fluctuations in spot market rates. 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. We had no outstanding FFAs as of December 31, 2020. ​ The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives, all of which are considered Level 2 items in accordance with the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ 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 ​ $ — ​ $ 7,805,857 ​ $ — ​ $ 9,152,829 ​ ​ ​ The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2020 December 31, 2019 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ 136,632 ​ $ 645,000 ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 342,902 ​ ​ 801,395 ​ Forward freight agreements—realized gain/(loss) ​ Realized gain/(loss) on derivatives ​ ​ 153,919 ​ ​ — ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ (914,910) ​ ​ 449,276 ​ Gain/(loss) on derivatives, net ​ ​ $ (281,457) ​ $ 1,895,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2020 December 31, 2019 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ 2,605,442 ​ $ 1,590,000 ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 1,346,972 ​ ​ (6,881,504) ​ Forward freight agreements—realized gain/(loss) ​ Realized gain/(loss) on derivatives ​ ​ (788,670) ​ ​ — ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ (2,908,245) ​ ​ 2,191,417 ​ Gain/(loss) on derivatives, net ​ ​ $ 255,499 ​ $ (3,100,087) ​ ​ As of December 31, 2020 and March 31, 2020, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2020 and 2019. ​ (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 long-term bank debt and the Cresques Japanese Financing for which we believe the carrying value approximates their fair values as both instruments 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, CMNL Japanese Financing, and CNML Japanese Financing (collectively, along with the CJNP Japanese Financing that was repaid in October 2020, 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 41,708,333 ​ $ 46,093,687 ​ ​ $ 44,145,833 ​ $ 48,867,762 ​ Concorde Japanese Financing ​ ​ 46,307,692 ​ ​ 51,546,159 ​ ​ ​ 48,730,769 ​ ​ 54,407,677 ​ Corvette Japanese Financing ​ ​ 46,846,154 ​ ​ 52,190,755 ​ ​ ​ 49,269,231 ​ ​ 55,059,323 ​ CJNP Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 19,058,750 ​ ​ 21,006,399 ​ CMNL Japanese Financing ​ ​ 17,049,256 ​ ​ 18,962,197 ​ ​ ​ 18,076,488 ​ ​ 20,238,260 ​ CNML Japanese Financing ​ ​ 19,206,994 ​ ​ 21,397,160 ​ ​ ​ 20,261,012 ​ ​ 22,728,984 ​ ​

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Dec. 31, 2020
Earnings Per Share ("EPS")
Earnings Per Share ("EPS")	12. Earnings Per Share (“EPS”) ​ Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. ​ The calculations of basic and diluted EPS for the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (In U.S. dollars except share data) December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 35,825,264 ​ $ 35,628,912 ​ $ 48,531,219 ​ $ 82,415,867 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ 50,255,908 ​ ​ 53,944,991 ​ ​ 50,511,473 ​ ​ 54,380,855 ​ Effect of dilutive restricted stock and restricted stock units ​ 112,484 ​ ​ 231,757 ​ ​ 94,512 ​ ​ 234,988 ​ Diluted weighted average number of common shares outstanding ​ 50,368,392 ​ ​ 54,176,748 ​ ​ 50,605,985 ​ ​ 54,615,843 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.71 ​ $ 0.66 ​ $ 0.96 ​ $ 1.52 ​ Diluted $ 0.71 ​ $ 0.66 ​ $ 0.96 ​ $ 1.51 ​ ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2020
Commitments and Contingencies
Commitments and Contingencies	13. Commitments and Contingencies ​ Commitments under Contracts for Scrubbers Purchases ​ We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 1,523,768 ​ Total ​ $ 1,523,768 ​ ​ These amounts only reflect firm commitments for scrubber purchases as of December 31, 2020 and exclude costs related to their installation. The timing of these payments is subject to change as installation times are finalized. ​ Commitments under Contracts for Ballast Water Management Systems Purchases ​ We had contractual commitments to purchase ballast water management systems as of: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 94,820 ​ One to three years ​ ​ 334,180 ​ Total ​ $ 429,000 ​ ​ ​ Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 357,432 ​ One to three years ​ ​ 91,318 ​ Total ​ $ 448,750 ​ ​ Time Charter-in ​ We had the following time charter-in commitments relating to VLGCs currently in our fleet: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 10,933,000 ​ One to three years ​ ​ 10,439,000 ​ Total ​ $ 21,372,000 ​ ​ Fixed Time Charter Contracts ​ We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 20,962,500 ​ One to three years ​ ​ 10,035,000 ​ Total ​ $ 30,997,500 ​ ​ Other ​ From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim other than that described in Note 14 that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2020
Subsequent Events.
Subsequent Events	14. Subsequent Events In January 2021, subsequent to the delivery of one of the Company’s VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The facts of the claim are currently in dispute. The Company cannot provide a reasonable estimate of the outcome at this time. On February 2, 2021, we announced that we will commence a tender offer to purchase up to 7.4 million shares, or about 14.8%, of our outstanding common stock using funds available from cash and cash equivalents on hand at a price of $13.50 per share. ​ ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2020
Significant Accounting Policies
Accounting Pronouncements Not Yet Adopted	Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our condensed consolidated financial statements and related disclosures.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	9 Months Ended
	Dec. 31, 2020
Basis of Presentation and General Information
Schedule of wholly-owned subsidiaries	Our subsidiaries as of December 31, 2020, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. ​ Vessel Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of ​ ​ ​ Subsidiary ​ vessel ​ Vessel’s name ​ Built ​ CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL (2) 2006 82,000 ​ CJNP LPG Transport LLC VLGC Captain John NP 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 (2) ​ 2015 ​ 84,000 ​ Constellation LPG Transport LLC ​ VLGC ​ Constellation ​ 2015 ​ 84,000 ​ Dorian Monaco LPG Transport LLC ​ VLGC ​ Cheyenne ​ 2015 ​ 84,000 ​ Dorian Barcelona LPG Transport LLC ​ VLGC ​ Clermont ​ 2015 ​ 84,000 ​ Dorian Geneva LPG Transport LLC ​ VLGC ​ Cratis ​ 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 and Other Non-vessel Subsidiaries ​ ​ ​ Subsidiary Dorian LPG Management Corp. ​ Dorian LPG (USA) LLC (incorporated in USA) ​ Dorian LPG (UK) Ltd. (incorporated in UK) ​ Dorian LPG Finance LLC ​ Occident River Trading Limited (incorporated in UK) ​ Dorian LPG (DK) ApS (incorporated in Denmark) ​ Dorian LPG Chartering LLC ​ Dorian LPG FFAS LLC ​ (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information. ​

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	9 Months Ended
	Dec. 31, 2020
Deferred Charges, Net.
Schedule of movement of deferred charges	​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2020 ​ $ 7,336,726 ​ Additions ​ ​ 4,312,240 ​ Amortization ​ ​ (1,564,663) ​ Balance, December 31, 2020 $ 10,084,303 ​

Vessels, Net (Tables)

Vessels, Net (Tables)	9 Months Ended
	Dec. 31, 2020
Vessels, Net
Schedule of vessels, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2020 ​ $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 ​ Other additions ​ ​ 5,382,833 ​ ​ — ​ ​ 5,382,833 ​ Depreciation ​ ​ — ​ ​ (49,701,629) ​ ​ (49,701,629) ​ Balance, December 31, 2020 $ 1,762,668,066 $ (369,328,029) $ 1,393,340,037 ​

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Dec. 31, 2020
Long-term Debt
Schedule of loans outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 March 31, 2020 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ 155,355,698 ​ $ 163,385,998 ​ KEXIM Direct Financing ​ ​ 93,017,799 ​ ​ 110,716,127 ​ KEXIM Guaranteed ​ ​ 97,502,342 ​ ​ 115,385,072 ​ K-sure Insured ​ ​ 48,113,783 ​ ​ 57,098,924 ​ Total 2015 AR Facility ​ $ 393,989,622 ​ $ 446,586,121 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 41,708,333 ​ $ 44,145,833 ​ Concorde Japanese Financing ​ ​ 46,307,692 ​ ​ 48,730,769 ​ Corvette Japanese Financing ​ ​ 46,846,154 ​ ​ 49,269,231 ​ CJNP Japanese Financing ​ ​ — ​ ​ 19,058,750 ​ CMNL Japanese Financing ​ ​ 17,049,256 ​ ​ 18,076,488 ​ CNML Japanese Financing ​ ​ 19,206,994 ​ ​ 20,261,012 ​ Cresques Japanese Financing ​ ​ 49,935,000 ​ ​ — ​ Total Japanese Financings ​ $ 221,053,429 ​ $ 199,542,083 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 615,043,051 ​ $ 646,128,204 ​ Less: deferred financing fees ​ ​ 11,119,724 ​ ​ 11,152,985 ​ Debt obligations—net of deferred financing fees ​ $ 603,923,327 ​ $ 634,975,219 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 51,820,283 ​ $ 53,056,125 ​ Long-term debt—net of current portion and deferred financing fees ​ 552,103,044 ​ ​ 581,919,094 ​ Total $ 603,923,327 ​ $ 634,975,219 ​
Schedule of deferred financing fees	​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2020 ​ $ 11,152,985 ​ Additions ​ ​ 3,972,004 ​ Amortization ​ ​ (4,005,265) ​ Balance, December 31, 2020 $ 11,119,724 ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2020
Leases
Schedule of time charter-in expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Charter hire expenses ​ $ 4,392,132 ​ $ 2,071,206 ​ $ 13,626,580 ​ $ 6,181,206
Schedule of operating lease rent expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 Operating lease rent expense ​ $ 139,568 ​ $ 141,395 ​ $ 401,435 ​ $ 391,411
Schedule of operating lease right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ December 31, 2020 Assets: ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 750,828 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 19,281,064 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 442,793 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 9,067,078 ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 311,188 Time charter-in VLGCs ​ Long-term operating leases ​ $ 10,213,986
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Remainder of FY 2021 ​ $ 2,528,880 FY 2022 ​ ​ 10,119,928 FY 2023 ​ ​ 8,231,604 Total undiscounted lease payments ​ ​ 20,880,412 Less: imputed interest ​ ​ (845,367) Carrying value of lease liabilities ​ $ 20,035,045

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Dec. 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, 2020 ​ 317,048 ​ $ 8.08 ​ Granted ​ 430,784 ​ ​ 8.21 ​ Vested ​ (389,511) ​ ​ 8.09 ​ Forfeited ​ (150) ​ ​ 8.36 ​ Unvested as of December 31, 2020 ​ 358,171 ​ $ 8.23 ​

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Dec. 31, 2020
Revenues.
Schedule of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ December 31, 2020 December 31, 2019 ​ December 31, 2020 December 31, 2019 Net pool revenues—related party ​ $ 82,659,967 ​ $ 77,470,478 ​ $ 199,312,944 ​ $ 208,507,192 ​ Time charter revenues ​ ​ 4,665,664 ​ ​ 7,859,035 ​ ​ 13,928,732 ​ ​ 29,112,464 ​ Other revenues, net ​ ​ 1,153,393 ​ 108,293 ​ ​ 3,112,949 ​ 608,571 ​ Total revenues ​ $ 88,479,024 $ 85,437,806 ​ $ 216,354,625 $ 238,228,227 ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2020
Financial Instruments and Fair Value Disclosures
Schedule of financial derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ ​ 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 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ 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 ​ $ — ​ $ 7,805,857 ​ $ — ​ $ 9,152,829 ​
Schedule of effect of derivative instruments on the consolidated statement of operations	​ The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2020 December 31, 2019 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ 136,632 ​ $ 645,000 ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 342,902 ​ ​ 801,395 ​ Forward freight agreements—realized gain/(loss) ​ Realized gain/(loss) on derivatives ​ ​ 153,919 ​ ​ — ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ (914,910) ​ ​ 449,276 ​ Gain/(loss) on derivatives, net ​ ​ $ (281,457) ​ $ 1,895,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2020 December 31, 2019 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ 2,605,442 ​ $ 1,590,000 ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 1,346,972 ​ ​ (6,881,504) ​ Forward freight agreements—realized gain/(loss) ​ Realized gain/(loss) on derivatives ​ ​ (788,670) ​ ​ — ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ (2,908,245) ​ ​ 2,191,417 ​ Gain/(loss) on derivatives, net ​ ​ $ 255,499 ​ $ (3,100,087) ​ ​
Summary of carrying value and estimated fair value of Japanese Financings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ ​ March 31, 2020 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 41,708,333 ​ $ 46,093,687 ​ ​ $ 44,145,833 ​ $ 48,867,762 ​ Concorde Japanese Financing ​ ​ 46,307,692 ​ ​ 51,546,159 ​ ​ ​ 48,730,769 ​ ​ 54,407,677 ​ Corvette Japanese Financing ​ ​ 46,846,154 ​ ​ 52,190,755 ​ ​ ​ 49,269,231 ​ ​ 55,059,323 ​ CJNP Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 19,058,750 ​ ​ 21,006,399 ​ CMNL Japanese Financing ​ ​ 17,049,256 ​ ​ 18,962,197 ​ ​ ​ 18,076,488 ​ ​ 20,238,260 ​ CNML Japanese Financing ​ ​ 19,206,994 ​ ​ 21,397,160 ​ ​ ​ 20,261,012 ​ ​ 22,728,984 ​

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Dec. 31, 2020
Earnings Per Share ("EPS")
Schedule of calculations of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (In U.S. dollars except share data) December 31, 2020 ​ December 31, 2019 ​ December 31, 2020 ​ December 31, 2019 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income $ 35,825,264 ​ $ 35,628,912 ​ $ 48,531,219 ​ $ 82,415,867 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ 50,255,908 ​ ​ 53,944,991 ​ ​ 50,511,473 ​ ​ 54,380,855 ​ Effect of dilutive restricted stock and restricted stock units ​ 112,484 ​ ​ 231,757 ​ ​ 94,512 ​ ​ 234,988 ​ Diluted weighted average number of common shares outstanding ​ 50,368,392 ​ ​ 54,176,748 ​ ​ 50,605,985 ​ ​ 54,615,843 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic $ 0.71 ​ $ 0.66 ​ $ 0.96 ​ $ 1.52 ​ Diluted $ 0.71 ​ $ 0.66 ​ $ 0.96 ​ $ 1.51 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2020
Schedule of future minimum scrubber purchases commitments	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 1,523,768 ​ Total ​ $ 1,523,768 ​
Schedule of commitments under contracts for BWMS Purchases	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 94,820 ​ One to three years ​ ​ 334,180 ​ Total ​ $ 429,000 ​
Schedule of operating leases	​ ​ ​ ​ ​ Remainder of FY 2021 ​ $ 2,528,880 FY 2022 ​ ​ 10,119,928 FY 2023 ​ ​ 8,231,604 Total undiscounted lease payments ​ ​ 20,880,412 Less: imputed interest ​ ​ (845,367) Carrying value of lease liabilities ​ $ 20,035,045
Schedule of future minimum time charter-in commitments	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 10,933,000 ​ One to three years ​ ​ 10,439,000 ​ Total ​ $ 21,372,000 ​
Schedule of future minimum fixed time charter contracts	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 20,962,500 ​ One to three years ​ ​ 10,035,000 ​ Total ​ $ 30,997,500 ​
United States, Greece, United Kingdom, And Denmark
Schedule of operating leases	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 ​ Less than one year ​ $ 357,432 ​ One to three years ​ ​ 91,318 ​ Total ​ $ 448,750 ​

Basis of Presentation and Gen_3

Basis of Presentation and General Information (General) (Details)	9 Months Ended
	Dec. 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	10
The number of vessels with contracts to purchase exhaust gas cleaning systems	2
Delay Term Associated With Drydocking	60 days

Basis of Presentation and Gen_4

Basis of Presentation and General Information (Capacity) (Details)	Dec. 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

Transactions with Related Par_2

Transactions with Related Parties (Details)	Apr. 01, 2014item	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Jul. 26, 2013
Transactions with Related Parties
Due from related parties - current		$ 75,999,872		$ 75,999,872		$ 66,847,701
Due to related parties		253,463		$ 253,463		436,850
Number of time chartered-in VLGC | item				2
Manager
Transactions with Related Parties
Due from related parties - current		1,100,000		$ 1,100,000		1,300,000
Mr. John Hadjipateras
Transactions with Related Parties
Ownership interest (as a percent)							100.00%
Helios LPG Pool LLC
Transactions with Related Parties
Due from related parties		97,600,000		97,600,000		88,100,000
Due from related parties - current		1,100,000		1,100,000		1,100,000
Due to related parties		200,000		$ 200,000		400,000
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				33
Number of time chartered-in VLGC | item				2
Number of Company vessels that are operating under pooling agreement | item				22
Number of third party vessels that are operating under pooling agreement | item				5
Working capital contributed		24,200,000		$ 24,200,000		$ 24,200,000
Helios LPG Pool LLC | Phoenix
Transactions with Related Parties
Number of third party vessels that are operating under pooling agreement | item				3
Helios LPG Pool LLC | Time Chartered-in Vessels
Transactions with Related Parties
Number of third party vessels that are operating under pooling agreement | item				3
Other income-related party | Manager
Transactions with Related Parties
Related party income for chartering and operational services				$ 100,000	$ 100,000
Other income-related party | Manager | Maximum
Transactions with Related Parties
Related party income for chartering and operational services		100,000	$ 100,000
Other income-related party | Helios LPG Pool LLC
Transactions with Related Parties
Related party income for chartering and operational services		500,000	400,000	1,500,000	1,200,000
Other revenues, net
Transactions with Related Parties
Fixed reimbursement of expense from Helios		$ 900,000	$ 400,000	$ 2,900,000	$ 900,000

Deferred Charges, Net (Details)

Deferred Charges, Net (Details)	9 Months Ended
	Dec. 31, 2020USD ($)
Movement in deferred charges, net
Balance at the beginning of the period - drydocking costs	$ 7,336,726
Additions - drydocking costs	4,312,240
Amortization - drydocking costs	(1,564,663)
Balance at the end of the period - drydocking costs	$ 10,084,303

Vessels, Net (Details)

Vessels, Net (Details) - USD ($)	9 Months Ended
	Dec. 31, 2020	Mar. 31, 2020
Vessels, Net
Vessels, net	$ 1,393,340,037	$ 1,437,658,833
Vessels
Cost
Balance at the beginning of the period	1,757,285,233
Other additions	5,382,833
Balance at the end of the period	1,762,668,066
Accumulated depreciation
Balance at the beginning of the period	(319,626,400)
Impairment	0
Depreciation	(49,701,629)
Balance at the end of the period	(369,328,029)
Mortgaged VLGC vessels, carrying value	$ 1,350,100,000	$ 1,437,700,000

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	Oct. 13, 2020	Jul. 14, 2020	Apr. 29, 2020	Apr. 21, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Mar. 31, 2020	Mar. 31, 2015
Debt obligations
Total debt obligations								$ 615,043,051	$ 646,128,204
Less: deferred financing fees					$ 11,152,985	$ 11,152,985		11,119,724	11,152,985
Total								603,923,327	634,975,219
Presented as follows:
Current portion of long-term debt								51,820,283	53,056,125
Long-term debt-net of current portion and deferred financing fees								552,103,044	581,919,094
Total								603,923,327	634,975,219
Deferred financing fees
Deferred finance fees, beginning					11,152,985	11,152,985
Additions						3,972,004
Amortization						(4,005,265)	$ (2,199,487)
Deferred finance fees, end						$ 11,119,724
2015 Facility
Long-Term Debt
Original loan amount										$ 758,000,000
Debt obligations
Total debt obligations								393,989,622	446,586,121
Commercial Financing
Debt obligations
Total debt obligations								155,355,698	163,385,998
KEXIM Direct Financing
Debt obligations
Total debt obligations								93,017,799	110,716,127
KEXIM Guaranteed
Debt obligations
Total debt obligations								97,502,342	115,385,072
K-sure Insured
Debt obligations
Total debt obligations								48,113,783	57,098,924
Japanese Financings
Debt obligations
Total debt obligations								221,053,429	199,542,083
Corsair Japanese Financing
Debt obligations
Total debt obligations								41,708,333	44,145,833
Concorde Japanese Financing
Debt obligations
Total debt obligations								46,307,692	48,730,769
Corvette Japanese Financing
Debt obligations
Total debt obligations								46,846,154	49,269,231
CJNP Japanese Financing
Debt obligations
Total debt obligations									19,058,750
CMNL Japanese Financing
Debt obligations
Total debt obligations								17,049,256	18,076,488
CNML Japanese Financing
Debt obligations
Total debt obligations								19,206,994	$ 20,261,012
Cresques Japanese Financing
Long-Term Debt
Monthly brokerage commission (as a percent)				1.25%
Percentage of broker commission fee payable				0.50%
Principal payment frequency				monthly
Periodic principal payment amount				$ 300,000
Balloon payment amount				$ 11,500,000
Debt obligations
Total debt obligations								$ 49,935,000
Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Additional basis points to decrease the margin			0.10%
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio			0.10%
Security leverage ratio			40.00%
New senior secured term loan facility
Long-Term Debt
Original loan amount			$ 155,800,000
2015 AR Facility
Long-Term Debt
Minimum stockholder's equity balance		$ 400,000,000
Minimum liquidity covenant		27,500,000			40,000,000
Minimum cash per mortgaged vessel from first anniversary through thereafter		$ 1,000,000			$ 2,200,000
Percentage of increase in security value ratio		145.00%			135.00%
Minimum | Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Additional basis points to increase the margin			0.10%
Maximum | Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Security leverage ratio			60.00%
Maximum | New senior secured revolving credit facility
Long-Term Debt
Original loan amount			$ 25,000,000
LIBOR | Cresques Japanese Financing
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)				2.50%
LIBOR | Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)			2.50%
CJNP LPG Transport LLC | CJNP Japanese Financing
Long-Term Debt
Vessel purchase price	$ 18,300,000
Deposit retained by buyer	$ 26,600,000
Dorian Dubai LPG Transport LLC (Cresques)
Long-Term Debt
Value of vessel transferred				$ 71,500,000
Term of Charter Agreement				12 years
Period until purchase option exercisable				3 years
Proceeds from sale of vessel				$ 52,500,000
Deposit retained by buyer				19,000,000
Repayment of debt				$ 28,500,000

Leases (assets and liabilities)

Leases (assets and liabilities) (Details)	3 Months Ended		9 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)
Leases
Number of option period for time charter | item	0		0
Operating lease liabilities - Time Charter in VLGCs	$ 19,300,000		$ 19,300,000
Weighted average discount rate (as a percent)	3.88%		3.88%
Weighted average remaining lease term	24 months 27 days		24 months 27 days
Operating lease right-of-use assets - Office Leases	$ 750,828		$ 750,828
Operating lease right-of-use assets - Time Charter in VLGCs	19,281,064		19,281,064
Operating lease liabilities current - Office Leases	442,793		442,793
Operating lease liabilities current - Time Charter in VLGCs	9,067,078		9,067,078
Operating lease liabilities non-current - Office Leases	311,188		311,188
Operating lease liabilities non-current - Time Charter in VLGCs	10,213,986		10,213,986
Charter hire expense
Leases
Operating lease income	$ 8,700,000	$ 4,500,000	$ 20,200,000	$ 11,300,000
Minimum
Leases
Weighted average discount rate (as a percent)	3.82%		3.82%
Maximum
Leases
Weighted average discount rate (as a percent)	5.53%		5.53%

Leases (Charter hire expenses)

Leases (Charter hire expenses) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Time Charter-in
Charter hire expenses	$ 4,392,132	$ 2,071,206	$ 13,626,580	$ 6,181,206

Leases (Operating lease rent ex

Leases (Operating lease rent expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Operating Leases
Operating lease rent expense	$ 139,568	$ 141,395	$ 401,435	$ 391,411

Leases (Operating Lease Liabili

Leases (Operating Lease Liability Maturity) (Details)	Dec. 31, 2020USD ($)
Leases
Remainder FY 2021	$ 2,528,880
FY 2022	10,119,928
FY 2023	8,231,604
Total undiscounted lease payments	20,880,412
Less: imputed interest	(845,367)
Carrying value of lease liabilities	$ 20,035,045

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions	17 Months Ended
	Dec. 31, 2020	Dec. 29, 2020	Feb. 03, 2020	Aug. 05, 2019
Stock repurchases
Common stock repurchase authorized amount		$ 50	$ 50	$ 50
Treasury stock shares acquired (in shares)	5.5
Treasury stock value acquired to date	$ 60.7
Remaining available authorization	$ 47.9	$ 41.4

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended			3 Months Ended		9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Stock-Based Compensation Plans
Unrecognized compensation cost	$ 2.3			$ 2.3		$ 2.3
Weighted average life over which unrecognized compensation is expected to be recognized						2 years 10 days
General and administrative expenses
Stock-Based Compensation Plans
Stock-based compensation expense				$ 0.5	$ 0.7	$ 2.9	$ 2.8
Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)						430,784
Number of Shares
Unvested at the beginning of the period (in shares)						317,048
Granted (in shares)						430,784
Vested (in shares)						(389,511)
Forfeited (in shares)						(150)
Unvested at the end of the period (in shares)	358,171			358,171		358,171
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)						$ 8.08
Granted (in dollars per share)						8.21
Vested (in dollars per share)						8.09
Forfeited (in dollars per share)						8.36
Unvested at the end of the period (in dollars per share)	$ 8.23			$ 8.23		$ 8.23
Certain officers and employees | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)			188,400
Number of Shares
Granted (in shares)			188,400
Certain officers and employees | Restricted stock units
Stock-Based Compensation Plans
Granted (in shares)			56,450
Number of Shares
Granted (in shares)			56,450
Non-executive director
Stock-Based Compensation Plans
The percent of sharebased compensation arrangement by sharebased payment award equity share awards paid quarterly in arrears				100.00%
Non-executive director | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	15,105	7,600	7,575
Number of Shares
Granted (in shares)	15,105	7,600	7,575
President and Chief Executive Officer | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)			155,654
Number of Shares
Granted (in shares)			155,654

Revenues (Details)

Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 88,479,024	$ 85,437,806	$ 216,354,625	$ 238,228,227
Net pool revenues - related party
Revenues	82,659,967	77,470,478	199,312,944	208,507,192
Time charter revenues
Revenues	4,665,664	7,859,035	13,928,732	29,112,464
Other revenues, net
Revenues	$ 1,153,393	$ 108,293	$ 3,112,949	$ 608,571

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2025	Mar. 31, 2022	Mar. 31, 2021	Nov. 17, 2020	Nov. 16, 2020	Oct. 09, 2020	Oct. 08, 2020	May 31, 2020	Apr. 30, 2020	Mar. 31, 2020
Derivative Instruments
Change in fair value	$ 479,534	$ 1,446,395	$ 3,952,414	$ (5,291,504)
Realized gain/(loss) on derivatives	(760,991)	449,276	(3,696,915)	2,191,417
Derivatives not designated as hedging instruments
Derivative Instruments
Gain/(loss) on derivatives, net	(281,457)	1,895,671	255,499	(3,100,087)
Interest rate swap
Derivative Instruments
Derivative fixed interest rate (as a percent)												1.4675%	1.4275%
Interest rate swap | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	342,902	801,395	1,346,972	(6,881,504)
Interest rate swap | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	(914,910)	449,276	(2,908,245)	2,191,417
Interest rate swap | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments
Derivative Instruments
Derivative Liabilities	7,805,857		7,805,857											$ 9,152,829
Interest rate swap | Citibank N. A.
Derivative Instruments
Derivative fixed interest rate (as a percent)										1.0908%	1.933%
Nominal value					$ 95,200,000		$ 200,000,000			$ 200,000,000
Interest rate swap | ING Bank N. V.
Derivative Instruments
Derivative fixed interest rate (as a percent)								1.145%	2.002%
Nominal value					$ 23,800,000	$ 50,000,000		$ 50,000,000
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	136,632	$ 645,000	2,605,442	$ 1,590,000
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	153,919		(788,670)
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	$ 0		$ 0											$ 2,605,442

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)	Dec. 31, 2020	Mar. 31, 2020
Fair value
Carrying Value	$ 603,923,327	$ 634,975,219
Corsair Japanese Financing
Fair value
Carrying Value	41,708,333	44,145,833
Corsair Japanese Financing | Level 2
Fair value
Fair Value	46,093,687	48,867,762
Concorde Japanese Financing
Fair value
Carrying Value	46,307,692	48,730,769
Concorde Japanese Financing | Level 2
Fair value
Fair Value	51,546,159	54,407,677
Corvette Japanese Financing
Fair value
Carrying Value	46,846,154	49,269,231
Corvette Japanese Financing | Level 2
Fair value
Fair Value	52,190,755	55,059,323
CJNP Japanese Financing
Fair value
Carrying Value		19,058,750
CJNP Japanese Financing | Level 2
Fair value
Fair Value		21,006,399
CMNL Japanese Financing
Fair value
Carrying Value	17,049,256	18,076,488
CMNL Japanese Financing | Level 2
Fair value
Fair Value	18,962,197	20,238,260
CNML Japanese Financing
Fair value
Carrying Value	19,206,994	20,261,012
CNML Japanese Financing | Level 2
Fair value
Fair Value	$ 21,397,160	$ 22,728,984

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net income	$ 35,825,264	$ 537,950	$ 12,168,005	$ 35,628,912	$ 40,711,896	$ 6,075,059	$ 48,531,219	$ 82,415,867
Denominator:
Basic weighted average number of common shares outstanding (in shares)	50,255,908			53,944,991			50,511,473	54,380,855
Effect of dilutive restricted stock and restricted stock units (in shares)	112,484			231,757			94,512	234,988
Diluted weighted average number of common shares outstanding (in shares)	50,368,392			54,176,748			50,605,985	54,615,843
EPS:
Basic (in dollars per share)	$ 0.71			$ 0.66			$ 0.96	$ 1.52
Diluted (in dollars per share)	$ 0.71			$ 0.66			$ 0.96	$ 1.51
Restricted stock awards
EPS:
Number of shares excluded from the calculation of diluted EPS	0			0			0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 31, 2020USD ($)
Commitments under Contracts for Scrubber Purchases
Less than one year	$ 1,523,768
Total	1,523,768
Commitments under Contracts for BWMS Purchases
Less than one year	94,820
One to three years	334,180
Total	429,000
Commitments under Operating Leases
Less than one year	10,119,928
Total undiscounted lease payments	20,880,412
Time Charter-in commitments
Less than one year	10,933,000
One to three years	10,439,000
Total	21,372,000
Fixed Time Charter Commitments
Less than one year	20,962,500
One to three years	10,035,000
Total	30,997,500
United States, Greece, United Kingdom, And Denmark
Commitments under Operating Leases
Less than one year	357,432
One to three years	91,318
Total undiscounted lease payments	$ 448,750

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events - Share repurchase tender offer shares in Millions	Feb. 02, 2021$ / sharesshares
Subsequent Events
Repurchase authorization (in shares) | shares	7.4
The percent of outstanding shares authorized to be repurchased	14.80%
Share repurchase price (in dollars per share) | $ / shares	$ 13.50