Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Jun. 01, 2021 | Sep. 30, 2020 | |
Cover Abstract | |||
Entity Registrant Name | Dorian LPG Ltd. | ||
Entity Central Index Key | 0001596993 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2021 | ||
Document Annual 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 290,509,924 | ||
Entity Common Stock, Shares Outstanding | 41,086,069 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 79,330,007 | $ 48,389,688 |
Restricted cash - current | 5,315,951 | 3,370,178 |
Short-term investments | 14,919,384 | |
Trade receivables, net and accrued revenues | 202,221 | 820,846 |
Due from related parties | 56,191,375 | 66,847,701 |
Inventories | 2,007,464 | 1,996,203 |
Prepaid expenses and other current assets | 10,296,229 | 3,270,755 |
Total current assets | 153,343,247 | 139,614,755 |
Fixed assets | ||
Vessels, net | 1,377,028,255 | 1,437,658,833 |
Other fixed assets, net | 148,836 | 185,613 |
Total fixed assets | 1,377,177,091 | 1,437,844,446 |
Other non-current assets | ||
Deferred charges, net | 10,158,202 | 7,336,726 |
Due from related parties-non-current | 23,100,000 | 23,100,000 |
Restricted cash - non-current | 81,241 | 35,629,261 |
Operating lease right-of-use assets | 17,672,227 | 26,861,551 |
Other non-current assets | 82,837 | 1,573,104 |
Total assets | 1,581,614,845 | 1,671,959,843 |
Current liabilities | ||
Trade accounts payable | 9,831,328 | 13,552,796 |
Accrued expenses | 8,765,264 | 4,080,952 |
Due to related parties | 117,803 | 436,850 |
Deferred income | 853,983 | 2,068,205 |
Derivative instruments | 1,100,529 | 2,605,442 |
Current portion of long-term operating lease liabilities | 9,591,447 | 9,212,589 |
Current portion of long-term debt | 51,820,283 | 53,056,125 |
Total current liabilities | 82,080,637 | 85,012,959 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 539,651,761 | 581,919,094 |
Long-term operating lease liabilities | 8,080,995 | 17,651,939 |
Derivative instruments | 3,454,862 | 9,152,829 |
Other long-term liabilities | 1,521,260 | 1,170,824 |
Total long-term liabilities | 552,708,878 | 609,894,686 |
Total liabilities | 634,789,515 | 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, 51,071,409 and 59,083,290 shares issued, 41,493,275 and 50,827,952 shares outstanding (net of treasury stock), as of March 31, 2021 and March 31, 2020, respectively | 510,715 | 590,833 |
Additional paid-in-capital | 756,776,217 | 866,809,371 |
Treasury stock, at cost; 9,578,134 and 8,255,338 shares as of March 31, 2021 and March 31, 2020, respectively | (99,862,114) | (87,183,865) |
Retained earnings | 289,400,512 | 196,835,859 |
Total shareholders' equity | 946,825,330 | 977,052,198 |
Total liabilities and shareholders' equity | $ 1,581,614,845 | $ 1,671,959,843 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Mar. 31, 2020 |
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 | 51,071,409 | 59,083,290 |
Common stock, shares outstanding (net of treasury stock) | 41,493,275 | 50,827,952 |
Treasury stock, shares at cost | 9,578,134 | 8,255,338 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues. | |||
Revenues | $ 315,938,812 | $ 333,429,998 | $ 158,032,485 |
Expenses | |||
Voyage expenses | 3,409,650 | 3,242,923 | 1,697,883 |
Charter hire expenses | 18,135,580 | 9,861,898 | 237,525 |
Vessel operating expenses | 78,219,869 | 71,478,369 | 66,880,568 |
Depreciation and amortization | 68,462,476 | 66,262,530 | 65,201,151 |
General and administrative expenses | 33,890,999 | 23,355,768 | 24,434,246 |
Professional and legal fees related to the BW Proposal | 10,022,747 | ||
Total expenses | 202,118,574 | 174,201,488 | 168,474,120 |
Other income-related parties | 2,279,454 | 1,840,321 | 2,479,599 |
Operating income/(loss) | 116,099,692 | 161,068,831 | (7,962,036) |
Other income/(expenses) | |||
Interest and finance costs | (27,596,124) | (36,105,541) | (40,649,231) |
Interest income | 421,464 | 1,458,725 | 1,755,259 |
Unrealized gain/(loss) on derivatives | 7,202,880 | (18,206,769) | (7,816,401) |
Realized gain/(loss) on derivatives | (4,568,033) | 2,800,374 | 3,788,123 |
Other gain/(loss), net | 1,004,774 | 825,638 | (61,619) |
Total other income/(expenses), net | (23,535,039) | (49,227,573) | (42,983,869) |
Net income/(loss) | $ 92,564,653 | $ 111,841,258 | $ (50,945,905) |
Weighted average shares outstanding Basic (in shares) | 49,729,358 | 53,881,483 | 54,513,118 |
Weighted average shares outstanding Diluted (in shares) | 49,826,798 | 54,115,338 | 54,513,118 |
Earnings/(loss) per common share - basic (in dollars per share) | $ 1.86 | $ 2.08 | $ (0.93) |
Earnings per common share - diluted (in dollars per share) | $ 1.86 | $ 2.07 | $ (0.93) |
Net pool revenues - related party | |||
Revenues. | |||
Revenues | $ 292,679,614 | $ 298,079,123 | $ 120,015,771 |
Time charter revenues | |||
Revenues. | |||
Revenues | 19,492,595 | 34,111,230 | 37,726,214 |
Other revenues, net | |||
Revenues. | |||
Revenues | $ 3,766,603 | $ 1,239,645 | $ 290,500 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings | Total |
Balance at Mar. 31, 2018 | $ 586,402 | $ (35,223,428) | $ 858,109,882 | $ 135,940,506 | $ 959,413,362 |
Balance (in shares) at Mar. 31, 2018 | 58,640,161 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | (50,945,905) | (50,945,905) | |||
Restricted share award issuances | $ 2,424 | (2,424) | |||
Restricted share award issuances (in shares) | 242,354 | ||||
Stock-based compensation | 5,476,234 | 5,476,234 | |||
Purchase of treasury stock | (1,261,133) | (1,261,133) | |||
Balance at Mar. 31, 2019 | $ 588,826 | (36,484,561) | 863,583,692 | 84,994,601 | 912,682,558 |
Balance (in shares) at Mar. 31, 2019 | 58,882,515 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 111,841,258 | 111,841,258 | |||
Restricted share award issuances | $ 2,007 | (2,007) | |||
Restricted share award issuances (in shares) | 200,775 | ||||
Stock-based compensation | 3,227,686 | 3,227,686 | |||
Purchase of treasury stock | (50,699,304) | (50,699,304) | |||
Balance at Mar. 31, 2020 | $ 590,833 | (87,183,865) | 866,809,371 | 196,835,859 | 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income/(loss) for the period | 92,564,653 | 92,564,653 | |||
Restricted share award issuances | $ 3,933 | (3,933) | |||
Restricted share award issuances (in shares) | 393,265 | ||||
Stock-based compensation | 3,356,199 | 3,356,199 | |||
Repurchase and cancellation of common stock | $ (84,051) | (113,385,420) | (113,469,471) | ||
Repurchase and cancellation of common stock (in shares) | (8,405,146) | ||||
Purchase of treasury stock | (12,678,249) | (12,678,249) | |||
Balance at Mar. 31, 2021 | $ 510,715 | $ (99,862,114) | $ 756,776,217 | $ 289,400,512 | $ 946,825,330 |
Balance (in shares) at Mar. 31, 2021 | 51,071,409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | |||
Net income/(loss) | $ 92,564,653 | $ 111,841,258 | $ (50,945,905) |
Adjustments to reconcile net income/(loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 68,462,476 | 66,262,530 | 65,201,151 |
Amortization of operating lease right-of-use asset | 9,218,537 | 1,885,522 | |
Amortization of financing costs | 4,695,360 | 2,893,392 | 3,136,051 |
Unrealized (gain)/loss on derivatives | (7,202,880) | 18,206,769 | 7,816,401 |
Stock-based compensation expense | 3,356,199 | 3,227,686 | 5,476,234 |
Unrealized foreign currency (gain)/loss, net | (210,010) | 311,539 | 303,835 |
Other non-cash items, net | (1,091,825) | (1,200,001) | (48,182) |
Changes in operating assets and liabilities | |||
Trade receivables, net and accrued revenue | 618,625 | 563,272 | (1,047,956) |
Prepaid expenses and other current assets | (1,192,336) | (222,510) | (537,549) |
Due from related parties | 10,656,326 | (25,692,058) | (17,574,923) |
Inventories | (11,261) | 115,434 | (98,730) |
Other non-current assets | 1,490,267 | (1,356,007) | (131,457) |
Operating lease liabilities-current and long-term | (9,221,782) | (1,888,347) | |
Trade accounts payable | 212,173 | 1,470,669 | 793,925 |
Accrued expenses and other liabilities | 4,309,014 | (2,078,325) | (2,999,444) |
Due to related parties | (319,047) | (52,794) | 144,129 |
Payments for drydocking costs | (5,738,793) | (5,251,622) | (604,147) |
Net cash provided by operating activities | 170,595,696 | 169,036,407 | 8,883,433 |
Cash flows from investing activities: | |||
Vessel-related capital expenditures | (9,492,953) | (19,883,090) | (3,972,815) |
Payments for short-term investments | (14,888,638) | ||
Purchases of investment securities | (4,743,809) | (499,690) | |
Proceeds from sale of investment securities | 275,393 | 1,767,906 | |
Proceeds from maturity of short-term investments | 15,000,000 | ||
Payments to acquire other fixed assets | (17,541) | (141,012) | (47,799) |
Net cash provided by/(used in) investing activities | 1,021,090 | (33,144,834) | (4,520,304) |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 55,378,172 | 65,137,500 | |
Repayment of long-term debt borrowings | (99,418,395) | (63,968,414) | (130,205,069) |
Purchase of treasury stock | (126,260,923) | (50,642,795) | (1,310,064) |
Financing costs paid | (4,183,321) | (40,547) | (628,144) |
Net cash used in financing activities | (174,484,467) | (114,651,756) | (67,005,777) |
Effects of exchange rates on cash and cash equivalents | 205,753 | (323,336) | (253,086) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (2,661,928) | 20,916,481 | (62,895,734) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 87,389,127 | 66,472,646 | 129,368,380 |
Cash, cash equivalents, and restricted cash at the end of the period | 84,727,199 | 87,389,127 | 66,472,646 |
Supplemental disclosure of cash flow information | |||
Cash paid during the period for interest | 21,787,205 | 32,461,153 | 36,906,567 |
Cash paid for amounts included in the measurement of operating lease liabilities | 10,088,410 | 2,810,468 | |
Vessel-related capital expenditures included in liabilities | 320,992 | 4,408,333 | 33,015 |
Financing costs included in liabilities | $ 596,800 | $ 595,138 | $ 595,138 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 |
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows: | ||||
Cash and cash equivalents | $ 79,330,007 | $ 48,389,688 | $ 30,838,684 | |
Restricted cash - current | 5,315,951 | 3,370,178 | ||
Restricted cash - non-current | 81,241 | 35,629,261 | 35,633,962 | |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 84,727,199 | $ 87,389,127 | $ 66,472,646 | $ 129,368,380 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Consolidated Financial Statements (Expressed in United States Dollars) 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we,” “us,” “our,” or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. As of March 31, 2021, 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. Ten of our technically-managed ECO VLGCs are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on an additional two of our technically-managed VLGCs was planned to be completed during the second calendar quarter of 2021. As of March 31, 2021, contractual commitments related to scrubbers totaled $1.5 million. On March 31, 2021, we entered into a bareboat agreement to charter-in a newbuilding dual-fuel VLGC that is expected to be delivered in March 2023 (see Note 18 for further details). The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship. Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2021 are listed below. Vessel Owning Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques (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 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 84,000 Management Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Notes 18 below for further information (4) Expected to be delivered in 2023 Customers For the years ended March 31, 2021 and 2020, the Helios Pool accounted for 93% and 89% of our total revenues, respectively. No other individual charterer accounted for more than 10%. For the year ended March 31, 2019, the Helios Pool and one other individual charterer represented 76% and 14% of our total revenues, respectively. COVID-19 The outbreak of COVID-19 resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The reduction of economic activity significantly reduced the global demand for oil, refined petroleum products (most notably aviation fuel) and LPG. We expect that the impact of the COVID-19 virus and the uncertainty in the supply and demand for fossil fuels, including LPG, will continue to cause volatility in the commodity markets. We experienced and may continue to experience additional costs to effect crew changes. Although to date there has not been any significant effect on our operating activities due to COVID-19, other than an approximately 60-day delay associated with the drydocking of one of our vessels in China that left drydock in April 2020, the extent to which COVID-19 will impact our results of operation and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact or any resurgence or mutation of the virus, the availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public’s response to such 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 | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: (b) Use of estimates: (c) Other comprehensive income/(loss): (d) Foreign currency translation: (e) Cash and cash equivalents: (f) Short-term investments: (g) Investment securities: (h) Trade receivables, net and accrued revenues: (i) Due from related parties: (j) Inventories: (k) Vessels, net: (l) Impairment of vessels: (m) Vessel depreciation: (n) Drydocking and special survey costs: seven and one-half years (o) Financing costs: (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. (q) Leases: Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ● ● We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases. (r) Voyage charter revenues: three Revenue from Contracts with Customers charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. (s) Voyage expenses: (t) Commissions: (u) Charter hire expenses: (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (w) Repairs and maintenance: (x) Stock-based compensation : (y) Stock repurchases : (z) Segment reporting: (aa) Derivative instruments: (ab) Fair value of financial instruments: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. (ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2021 | |
Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas) S.A. Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million, $0.1 million and $0.2 million for the years ended March 31, 2021, 2020 and 2019, respectively. As of March 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties.” As of March 31, 2020, $1.3 million was due from DHSA and included in “Due from related parties.” Helios LPG Pool LLC (“Helios Pool”) from other participants |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Inventories | 4. Inventories Our inventories by type were as follows: March 31, 2021 March 31, 2020 Lubricants $ 1,475,228 $ 1,544,352 Victualing 404,419 328,297 Bonded stores 127,817 123,554 Total $ 2,007,464 $ 1,996,203 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2021 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 24,291,423 — 24,291,423 Depreciation — (65,152,904) (65,152,904) Balance, April 1, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 Other additions 5,372,597 — 5,372,597 Depreciation — (66,003,175) (66,003,175) Balance, March 31, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2021 and 2020. Our vessels, with a total carrying value of $1,337.4 million and $1,437.7 million as of March 31, 2021 and 2020, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 9 below). No impairment loss was recorded for the periods presented. |
Other Fixed Assets, Net
Other Fixed Assets, Net | 12 Months Ended |
Mar. 31, 2021 | |
Other Fixed Assets, Net | |
Other Fixed Assets, Net | 6. Other Fixed Assets, Net Other fixed assets, net were $0.1 million and $0.2 million as of March 31, 2021 and March 31, 2020, respectively, and represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets, net was $0.3 million as of both March 31, 2021 and March 31, 2020. |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2021 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 7. Deferred Charges, Net The analysis and movement of deferred charges, net is presented in the table below: Drydocking costs Balance, April 1, 2019 $ 2,000,794 Additions 6,329,877 Amortization (993,945) Balance, March 31, 2020 $ 7,336,726 Additions 5,178,916 Amortization (2,357,440) Balance, March 31, 2021 $ 10,158,202 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses comprised of the following: March 31, 2021 March 31, 2020 Accrued contingent claim $ 4,000,000 $ — Accrued voyage and vessel operating expenses 2,730,803 2,473,385 Accrued employee-related costs 1,301,510 949,310 Accrued professional services 523,950 266,836 Accrued loan and swap interest 204,237 284,985 Accrued board of directors' fees — 88,750 Other 4,764 17,686 Total $ 8,765,264 $ 4,080,952 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2021 | |
Long-term Debt | |
Long-term Debt | 9. Long-Term Debt Description of our Debt Obligations 2015 AR Facility In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with its amendments and restatement, the “2015 AR Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2021, the debt financing is secured by, among other things, fifteen of our ECO VLGCs. On April 29, 2020, we amended and restated the 2015 AR Facility to among other things, refinance the commercial tranche from the 2015 AR Facility (the “Original Commercial Tranche”). Pursuant to the April 2020 amendment and restatement of 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. 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. The 2015 AR Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness. The 2015 AR Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed; (ii) first priority assignments of all of the financed vessels’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 AR Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time. The 2015 AR Facility also contains customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or management of the vessels, or entry into a new line of business. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. The following financial covenants are the most restrictive from the 2015 AR Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement and its amendments: ● The ratio of current assets and long-term restricted cash divided by current liabilities, excluding current portion of long-term debt, shall always be greater than 1.00; ● Maintain minimum shareholders’ equity at all times equal to the aggregate of $400 million; ● The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00; ● Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall be 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 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 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 .60 Certain terms of the borrowings under each tranche of the 2015 AR Facility are as follows: Interest Rate at Term Interest Rate Description (1) March 31, 2021 (2) Tranche 1 Commercial Financing 10 years (3) London InterBank Offered Rate (“LIBOR”) plus a margin (5) 2.60 % Tranche 2 KEXIM Direct Financing 12 years (4) LIBOR plus a margin of 2.45% 2.65 % Tranche 3 KEXIM Guaranteed 12 years (4) LIBOR plus a margin of 1.40% 1.60 % Tranche 4 K-sure Insured 12 years (4) LIBOR plus a margin of 1.50% 1.70 % (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The LIBOR rate in effect as of March 31, 2021 was 0.20% . (3) The 2015 AR Facility extended the commercial tranche’s term from 7 to 10 years . (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (5) The Commercial Financing tranche margin over LIBOR is 2.50% and is reduced 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 . We also 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). As of March 31, 2021, the set margin was 2.40% . one Corsair Japanese Financing On November 7, 2017, we refinanced a 2014-built VLGC, the Corsair Corsair 2 Corsair 12-year Corsair 12-year 12-year Concorde Japanese Financing On January 31, 2018, we refinanced a 2015-built VLGC, the Concorde Concorde 3 Concorde 13-year Concorde 13-year 13-year Corvette Japanese Financing On March 16, 2018, we refinanced a 2015-built VLGC, the Corvette Corvette 3 Corvette 13-year Corvette 13-year 13-year CJNP Japanese Financing On June 11, 2018, we refinanced our 2007-built VLGC, the Captain John NP Captain John NP 2 Captain John NP 6-year Captain John NP 6-year Captain John NP Captain John NP 6-year Captain John NP CMNL/CJNP Japanese Financing On June 25, 2018, we refinanced our 2006-built VLGC, the Captain Markos NL Captain Markos NL 2 Captain Markos NL 7-year Captain Markos NL 7-year Captain Markos NL Captain Markos NL approximately $0.1 million over the 7-year Captain Markos NL Captain John NP CNML Japanese Financing On June 26, 2018, we refinanced our 2008-built VLGC, the Captain Nicholas ML Captain Nicholas ML 2 Captain Nicholas ML 7-year Captain Nicholas ML 7-year Captain Nicholas ML Captain Nicholas ML 7-year Cresques Japanese Financing and Prepayment of the Relevant Tranches of the 2015 AR Facility 12 years 3 12-year 12-year Cresques 12-year Debt Obligations The table below presents our debt obligations: March 31, 2021 March 31, 2020 2015 AR Facility Commercial Financing $ 155,205,698 $ 163,385,998 KEXIM Direct Financing 89,474,512 110,716,127 KEXIM Guaranteed 93,997,081 115,385,072 K-sure Insured 46,333,895 57,098,924 Total 2015 AR Facility $ 385,011,186 $ 446,586,121 Japanese Financings Corsair Japanese Financing $ 40,895,833 $ 44,145,833 Concorde Japanese Financing 45,500,000 48,730,769 Corvette Japanese Financing 46,038,462 49,269,231 CJNP Japanese Financing — 19,058,750 CMNL/CJNP Japanese Financing 16,706,845 18,076,488 CNML Japanese Financing 18,855,655 20,261,012 Cresques Japanese Financing 49,080,000 — Total Japanese Financings $ 217,076,795 $ 199,542,083 Total debt obligations $ 602,087,981 $ 646,128,204 Less: deferred financing fees 10,615,937 11,152,985 Debt obligations—net of deferred financing fees $ 591,472,044 $ 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 539,651,761 581,919,094 Total $ 591,472,044 $ 634,975,219 Deferred Financing Fees Financing costs Balance, April 1, 2019 $ 14,005,830 Additions 40,547 Amortization (2,893,392) Balance, March 31, 2020 $ 11,152,985 Additions 4,158,312 Amortization (4,695,360) Balance, March 31, 2021 $ 10,615,937 Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2021 are as follows: Year ending March 31: 2022 $ 51,820,283 2023 51,820,283 2024 51,820,283 2025 204,625,981 2026 72,907,782 Thereafter 169,093,369 Total $ 602,087,981 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2021 | |
Leases | |
Leases | 10. Leases Time charter-in contracts million Charter hire expenses for the VLGCs time chartered in were as follows: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Charter hire expenses $ 18,135,580 $ 9,861,898 $ 237,525 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece. During the year ended March 31, 2021, we did not enter into and new office leases and did not renew any office leases. During the year ended March 31, 2020, we renewed an operating lease for our London office greater than 12 months and the applicable right-of-use asset and lease liabilities of $0.2 million 1-year Operating lease rent expense related to our office leases was as follows: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Operating lease rent expense $ 558,400 $ 541,574 $ 471,425 For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2021 is 21.9 months. Description Location on Balance Sheet March 31, 2021 Assets: Non-current Office leases Operating lease right-of-use assets $ 628,253 Time charter-in VLGCs Operating lease right-of-use assets $ 17,043,974 Liabilities: Current Office Leases Current portion of long-term operating leases $ 440,143 Time charter-in VLGCs Current portion of long-term operating leases $ 9,151,304 Long-term Office Leases Long-term operating leases $ 188,324 Time charter-in VLGCs Long-term operating leases $ 7,892,671 FY 2022 $ 10,110,547 FY 2023 8,223,237 Total undiscounted lease payments 18,333,784 Less: imputed interest (661,342) Carrying value of lease liabilities $ 17,672,442 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2021 | |
Common Stock. | |
Common Stock | 11. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights. On February 2, 2021, we announced a tender offer to purchase up to 7,407,407, or about 14.8%, of our then outstanding common shares at a price of $13.50 per share. Based on preliminary results indicating that the tender offer was oversubscribed, we elected to increase the number of shares accepted for payment by 997,739, or slightly less than 2% of our then outstanding shares, pursuant to the terms of the tender offer . The number of shares we purchased and canceled from each tendering shareholder was prorated so our purchases in the tender offer totaled of 8,405,146 shares, or approximately 16.8% of our then outstanding common shares, for an aggregate purchase price of approximately $113.5 million. On August 5, 2019, our Board of Directors authorized the repurchase of up to $50.0 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 $50.0 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 March 31, 2021, 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. Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2021, 2020, and 2019. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2021 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans In April 2014, we adopted an e quity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive non-qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. We have reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 201 During the year ended March 31, 2021 , 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. During the year ended March 31, 2021, 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. During the year ended March 31, 2020 we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One -fourth of the shares of restricted stock vested on the grant date and one -fourth will vest equally on the first , second and third anniversaries of the grant date . One -third of restricted stock units will vest equally on the first , second , and third anniversaries of the grant date . The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2019 , we granted 200,000 shares of restricted stock to certain of our officers and employees. One -fourth of these restricted shares vested immediately on the grant date, one -fourth vested one year after grant date, one -fourth will vest two years after grant date, and one -fourth will vest three years after grant date. The restricted shares were valued at their grant date fair market value and expensed on a straight-line basis over the vesting periods. During the years ended March 31, 2021, 2020, and 2019, we granted 41,711 , 24,025 , and 35,295 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. During the years ended March 31, 2020, and 2019, we granted 1,550 , and 7,059 , shares of stock, respectively, to a non-employee consultant, which were valued and expensed at their grant date fair market value. No such shares were granted during the year ended March 31, 2021. Our stock-based compensation expense was $3.4 million, $3.2 million and $5.5 million for the years ended March 31, 2021, 2020, and 2019, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2021 was $1.9 million and the expense will be recognized over a remaining weighted average life of 1.86 years. A summary of the activity of our restricted shares as of March 31, 2021 and 2020 and changes during the year ended March 31, 2021 and 2020, are as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2019 641,013 $ 13.54 Granted 223,275 8.47 Vested (547,240) 14.64 Unvested as of March 31, 2020 317,048 $ 8.08 Granted 442,215 8.34 Vested (400,942) 8.23 Forfeited (150) 8.36 Unvested as of March 31, 2021 358,171 $ 8.23 The total fair value of restricted shares that vested during the years ended March 31, 2021, 2020, and 2019 was $3.4 million, $5.2 million and $3.9 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. |
Revenues
Revenues | 12 Months Ended |
Mar. 31, 2021 | |
Revenues. | |
Revenues | 13. Revenues Revenues comprise the following: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Net pool revenues—related party $ 292,679,614 $ 298,079,123 $ 120,015,771 Time charter revenues 19,492,595 34,111,230 37,726,214 Other revenues, net 3,766,603 1,239,645 290,500 Total revenues $ 315,938,812 $ 333,429,998 $ 158,032,485 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Notes 2 and 3 above for further information. Other revenues, net mainly represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Voyage Expenses
Voyage Expenses | 12 Months Ended |
Mar. 31, 2021 | |
Voyage Expenses. | |
Voyage Expenses | 14. Voyage Expenses Voyage expenses comprise the following: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Bunkers $ 1,537,007 $ 1,345,360 $ 756,354 War risk insurances 1,272,647 1,095,156 13,052 Brokers’ commissions 334,333 469,143 440,955 Security cost 221,882 272,985 277,487 Port charges and other related expenses 1,500 5,898 167,230 Other voyage expenses 42,281 54,381 42,805 Total $ 3,409,650 $ 3,242,923 $ 1,697,883 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2021 | |
Vessel Operating Expenses. | |
Vessel Operating Expenses | 15. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Crew wages and related costs $ 44,017,660 $ 42,683,848 $ 41,649,202 Spares and stores 17,061,388 13,249,931 10,625,997 Repairs and maintenance costs 6,096,812 4,416,259 5,594,957 Insurance 3,942,622 4,173,052 3,452,874 Lubricants 3,241,330 3,607,749 3,206,445 Miscellaneous expenses 3,860,057 3,347,530 2,351,093 Total $ 78,219,869 $ 71,478,369 $ 66,880,568 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2021 | |
Interest and Finance Costs | |
Interest and Finance Costs | 16. Interest and Finance Costs Interest and finance costs is comprised of the following: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Interest incurred $ 21,665,379 $ 32,355,390 $ 36,638,171 Amortization of financing costs 4,695,360 2,893,392 3,136,051 Other financing costs 1,235,385 856,759 875,009 Total $ 27,596,124 $ 36,105,541 $ 40,649,231 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Income Taxes | 17. Income Taxes Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our fiscal years ended March 31, 2021, 2020, and 2019, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 18. Commitments and Contingencies Commitments under Contracts for Scrubber Purchases March 31, 2021 Less than one year $ 1,523,210 Total $ 1,523,210 Commitments under Contracts for Ballast Water Management Systems Purchases March 31, 2021 Less than one year $ 455,500 Total $ 455,500 Commitments under Bareboat Charter Header Agreement Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: March 31, 2021 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 either currently in our fleet or contracted to be delivered to our fleet as of: March 31, 2021 Less than one year $ 10,336,000 One to three years 8,030,000 Total $ 18,366,000 Fixed Time Charter Commitments We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of: March 31, 2021 Less than one year $ 20,147,500 One to three years 5,705,000 Total $ 25,852,500 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 below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the consolidated financial statements. In January 2021, subsequent to the delivery of one of our 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. We have recorded a contingent liability |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 19. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, investment securities, short-term investments, restricted cash amounts due from related parties, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, derivative instruments and accrued liabilities. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long-term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the 2015 AR Facility. The principal terms of our interest rate swaps are as follows: Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2021 March 31, 2020 2015 AR Facility - Citibank (1) September 2015 March 2025 1.091 % $ 200,000,000 $ 200,000,000 2015 AR Facility - ING (2) September 2015 March 2025 1.145 % 50,000,000 50,000,000 2015 AR Facility - ABN (3) October 2015 March 2022 1.468 % 26,325,000 37,550,000 2015 AR Facility - Citibank (4) October 2015 March 2022 1.380 % 39,487,500 56,325,000 2015 AR Facility - Citibank (5) June 2016 March 2022 1.213 % 35,750,774 43,598,575 2015 AR Facility - Citibank (6) June 2016 March 2022 1.161 % 14,690,857 17,915,709 $ 366,254,131 $ 405,389,284 (1) Non-amortizing until March 2022, then reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Non-amortizing until March 2022, then reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (4) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (5) Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022. (6) Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy: March 31, 2021 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 Interest rate swap agreements $ — $ 1,100,529 $ — $ — March 31, 2021 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 $ — $ 3,454,862 $ — $ 9,152,829 The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2021 March 31, 2020 March 31, 2019 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ 2,605,442 $ (2,605,442) $ — Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,597,438 (15,601,327) (7,816,401) Forward freight agreements—realized gain/(loss) Realized gain/(loss) on derivatives (788,670) 396,894 — Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives (3,779,363) 2,403,480 3,788,123 Gain/(loss) on derivatives, net $ 2,634,847 $ (15,406,395) $ (4,028,278) As of March 31, 2021 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 assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2021, 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 investment securities are considered Level 1 items. The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: Year ended March 31, 2021 March 31, 2020 March 31, 2019 Net gain/(loss) on investment securities $ 1,317,890 $ 1,288,304 $ (102,244) Less: Realized gain/(loss) on investment securities 295 1,281,671 — Unrealized gain/(loss) on investment securities $ 1,317,595 $ 6,633 $ (102,244) As of March 31, 2020, we had short-term investments in six-month U.S. treasury bills for which we had not elected the fair value option. The fair value of these instruments is commonly quoted and would be considered Level 1 items under the fair value hierarchy if we elected the fair value option. As of March 31, 2020, the carrying value of the short-term investments in six-month U.S. treasury bills was $14.9 million and the fair value was $15.0 million. These short-term investments matured during the year ended March 31, 2021 and we have no such instruments as of March 31, 2021. We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CMNL/CJNP 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: March 31, 2021 March 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 40,895,833 $ 44,298,064 $ 44,145,833 $ 48,867,762 Concorde Japanese Financing 45,500,000 49,791,680 48,730,769 54,407,677 Corvette Japanese Financing 46,038,462 50,376,434 49,269,231 55,059,323 CJNP Japanese Financing — — 19,058,750 21,006,399 CMNL/CJNP Japanese Financing 16,706,845 18,792,993 18,076,488 20,238,260 CNML Japanese Financing $ 18,855,655 $ 21,195,305 $ 20,261,012 $ 22,728,984 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2021 | |
Retirement Plans | |
Retirement Plans | 20. Retirement Plans U.S. Defined Contribution Plan Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2021, 2020, and 2019. Greece Defined Benefit Plan Our employees based in Greece have a required statutory defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greek Plan totaling $0.3 million for the year ended March 31, 2021, less than $0.1 million for the year ended March 31, 2020, and $0.1 million for the year ended March 31, 2019. U.K. and Denmark Retirement Accounts We contribute to retirement accounts for certain employees based in the United Kingdom and Denmark based on a percentage of their annual salaries. For each of the years ended March 31, 2021 and 2020, we recognized compensation expense of $0.2 million related to these contributions and for the year ended March 31, 2019, we recognized compensation expense of $0.1 million related to these contributions. |
Earnings_(Loss) Per Share ("EPS
Earnings/(Loss) Per Share ("EPS") | 12 Months Ended |
Mar. 31, 2021 | |
Earnings/(Loss) Per Share ("EPS") | |
Earnings/(Loss) Per Share ("EPS") | 21. Earnings/(Loss) Per Share (“EPS”) Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented were as follows: Year ended (In U.S. dollars except share data) March 31, 2021 March 31, 2020 March 31, 2019 Numerator: Net income/(loss) $ 92,564,653 $ 111,841,258 $ (50,945,905) Denominator: Basic weighted average number of common shares outstanding 49,729,358 53,881,483 54,513,118 Effect of dilutive restricted stock and restricted stock units 97,440 233,855 — Diluted weighted average number of common shares outstanding 49,826,798 54,115,338 54,513,118 EPS: Basic $ 1.86 $ 2.08 $ (0.93) Diluted $ 1.86 $ 2.07 $ (0.93) For the year ended March 31, 2019, there were 641,013 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the years ended March 31, 2021 and 2020. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2021 | |
Selected Quarterly Financial Information (unaudited) | |
Selected Quarterly Financial Information (unaudited) | 22. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2021 and 2020 quarterly results: Three months ended June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Revenues $ 73,165,324 $ 54,710,277 $ 88,479,024 $ 99,584,187 Operating income 22,519,802 5,413,760 41,875,535 46,290,595 Net income 12,168,005 537,950 35,825,264 44,033,434 Earnings per common share, basic 0.24 0.01 0.71 0.93 Earnings per common share, diluted $ 0.24 $ 0.01 $ 0.71 $ 0.93 Three months ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Revenues $ 61,165,546 $ 91,624,875 $ 85,437,806 $ 95,201,771 Operating income 20,272,506 49,266,427 41,758,757 49,771,141 Net income 6,075,059 40,711,896 35,628,912 29,425,391 Earnings per common share, basic 0.11 0.75 0.66 0.56 Earnings per common share, diluted $ 0.11 $ 0.74 $ 0.66 $ 0.56 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies | |
Principles of consolidation | (a) Principles of consolidation: |
Use of estimates | (b) Use of estimates: |
Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): |
Foreign currency translation | (d) Foreign currency translation: |
Cash and cash equivalents | (e) Cash and cash equivalents: |
Short-term investments | (f) Short-term investments: |
Investment securities | (g) Investment securities: |
Trade receivables, net and accrued revenues | (h) Trade receivables, net and accrued revenues: |
Due from related parties | (i) Due from related parties: |
Inventories | (j) Inventories: |
Vessels, net | (k) Vessels, net: |
Impairment of vessels | (l) Impairment of vessels: |
Vessel depreciation | (m) Vessel depreciation: |
Drydocking and special survey costs | (n) Drydocking and special survey costs: seven and one-half years |
Financing costs | (o) Financing costs: |
Restricted cash | (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. |
Leases | (q) Leases: Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ● ● We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases. |
Revenues and expenses | (r) Voyage charter revenues: three Revenue from Contracts with Customers charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. (s) Voyage expenses: (t) Commissions: (u) Charter hire expenses: (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. |
Repairs and maintenance | (w) Repairs and maintenance: |
Stock-based compensation | (x) Stock-based compensation : |
Stock repurchases | (y) Stock repurchases : |
Segment reporting | (z) Segment reporting: |
Derivative instruments | (aa) Derivative instruments: |
Fair value of financial instruments | (ab) Fair value of financial instruments: Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. |
Accounting Pronouncements Not Yet Adopted | (ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“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. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 2006 82,000 CJNP LPG Transport LLC VLGC Captain John NP (2) 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML (2) 2008 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette (2) 2015 84,000 Dorian Shanghai LPG Transport LLC VLGC Cougar 2015 84,000 Concorde LPG Transport LLC VLGC Concorde (2) 2015 84,000 Dorian Houston LPG Transport LLC VLGC Cobra 2015 84,000 Dorian Sao Paulo LPG Transport LLC VLGC Continental 2015 84,000 Dorian Ulsan LPG Transport LLC VLGC Constitution 2015 84,000 Dorian Amsterdam LPG Transport LLC VLGC Commodore 2015 84,000 Dorian Dubai LPG Transport LLC VLGC Cresques (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 Dorian Sakura LPG Transport LLC (3) VLGC Hull No. 1755 2023 (4) 84,000 Management Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Notes 18 below for further information (4) Expected to be delivered in 2023 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Inventories | |
Schedule of inventories by type | March 31, 2021 March 31, 2020 Lubricants $ 1,475,228 $ 1,544,352 Victualing 404,419 328,297 Bonded stores 127,817 123,554 Total $ 2,007,464 $ 1,996,203 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2019 $ 1,732,993,810 $ (254,473,496) $ 1,478,520,314 Other additions 24,291,423 — 24,291,423 Depreciation — (65,152,904) (65,152,904) Balance, April 1, 2020 $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 Other additions 5,372,597 — 5,372,597 Depreciation — (66,003,175) (66,003,175) Balance, March 31, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2019 $ 2,000,794 Additions 6,329,877 Amortization (993,945) Balance, March 31, 2020 $ 7,336,726 Additions 5,178,916 Amortization (2,357,440) Balance, March 31, 2021 $ 10,158,202 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Accrued Expenses | |
Schedule of accrued expenses | March 31, 2021 March 31, 2020 Accrued contingent claim $ 4,000,000 $ — Accrued voyage and vessel operating expenses 2,730,803 2,473,385 Accrued employee-related costs 1,301,510 949,310 Accrued professional services 523,950 266,836 Accrued loan and swap interest 204,237 284,985 Accrued board of directors' fees — 88,750 Other 4,764 17,686 Total $ 8,765,264 $ 4,080,952 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Long-term Debt | |
Schedule of certain terms under each tranche of the 2015 Debt Facility | Interest Rate at Term Interest Rate Description (1) March 31, 2021 (2) Tranche 1 Commercial Financing 10 years (3) London InterBank Offered Rate (“LIBOR”) plus a margin (5) 2.60 % Tranche 2 KEXIM Direct Financing 12 years (4) LIBOR plus a margin of 2.45% 2.65 % Tranche 3 KEXIM Guaranteed 12 years (4) LIBOR plus a margin of 1.40% 1.60 % Tranche 4 K-sure Insured 12 years (4) LIBOR plus a margin of 1.50% 1.70 % (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. (2) The LIBOR rate in effect as of March 31, 2021 was 0.20% . (3) The 2015 AR Facility extended the commercial tranche’s term from 7 to 10 years . (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. (5) The Commercial Financing tranche margin over LIBOR is 2.50% and is reduced 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 . We also 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). As of March 31, 2021, the set margin was 2.40% . |
Schedule of loans outstanding | March 31, 2021 March 31, 2020 2015 AR Facility Commercial Financing $ 155,205,698 $ 163,385,998 KEXIM Direct Financing 89,474,512 110,716,127 KEXIM Guaranteed 93,997,081 115,385,072 K-sure Insured 46,333,895 57,098,924 Total 2015 AR Facility $ 385,011,186 $ 446,586,121 Japanese Financings Corsair Japanese Financing $ 40,895,833 $ 44,145,833 Concorde Japanese Financing 45,500,000 48,730,769 Corvette Japanese Financing 46,038,462 49,269,231 CJNP Japanese Financing — 19,058,750 CMNL/CJNP Japanese Financing 16,706,845 18,076,488 CNML Japanese Financing 18,855,655 20,261,012 Cresques Japanese Financing 49,080,000 — Total Japanese Financings $ 217,076,795 $ 199,542,083 Total debt obligations $ 602,087,981 $ 646,128,204 Less: deferred financing fees 10,615,937 11,152,985 Debt obligations—net of deferred financing fees $ 591,472,044 $ 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 539,651,761 581,919,094 Total $ 591,472,044 $ 634,975,219 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2019 $ 14,005,830 Additions 40,547 Amortization (2,893,392) Balance, March 31, 2020 $ 11,152,985 Additions 4,158,312 Amortization (4,695,360) Balance, March 31, 2021 $ 10,615,937 |
Schedule of minimum annual principal payments | Year ending March 31: 2022 $ 51,820,283 2023 51,820,283 2024 51,820,283 2025 204,625,981 2026 72,907,782 Thereafter 169,093,369 Total $ 602,087,981 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Leases | |
Schedule of time charter-in expenses | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Charter hire expenses $ 18,135,580 $ 9,861,898 $ 237,525 |
Schedule of operating lease rent expense | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Operating lease rent expense $ 558,400 $ 541,574 $ 471,425 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet March 31, 2021 Assets: Non-current Office leases Operating lease right-of-use assets $ 628,253 Time charter-in VLGCs Operating lease right-of-use assets $ 17,043,974 Liabilities: Current Office Leases Current portion of long-term operating leases $ 440,143 Time charter-in VLGCs Current portion of long-term operating leases $ 9,151,304 Long-term Office Leases Long-term operating leases $ 188,324 Time charter-in VLGCs Long-term operating leases $ 7,892,671 |
Schedule of maturities of operating lease liabilities | FY 2022 $ 10,110,547 FY 2023 8,223,237 Total undiscounted lease payments 18,333,784 Less: imputed interest (661,342) Carrying value of lease liabilities $ 17,672,442 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
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, 2019 641,013 $ 13.54 Granted 223,275 8.47 Vested (547,240) 14.64 Unvested as of March 31, 2020 317,048 $ 8.08 Granted 442,215 8.34 Vested (400,942) 8.23 Forfeited (150) 8.36 Unvested as of March 31, 2021 358,171 $ 8.23 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Revenues. | |
Schedule of revenues | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Net pool revenues—related party $ 292,679,614 $ 298,079,123 $ 120,015,771 Time charter revenues 19,492,595 34,111,230 37,726,214 Other revenues, net 3,766,603 1,239,645 290,500 Total revenues $ 315,938,812 $ 333,429,998 $ 158,032,485 |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Voyage Expenses. | |
Schedule of voyage expenses | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Bunkers $ 1,537,007 $ 1,345,360 $ 756,354 War risk insurances 1,272,647 1,095,156 13,052 Brokers’ commissions 334,333 469,143 440,955 Security cost 221,882 272,985 277,487 Port charges and other related expenses 1,500 5,898 167,230 Other voyage expenses 42,281 54,381 42,805 Total $ 3,409,650 $ 3,242,923 $ 1,697,883 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2021 | |
Vessel Operating Expenses. | |
Schedule of vessel operating expenses | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Crew wages and related costs $ 44,017,660 $ 42,683,848 $ 41,649,202 Spares and stores 17,061,388 13,249,931 10,625,997 Repairs and maintenance costs 6,096,812 4,416,259 5,594,957 Insurance 3,942,622 4,173,052 3,452,874 Lubricants 3,241,330 3,607,749 3,206,445 Miscellaneous expenses 3,860,057 3,347,530 2,351,093 Total $ 78,219,869 $ 71,478,369 $ 66,880,568 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Interest and Finance Costs | |
Schedule of interest and finance costs | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Interest incurred $ 21,665,379 $ 32,355,390 $ 36,638,171 Amortization of financing costs 4,695,360 2,893,392 3,136,051 Other financing costs 1,235,385 856,759 875,009 Total $ 27,596,124 $ 36,105,541 $ 40,649,231 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Schedule of future minimum scrubber purchases commitments | March 31, 2021 Less than one year $ 1,523,210 Total $ 1,523,210 |
Schedule of commitments under contracts for BWMS Purchases | March 31, 2021 Less than one year $ 455,500 Total $ 455,500 |
Schedule of operating leases | FY 2022 $ 10,110,547 FY 2023 8,223,237 Total undiscounted lease payments 18,333,784 Less: imputed interest (661,342) Carrying value of lease liabilities $ 17,672,442 |
Schedule of future minimum time charter-in commitments | March 31, 2021 Less than one year $ 10,336,000 One to three years 8,030,000 Total $ 18,366,000 |
Schedule of future minimum fixed time charter contracts | March 31, 2021 Less than one year $ 20,147,500 One to three years 5,705,000 Total $ 25,852,500 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | March 31, 2021 Less than one year $ 357,432 One to three years 91,318 Total $ 448,750 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of principal terms of the interest rate swaps | Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2021 March 31, 2020 2015 AR Facility - Citibank (1) September 2015 March 2025 1.091 % $ 200,000,000 $ 200,000,000 2015 AR Facility - ING (2) September 2015 March 2025 1.145 % 50,000,000 50,000,000 2015 AR Facility - ABN (3) October 2015 March 2022 1.468 % 26,325,000 37,550,000 2015 AR Facility - Citibank (4) October 2015 March 2022 1.380 % 39,487,500 56,325,000 2015 AR Facility - Citibank (5) June 2016 March 2022 1.213 % 35,750,774 43,598,575 2015 AR Facility - Citibank (6) June 2016 March 2022 1.161 % 14,690,857 17,915,709 $ 366,254,131 $ 405,389,284 (1) Non-amortizing until March 2022, then reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Non-amortizing until March 2022, then reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022. (4) Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022. (5) Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022. (6) Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022. |
Schedule of financial derivatives | March 31, 2021 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 Interest rate swap agreements $ — $ 1,100,529 $ — $ — March 31, 2021 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 $ — $ 3,454,862 $ — $ 9,152,829 |
Schedule of effect of derivative instruments on the consolidated statement of operations | Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2021 March 31, 2020 March 31, 2019 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ 2,605,442 $ (2,605,442) $ — Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,597,438 (15,601,327) (7,816,401) Forward freight agreements—realized gain/(loss) Realized gain/(loss) on derivatives (788,670) 396,894 — Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives (3,779,363) 2,403,480 3,788,123 Gain/(loss) on derivatives, net $ 2,634,847 $ (15,406,395) $ (4,028,278) |
Summary of gains and losses on investment securities | Year ended March 31, 2021 March 31, 2020 March 31, 2019 Net gain/(loss) on investment securities $ 1,317,890 $ 1,288,304 $ (102,244) Less: Realized gain/(loss) on investment securities 295 1,281,671 — Unrealized gain/(loss) on investment securities $ 1,317,595 $ 6,633 $ (102,244) |
Summary of carrying value and estimated fair value of Japanese Financings | March 31, 2021 March 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 40,895,833 $ 44,298,064 $ 44,145,833 $ 48,867,762 Concorde Japanese Financing 45,500,000 49,791,680 48,730,769 54,407,677 Corvette Japanese Financing 46,038,462 50,376,434 49,269,231 55,059,323 CJNP Japanese Financing — — 19,058,750 21,006,399 CMNL/CJNP Japanese Financing 16,706,845 18,792,993 18,076,488 20,238,260 CNML Japanese Financing $ 18,855,655 $ 21,195,305 $ 20,261,012 $ 22,728,984 |
Earnings_(Loss) Per Share ("E_2
Earnings/(Loss) Per Share ("EPS") (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Year ended (In U.S. dollars except share data) March 31, 2021 March 31, 2020 March 31, 2019 Numerator: Net income/(loss) $ 92,564,653 $ 111,841,258 $ (50,945,905) Denominator: Basic weighted average number of common shares outstanding 49,729,358 53,881,483 54,513,118 Effect of dilutive restricted stock and restricted stock units 97,440 233,855 — Diluted weighted average number of common shares outstanding 49,826,798 54,115,338 54,513,118 EPS: Basic $ 1.86 $ 2.08 $ (0.93) Diluted $ 1.86 $ 2.07 $ (0.93) |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2021 | |
Selected Quarterly Financial Information (unaudited) | |
Schedule of quarterly results | Three months ended June 30, 2020 September 30, 2020 December 31, 2020 March 31, 2021 Revenues $ 73,165,324 $ 54,710,277 $ 88,479,024 $ 99,584,187 Operating income 22,519,802 5,413,760 41,875,535 46,290,595 Net income 12,168,005 537,950 35,825,264 44,033,434 Earnings per common share, basic 0.24 0.01 0.71 0.93 Earnings per common share, diluted $ 0.24 $ 0.01 $ 0.71 $ 0.93 Three months ended June 30, 2019 September 30, 2019 December 31, 2019 March 31, 2020 Revenues $ 61,165,546 $ 91,624,875 $ 85,437,806 $ 95,201,771 Operating income 20,272,506 49,266,427 41,758,757 49,771,141 Net income 6,075,059 40,711,896 35,628,912 29,425,391 Earnings per common share, basic 0.11 0.75 0.66 0.56 Earnings per common share, diluted $ 0.11 $ 0.74 $ 0.66 $ 0.56 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 12 Months Ended |
Mar. 31, 2021USD ($)item | |
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 |
Number of VLGCs with scrubber purchase commitments that were in-process as of the balance sheet date | 2 |
Scrubber contractual commitments | $ | $ 1,523,210 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Mar. 31, 2021m³ |
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 |
Dorian Sakura LPG Transport LLC (Hull No. 1755) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Minimum | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 80,000 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information (ConRisk) (Details) - item | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Charterers individually accounting for more than 10% of revenues | |||
Number of charterers | 1 | ||
Revenue. | Customer concentration | Helios LPG Pool LLC | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 93.00% | 89.00% | 76.00% |
Revenue. | Customer concentration | Customer Two | |||
Charterers individually accounting for more than 10% of revenues | |||
Percentage of total revenues | 14.00% |
Significant Accounting Polici_3
Significant Accounting Policies (Other) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)DerivativeInstrument | Mar. 31, 2020USD ($)DerivativeInstrument | Mar. 31, 2019USD ($)DerivativeInstrument | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Foreign currency translation | |||
Number of foreign currency derivative instruments held | DerivativeInstrument | 0 | 0 | 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 |
Significant Accounting Polici_4
Significant Accounting Policies (PPE) (Details) | 12 Months Ended |
Mar. 31, 2021item | |
Segment reporting: | |
Number of reportable segments | 1 |
Vessels | |
Vessels, Net | |
Useful life of vessels | 25 years |
Initial drydocking period | 5 years |
Number of years for initial drydocking requirement | 15 years |
Drydocking period if extension granted | 7 years 6 months |
Maximum age of vessel for extension of drydocking period | 20 years |
Significant Accounting Polici_5
Significant Accounting Policies (FV) (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Accounting hedges | |||
Derivative Instruments: | |||
Fair value of derivative | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies (AcctPro) (Details) | 12 Months Ended |
Mar. 31, 2021 | |
New Accounting Pronouncements or Change in Accounting Principle | |
Lease, Practical Expedient, Lessor Single Lease Component | true |
Minimum | |
New Accounting Pronouncements or Change in Accounting Principle | |
The standard payment period terms of freight paid | 3 days |
Maximum | |
New Accounting Pronouncements or Change in Accounting Principle | |
The standard payment period terms of freight paid | 5 days |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Mar. 31, 2021USD ($)item | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Jul. 26, 2013 |
Transactions with Related Parties | |||||
Due from related parties - current | $ 56,191,375 | $ 66,847,701 | |||
Due to related parties | $ 117,803 | 436,850 | |||
Number of time chartered-in VLGC | item | 2 | ||||
Manager | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | $ 100,000 | 100,000 | $ 200,000 | ||
Due from related parties - current | 1,000,000 | 1,300,000 | |||
Mr. John Hadjipateras | Eagle Ocean Transport | |||||
Transactions with Related Parties | |||||
Ownership interest (as a percent) | 100.00% | ||||
Helios LPG Pool LLC | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | 2,000,000 | 1,600,000 | 2,200,000 | ||
Due from related parties - current | 78,100,000 | 88,100,000 | |||
Due to related parties | $ 100,000 | 400,000 | |||
Number of members | item | 2 | ||||
Number of vessels that are operating under pooling agreement | item | 30 | ||||
Number of time chartered-in VLGC | item | 2 | ||||
Number of Company vessels that are operating under pooling agreement | item | 22 | ||||
Number of vessels operated by third party | item | 4 | ||||
Working capital contributed | $ 24,200,000 | 24,200,000 | |||
The amount of expenses with fixed reimbursement to the entity for working in high risk areas | $ 3,500,000 | $ 1,200,000 | $ 300,000 | ||
Helios LPG Pool LLC | Asset acquisition | |||||
Transactions with Related Parties | |||||
Interest transferred to Dorian LPG Ltd. (as a percent) | 50.00% | ||||
Helios LPG Pool LLC | Phoenix | |||||
Transactions with Related Parties | |||||
Number of third party vessels that are operating under pooling agreement | item | 4 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Inventories | ||
Inventories | $ 2,007,464 | $ 1,996,203 |
Lubricants | ||
Inventories | ||
Inventories | 1,475,228 | 1,544,352 |
Victualing | ||
Inventories | ||
Inventories | 404,419 | 328,297 |
Bonded stores | ||
Inventories | ||
Inventories | $ 127,817 | $ 123,554 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Vessels, Net | |||
Vessels, net | $ 1,377,028,255 | $ 1,437,658,833 | |
Vessels | |||
Vessels, Net | |||
Vessels, net | 1,377,028,255 | 1,437,658,833 | $ 1,478,520,314 |
Cost | |||
Balance at the beginning of the period | 1,757,285,233 | 1,732,993,810 | |
Other additions | 5,372,597 | 24,291,423 | |
Balance at the end of the period | 1,762,657,830 | 1,757,285,233 | |
Accumulated depreciation | |||
Balance at the beginning of the period | (319,626,400) | (254,473,496) | |
Impairment | 0 | 0 | |
Depreciation | (66,003,175) | (65,152,904) | |
Balance at the end of the period | (385,629,575) | (319,626,400) | |
Mortgaged VLGC vessels, carrying value | $ 1,337,400,000 | $ 1,437,700,000 |
Other Fixed Assets, Net (Detail
Other Fixed Assets, Net (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Other Fixed Assets, Net | ||
Other fixed assets | $ 148,836 | $ 185,613 |
Accumulated depreciation for other fixed assets | $ 300,000 | $ 300,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Movement in deferred charges, net | ||
Balance at the beginning of the period - drydocking costs | $ 7,336,726 | $ 2,000,794 |
Additions - drydocking costs | 5,178,916 | 6,329,877 |
Amortization - drydocking costs | (2,357,440) | (993,945) |
Balance at the end of the period - drydocking costs | $ 10,158,202 | $ 7,336,726 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Accrued Expenses | ||
Accrued contingency claim | $ 4,000,000 | |
Accrued voyage and vessel operating expenses | 2,730,803 | $ 2,473,385 |
Accrued employee-related costs | 1,301,510 | 949,310 |
Accrued professional services | 523,950 | 266,836 |
Accrued loan and swap interest | 204,237 | 284,985 |
Accrued board of directors' fees | 88,750 | |
Other | 4,764 | 17,686 |
Total | $ 8,765,264 | $ 4,080,952 |
Long-Term Debt (Other) (Details
Long-Term Debt (Other) (Details) | Oct. 13, 2020USD ($) | Apr. 21, 2020USD ($) | Apr. 20, 2020 | Jun. 26, 2018USD ($) | Jun. 25, 2018USD ($) | Jun. 11, 2018USD ($) | Mar. 16, 2018USD ($) | Jan. 31, 2018USD ($) | Nov. 07, 2017USD ($) | Mar. 31, 2015USD ($)item | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Mar. 31, 2015USD ($) | Apr. 29, 2020USD ($) |
Long-Term Debt | |||||||||||||||
Financing costs paid | $ 4,183,321 | $ 40,547 | $ 628,144 | ||||||||||||
Drawdowns | 55,378,172 | 65,137,500 | |||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 602,087,981 | 646,128,204 | |||||||||||||
Current portion of long-term debt | 51,820,283 | 53,056,125 | |||||||||||||
Long-term debt-net of current portion and deferred financing fees | 539,651,761 | 581,919,094 | |||||||||||||
Total | 591,472,044 | 634,975,219 | |||||||||||||
Long-term Debt, Other Disclosures [Abstract] | |||||||||||||||
Deferred finance fees, beginning | 11,152,985 | 14,005,830 | |||||||||||||
Additions | 4,158,312 | 40,547 | |||||||||||||
Amortization | (4,695,360) | (2,893,392) | (3,136,051) | ||||||||||||
Deferred finance fees, end | 10,615,937 | 11,152,985 | $ 14,005,830 | ||||||||||||
Corsair LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 65,000,000 | ||||||||||||||
Term of Charter Agreement | 12 years | ||||||||||||||
Period until purchase option exercisable | 2 years | ||||||||||||||
Proceeds from sale of vessel | $ 52,000,000 | ||||||||||||||
Deposit retained by buyer | 13,000,000 | ||||||||||||||
Concorde LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 70,000,000 | ||||||||||||||
Term of Charter Agreement | 13 years | ||||||||||||||
Period until purchase option exercisable | 3 years | ||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | ||||||||||||||
Deposit retained by buyer | 14,000,000 | ||||||||||||||
Corvette LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 70,000,000 | ||||||||||||||
Term of Charter Agreement | 13 years | ||||||||||||||
Period until purchase option exercisable | 3 years | ||||||||||||||
Proceeds from sale of vessel | $ 56,000,000 | ||||||||||||||
Deposit retained by buyer | 14,000,000 | ||||||||||||||
CJNP LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 48,300,000 | ||||||||||||||
Term of Charter Agreement | 6 years | ||||||||||||||
Period until purchase option exercisable | 2 years | ||||||||||||||
Proceeds from sale of vessel | $ 21,700,000 | ||||||||||||||
Deposit retained by buyer | $ 26,600,000 | ||||||||||||||
CMNL LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 45,800,000 | ||||||||||||||
Term of Charter Agreement | 7 years | ||||||||||||||
Period until purchase option exercisable | 2 years | ||||||||||||||
Proceeds from sale of vessel | $ 20,600,000 | ||||||||||||||
Deposit retained by buyer | $ 25,200,000 | ||||||||||||||
CNML LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Value of vessel transferred | $ 50,800,000 | ||||||||||||||
Term of Charter Agreement | 7 years | ||||||||||||||
Period until purchase option exercisable | 2 years | ||||||||||||||
Proceeds from sale of vessel | $ 22,900,000 | ||||||||||||||
Deposit retained by buyer | $ 27,900,000 | ||||||||||||||
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 | ||||||||||||||
2015 Facility | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 758,000,000 | $ 758,000,000 | |||||||||||||
Number of tranches in which loan facility is divided | item | 4 | ||||||||||||||
Number of VLGC newbuildings secured by loan | item | 15 | ||||||||||||||
Repayment of debt | 33,700,000 | 35,100,000 | |||||||||||||
The amount of restricted cash released | $ 1,600,000 | $ 1,600,000 | |||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 385,011,186 | 446,586,121 | |||||||||||||
2015 Facility | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.40% | ||||||||||||||
Interest Rate | 0.20% | ||||||||||||||
2015 Facility | Minimum | |||||||||||||||
Long-Term Debt | |||||||||||||||
Term | 7 years | ||||||||||||||
2015 Facility | Maximum | |||||||||||||||
Long-Term Debt | |||||||||||||||
Term | 10 years | ||||||||||||||
Commercial Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 249,000,000 | 249,000,000 | |||||||||||||
Term | 10 years | ||||||||||||||
Interest Rate | 2.60% | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 155,205,698 | 163,385,998 | |||||||||||||
Commercial Financing | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | 2.40% | |||||||||||||
KEXIM Direct Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 204,000,000 | $ 204,000,000 | |||||||||||||
Term | 12 years | ||||||||||||||
Interest Rate | 2.65% | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 89,474,512 | 110,716,127 | |||||||||||||
KEXIM Direct Financing | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.45% | ||||||||||||||
KEXIM Guaranteed and K-sure Insured | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 305,000,000 | $ 305,000,000 | |||||||||||||
KEXIM Guaranteed | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 202,000,000 | $ 202,000,000 | |||||||||||||
Term | 12 years | ||||||||||||||
Interest Rate | 1.60% | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 93,997,081 | 115,385,072 | |||||||||||||
KEXIM Guaranteed | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.40% | ||||||||||||||
K-sure Insured | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 103,000,000 | $ 103,000,000 | |||||||||||||
Term | 12 years | ||||||||||||||
Interest Rate | 1.70% | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 46,333,895 | 57,098,924 | |||||||||||||
K-sure Insured | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 1.50% | ||||||||||||||
2017 Bridge Loan | |||||||||||||||
Long-Term Debt | |||||||||||||||
Repayment of debt | $ 30,100,000 | ||||||||||||||
Japanese Financing Agreement [Member] | |||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 217,076,795 | 199,542,083 | |||||||||||||
Corsair Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Term of Charter Agreement | 12 years | ||||||||||||||
Stated rate (as a percent) | 4.90% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | ||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 13,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 40,895,833 | 44,145,833 | |||||||||||||
Concorde Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Stated rate (as a percent) | 4.90% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | ||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 14,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 45,500,000 | 48,730,769 | |||||||||||||
Corvette Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Stated rate (as a percent) | 4.90% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1.00% | ||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 14,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 46,038,462 | 49,269,231 | |||||||||||||
CJNP Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | ||||||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 13,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 19,058,750 | ||||||||||||||
CJNP Japanese Financing | CJNP LPG Transport LLC | |||||||||||||||
Long-Term Debt | |||||||||||||||
Deposit retained by buyer | $ 26,600,000 | ||||||||||||||
Vessel purchase price | $ 18,300,000 | ||||||||||||||
CMNL Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | ||||||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 11,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 16,706,845 | 18,076,488 | |||||||||||||
CNML Japanese Financing | |||||||||||||||
Long-Term Debt | |||||||||||||||
Stated rate (as a percent) | 6.00% | ||||||||||||||
Financing cost to be incurred | $ 100,000 | ||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | ||||||||||||||
Brokerage Commission Fee on delivery Purchase Option (as a percent) | 0.50% | ||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | ||||||||||||||
Periodic principal payment amount | $ 100,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 13,000,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | 18,855,655 | $ 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% | ||||||||||||||
Periodic principal payment amount | $ 300,000 | ||||||||||||||
Principal payment frequency | monthly | ||||||||||||||
Balloon payment amount | $ 11,500,000 | ||||||||||||||
Presented as follows: | |||||||||||||||
Total debt obligations | $ 49,080,000 | ||||||||||||||
Cresques Japanese Financing | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | |||||||||||||||
Long-Term Debt | |||||||||||||||
Security leverage ratio | 40.00% | 40.00% | |||||||||||||
Additional basis points to decrease the margin | 0.10% | 0.10% | |||||||||||||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.10% | 0.10% | |||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR | |||||||||||||||
Long-Term Debt | |||||||||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum | |||||||||||||||
Long-Term Debt | |||||||||||||||
Additional basis points to increase the margin | 0.10% | 0.10% | |||||||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum | |||||||||||||||
Long-Term Debt | |||||||||||||||
Security leverage ratio | 60.00% | 60.00% | |||||||||||||
New senior secured term loan facility | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 155,800,000 | ||||||||||||||
New senior secured revolving credit facility | Maximum | |||||||||||||||
Long-Term Debt | |||||||||||||||
Original loan amount | $ 25,000,000 |
Long-Term Debt (Covenants) (Det
Long-Term Debt (Covenants) (Details) - USD ($) | Apr. 20, 2020 | Mar. 31, 2021 | Jul. 14, 2020 | Jun. 30, 2020 | Apr. 29, 2020 | Jul. 23, 2019 | Mar. 16, 2018 | Jan. 31, 2018 | Mar. 31, 2015 |
2015 Facility | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 758,000,000 | ||||||||
The amount of restricted cash released | $ 1,600,000 | $ 1,600,000 | |||||||
Maximum consolidated net debt to consolidated total capitalization ratio (as a percent) | 60.00% | ||||||||
Minimum stockholder's equity balance | $ 400 | ||||||||
Current assets and long-term restricted cash divided by current liabilities ratio (as a percent) | 100.00% | ||||||||
Amendment to the 2015 Debt Facility | |||||||||
Ownership percentage of common shares by any shareholder other than certain entities or directors or officers that permits lenders to accelerate indebtedness (as a percent) | 33.30% | ||||||||
2015 Facility | LIBOR | |||||||||
Long-Term Debt | |||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.40% | ||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | |||||||||
Long-Term Debt | |||||||||
Additional basis points to decrease the margin | 0.10% | 0.10% | |||||||
Security leverage ratio | 40.00% | 40.00% | |||||||
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio | 0.10% | 0.10% | |||||||
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR | |||||||||
Long-Term Debt | |||||||||
Margin added to LIBOR for interest rate on loan facility (as a percent) | 2.50% | ||||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum | |||||||||
Long-Term Debt | |||||||||
Security leverage ratio | 60.00% | 60.00% | |||||||
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum | |||||||||
Long-Term Debt | |||||||||
Additional basis points to increase the margin | 0.10% | 0.10% | |||||||
New senior secured term loan facility | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 155,800,000 | ||||||||
New senior secured revolving credit facility | Maximum | |||||||||
Long-Term Debt | |||||||||
Original loan amount | $ 25,000,000 | ||||||||
2015 AR Facility | |||||||||
Long-Term Debt | |||||||||
Minimum cash per mortgaged vessel from first anniversary through thereafter | $ 1,000,000 | $ 1,000,000 | $ 2,200,000 | ||||||
Minimum liquidity covenant | $ 27,500,000 | ||||||||
Percentage of increase in security value ratio | 145.00% |
Long-Term Debt (FutMin) (Detail
Long-Term Debt (FutMin) (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Minimum annual principal payments | ||
2022 | $ 51,820,283 | |
2023 | 51,820,283 | |
2024 | 51,820,283 | |
2025 | 204,625,981 | |
2026 | 72,907,782 | |
Thereafter | 169,093,369 | |
Total | $ 602,087,981 | $ 646,128,204 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 12 Months Ended | ||
Mar. 31, 2021USD ($)Option | Mar. 31, 2020USD ($)Option | Mar. 31, 2019USD ($) | |
Leases | |||
Number of option period for time charter | Option | 3 | ||
Operating Lease, Expense | $ 558,400 | $ 541,574 | $ 471,425 |
Lease term | 12 months | ||
Lease renewal term | 1 year | ||
Number of option period for office leases | Option | 2 | ||
Weighted average discount rate (as a percent) | 3.88% | ||
Weighted average remaining lease term | 21 months 27 days | ||
Operating lease right-of-use assets - Office Leases | $ 628,253 | ||
Operating lease right-of-use assets - Time Charter in VLGCs | 17,043,974 | ||
Operating lease liabilities current - Office Leases | 440,143 | ||
Operating lease liabilities current - Time Charter in VLGCs | 9,151,304 | ||
Operating lease liabilities non-current - Office Leases | 188,324 | ||
Operating lease liabilities non-current - Time Charter in VLGCs | 7,892,671 | ||
Operating lease right-of-use assets | 17,672,227 | $ 26,861,551 | |
Operating lease liability | 17,672,442 | ||
Charter hire expense | |||
Leases | |||
Operating lease income | 29,100,000 | 18,300,000 | $ 100,000 |
Operating lease right-of-use assets | 27,400,000 | ||
Operating lease liability | 27,400,000 | ||
General and administrative expenses | |||
Leases | |||
Operating Lease, Expense | $ 100,000 | 100,000 | |
Operating lease right-of-use assets | 200,000 | ||
Operating lease liability | $ 200,000 | ||
Minimum | |||
Leases | |||
Lease term | 4 years | ||
Weighted average discount rate (as a percent) | 3.82% | ||
Maximum | |||
Leases | |||
Weighted average discount rate (as a percent) | 5.53% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Time Charter-in | |||
Charter hire expenses | $ 18,135,580 | $ 9,861,898 | $ 237,525 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Operating Leases | |||
Operating lease rent expense | $ 558,400 | $ 541,574 | $ 471,425 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Mar. 31, 2021USD ($) |
Leases | |
FY 2022 | $ 10,110,547 |
FY 2023 | 8,223,237 |
Total undiscounted lease payments | 18,333,784 |
Less: imputed interest | (661,342) |
Carrying value of lease liabilities | $ 17,672,442 |
Common Stock (Other) (Details)
Common Stock (Other) (Details) | 12 Months Ended | ||
Mar. 31, 2021itemshares | Mar. 31, 2020shares | Jul. 01, 2013$ / sharesshares | |
Common stock | |||
Authorized capital stock (in shares) | 500,000,000 | ||
Par value of capital stock (in dollars per share) | $ / shares | $ 0.01 | ||
Common stock, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Number of votes entitled to shareholders | item | 1 |
Common Stock (SBC) (Details)
Common Stock (SBC) (Details) - USD ($) | 12 Months Ended | 20 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2021 | Feb. 02, 2021 | Dec. 29, 2020 | Feb. 03, 2020 | Aug. 05, 2019 | |
Stock repurchases | ||||||||
Common stock repurchase authorized amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | |||||
Treasury stock shares acquired (in shares) | 5,500,000 | |||||||
Treasury stock value acquired | $ 12,678,249 | $ 50,699,304 | $ 1,261,133 | $ 60,700,000 | ||||
Remaining available authorization | $ 47,900,000 | $ 47,900,000 | $ 41,400,000 | |||||
Tender Offer February 2, 2021 | ||||||||
Stock repurchases | ||||||||
Repurchase authorization (in shares) | 8,405,146 | |||||||
Percent of shares outstanding authorized for repurchase | 16.80% | |||||||
Authorized share price (in dollars per share) | $ 13.50 | |||||||
Common stock repurchase authorized amount | $ 113,500,000 | |||||||
Original Tender Offer February 2, 2021 | ||||||||
Stock repurchases | ||||||||
Repurchase authorization (in shares) | 7,407,407 | |||||||
Percent of shares outstanding authorized for repurchase | 14.80% | |||||||
Oversubscribed Tender Offer February 2, 2021 | ||||||||
Stock repurchases | ||||||||
Repurchase authorization (in shares) | 997,739 | |||||||
Percent of shares outstanding authorized for repurchase | 2.00% |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 30, 2014 | |
Stock-Based Compensation Plans | ||||
Number of common shares reserved for issuance under the Equity Incentive Plan | 2,850,000 | |||
Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 442,215 | 223,275 | ||
Unrecognized compensation cost | $ 1.9 | |||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 10 months 9 days | |||
Fair value of restricted shares | $ 3.4 | $ 5.2 | $ 3.9 | |
Number of Shares | ||||
Unvested at the beginning of the period (in shares) | 317,048 | 641,013 | ||
Granted (in shares) | 442,215 | 223,275 | ||
Vested (in shares) | (400,942) | (547,240) | ||
Forfeited (in shares) | (150) | |||
Unvested at the end of the period (in shares) | 358,171 | 317,048 | 641,013 | |
Weighted-Average Grant-Date Fair Value | ||||
Unvested at the beginning of the period (in dollars per share) | $ 8.08 | $ 13.54 | ||
Granted (in dollars per share) | 8.34 | 8.47 | ||
Vested (in dollars per share) | 8.23 | 14.64 | ||
Forfeited (in dollars per share) | 8.36 | |||
Unvested at the end of the period (in dollars per share) | $ 8.23 | $ 8.08 | $ 13.54 | |
Restricted stock awards | General and administrative expenses | ||||
Stock-Based Compensation Plans | ||||
Stock-based compensation expense | $ 3.4 | $ 3.2 | $ 5.5 | |
Restricted stock awards | Vest immediately | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | ||
Restricted stock awards | Vest one year after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | ||
Vesting period | 1 year | 1 year | ||
Restricted stock awards | Vest two years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | ||
Vesting period | 2 years | 2 years | ||
Restricted stock awards | Vest three years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 25.00% | 25.00% | ||
Vesting period | 3 years | 3 years | ||
Restricted stock units | Vest one year after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 1 year | |||
Restricted stock units | Vest two years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 2 years | |||
Restricted stock units | Vest three years after grant | ||||
Stock-Based Compensation Plans | ||||
Vesting (as a percent) | 33.00% | |||
Vesting period | 3 years | |||
Certain officers and employees | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 188,400 | 175,200 | 200,000 | |
Number of Shares | ||||
Granted (in shares) | 188,400 | 175,200 | 200,000 | |
Certain officers and employees | Restricted stock units | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 56,450 | 22,500 | ||
Number of Shares | ||||
Granted (in shares) | 56,450 | 22,500 | ||
Non-executive director | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 41,711 | 24,025 | 35,295 | |
Number of Shares | ||||
Granted (in shares) | 41,711 | 24,025 | 35,295 | |
President and Chief Executive Officer | ||||
Stock-Based Compensation Plans | ||||
Shares issued | 155,654 | |||
Non-employee consultant | Restricted stock awards | ||||
Stock-Based Compensation Plans | ||||
Granted (in shares) | 0 | 1,550 | 7,059 | |
Number of Shares | ||||
Granted (in shares) | 0 | 1,550 | 7,059 |
Revenues (Details)
Revenues (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 315,938,812 | $ 333,429,998 | $ 158,032,485 |
Net pool revenues - related party | |||
Revenues | 292,679,614 | 298,079,123 | 120,015,771 |
Time charter revenues | |||
Revenues | 19,492,595 | 34,111,230 | 37,726,214 |
Other revenues, net | |||
Revenues | $ 3,766,603 | $ 1,239,645 | $ 290,500 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Voyage Expenses. | |||
Bunkers | $ 1,537,007 | $ 1,345,360 | $ 756,354 |
War risk insurances | 1,272,647 | 1,095,156 | 13,052 |
Brokers' commissions | 334,333 | 469,143 | 440,955 |
Security cost | 221,882 | 272,985 | 277,487 |
Port charges and other related expenses | 1,500 | 5,898 | 167,230 |
Other voyage expenses | 42,281 | 54,381 | 42,805 |
Total voyage expenses | $ 3,409,650 | $ 3,242,923 | $ 1,697,883 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Vessel Operating Expenses. | |||
Crew wages and related costs | $ 44,017,660 | $ 42,683,848 | $ 41,649,202 |
Spares and stores | 17,061,388 | 13,249,931 | 10,625,997 |
Repairs and maintenance costs | 6,096,812 | 4,416,259 | 5,594,957 |
Insurance | 3,942,622 | 4,173,052 | 3,452,874 |
Lubricants | 3,241,330 | 3,607,749 | 3,206,445 |
Miscellaneous expenses | 3,860,057 | 3,347,530 | 2,351,093 |
Total | $ 78,219,869 | $ 71,478,369 | $ 66,880,568 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Interest and Finance Costs | |||
Interest incurred | $ 21,665,379 | $ 32,355,390 | $ 36,638,171 |
Amortization of financing costs | 4,695,360 | 2,893,392 | 3,136,051 |
Other finance costs | 1,235,385 | 856,759 | 875,009 |
Total | $ 27,596,124 | $ 36,105,541 | $ 40,649,231 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2021 | |
Income Taxes | |
Tax rate on US source shipping income (as a percent) | 4.00% |
Shipping income (as a percent) | 50.00% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Mar. 31, 2021 | |
Commitments under Contracts for Scrubber Purchases | |||
Less than one year | $ 1,523,210 | ||
Total | 1,523,210 | ||
Commitments under Contracts for BWMS Purchases | |||
Less than one year | 455,500 | ||
Total | 455,500 | ||
Commitments under Operating Leases | |||
Less than one year | 10,110,547 | ||
Total undiscounted lease payments | 18,333,784 | ||
Time Charter-in commitments | |||
Less than one year | 10,336,000 | ||
One to three years | 8,030,000 | ||
Total | 18,366,000 | ||
Fixed Time Charter Commitments | |||
Less than one year | 20,147,500 | ||
One to three years | 5,705,000 | ||
Total | $ 25,852,500 | ||
Commitments under Bareboat Charter Header Agreement | |||
Bareboat charter agreement term of contract | 13 years | ||
Amount of predelivery cost commitments | $ 24,000,000 | ||
Amount of predelivery and additional features commitments | 25,000,000 | ||
Other | |||
Accrued contingency claim | 4,000,000 | ||
Contingency expense | 4,000,000 | ||
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 | ||
Forecast | |||
Commitments under Bareboat Charter Header Agreement | |||
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement | $ 9,000,000 | $ 16,000,000 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Interest rate swap | ||
Derivative Instruments | ||
Nominal value | $ 366,254,131 | $ 405,389,284 |
1.091% interest rate swap due on March 2025 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.091% | |
Nominal value | $ 200,000,000 | 200,000,000 |
Final settlement amount | $ 95,200,000 | |
1.145% interest rate swap due on March 2025 | ING Bank N. V. Member | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.145% | |
Nominal value | $ 50,000,000 | 50,000,000 |
Final settlement amount | $ 23,800,000 | |
1.468% interest rate swap due on March 2022 | ABN | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.468% | |
Nominal value | $ 26,325,000 | 37,550,000 |
Quarterly reduction of notional amount | 2,800,000 | |
Final settlement amount | $ 17,900,000 | |
1.380% interest rate swap due on March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.38% | |
Nominal value | $ 39,487,500 | 56,325,000 |
Quarterly reduction of notional amount | 4,200,000 | |
Final settlement amount | $ 26,900,000 | |
1.213% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.213% | |
Nominal value | $ 35,750,774 | 43,598,575 |
Quarterly reduction of notional amount | 2,000,000 | |
Final settlement amount | $ 29,900,000 | |
1.161% interest rate swap due March 2022 | Citibank N.A. | ||
Derivative Instruments | ||
Fixed interest rate (as a percent) | 1.161% | |
Nominal value | $ 14,690,857 | $ 17,915,709 |
Quarterly reduction of notional amount | 800,000 | |
Final settlement amount | $ 12,300,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Derivative Instruments | |||
Change in fair value | $ 7,202,880 | $ (18,206,769) | $ (7,816,401) |
Realized gain/(loss) on derivatives | (4,568,033) | 2,800,374 | 3,788,123 |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | 2,634,847 | (15,406,395) | (4,028,278) |
Interest rate swap | |||
Derivative Instruments | |||
Nominal value | 366,254,131 | 405,389,284 | |
Interest rate swap | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 4,597,438 | (15,601,327) | (7,816,401) |
Interest rate swap | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | (3,779,363) | 2,403,480 | $ 3,788,123 |
Interest rate swap | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 1,100,529 | ||
Interest rate swap | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 3,454,862 | 9,152,829 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 2,605,442 | (2,605,442) | |
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | (788,670) | 396,894 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Current assets-Derivative instruments | |||
Derivative Instruments | |||
Derivative Asset | 0 | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | $ 0 | $ 2,605,442 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Financial Instruments and Fair Value Disclosures | |||
Net gain (loss) on investment securities | $ 1,317,890 | $ 1,288,304 | $ (102,244) |
Less: Realized gain/(loss) on investment securities | 295 | 1,281,671 | |
Unrealized gain/(loss) on investment securities | $ 1,317,595 | $ 6,633 | $ (102,244) |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Mar. 31, 2021 | Mar. 31, 2020 |
Fair value | ||
Carrying Value | $ 591,472,044 | $ 634,975,219 |
US Treasury Bills | ||
Fair value | ||
Carrying Value | 0 | 14,900,000 |
US Treasury Bills | Level 1 | ||
Fair value | ||
Fair Value | 15,000,000 | |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 40,895,833 | 44,145,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 44,298,064 | 48,867,762 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 45,500,000 | 48,730,769 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 49,791,680 | 54,407,677 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 46,038,462 | 49,269,231 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 50,376,434 | 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 | 16,706,845 | 18,076,488 |
CMNL Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 18,792,993 | 20,238,260 |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 18,855,655 | 20,261,012 |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 21,195,305 | $ 22,728,984 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Plans and Defined Benefit Plan | |||
Compensation expense associated with safe harbor contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | 0.3 | 0.1 | |
United Kingdom and Denmark | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0.2 | 0.2 | $ 0.1 |
Maximum | Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | $ 0.1 |
Earnings_(Loss) Per Share ("E_3
Earnings/(Loss) Per Share ("EPS") (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator: | |||||||||||
Net income/(loss) | $ 44,033,434 | $ 35,825,264 | $ 537,950 | $ 12,168,005 | $ 29,425,391 | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ 92,564,653 | $ 111,841,258 | $ (50,945,905) |
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding (in shares) | 49,729,358 | 53,881,483 | 54,513,118 | ||||||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 97,440 | 233,855 | |||||||||
Diluted weighted average number of common shares outstanding (in shares) | 49,826,798 | 54,115,338 | 54,513,118 | ||||||||
EPS: | |||||||||||
Earnings per common share - basic (in dollars per share) | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 0.56 | $ 0.66 | $ 0.75 | $ 0.11 | $ 1.86 | $ 2.08 | $ (0.93) |
Earnings per common share - diluted (in dollars per share) | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 0.56 | $ 0.66 | $ 0.74 | $ 0.11 | $ 1.86 | $ 2.07 | $ (0.93) |
Restricted stock awards | |||||||||||
EPS: | |||||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 0 | 641,013 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2019 | |
Selected Quarterly Financial Information (unaudited) | |||||||||||
Revenues | $ 99,584,187 | $ 88,479,024 | $ 54,710,277 | $ 73,165,324 | $ 95,201,771 | $ 85,437,806 | $ 91,624,875 | $ 61,165,546 | $ 315,938,812 | $ 333,429,998 | $ 158,032,485 |
Operating income | 46,290,595 | 41,875,535 | 5,413,760 | 22,519,802 | 49,771,141 | 41,758,757 | 49,266,427 | 20,272,506 | 116,099,692 | 161,068,831 | (7,962,036) |
Net income | $ 44,033,434 | $ 35,825,264 | $ 537,950 | $ 12,168,005 | $ 29,425,391 | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ 92,564,653 | $ 111,841,258 | $ (50,945,905) |
Earnings per common share - basic (in dollars per share) | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 0.56 | $ 0.66 | $ 0.75 | $ 0.11 | $ 1.86 | $ 2.08 | $ (0.93) |
Earnings per common share - diluted (in dollars per share) | $ 0.93 | $ 0.71 | $ 0.01 | $ 0.24 | $ 0.56 | $ 0.66 | $ 0.74 | $ 0.11 | $ 1.86 | $ 2.07 | $ (0.93) |