Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2021 | Jul. 31, 2021 | |
Cover Abstract | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2021 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36437 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 66-0818228 | |
Entity Address, Address Line One | 27 Signal Road | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 674-9900 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LPG | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,278,380 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 78,254,455 | $ 79,330,007 |
Restricted cash - current | 5,315,951 | 5,315,951 |
Trade receivables, net and accrued revenues | 293,053 | 202,221 |
Due from related parties | 43,587,076 | 56,191,375 |
Inventories | 1,972,428 | 2,007,464 |
Vessel held for sale | 38,975,510 | |
Prepaid expenses and other current assets | 12,518,123 | 10,296,229 |
Total current assets | 180,916,596 | 153,343,247 |
Fixed assets | ||
Vessels, net | 1,326,629,701 | 1,377,028,255 |
Vessels under construction | 8,057,066 | |
Other fixed assets, net | 127,211 | 148,836 |
Total fixed assets | 1,334,813,978 | 1,377,177,091 |
Other non-current assets | ||
Deferred charges, net | 11,372,490 | 10,158,202 |
Due from related parties-non-current | 22,000,000 | 23,100,000 |
Restricted cash - non-current | 82,403 | 81,241 |
Operating lease right-of-use assets | 15,317,897 | 17,672,227 |
Other non-current assets | 83,723 | 82,837 |
Total assets | 1,564,587,087 | 1,581,614,845 |
Current liabilities | ||
Trade accounts payable | 14,150,781 | 9,831,328 |
Accrued expenses | 10,667,824 | 8,765,264 |
Due to related parties | 39,023 | 117,803 |
Deferred income | 1,042,433 | 853,983 |
Derivative instruments | 776,168 | 1,100,529 |
Current portion of long-term operating lease liabilities | 9,646,563 | 9,591,447 |
Current portion of long-term debt | 51,820,283 | 51,820,283 |
Total current liabilities | 88,143,075 | 82,080,637 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 527,317,928 | 539,651,761 |
Long-term operating lease liabilities | 5,668,299 | 8,080,995 |
Derivative instruments | 3,345,497 | 3,454,862 |
Other long-term liabilities | 1,563,914 | 1,521,260 |
Total long-term liabilities | 537,895,638 | 552,708,878 |
Total liabilities | 626,038,713 | 634,789,515 |
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, 51,087,209 and 51,071,409 shares issued, 40,487,802 and 41,493,275 shares outstanding (net of treasury stock), as of June 30, 2021 and March 31, 2021, respectively | 510,873 | 510,715 |
Additional paid-in-capital | 757,423,183 | 756,776,217 |
Treasury stock, at cost; 10,599,407 and 9,578,134 shares as of June 30, 2021 and March 31, 2021, respectively | (114,655,294) | (99,862,114) |
Retained earnings | 295,269,612 | 289,400,512 |
Total shareholders' equity | 938,548,374 | 946,825,330 |
Total liabilities and shareholders' equity | $ 1,564,587,087 | $ 1,581,614,845 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Mar. 31, 2021 |
Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 51,087,209 | 51,071,409 |
Common stock, shares outstanding (net of treasury stock) | 40,487,802 | 41,493,275 |
Treasury stock, shares at cost | 10,599,407 | 9,578,134 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues. | ||
Revenues | $ 62,950,738 | $ 73,165,324 |
Expenses | ||
Voyage expenses | 1,356,392 | 815,195 |
Charter hire expenses | 3,508,070 | 4,715,598 |
Vessel operating expenses | 20,281,554 | 17,389,363 |
Depreciation and amortization | 17,142,915 | 16,890,413 |
General and administrative expenses | 8,038,807 | 11,302,976 |
Total expenses | 50,327,738 | 51,113,545 |
Other income-related parties | 632,888 | 468,023 |
Operating income | 13,255,888 | 22,519,802 |
Other income/(expenses) | ||
Interest and finance costs | (5,649,774) | (9,087,236) |
Interest income | 186,299 | 124,835 |
Unrealized gain/(loss) on derivatives | 433,726 | (495,806) |
Realized loss on derivatives | (903,718) | (806,229) |
Other gain/(loss), net | (1,453,321) | (87,361) |
Total other income/(expenses), net | (7,386,788) | (10,351,797) |
Net income | $ 5,869,100 | $ 12,168,005 |
Weighted average shares outstanding Basic (in shares) | 40,944,845 | 50,554,233 |
Weighted average shares outstanding Diluted (in shares) | 41,165,138 | 50,679,449 |
Earnings per common share - basic (in dollars per share) | $ 0.14 | $ 0.24 |
Earnings per common share - diluted (in dollars per share) | $ 0.14 | $ 0.24 |
Net pool revenues - related party | ||
Revenues. | ||
Revenues | $ 55,162,246 | $ 66,929,421 |
Time charter revenues | ||
Revenues. | ||
Revenues | 5,346,139 | 5,086,004 |
Other revenues, net | ||
Revenues. | ||
Revenues | $ 2,442,353 | $ 1,149,899 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings | Total |
Balance at Mar. 31, 2020 | $ 590,833 | $ (87,183,865) | $ 866,809,371 | $ 196,835,859 | $ 977,052,198 |
Balance (in shares) at Mar. 31, 2020 | 59,083,290 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 12,168,005 | 12,168,005 | |||
Restricted share award issuances | $ 3,516 | (3,516) | |||
Restricted share award issuances (in shares) | 351,629 | ||||
Stock-based compensation | 1,930,902 | 1,930,902 | |||
Purchase of treasury stock | (1,198,214) | (1,198,214) | |||
Balance at Jun. 30, 2020 | $ 594,349 | (88,382,079) | 868,736,757 | 209,003,864 | 989,952,891 |
Balance (in shares) at Jun. 30, 2020 | 59,434,919 | ||||
Balance at Mar. 31, 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 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 5,869,100 | 5,869,100 | |||
Restricted share award issuances | $ 158 | (158) | |||
Restricted share award issuances (in shares) | 15,800 | ||||
Stock-based compensation | 647,124 | 647,124 | |||
Purchase of treasury stock | (14,793,180) | (14,793,180) | |||
Balance at Jun. 30, 2021 | $ 510,873 | $ (114,655,294) | $ 757,423,183 | $ 295,269,612 | $ 938,548,374 |
Balance (in shares) at Jun. 30, 2021 | 51,087,209 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income | $ 5,869,100 | $ 12,168,005 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 17,142,915 | 16,890,413 |
Amortization of operating lease right-of-use assets | 2,360,289 | 2,267,769 |
Amortization of financing costs | 689,841 | 2,394,510 |
Unrealized (gain)/loss on derivatives | (433,726) | 495,806 |
Stock-based compensation expense | 647,124 | 1,930,902 |
Unrealized foreign currency (gain)/loss, net | 4,602 | (89,282) |
Other non-cash items, net | 1,386,734 | (241,523) |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | (90,832) | 619,720 |
Prepaid expenses and other current assets | (1,309,965) | (1,263,591) |
Due from related parties | 13,704,299 | 18,634,851 |
Inventories | 35,036 | (146,081) |
Other non-current assets | (886) | 1,134,261 |
Operating lease liabilities-current and long-term | (2,363,734) | (2,268,125) |
Trade accounts payable | 1,140,387 | 370,337 |
Accrued expenses and other liabilities | 675,379 | (26,238) |
Due to related parties | (78,780) | 1,632,391 |
Payments for drydocking costs | (1,306,463) | (1,537,775) |
Net cash provided by operating activities | 38,071,320 | 52,966,350 |
Cash flows from investing activities: | ||
Payments for vessels under construction and vessel capital expenditures | (9,797,560) | (3,657,669) |
Purchases of investment securities | (2,250,681) | |
Net cash used in investing activities | (12,048,241) | (3,657,669) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 55,378,172 | |
Repayment of long-term debt borrowings | (12,955,071) | (41,856,308) |
Repurchase of common stock | (14,064,071) | (1,025,628) |
Financing costs paid | (68,604) | (3,225,105) |
Net cash provided by/(used in) financing activities | (27,087,746) | 9,271,131 |
Effects of exchange rates on cash and cash equivalents | (9,723) | 100,638 |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (1,074,390) | 58,680,450 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 84,727,199 | 87,389,127 |
Cash, cash equivalents, and restricted cash at the end of the period | $ 83,652,809 | $ 146,069,577 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 3 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of June 30, 2021, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), three 82,000 cbm VLGCs and one time chartered-in VLGC. As of June 30, 2021, twelve of our ECO-VLGCs are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2021. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of June 30, 2021, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 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 and Other Non-vessel Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to note 15 below for further information. (4) The applicable vessel is expected to be delivered in 2023. COVID-19 variant cannot be predicted at this time, and could depend on numerous factors, including vaccination rates among the population, the effectiveness of COVID-19 vaccines against the Delta variant and the response by governmental bodies and regulators. Uncertainties regarding the economic impact of the COVID-19 pandemic are likely to result in sustained market turmoil, which could also negatively impact our business, financial condition and cash flows. Governments are approving large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to restore or sustain the business and financial condition of companies in the shipping industry. These measures, though contemplated to be temporary in nature, may continue and increase as countries attempt to contain the outbreak or any reoccurrences thereof. At this stage, it is difficult to determine the full impact of COVID-19 on our business. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2021 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021), except as discussed herein. Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Jun. 30, 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 less than $0.1 million for both the three months ended June 30, 2021 and 2020. As of June 30, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets. As of March 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets. Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of June 30, 2021, the Helios Pool operated twenty-seven VLGCs, including twenty-one vessels from our fleet (including one vessel time chartered-in from an unrelated party), three Phoenix vessels, and three from other participants. As of June 30, 2021, we had net receivables from the Helios Pool of $64.5 million, including $24.2 million of working capital contributed for the operation of our vessels in the pool (of which $2.2 million is classified as current). As of March 31, 2021, we had net receivables from the Helios Pool of $78.1 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). Our maximum exposure to losses from the pool as of June 30, 2021 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million and $0.4 million for the three months ended June 30, 2021 and 2020, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.6 million and $1.1 million for the three months ended June 30, 2021, and 2020, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the three months ended June 30, 2021 and 2020. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 12. |
Deferred Charges, Net
Deferred Charges, Net | 3 Months Ended |
Jun. 30, 2021 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 1,933,613 Transfer to vessel held for sale (74,561) Amortization (644,764) Balance, June 30, 2021 $ 11,372,490 |
Vessel Held For Sale
Vessel Held For Sale | 3 Months Ended |
Jun. 30, 2021 | |
Vessel Held For Sale | |
Vessel Held For Sale | 5. Vessel Held For Sale |
Vessels, Net
Vessels, Net | 3 Months Ended |
Jun. 30, 2021 | |
Vessels, Net | |
Vessels, Net | 6. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 4,978,922 — 4,978,922 Transfer to vessel held for sale (62,311,861) 23,410,912 (38,900,949) Depreciation — (16,476,527) (16,476,527) Balance, June 30, 2021 $ 1,705,324,891 $ (378,695,190) $ 1,326,629,701 Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the three months ended June 30, 2021. Certain of our vessels, with a total carrying value of $1,326.6 million and $1,337.4 million as of June 30, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). No impairment loss was recorded for the periods presented. |
Vessels Under Construction
Vessels Under Construction | 3 Months Ended |
Jun. 30, 2021 | |
Vessels Under Construction. | |
Vessels Under Construction | 7. Vessel Under Construction Balance, April 1, 2021 $ — Installment payments 8,000,000 Other capitalized expenditures 57,066 Balance, June 30, 2021 $ 8,057,066 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Jun. 30, 2021 | |
Long-term Debt | |
Long-term Debt | 8. Long-term Debt 2015 AR Facility Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Facility”), and the amendment and restatement of the 2015 Facility (the “2015 AR Facility”) on April 29, 2020. We were in compliance with all financial covenants as of June 30, 2021. Corsair Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing of our 2014-built VLGC, the Corsair Concorde Japanese Financing Concorde Corvette Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing of our 2015-built VLGC, the Corvette CMNL/CJNP Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2007-built VLGC, the Captain John NP CNML Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML Cresques Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2015-built VLGC, the Cresques Debt Obligations The table below presents our debt obligations: June 30, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 155,055,698 $ 155,205,698 KEXIM Direct Financing 85,931,225 89,474,512 KEXIM Guaranteed 90,491,820 93,997,081 K-sure Insured 44,554,007 46,333,895 Total 2015 AR Facility $ 376,032,750 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 40,083,333 $ 40,895,833 Concorde Japanese Financing 44,692,308 45,500,000 Corvette Japanese Financing 45,230,769 46,038,462 CMNL/CJNP Japanese Financing 16,364,435 16,706,845 CNML Japanese Financing 18,504,315 18,855,655 Cresques Japanese Financing 48,225,000 49,080,000 Total Japanese Financings $ 213,100,160 $ 217,076,795 Total debt obligations $ 589,132,910 $ 602,087,981 Less: deferred financing fees 9,994,699 10,615,937 Debt obligations—net of deferred financing fees $ 579,138,211 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 51,820,283 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 527,317,928 539,651,761 Total $ 579,138,211 $ 591,472,044 Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 68,603 Amortization (689,841) Balance, June 30, 2021 $ 9,994,699 |
Leases
Leases | 3 Months Ended |
Jun. 30, 2021 | |
Leases | |
Leases | 9. Leases Time charter-in contracts liabilities Charter hire expenses for the VLGCs time chartered in were as follows: Three months ended June 30, 2021 June 30, 2020 Charter hire expenses $ 3,508,070 $ 4,715,598 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. During the three months ended June 30, 2021, we did not enter into any new office lease contracts. Operating lease rent expense related to our office leases was as follows: Three months ended June 30, 2021 June 30, 2020 Operating lease rent expense $ 151,676 $ 118,259 For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of June 30, 2021 is 18.9 months. Description Location on Balance Sheet June 30, 2021 Assets: Non-current Office leases Operating lease right-of-use assets $ 528,672 Time charter-in VLGCs Operating lease right-of-use assets $ 14,789,225 Liabilities: Current Office Leases Current portion of long-term operating leases $ 408,353 Time charter-in VLGCs Current portion of long-term operating leases $ 9,238,210 Long-term Office Leases Long-term operating leases $ 117,284 Time charter-in VLGCs Long-term operating leases $ 5,551,015 FY 2022 $ 10,071,773 FY 2023 5,740,411 Total undiscounted lease payments 15,812,184 Less: imputed interest (497,322) Carrying value of operating lease liabilities $ 15,314,862 |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Jun. 30, 2021 | |
Stock Repurchase Program | |
Stock Repurchase Program | 10. Stock Repurchase Program On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of our common shares through the period ended December 31, 2020 (the “Common Share Repurchase Program”). On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our Common Share Repurchase Program, which was set to expire on December 31, 2020. Following this Board action, we are now authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of June 30, 2021, our total purchases under this authority totaled 6.5 million of our common shares for an aggregate consideration of $74.9 million. Following the increase and extension of the program, we currently have $33.7 million of available share repurchase authority remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. We are not obligated to make any common share repurchases under the Common Share Repurchase Program. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jun. 30, 2021 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.6 million and $1.9 million for the three months ended June 30, 2021 and 2020, respectively. Unrecognized compensation cost was $1.4 million as of June 30, 2021 and will be recognized over a remaining weighted average life of 1.09 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021. A summary of the activity of restricted shares and units awarded under our equity incentive plan as of June 30, 2021 and changes during the three months ended June 30, 2021, is as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2021 358,171 $ 8.23 Vested (137,299) 8.26 Unvested as of June 30, 2021 220,872 $ 8.21 |
Revenues
Revenues | 3 Months Ended |
Jun. 30, 2021 | |
Revenues. | |
Revenues | 12. Revenues Revenues comprise the following: Three months ended June 30, 2021 June 30, 2020 Net pool revenues—related party $ 55,162,246 $ 66,929,421 Time charter revenues 5,346,139 5,086,004 Other revenues, net 2,442,353 1,149,899 Total revenues $ 62,950,738 $ 73,165,324 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021. Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 3 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 13. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, restricted cash, amounts due from related parties, investment securities, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, accrued liabilities, and derivative instruments. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 AR Facility. Refer to Note 19 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on our interest rate swap agreements related to the 2015 AR Facility. (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. In June 2021, our interest rate swap with the ABN AMRO Capital USA LLC was novated to Citibank N.A. with a decrease in the fixed rate from 1.4675% to 1.2370% . Additionally, we have previously taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including vessels operating in the Helios Pool, and to take advantage of fluctuations in spot market rates. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of June 30, 2021, but we have taken positions in FFAs in the past and we may do so again in the future. 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: June 30, 2021 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 776,168 $ — $ 1,100,529 June 30, 2021 March 31, 2021 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 $ — $ 3,345,497 $ — $ 3,454,862 The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2021 June 30, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ (137,538) Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 433,726 (358,268) Forward freight agreements—realized gain/(loss) Realized gain/(loss) on derivatives — (264,524) Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives (903,718) (541,705) Gain/(loss) on derivatives, net $ (469,992) $ (1,302,035) As of June 30, 2021 and March 31, 2021, 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 investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three months ended June 30, 2021 and 2020. (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 investment 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. 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, 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: June 30, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 40,083,333 $ 43,013,554 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 44,692,308 48,507,271 45,500,000 49,791,680 Corvette Japanese Financing 45,230,769 49,119,300 46,038,462 50,376,434 CMNL/CJNP Japanese Financing 16,364,435 17,900,628 16,706,845 18,792,993 CNML Japanese Financing $ 18,504,315 $ 20,264,256 $ 18,855,655 $ 21,195,305 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share ("EPS") | |
Earnings Per Share ("EPS") | 14. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended (In U.S. dollars except share data) June 30, 2021 June 30, 2020 Numerator: Net income $ 5,869,100 $ 12,168,005 Denominator: Basic weighted average number of common shares outstanding 40,944,845 50,554,233 Effect of dilutive restricted stock and restricted stock units 220,293 125,216 Diluted weighted average number of common shares outstanding 41,165,138 50,679,449 EPS: Basic $ 0.14 $ 0.24 Diluted $ 0.14 $ 0.24 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Commitments under Contracts for Scrubbers Purchases We had contractual commitments related to scrubbers to reduce sulfur emissions as of: June 30, 2021 Less than one year $ 1,331,210 Total $ 1,331,210 These amounts reflect remaining obligations for scrubbers already installed, as a portion of the commitment is only due subsequent to the commissioning of the scrubber. Commitments under Contracts for Ballast Water Management Systems Purchases We had contractual commitments to purchase ballast water management systems as of: June 30, 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: June 30, 2021 Less than one year $ 316,293 Total $ 316,293 Time Charter-in We had the following time charter-in commitments relating to VLGCs currently in our fleet: June 30, 2021 Less than one year $ 9,636,000 One to three years 5,621,000 Total $ 15,257,000 Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: June 30, 2021 Less than one year $ 17,320,000 One to three years 3,260,000 Total $ 20,580,000 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 accompanying unaudited interim condensed 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 currently have a contingent liability of $4.0 million included in accrued liabilities on our unaudited interim condensed consolidated balance sheets as of June 30, 2021. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Jun. 30, 2021 | |
Subsequent Event | |
Subsequent Event | 16. Subsequent Event Dividend Declaration On July 30, 2021, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock, returning over $40 million of capital to shareholders. The dividend is payable on or about September 8, 2021 to all shareholders of record as of the close of business on August 9, 2021. This is an irregular dividend. Future declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2021 | |
Significant Accounting Policies | |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of June 30, 2021, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CMNL LPG Transport LLC VLGC Captain Markos NL 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 and Other Non-vessel Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to note 15 below for further information. (4) The applicable vessel is expected to be delivered in 2023. |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 1,933,613 Transfer to vessel held for sale (74,561) Amortization (644,764) Balance, June 30, 2021 $ 11,372,490 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2021 $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 Other additions 4,978,922 — 4,978,922 Transfer to vessel held for sale (62,311,861) 23,410,912 (38,900,949) Depreciation — (16,476,527) (16,476,527) Balance, June 30, 2021 $ 1,705,324,891 $ (378,695,190) $ 1,326,629,701 |
Vessels Under Construction (Tab
Vessels Under Construction (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Vessels Under Construction. | |
Schedule of vessels under construction | Balance, April 1, 2021 $ — Installment payments 8,000,000 Other capitalized expenditures 57,066 Balance, June 30, 2021 $ 8,057,066 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Long-term Debt | |
Schedule of loans outstanding | June 30, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 155,055,698 $ 155,205,698 KEXIM Direct Financing 85,931,225 89,474,512 KEXIM Guaranteed 90,491,820 93,997,081 K-sure Insured 44,554,007 46,333,895 Total 2015 AR Facility $ 376,032,750 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 40,083,333 $ 40,895,833 Concorde Japanese Financing 44,692,308 45,500,000 Corvette Japanese Financing 45,230,769 46,038,462 CMNL/CJNP Japanese Financing 16,364,435 16,706,845 CNML Japanese Financing 18,504,315 18,855,655 Cresques Japanese Financing 48,225,000 49,080,000 Total Japanese Financings $ 213,100,160 $ 217,076,795 Total debt obligations $ 589,132,910 $ 602,087,981 Less: deferred financing fees 9,994,699 10,615,937 Debt obligations—net of deferred financing fees $ 579,138,211 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 51,820,283 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 527,317,928 539,651,761 Total $ 579,138,211 $ 591,472,044 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 68,603 Amortization (689,841) Balance, June 30, 2021 $ 9,994,699 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Leases | |
Schedule of time charter-in expenses | Three months ended June 30, 2021 June 30, 2020 Charter hire expenses $ 3,508,070 $ 4,715,598 |
Schedule of operating lease rent expense | Three months ended June 30, 2021 June 30, 2020 Operating lease rent expense $ 151,676 $ 118,259 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet June 30, 2021 Assets: Non-current Office leases Operating lease right-of-use assets $ 528,672 Time charter-in VLGCs Operating lease right-of-use assets $ 14,789,225 Liabilities: Current Office Leases Current portion of long-term operating leases $ 408,353 Time charter-in VLGCs Current portion of long-term operating leases $ 9,238,210 Long-term Office Leases Long-term operating leases $ 117,284 Time charter-in VLGCs Long-term operating leases $ 5,551,015 |
Schedule of maturities of operating lease liabilities | FY 2022 $ 10,071,773 FY 2023 5,740,411 Total undiscounted lease payments 15,812,184 Less: imputed interest (497,322) Carrying value of operating lease liabilities $ 15,314,862 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jun. 30, 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, 2021 358,171 $ 8.23 Vested (137,299) 8.26 Unvested as of June 30, 2021 220,872 $ 8.21 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Revenues. | |
Schedule of revenues | Three months ended June 30, 2021 June 30, 2020 Net pool revenues—related party $ 55,162,246 $ 66,929,421 Time charter revenues 5,346,139 5,086,004 Other revenues, net 2,442,353 1,149,899 Total revenues $ 62,950,738 $ 73,165,324 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | June 30, 2021 March 31, 2021 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ — $ 776,168 $ — $ 1,100,529 June 30, 2021 March 31, 2021 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 $ — $ 3,345,497 $ — $ 3,454,862 |
Schedule of effect of derivative instruments on the consolidated statement of operations | The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2021 June 30, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ (137,538) Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 433,726 (358,268) Forward freight agreements—realized gain/(loss) Realized gain/(loss) on derivatives — (264,524) Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives (903,718) (541,705) Gain/(loss) on derivatives, net $ (469,992) $ (1,302,035) |
Summary of carrying value and estimated fair value of Japanese Financings | June 30, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 40,083,333 $ 43,013,554 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 44,692,308 48,507,271 45,500,000 49,791,680 Corvette Japanese Financing 45,230,769 49,119,300 46,038,462 50,376,434 CMNL/CJNP Japanese Financing 16,364,435 17,900,628 16,706,845 18,792,993 CNML Japanese Financing $ 18,504,315 $ 20,264,256 $ 18,855,655 $ 21,195,305 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended (In U.S. dollars except share data) June 30, 2021 June 30, 2020 Numerator: Net income $ 5,869,100 $ 12,168,005 Denominator: Basic weighted average number of common shares outstanding 40,944,845 50,554,233 Effect of dilutive restricted stock and restricted stock units 220,293 125,216 Diluted weighted average number of common shares outstanding 41,165,138 50,679,449 EPS: Basic $ 0.14 $ 0.24 Diluted $ 0.14 $ 0.24 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2021 | |
Schedule of future minimum scrubber purchases commitments | June 30, 2021 Less than one year $ 1,331,210 Total $ 1,331,210 |
Schedule of commitments under contracts for BWMS Purchases | June 30, 2021 Less than one year $ 455,500 Total $ 455,500 |
Schedule of operating leases | FY 2022 $ 10,071,773 FY 2023 5,740,411 Total undiscounted lease payments 15,812,184 Less: imputed interest (497,322) Carrying value of operating lease liabilities $ 15,314,862 |
Schedule of future minimum time charter-in commitments | June 30, 2021 Less than one year $ 9,636,000 One to three years 5,621,000 Total $ 15,257,000 |
Schedule of future minimum fixed time charter contracts | June 30, 2021 Less than one year $ 17,320,000 One to three years 3,260,000 Total $ 20,580,000 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | June 30, 2021 Less than one year $ 316,293 Total $ 316,293 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 3 Months Ended |
Jun. 30, 2021USD ($)item | |
Basis of Presentation and General Information | |
Total number of vessels | 23 |
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 | 1 |
The number of vessels that have exhaust gas cleaning systems | 12 |
Scrubber contractual commitments | $ | $ 1,331,210 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Jun. 30, 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 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | Apr. 01, 2014item | Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | Jul. 26, 2013 |
Transactions with Related Parties | |||||
Due from related parties - current | $ 43,587,076 | $ 56,191,375 | |||
Due to related parties | $ 39,023 | 117,803 | |||
Number of time chartered-in VLGC | item | 1 | ||||
Manager | |||||
Transactions with Related Parties | |||||
Due from related parties - current | $ 1,000,000 | 1,000,000 | |||
Mr. John Hadjipateras | |||||
Transactions with Related Parties | |||||
Ownership interest (as a percent) | 100.00% | ||||
Helios LPG Pool LLC | |||||
Transactions with Related Parties | |||||
Due from related parties | 64,500,000 | 78,100,000 | |||
Due from related parties - current | $ 2,200,000 | 1,100,000 | |||
Due to related parties | 100,000 | ||||
Ownership interest (as a percent) | 50.00% | ||||
Number of members | item | 2 | ||||
Number of vessels that are operating under pooling agreement | item | 27 | ||||
Number of time chartered-in VLGC | item | 1 | ||||
Number of Company vessels that are operating under pooling agreement | item | 21 | ||||
Number of third party vessels that are operating under pooling agreement | item | 3 | ||||
Working capital contributed | $ 24,200,000 | $ 24,200,000 | |||
Helios LPG Pool LLC | Phoenix | |||||
Transactions with Related Parties | |||||
Number of third party vessels that are operating under pooling agreement | item | 3 | ||||
Other income-related party | Manager | Maximum | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | $ 100,000 | $ 100,000 | |||
Other income-related party | Helios LPG Pool LLC | |||||
Transactions with Related Parties | |||||
Related party income for chartering and operational services | 500,000 | 400,000 | |||
Other revenues, net | |||||
Transactions with Related Parties | |||||
Fixed reimbursement of expense from Helios | $ 600,000 | $ 1,100,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period - drydocking costs | $ 10,158,202 |
Additions - drydocking costs | 1,933,613 |
Transfer to vessel held for sale | (74,561) |
Amortization - drydocking costs | (644,764) |
Balance at the end of the period - drydocking costs | $ 11,372,490 |
Vessel Held For Sale (Details)
Vessel Held For Sale (Details) | 3 Months Ended |
Jun. 30, 2021USD ($) | |
Vessel Held For Sale | |
Gain loss on vessel held for sale | $ 0 |
Vessel held for sale | $ 38,975,510 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2021 | |
Vessels, Net | ||
Vessels, net | $ 1,326,629,701 | $ 1,377,028,255 |
Accumulated depreciation | ||
Transfer to vessel held for sale | (38,900,949) | |
Vessels | ||
Cost | ||
Balance at the beginning of the period | 1,762,657,830 | |
Other additions | 4,978,922 | |
Transfers to vessel held for sale | (62,311,861) | |
Balance at the end of the period | 1,705,324,891 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (385,629,575) | |
Impairment | 0 | |
Transfer to vessel held for sale | 23,410,912 | |
Depreciation | (16,476,527) | |
Balance at the end of the period | (378,695,190) | |
Mortgaged VLGC vessels, carrying value | $ 1,326,600,000 | $ 1,337,400,000 |
Vessels Under Construction (Det
Vessels Under Construction (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Mar. 31, 2021 | |
Vessels under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Balance | $ 8,057,066 | |
Vessels under commitment | ||
Vessels under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Installment payments | $ 8,000,000 | |
Other capitalized expenditures | 57,066 | |
Balance | $ 8,057,066 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 3 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2015 | |
Debt obligations | ||||
Total debt obligations | $ 589,132,910 | $ 602,087,981 | ||
Less: deferred financing fees | 9,994,699 | 10,615,937 | ||
Total | 579,138,211 | 591,472,044 | ||
Presented as follows: | ||||
Current portion of long-term debt | 51,820,283 | 51,820,283 | ||
Long-term debt-net of current portion and deferred financing fees | 527,317,928 | 539,651,761 | ||
Total | 579,138,211 | 591,472,044 | ||
Deferred financing fees | ||||
Deferred finance fees, beginning | 10,615,937 | |||
Additions | 68,603 | |||
Amortization | (689,841) | $ (2,394,510) | ||
Deferred finance fees, end | 9,994,699 | |||
2015 Facility | ||||
Long-Term Debt | ||||
Original loan amount | $ 758,000,000 | |||
Debt obligations | ||||
Total debt obligations | 376,032,750 | 385,011,186 | ||
Commercial Financing | ||||
Debt obligations | ||||
Total debt obligations | 155,055,698 | 155,205,698 | ||
KEXIM Direct Financing | ||||
Debt obligations | ||||
Total debt obligations | 85,931,225 | 89,474,512 | ||
KEXIM Guaranteed | ||||
Debt obligations | ||||
Total debt obligations | 90,491,820 | 93,997,081 | ||
K-sure Insured | ||||
Debt obligations | ||||
Total debt obligations | 44,554,007 | 46,333,895 | ||
Japanese Financings | ||||
Debt obligations | ||||
Total debt obligations | 213,100,160 | 217,076,795 | ||
Corsair Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | 40,083,333 | 40,895,833 | ||
Concorde Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | 44,692,308 | 45,500,000 | ||
Corvette Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | 45,230,769 | 46,038,462 | ||
CMNL Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | 16,364,435 | 16,706,845 | ||
CNML Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | 18,504,315 | 18,855,655 | ||
Cresques Japanese Financing | ||||
Debt obligations | ||||
Total debt obligations | $ 48,225,000 | $ 49,080,000 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 3 Months Ended | ||
Jun. 30, 2021USD ($)item | Jun. 30, 2020USD ($) | Mar. 31, 2021USD ($) | |
Leases | |||
Number of option period for time charter | item | 0 | ||
Operating lease liabilities - Time Charter in VLGCs | $ 14,800,000 | ||
Operating Lease, Expense | $ 151,676 | $ 118,259 | |
Weighted average discount rate (as a percent) | 3.88% | ||
Weighted average remaining lease term | 18 months 27 days | ||
Operating lease right-of-use assets - Office Leases | $ 528,672 | ||
Operating lease right-of-use assets - Time Charter in VLGCs | 14,789,225 | ||
Operating lease liabilities current - Office Leases | 408,353 | ||
Operating lease liabilities current - Time Charter in VLGCs | 9,238,210 | ||
Operating lease liabilities non-current - Office Leases | 117,284 | ||
Operating lease liabilities non-current - Time Charter in VLGCs | 5,551,015 | ||
Operating lease right-of-use assets | 15,317,897 | $ 17,672,227 | |
Operating lease liability | 15,314,862 | ||
Charter hire expense | |||
Leases | |||
Operating lease income | $ 4,100,000 | $ 6,900,000 | |
Minimum | |||
Leases | |||
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 ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Time Charter-in | ||
Charter hire expenses | $ 3,508,070 | $ 4,715,598 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating Leases | ||
Operating lease rent expense | $ 151,676 | $ 118,259 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Jun. 30, 2021USD ($) |
Leases | |
Remainder FY 2022 | $ 10,071,773 |
FY 2023 | 5,740,411 |
Total undiscounted lease payments | 15,812,184 |
Less: imputed interest | (497,322) |
Carrying value of operating lease liabilities | $ 15,314,862 |
Stock Repurchase Program (Detai
Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions | 23 Months Ended | |||
Jun. 30, 2021 | Dec. 29, 2020 | Feb. 03, 2020 | Aug. 05, 2019 | |
Stock repurchases | ||||
Common stock repurchase authorized amount | $ 50 | $ 50 | $ 50 | |
Treasury stock shares acquired (in shares) | 6.5 | |||
Treasury stock value acquired to date | $ 74.9 | |||
Remaining available authorization | $ 33.7 | $ 41.4 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Stock-Based Compensation Plans | ||
Unrecognized compensation cost | $ 1.4 | |
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 1 month 2 days | |
General and administrative expenses | ||
Stock-Based Compensation Plans | ||
Stock-based compensation expense | $ 0.6 | $ 1.9 |
Restricted stock awards | ||
Number of Shares | ||
Unvested at the beginning of the period (in shares) | 358,171 | |
Vested (in shares) | (137,299) | |
Unvested at the end of the period (in shares) | 220,872 | |
Weighted-Average Grant-Date Fair Value | ||
Unvested at the beginning of the period (in dollars per share) | $ 8.23 | |
Vested (in dollars per share) | 8.26 | |
Unvested at the end of the period (in dollars per share) | $ 8.21 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Revenues | $ 62,950,738 | $ 73,165,324 |
Net pool revenues - related party | ||
Revenues | 55,162,246 | 66,929,421 |
Time charter revenues | ||
Revenues | 5,346,139 | 5,086,004 |
Other revenues, net | ||
Revenues | $ 2,442,353 | $ 1,149,899 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Mar. 31, 2021 | |
Derivative Instruments | |||
Change in fair value | $ 433,726 | $ (495,806) | |
Realized loss on derivatives | (903,718) | (806,229) | |
Derivatives not designated as hedging instruments | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | $ (469,992) | (1,302,035) | |
Interest rate swap | |||
Derivative Instruments | |||
Derivative fixed interest rate (as a percent) | 1.237% | 1.4675% | |
Interest rate swap | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | $ 433,726 | (358,268) | |
Interest rate swap | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized loss on derivatives | (903,718) | (541,705) | |
Interest rate swap | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 776,168 | $ 1,100,529 | |
Interest rate swap | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments | |||
Derivative Instruments | |||
Derivative Liabilities | 3,345,497 | $ 3,454,862 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | (137,538) | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized loss on derivatives | $ (264,524) | ||
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 |
Fair value | ||
Carrying Value | $ 579,138,211 | $ 591,472,044 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 40,083,333 | 40,895,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 43,013,554 | 44,298,064 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 44,692,308 | 45,500,000 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 48,507,271 | 49,791,680 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 45,230,769 | 46,038,462 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 49,119,300 | 50,376,434 |
CMNL Japanese Financing | ||
Fair value | ||
Carrying Value | 16,364,435 | 16,706,845 |
CMNL Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 17,900,628 | 18,792,993 |
CNML Japanese Financing | ||
Fair value | ||
Carrying Value | 18,504,315 | 18,855,655 |
CNML Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 20,264,256 | $ 21,195,305 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator: | ||
Net income | $ 5,869,100 | $ 12,168,005 |
Denominator: | ||
Basic weighted average number of common shares outstanding (in shares) | 40,944,845 | 50,554,233 |
Effect of dilutive restricted stock and restricted stock units (in shares) | 220,293 | 125,216 |
Diluted weighted average number of common shares outstanding (in shares) | 41,165,138 | 50,679,449 |
EPS: | ||
Earnings per common share - basic (in dollars per share) | $ 0.14 | $ 0.24 |
Earnings per common share - diluted (in dollars per share) | $ 0.14 | $ 0.24 |
Restricted stock awards | ||
EPS: | ||
Number of shares excluded from the calculation of diluted EPS | 0 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Mar. 31, 2023 | Mar. 31, 2021 | |
Commitments under Contracts for Scrubber Purchases | |||
Less than one year | $ 1,331,210 | ||
Total | 1,331,210 | ||
Commitments under Contracts for BWMS Purchases | |||
Less than one year | 455,500 | ||
Total | 455,500 | ||
Commitments under Operating Leases | |||
Less than one year | 5,740,411 | ||
Total undiscounted lease payments | 15,812,184 | ||
Time Charter-in commitments | |||
Less than one year | 9,636,000 | ||
One to three years | 5,621,000 | ||
Total | 15,257,000 | ||
Fixed Time Charter Commitments | |||
Less than one year | 17,320,000 | ||
One to three years | 3,260,000 | ||
Total | 20,580,000 | ||
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 | ||
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement | $ 17,000,000 | ||
Amount of contractual obligation paid for Shipbuilding Contract and Bareboat Charter Agreement | 8,000,000 | ||
Other | |||
Contingency expense | 4,000,000 | ||
United States, Greece, United Kingdom, And Denmark | |||
Commitments under Operating Leases | |||
Less than one year | 316,293 | ||
Total undiscounted lease payments | $ 316,293 | ||
Forecast | |||
Commitments under Bareboat Charter Header Agreement | |||
Amount of contractual obligation paid for Shipbuilding Contract and Bareboat Charter Agreement | $ 9,000,000 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent events $ / shares in Units, $ in Millions | Jul. 30, 2021USD ($)$ / shares |
Subsequent Event | |
Dividends declared (in dollars per share) | $ / shares | $ 1 |
Dividends declared | $ | $ 40 |