Dorian LPG (LPG) 10-Q3 Feb 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Dec. 31, 2021	Jan. 31, 2022
Cover Abstract
Entity Registrant Name	DORIAN LPG LTD.
Entity Central Index Key	0001596993
Document Type	10-Q
Document Period End Date	Dec. 31, 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		40,138,956
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 115,807,905	$ 79,330,007
Restricted cash - current		5,315,951
Trade receivables, net and accrued revenues		202,221
Due from related parties	47,487,533	56,191,375
Inventories	2,361,139	2,007,464
Vessel held for sale	43,417,348
Prepaid expenses and other current assets	8,384,018	10,296,229
Total current assets	217,457,943	153,343,247
Fixed assets
Vessels, net	1,252,405,737	1,377,028,255
Vessels under construction	16,167,470
Other fixed assets, net	84,799	148,836
Total fixed assets	1,268,658,006	1,377,177,091
Other non-current assets
Deferred charges, net	10,537,511	10,158,202
Due from related parties-non-current	20,900,000	23,100,000
Restricted cash - non-current	78,946	81,241
Operating lease right-of-use assets	10,517,796	17,672,227
Other non-current assets	94,580	82,837
Total assets	1,528,244,782	1,581,614,845
Current liabilities
Trade accounts payable	9,271,885	9,831,328
Accrued expenses	3,906,423	8,765,264
Due to related parties	360,682	117,803
Deferred income	1,628,133	853,983
Derivative instruments	205,869	1,100,529
Current portion of long-term operating lease liabilities	9,704,781	9,591,447
Current portion of long-term debt	69,530,028	51,820,283
Dividends payable	247,090
Total current liabilities	94,854,891	82,080,637
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	506,737,795	539,651,761
Long-term operating lease liabilities	802,793	8,080,995
Derivative instruments	144,057	3,454,862
Other long-term liabilities	1,514,183	1,521,260
Total long-term liabilities	509,198,828	552,708,878
Total liabilities	604,053,719	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, 51,275,609 and 51,071,409 shares issued, 40,138,956 and 41,493,275 shares outstanding (net of treasury stock), as of December 31, 2021 and March 31, 2021, respectively	512,757	510,715
Additional paid-in-capital	759,390,376	756,776,217
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of December 31, 2021 and March 31, 2021, respectively	(121,226,936)	(99,862,114)
Retained earnings	285,514,866	289,400,512
Total shareholders' equity	924,191,063	946,825,330
Total liabilities and shareholders' equity	$ 1,528,244,782	$ 1,581,614,845

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	51,275,609	51,071,409
Common stock, shares outstanding (net of treasury stock)	40,138,956	41,493,275
Treasury stock, shares at cost	11,136,653	9,578,134

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
Condensed Consolidated Statements of Operations - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues.
Revenues	$ 68,599,782	$ 88,479,024	$ 194,637,378	$ 216,354,625
Expenses
Voyage expenses	779,746	752,404	3,200,751	2,426,518
Charter hire expenses	4,917,012	4,392,132	10,829,050	13,626,580
Vessel operating expenses	18,205,762	19,202,291	56,916,054	58,027,558
Depreciation and amortization	16,859,224	17,253,447	50,771,237	51,346,574
General and administrative expenses	5,867,454	5,548,526	23,257,989	22,764,312
Total expenses	46,629,198	47,148,800	144,975,081	148,191,542
Gain on disposal of vessel			3,466,210
Other income-related parties	580,388	545,311	1,793,663	1,646,014
Operating income	22,550,972	41,875,535	54,922,170	69,809,097
Other income/(expenses)
Interest and finance costs	(7,412,231)	(6,087,193)	(18,619,712)	(21,839,573)
Interest income	53,792	53,197	279,195	269,381
Unrealized gain on derivatives	3,056,741	479,534	4,205,465	3,952,414
Realized loss on derivatives	(895,782)	(760,991)	(2,714,337)	(3,696,915)
Other gain/(loss), net	(772,607)	265,182	(1,520,993)	36,815
Total other income/(expenses), net	(5,970,087)	(6,050,271)	(18,370,382)	(21,277,878)
Net income	$ 16,580,885	$ 35,825,264	$ 36,551,788	$ 48,531,219
Weighted average shares outstanding Basic (in shares)	39,890,674	50,255,908	40,305,902	50,511,473
Weighted average shares outstanding Diluted (in shares)	40,025,399	50,368,392	40,460,665	50,605,985
Earnings per common share - basic (in dollars per share)	$ 0.42	$ 0.71	$ 0.91	$ 0.96
Earnings per common share - diluted (in dollars per share)	$ 0.41	$ 0.71	$ 0.90	$ 0.96
Net pool revenues - related party
Revenues.
Revenues	$ 62,856,243	$ 82,659,967	$ 174,739,894	$ 199,312,944
Time charter revenues
Revenues.
Revenues	5,301,134	4,665,664	15,915,876	13,928,732
Other revenue, net
Revenues.
Revenues	$ 442,405	$ 1,153,393	$ 3,981,608	$ 3,112,949

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders Equity - USD ($)	Common stock	Treasury stock	Additional paid-in capital	Retained earnings/(Accumulated deficit)	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, 2020	$ 590,833	(87,183,865)	866,809,371	196,835,859	977,052,198
Balance (in shares) at Mar. 31, 2020	59,083,290
Increase (Decrease) in Shareholders' Equity
Net income for the period					48,531,219
Balance at Dec. 31, 2020	$ 594,651	(99,862,114)	869,673,244	245,367,078	1,015,772,859
Balance (in shares) at Dec. 31, 2020	59,465,124
Balance at Jun. 30, 2020	$ 594,349	(88,382,079)	868,736,757	209,003,864	989,952,891
Balance (in shares) at Jun. 30, 2020	59,434,919
Increase (Decrease) in Shareholders' Equity
Net income for the period				537,950	537,950
Restricted share award issuances	$ 151		(151)
Restricted share award issuances (in shares)	15,100
Stock-based compensation			406,721		406,721
Purchase of treasury stock		(1,306,388)			(1,306,388)
Balance at Sep. 30, 2020	$ 594,500	(89,688,467)	869,143,327	209,541,814	989,591,174
Balance (in shares) at Sep. 30, 2020	59,450,019
Increase (Decrease) in Shareholders' Equity
Net income for the period				35,825,264	35,825,264
Restricted share award issuances	$ 151		(151)
Restricted share award issuances (in shares)	15,105
Stock-based compensation			530,068		530,068
Purchase of treasury stock		(10,173,647)			(10,173,647)
Balance at Dec. 31, 2020	$ 594,651	(99,862,114)	869,673,244	245,367,078	1,015,772,859
Balance (in shares) at Dec. 31, 2020	59,465,124
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
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					36,551,788
Balance at Dec. 31, 2021	$ 512,757	(121,226,936)	759,390,376	285,514,866	924,191,063
Balance (in shares) at Dec. 31, 2021	51,275,609
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
Increase (Decrease) in Shareholders' Equity
Net income for the period				14,101,803	14,101,803
Restricted share award issuances	$ 1,884		(1,884)
Restricted share award issuances (in shares)	188,400
Dividend				(40,437,434)	(40,437,434)
Stock-based compensation			1,290,254		1,290,254
Purchase of treasury stock		(6,553,707)			(6,553,707)
Balance at Sep. 30, 2021	$ 512,757	(121,209,001)	758,711,553	268,933,981	906,949,290
Balance (in shares) at Sep. 30, 2021	51,275,609
Increase (Decrease) in Shareholders' Equity
Net income for the period				16,580,885	16,580,885
Stock-based compensation			678,823		678,823
Purchase of treasury stock		(17,935)			(17,935)
Balance at Dec. 31, 2021	$ 512,757	$ (121,226,936)	$ 759,390,376	$ 285,514,866	$ 924,191,063
Balance (in shares) at Dec. 31, 2021	51,275,609

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
Condensed Consolidated Statements of Cash Flows - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities:
Net income	$ 36,551,788	$ 48,531,219
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	50,771,237	51,346,574
Amortization of operating lease right-of-use assets	7,148,483	6,876,606
Amortization of financing costs	3,232,626	4,005,265
Unrealized gain on derivatives	(4,205,465)	(3,952,414)
Stock-based compensation expense	2,616,201	2,867,691
Gain on disposal of vessel	(3,466,210)
Unrealized foreign currency (gain)/loss, net	205,279	(236,303)
Other non-cash items, net	1,342,894	(411,380)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue	202,221	820,414
Prepaid expenses and other current assets	(960,151)	(1,755,118)
Due from related parties	10,148,374	(9,152,171)
Inventories	(408,693)	(134,090)
Other non-current assets	(11,743)	1,471,650
Operating lease liabilities-current and long-term	(7,158,734)	(6,877,479)
Trade accounts payable	(352,460)	(37,288)
Accrued expenses and other liabilities	(3,998,726)	(863,951)
Due to related parties	242,879	(183,387)
Payments for drydocking costs	(3,128,235)	(4,720,105)
Net cash provided by operating activities	88,771,565	87,595,733
Cash flows from investing activities:
Payments for vessels under construction and vessel capital expenditures	(22,225,882)	(9,301,455)
Purchases of investment securities	(2,250,681)	(488,231)
Proceeds from sale of investment securities	3,742,429
Proceeds from maturity of short-term investments		15,000,000
Proceeds from disposal of vessel	43,283,021
Payments to acquire other fixed assets		(11,566)
Net cash provided by investing activities	22,548,887	5,198,748
Cash flows from financing activities:
Proceeds from long-term debt borrowings	83,400,000	55,378,172
Repayment of long-term debt borrowings	(100,526,209)	(86,463,325)
Repurchase of common stock	(21,346,885)	(11,659,822)
Financing costs paid	(1,357,545)	(3,997,015)
Dividend paid	(40,210,344)
Net cash used in financing activities	(80,040,983)	(46,741,990)
Effects of exchange rates on cash and cash equivalents	(119,817)	237,011
Net increase in cash, cash equivalents, and restricted cash	31,159,652	46,289,502
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	$ 115,886,851	$ 133,678,629

Basis of Presentation and Gener

Basis of Presentation and General Information	9 Months Ended
Basis of Presentation and General Information	Dec. 31, 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 December 31, 2021, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), two 82,000 cbm VLGCs and two time chartered-in ECO-VLGCs. As of December 31, 2021, thirteen of our ECO-VLGCs, including one of our time chartered-in 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 December 31, 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) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML 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 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 CMNL LPG Transport 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 16 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. COVID-19 against COVID-19 and its variants, and other governmental responses. Any new uncertainties regarding the economic impact of the COVID-19 pandemic may likely to result in market turmoil, which could also negatively impact our business, financial condition and cash flows. Over the course of the pandemic, governments approved 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 continue to sustain the business and financial condition of companies in the shipping industry. We have experienced increases in crew wages and related costs, particularly in crew travel and medical costs, as a result of COVID-19.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Dec. 31, 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). 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	9 Months Ended
Transactions with Related Parties	Dec. 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 less than $0.1 million for both the three months ended December 31, 2021 and 2020 and $0.1 million for both the nine months ended December 31, 2021 and 2020. As of December 31, 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 December 31, 2021, the Helios Pool operated twenty-four VLGCs, including twenty-one vessels from our fleet (including two vessels time chartered-in from related parties) and three Phoenix vessels. As of December 31, 2021, we had net receivables from the Helios Pool of $67.0 million (net of an amount due to Helios Pool of $0.3 million which is reflected under “Due to related Parties”), including $23.1 million of working capital contributed for the operation of our vessels in the pool (of which $2.2 million was 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 December 31, 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. Dorian LPG (DK) ApS has assumed the responsibilities of Dorian LPG (UK) Ltd. under these commercial management agreements with the consolidation of our Copenhagen, Denmark and London, United Kingdom offices. Fees for commercial management services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million for both the three months ended December 31, 2021, and 2020, and $1.6 million and $1.5 million for the nine months ended December 31, 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 $0.4 million and $0.9 million for the three months ended December 31, 2021, and 2020, respectively, and $1.9 million and $2.9 million for the nine months ended December 31, 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 nine months ended December 31, 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 13.

Deferred Charges, Net

Deferred Charges, Net	9 Months Ended
Deferred Charges, Net	Dec. 31, 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 2,876,379 Disposals (74,561) Transfer to vessel held for sale (224,291) Amortization (2,198,218) Balance, December 31, 2021 $ 10,537,511

Vessels, Net

Vessels, Net	9 Months Ended
Vessels, Net	Dec. 31, 2021
Vessels, Net
Vessels, Net	5. 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 5,980,471 — 5,980,471 Transfer to vessel held for sale (68,845,783) 25,652,725 (43,193,058) Disposals (62,311,861) 23,410,912 (38,900,949) Depreciation — (48,508,982) (48,508,982) Balance, December 31, 2021 $ 1,637,480,657 $ (385,074,920) $ 1,252,405,737 Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2021. Our vessels, with a total carrying value of $1,212.3 million and $1,337.4 million as of December 31, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP Captain Markos NL In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL and recognized a gain of $3.5 million during the nine months ended December 31, 2021.

Vessel Held For Sale

Vessel Held For Sale	9 Months Ended
Vessel Held For Sale	Dec. 31, 2021
Vessel Held For Sale
Vessel Held For Sale	6. Vessel Held For Sale Captain Nicholas ML Captain Nicholas ML

Vessels Under Construction

Vessels Under Construction	9 Months Ended
Vessels Under Construction	Dec. 31, 2021
Vessels Under Construction.
Vessels Under Construction	7. Vessel Under Construction Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 102,904 Capitalized interest 64,566 Balance, December 31, 2021 $ 16,167,470

Long-term Debt

Long-term Debt	9 Months Ended
Long-term Debt	Dec. 31, 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. On December 29, 2021, we prepaid $47.2 million of the 2015 AR Facility’s then outstanding principal related to the Commander Constellation We were in compliance with all financial covenants as of December 31, 2021. BALCAP Facility Constellation Commander Constellation Commander The corporate financial covenants related to the BALCAP Facility are identical to those in the 2015 AR Facility. We were in compliance with all financial covenants as of December 31, 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, 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, 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, Captain John NP 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, Captain Nicholas ML 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, Cresques Debt Obligations The table below presents our debt obligations: December 31, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 134,396,466 $ 155,205,698 KEXIM Direct Financing 68,911,186 89,474,512 KEXIM Guaranteed 72,958,655 93,997,081 K-sure Insured 35,828,187 46,333,895 Total 2015 AR Facility $ 312,094,494 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 38,458,334 $ 40,895,833 Concorde Japanese Financing 43,076,923 45,500,000 Corvette Japanese Financing 43,615,385 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing 17,801,637 18,855,655 Cresques Japanese Financing 46,515,000 49,080,000 Total Japanese Financings $ 189,467,279 $ 217,076,795 BALCAP Facility $ 83,400,000 $ — Total debt obligations $ 584,961,773 $ 602,087,981 Less: deferred financing fees 8,693,950 10,615,937 Debt obligations—net of deferred financing fees $ 576,267,823 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 69,530,028 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 506,737,795 539,651,761 Total $ 576,267,823 $ 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 1,310,639 Amortization (3,232,626) Balance, December 31, 2021 $ 8,693,950

Leases

Leases	9 Months Ended
Leases	Dec. 31, 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 Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Charter hire expenses $ 4,917,012 $ 4,392,132 $ 10,829,050 $ 13,626,580 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. During the nine months ended December 31, 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 Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Operating lease rent expense $ 148,384 $ 139,568 $ 464,394 $ 401,435 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 December 31, 2021 is 12.9 months. Description Location on Balance Sheet December 31, 2021 Assets: Office leases Operating lease right-of-use assets $ 303,810 Time charter-in VLGCs Operating lease right-of-use assets $ 10,213,986 Liabilities: Current Office Leases Current portion of long-term operating leases $ 291,241 Time charter-in VLGCs Current portion of long-term operating leases $ 9,413,540 Long-term Office Leases Long-term operating leases $ 2,347 Time charter-in VLGCs Long-term operating leases $ 800,446 Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574

Dividends

Dividends	9 Months Ended
Dividends	Dec. 31, 2021
Dividends.
Dividends	10. Dividends 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 to all shareholders of record as of the close of business on August 9, 2021, totaling $40.4 million. We paid $40.2 million on September 8, 2021 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. This was an irregular dividend. All 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.

Stock Repurchase Authority

Stock Repurchase Authority	9 Months Ended
Stock Repurchase Authority	Dec. 31, 2021
Stock Repurchase Authority
Stock Repurchase Authority	11. Stock Repurchase Authority 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 “2019 Common Share Repurchase Authority”). On February 3, 2020, our Board of Directors authorized an increase to our 2019 Common Share Repurchase Authority 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 2019 Common Share Repurchase Authority, which was set to expire on December 31, 2020. Following this Board action, we were authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of December 31, 2021, our total purchases under this authority totaled 7.0 million of our common shares for an aggregate consideration of $81.0 million. Our 2019 Common Share Repurchase Authority expired on December 31, 2021. Under this authorization, when in force, purchases were 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.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
Stock-Based Compensation Plans	Dec. 31, 2021
Stock-Based Compensation Plans
Stock-Based Compensation Plans	12. 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 $0.7 million and $0.5 million for the three months ended December 31, 2021 and 2020, respectively, and $2.6 million and $2.9 million for the nine months ended December 31, 2021 and 2020 respectively. Unrecognized compensation cost was $2.2 million as of December 31, 2021 and will be recognized over a remaining weighted average life of 2.02 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. In August 2021, we granted an aggregate of 180,900 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date and 36,700 restricted stock units to certain of our officers and employees vesting ratably on the first, second, and third anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. 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. A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2021 and changes during the nine months ended December 31, 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 Granted 217,600 13.10 Vested (242,581) 9.40 Forfeited (4,100) 10.24 Unvested as of December 31, 2021 329,090 $ 10.56

Revenues

Revenues	9 Months Ended
Revenues	Dec. 31, 2021
Revenues.
Revenues	13. Revenues Revenues comprise the following: Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net pool revenues—related party $ 62,856,243 $ 82,659,967 $ 174,739,894 $ 199,312,944 Time charter revenues 5,301,134 4,665,664 15,915,876 13,928,732 Other revenues, net 442,405 1,153,393 3,981,608 3,112,949 Total revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625 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	9 Months Ended
Financial Instruments and Fair Value Disclosures	Dec. 31, 2021
Financial Instruments and Fair Value Disclosures
Financial Instruments and Fair Value Disclosures	14. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, 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, and cash and cash equivalents. 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 forward freight 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. Settlements of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 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: December 31, 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 $ — $ 205,869 $ — $ 1,100,529 December 31, 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 $ — $ 144,057 $ — $ 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 December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 136,632 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 3,056,741 342,902 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — 153,919 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (895,782) (914,910) Gain/(loss) on derivatives, net $ 2,160,959 $ (281,457) Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,205,465 1,346,972 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) Interest rate swaps—realized gain/(loss) Realized loss on derivatives (2,714,337) (2,908,245) Gain/(loss) on derivatives, net $ 1,491,128 $ 255,499 As of December 31, 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 and nine months ended December 31, 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. 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: Three months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,179,297) $ 358,678 Less: Realized gain/(loss) on investment securities (305) — Net gain/(loss) on investment securities $ (1,179,602) $ 358,678 Nine months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,710,348) $ 395,931 Less: Realized gain/(loss) on investment securities 447,255 — Net gain/(loss) on investment securities $ (1,263,093) $ 395,931 We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying values approximate their fair values 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”) and the BALCAP Facility that incur interest at a fixed-rate with amortizing principal amounts. The Japanese Financings and the BALCAP Facility are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of the Japanese Financings as of: December 31, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 38,458,334 $ 40,345,097 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 43,076,923 45,501,855 45,500,000 49,791,680 Corvette Japanese Financing 43,615,385 46,096,511 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing 17,801,637 18,917,200 18,855,655 21,195,305 BALCAP Facility $ 83,400,000 $ 83,400,000 $ — $ —

Earnings Per Share (EPS)

Earnings Per Share (EPS)	9 Months Ended
Earnings Per Share (EPS)	Dec. 31, 2021
Earnings Per Share ("EPS")
Earnings Per Share ("EPS")	15. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Numerator: Net income $ 16,580,885 $ 35,825,264 $ 36,551,788 $ 48,531,219 Denominator: Basic weighted average number of common shares outstanding 39,890,674 50,255,908 40,305,902 50,511,473 Effect of dilutive restricted stock and restricted stock units 134,725 112,484 154,763 94,512 Diluted weighted average number of common shares outstanding 40,025,399 50,368,392 40,460,665 50,605,985 EPS: Basic $ 0.42 $ 0.71 $ 0.91 $ 0.96 Diluted $ 0.41 $ 0.71 $ 0.90 $ 0.96

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
Commitments and Contingencies	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	16. Commitments and Contingencies Commitments under Contracts for Ballast Water Management Systems Purchases We had contractual commitments to purchase ballast water management systems as of: December 31, 2021 Less than one year $ 405,030 Total $ 405,030 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: December 31, 2021 Less than one year $ 217,385 Total $ 217,385 Time Charter-in During the nine months ended December 31, 2021, we time chartered-in three newbuilding dual-fuel Panamax LPG vessels with purchase options that are scheduled to be delivered in the second and third calendar quarters of 2023 for a period of seven years each and also time chartered-in a VLGC for one year that was delivered to us in October 2021. We had the following time charter-in commitments relating to VLGCs: December 31, 2021 Less than one year $ 18,119,893 One to three years 61,293,000 Three to five years 64,080,000 Thereafter 99,710,000 Total $ 243,202,893 Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: December 31, 2021 Less than one year $ 19,608,078 One to three years 2,150,000 Total $ 21,758,078 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 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 claim was settled for $4.0 million during the three months ended December 31, 2021.

Subsequent Events

Subsequent Events	9 Months Ended
Subsequent Events	Dec. 31, 2021
Subsequent Events.
Subsequent Events	17. Subsequent Events This was an irregular dividend. All 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. On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under the authorization, when in force, 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. No repurchases have been made under the 2022 Common Share Repurchase Authority to date. We are not obligated to make any common share repurchases.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Dec. 31, 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)	9 Months Ended
Basis of Presentation and General Information (Tables)	Dec. 31, 2021
Basis of Presentation and General Information
Schedule of wholly-owned subsidiaries	Our subsidiaries as of December 31, 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) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 CNML LPG Transport LLC VLGC Captain Nicholas ML 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 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 CMNL LPG Transport 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 16 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023.

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	9 Months Ended
Deferred Charges, Net (Tables)	Dec. 31, 2021
Deferred Charges, Net.
Schedule of movement of deferred charges	Drydocking costs Balance, April 1, 2021 $ 10,158,202 Additions 2,876,379 Disposals (74,561) Transfer to vessel held for sale (224,291) Amortization (2,198,218) Balance, December 31, 2021 $ 10,537,511

Vessels, Net (Tables)

Vessels, Net (Tables)	9 Months Ended
Vessels, Net (Tables)	Dec. 31, 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 5,980,471 — 5,980,471 Transfer to vessel held for sale (68,845,783) 25,652,725 (43,193,058) Disposals (62,311,861) 23,410,912 (38,900,949) Depreciation — (48,508,982) (48,508,982) Balance, December 31, 2021 $ 1,637,480,657 $ (385,074,920) $ 1,252,405,737

Vessels Under Construction (Tab

Vessels Under Construction (Tables)	9 Months Ended
Vessels Under Construction (Tables)	Dec. 31, 2021
Vessels Under Construction.
Schedule of vessels under construction	Balance, April 1, 2021 $ — Installment payments 16,000,000 Other capitalized expenditures 102,904 Capitalized interest 64,566 Balance, December 31, 2021 $ 16,167,470

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
Long-term Debt (Tables)	Dec. 31, 2021
Long-term Debt
Schedule of loans outstanding	December 31, 2021 March 31, 2021 2015 AR Facility Commercial Financing $ 134,396,466 $ 155,205,698 KEXIM Direct Financing 68,911,186 89,474,512 KEXIM Guaranteed 72,958,655 93,997,081 K-sure Insured 35,828,187 46,333,895 Total 2015 AR Facility $ 312,094,494 $ 385,011,186 Japanese Financings Corsair Japanese Financing $ 38,458,334 $ 40,895,833 Concorde Japanese Financing 43,076,923 45,500,000 Corvette Japanese Financing 43,615,385 46,038,462 CMNL/CJNP Japanese Financing — 16,706,845 CNML Japanese Financing 17,801,637 18,855,655 Cresques Japanese Financing 46,515,000 49,080,000 Total Japanese Financings $ 189,467,279 $ 217,076,795 BALCAP Facility $ 83,400,000 $ — Total debt obligations $ 584,961,773 $ 602,087,981 Less: deferred financing fees 8,693,950 10,615,937 Debt obligations—net of deferred financing fees $ 576,267,823 $ 591,472,044 Presented as follows: Current portion of long-term debt $ 69,530,028 $ 51,820,283 Long-term debt—net of current portion and deferred financing fees 506,737,795 539,651,761 Total $ 576,267,823 $ 591,472,044
Schedule of deferred financing fees	Financing costs Balance, April 1, 2021 $ 10,615,937 Additions 1,310,639 Amortization (3,232,626) Balance, December 31, 2021 $ 8,693,950

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Dec. 31, 2021
Leases
Schedule of time charter-in expenses	Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Charter hire expenses $ 4,917,012 $ 4,392,132 $ 10,829,050 $ 13,626,580
Schedule of operating lease rent expense	Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Operating lease rent expense $ 148,384 $ 139,568 $ 464,394 $ 401,435
Schedule of operating lease right-of-use assets and liabilities	Description Location on Balance Sheet December 31, 2021 Assets: Office leases Operating lease right-of-use assets $ 303,810 Time charter-in VLGCs Operating lease right-of-use assets $ 10,213,986 Liabilities: Current Office Leases Current portion of long-term operating leases $ 291,241 Time charter-in VLGCs Current portion of long-term operating leases $ 9,413,540 Long-term Office Leases Long-term operating leases $ 2,347 Time charter-in VLGCs Long-term operating leases $ 800,446
Schedule of maturities of operating lease liabilities	Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
Stock-Based Compensation Plans (Tables)	Dec. 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, 2021 358,171 $ 8.23 Granted 217,600 13.10 Vested (242,581) 9.40 Forfeited (4,100) 10.24 Unvested as of December 31, 2021 329,090 $ 10.56

Revenues (Tables)

Revenues (Tables)	9 Months Ended
Revenues (Tables)	Dec. 31, 2021
Revenues.
Schedule of revenues	Three months ended Nine months ended December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Net pool revenues—related party $ 62,856,243 $ 82,659,967 $ 174,739,894 $ 199,312,944 Time charter revenues 5,301,134 4,665,664 15,915,876 13,928,732 Other revenues, net 442,405 1,153,393 3,981,608 3,112,949 Total revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
Financial Instruments and Fair Value Disclosures (Tables)	Dec. 31, 2021
Financial Instruments and Fair Value Disclosures
Schedule of financial derivatives	December 31, 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 $ — $ 205,869 $ — $ 1,100,529 December 31, 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 $ — $ 144,057 $ — $ 3,454,862
Schedule of effect of derivative instruments on the consolidated statement of operations	Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 136,632 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 3,056,741 342,902 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — 153,919 Interest rate swaps—realized gain/(loss) Realized loss on derivatives (895,782) (914,910) Gain/(loss) on derivatives, net $ 2,160,959 $ (281,457) Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2021 December 31, 2020 Forward freight agreements—change in fair value Unrealized gain/(loss) on derivatives $ — $ 2,605,442 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 4,205,465 1,346,972 Forward freight agreements—realized gain/(loss) Realized loss on derivatives — (788,670) Interest rate swaps—realized gain/(loss) Realized loss on derivatives (2,714,337) (2,908,245) Gain/(loss) on derivatives, net $ 1,491,128 $ 255,499
Summary of gains and losses on investment securities	Three months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,179,297) $ 358,678 Less: Realized gain/(loss) on investment securities (305) — Net gain/(loss) on investment securities $ (1,179,602) $ 358,678 Nine months ended December 31, 2021 December 31, 2020 Unrealized gain/(loss) on investment securities $ (1,710,348) $ 395,931 Less: Realized gain/(loss) on investment securities 447,255 — Net gain/(loss) on investment securities $ (1,263,093) $ 395,931
Summary of carrying value and estimated fair value of Japanese Financings	December 31, 2021 March 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 38,458,334 $ 40,345,097 $ 40,895,833 $ 44,298,064 Concorde Japanese Financing 43,076,923 45,501,855 45,500,000 49,791,680 Corvette Japanese Financing 43,615,385 46,096,511 46,038,462 50,376,434 CMNL/CJNP Japanese Financing — — 16,706,845 18,792,993 CNML Japanese Financing 17,801,637 18,917,200 18,855,655 21,195,305 BALCAP Facility $ 83,400,000 $ 83,400,000 $ — $ —

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	9 Months Ended
Earnings Per Share (EPS) (Tables)	Dec. 31, 2021
Earnings Per Share ("EPS")
Schedule of calculations of basic and diluted EPS	Three months ended Nine months ended (In U.S. dollars except share data) December 31, 2021 December 31, 2020 December 31, 2021 December 31, 2020 Numerator: Net income $ 16,580,885 $ 35,825,264 $ 36,551,788 $ 48,531,219 Denominator: Basic weighted average number of common shares outstanding 39,890,674 50,255,908 40,305,902 50,511,473 Effect of dilutive restricted stock and restricted stock units 134,725 112,484 154,763 94,512 Diluted weighted average number of common shares outstanding 40,025,399 50,368,392 40,460,665 50,605,985 EPS: Basic $ 0.42 $ 0.71 $ 0.91 $ 0.96 Diluted $ 0.41 $ 0.71 $ 0.90 $ 0.96

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
Commitments and Contingencies (Tables)	Dec. 31, 2021
Schedule of commitments under contracts for BWMS Purchases	December 31, 2021 Less than one year $ 405,030 Total $ 405,030
Schedule of operating leases	Less than one year $ 9,923,917 One to three years 819,233 Total undiscounted lease payments 10,743,150 Less: imputed interest (235,576) Carrying value of operating lease liabilities $ 10,507,574
Schedule of future minimum time charter-in commitments	December 31, 2021 Less than one year $ 18,119,893 One to three years 61,293,000 Three to five years 64,080,000 Thereafter 99,710,000 Total $ 243,202,893
Schedule of future minimum fixed time charter contracts	December 31, 2021 Less than one year $ 19,608,078 One to three years 2,150,000 Total $ 21,758,078
United States, Greece, United Kingdom, And Denmark
Schedule of operating leases	December 31, 2021 Less than one year $ 217,385 Total $ 217,385

Basis of Presentation and Gen_3

Basis of Presentation and General Information (General) (Details)	9 Months Ended
	Dec. 31, 2021item
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	2
Number of time chartered-in VLGC	2
The number of vessels that have exhaust gas cleaning systems	13
The number of chartered-in vessels that have exhaust gas cleaning systems	1

Basis of Presentation and Gen_4

Basis of Presentation and General Information (Capacity) (Details)	Dec. 31, 2021m³
CJNP
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	82,000
CNML
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 (Caravel)
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	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Transactions with Related Parties
Due from related parties - current		$ 47,487,533		$ 47,487,533		$ 56,191,375
Due to related parties		360,682		$ 360,682		117,803
Number of time chartered-in VLGC \| item				2
Manager
Transactions with Related Parties
Due from related parties - current		$ 1,000,000		$ 1,000,000		1,000,000
Mr. John Hadjipateras
Transactions with Related Parties
Ownership interest (as a percent)		100.00%		100.00%
Helios LPG Pool LLC
Transactions with Related Parties
Due from related parties		$ 67,000,000		$ 67,000,000		78,100,000
Due from related parties - current		2,200,000		2,200,000		1,100,000
Due to related parties						100,000
Due to related party		300,000		$ 300,000
Ownership interest (as a percent)	50.00%
Number of members \| item	2
Number of vessels that are operating under pooling agreement \| item				24
Number of time chartered-in VLGC \| item				2
Number of Company vessels that are operating under pooling agreement \| item				21
Working capital contributed		23,100,000		$ 23,100,000		$ 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
Transactions with Related Parties
Related party income for chartering and operational services				$ 100,000	$ 100,000
Other income-related party \| Manager \| Maximum
Transactions with Related Parties
Related party income for chartering and operational services		100,000	$ 100,000
Other income-related party \| Helios LPG Pool LLC
Transactions with Related Parties
Related party income for chartering and operational services		500,000	500,000	1,600,000	1,500,000
Other revenues, net
Transactions with Related Parties
Fixed reimbursement of expense from Helios		$ 400,000	$ 900,000	$ 1,900,000	$ 2,900,000

Deferred Charges, Net (Details)

Deferred Charges, Net (Details)	9 Months Ended
Deferred Charges, Net (Details)	Dec. 31, 2021USD ($)
Movement in deferred charges, net
Balance at the beginning of the period - drydocking costs	$ 10,158,202
Additions - drydocking costs	2,876,379
Disposals - drydocking costs	(74,561)
Transfer to vessel held for sale - drydocking costs	(224,291)
Amortization - drydocking costs	(2,198,218)
Balance at the end of the period - drydocking costs	$ 10,537,511

Vessels, Net (Details)

Vessels, Net (Details) - USD ($)	9 Months Ended
Vessels, Net (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Vessels, Net
Vessels, net	$ 1,252,405,737	$ 1,377,028,255
Accumulated depreciation
Transfer to vessel held for sale	(43,193,058)
Gain loss on vessel held for sale	3,500,000
Vessel held for sale	43,417,348
Vessels
Cost
Balance at the beginning of the period	1,762,657,830
Other additions	5,980,471
Transfers to vessel held for sale	(68,845,783)
Disposals	(62,311,861)
Balance at the end of the period	1,637,480,657
Accumulated depreciation
Balance at the beginning of the period	(385,629,575)
Transfer to vessel held for sale	25,652,725
Disposals accumulated depreciation	23,410,912
Impairment	0
Disposals net book value	(38,900,949)
Depreciation	(48,508,982)
Balance at the end of the period	(385,074,920)
Mortgaged VLGC vessels, carrying value	$ 1,212,300,000	$ 1,337,400,000

Vessel Held For Sale (Details)

Vessel Held For Sale (Details)	9 Months Ended
Vessel Held For Sale (Details)	Dec. 31, 2021USD ($)
Vessel Held For Sale
Gain (loss) on vessels held for sale	$ 0
Vessel held for sale	$ 43,417,348

Vessels Under Construction (Det

Vessels Under Construction (Details) - USD ($)	9 Months Ended	12 Months Ended
Vessels Under Construction (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Vessels under construction
Bareboat charter agreement term of contract		13 years
Balance	$ 16,167,470
Vessels under commitment
Vessels under construction
Bareboat charter agreement term of contract	13 years
Installment payments	$ 16,000,000
Other capitalized expenditures	102,904
Capitalized interest	64,566
Balance	$ 16,167,470

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)	Dec. 29, 2021	Nov. 30, 2021	Oct. 24, 2021	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Mar. 31, 2015
Long-Term Debt
Proceeds from long-term debt borrowings				$ 83,400,000	$ 55,378,172
Debt obligations
Total debt obligations				584,961,773		$ 602,087,981
Less: deferred financing fees				8,693,950		10,615,937
Total				576,267,823		591,472,044
Presented as follows:
Current portion of long-term debt				69,530,028		51,820,283
Long-term debt-net of current portion and deferred financing fees				506,737,795		539,651,761
Total				576,267,823		591,472,044
Deferred financing fees
Deferred finance fees, beginning				10,615,937
Additions				1,310,639
Amortization				(3,232,626)	$ (4,005,265)
Deferred finance fees, end				8,693,950
2015 Facility
Long-Term Debt
Original loan amount							$ 758,000,000
Repayment of debt	$ 47,200,000
Debt obligations
Total debt obligations				312,094,494		385,011,186
Commercial Financing
Debt obligations
Total debt obligations				134,396,466		155,205,698
KEXIM Direct Financing
Debt obligations
Total debt obligations				68,911,186		89,474,512
KEXIM Guaranteed
Debt obligations
Total debt obligations				72,958,655		93,997,081
K-sure Insured
Debt obligations
Total debt obligations				35,828,187		46,333,895
Japanese Financings
Debt obligations
Total debt obligations				189,467,279		217,076,795
Corsair Japanese Financing
Debt obligations
Total debt obligations				38,458,334		40,895,833
Concorde Japanese Financing
Debt obligations
Total debt obligations				43,076,923		45,500,000
Corvette Japanese Financing
Debt obligations
Total debt obligations				43,615,385		46,038,462
CMNL Japanese Financing
Debt obligations
Total debt obligations						16,706,845
CNML Japanese Financing
Debt obligations
Total debt obligations				17,801,637		18,855,655
Presented as follows:
Current portion of long-term debt				16,400,000
Cresques Japanese Financing
Debt obligations
Total debt obligations				46,515,000		$ 49,080,000
BALCAP Facility
Long-Term Debt
Original loan amount	$ 83,400,000
Security leverage ratio	125.00%
Stated rate (as a percent)	3.78%
Loan term period	5 years
Proceeds from long-term debt borrowings	$ 34,900,000
Principal payment frequency	monthly
Periodic principal payment amount	$ 900,000
Balloon payment amount	$ 44,100,000
Debt obligations
Total debt obligations				$ 83,400,000
CMNL \| CJNP Japanese Financing
Long-Term Debt
Vessel purchase price		$ 15,800,000
Deposit retained by buyer used for purchase payment		$ 25,200,000
CNML \| CNML Japanese Financing
Long-Term Debt
Vessel purchase price			$ 17,800,000
Deposit retained by buyer used for purchase payment			$ 27,900,000

Leases (assets and liabilities)

Leases (assets and liabilities) (Details)	3 Months Ended		9 Months Ended
Leases (assets and liabilities) (Details)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Dec. 31, 2021USD ($)item	Dec. 31, 2020USD ($)	Mar. 31, 2021USD ($)
Leases
Number of option period for time charter \| item	0		0
Operating lease liabilities - Time Charter in VLGCs	$ 10,200,000		$ 10,200,000
Operating Lease, Expense	$ 148,384	$ 139,568	$ 464,394	$ 401,435
Weighted average discount rate (as a percent)	3.88%		3.88%
Weighted average remaining lease term	12 months 27 days		12 months 27 days
Operating lease right-of-use assets - Office Leases	$ 303,810		$ 303,810
Operating lease right-of-use assets - Time Charter in VLGCs	10,213,986		10,213,986
Operating lease liabilities current - Office Leases	291,241		291,241
Operating lease liabilities current - Time Charter in VLGCs	9,413,540		9,413,540
Operating lease liabilities non-current - Office Leases	2,347		2,347
Operating lease liabilities non-current - Time Charter in VLGCs	800,446		800,446
Operating lease right-of-use assets	10,517,796		10,517,796		$ 17,672,227
Operating lease liability	10,507,574		10,507,574
Charter hire expense
Leases
Operating lease income	$ 5,500,000	$ 8,700,000	$ 12,300,000	$ 20,200,000
Minimum
Leases
Weighted average discount rate (as a percent)	3.82%		3.82%
Maximum
Leases
Weighted average discount rate (as a percent)	5.53%		5.53%

Leases (Charter hire expenses)

Leases (Charter hire expenses) (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases (Charter hire expenses) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Time Charter-in
Charter hire expenses	$ 4,917,012	$ 4,392,132	$ 10,829,050	$ 13,626,580

Leases (Operating lease rent ex

Leases (Operating lease rent expense) (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases (Operating lease rent expense) (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Operating Leases
Operating lease rent expense	$ 148,384	$ 139,568	$ 464,394	$ 401,435

Leases (Operating Lease Liabili

Leases (Operating Lease Liability Maturity) (Details)	Dec. 31, 2021USD ($)
Leases
Less than one year	$ 9,923,917
One to three years	819,233
Total undiscounted lease payments	10,743,150
Less: imputed interest	(235,576)
Carrying value of operating lease liabilities	$ 10,507,574

Dividends (Details)

Dividends (Details) - USD ($)	Jul. 30, 2021	Dec. 31, 2021
Dividends.
Dividends declared (in dollars per share)	$ 1
Dividends, Common Stock	$ 40,400,000
Dividends paid in cash	40,200,000	$ 40,210,344
Dividends payable	$ 200,000	$ 247,090

Stock Repurchase Authority (Det

Stock Repurchase Authority (Details) - USD ($) shares in Millions, $ in Millions	29 Months Ended
	Dec. 31, 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)	7
Treasury stock value acquired to date	$ 81
Remaining available authorization		$ 41.4

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Stock-Based Compensation Plans
Unrecognized compensation cost		$ 2.2		$ 2.2
Weighted average life over which unrecognized compensation is expected to be recognized				2 years 7 days
General and administrative expenses
Stock-Based Compensation Plans
Stock-based compensation expense		$ 0.7	$ 0.5	$ 2.6	$ 2.9
Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)				217,600
Number of Shares
Unvested at the beginning of the period (in shares)				358,171
Granted (in shares)				217,600
Vested (in shares)				(242,581)
Forfeited (in shares)				(4,100)
Unvested at the end of the period (in shares)		329,090		329,090
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)				$ 8.23
Granted (in dollars per share)				13.10
Vested (in dollars per share)				9.40
Forfeited (in dollars per share)				10.24
Unvested at the end of the period (in dollars per share)		$ 10.56		$ 10.56
Certain officers and employees \| Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	180,900
Number of Shares
Granted (in shares)	180,900
Certain officers and employees \| Restricted stock units
Stock-Based Compensation Plans
Granted (in shares)	36,700
Minimum percent of weighted average price of common shares over any consecutive 15 day period of book value of one share of the company	95.00%
Number of Shares
Granted (in shares)	36,700

Revenues (Details)

Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
Revenues (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Revenues	$ 68,599,782	$ 88,479,024	$ 194,637,378	$ 216,354,625
Net pool revenues - related party
Revenues	62,856,243	82,659,967	174,739,894	199,312,944
Time charter revenues
Revenues	5,301,134	4,665,664	15,915,876	13,928,732
Other revenue, net
Revenues	$ 442,405	$ 1,153,393	$ 3,981,608	$ 3,112,949

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2021	Mar. 31, 2021
Derivative Instruments
Change in fair value	$ 3,056,741	$ 479,534	$ 4,205,465	$ 3,952,414
Realized loss on derivatives	(895,782)	(760,991)	(2,714,337)	(3,696,915)
Derivatives not designated as hedging instruments
Derivative Instruments
Gain/(loss) on derivatives, net	2,160,959	(281,457)	1,491,128	255,499
Interest rate swaps
Derivative Instruments
Derivative fixed interest rate (as a percent)					1.237%	1.4675%
Interest rate swaps \| Derivatives not designated as hedging instruments \| Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	3,056,741	342,902	4,205,465	1,346,972
Interest rate swaps \| Derivatives not designated as hedging instruments \| Realized gain/(loss) on derivatives
Derivative Instruments
Realized loss on derivatives	(895,782)	(914,910)	(2,714,337)	(2,908,245)
Interest rate swaps \| Derivatives not designated as hedging instruments \| Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	205,869		205,869			$ 1,100,529
Interest rate swaps \| Derivatives not designated as hedging instruments \| Long-term liabilities-Derivatives instruments
Derivative Instruments
Derivative Liabilities	144,057		144,057			$ 3,454,862
Forward freight agreements \| Derivatives not designated as hedging instruments \| Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value		136,632		2,605,442
Forward freight agreements \| Derivatives not designated as hedging instruments \| Realized gain/(loss) on derivatives
Derivative Instruments
Realized loss on derivatives		$ 153,919		$ (788,670)
Forward freight agreements \| Derivatives not designated as hedging instruments \| Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	$ 0		$ 0

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments and Fair Value Disclosures
Unrealized gain/(loss) on investment securities	$ (1,179,297)	$ 358,678	$ (1,710,348)	$ 395,931
Less: Realized gain/(loss) on investment securities	(305)		447,255
Net gain/(loss) on investment securities	$ (1,179,602)	$ 358,678	$ (1,263,093)	$ 395,931

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021
Fair value
Carrying Value	$ 576,267,823	$ 591,472,044
Corsair Japanese Financing
Fair value
Carrying Value	38,458,334	40,895,833
Corsair Japanese Financing \| Level 2
Fair value
Fair Value	40,345,097	44,298,064
Concorde Japanese Financing
Fair value
Carrying Value	43,076,923	45,500,000
Concorde Japanese Financing \| Level 2
Fair value
Fair Value	45,501,855	49,791,680
Corvette Japanese Financing
Fair value
Carrying Value	43,615,385	46,038,462
Corvette Japanese Financing \| Level 2
Fair value
Fair Value	46,096,511	50,376,434
CJNP Japanese Financing
Fair value
Carrying Value		16,706,845
CJNP Japanese Financing \| Level 2
Fair value
Fair Value		18,792,993
CNML Japanese Financing
Fair value
Carrying Value	17,801,637	18,855,655
CNML Japanese Financing \| Level 2
Fair value
Fair Value	18,917,200	$ 21,195,305
BALCAP Facility
Fair value
Carrying Value	83,400,000
BALCAP Facility \| Level 2
Fair value
Fair Value	$ 83,400,000

Earnings Per Share (EPS) (Detai

Earnings Per Share (EPS) (Details) - USD ($)	3 Months Ended						9 Months Ended
Earnings Per Share (EPS) (Details) - USD ($)	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020
Numerator:
Net income	$ 16,580,885	$ 14,101,803	$ 5,869,100	$ 35,825,264	$ 537,950	$ 12,168,005	$ 36,551,788	$ 48,531,219
Denominator:
Basic weighted average number of common shares outstanding (in shares)	39,890,674			50,255,908			40,305,902	50,511,473
Effect of dilutive restricted stock and restricted stock units (in shares)	134,725			112,484			154,763	94,512
Diluted weighted average number of common shares outstanding (in shares)	40,025,399			50,368,392			40,460,665	50,605,985
EPS:
Earnings per common share - basic (in dollars per share)	$ 0.42			$ 0.71			$ 0.91	$ 0.96
Earnings per common share - diluted (in dollars per share)	$ 0.41			$ 0.71			$ 0.90	$ 0.96
Restricted stock awards
EPS:
Number of shares excluded from the calculation of diluted EPS	0			0			0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	3 Months Ended	9 Months Ended	12 Months Ended
Commitments and Contingencies (Details)	Mar. 31, 2022	Dec. 31, 2021USD ($)item	Mar. 31, 2021USD ($)
Commitments under Contracts for BWMS Purchases
Less than one year		$ 405,030
Total		405,030
Commitments under Operating Leases
Less than one year		9,923,917
Total undiscounted lease payments		$ 10,743,150
Time Charter-in commitments
Number of VLGC with charter-in commitments to be delivered \| item		3
Duration of Very Large Gas Carrier Vessels that have charter-in commitments to be delivered	1 year	7 years
Less than one year		$ 18,119,893
One to three years		61,293,000
Three to five years		64,080,000
Thereafter		99,710,000
Total		243,202,893
Fixed Time Charter Commitments
Less than one year		19,608,078
One to three years		2,150,000
Total		21,758,078
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		9,000,000
Other
Contingency expense		4,000,000
United States, Greece, United Kingdom, And Denmark
Commitments under Operating Leases
Less than one year		217,385
Total undiscounted lease payments		$ 217,385

Subsequent Event (Details)

Subsequent Event (Details) - USD ($)	Jan. 25, 2022	Jan. 04, 2022	Oct. 24, 2021	Jul. 30, 2021	Dec. 31, 2021	Feb. 02, 2022	Dec. 29, 2020	Feb. 03, 2020	Aug. 05, 2019
Subsequent Event
Dividends declared (in dollars per share)				$ 1
Dividends declared				$ 40,400,000
Dividends paid in cash				40,200,000	$ 40,210,344
Dividends payable				$ 200,000	247,090
Common stock repurchase authorized amount							$ 50,000,000	$ 50,000,000	$ 50,000,000
Treasury stock value acquired to date					$ 81,000,000
CNML \| CNML Japanese Financing
Subsequent Event
Vessel purchase price			$ 17,800,000
Deposit retained by buyer used for purchase payment			$ 27,900,000
Subsequent events
Subsequent Event
Dividends declared (in dollars per share)		$ 1
Dividends declared		$ 40,100,000
Dividends paid in cash	$ 39,900,000
Dividends payable	$ 200,000
Common stock repurchase authorized amount						$ 100,000,000
Treasury stock value acquired to date						$ 0