Dorian LPG (LPG) 10-K 1 Jun 22 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2022	May 27, 2022	Sep. 30, 2021
Cover Abstract
Entity Registrant Name	Dorian LPG Ltd.
Entity Central Index Key	0001596993
Document Type	10-K
Document Period End Date	Mar. 31, 2022
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-36437
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	66-0818228
Entity Address, Address Line One	27 Signal Road
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	674-9900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPG
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 498,141,942
Entity Common Stock, Shares Outstanding		40,135,042
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Auditor Name	Deloitte Certified Public Accountants S.A.
Auditor Firm ID	1163
Auditor Location	Athens, Greece

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Current assets
Cash and cash equivalents	$ 236,758,927	$ 79,330,007
Restricted cash - current		5,315,951
Trade receivables, net and accrued revenues	853,060	202,221
Due from related parties	57,782,831	56,191,375
Inventories	2,266,351	2,007,464
Prepaid expenses and other current assets	10,232,083	10,296,229
Total current assets	307,893,252	153,343,247
Fixed assets
Vessels, net	1,238,061,690	1,377,028,255
Vessel under construction	16,401,532
Other fixed assets, net	54,101	148,836
Total fixed assets	1,254,517,323	1,377,177,091
Other non-current assets
Deferred charges, net	9,839,000	10,158,202
Derivative instruments	6,512,479
Due from related parties-non-current	19,800,000	23,100,000
Restricted cash - non-current	77,987	81,241
Operating lease right-of-use assets	8,087,014	17,672,227
Other non-current assets	635,038	82,837
Total assets	1,607,362,093	1,581,614,845
Current liabilities
Trade accounts payable	9,541,131	9,831,328
Accrued expenses	3,801,448	8,765,264
Due to related parties	37,433	117,803
Deferred income	813,967	853,983
Derivative instruments		1,100,529
Current portion of long-term operating lease liabilities	8,073,364	9,591,447
Current portion of long-term debt	72,075,571	51,820,283
Dividends payable	494,180
Total current liabilities	94,837,094	82,080,637
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	590,687,387	539,651,761
Long-term operating lease liabilities		8,080,995
Derivative instruments		3,454,862
Other long-term liabilities	1,686,197	1,521,260
Total long-term liabilities	592,373,584	552,708,878
Total liabilities	687,210,678	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, 51,321,695 and 51,071,409 shares issued, 40,185,042 and 41,493,275 shares outstanding (net of treasury stock), as of March 31, 2022 and March 31, 2021, respectively	513,217	510,715
Additional paid-in-capital	760,105,994	756,776,217
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of March 31, 2022 and March 31, 2021, respectively	(121,226,936)	(99,862,114)
Retained earnings	280,759,140	289,400,512
Total shareholders' equity	920,151,415	946,825,330
Total liabilities and shareholders' equity	$ 1,607,362,093	$ 1,581,614,845

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2022	Mar. 31, 2021
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	51,321,695	51,071,409
Common stock, shares outstanding (net of treasury stock)	40,185,042	41,493,275
Treasury stock, shares at cost	11,136,653	9,578,134

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenues.
Revenues	$ 274,221,448	$ 315,938,812	$ 333,429,998
Expenses
Voyage expenses	4,324,712	3,409,650	3,242,923
Charter hire expenses	16,265,638	18,135,580	9,861,898
Vessel operating expenses	74,204,218	78,219,869	71,478,369
Depreciation and amortization	66,432,115	68,462,476	66,262,530
General and administrative expenses	30,226,739	33,890,999	23,355,768
Total expenses	191,453,422	202,118,574	174,201,488
Gain on disposal of vessels	7,256,897
Other income-related parties	2,374,050	2,279,454	1,840,321
Operating income	92,398,973	116,099,692	161,068,831
Other income/(expenses)
Interest and finance costs	(27,067,395)	(27,596,124)	(36,105,541)
Interest income	347,082	421,464	1,458,725
Unrealized gain/(loss) on derivatives	11,067,870	7,202,880	(18,206,769)
Realized gain/(loss) on derivatives	(3,450,443)	(4,568,033)	2,800,374
Other gain/(loss), net	(1,361,069)	1,004,774	825,638
Total other income/(expenses), net	(20,463,955)	(23,535,039)	(49,227,573)
Net income	$ 71,935,018	$ 92,564,653	$ 111,841,258
Weighted average shares outstanding Basic (in shares)	40,203,937	49,729,358	53,881,483
Weighted average shares outstanding Diluted (in shares)	40,365,088	49,826,798	54,115,338
Earnings per common share - basic (in dollars per share)	$ 1.79	$ 1.86	$ 2.08
Earnings per common share - diluted (in dollars per share)	$ 1.78	$ 1.86	$ 2.07
Net pool revenues - related party
Revenues.
Revenues	$ 246,305,480	$ 292,679,614	$ 298,079,123
Time charter revenues
Revenues.
Revenues	22,377,211	19,492,595	34,111,230
Other revenue, net
Revenues.
Revenues	$ 5,538,757	$ 3,766,603	$ 1,239,645

Consolidated Statements of Shar

Consolidated Statements of Shareholders Equity - USD ($)	Common stock	Treasury stock	Additional paid-in capital	Retained earnings/(Accumulated deficit)	Total
Balance at Mar. 31, 2019	$ 588,826	$ (36,484,561)	$ 863,583,692	$ 84,994,601	$ 912,682,558
Balance (in shares) at Mar. 31, 2019	58,882,515
Increase (Decrease) in Shareholders' Equity
Net income for the period				111,841,258	111,841,258
Restricted share award issuances	$ 2,007		(2,007)
Restricted share award issuances (in shares)	200,775
Stock-based compensation			3,227,686		3,227,686
Purchase of treasury stock		(50,699,304)			(50,699,304)
Balance at Mar. 31, 2020	$ 590,833	(87,183,865)	866,809,371	196,835,859	977,052,198
Balance (in shares) at Mar. 31, 2020	59,083,290
Increase (Decrease) in Shareholders' Equity
Net income for the period				92,564,653	92,564,653
Restricted share award issuances	$ 3,933		(3,933)
Restricted share award issuances (in shares)	393,265
Stock-based compensation			3,356,199		3,356,199
Repurchase and cancellation of common stock	$ (84,051)		(113,385,420)		(113,469,471)
Repurchase and cancellation of common stock (in shares)	(8,405,146)
Purchase of treasury stock		(12,678,249)			(12,678,249)
Balance at Mar. 31, 2021	$ 510,715	(99,862,114)	756,776,217	289,400,512	946,825,330
Balance (in shares) at Mar. 31, 2021	51,071,409
Increase (Decrease) in Shareholders' Equity
Net income for the period				71,935,018	71,935,018
Restricted share award issuances	$ 2,502		(2,502)
Restricted share award issuances (in shares)	250,286
Dividend				(80,576,390)	(80,576,390)
Stock-based compensation			3,332,279		3,332,279
Purchase of treasury stock		(21,364,822)			(21,364,822)
Balance at Mar. 31, 2022	$ 513,217	$ (121,226,936)	$ 760,105,994	$ 280,759,140	$ 920,151,415
Balance (in shares) at Mar. 31, 2022	51,321,695

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 71,935,018	$ 92,564,653	$ 111,841,258
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	66,432,115	68,462,476	66,262,530
Amortization of operating lease right-of-use assets	9,576,822	9,218,537	1,885,522
Amortization of financing costs	5,889,040	4,695,360	2,893,392
Unrealized (gain)/loss on derivatives	(11,067,870)	(7,202,880)	18,206,769
Stock-based compensation expense	3,332,279	3,356,199	3,227,686
Gain on disposal of vessels	(7,256,897)
Unrealized foreign currency (gain)/loss, net	166,873	(210,010)	311,539
Other non-cash items, net	1,267,576	(1,091,825)	(1,200,001)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue	(650,839)	618,625	563,272
Prepaid expenses and other current assets	(2,607,346)	(1,192,336)	(222,510)
Due from related parties	897,936	10,656,326	(25,692,058)
Inventories	(258,887)	(11,261)	115,434
Other non-current assets	(552,201)	1,490,267	(1,356,007)
Operating lease liabilities-current and long-term	(9,590,424)	(9,221,782)	(1,888,347)
Trade accounts payable	(115,287)	212,173	1,470,669
Accrued expenses and other liabilities	(4,889,118)	4,309,014	(2,078,325)
Due to related parties	(80,370)	(319,047)	(52,794)
Payments for drydocking costs	(3,733,250)	(5,738,793)	(5,251,622)
Net cash provided by operating activities	118,695,170	170,595,696	169,036,407
Cash flows from investing activities:
Payments for vessel under construction and vessel capital expenditures	(23,185,913)	(9,492,953)	(19,883,090)
Payments for short-term investments			(14,888,638)
Purchases of investment securities	(2,250,681)	(4,743,809)
Proceeds from sale of investment securities	3,742,429	275,393	1,767,906
Proceeds from maturity of short-term investments		15,000,000
Proceeds from disposal of vessels	90,460,363
Payments to acquire other fixed assets		(17,541)	(141,012)
Net cash provided by/(used in) investing activities	68,766,198	1,021,090	(33,144,834)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	298,250,000	55,378,172
Repayment of long-term debt borrowings	(230,317,537)	(99,418,395)	(63,968,414)
Repurchase of common stock	(21,364,822)	(126,260,923)	(50,642,795)
Financing costs paid	(1,664,252)	(4,183,321)	(40,547)
Dividends paid	(80,082,210)
Net cash used in financing activities	(35,178,821)	(174,484,467)	(114,651,756)
Effects of exchange rates on cash and cash equivalents	(172,832)	205,753	(323,336)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	152,109,715	(2,661,928)	20,916,481
Cash, cash equivalents, and restricted cash at the beginning of the period	84,727,199	87,389,127	66,472,646
Cash, cash equivalents, and restricted cash at the end of the period	236,836,914	84,727,199	87,389,127
Supplemental disclosure of cash flow information
Cash paid during the period for interest	20,591,883	21,787,205	32,461,153
Cash paid for amounts included in the measurement of operating lease liabilities	10,082,984	10,088,410	2,810,468
Vessel-related capital expenditures included in liabilities	107,275	320,992	4,408,333
Unpaid dividends included in liabilities	494,180
Financing costs included in liabilities	$ 1,689,600	$ 596,800	$ 595,138

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:
Cash and cash equivalents	$ 236,758,927	$ 79,330,007	$ 48,389,688
Restricted cash - current		5,315,951	3,370,178
Restricted cash - non-current	77,987	81,241	35,629,261
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 236,836,914	$ 84,727,199	$ 87,389,127	$ 66,472,646

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Mar. 31, 2022
Basis of Presentation and General Information
Basis of Presentation and General Information	Dorian LPG Ltd. Notes to Consolidated Financial Statements (Expressed in United States Dollars) ​ 1. Basis of Presentation and General Information ​ Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we,” “us,” “our,” or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. As of March 31, 2022, our fleet consists of twenty-two VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), one 82,000 cbm VLGC, and two time chartered-in VLGCs. Thirteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. Additionally, on March 31, 2021, we entered into a bareboat agreement to charter-in a newbuilding dual-fuel VLGC for which construction commenced in December 2021 and is expected to be delivered in March 2023 (see Note 19 for further details). 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). ​ The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries. ​ On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship. ​ Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2022 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 ​ 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 (2) ​ 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 (2) ​ 2015 ​ 84,000 ​ Dorian Cape Town LPG Transport LLC ​ VLGC ​ Chaparral (2) ​ 2015 ​ 84,000 ​ Dorian Tokyo LPG Transport LLC ​ VLGC ​ Copernicus (2) ​ 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 (2) ​ 2016 ​ 84,000 ​ Dorian Sakura LPG Transport LLC (3) ​ VLGC ​ Hull No. 1755 ​ 2023 (4) ​ 84,000 ​ ​ Management Subsidiaries ​ ​ ​ Subsidiary Dorian LPG Management Corp. ​ Dorian LPG (USA) LLC (incorporated in USA) ​ Dorian LPG (UK) Ltd. (incorporated in UK) ​ Dorian LPG Finance LLC ​ Occident River Trading Limited (incorporated in UK) ​ Dorian LPG (DK) ApS (incorporated in Denmark) ​ Dorian LPG Chartering LLC ​ Dorian LPG FFAS LLC ​ (1) CBM: Cubic meters, a standard measure for LPG tanker capacity. (2) Operated pursuant to a bareboat charter agreement. Refer to Note 10 and 24 below for further information. (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Note 19 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. ​ Customers ​ For the years ended March 31, 2022, 2021, and 2020 the Helios Pool accounted for 90%, 93%, and 89% of our total revenues, respectively. No other individual charterer accounted for more than 10% of total revenues. ​ COVID-19 ​ Since the beginning of calendar year 2020, the COVID-19 pandemic has negatively affected economic conditions, the supply chain, the labor market, the demand for certain shipped goods regionally as well as globally and has also negatively impacted and may continue to impact our operations and the operations of our customers and suppliers. Measures taken to mitigate the spread of the COVID-19 virus, including travel bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The extent of COVID-19’s future impact on the global economy, the shipping industry and our financial and operational results, which could be material, will depend on the development of the pandemic, vaccination rates among the population, the effectiveness of COVID-19 vaccines against COVID-19 and its variants, and the extent to which measures such as those referenced above are reinstituted. Any new uncertainties regarding the economic impact of the COVID-19 pandemic may likely 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. To date, 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	12 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ (a)    Principles of consolidation: ​ (b)   Use of estimates: ​ (c)   Other comprehensive income/(loss): income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. ​ (d)   Foreign currency translation: ​ (e)   Cash and cash equivalents: ​ (f)   Short-term investments: ​ (g)   Investment securities: ​ (h)   Trade receivables, net and accrued revenues: ​ (i)   Due from related parties: ​ (j)   Inventories: ​ (k)   Vessels, net: ​ (l)   Impairment of vessels: ​ (m)  Vessel depreciation: ​ (n)   Drydocking and special survey costs: seven and one-half years ​ (o)   Financing costs: ​ (p)   Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. ​ (q)   Leases: ​ Time charter-out contracts ​ Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ​ ​ Net pool revenues—related party ​ As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ​ ● ​ ● ​ We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. ​ Time charter-in contracts ​ ​ Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. ​ Office leases ​ ​ Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ​ (r) Voyage charter revenues: three ​ Revenue from Contracts with Customers ​ (s)   Voyage expenses: ​ (t)   Commissions: ​ (u)   Charter hire expenses: ​ (v)     Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. ​ (w)   Repairs and maintenance: ​ (x)   Stock-based compensation : ​ (y)   Stock repurchases : ​ (z)   Dividends : ​ (aa) Segment reporting: ​ (ab)  Derivative instruments: ​ (ac)  Fair value of financial instruments: ​ Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. ​ ​ (ad)  Recent accounting pronouncements: ​ Accounting Policies Not Yet Adopted ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. ​

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Mar. 31, 2022
Transactions with Related Parties
Transactions with Related Parties	3. Transactions with Related Parties ​ Dorian (Hellas) S.A. ​ Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. ​ Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million for each of the years ended March 31, 2022, 2021 and 2020. As of March 31, 2022 and 2021, $1.0 million was due from DHSA and included in “Due from related parties.” ​ Helios LPG Pool LLC (“Helios Pool”) ​ operated twenty-two VLGCs, including twenty vessels from our fleet (including two vessels time chartered-in from unrelated parties), and two Phoenix vessels. ​ ​ ​

Inventories

Inventories	12 Months Ended
	Mar. 31, 2022
Inventories
Inventories	4. Inventories ​ Our inventories by type were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Lubricants $ 2,096,713 ​ $ 1,475,228 ​ Victualing ​ — ​ 404,419 ​ Bonded stores ​ 169,638 ​ 127,817 ​ Total $ 2,266,351 ​ $ 2,007,464 ​ ​

Vessels, Net

Vessels, Net	12 Months Ended
	Mar. 31, 2022
Vessels, Net
Vessels, Net	5. Vessels, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2020 ​ $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 ​ Other additions ​ ​ 5,372,597 ​ ​ — ​ ​ 5,372,597 ​ Depreciation ​ ​ — ​ ​ (66,003,175) ​ ​ (66,003,175) ​ Balance, March 31, 2021 ​ $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 ​ Other additions ​ ​ 6,575,263 ​ ​ — ​ ​ 6,575,263 ​ Disposals ​ ​ (131,157,644) ​ ​ 49,063,637 ​ ​ (82,094,007) ​ Depreciation ​ ​ — ​ ​ (63,447,821) ​ ​ (63,447,821) ​ Balance, March 31, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 ​ ​ Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2022 and 2021. Our vessels, with a total carrying value of $1,198.7 million and $1,337.4 million as of March 31, 2022 and 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 10 below). No impairment loss was recorded for the periods presented. ​ In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL Captain Nicholas ML ​

Vessel Under Construction

Vessel Under Construction	12 Months Ended
	Mar. 31, 2022
Vessel Under Construction.
Vessel Under Construction	6. Vessel Under Construction ​ ​ ​ ​ ​ ​ ​ Balance, April 1, 2021 $ — Installment payments ​ ​ 16,000,000 ​ Other capitalized expenditures ​ ​ 109,488 ​ Capitalized interest ​ ​ 292,044 ​ Balance, March 31, 2022 $ 16,401,532 ​ ​

Other Fixed Assets, Net

Other Fixed Assets, Net	12 Months Ended
	Mar. 31, 2022
Other Fixed Assets, Net
Other Fixed Assets, Net	7. Other Fixed Assets, Net ​ Other fixed assets, net were $0.1 million and $0.1 million as of March 31, 2022 and March 31, 2021, respectively, and represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets, net was $0.3 million as of both March 31, 2022 and March 31, 2021.

Deferred Charges, Net

Deferred Charges, Net	12 Months Ended
	Mar. 31, 2022
Deferred Charges, Net.
Deferred Charges, Net	8. Deferred Charges, Net ​ The analysis and movement of deferred charges, net is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2020 ​ $ 7,336,726 ​ Additions ​ ​ 5,178,916 ​ Amortization ​ ​ (2,357,440) ​ Balance, March 31, 2021 ​ $ 10,158,202 ​ Additions ​ ​ 2,869,210 ​ Disposals ​ ​ (298,852) ​ Amortization ​ ​ (2,889,560) ​ Balance, March 31, 2022 $ 9,839,000 ​ ​

Accrued Expenses

Accrued Expenses	12 Months Ended
	Mar. 31, 2022
Accrued Expenses
Accrued Expenses	9. Accrued Expenses ​ Accrued expenses comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 March 31, 2021 Accrued contingent claim $ — ​ $ 4,000,000 ​ Accrued voyage and vessel operating expenses ​ 1,676,853 ​ ​ 2,730,803 ​ Accrued employee-related costs ​ 952,471 ​ ​ 1,301,510 ​ Accrued professional services ​ 946,411 ​ ​ 523,950 ​ Accrued loan and swap interest ​ 126,878 ​ ​ 204,237 ​ Other 98,835 ​ ​ 4,764 ​ Total $ 3,801,448 ​ $ 8,765,264 ​ ​

Long-term Debt

Long-term Debt	12 Months Ended
	Mar. 31, 2022
Long-term Debt
Long-term Debt	10. Long-Term Debt ​ Description of our Debt Obligations ​ 2015 AR Facility ​ In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with its amendments and restatement, the “2015 AR Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2021, the debt financing was secured by, among other things, fifteen of our ECO VLGCs. On April 29, 2020, we amended and restated the 2015 AR Facility to among other things, refinance the commercial tranche from the 2015 AR Facility (the “Original Commercial Tranche”). Pursuant to the April 2020 amendment and restatement of the 2015 AR Facility, certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. On July 14, 2020 (with retroactive effect to June 30, 2020), we amended the 2015 AR Facility and received approvals from those lenders constituting the “Required Lenders” under the 2015 AR Facility, as applicable, to modify certain financial and security covenants to reflect the Company’s current financial condition. ​ The 2015 AR Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness. ​ The 2015 AR Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed; (ii) first priority assignments of all of the financed vessels’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 AR Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time. ​ The 2015 AR Facility also contains customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or management of the vessels, or entry into a new line of business. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. ​ The following financial covenants are the most restrictive from the 2015 AR Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement and its amendments: ​ ● The ratio of current assets and long-term restricted cash divided by current liabilities, excluding current portion of long-term debt, shall always be greater than 1.00; ​ ● Maintain minimum shareholders’ equity at all times equal to the aggregate of $400 million; ​ ● The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00; ​ ● Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall be 145%. ​ ● ​ ● ​ The provision applicable to our minimum cash balance requirements were modified under the terms of the amendment to the 2015 AR Facility and as a result our minimum cash balance no longer meets the criteria to be recognized as restricted cash. Accordingly, and with retroactive effect to June 30, 2020, we no longer classify these amounts as restricted cash on our consolidated balance sheets. This requirement was reduced from $2.2 million per mortgaged vessel under the initial 2015 AR Facility to $1.0 million per mortgaged vessel per the July 14, 2020 amendment. ​ The advances in connection with New Facilities are to be repaid on the earlier of (i) the fifth (5th) anniversary of the utilization date of the new senior secured term loan facility, described above, and (ii) March 26, 2025. The New Facilities bear interest at the rate of LIBOR plus a margin of 2.50%. The margin can be decreased by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 .60 ​ Certain terms of the borrowings under each tranche of the 2015 AR Facility are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate at ​ ​ ​ Original Term ​ Interest Rate Description (1) ​ March 31, 2022 (2) ​ Tranche 1 ​ Commercial Financing ​ 7 years (3) ​ London InterBank Offered Rate (“LIBOR”) plus a margin (5) ​ 3.37 % Tranche 2 ​ KEXIM Direct Financing ​ 12 years (4) ​ LIBOR plus a margin of 2.45% ​ 3.42 % Tranche 3 ​ KEXIM Guaranteed ​ 12 years (4) ​ LIBOR plus a margin of 1.40% ​ 2.37 % Tranche 4 ​ K-sure Insured ​ 12 years (4) ​ LIBOR plus a margin of 1.50% ​ 2.47 % ​ (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. ​ (2) The LIBOR rate in effect as of March 31, 2022 was 0.974030% . ​ (3) The Commercial Financing Tranche was refinanced on April 29, 2020, to, among other things, extend the term by three years . ​ (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. ​ (5) The Commercial Financing tranche margin over LIBOR at the time of its amendment and restatement described above was 2.50% and can be reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60 . We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2022, the set margin was 2.40% . ​ one ​ ​ During the year ended March 31, 2022, portions of the 2015 AR Facility were prepaid with the refinancings of the VLGCs Constellation Commander Cratis Copernicus Chaparral Caravelle ​ 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 March 31, 2022. ​ Corsair Japanese Financing ​ On November 7, 2017, we refinanced a 2014-built VLGC, Corsair Corsair 2 Corsair 12-year Corsair the 12-year 12-year Concorde Japanese Financing ​ On January 31, 2018, we refinanced a 2015-built VLGC, Concorde Concorde 3 Concorde 13-year Concorde 13-year 13-year ​ Corvette Japanese Financing ​ On March 16, 2018, we refinanced a 2015-built VLGC, Corvette Corvette 3 Corvette 13-year Corvette 13-year 13-year ​ CMNL/CJNP Japanese Financing ​ On June 25, 2018, we refinanced our 2006-built VLGC, Captain Markos NL Captain Markos NL 2 Captain Markos NL 7-year Captain Markos NL commission fees of 1.25% over the 7-year Captain Markos NL Captain Markos NL 7-year Captain Markos NL Captain John NP Captain John NP ​ CNML Japanese Financing ​ On June 26, 2018, we refinanced our 2008-built VLGC, Captain Nicholas ML Captain Nicholas ML 2 Captain Nicholas ML 7-year Captain Nicholas ML 7-year Captain Nicholas ML Captain Nicholas ML 7-year Captain Nicholas ML ​ Cresques Japanese Financing ​ Cresques Cresques 3 Cresques 12-year Cresques 12-year Cresques 12-year ​ Cratis Japanese Financing ​ On March 18, 2022, we refinanced a 2015-built VLGC, Cratis Cratis 3 Cratis 9-year term. The refinancing proceeds of $50.0 million were used to prepay $25.1 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Cratis ​ Copernicus Japanese Financing ​ On March 18, 2022, we refinanced a 2015-built VLGC, Copernicus Copernicus 3 Copernicus 9-year Copernicus 9-year ​ Chaparral Japanese Financing ​ On March 29, 2022, we refinanced a 2015-built VLGC, Chaparral Chaparral 3 5 Chaparral Chaparral 7-year ​ Caravelle Japanese Financing ​ On March 31, 2022, we refinanced a 2016-built VLGC, Caravelle Caravelle 3 Caravelle 10-year Caravelle continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.2%, not including financing costs of $0.3 million, monthly broker commission fees of 1.25% over the 10-year ​ Debt Obligations ​ The table below presents our debt obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 March 31, 2021 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ 91,651,888 ​ $ 155,205,698 ​ KEXIM Direct Financing ​ ​ 44,406,733 ​ ​ 89,474,512 ​ KEXIM Guaranteed ​ ​ 47,190,358 ​ ​ 93,997,081 ​ K-sure Insured ​ ​ 23,132,295 ​ ​ 46,333,895 ​ Total 2015 AR Facility ​ $ 206,381,274 ​ $ 385,011,186 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 37,645,833 ​ $ 40,895,833 ​ Concorde Japanese Financing ​ ​ 42,269,231 ​ ​ 45,500,000 ​ Corvette Japanese Financing ​ ​ 42,807,692 ​ ​ 46,038,462 ​ CMNL/CJNP Japanese Financing ​ ​ — ​ ​ 16,706,845 ​ CNML Japanese Financing ​ ​ — ​ ​ 18,855,655 ​ Cresques Japanese Financing ​ ​ 45,660,000 ​ ​ 49,080,000 ​ Cratis Japanese Financing ​ ​ 49,660,000 ​ ​ — ​ Copernicus Japanese Financing ​ ​ 49,660,000 ​ ​ — ​ Chaparral Japanese Financing ​ ​ 64,662,242 ​ ​ — ​ Caravelle Japanese Financing ​ ​ 49,700,000 ​ ​ — ​ Total Japanese Financings ​ $ 382,064,998 ​ $ 217,076,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 81,574,172 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 670,020,444 ​ $ 602,087,981 ​ Less: deferred financing fees ​ ​ 7,257,486 ​ ​ 10,615,937 ​ Debt obligations—net of deferred financing fees ​ $ 662,762,958 ​ $ 591,472,044 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 72,075,571 ​ $ 51,820,283 ​ Long-term debt—net of current portion and deferred financing fees ​ 590,687,387 ​ ​ 539,651,761 ​ Total $ 662,762,958 ​ $ 591,472,044 ​ ​ ​ Deferred Financing Fees ​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2020 $ 11,152,985 ​ Additions ​ 4,158,312 ​ Amortization ​ ​ (4,695,360) ​ Balance, March 31, 2021 ​ $ 10,615,937 ​ Additions ​ ​ 2,530,589 ​ Amortization ​ ​ (5,889,040) ​ Balance, March 31, 2022 $ 7,257,486 ​ ​ ​ Future Cash Payments for Debt ​ The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2022 are as follows: ​ ​ ​ ​ ​ Year ending March 31: 2023 $ 72,075,571 ​ 2024 47,490,194 ​ 2025 128,146,403 ​ 2026 48,265,607 ​ 2027 ​ 93,060,886 ​ Thereafter 280,981,783 ​ Total $ 670,020,444 ​ ​

Leases

Leases	12 Months Ended
	Mar. 31, 2022
Leases
Leases	11. Leases ​ Time charter-in contracts ​ liabilities ​ Charter hire expenses for the VLGCs time chartered in were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Charter hire expenses ​ $ 16,265,638 ​ $ 18,135,580 ​ $ 9,861,898 ​ Office leases ​ We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expires during August 2022. During the years ended March 31, 2022 and 2021, we did not enter into any new office leases and did not renew any office leases. ​ Operating lease rent expense related to our office leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Operating lease rent expense ​ $ 624,370 ​ $ 558,400 ​ $ 541,574 ​ For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2022 is 10.0 months. ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ March 31, 2022 Assets: ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 194,343 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 180,693 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ Less than one year ​ $ 8,214,964 Total undiscounted lease payments ​ ​ 8,214,964 Less: imputed interest ​ ​ (141,600) Carrying value of operating lease liabilities ​ $ 8,073,364 ​

Common Stock

Common Stock	12 Months Ended
	Mar. 31, 2022
Common Stock.
Common Stock	12. Common Stock ​ Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. ​ Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights. ​ On 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. ​ On January 4, 2022, 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 January 14, 2022, totaling $40.1 million. We paid $39.9 million on January 25, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. ​ These were irregular dividends. 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 August 5, 2019, our Board of Directors authorized the repurchase of up to $50.0 million of our common shares through the period ended December 31, 2020 (the “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 $50.0 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our 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. Through expiration of our 2019 Common Share Repurchase Authority on December 31, 2021, our purchases under this authority totaled 7.0 million of our common shares for an aggregate consideration of $81.0 million. 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 these authorizations, when in force, purchases were and 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 had been made under the 2022 Common Share Repurchase Authority as of March 31, 2022. We are not obligated to make any common share repurchases. ​ On February 2, 2021, we announced a tender offer to purchase up to 7,407,407, or about 14.8%, of our then outstanding common shares at a price of $13.50 per share. Based on preliminary results indicating that the tender offer was oversubscribed, we elected to increase the number of shares accepted for payment by 997,739, or slightly less than 2% of our then outstanding shares, pursuant to the terms of the tender offer . The number of shares we purchased and canceled from each tendering shareholder was prorated so our purchases in the tender offer totaled of 8,405,146 shares, or approximately 16.8% of our then outstanding common shares, for an aggregate purchase price of approximately $113.5 million. ​ Refer to Note 13 below for shares granted under the equity incentive plan during the years ended March 31, 2022, 2021, and 2020.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Mar. 31, 2022
Stock-Based Compensation Plans
Stock-Based Compensation Plans	13. Stock-Based Compensation Plans ​ In April 2014, we adopted an e quity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive non-qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. At that time, we reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 201 ​ During the year ended March 31, 2022, 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. ​ During the year ended March 31, 2021 , we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. ​ During the year ended March 31, 2021, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value. ​ During the year ended March 31, 2020 we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One -fourth of the shares of restricted stock vested on the grant date and one -fourth will vest equally on the first , second and third anniversaries of the grant date . One -third of restricted stock units will vest equally on the first , second , and third anniversaries of the grant date . The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. ​ During the years ended March 31, 2022, 2021, and 2020, we granted 46,086 , 41,711 , and 24,025 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. ​ During the year ended March 31, 2020, we granted 1,550 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value. No such shares were granted during the year ended March 31, 2022 and 2021. ​ Our stock-based compensation expense was $3.3 million, $3.4 million and $3.2 million for the years ended March 31, 2022, 2021, and 2020, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2022 was $1.7 million and the expense will be recognized over a remaining weighted average life of 1.80 years. ​ A summary of the activity of our restricted shares as of March 31, 2022 and 2021 and changes during the year ended March 31, 2022 and 2021, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2020 ​ 317,048 ​ $ 8.08 ​ Granted ​ 442,215 ​ ​ 8.34 ​ Vested ​ (400,942) ​ ​ 8.23 ​ Forfeited ​ (150) ​ ​ 8.36 ​ Unvested as of March 31, 2021 ​ 358,171 ​ $ 8.23 ​ Granted ​ 263,686 ​ ​ 13.34 ​ Vested ​ (288,667) ​ ​ 10.21 ​ Forfeited ​ (4,100) ​ ​ 10.24 ​ Unvested as of March 31, 2022 ​ 329,090 ​ $ 10.56 ​ ​ The total fair value of restricted shares that vested during the years ended March 31, 2022, 2021, and 2020 was $4.1 million, $3.4 million and $5.2 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

Revenues

Revenues	12 Months Ended
	Mar. 31, 2022
Revenues.
Revenues	14. Revenues ​ Revenues comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Net pool revenues—related party ​ $ 246,305,480 ​ $ 292,679,614 ​ $ 298,079,123 Time charter revenues ​ ​ 22,377,211 ​ ​ 19,492,595 ​ ​ 34,111,230 Other revenues, net ​ ​ 5,538,757 ​ ​ 3,766,603 ​ ​ 1,239,645 Total revenues ​ $ 274,221,448 ​ $ 315,938,812 $ 333,429,998 ​ Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Notes 2 and 3 above for further information. ​ Other revenues, net mainly represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance.

Voyage Expenses

Voyage Expenses	12 Months Ended
	Mar. 31, 2022
Voyage Expenses.
Voyage Expenses	15. Voyage Expenses ​ Voyage expenses comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Bunkers ​ $ 2,159,341 ​ $ 1,537,007 ​ $ 1,345,360 ​ War risk insurances ​ ​ 1,510,720 ​ ​ 1,272,647 ​ 1,095,156 ​ Brokers’ commissions ​ ​ 265,207 ​ ​ 334,333 ​ 469,143 ​ Security cost ​ ​ 322,150 ​ ​ 221,882 ​ 272,985 ​ Port charges and other related expenses ​ ​ 1,556 ​ ​ 1,500 ​ 5,898 ​ Other voyage expenses ​ ​ 65,738 ​ ​ 42,281 ​ 54,381 ​ Total ​ $ 4,324,712 ​ $ 3,409,650 $ 3,242,923 ​ ​

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Mar. 31, 2022
Vessel Operating Expenses.
Vessel Operating Expenses	16. Vessel Operating Expenses ​ ​ Vessel operating expenses comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Crew wages and related costs ​ $ 44,950,878 ​ $ 44,017,660 ​ $ 42,683,848 ​ Spares and stores ​ ​ 14,486,392 ​ 17,061,388 ​ ​ 13,249,931 ​ Repairs and maintenance costs ​ ​ 4,528,776 ​ 6,096,812 ​ ​ 4,416,259 ​ Insurance ​ ​ 4,056,225 ​ 3,942,622 ​ ​ 4,173,052 ​ Lubricants ​ ​ 3,351,279 ​ 3,241,330 ​ ​ 3,607,749 ​ Miscellaneous expenses ​ ​ 2,830,668 ​ 3,860,057 ​ ​ 3,347,530 ​ Total ​ $ 74,204,218 $ 78,219,869 ​ $ 71,478,369 ​ ​

Interest and Finance Costs

Interest and Finance Costs	12 Months Ended
	Mar. 31, 2022
Interest and Finance Costs
Interest and Finance Costs	17. Interest and Finance Costs ​ Interest and finance costs is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Interest incurred ​ $ 20,119,655 ​ $ 21,665,379 ​ $ 32,355,390 ​ Amortization of financing costs ​ ​ 5,889,040 ​ ​ 4,695,360 ​ ​ 2,893,392 ​ Other financing costs ​ ​ 1,350,744 ​ ​ 1,235,385 ​ ​ 856,759 ​ Capitalized interest ​ ​ (292,044) ​ ​ — ​ ​ — ​ Total ​ $ 27,067,395 ​ $ 27,596,124 ​ $ 36,105,541 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2022
Income Taxes
Income Taxes	18. Income Taxes ​ Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. ​ If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. ​ For our fiscal years ended March 31, 2022, 2021 and 2020, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	19. Commitments and Contingencies ​ Commitments under Contracts for Ballast Water Management Systems Purchases ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 54,490 ​ Total ​ $ 54,490 ​ ​ Commitments under Bareboat Charter Header Agreement ​ ​ Operating Leases ​ We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 149,135 ​ Total ​ $ 149,135 ​ ​ Time Charter-in ​ During the year ended March 31, 2022, 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. As of March 31, 2022, we had the following time charter-in commitments relating to VLGCs: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 17,130,893 ​ One to three years ​ ​ 64,080,000 ​ Three to five years ​ ​ 64,080,000 ​ Thereafter ​ ​ 91,700,000 ​ Total ​ $ 236,990,893 ​ ​ ​ ​ ​ Fixed Time Charter Commitments ​ We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 17,295,578 ​ Total ​ $ 17,295,578 ​ ​ 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 year ended March 31, 2022.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	12 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Disclosures
Financial Instruments and Fair Value Disclosures	20. Financial Instruments and Fair Value Disclosures ​ Our principal financial assets consist of cash and cash equivalents, investment securities, amounts due from related parties, derivative instruments, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, and accrued liabilities. ​ (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. ​ (b) Interest rate risk: Our long-term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the 2015 AR Facility. ​ The principal terms of our interest rate swaps are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ Termination ​ Fixed ​ ​ Nominal value Nominal value Interest rate swap ​ Date ​ Date ​ interest rate ​ ​ March 31, 2022 March 31, 2021 2015 AR Facility - Citibank (1) ​ September 2015 ​ March 2025 ​ 1.091 % ​ $ 188,000,000 ​ $ 200,000,000 ​ 2015 AR Facility - ING (2) ​ September 2015 ​ March 2025 ​ 1.145 % ​ ​ 47,000,000 ​ ​ 50,000,000 ​ 2015 AR Facility - Citibank (3) ​ October 2015 ​ March 2022 ​ 1.468 % ​ ​ — ​ ​ 26,325,000 ​ 2015 AR Facility - Citibank (3) ​ October 2015 ​ March 2022 1.380 % ​ ​ — ​ ​ 39,487,500 ​ 2015 AR Facility - Citibank (3) ​ June 2016 ​ March 2022 1.213 % ​ ​ — ​ ​ 35,750,774 ​ 2015 AR Facility - Citibank (3) ​ June 2016 ​ March 2022 1.161 % ​ ​ — ​ ​ 14,690,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 235,000,000 ​ $ 366,254,131 ​ (1) Reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Reduces by quarterly with a final settlement of $23.8 million in March 2025. (3) Settled in March 2022. ​ (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. ​ Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs is 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 March 31, 2022 and 2021. ​ The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ 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 ​ $ — ​ $ — ​ $ — ​ $ 1,100,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ 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 ​ $ 6,512,479 ​ $ — ​ $ — ​ $ 3,454,862 ​ ​ The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2022 March 31, 2021 ​ March 31, 2020 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ — ​ $ 2,605,442 ​ $ (2,605,442) ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 11,067,870 ​ ​ 4,597,438 ​ ​ (15,601,327) ​ Forward freight agreements—realized gain/(loss) ​ Realized loss on derivatives ​ ​ — ​ ​ (788,670) ​ ​ 396,894 ​ Interest rate swaps—realized gain/(loss) Realized loss on derivatives ​ (3,450,443) ​ ​ (3,779,363) ​ ​ 2,403,480 ​ Gain/(loss) on derivatives, net ​ ​ $ 7,617,427 ​ $ 2,634,847 ​ $ (15,406,395) ​ ​ As of March 31, 2022 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 securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2022, 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 securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and investment securities are considered Level 1 items. The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 March 31, 2021 ​ March 31, 2020 ​ Unrealized gain/(loss) on investment securities ​ $ (1,587,090) ​ $ 1,317,890 ​ $ 1,288,304 ​ Less: Realized gain/(loss) on investment securities ​ 447,255 ​ ​ 295 ​ ​ 1,281,671 ​ Net gain/(loss) on investment securities $ (1,139,835) ​ $ 1,317,595 ​ $ 6,633 ​ ​ 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 have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, and Caravelle Japanese Financing (collectively, along with the CMNL/CJNP Japanese Financing and CNML Japanese Financing that were repaid, the “Japanese Financings”) that incur interest at a fixed-rate. We have long-term debt related to the BALCAP Facility that incurs interest at a fixed-rate. The Japanese Financings and 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 our fixed rate debt obligations as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ March 31, 2021 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 37,645,833 ​ $ 36,904,683 ​ ​ $ 40,895,833 ​ $ 44,298,064 ​ Concorde Japanese Financing ​ ​ 42,269,231 ​ ​ 41,352,417 ​ ​ ​ 45,500,000 ​ ​ 49,791,680 ​ Corvette Japanese Financing ​ ​ 42,807,692 ​ ​ 41,862,894 ​ ​ ​ 46,038,462 ​ ​ 50,376,434 ​ CMNL/CJNP Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 16,706,845 ​ ​ 18,792,993 ​ CNML Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 18,855,655 ​ ​ 21,195,305 ​ Cratis Japanese Financing ​ ​ 49,660,000 ​ ​ 46,716,277 ​ ​ ​ — ​ ​ — ​ Copernicus Japanese Financing ​ ​ 49,660,000 ​ ​ 46,716,277 ​ ​ ​ — ​ ​ — ​ Chaparral Japanese Financing ​ ​ 64,662,242 ​ ​ 64,321,963 ​ ​ ​ — ​ ​ — ​ Caravelle Japanese Financing ​ ​ 49,700,000 ​ ​ 46,792,400 ​ ​ ​ — ​ ​ — ​ BALCAP Facility ​ $ 81,574,172 ​ $ 77,063,912 ​ ​ $ — ​ $ — ​ ​

Retirement Plans

Retirement Plans	12 Months Ended
	Mar. 31, 2022
Retirement Plans
Retirement Plans	21. Retirement Plans ​ U.S. Defined Contribution Plan ​ Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2022, 2021, and 2020. ​ Greece Defined Benefit Plan ​ Our employees based in Greece have a required statutory defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greek Plan totaling $0.1 million for the year ended March 31, 2022, $0.3 million for the year ended March 31, 2021, and less than $0.1 million for the year ended March 31, 2020. ​ Denmark and U.K. Retirement Accounts ​ We contribute to retirement accounts for certain employees based Denmark and in the United Kingdom based on a percentage of their annual salaries. For each of the years ended March 31, 2022, 2021 and 2020, we recognized compensation expense of $0.2 million related to these contributions.

Earnings Per Share (EPS)

Earnings Per Share (EPS)	12 Months Ended
	Mar. 31, 2022
Earnings Per Share ("EPS")
Earnings Per Share ("EPS")	22. Earnings Per Share (“EPS”) ​ Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. ​ The calculations of basic and diluted EPS for the periods presented were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ (In U.S. dollars except share data) ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 71,935,018 ​ $ 92,564,653 ​ $ 111,841,258 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ ​ 40,203,937 ​ ​ 49,729,358 ​ ​ 53,881,483 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ ​ 161,151 ​ ​ 97,440 ​ ​ 233,855 ​ Diluted weighted average number of common shares outstanding ​ ​ ​ 40,365,088 ​ ​ 49,826,798 ​ ​ 54,115,338 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 1.79 ​ $ 1.86 ​ $ 2.08 ​ Diluted ​ ​ $ 1.78 ​ $ 1.86 ​ $ 2.07 ​ ​ There were no shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the years ended March 31, 2022 2021, and 2020.

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Mar. 31, 2022
Selected Quarterly Financial Information (unaudited)
Selected Quarterly Financial Information (unaudited)	23. Selected Quarterly Financial Information (unaudited) ​ The following tables summarize the 2022 and 2021 quarterly results: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Revenues ​ $ 62,950,738 ​ $ 63,086,858 ​ $ 68,559,782 ​ $ 79,624,070 ​ Operating income ​ ​ 13,255,888 ​ ​ 19,115,310 ​ ​ 22,550,972 ​ 37,476,803 ​ Net income ​ ​ 5,869,100 ​ ​ 14,101,803 ​ ​ 16,580,885 ​ ​ 35,383,230 ​ Earnings per common share, basic ​ ​ 0.14 ​ ​ 0.35 ​ ​ 0.42 ​ ​ 0.89 ​ Earnings per common share, diluted ​ $ 0.14 ​ $ 0.35 ​ $ 0.41 ​ $ 0.88 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ June 30, 2020 ​ September 30, 2020 December 31, 2020 ​ March 31, 2021 Revenues ​ $ 73,165,324 ​ $ 54,710,277 ​ $ 88,479,024 ​ $ 99,584,187 ​ Operating income ​ ​ 22,519,802 ​ ​ 5,413,760 ​ ​ 41,875,535 ​ 46,290,595 ​ Net income ​ ​ 12,168,005 ​ ​ 537,950 ​ ​ 35,825,264 ​ ​ 44,033,434 ​ Earnings per common share, basic ​ ​ 0.24 ​ ​ 0.01 ​ ​ 0.71 ​ ​ 0.93 ​ Earnings per common share, diluted ​ $ 0.24 ​ $ 0.01 ​ $ 0.71 ​ $ 0.93 ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2022
Subsequent Events.
Subsequent Events	​ ​ ​ ​ 24. Subsequent Events ​ Prepayment of the 2015 AR Facility ​ ​ Dividend ​ On May 5, 2022, we announced that our Board of Directors declared a cash dividend of $2.50 per share of the Company’s common stock to all shareholders of record as of the close of business on May 16, 2022, totaling $100.3 million. We expect to pay $99.7 million on or about June 2, 2022 and the remaining $0.6 million will be deferred until certain shares of restricted stock vest. ​ Cougar Japanese Financing ​ On May 19, 2022, we refinanced a 2015-built VLGC, the Cougar Cougar 3 Cougar 10-year Cougar 10-year 10-year

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2022
Significant Accounting Policies
Principles of consolidation	​ (a)    Principles of consolidation: ​
Use of estimates	(b)   Use of estimates:
Other comprehensive income/(loss)	​ (c)   Other comprehensive income/(loss): income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement. ​
Foreign currency translation	(d)   Foreign currency translation:
Cash and cash equivalents	(e)   Cash and cash equivalents:
Short-term investments	(f)   Short-term investments:
Investment securities	(g)   Investment securities:
Trade receivables, net and accrued revenues	(h)   Trade receivables, net and accrued revenues: ​
Due from related parties	(i)   Due from related parties:
Inventories	(j)   Inventories:
Vessels, net	(k)   Vessels, net: ​
Impairment of vessels	(l)   Impairment of vessels:
Vessel depreciation	(m)  Vessel depreciation:
Drydocking and special survey costs	(n)   Drydocking and special survey costs: seven and one-half years
Financing costs	(o)   Financing costs:
Restricted cash	(p)   Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature.
Leases	(q)   Leases: ​ Time charter-out contracts ​ Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. ​ ​ Net pool revenues—related party ​ As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on: ​ ● ​ ● ​ We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. ​ Time charter-in contracts ​ ​ Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. ​ Office leases ​ ​ Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease.
Revenues and expenses	(r) Voyage charter revenues: three ​ Revenue from Contracts with Customers ​ (s)   Voyage expenses: ​ (t)   Commissions: ​ (u)   Charter hire expenses: ​ (v)     Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses.
Repairs and maintenance	(w)   Repairs and maintenance:
Stock-based compensation	(x)   Stock-based compensation :
Stock repurchases	(y)   Stock repurchases :
Dividends	(z)   Dividends :
Segment reporting	(aa) Segment reporting:
Derivative instruments	(ab)  Derivative instruments:
Fair value of financial instruments	​ (ac)  Fair value of financial instruments: ​ Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.
Accounting Pronouncements Not Yet Adopted	​ ​ (ad)  Recent accounting pronouncements: ​ Accounting Policies Not Yet Adopted ​ In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	12 Months Ended
	Mar. 31, 2022
Basis of Presentation and General Information
Schedule of wholly-owned subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of ​ ​ ​ Subsidiary ​ vessel ​ Vessel’s name ​ Built ​ CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 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 (2) ​ 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 (2) ​ 2015 ​ 84,000 ​ Dorian Cape Town LPG Transport LLC ​ VLGC ​ Chaparral (2) ​ 2015 ​ 84,000 ​ Dorian Tokyo LPG Transport LLC ​ VLGC ​ Copernicus (2) ​ 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 (2) ​ 2016 ​ 84,000 ​ Dorian Sakura LPG Transport LLC (3) ​ VLGC ​ Hull No. 1755 ​ 2023 (4) ​ 84,000 ​ ​ Management Subsidiaries ​ ​ ​ Subsidiary Dorian LPG Management Corp. ​ Dorian LPG (USA) LLC (incorporated in USA) ​ Dorian LPG (UK) Ltd. (incorporated in UK) ​ Dorian LPG Finance LLC ​ Occident River Trading Limited (incorporated in UK) ​ Dorian LPG (DK) ApS (incorporated in Denmark) ​ Dorian LPG Chartering LLC ​ Dorian LPG FFAS LLC ​ (1) CBM: Cubic meters, a standard measure for LPG tanker capacity. (2) Operated pursuant to a bareboat charter agreement. Refer to Note 10 and 24 below for further information. (3) Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Note 19 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Mar. 31, 2022
Inventories
Schedule of inventories by type	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ March 31, 2021 Lubricants $ 2,096,713 ​ $ 1,475,228 ​ Victualing ​ — ​ 404,419 ​ Bonded stores ​ 169,638 ​ 127,817 ​ Total $ 2,266,351 ​ $ 2,007,464 ​

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Mar. 31, 2022
Vessels, Net
Schedule of vessels, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2020 ​ $ 1,757,285,233 $ (319,626,400) $ 1,437,658,833 ​ Other additions ​ ​ 5,372,597 ​ ​ — ​ ​ 5,372,597 ​ Depreciation ​ ​ — ​ ​ (66,003,175) ​ ​ (66,003,175) ​ Balance, March 31, 2021 ​ $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 ​ Other additions ​ ​ 6,575,263 ​ ​ — ​ ​ 6,575,263 ​ Disposals ​ ​ (131,157,644) ​ ​ 49,063,637 ​ ​ (82,094,007) ​ Depreciation ​ ​ — ​ ​ (63,447,821) ​ ​ (63,447,821) ​ Balance, March 31, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 ​

Vessel Under Construction (Tabl

Vessel Under Construction (Tables)	12 Months Ended
	Mar. 31, 2022
Vessel Under Construction.
Schedule of vessel under construction	​ ​ ​ ​ ​ ​ Balance, April 1, 2021 $ — Installment payments ​ ​ 16,000,000 ​ Other capitalized expenditures ​ ​ 109,488 ​ Capitalized interest ​ ​ 292,044 ​ Balance, March 31, 2022 $ 16,401,532 ​

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	12 Months Ended
	Mar. 31, 2022
Deferred Charges, Net.
Schedule of movement of deferred charges	​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2020 ​ $ 7,336,726 ​ Additions ​ ​ 5,178,916 ​ Amortization ​ ​ (2,357,440) ​ Balance, March 31, 2021 ​ $ 10,158,202 ​ Additions ​ ​ 2,869,210 ​ Disposals ​ ​ (298,852) ​ Amortization ​ ​ (2,889,560) ​ Balance, March 31, 2022 $ 9,839,000 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2022
Accrued Expenses
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 March 31, 2021 Accrued contingent claim $ — ​ $ 4,000,000 ​ Accrued voyage and vessel operating expenses ​ 1,676,853 ​ ​ 2,730,803 ​ Accrued employee-related costs ​ 952,471 ​ ​ 1,301,510 ​ Accrued professional services ​ 946,411 ​ ​ 523,950 ​ Accrued loan and swap interest ​ 126,878 ​ ​ 204,237 ​ Other 98,835 ​ ​ 4,764 ​ Total $ 3,801,448 ​ $ 8,765,264 ​

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Mar. 31, 2022
Long-term Debt
Schedule of certain terms under each tranche of the 2015 Debt Facility	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest Rate at ​ ​ ​ Original Term ​ Interest Rate Description (1) ​ March 31, 2022 (2) ​ Tranche 1 ​ Commercial Financing ​ 7 years (3) ​ London InterBank Offered Rate (“LIBOR”) plus a margin (5) ​ 3.37 % Tranche 2 ​ KEXIM Direct Financing ​ 12 years (4) ​ LIBOR plus a margin of 2.45% ​ 3.42 % Tranche 3 ​ KEXIM Guaranteed ​ 12 years (4) ​ LIBOR plus a margin of 1.40% ​ 2.37 % Tranche 4 ​ K-sure Insured ​ 12 years (4) ​ LIBOR plus a margin of 1.50% ​ 2.47 % ​ (1) The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches. ​ (2) The LIBOR rate in effect as of March 31, 2022 was 0.974030% . ​ (3) The Commercial Financing Tranche was refinanced on April 29, 2020, to, among other things, extend the term by three years . ​ (4) The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche. ​ (5) The Commercial Financing tranche margin over LIBOR at the time of its amendment and restatement described above was 2.50% and can be reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60 . We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2022, the set margin was 2.40% . ​
Schedule of loans outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 March 31, 2021 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ 91,651,888 ​ $ 155,205,698 ​ KEXIM Direct Financing ​ ​ 44,406,733 ​ ​ 89,474,512 ​ KEXIM Guaranteed ​ ​ 47,190,358 ​ ​ 93,997,081 ​ K-sure Insured ​ ​ 23,132,295 ​ ​ 46,333,895 ​ Total 2015 AR Facility ​ $ 206,381,274 ​ $ 385,011,186 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 37,645,833 ​ $ 40,895,833 ​ Concorde Japanese Financing ​ ​ 42,269,231 ​ ​ 45,500,000 ​ Corvette Japanese Financing ​ ​ 42,807,692 ​ ​ 46,038,462 ​ CMNL/CJNP Japanese Financing ​ ​ — ​ ​ 16,706,845 ​ CNML Japanese Financing ​ ​ — ​ ​ 18,855,655 ​ Cresques Japanese Financing ​ ​ 45,660,000 ​ ​ 49,080,000 ​ Cratis Japanese Financing ​ ​ 49,660,000 ​ ​ — ​ Copernicus Japanese Financing ​ ​ 49,660,000 ​ ​ — ​ Chaparral Japanese Financing ​ ​ 64,662,242 ​ ​ — ​ Caravelle Japanese Financing ​ ​ 49,700,000 ​ ​ — ​ Total Japanese Financings ​ $ 382,064,998 ​ $ 217,076,795 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 81,574,172 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 670,020,444 ​ $ 602,087,981 ​ Less: deferred financing fees ​ ​ 7,257,486 ​ ​ 10,615,937 ​ Debt obligations—net of deferred financing fees ​ $ 662,762,958 ​ $ 591,472,044 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 72,075,571 ​ $ 51,820,283 ​ Long-term debt—net of current portion and deferred financing fees ​ 590,687,387 ​ ​ 539,651,761 ​ Total $ 662,762,958 ​ $ 591,472,044 ​
Schedule of deferred financing fees	​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2020 $ 11,152,985 ​ Additions ​ 4,158,312 ​ Amortization ​ ​ (4,695,360) ​ Balance, March 31, 2021 ​ $ 10,615,937 ​ Additions ​ ​ 2,530,589 ​ Amortization ​ ​ (5,889,040) ​ Balance, March 31, 2022 $ 7,257,486 ​
Schedule of minimum annual principal payments	​ ​ ​ ​ ​ Year ending March 31: 2023 $ 72,075,571 ​ 2024 47,490,194 ​ 2025 128,146,403 ​ 2026 48,265,607 ​ 2027 ​ 93,060,886 ​ Thereafter 280,981,783 ​ Total $ 670,020,444 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2022
Leases
Schedule of time charter-in expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Charter hire expenses ​ $ 16,265,638 ​ $ 18,135,580 ​ $ 9,861,898
Schedule of operating lease rent expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Operating lease rent expense ​ $ 624,370 ​ $ 558,400 ​ $ 541,574
Schedule of operating lease right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ March 31, 2022 Assets: ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 194,343 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 180,693 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 7,892,671
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Less than one year ​ $ 8,214,964 Total undiscounted lease payments ​ ​ 8,214,964 Less: imputed interest ​ ​ (141,600) Carrying value of operating lease liabilities ​ $ 8,073,364

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Mar. 31, 2022
Stock-Based Compensation Plans
Summary of the activity of restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2020 ​ 317,048 ​ $ 8.08 ​ Granted ​ 442,215 ​ ​ 8.34 ​ Vested ​ (400,942) ​ ​ 8.23 ​ Forfeited ​ (150) ​ ​ 8.36 ​ Unvested as of March 31, 2021 ​ 358,171 ​ $ 8.23 ​ Granted ​ 263,686 ​ ​ 13.34 ​ Vested ​ (288,667) ​ ​ 10.21 ​ Forfeited ​ (4,100) ​ ​ 10.24 ​ Unvested as of March 31, 2022 ​ 329,090 ​ $ 10.56 ​

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Mar. 31, 2022
Revenues.
Schedule of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 Net pool revenues—related party ​ $ 246,305,480 ​ $ 292,679,614 ​ $ 298,079,123 Time charter revenues ​ ​ 22,377,211 ​ ​ 19,492,595 ​ ​ 34,111,230 Other revenues, net ​ ​ 5,538,757 ​ ​ 3,766,603 ​ ​ 1,239,645 Total revenues ​ $ 274,221,448 ​ $ 315,938,812 $ 333,429,998

Voyage Expenses (Tables)

Voyage Expenses (Tables)	12 Months Ended
	Mar. 31, 2022
Voyage Expenses.
Schedule of voyage expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Bunkers ​ $ 2,159,341 ​ $ 1,537,007 ​ $ 1,345,360 ​ War risk insurances ​ ​ 1,510,720 ​ ​ 1,272,647 ​ 1,095,156 ​ Brokers’ commissions ​ ​ 265,207 ​ ​ 334,333 ​ 469,143 ​ Security cost ​ ​ 322,150 ​ ​ 221,882 ​ 272,985 ​ Port charges and other related expenses ​ ​ 1,556 ​ ​ 1,500 ​ 5,898 ​ Other voyage expenses ​ ​ 65,738 ​ ​ 42,281 ​ 54,381 ​ Total ​ $ 4,324,712 ​ $ 3,409,650 $ 3,242,923 ​

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Table)	12 Months Ended
	Mar. 31, 2022
Vessel Operating Expenses.
Schedule of vessel operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Crew wages and related costs ​ $ 44,950,878 ​ $ 44,017,660 ​ $ 42,683,848 ​ Spares and stores ​ ​ 14,486,392 ​ 17,061,388 ​ ​ 13,249,931 ​ Repairs and maintenance costs ​ ​ 4,528,776 ​ 6,096,812 ​ ​ 4,416,259 ​ Insurance ​ ​ 4,056,225 ​ 3,942,622 ​ ​ 4,173,052 ​ Lubricants ​ ​ 3,351,279 ​ 3,241,330 ​ ​ 3,607,749 ​ Miscellaneous expenses ​ ​ 2,830,668 ​ 3,860,057 ​ ​ 3,347,530 ​ Total ​ $ 74,204,218 $ 78,219,869 ​ $ 71,478,369 ​

Interest and Finance Costs (Tab

Interest and Finance Costs (Tables)	12 Months Ended
	Mar. 31, 2022
Interest and Finance Costs
Schedule of interest and finance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Interest incurred ​ $ 20,119,655 ​ $ 21,665,379 ​ $ 32,355,390 ​ Amortization of financing costs ​ ​ 5,889,040 ​ ​ 4,695,360 ​ ​ 2,893,392 ​ Other financing costs ​ ​ 1,350,744 ​ ​ 1,235,385 ​ ​ 856,759 ​ Capitalized interest ​ ​ (292,044) ​ ​ — ​ ​ — ​ Total ​ $ 27,067,395 ​ $ 27,596,124 ​ $ 36,105,541 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2022
Schedule of commitments under contracts for BWMS Purchases	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 54,490 ​ Total ​ $ 54,490 ​
Schedule of operating leases	​ ​ ​ ​ ​ Less than one year ​ $ 8,214,964 Total undiscounted lease payments ​ ​ 8,214,964 Less: imputed interest ​ ​ (141,600) Carrying value of operating lease liabilities ​ $ 8,073,364
Schedule of future minimum time charter-in commitments	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 17,130,893 ​ One to three years ​ ​ 64,080,000 ​ Three to five years ​ ​ 64,080,000 ​ Thereafter ​ ​ 91,700,000 ​ Total ​ $ 236,990,893 ​
Schedule of future minimum fixed time charter contracts	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 17,295,578 ​ Total ​ $ 17,295,578 ​
United States, Greece, United Kingdom, And Denmark
Schedule of operating leases	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ Less than one year ​ $ 149,135 ​ Total ​ $ 149,135 ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Disclosures
Schedule of principal terms of the interest rate swaps	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Transaction ​ Termination ​ Fixed ​ ​ Nominal value Nominal value Interest rate swap ​ Date ​ Date ​ interest rate ​ ​ March 31, 2022 March 31, 2021 2015 AR Facility - Citibank (1) ​ September 2015 ​ March 2025 ​ 1.091 % ​ $ 188,000,000 ​ $ 200,000,000 ​ 2015 AR Facility - ING (2) ​ September 2015 ​ March 2025 ​ 1.145 % ​ ​ 47,000,000 ​ ​ 50,000,000 ​ 2015 AR Facility - Citibank (3) ​ October 2015 ​ March 2022 ​ 1.468 % ​ ​ — ​ ​ 26,325,000 ​ 2015 AR Facility - Citibank (3) ​ October 2015 ​ March 2022 1.380 % ​ ​ — ​ ​ 39,487,500 ​ 2015 AR Facility - Citibank (3) ​ June 2016 ​ March 2022 1.213 % ​ ​ — ​ ​ 35,750,774 ​ 2015 AR Facility - Citibank (3) ​ June 2016 ​ March 2022 1.161 % ​ ​ — ​ ​ 14,690,857 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 235,000,000 ​ $ 366,254,131 ​ (1) Reduces quarterly with a final settlement of $95.2 million in March 2025. (2) Reduces by quarterly with a final settlement of $23.8 million in March 2025. (3) Settled in March 2022.
Schedule of financial derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ 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 ​ $ — ​ $ — ​ $ — ​ $ 1,100,529 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ 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 ​ $ 6,512,479 ​ $ — ​ $ — ​ $ 3,454,862 ​
Schedule of effect of derivative instruments on the consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2022 March 31, 2021 ​ March 31, 2020 Forward freight agreements—change in fair value ​ Unrealized gain/(loss) on derivatives ​ $ — ​ $ 2,605,442 ​ $ (2,605,442) ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives ​ 11,067,870 ​ ​ 4,597,438 ​ ​ (15,601,327) ​ Forward freight agreements—realized gain/(loss) ​ Realized loss on derivatives ​ ​ — ​ ​ (788,670) ​ ​ 396,894 ​ Interest rate swaps—realized gain/(loss) Realized loss on derivatives ​ (3,450,443) ​ ​ (3,779,363) ​ ​ 2,403,480 ​ Gain/(loss) on derivatives, net ​ ​ $ 7,617,427 ​ $ 2,634,847 ​ $ (15,406,395) ​
Summary of gains and losses on investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2022 March 31, 2021 ​ March 31, 2020 ​ Unrealized gain/(loss) on investment securities ​ $ (1,587,090) ​ $ 1,317,890 ​ $ 1,288,304 ​ Less: Realized gain/(loss) on investment securities ​ 447,255 ​ ​ 295 ​ ​ 1,281,671 ​ Net gain/(loss) on investment securities $ (1,139,835) ​ $ 1,317,595 ​ $ 6,633 ​
Summary of carrying value and estimated fair value of Japanese Financings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2022 ​ ​ March 31, 2021 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 37,645,833 ​ $ 36,904,683 ​ ​ $ 40,895,833 ​ $ 44,298,064 ​ Concorde Japanese Financing ​ ​ 42,269,231 ​ ​ 41,352,417 ​ ​ ​ 45,500,000 ​ ​ 49,791,680 ​ Corvette Japanese Financing ​ ​ 42,807,692 ​ ​ 41,862,894 ​ ​ ​ 46,038,462 ​ ​ 50,376,434 ​ CMNL/CJNP Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 16,706,845 ​ ​ 18,792,993 ​ CNML Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 18,855,655 ​ ​ 21,195,305 ​ Cratis Japanese Financing ​ ​ 49,660,000 ​ ​ 46,716,277 ​ ​ ​ — ​ ​ — ​ Copernicus Japanese Financing ​ ​ 49,660,000 ​ ​ 46,716,277 ​ ​ ​ — ​ ​ — ​ Chaparral Japanese Financing ​ ​ 64,662,242 ​ ​ 64,321,963 ​ ​ ​ — ​ ​ — ​ Caravelle Japanese Financing ​ ​ 49,700,000 ​ ​ 46,792,400 ​ ​ ​ — ​ ​ — ​ BALCAP Facility ​ $ 81,574,172 ​ $ 77,063,912 ​ ​ $ — ​ $ — ​

Earnings Per Share (EPS) (Table

Earnings Per Share (EPS) (Tables)	12 Months Ended
	Mar. 31, 2022
Earnings Per Share ("EPS")
Schedule of calculations of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ (In U.S. dollars except share data) ​ ​ March 31, 2022 ​ March 31, 2021 ​ March 31, 2020 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ ​ $ 71,935,018 ​ $ 92,564,653 ​ $ 111,841,258 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ ​ 40,203,937 ​ ​ 49,729,358 ​ ​ 53,881,483 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ ​ 161,151 ​ ​ 97,440 ​ ​ 233,855 ​ Diluted weighted average number of common shares outstanding ​ ​ ​ 40,365,088 ​ ​ 49,826,798 ​ ​ 54,115,338 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ $ 1.79 ​ $ 1.86 ​ $ 2.08 ​ Diluted ​ ​ $ 1.78 ​ $ 1.86 ​ $ 2.07 ​

Selected Quarterly Financial _2

Selected Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Mar. 31, 2022
Selected Quarterly Financial Information (unaudited)
Schedule of quarterly results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2021 September 30, 2021 December 31, 2021 March 31, 2022 Revenues ​ $ 62,950,738 ​ $ 63,086,858 ​ $ 68,559,782 ​ $ 79,624,070 ​ Operating income ​ ​ 13,255,888 ​ ​ 19,115,310 ​ ​ 22,550,972 ​ 37,476,803 ​ Net income ​ ​ 5,869,100 ​ ​ 14,101,803 ​ ​ 16,580,885 ​ ​ 35,383,230 ​ Earnings per common share, basic ​ ​ 0.14 ​ ​ 0.35 ​ ​ 0.42 ​ ​ 0.89 ​ Earnings per common share, diluted ​ $ 0.14 ​ $ 0.35 ​ $ 0.41 ​ $ 0.88 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ ​ June 30, 2020 ​ September 30, 2020 December 31, 2020 ​ March 31, 2021 Revenues ​ $ 73,165,324 ​ $ 54,710,277 ​ $ 88,479,024 ​ $ 99,584,187 ​ Operating income ​ ​ 22,519,802 ​ ​ 5,413,760 ​ ​ 41,875,535 ​ 46,290,595 ​ Net income ​ ​ 12,168,005 ​ ​ 537,950 ​ ​ 35,825,264 ​ ​ 44,033,434 ​ Earnings per common share, basic ​ ​ 0.24 ​ ​ 0.01 ​ ​ 0.71 ​ ​ 0.93 ​ Earnings per common share, diluted ​ $ 0.24 ​ $ 0.01 ​ $ 0.71 ​ $ 0.93 ​

Basis of Presentation and Gen_3

Basis of Presentation and General Information (General) (Details)	12 Months Ended
	Mar. 31, 2022item
Total number of vessels	22
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm	19
Number of VLGCs having 82,000 cbm	1
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)	Mar. 31, 2022m³
CJNP
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
Minimum
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	80,000

Basis of Presentation and Gen_5

Basis of Presentation and General Information (ConRisk) (Details)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenue. | Customer concentration | Helios LPG Pool LLC
Charterers individually accounting for more than 10% of revenues
Percentage of total revenues	90.00%	93.00%	89.00%

Significant Accounting Polici_3

Significant Accounting Policies (Other) (Details)	12 Months Ended
	Mar. 31, 2022USD ($)DerivativeInstrument	Mar. 31, 2021USD ($)DerivativeInstrument	Mar. 31, 2020USD ($)DerivativeInstrument
Other comprehensive income/(loss):
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Foreign currency translation
Number of foreign currency derivative instruments held | DerivativeInstrument	0	0	0
Trade receivables (net):
Provision for doubtful accounts	$ 0	$ 0

Significant Accounting Polici_4

Significant Accounting Policies (PPE) (Details)	12 Months Ended
	Mar. 31, 2022item
Segment reporting:
Number of reportable segments	1
Vessels
Vessels, Net
Useful life of vessels	25 years
Initial drydocking period	5 years
Number of years for initial drydocking requirement	15 years
Drydocking period if extension granted	7 years 6 months
Maximum age of vessel for extension of drydocking period	20 years

Significant Accounting Polici_5

Significant Accounting Policies (FV) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Accounting hedges
Derivative Instruments:
Fair value of derivative	$ 0	$ 0	$ 0

Significant Accounting Polici_6

Significant Accounting Policies (AcctPro) (Details)	12 Months Ended
	Mar. 31, 2022
New Accounting Pronouncements or Change in Accounting Principle
Lease, Practical Expedient, Lessor Single Lease Component	true
Minimum
New Accounting Pronouncements or Change in Accounting Principle
The standard payment period terms of freight paid	3 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle
The standard payment period terms of freight paid	5 days

Transactions with Related Par_2

Transactions with Related Parties (Details)	Apr. 01, 2014item	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Jul. 26, 2013
Transactions with Related Parties
Due from related parties - current		$ 57,782,831	$ 56,191,375
Due to related parties		$ 37,433	117,803
Number of time chartered-in VLGC | item		2
Manager
Transactions with Related Parties
Related party income for chartering and operational services		$ 100,000	100,000	$ 100,000
Due from related parties - current		1,000,000	1,000,000
Mr. John Hadjipateras | Eagle Ocean Transport
Transactions with Related Parties
Ownership interest (as a percent)					100.00%
Helios LPG Pool LLC
Transactions with Related Parties
Related party income for chartering and operational services		2,100,000	2,000,000	1,600,000
Due from related parties		76,500,000	78,100,000
Due from related parties - current		$ 3,300,000	1,100,000
Due to related parties			400,000
Number of members | item	2
Number of vessels that are operating under pooling agreement | item		22
Number of time chartered-in VLGC | item		2
Number of Company vessels that are operating under pooling agreement | item		20
Working capital contributed		$ 23,100,000	24,200,000
The amount of expenses with fixed reimbursement to the entity for working in high risk areas		3,100,000	$ 3,500,000	$ 1,200,000
Helios LPG Pool LLC | Asset acquisition
Transactions with Related Parties
Interest transferred to Dorian LPG Ltd. (as a percent)	50.00%
Helios LPG Pool LLC | Maximum
Transactions with Related Parties
Due to related parties		$ 100,000
Helios LPG Pool LLC | Phoenix
Transactions with Related Parties
Number of third party vessels that are operating under pooling agreement | item		2

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Inventories
Inventories	$ 2,266,351	$ 2,007,464
Lubricants
Inventories
Inventories	2,096,713	1,475,228
Victualing
Inventories
Inventories		404,419
Bonded stores
Inventories
Inventories	$ 169,638	$ 127,817

Vessels, Net (Details)

Vessels, Net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Vessels, Net
Vessels, net	$ 1,238,061,690	$ 1,377,028,255
Vessels
Vessels, Net
Vessels, net	1,238,061,690	1,377,028,255	$ 1,437,658,833
Cost
Balance at the beginning of the period	1,762,657,830	1,757,285,233
Other additions	6,575,263	5,372,597
Disposals	(131,157,644)
Balance at the end of the period	1,638,075,449	1,762,657,830
Accumulated depreciation
Balance at the beginning of the period	(385,629,575)	(319,626,400)
Disposals accumulated depreciation	49,063,637
Impairment	0	0
Disposals net book value	(82,094,007)
Depreciation	(63,447,821)	(66,003,175)
Balance at the end of the period	(400,013,759)	(385,629,575)
Mortgaged VLGC vessels, carrying value	1,198,700,000	$ 1,337,400,000
CMNL
Accumulated depreciation
Gain loss on vessel held for sale	3,500,000
CNML
Accumulated depreciation
Gain loss on vessel held for sale	$ 3,800,000

Vessel Under Construction (Deta

Vessel Under Construction (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Vessel under construction
Bareboat charter agreement term of contract		13 years
Capitalized interest	$ 292,044
Balance	$ 16,401,532
Vessels under commitment
Vessel under construction
Bareboat charter agreement term of contract	13 years
Installment payments	$ 16,000,000
Other capitalized expenditures	109,488
Capitalized interest	292,044
Balance	$ 16,401,532

Other Fixed Assets, Net (Detail

Other Fixed Assets, Net (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Other Fixed Assets, Net
Other fixed assets	$ 54,101	$ 148,836
Accumulated depreciation for other fixed assets	$ 300,000	$ 300,000

Deferred Charges, Net (Details)

Deferred Charges, Net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Movement in deferred charges, net
Balance at the beginning of the period - drydocking costs	$ 10,158,202	$ 7,336,726
Additions - drydocking costs	2,869,210	5,178,916
Disposals - drydocking costs	(298,852)
Amortization - drydocking costs	(2,889,560)	(2,357,440)
Balance at the end of the period - drydocking costs	$ 9,839,000	$ 10,158,202

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Accrued Expenses
Accrued contingency claim		$ 4,000,000
Accrued voyage and vessel operating expenses	$ 1,676,853	2,730,803
Accrued employee-related costs	952,471	1,301,510
Accrued professional services	946,411	523,950
Accrued loan and swap interest	126,878	204,237
Other	98,835	4,764
Total	$ 3,801,448	$ 8,765,264

Long-Term Debt (Other) (Details

Long-Term Debt (Other) (Details)

Mar. 31, 2022USD ($)

Mar. 29, 2022USD ($)

Mar. 18, 2022USD ($)

Jan. 26, 2022USD ($)

Dec. 29, 2021USD ($)

Nov. 30, 2021USD ($)

Apr. 23, 2020USD ($)

Apr. 21, 2020USD ($)

Apr. 20, 2020

Jun. 26, 2018USD ($)

Jun. 25, 2018USD ($)

Mar. 16, 2018USD ($)

Jan. 31, 2018USD ($)

Nov. 07, 2017USD ($)

Mar. 31, 2015USD ($)item

Mar. 31, 2022USD ($)

Mar. 31, 2021USD ($)

Mar. 31, 2020USD ($)

Mar. 31, 2015USD ($)

Apr. 29, 2020USD ($)

Long-Term Debt

Financing costs paid

$ 1,664,252

$ 4,183,321

$ 40,547

Drawdowns

298,250,000

55,378,172

Proceeds from sale of vessel

90,460,363

Presented as follows:

Total debt obligations

$ 670,020,444

670,020,444

602,087,981

Current portion of long-term debt

72,075,571

72,075,571

51,820,283

Long-term debt-net of current portion and deferred financing fees

590,687,387

590,687,387

539,651,761

Total

662,762,958

662,762,958

591,472,044

Long-term Debt, Other Disclosures [Abstract]

Deferred finance fees, beginning

10,615,937

11,152,985

Additions

2,530,589

4,158,312

Amortization

(5,889,040)

(4,695,360)

(2,893,392)

Deferred finance fees, end

7,257,486

7,257,486

10,615,937

$ 11,152,985

Corsair LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 65,000,000

Term of Charter Agreement

12 years

Period until purchase option exercisable

2 years

Proceeds from sale of vessel

$ 52,000,000

Deposit retained by buyer

13,000,000

Concorde LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 70,000,000

Term of Charter Agreement

13 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 56,000,000

Deposit retained by buyer

14,000,000

Corvette LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 70,000,000

Term of Charter Agreement

13 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 56,000,000

Deposit retained by buyer

14,000,000

CMNL

Long-Term Debt

Value of vessel transferred

$ 45,800,000

Term of Charter Agreement

7 years

Period until purchase option exercisable

2 years

Proceeds from sale of vessel

$ 20,600,000

Deposit retained by buyer

$ 25,200,000

CNML

Long-Term Debt

Value of vessel transferred

$ 50,800,000

Term of Charter Agreement

7 years

Period until purchase option exercisable

2 years

Proceeds from sale of vessel

$ 22,900,000

Deposit retained by buyer

$ 27,900,000

Dorian Dubai LPG Transport LLC (Cresques)

Long-Term Debt

Value of vessel transferred

$ 71,500,000

Term of Charter Agreement

12 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 52,500,000

Deposit retained by buyer

$ 19,000,000

Repayment of debt

$ 28,500,000

Cratis LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 70,000,000

Term of Charter Agreement

9 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 50,000,000

Deposit retained by buyer

20,000,000

Copernicus LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 70,000,000

Term of Charter Agreement

9 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 50,000,000

Deposit retained by buyer

$ 20,000,000

Chaparral LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 64,900,000

Term of Charter Agreement

7 years

Period until purchase option exercisable

5 years

Period until purchase option exercisable extension period

3 years

Proceeds from sale of vessel

$ 64,900,000

Principal payment frequency

monthly

Caravelle LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 71,500,000

71,500,000

Term of Charter Agreement

10 years

Period until purchase option exercisable

3 years

Proceeds from sale of vessel

$ 50,000,000

Deposit retained by buyer

21,500,000

21,500,000

2015 Facility

Long-Term Debt

Original loan amount

$ 758,000,000

$ 758,000,000

Number of tranches in which loan facility is divided | item

4

Number of VLGC newbuildings secured by loan | item

15

Repayment of debt

33,700,000

35,100,000

The amount of restricted cash released

$ 1,600,000

$ 1,600,000

Presented as follows:

Total debt obligations

$ 206,381,274

$ 206,381,274

385,011,186

2015 Facility | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

2.40%

Interest Rate

0.97403%

0.97403%

Commercial Financing

Long-Term Debt

Original loan amount

$ 249,000,000

249,000,000

Term

7 years

Interest Rate

3.37%

3.37%

Loan term period

3 years

Presented as follows:

Total debt obligations

$ 91,651,888

$ 91,651,888

155,205,698

Commercial Financing | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

2.50%

2.40%

KEXIM Direct Financing

Long-Term Debt

Original loan amount

$ 204,000,000

$ 204,000,000

Term

12 years

Interest Rate

3.42%

3.42%

Presented as follows:

Total debt obligations

$ 44,406,733

$ 44,406,733

89,474,512

KEXIM Direct Financing | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

2.45%

KEXIM Guaranteed and K-sure Insured

Long-Term Debt

Original loan amount

$ 305,000,000

$ 305,000,000

KEXIM Guaranteed

Long-Term Debt

Original loan amount

$ 202,000,000

$ 202,000,000

Term

12 years

Interest Rate

2.37%

2.37%

Presented as follows:

Total debt obligations

$ 47,190,358

$ 47,190,358

93,997,081

KEXIM Guaranteed | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

1.40%

K-sure Insured

Long-Term Debt

Original loan amount

$ 103,000,000

$ 103,000,000

Term

12 years

Interest Rate

2.47%

2.47%

Presented as follows:

Total debt obligations

$ 23,132,295

$ 23,132,295

46,333,895

K-sure Insured | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

1.50%

2017 Bridge Loan

Long-Term Debt

Repayment of debt

$ 30,100,000

Japanese Financing Agreement [Member]

Presented as follows:

Total debt obligations

382,064,998

382,064,998

217,076,795

Corsair Japanese Financing

Long-Term Debt

Term of Charter Agreement

12 years

Stated rate (as a percent)

4.90%

Financing cost to be incurred

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

1.00%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 13,000,000

Presented as follows:

Total debt obligations

37,645,833

37,645,833

40,895,833

Concorde Japanese Financing

Long-Term Debt

Stated rate (as a percent)

4.90%

Financing cost to be incurred

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

1.00%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 14,000,000

Presented as follows:

Total debt obligations

42,269,231

42,269,231

45,500,000

Corvette Japanese Financing

Long-Term Debt

Stated rate (as a percent)

4.90%

Financing cost to be incurred

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

1.00%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 14,000,000

Presented as follows:

Total debt obligations

42,807,692

42,807,692

46,038,462

CJNP Japanese Financing | CMNL

Long-Term Debt

Deposit retained by buyer

$ 25,200,000

Vessel purchase price

$ 15,800,000

CMNL Japanese Financing

Long-Term Debt

Stated rate (as a percent)

6.00%

Financing cost to be incurred

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Brokerage Commission Fee on delivery Purchase Option (as a percent)

0.50%

Brokerage commission fee on exercised purchase option (as a percent)

0.50%

Periodic principal payment amount

$ 100,000

Principal payment frequency

monthly

Balloon payment amount

$ 11,000,000

Presented as follows:

Total debt obligations

16,706,845

CNML Japanese Financing

Long-Term Debt

Stated rate (as a percent)

6.00%

Financing cost to be incurred

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Brokerage Commission Fee on delivery Purchase Option (as a percent)

0.50%

Brokerage commission fee on exercised purchase option (as a percent)

0.50%

Periodic principal payment amount

$ 100,000

Principal payment frequency

monthly

Balloon payment amount

$ 13,000,000

Presented as follows:

Total debt obligations

18,855,655

CNML Japanese Financing | CNML

Long-Term Debt

Deposit retained by buyer

$ 27,900,000

Vessel purchase price

$ 17,800,000

Cresques Japanese Financing

Long-Term Debt

Monthly brokerage commission (as a percent)

1.25%

Percentage of broker commission fee payable

0.50%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 11,500,000

Presented as follows:

Total debt obligations

45,660,000

45,660,000

$ 49,080,000

Cresques Japanese Financing | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

2.50%

Cratis Japanese Financing

Long-Term Debt

Stated rate (as a percent)

4.10%

Loan term period

9 years

Estimated financing cost to be incurred

$ 300,000

Brokerage Commission Fee on delivery Purchase Option (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

0.50%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 13,300,000

Presented as follows:

Total debt obligations

49,660,000

49,660,000

Cratis Japanese Financing | Cratis LPG Transport LLC

Long-Term Debt

Term of Charter Agreement

9 years

Copernicus Japanese Financing

Long-Term Debt

Stated rate (as a percent)

4.10%

Loan term period

9 years

Financing cost to be incurred

$ 300,000

Brokerage Commission Fee on delivery Purchase Option (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

0.50%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 13,300,000

Presented as follows:

Total debt obligations

49,660,000

49,660,000

Chaparral Japanese Financing

Long-Term Debt

Stated rate (as a percent)

5.30%

Loan term period

7 years

Financing cost to be incurred

$ 100,000

Periodic principal payment amount

500,000

Vessel purchase price

45,800,000

Presented as follows:

Total debt obligations

$ 64,662,242

$ 64,662,242

Caravelle Japanese Financing

Long-Term Debt

Stated rate (as a percent)

4.20%

4.20%

Loan term period

10 years

Estimated financing cost to be incurred

$ 300,000

$ 300,000

Brokerage Commission Fee on delivery Purchase Option (as a percent)

1.25%

Brokerage commission fee on exercised purchase option (as a percent)

0.50%

0.50%

Periodic principal payment amount

$ 300,000

Principal payment frequency

monthly

Balloon payment amount

$ 14,000,000

$ 14,000,000

Presented as follows:

Total debt obligations

49,700,000

49,700,000

Refinancing Of Commercial Tranche Of 2015 Facility

Long-Term Debt

Security leverage ratio

40.00%

40.00%

Additional basis points to decrease the margin

0.10%

0.10%

Basis points receivable as increase or reduction for changes in Average Efficiency Ratio

0.10%

0.10%

Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR

Long-Term Debt

Margin added to LIBOR for interest rate on loan facility (as a percent)

2.50%

Refinancing Of Commercial Tranche Of 2015 Facility | Minimum

Long-Term Debt

Additional basis points to increase the margin

0.10%

0.10%

Refinancing Of Commercial Tranche Of 2015 Facility | Maximum

Long-Term Debt

Security leverage ratio

60.00%

60.00%

New senior secured term loan facility

Long-Term Debt

Original loan amount

$ 155,800,000

New senior secured revolving credit facility | Maximum

Long-Term Debt

Original loan amount

$ 25,000,000

2015 AR Facility | Cratis LPG Transport LLC

Long-Term Debt

Repayment of debt

25,100,000

2015 AR Facility | Copernicus LPG Transport LLC

Long-Term Debt

Repayment of debt

$ 25,300,000

2015 AR Facility | Chaparral LPG Transport LLC

Long-Term Debt

Repayment of debt

$ 24,000,000

2015 AR Facility | Caravelle LPG Transport LLC

Long-Term Debt

Repayment of debt

24,800,000

BALCAP Facility

Long-Term Debt

Original loan amount

$ 83,400,000

Drawdowns

$ 34,900,000

Stated rate (as a percent)

3.78%

Loan term period

5 years

Periodic principal payment amount

$ 900,000

Principal payment frequency

monthly

Balloon payment amount

$ 44,100,000

Security leverage ratio

125.00%

Presented as follows:

Total debt obligations

$ 81,574,172

$ 81,574,172

Long-Term Debt (Covenants) (Det

Long-Term Debt (Covenants) (Details) - USD ($) $ in Millions	Apr. 20, 2020	Mar. 31, 2022	Jun. 30, 2021	Jul. 14, 2020	Apr. 29, 2020	Jul. 23, 2019	Mar. 16, 2018	Jan. 31, 2018	Mar. 31, 2015
2015 Facility
Long-Term Debt
Original loan amount									$ 758
The amount of restricted cash released							$ 1.6	$ 1.6
Maximum consolidated net debt to consolidated total capitalization ratio (as a percent)		60.00%
Minimum stockholder's equity balance		$ 400
Current assets and long-term restricted cash divided by current liabilities ratio (as a percent)		100.00%
Amendment to the 2015 Debt Facility
Ownership percentage of common shares by any shareholder other than certain entities or directors or officers that permits lenders to accelerate indebtedness (as a percent)						33.30%
2015 Facility | LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)		2.40%
Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Additional basis points to decrease the margin	0.10%				0.10%
Security leverage ratio	40.00%				40.00%
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio	0.10%				0.10%
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)	2.50%
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum
Long-Term Debt
Security leverage ratio	60.00%				60.00%
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum
Long-Term Debt
Additional basis points to increase the margin	0.10%				0.10%
New senior secured term loan facility
Long-Term Debt
Original loan amount					$ 155.8
New senior secured revolving credit facility | Maximum
Long-Term Debt
Original loan amount					$ 25
2015 AR Facility
Long-Term Debt
Minimum cash per mortgaged vessel from first anniversary through thereafter		$ 1	$ 2.2	$ 1
Minimum liquidity covenant		$ 27.5
Percentage of increase in security value ratio		145.00%

Long-Term Debt (FutMin) (Detail

Long-Term Debt (FutMin) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Minimum annual principal payments
2023	$ 72,075,571
2024	47,490,194
2025	128,146,403
2026	48,265,607
2027	93,060,886
Thereafter	280,981,783
Total	$ 670,020,444	$ 602,087,981

Leases (assets and liabilities)

Leases (assets and liabilities) (Details)	12 Months Ended
	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)item	Mar. 31, 2020USD ($)
Leases
Number of option period for time charter | item	0	0
Operating lease income	$ 19,200,000	$ 29,100,000	$ 18,300,000
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]	Charter Hire Expenses	Charter Hire Expenses	Charter Hire Expenses
Lease term	12 months	12 months
Weighted average discount rate (as a percent)	3.88%
Weighted average remaining lease term	10 months
Operating lease right-of-use assets - Office Leases	$ 194,343
Operating lease right-of-use assets - Time Charter in VLGCs	7,892,671
Operating lease liabilities current - Office Leases	180,693
Operating lease liabilities current - Time Charter in VLGCs	$ 7,892,671
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 ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Time Charter-in
Charter hire expenses	$ 16,265,638	$ 18,135,580	$ 9,861,898

Leases (Operating lease rent ex

Leases (Operating lease rent expense) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Operating Leases
Operating lease rent expense	$ 624,370	$ 558,400	$ 541,574

Leases (Operating Lease Liabili

Leases (Operating Lease Liability Maturity) (Details)	Mar. 31, 2022USD ($)
Leases
Less than one year	$ 8,214,964
Total undiscounted lease payments	8,214,964
Less: imputed interest	(141,600)
Carrying value of operating lease liabilities	$ 8,073,364

Common Stock (Other) (Details)

Common Stock (Other) (Details)	Jan. 25, 2022USD ($)	Jan. 04, 2022USD ($)$ / shares	Sep. 08, 2021USD ($)	Jul. 30, 2021USD ($)$ / shares	Mar. 31, 2022USD ($)itemshares	Mar. 31, 2021shares	Jul. 01, 2013$ / sharesshares
Common Stock.
Dividends declared (in dollars per share) | $ / shares		$ 1		$ 1
Dividends, Common Stock | $		$ 40,100,000		$ 40,400,000
Dividends paid in cash | $	$ 39,900,000		$ 40,200,000		$ 80,082,210
Dividends payable | $	$ 200,000		$ 200,000		$ 494,180
Common stock
Authorized capital stock (in shares) | shares							500,000,000
Par value of capital stock (in dollars per share) | $ / shares							$ 0.01
Common Stock, Shares Authorized | shares					450,000,000	450,000,000	450,000,000
Preferred Stock, Shares Authorized | shares					50,000,000	50,000,000	50,000,000
Number of votes entitled to shareholders | item					1

Common Stock (SBC) (Details)

Common Stock (SBC) (Details) - USD ($)	2 Months Ended	12 Months Ended			29 Months Ended
	Mar. 31, 2022	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2021	Feb. 02, 2022	Feb. 02, 2021	Dec. 29, 2020	Feb. 03, 2020	Aug. 05, 2019
Stock repurchases
Common stock repurchase authorized amount						$ 100,000,000		$ 50,000,000	$ 50,000,000	$ 50,000,000
Treasury stock shares acquired (in shares)	0				7,000,000
Treasury stock value acquired		$ 21,364,822	$ 12,678,249	$ 50,699,304	$ 81,000,000
Remaining available authorization								$ 41,400,000
Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)							8,405,146
Percent of shares outstanding authorized for repurchase							16.80%
Authorized share price (in dollars per share)							$ 13.50
Common stock repurchase authorized amount							$ 113,500,000
Original Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)							7,407,407
Percent of shares outstanding authorized for repurchase							14.80%
Oversubscribed Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)							997,739
Percent of shares outstanding authorized for repurchase							2.00%

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			24 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2022	Oct. 31, 2021	Apr. 30, 2014
Stock-Based Compensation Plans
Number of common shares reserved for issuance under the Equity Incentive Plan					2,015,000	2,850,000
Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	263,686	442,215
Unrecognized compensation cost	$ 1.7			$ 1.7
Weighted average life over which unrecognized compensation is expected to be recognized	1 year 9 months 18 days
Fair value of restricted shares	$ 4.1	$ 3.4	$ 5.2
Number of Shares
Unvested at the beginning of the period (in shares)	358,171	317,048		317,048
Granted (in shares)	263,686	442,215
Vested (in shares)	(288,667)	(400,942)
Forfeited (in shares)	(4,100)	(150)
Unvested at the end of the period (in shares)	329,090	358,171	317,048	329,090
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 8.23	$ 8.08		$ 8.08
Granted (in dollars per share)	13.34	8.34
Vested (in dollars per share)	10.21	8.23
Forfeited (in dollars per share)	10.24	8.36
Unvested at the end of the period (in dollars per share)	$ 10.56	$ 8.23	$ 8.08	$ 10.56
Restricted stock awards | General and administrative expenses
Stock-Based Compensation Plans
Stock-based compensation expense	$ 3.3	$ 3.4	$ 3.2
Restricted stock awards | Vest immediately
Stock-Based Compensation Plans
Vesting (as a percent)			25.00%
Restricted stock awards | Vest one year after grant
Stock-Based Compensation Plans
Vesting (as a percent)			25.00%
Vesting period			1 year
Restricted stock awards | Vest two years after grant
Stock-Based Compensation Plans
Vesting (as a percent)			25.00%
Vesting period			2 years
Restricted stock awards | Vest three years after grant
Stock-Based Compensation Plans
Vesting (as a percent)			25.00%
Vesting period			3 years
Restricted stock units | Vest one year after grant
Stock-Based Compensation Plans
Vesting (as a percent)			33.00%
Vesting period			1 year
Restricted stock units | Vest two years after grant
Stock-Based Compensation Plans
Vesting (as a percent)			33.00%
Vesting period			2 years
Restricted stock units | Vest three years after grant
Stock-Based Compensation Plans
Vesting (as a percent)			33.00%
Vesting period			3 years
Certain officers and employees | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	180,900	188,400	175,200
Number of Shares
Granted (in shares)	180,900	188,400	175,200
Certain officers and employees | Restricted stock units
Stock-Based Compensation Plans
Granted (in shares)	36,700	56,450	22,500
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	56,450	22,500
Non-executive director | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	46,086	41,711	24,025
Number of Shares
Granted (in shares)	46,086	41,711	24,025
President and Chief Executive Officer
Stock-Based Compensation Plans
Shares issued		155,654
Non-employee consultant | Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)			1,550	0
Number of Shares
Granted (in shares)			1,550	0

Revenues (Details)

Revenues (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Revenues	$ 274,221,448	$ 315,938,812	$ 333,429,998
Net pool revenues - related party
Revenues	246,305,480	292,679,614	298,079,123
Time charter revenues
Revenues	22,377,211	19,492,595	34,111,230
Other revenue, net
Revenues	$ 5,538,757	$ 3,766,603	$ 1,239,645

Voyage Expenses (Details)

Voyage Expenses (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Voyage Expenses.
Bunkers	$ 2,159,341	$ 1,537,007	$ 1,345,360
War risk insurances	1,510,720	1,272,647	1,095,156
Brokers' commissions	265,207	334,333	469,143
Security cost	322,150	221,882	272,985
Port charges and other related expenses	1,556	1,500	5,898
Other voyage expenses	65,738	42,281	54,381
Total voyage expenses	$ 4,324,712	$ 3,409,650	$ 3,242,923

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Vessel Operating Expenses.
Crew wages and related costs	$ 44,950,878	$ 44,017,660	$ 42,683,848
Spares and stores	14,486,392	17,061,388	13,249,931
Repairs and maintenance costs	4,528,776	6,096,812	4,416,259
Insurance	4,056,225	3,942,622	4,173,052
Lubricants	3,351,279	3,241,330	3,607,749
Miscellaneous expenses	2,830,668	3,860,057	3,347,530
Total	$ 74,204,218	$ 78,219,869	$ 71,478,369

Interest and Finance Costs (Det

Interest and Finance Costs (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Interest and Finance Costs
Interest incurred	$ 20,119,655	$ 21,665,379	$ 32,355,390
Amortization of financing costs	5,889,040	4,695,360	2,893,392
Other finance costs	1,350,744	1,235,385	856,759
Capitalized interest	(292,044)
Total	$ 27,067,395	$ 27,596,124	$ 36,105,541

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Mar. 31, 2022
Income Taxes
Tax rate on US source shipping income (as a percent)	4.00%
Shipping income (as a percent)	50.00%

Commitments and Contingencies_2

Commitments and Contingencies (Details)	1 Months Ended	12 Months Ended
	Oct. 31, 2021	Mar. 31, 2022USD ($)item	Mar. 31, 2021USD ($)
Commitments under Contracts for BWMS Purchases
Less than one year		$ 54,490
Total		54,490
Commitments under Operating Leases
Less than one year		8,214,964
Total undiscounted lease payments		$ 8,214,964
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	7 years	1 year
Less than one year		$ 17,130,893
One to three years		64,080,000
Three to five years		64,080,000
Thereafter		91,700,000
Total		236,990,893
Fixed Time Charter Commitments
Less than one year		17,295,578
Total		17,295,578
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		149,135
Total undiscounted lease payments		$ 149,135

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Interest rate swaps
Derivative Instruments
Nominal value	$ 235,000,000	$ 366,254,131
1.091% interest rate swap due on March 2025 | Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.091%
Nominal value	$ 188,000,000	200,000,000
Final settlement amount	$ 95,200,000
1.145% interest rate swap due on March 2025 | ING Bank N. V. Member
Derivative Instruments
Fixed interest rate (as a percent)	1.145%
Nominal value	$ 47,000,000	$ 50,000,000
Final settlement amount	$ 23,800,000
1.468% interest rate swap due on March 2022 | ABN
Derivative Instruments
Fixed interest rate (as a percent)		1.468%
Nominal value		$ 26,325,000
1.380% interest rate swap due on March 2022 | Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)		1.38%
Nominal value		$ 39,487,500
1.213% interest rate swap due March 2022 | Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)		1.213%
Nominal value		$ 35,750,774
1.161% interest rate swap due March 2022 | Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)		1.161%
Nominal value		$ 14,690,857

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Derivative Instruments
Change in fair value	$ 11,067,870	$ 7,202,880	$ (18,206,769)
Realized gain/(loss) on derivatives	(3,450,443)	(4,568,033)	2,800,374
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net
Derivative Instruments
Gain/(loss) on derivatives, net	7,617,427	2,634,847	(15,406,395)
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	11,067,870	4,597,438	(15,601,327)
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	(3,450,443)	(3,779,363)	2,403,480
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments
Derivative Instruments
Derivative Asset	6,512,479
Interest rate swaps | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities		1,100,529
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments
Derivative Instruments
Derivative Liabilities		3,454,862
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value		2,605,442	(2,605,442)
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives		(788,670)	$ 396,894
Forward freight agreements | Derivatives not designated as hedging instruments | Current assets-Derivative instruments
Derivative Instruments
Derivative Asset	0	0
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	$ 0	$ 0

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Financial Instruments and Fair Value Disclosures
Unrealized gain/(loss) on investment securities	$ (1,587,090)	$ 1,317,890	$ 1,288,304
Less: Realized gain/(loss) on investment securities	447,255	295	1,281,671
Net gain/(loss) on investment securities	$ (1,139,835)	$ 1,317,595	$ 6,633

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)	Mar. 31, 2022	Mar. 31, 2021
Fair value
Carrying Value	$ 662,762,958	$ 591,472,044
Corsair Japanese Financing
Fair value
Carrying Value	37,645,833	40,895,833
Corsair Japanese Financing | Level 2
Fair value
Fair Value	36,904,683	44,298,064
Concorde Japanese Financing
Fair value
Carrying Value	42,269,231	45,500,000
Concorde Japanese Financing | Level 2
Fair value
Fair Value	41,352,417	49,791,680
Corvette Japanese Financing
Fair value
Carrying Value	42,807,692	46,038,462
Corvette Japanese Financing | Level 2
Fair value
Fair Value	41,862,894	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		18,855,655
CNML Japanese Financing | Level 2
Fair value
Fair Value		$ 21,195,305
Cratis Japanese Financing
Fair value
Carrying Value	49,660,000
Cratis Japanese Financing | Level 2
Fair value
Fair Value	46,716,277
Copernicus Japanese Financing
Fair value
Carrying Value	49,660,000
Copernicus Japanese Financing | Level 2
Fair value
Fair Value	46,716,277
Chaparral Japanese Financing
Fair value
Carrying Value	64,662,242
Chaparral Japanese Financing | Level 2
Fair value
Fair Value	64,321,963
Caravelle Japanese Financing
Fair value
Carrying Value	49,700,000
Caravelle Japanese Financing | Level 2
Fair value
Fair Value	46,792,400
BALCAP Facility
Fair value
Carrying Value	81,574,172
BALCAP Facility | Level 2
Fair value
Fair Value	$ 77,063,912

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Defined Contribution Plans and Defined Benefit Plan
Compensation expense associated with safe harbor contributions	$ 0.1	$ 0.1	$ 0.1
Greece
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan	0.1	0.3
United Kingdom and Denmark
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan	$ 0.2	$ 0.2	0.2
Maximum | Greece
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan			$ 0.1

Earnings Per Share (EPS) (Detai

Earnings Per Share (EPS) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Numerator:
Net income	$ 35,383,230	$ 16,580,885	$ 14,101,803	$ 5,869,100	$ 44,033,434	$ 35,825,264	$ 537,950	$ 12,168,005	$ 71,935,018	$ 92,564,653	$ 111,841,258
Denominator:
Basic weighted average number of common shares outstanding (in shares)									40,203,937	49,729,358	53,881,483
Effect of dilutive restricted stock and restricted stock units (in shares)									161,151	97,440	233,855
Diluted weighted average number of common shares outstanding (in shares)									40,365,088	49,826,798	54,115,338
EPS:
Earnings per common share - basic (in dollars per share)	$ 0.89	$ 0.42	$ 0.35	$ 0.14	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 1.79	$ 1.86	$ 2.08
Earnings per common share - diluted (in dollars per share)	$ 0.88	$ 0.41	$ 0.35	$ 0.14	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 1.78	$ 1.86	$ 2.07
Restricted stock awards
EPS:
Number of shares excluded from the calculation of diluted EPS									0	0	0

Selected Quarterly Financial _3

Selected Quarterly Financial Information (unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Selected Quarterly Financial Information (unaudited)
Revenues	$ 79,624,070	$ 68,559,782	$ 63,086,858	$ 62,950,738	$ 99,584,187	$ 88,479,024	$ 54,710,277	$ 73,165,324	$ 274,221,448	$ 315,938,812	$ 333,429,998
Operating income	37,476,803	22,550,972	19,115,310	13,255,888	46,290,595	41,875,535	5,413,760	22,519,802	92,398,973	116,099,692	161,068,831
Net income	$ 35,383,230	$ 16,580,885	$ 14,101,803	$ 5,869,100	$ 44,033,434	$ 35,825,264	$ 537,950	$ 12,168,005	$ 71,935,018	$ 92,564,653	$ 111,841,258
Earnings per common share - basic (in dollars per share)	$ 0.89	$ 0.42	$ 0.35	$ 0.14	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 1.79	$ 1.86	$ 2.08
Earnings per common share - diluted (in dollars per share)	$ 0.88	$ 0.41	$ 0.35	$ 0.14	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 1.78	$ 1.86	$ 2.07

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)	Jun. 02, 2022	May 19, 2022	May 05, 2022	Apr. 21, 2022	Jan. 25, 2022	Jan. 04, 2022	Sep. 08, 2021	Jul. 30, 2021	Mar. 31, 2022	Mar. 31, 2021	Mar. 31, 2020
Subsequent Event
Repayment of long-term debt borrowings									$ 230,317,537	$ 99,418,395	$ 63,968,414
Dividends declared (in dollars per share)						$ 1		$ 1
Dividends declared						$ 40,100,000		$ 40,400,000
Dividends paid in cash					$ 39,900,000		$ 40,200,000		80,082,210
Dividends payable					$ 200,000		$ 200,000		494,180
Proceeds from sale of vessel									$ 90,460,363
Commercial Financing
Subsequent Event
Loan term period									3 years
Subsequent events
Subsequent Event
Dividends declared (in dollars per share)			$ 2.50
Dividends declared			$ 100,300,000
Dividends paid in cash	$ 99,700,000
Dividends payable	$ 600,000
Subsequent events | Commercial Financing
Subsequent Event
Repayment of long-term debt borrowings				$ 11,100,000
Subsequent events | KEXIM Direct Financing
Subsequent Event
Repayment of long-term debt borrowings				11,100,000
Subsequent events | K-sure Insured
Subsequent Event
Repayment of long-term debt borrowings				2,800,000
Subsequent events | Cougar Japanese Financing
Subsequent Event
Loan term period		10 years
Estimated financing cost to be incurred		$ 300,000
Percentage of broker commission fee payable		1.25%
Brokerage Commission Fee on delivery Purchase Option (as a percent)		0.50%
Periodic principal payment amount		$ 900,000
Principal payment frequency		quarterly
Balloon payment amount		$ 14,000,000
Subsequent events | Cougar Japanese Financing | three-month SOFR
Subsequent Event
Margin (as a percent)		2.45%
Subsequent events | 2015 AR Facility
Subsequent Event
Repayment of long-term debt borrowings				$ 25,000,000
Subsequent events | Cougar LPG Transport LLC
Subsequent Event
Deposit retained by buyer used for purchase payment		$ 20,000,000
Value of vessel transferred		$ 70,000,000
Term of Charter Agreement		10 years
Period until purchase option exercisable		3 years
Proceeds from sale of vessel		$ 50,000,000
Deposit retained by buyer		20,000,000
Subsequent events | Cougar LPG Transport LLC | 2015 AR Facility
Subsequent Event
Repayment of debt		$ 20,000,000