Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Cover Abstract | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2022 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36437 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 66-0818228 | |
Entity Address, Address Line One | 27 Signal Road | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 674-9900 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LPG | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,136,600 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Current assets | ||
Cash and cash equivalents | $ 155,518,158 | $ 236,758,927 |
Trade receivables, net and accrued revenues | 1,517,245 | 853,060 |
Due from related parties | 60,936,121 | 57,782,831 |
Inventories | 2,189,564 | 2,266,351 |
Prepaid expenses and other current assets | 10,073,850 | 10,232,083 |
Total current assets | 230,234,938 | 307,893,252 |
Fixed assets | ||
Vessels, net | 1,223,273,413 | 1,238,061,690 |
Vessel under construction | 24,882,121 | 16,401,532 |
Other fixed assets, net | 93,664 | 54,101 |
Total fixed assets | 1,248,249,198 | 1,254,517,323 |
Other non-current assets | ||
Deferred charges, net | 9,139,814 | 9,839,000 |
Derivative instruments | 8,966,713 | 6,512,479 |
Due from related parties-non-current | 19,800,000 | 19,800,000 |
Restricted cash - non-current | 73,727 | 77,987 |
Operating lease right-of-use assets | 6,410,060 | 8,087,014 |
Other non-current assets | 574,078 | 635,038 |
Total assets | 1,523,448,528 | 1,607,362,093 |
Current liabilities | ||
Trade accounts payable | 7,927,555 | 9,541,131 |
Accrued expenses | 5,053,515 | 3,801,448 |
Due to related parties | 31,535 | 37,433 |
Deferred income | 3,604 | 813,967 |
Current portion of long-term operating lease liabilities | 5,785,527 | 8,073,364 |
Current portion of long-term debt | 51,929,438 | 72,075,571 |
Dividends payable | 919,643 | 494,180 |
Total current liabilities | 71,650,817 | 94,837,094 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 605,106,749 | 590,687,387 |
Long-term operating lease liabilities | 622,769 | |
Other long-term liabilities | 1,718,858 | 1,686,197 |
Total long-term liabilities | 607,448,376 | 592,373,584 |
Total liabilities | 679,099,193 | 687,210,678 |
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 | 513,375 | 513,217 |
Additional paid-in-capital | 760,764,708 | 760,105,994 |
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of March 31, 2022 and March 31, 2021, respectively | (122,198,003) | (121,226,936) |
Retained earnings | 205,269,255 | 280,759,140 |
Total shareholders' equity | 844,349,335 | 920,151,415 |
Total liabilities and shareholders' equity | $ 1,523,448,528 | $ 1,607,362,093 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Mar. 31, 2022 |
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 | 51,337,445 | 51,321,695 |
Common stock, shares outstanding (net of treasury stock) | 40,136,600 | 40,185,042 |
Treasury stock, shares at cost | 11,200,845 | 11,136,653 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues. | ||
Revenues | $ 76,823,722 | $ 62,950,738 |
Expenses | ||
Voyage expenses | 775,545 | 1,356,392 |
Charter hire expenses | 5,402,145 | 3,508,070 |
Vessel operating expenses | 17,067,913 | 20,281,554 |
Depreciation and amortization | 15,809,778 | 17,142,915 |
General and administrative expenses | 9,413,139 | 8,038,807 |
Total expenses | 48,468,520 | 50,327,738 |
Other income-related parties | 591,802 | 632,888 |
Operating income | 28,947,004 | 13,255,888 |
Other income/(expenses) | ||
Interest and finance costs | (7,958,554) | (5,649,774) |
Interest income | 408,278 | 186,299 |
Unrealized gain/(loss) on derivatives | 2,454,234 | 433,726 |
Realized gain/(loss) on derivatives | (50,384) | (903,718) |
Other gain/(loss), net | 1,047,142 | (1,453,321) |
Total other income/(expenses), net | (4,099,284) | (7,386,788) |
Net income | $ 24,847,720 | $ 5,869,100 |
Weighted average shares outstanding Basic (in shares) | 39,898,485 | 40,944,845 |
Weighted average shares outstanding Diluted (in shares) | 40,124,705 | 41,165,138 |
Earnings per common share - basic (in dollars per share) | $ 0.62 | $ 0.14 |
Earnings per common share - diluted (in dollars per share) | $ 0.62 | $ 0.14 |
Net pool revenues - related party | ||
Revenues. | ||
Revenues | $ 70,171,001 | $ 55,162,246 |
Time charter revenues | ||
Revenues. | ||
Revenues | 6,241,915 | 5,346,139 |
Other revenue, net | ||
Revenues. | ||
Revenues | $ 410,806 | $ 2,442,353 |
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, 2021 | $ 510,715 | $ (99,862,114) | $ 756,776,217 | $ 289,400,512 | $ 946,825,330 |
Balance (in shares) at Mar. 31, 2021 | 51,071,409 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 5,869,100 | 5,869,100 | |||
Restricted share award issuances | $ 158 | (158) | |||
Restricted share award issuances (in shares) | 15,800 | ||||
Stock-based compensation | 647,124 | 647,124 | |||
Purchase of treasury stock | (14,793,180) | (14,793,180) | |||
Balance at Jun. 30, 2021 | $ 510,873 | (114,655,294) | 757,423,183 | 295,269,612 | 938,548,374 |
Balance (in shares) at Jun. 30, 2021 | 51,087,209 | ||||
Balance at Mar. 31, 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 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 24,847,720 | 24,847,720 | |||
Restricted share award issuances | $ 158 | (158) | |||
Restricted share award issuances (in shares) | 15,750 | ||||
Dividend | (100,337,605) | (100,337,605) | |||
Stock-based compensation | 658,872 | 658,872 | |||
Purchase of treasury stock | (971,067) | (971,067) | |||
Balance at Jun. 30, 2022 | $ 513,375 | $ (122,198,003) | $ 760,764,708 | $ 205,269,255 | $ 844,349,335 |
Balance (in shares) at Jun. 30, 2022 | 51,337,445 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 24,847,720 | $ 5,869,100 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 15,809,778 | 17,142,915 |
Amortization of operating lease right-of-use assets | 2,447,611 | 2,360,289 |
Amortization of financing costs | 909,047 | 689,841 |
Unrealized (gain)/loss on derivatives | (2,454,234) | (433,726) |
Stock-based compensation expense | 658,872 | 647,124 |
Unrealized foreign currency (gain)/loss, net | 581,145 | 4,602 |
Other non-cash items, net | (1,532,311) | 1,386,734 |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | (664,185) | (90,832) |
Prepaid expenses and other current assets | (693,019) | (1,309,965) |
Due from related parties | (3,153,290) | 13,704,299 |
Inventories | 76,787 | 35,036 |
Other non-current assets | 60,960 | (886) |
Operating lease liabilities-current and long-term | (2,421,271) | (2,363,734) |
Trade accounts payable | (899,490) | 1,140,387 |
Accrued expenses and other liabilities | 532,888 | 675,379 |
Due to related parties | (5,898) | (78,780) |
Payments for drydocking costs | (6,736) | (1,306,463) |
Net cash provided by operating activities | 34,094,374 | 38,071,320 |
Cash flows from investing activities: | ||
Payments for vessel under construction and vessel capital expenditures | (8,768,399) | (9,797,560) |
Payments to acquire other fixed assets | (62,286) | |
Purchases of investment securities | (2,250,681) | |
Proceeds from sale of investment securities | 2,003,458 | |
Net cash provided by/(used in) investing activities | (6,827,227) | (12,048,241) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 50,000,000 | |
Repayment of long-term debt borrowings | (56,358,620) | (12,955,071) |
Repurchase of common stock | (952,250) | (14,064,071) |
Financing costs paid | (1,036,330) | (68,604) |
Dividends paid | (99,912,142) | |
Net cash used in financing activities | (108,259,342) | (27,087,746) |
Effects of exchange rates on cash and cash equivalents | (252,834) | (9,723) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | (81,245,029) | (1,074,390) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 236,836,914 | 84,727,199 |
Cash, cash equivalents, and restricted cash at the end of the period | 155,591,885 | 83,652,809 |
Reconcilliation 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 | 155,518,158 | |
Restricted cash - non-current | 73,727 | |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 155,591,885 | $ 83,652,809 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 3 Months Ended |
Jun. 30, 2021 | |
Basis of Presentation and General Information | |
Basis of Presentation and General Information | 1. Basis of Presentation and General Information Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of June 30, 2022, our fleet consists of twenty-two VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), one 82,000 cbm VLGCs and two time chartered-in ECO-VLGCs. As of June 30, 2022, thirteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2022 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2022. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of June 30, 2022, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 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 and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement as of June 30, 2022. Refer to Note 7 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 15 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. COVID-19 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 | 3 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2022 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022). Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Jun. 30, 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 less than $0.1 million for both the three months ended June 30, 2022 and 2021. As of June 30, 2022, $1.0 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets. As of March 31, 2022, $1.0 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets. Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of June 30, 2022, the Helios Pool operated twenty-three VLGCs, including twenty vessels from our fleet (including two vessels time chartered-in from unrelated parties) and three Phoenix vessels. As of June 30, 2022, we had net receivables from the Helios Pool of $79.6 million, including $23.1 million of working capital contributed for the operation of our vessels in the pool (of which $3.3 million was classified as current). As of March 31, 2022, we had net receivables from the Helios Pool of $76.5 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $23.1 million of working capital contributed for the operation of our vessels in the pool (of which $3.3 million was classified as current). Our maximum exposure to losses from the pool as of June 30, 2022 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix and has appointed both as the exclusive commercial managers of pool vessels. Dorian LPG (DK) ApS has assumed the responsibilities of Dorian LPG (UK) Ltd. under such agreements with the consolidation of our Copenhagen, Denmark and London, United Kingdom offices. Fees for such services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million for both the three months ended June 30, 2022, and 2021. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.3 million and $0.6 million for the three months ended June 30, 2022, and 2021, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the three months ended June 30, 2022 and 2021. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 12. |
Deferred Charges, Net
Deferred Charges, Net | 3 Months Ended |
Jun. 30, 2022 | |
Deferred Charges, Net. | |
Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Drydocking costs Balance, April 1, 2022 $ 9,839,000 Amortization (699,186) Balance, June 30, 2022 $ 9,139,814 |
Vessels, Net
Vessels, Net | 3 Months Ended |
Jun. 30, 2022 | |
Vessels, Net | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 Other additions 299,592 — 299,592 Depreciation — (15,087,869) (15,087,869) Balance, June 30, 2022 $ 1,638,375,041 $ (415,101,628) $ 1,223,273,413 Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the three months ended June 30, 2022. Our vessels, with a total carrying value of $1,184.7 million and $1,198.7 million as of June 30, 2022 and March 31, 2022, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 7 below). Captain John NP |
Vessel Under Construction
Vessel Under Construction | 3 Months Ended |
Jun. 30, 2022 | |
Vessel Under Construction. | |
Vessel Under Construction | 6. Vessel Under Construction Balance, April 1, 2022 $ 16,401,532 Installment payments 8,000,000 Other capitalized expenditures 234,649 Capitalized interest 245,940 Balance, June 30, 2022 $ 24,882,121 |
Long-term Debt
Long-term Debt | 3 Months Ended |
Jun. 30, 2022 | |
Long-term Debt | |
Long-term Debt | 7. Long-term Debt 2015 AR Facility Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Facility”), and the amendment and restatement of the 2015 Facility (the “2015 AR Facility”) on April 29, 2020. On April 21, 2022, we prepaid $25.0 million of the 2015 AR Facility’s then outstanding principal using cash on hand, consisting of $11.1 million of the commercial tranche, $11.1 million of the Export Import Bank of Korea (“KEXIM”) direct tranche, and $2.8 million of the Korea Trade Insurance Corporation (“K-sure”) insured tranche. On May 19, 2022, we prepaid $20.0 million of the 2015 AR Facility’s then outstanding principal related to Cougar We were in compliance with all financial covenants as of June 30, 2022. BALCAP Facility We were in compliance with all financial covenants as of June 30, 2022. Corsair Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing of our 2014-built VLGC, Corsair Concorde Japanese Financing Concorde Concorde Corvette Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing of our 2015-built VLGC, Corvette Corvette CNML Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2008-built VLGC, Captain Nicholas ML Cresques Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2015-built VLGC, Cresques Cratis Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2015-built VLGC, Cratis Copernicus Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2015-built VLGC, Copernicus Chaparral Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2015-built VLGC, Chaparral Caravelle Japanese Financing Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on the refinancing our 2016-built VLGC, Caravelle Cougar Japanese Financing On May 19, 2022, we refinanced a 2015-built VLGC, Cougar Cougar Cougar Cougar Debt Obligations The table below presents our debt obligations: June 30, 2022 March 31, 2022 2015 AR Facility Commercial Financing $ 71,596,370 $ 91,651,888 KEXIM Direct Financing 29,087,824 44,406,733 KEXIM Guaranteed 40,158,551 47,190,358 K-sure Insured 17,814,236 23,132,295 Total 2015 AR Facility $ 158,656,981 $ 206,381,274 Japanese Financings Corsair Japanese Financing $ 36,833,334 $ 37,645,833 Concorde Japanese Financing 41,461,538 42,269,231 Corvette Japanese Financing 42,000,000 42,807,692 Cresques Japanese Financing 44,805,000 45,660,000 Cratis Japanese Financing 48,640,000 49,660,000 Copernicus Japanese Financing 48,640,000 49,660,000 Chaparral Japanese Financing 64,093,936 64,662,242 Caravelle Japanese Financing 48,800,000 49,700,000 Cougar Japanese Financing 50,000,000 — Total Japanese Financings $ 425,273,808 $ 382,064,998 BALCAP Facility $ 79,731,035 $ 81,574,172 Total debt obligations $ 663,661,824 $ 670,020,444 Less: deferred financing fees 6,625,637 7,257,486 Debt obligations—net of deferred financing fees $ 657,036,187 $ 662,762,958 Presented as follows: Current portion of long-term debt $ 51,929,438 $ 72,075,571 Long-term debt—net of current portion and deferred financing fees 605,106,749 590,687,387 Total $ 657,036,187 $ 662,762,958 Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2022 $ 7,257,486 Additions 277,198 Amortization (909,047) Balance, June 30, 2022 $ 6,625,637 |
Leases
Leases | 3 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 8. Leases Time charter-in contracts liabilities Charter hire expenses for the VLGCs time chartered in were as follows: Three months ended June 30, 2022 June 30, 2021 Charter hire expenses $ 5,402,145 $ 3,508,070 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. During the three months ended June 30, 2022, we extended the lease of our Stamford, Connecticut office for an additional five years. We also entered a new lease for our Copenhagen, Denmark office. The contract was signed during the three months ended June 30, 2022, with the lease commencing in August 2022. Operating lease rent expense related to our office leases was as follows: Three months ended June 30, 2022 June 30, 2021 Operating lease rent expense $ 154,464 $ 151,676 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 4.60%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of June 30, 2022 is 13.0 months. Description Location on Balance Sheet June 30, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 859,045 Time charter-in VLGCs Operating lease right-of-use assets $ 5,551,015 Liabilities: Current Office Leases Current portion of long-term operating leases $ 234,512 Time charter-in VLGCs Current portion of long-term operating leases $ 5,551,015 Long-term Office Leases Long-term operating leases $ 622,769 Time charter-in VLGCs Long-term operating leases $ — Less than one year $ 5,893,242 One to three years 349,950 Three to five years 339,030 Total undiscounted lease payments 6,582,222 Less: imputed interest (173,926) Carrying value of operating lease liabilities $ 6,408,296 |
Dividends Declared and Paid
Dividends Declared and Paid | 3 Months Ended |
Jun. 30, 2022 | |
Dividends Declared and Paid | |
Common Stock | 9. Dividends On May 4, 2022, we announced that our board of directors (“Board of Directors”) declared a cash dividend of $2.50 per share of our common stock to all shareholders of record as of the close of business on May 16, 2022, totaling $100.3 million. We paid $99.7 million on June 2, 2022, with the remaining $0.6 million deferred until certain shares of restricted stock vest. This was an irregular dividend. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our 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 our Board of Directors may deem relevant. On June 15, 2022, we paid $0.2 million of dividends that were deferred until the vesting of certain restricted stock. |
Stock Repurchase Program
Stock Repurchase Program | 3 Months Ended |
Jun. 30, 2022 | |
Stock Repurchase Program | |
Stock Repurchase Authority | 10. Stock Repurchase Authority 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. As of June 30, 2022, our total purchases under the 2022 Common Share Repurchase Authority totaled 0.05 million shares for an aggregate consideration of $0.7 million. We are not obligated to make any common share repurchases. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jun. 30, 2022 | |
Stock-Based Compensation Plans | |
Stock-Based Compensation Plans | 11. Stock-Based Compensation Plans Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.7 million and $0.6 million for the three months ended June 30, 2022 and 2021, respectively. Unrecognized compensation cost was $1.2 million as of June 30, 2022 and will be recognized over a remaining weighted average life of 0.67 years. For more information on our equity incentive plan, refer to Note 13 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022. A summary of the activity of restricted shares and units awarded under our equity incentive plan as of June 30, 2022 and changes during the three months ended June 30, 2022, is as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2022 329,090 $ 10.56 Vested (58,475) (8.21) Unvested as of June 30, 2022 270,615 $ 11.07 |
Revenues
Revenues | 3 Months Ended |
Jun. 30, 2022 | |
Revenues. | |
Revenues | 12. Revenues Revenues comprise the following: Three months ended June 30, 2022 June 30, 2021 Net pool revenues—related party $ 70,171,001 $ 55,162,246 Time charter revenues 6,241,915 5,346,139 Other revenues, net 410,806 2,442,353 Total revenues $ 76,823,722 $ 62,950,738 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022. Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 3 Months Ended |
Jun. 30, 2022 | |
Financial Instruments and Fair Value Disclosures | |
Financial Instruments and Fair Value Disclosures | 13. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, amounts due from related parties, investment securities, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, accrued liabilities, and derivative instruments. (a) Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: Our long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 AR Facility. Refer to Note 20 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2022 for information on our interest rate swap agreements related to the 2015 AR Facility. Fair value measurements: June 30, 2022 March 31, 2022 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 $ — $ — $ — $ — June 30, 2022 March 31, 2022 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 $ 8,966,713 $ — $ 6,512,479 $ — The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2022 June 30, 2021 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 2,454,234 433,726 Interest rate swaps—realized loss Realized gain/(loss) on derivatives (50,384) (903,718) Gain/(loss) on derivatives, net $ 2,403,850 $ (469,992) As of June 30, 2022 and March 31, 2022, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three months ended June 30, 2022 and 2021. (c) Book values and fair values of financial instruments: In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and investment securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and investment securities are considered Level 1 items. The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows: Three months ended June 30, 2022 June 30, 2021 Unrealized gain/(loss) on investment securities $ 768,335 $ (1,359,671) Less: Realized gain on investment securities 776,770 305 Net gain/(loss) on investment securities $ 1,545,105 $ (1,359,366) We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying values approximate their fair values as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have the Cougar Japanese Financing which bears interest at variable interest rates, being SOFR. We also 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 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 the BALCAP Facility are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of our fixed debt obligations as of: June 30, 2022 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 36,833,334 $ 35,843,886 $ 37,645,833 $ 36,904,683 Concorde Japanese Financing 41,461,538 40,238,243 42,269,231 41,352,417 Corvette Japanese Financing 42,000,000 40,761,723 42,807,692 41,862,894 Cratis Japanese Financing 48,640,000 45,456,275 49,660,000 46,716,277 Copernicus Japanese Financing 48,640,000 45,456,275 49,660,000 46,716,277 Chaparral Japanese Financing 64,093,936 63,239,553 64,662,242 64,321,963 Caravelle Japanese Financing 48,800,000 45,593,976 49,700,000 46,792,400 BALCAP Facility $ 79,731,035 $ 75,083,530 $ 81,574,172 $ 77,063,912 |
Earnings (Loss) Per Share (EPS)
Earnings (Loss) Per Share (EPS) | 3 Months Ended |
Jun. 30, 2022 | |
Earnings/(Loss) Per Share ("EPS") | |
Earnings Per Share ("EPS") | 14. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended (In U.S. dollars except share data) June 30, 2022 June 30, 2021 Numerator: Net income $ 24,847,720 $ 5,869,100 Denominator: Basic weighted average number of common shares outstanding 39,898,485 40,944,845 Effect of dilutive restricted stock and restricted stock units 226,220 220,293 Diluted weighted average number of common shares outstanding 40,124,705 41,165,138 EPS: Basic $ 0.62 $ 0.14 Diluted $ 0.62 $ 0.14 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 15. Commitments and Contingencies Commitments under Bareboat Charter Header Agreement Operating Leases We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices: June 30, 2022 Less than one year $ 377,387 One to three years 578,300 Three to five years 333,530 Total $ 1,289,217 Time Charter-in During the three months ended June 30, 2022, we did not time-charter in any VLGCs. Commitments as of June 30, 2022, relate to (i) three newbuilding dual-fuel Panamax LPG vessels that we previously entered into agreements to time-charter in 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; (ii) a one-year time chartered-in VLGC that was delivered to us in October 2021; and (iii) a three-year time chartered-in VLGC that was delivered to us in February 2020. We had the following time charter-in commitments relating to VLGCs: June 30, 2022 Less than one year $ 17,961,893 One to three years 64,080,000 Three to five years 64,080,000 Thereafter 85,460,000 Total $ 231,581,893 Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: June 30, 2022 Less than one year $ 13,255,578 Total $ 13,255,578 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. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2022 | |
Subsequent Events. | |
Subsequent Events | 16. Subsequent Events Repurchase of Corvette On July 21, 2022, we repurchased Corvette Corvette 2022 Debt Facility On July 29, 2022, we entered into a $260 million debt financing facility (the “2022 Debt Facility”) with Crédit Agricole Corporate and Investment Bank (“CACIB”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S (“DSF”) to refinance indebtedness under the 2015 AR Facility and the Concorde Japanese Financing (upon its repurchase in September 2022) and to releverage Corvette The 2022 Debt 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’ mandatory insurances and earnings and management agreements; (iii) first priority pledge in respect of all 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 to non-Helios LPG Pool parties with an original tenor greater than 13 months; and (v) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2022 Debt 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 2022 Debt Facility also contains customary covenants that require us to maintain adequate insurance coverage and to properly maintain the vessels. 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 on 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 2022 Debt 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 ● ● 0.60 1.00 ● Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall not be less than 145%; and ● Minimum liquidity covenant of the greater of (i) $27.5 million and (ii) 5% of consolidated interest-bearing debt. The margin can be decreased by five five five We have reclassified $2.5 million from long-term debt to current portion of long-term debt as a result of this refinancing. Dividend On August 3, 2022, we announced that our Board of Directors declared an irregular 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 15, 2022, totaling $40.1 million. The dividend is payable on or about September 2, 2022. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2022 | |
Significant Accounting Policies | |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation and General Information | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of June 30, 2022, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 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 and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement as of June 30, 2022. Refer to Note 7 below for further information. (3) Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 15 below for further information. (4) The applicable vessel is expected to be delivered in calendar year 2023. |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Deferred Charges, Net. | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2022 $ 9,839,000 Amortization (699,186) Balance, June 30, 2022 $ 9,139,814 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Vessels, Net | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 Other additions 299,592 — 299,592 Depreciation — (15,087,869) (15,087,869) Balance, June 30, 2022 $ 1,638,375,041 $ (415,101,628) $ 1,223,273,413 |
Vessel Under Construction (Tabl
Vessel Under Construction (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Vessel Under Construction. | |
Schedule of vessel under construction | Balance, April 1, 2022 $ 16,401,532 Installment payments 8,000,000 Other capitalized expenditures 234,649 Capitalized interest 245,940 Balance, June 30, 2022 $ 24,882,121 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Long-term Debt | |
Schedule of loans outstanding | June 30, 2022 March 31, 2022 2015 AR Facility Commercial Financing $ 71,596,370 $ 91,651,888 KEXIM Direct Financing 29,087,824 44,406,733 KEXIM Guaranteed 40,158,551 47,190,358 K-sure Insured 17,814,236 23,132,295 Total 2015 AR Facility $ 158,656,981 $ 206,381,274 Japanese Financings Corsair Japanese Financing $ 36,833,334 $ 37,645,833 Concorde Japanese Financing 41,461,538 42,269,231 Corvette Japanese Financing 42,000,000 42,807,692 Cresques Japanese Financing 44,805,000 45,660,000 Cratis Japanese Financing 48,640,000 49,660,000 Copernicus Japanese Financing 48,640,000 49,660,000 Chaparral Japanese Financing 64,093,936 64,662,242 Caravelle Japanese Financing 48,800,000 49,700,000 Cougar Japanese Financing 50,000,000 — Total Japanese Financings $ 425,273,808 $ 382,064,998 BALCAP Facility $ 79,731,035 $ 81,574,172 Total debt obligations $ 663,661,824 $ 670,020,444 Less: deferred financing fees 6,625,637 7,257,486 Debt obligations—net of deferred financing fees $ 657,036,187 $ 662,762,958 Presented as follows: Current portion of long-term debt $ 51,929,438 $ 72,075,571 Long-term debt—net of current portion and deferred financing fees 605,106,749 590,687,387 Total $ 657,036,187 $ 662,762,958 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2022 $ 7,257,486 Additions 277,198 Amortization (909,047) Balance, June 30, 2022 $ 6,625,637 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of time charter-in expenses | Three months ended June 30, 2022 June 30, 2021 Charter hire expenses $ 5,402,145 $ 3,508,070 |
Schedule of operating lease rent expense | Three months ended June 30, 2022 June 30, 2021 Operating lease rent expense $ 154,464 $ 151,676 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet June 30, 2022 Assets: Non-current Office leases Operating lease right-of-use assets $ 859,045 Time charter-in VLGCs Operating lease right-of-use assets $ 5,551,015 Liabilities: Current Office Leases Current portion of long-term operating leases $ 234,512 Time charter-in VLGCs Current portion of long-term operating leases $ 5,551,015 Long-term Office Leases Long-term operating leases $ 622,769 Time charter-in VLGCs Long-term operating leases $ — |
Schedule of maturities of operating lease liabilities | Less than one year $ 5,893,242 One to three years 349,950 Three to five years 339,030 Total undiscounted lease payments 6,582,222 Less: imputed interest (173,926) Carrying value of operating lease liabilities $ 6,408,296 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jun. 30, 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, 2022 329,090 $ 10.56 Vested (58,475) (8.21) Unvested as of June 30, 2022 270,615 $ 11.07 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Revenues. | |
Schedule of revenues | Three months ended June 30, 2022 June 30, 2021 Net pool revenues—related party $ 70,171,001 $ 55,162,246 Time charter revenues 6,241,915 5,346,139 Other revenues, net 410,806 2,442,353 Total revenues $ 76,823,722 $ 62,950,738 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Financial Instruments and Fair Value Disclosures | |
Schedule of financial derivatives | June 30, 2022 March 31, 2022 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 $ — $ — $ — $ — June 30, 2022 March 31, 2022 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 $ 8,966,713 $ — $ 6,512,479 $ — |
Schedule of effect of derivative instruments on the consolidated statement of operations | Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2022 June 30, 2021 Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives 2,454,234 433,726 Interest rate swaps—realized loss Realized gain/(loss) on derivatives (50,384) (903,718) Gain/(loss) on derivatives, net $ 2,403,850 $ (469,992) |
Summary of gains and losses on investment securities | Three months ended June 30, 2022 June 30, 2021 Unrealized gain/(loss) on investment securities $ 768,335 $ (1,359,671) Less: Realized gain on investment securities 776,770 305 Net gain/(loss) on investment securities $ 1,545,105 $ (1,359,366) |
Summary of carrying value and estimated fair value of Japanese Financings | June 30, 2022 March 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 36,833,334 $ 35,843,886 $ 37,645,833 $ 36,904,683 Concorde Japanese Financing 41,461,538 40,238,243 42,269,231 41,352,417 Corvette Japanese Financing 42,000,000 40,761,723 42,807,692 41,862,894 Cratis Japanese Financing 48,640,000 45,456,275 49,660,000 46,716,277 Copernicus Japanese Financing 48,640,000 45,456,275 49,660,000 46,716,277 Chaparral Japanese Financing 64,093,936 63,239,553 64,662,242 64,321,963 Caravelle Japanese Financing 48,800,000 45,593,976 49,700,000 46,792,400 BALCAP Facility $ 79,731,035 $ 75,083,530 $ 81,574,172 $ 77,063,912 |
Earnings Per Share (EPS) (Table
Earnings Per Share (EPS) (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Earnings/(Loss) Per Share ("EPS") | |
Schedule of calculations of basic and diluted EPS | Three months ended (In U.S. dollars except share data) June 30, 2022 June 30, 2021 Numerator: Net income $ 24,847,720 $ 5,869,100 Denominator: Basic weighted average number of common shares outstanding 39,898,485 40,944,845 Effect of dilutive restricted stock and restricted stock units 226,220 220,293 Diluted weighted average number of common shares outstanding 40,124,705 41,165,138 EPS: Basic $ 0.62 $ 0.14 Diluted $ 0.62 $ 0.14 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2022 | |
Schedule of operating leases | Less than one year $ 5,893,242 One to three years 349,950 Three to five years 339,030 Total undiscounted lease payments 6,582,222 Less: imputed interest (173,926) Carrying value of operating lease liabilities $ 6,408,296 |
Schedule of future minimum time charter-in commitments | June 30, 2022 Less than one year $ 17,961,893 One to three years 64,080,000 Three to five years 64,080,000 Thereafter 85,460,000 Total $ 231,581,893 |
Schedule of future minimum fixed time charter contracts | June 30, 2022 Less than one year $ 13,255,578 Total $ 13,255,578 |
United States, Greece, United Kingdom, And Denmark | |
Schedule of operating leases | June 30, 2022 Less than one year $ 377,387 One to three years 578,300 Three to five years 333,530 Total $ 1,289,217 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 3 Months Ended |
Jun. 30, 2022 item | |
Basis of Presentation and General Information | |
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) | Jun. 30, 2022 m³ |
CJNP LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 82,000 |
Comet LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corsair LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Corvette LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Shanghai LPG Transport LLC (Cougar) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Concorde LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Houston LPG Transport LLC (Cobra) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sao Paulo LPG Transport LLC (Continental) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Ulsan LPG Transport LLC (Constitution) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Amsterdam LPG Transport LLC (Commodore) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Dubai LPG Transport LLC (Cresques) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Constellation LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Monaco LPG Transport LLC (Cheyenne) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Barcelona LPG Transport LLC (Clermont) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Geneva LPG Transport LLC (Cratis) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Cape Town LPG Transport LLC (Chaparral) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Tokyo LPG Transport LLC (Copernicus) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Commander LPG Transport LLC | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Explorer LPG Transport LLC (Challenger) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Exporter LPG Transport LLC (Caravel) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Dorian Sakura LPG Transport LLC (Hull No. 1755) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 84,000 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | 3 Months Ended | |||
Apr. 01, 2015 item | Jun. 30, 2022 USD ($) item | Jun. 30, 2021 USD ($) | Mar. 31, 2022 USD ($) | |
Transactions with Related Parties | ||||
Due from related parties - current | $ 60,936,121 | $ 57,782,831 | ||
Due to related parties | $ 31,535 | 37,433 | ||
Number of time chartered-in VLGC | item | 2 | |||
Manager | ||||
Transactions with Related Parties | ||||
Due from related parties - current | $ 1,000,000 | 1,000,000 | ||
Mr. John Hadjipateras | ||||
Transactions with Related Parties | ||||
Ownership interest (as a percent) | 100% | |||
Helios LPG Pool LLC | ||||
Transactions with Related Parties | ||||
Due from related parties | $ 79,600,000 | 76,500,000 | ||
Due from related parties - current | $ 3,300,000 | 3,300,000 | ||
Due to related parties | 100,000 | |||
Ownership interest (as a percent) | 50% | |||
Number of members | item | 2 | |||
Number of vessels that are operating under pooling agreement | item | 23 | |||
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 | $ 23,100,000 | ||
Helios LPG Pool LLC | Phoenix | ||||
Transactions with Related Parties | ||||
Number of vessels that are operating under pooling agreement | item | 3 | |||
Other income-related party | Manager | Maximum | ||||
Transactions with Related Parties | ||||
Related party income for chartering and operational services | $ 100,000 | $ 100,000 | ||
Other income-related party | Helios LPG Pool LLC | ||||
Transactions with Related Parties | ||||
Related party income for chartering and operational services | 500,000 | 500,000 | ||
Other revenues, net | ||||
Transactions with Related Parties | ||||
Fixed reimbursement of expense from Helios | $ 300,000 | $ 600,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 3 Months Ended |
Jun. 30, 2022 USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period - drydocking costs | $ 9,839,000 |
Amortization - drydocking costs | (699,186) |
Balance at the end of the period - drydocking costs | $ 9,139,814 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Mar. 31, 2022 | |
Vessels, Net | ||
Vessels, net | $ 1,223,273,413 | $ 1,238,061,690 |
Cost | ||
Other additions | 299,592 | |
Accumulated depreciation | ||
Depreciation | (15,087,869) | |
Vessels | ||
Cost | ||
Balance at the beginning of the period | 1,638,075,449 | |
Other additions | 299,592 | |
Balance at the end of the period | 1,638,375,041 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (400,013,759) | |
Impairment | 0 | |
Depreciation | (15,087,869) | |
Balance at the end of the period | (415,101,628) | |
Mortgaged VLGC vessels, carrying value | $ 1,184,700,000 | $ 1,198,700,000 |
Vessel Under Construction (Deta
Vessel Under Construction (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Jun. 30, 2022 | |
Vessel under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Balance | $ 16,401,532 | |
Balance | $ 24,882,121 | |
Vessels under commitment | ||
Vessel under construction | ||
Bareboat charter agreement term of contract | 13 years | |
Balance | $ 16,401,532 | |
Installment payments | 8,000,000 | |
Other capitalized expenditures | 234,649 | |
Capitalized interest | 245,940 | |
Balance | $ 24,882,121 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 3 Months Ended | |||||||
Jun. 06, 2022 | May 19, 2022 | Apr. 21, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Dec. 29, 2021 | Mar. 31, 2015 | |
Long-Term Debt | ||||||||
Proceeds from long-term debt borrowings | $ 50,000,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 663,661,824 | $ 670,020,444 | ||||||
Less: deferred financing fees | 6,625,637 | 7,257,486 | ||||||
Total | 657,036,187 | 662,762,958 | ||||||
Presented as follows: | ||||||||
Current portion of long-term debt | 51,929,438 | 72,075,571 | ||||||
Long-term debt-net of current portion and deferred financing fees | 605,106,749 | 590,687,387 | ||||||
Total | 657,036,187 | 662,762,958 | ||||||
Deferred financing fees | ||||||||
Deferred finance fees, beginning | 7,257,486 | |||||||
Additions | 277,198 | |||||||
Amortization | (909,047) | $ (689,841) | ||||||
Deferred finance fees, end | 6,625,637 | |||||||
2015 Facility | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 758,000,000 | |||||||
Repayment of debt | $ 20,000,000 | $ 25,000,000 | ||||||
Debt obligations | ||||||||
Total debt obligations | 158,656,981 | 206,381,274 | ||||||
Commercial Financing | ||||||||
Long-Term Debt | ||||||||
Repayment of debt | 11,100,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 71,596,370 | 91,651,888 | ||||||
KEXIM Direct Financing | ||||||||
Long-Term Debt | ||||||||
Repayment of debt | 11,100,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 29,087,824 | 44,406,733 | ||||||
KEXIM Guaranteed | ||||||||
Debt obligations | ||||||||
Total debt obligations | 40,158,551 | 47,190,358 | ||||||
K-sure Insured | ||||||||
Long-Term Debt | ||||||||
Repayment of debt | $ 2,800,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 17,814,236 | 23,132,295 | ||||||
Japanese Financings | ||||||||
Debt obligations | ||||||||
Total debt obligations | 425,273,808 | 382,064,998 | ||||||
Corsair Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 36,833,334 | 37,645,833 | ||||||
Concorde Japanese Financing | ||||||||
Long-Term Debt | ||||||||
Cash consideration payable for vessel repurchase | $ 41,200,000 | |||||||
Notice period for vessel repurchase | 3 months | |||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 41,461,538 | 42,269,231 | ||||||
Corvette Japanese Financing | ||||||||
Long-Term Debt | ||||||||
Cash consideration payable for vessel repurchase | $ 42,200,000 | |||||||
Notice period for vessel repurchase | 45 days | |||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 42,000,000 | 42,807,692 | ||||||
Cresques Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 44,805,000 | 45,660,000 | ||||||
Cratis Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 48,640,000 | 49,660,000 | ||||||
Copernicus Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 48,640,000 | 49,660,000 | ||||||
Chaparral Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 64,093,936 | 64,662,242 | ||||||
Caravelle Japanese Financing | ||||||||
Debt obligations | ||||||||
Total debt obligations | 48,800,000 | 49,700,000 | ||||||
Cougar Japanese Financing | ||||||||
Long-Term Debt | ||||||||
Value of vessel transferred | $ 70,000,000 | |||||||
Term of Charter Agreement | 10 years | |||||||
Period until purchase option exercisable | 3 years | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ 50,000,000 | |||||||
Deposit retained by buyer used for purchase payment | 20,000,000 | |||||||
Repayment of debt | $ 20,000,000 | |||||||
Loan term period | 10 years | |||||||
Financing cost to be incurred | $ 400,000 | |||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||
Periodic principal payment amount | $ 900,000 | |||||||
Balloon payment amount | $ 14,000,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | 50,000,000 | |||||||
BALCAP Facility | ||||||||
Long-Term Debt | ||||||||
Original loan amount | $ 83,400,000 | |||||||
Debt obligations | ||||||||
Total debt obligations | $ 79,731,035 | $ 81,574,172 | ||||||
SOFR | Cougar Japanese Financing | ||||||||
Long-Term Debt | ||||||||
SOFR adjustment term | 3 months | |||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.45% |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) | 3 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Leases | ||
Number of option period for time charter | 0 | |
Operating lease liabilities - Time Charter in VLGCs | $ 10,200,000 | |
Operating lease income | $ 6,800,000 | $ 4,100,000 |
Lease term | 12 months | |
Weighted average discount rate (as a percent) | 4.60% | |
Weighted average remaining lease term | 13 months | |
Operating lease right-of-use assets - Office Leases | $ 859,045 | |
Operating lease right-of-use assets - Time Charter in VLGCs | 5,551,015 | |
Operating lease liabilities current - Office Leases | 234,512 | |
Operating lease liabilities current - Time Charter in VLGCs | 5,551,015 | |
Operating lease liabilities non-current - Office Leases | $ 622,769 | |
Minimum | ||
Leases | ||
Weighted average discount rate (as a percent) | 3.82% | |
Maximum | ||
Leases | ||
Weighted average discount rate (as a percent) | 5.53% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Time Charter-in | ||
Charter hire expenses | $ 5,402,145 | $ 3,508,070 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Leases | ||
Operating lease rent expense | $ 154,464 | $ 151,676 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Jun. 30, 2022 USD ($) |
Leases | |
Less than one year | $ 5,893,242 |
One to three years | 349,950 |
Three to five years | 339,030 |
Total undiscounted lease payments | 6,582,222 |
Less: imputed interest | (173,926) |
Carrying value of operating lease liabilities | $ 6,408,296 |
Dividends (Other) (Details)
Dividends (Other) (Details) - USD ($) | 3 Months Ended | |||||
Jun. 15, 2022 | Jun. 02, 2022 | May 16, 2022 | May 04, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends Declared and Paid | ||||||
Dividends declared (in dollars per share) | $ 2.50 | |||||
Dividends, Common Stock | $ 100,300,000 | |||||
Dividends paid in cash | $ 200,000 | $ 99,700,000 | $ 99,912,142 | |||
Dividends payable | $ 600,000 | $ 919,643 | $ 494,180 | |||
Common stock | ||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Stock Repurchase Authority (Det
Stock Repurchase Authority (Details) - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Feb. 02, 2022 | |
Stock repurchases | ||
Common stock repurchase authorized amount | $ 100 | |
Treasury stock shares acquired (in shares) | 50 | |
Treasury stock value acquired to date | $ 0.7 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-Based Compensation Plans | ||
Unrecognized compensation cost | $ 1.2 | |
Weighted average life over which unrecognized compensation is expected to be recognized | 8 months 1 day | |
General and administrative expenses | ||
Stock-Based Compensation Plans | ||
Stock-based compensation expense | $ 0.7 | $ 0.6 |
Restricted stock awards | ||
Number of Shares | ||
Unvested at the beginning of the period (in shares) | 329,090 | |
Vested (in shares) | (58,475) | |
Unvested at the end of the period (in shares) | 270,615 | |
Weighted-Average Grant-Date Fair Value | ||
Unvested at the beginning of the period (in dollars per share) | $ 10.56 | |
Vested (in dollars per share) | 8.21 | |
Unvested at the end of the period (in dollars per share) | $ 11.07 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues | $ 76,823,722 | $ 62,950,738 |
Net pool revenues - related party | ||
Revenues | 70,171,001 | 55,162,246 |
Time charter revenues | ||
Revenues | 6,241,915 | 5,346,139 |
Other revenue, net | ||
Revenues | $ 410,806 | $ 2,442,353 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | |
Derivative Instruments | |||
Change in fair value | $ 2,454,234 | $ 433,726 | |
Realized gain/(loss) on derivatives | (50,384) | (903,718) | |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Gain/(loss) on derivatives, net | 2,403,850 | (469,992) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 2,454,234 | 433,726 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Realized gain/(loss) on derivatives | (50,384) | $ (903,718) | |
Interest rate swaps | Derivatives not designated as hedging instruments | Other non-current assets-Derivative instruments | Fair Value, Recurring | Level 2 | |||
Derivative Instruments | |||
Derivative Asset | 8,966,713 | $ 6,512,479 | |
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments | |||
Derivative Instruments | |||
Derivative Liabilities | $ 0 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Financial Instruments and Fair Value Disclosures | ||
Unrealized gain/(loss) on investment securities | $ 768,335 | $ (1,359,671) |
Less: Realized gain on investment securities | 776,770 | 305 |
Net gain/(loss) on investment securities | $ 1,545,105 | $ (1,359,366) |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Jun. 30, 2022 | Mar. 31, 2022 |
Fair value | ||
Carrying Value | $ 657,036,187 | $ 662,762,958 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 36,833,334 | 37,645,833 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 35,843,886 | 36,904,683 |
Concorde Japanese Financing | ||
Fair value | ||
Carrying Value | 41,461,538 | 42,269,231 |
Concorde Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 40,238,243 | 41,352,417 |
Corvette Japanese Financing | ||
Fair value | ||
Carrying Value | 42,000,000 | 42,807,692 |
Corvette Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 40,761,723 | 41,862,894 |
Cratis Japanese Financing | ||
Fair value | ||
Carrying Value | 48,640,000 | 49,660,000 |
Cratis Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 45,456,275 | 46,716,277 |
Copernicus Japanese Financing | ||
Fair value | ||
Carrying Value | 48,640,000 | 49,660,000 |
Copernicus Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 45,456,275 | 46,716,277 |
Chaparral Japanese Financing | ||
Fair value | ||
Carrying Value | 64,093,936 | 64,662,242 |
Chaparral Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 63,239,553 | 64,321,963 |
Caravelle Japanese Financing | ||
Fair value | ||
Carrying Value | 48,800,000 | 49,700,000 |
Caravelle Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 45,593,976 | 46,792,400 |
BALCAP Facility | ||
Fair value | ||
Carrying Value | 79,731,035 | 81,574,172 |
BALCAP Facility | Level 2 | ||
Fair value | ||
Fair Value | $ 75,083,530 | $ 77,063,912 |
Earnings Per Share (EPS) (Detai
Earnings Per Share (EPS) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Numerator: | ||
Net income | $ 24,847,720 | $ 5,869,100 |
Denominator: | ||
Basic weighted average number of common shares outstanding (in shares) | 39,898,485 | 40,944,845 |
Effect of dilutive restricted stock and restricted stock units (in shares) | 226,220 | 220,293 |
Diluted weighted average number of common shares outstanding (in shares) | 40,124,705 | 41,165,138 |
EPS: | ||
Earnings per common share - basic (in dollars per share) | $ 0.62 | $ 0.14 |
Earnings per common share - diluted (in dollars per share) | $ 0.62 | $ 0.14 |
Restricted stock awards | ||
EPS: | ||
Number of shares excluded from the calculation of diluted EPS | 0 | 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2021 USD ($) | Oct. 31, 2021 | Feb. 29, 2020 | Jun. 30, 2022 USD ($) | |
Commitments under Operating Leases | ||||
Less than one year | $ 5,893,242 | |||
Total undiscounted lease payments | $ 6,582,222 | |||
Time Charter-in commitments | ||||
Number of VLGC with charter-in commitments to be delivered | 3 | |||
Duration of Very Large Gas Carrier Vessels that have charter-in commitments to be delivered | 1 year | 3 years | 7 years | |
Less than one year | $ 17,961,893 | |||
One to three years | 64,080,000 | |||
Three to five years | 64,080,000 | |||
Thereafter | 85,460,000 | |||
Total | 231,581,893 | |||
Fixed Time Charter Commitments | ||||
Less than one year | 13,255,578 | |||
Total | 13,255,578 | |||
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 | 1,000,000 | |||
United States, Greece, United Kingdom, And Denmark | ||||
Commitments under Operating Leases | ||||
Less than one year | 377,387 | |||
Total undiscounted lease payments | 1,289,217 | |||
Fixed Time Charter Commitments | ||||
One to three years | 578,300 | |||
Three to five years | $ 333,530 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Aug. 03, 2022 | Jul. 29, 2022 | Jul. 21, 2022 | May 04, 2022 | Sep. 02, 2022 | Jun. 30, 2022 | Jun. 06, 2022 | Jun. 02, 2022 | Mar. 31, 2022 |
Subsequent Event | |||||||||
Dividends declared (in dollars per share) | $ 2.50 | ||||||||
Dividends payable | $ 919,643 | $ 600,000 | $ 494,180 | ||||||
Corvette Japanese Financing | |||||||||
Subsequent Event | |||||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 | ||||||||
Subsequent events | |||||||||
Subsequent Event | |||||||||
Dividends declared (in dollars per share) | $ 1 | ||||||||
Dividends payable | $ 40,100,000 | ||||||||
Subsequent events | 2022 Debt Facility | |||||||||
Subsequent Event | |||||||||
Original loan amount | $ 260,000,000 | ||||||||
Percentage Of Increase In Security Value Ratio | 145% | ||||||||
Additional Basis Points To Decrease Margin | 0.05% | ||||||||
Additional Basis Points To Increase Margin | 0.05% | ||||||||
Basis Points Receivable As Increase Or Reduction For Changes In Average Efficiency Ratio | 0.05% | ||||||||
Reclassifications of long-term debt to current | $ 2,500,000 | ||||||||
Subsequent events | 2022 Debt Facility | Minimum | |||||||||
Subsequent Event | |||||||||
Debt Instrument Covenants Current Ratio | 100% | ||||||||
Debt Instrument Covenants Minimum Stockholders Equity Balance | $ 400,000,000 | ||||||||
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio | 60% | ||||||||
Minimum Liquidity Covenant | $ 27,500,000 | ||||||||
Percentage Of Interest Bearing Debt | 5% | ||||||||
Security Leverage Ratio | 35% | ||||||||
Subsequent events | 2022 Debt Facility | Maximum | |||||||||
Subsequent Event | |||||||||
Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio | 100% | ||||||||
Security Leverage Ratio | 45% | ||||||||
Subsequent events | 2022 Term Loan Facility | |||||||||
Subsequent Event | |||||||||
Original loan amount | $ 240,000,000 | ||||||||
Loan term period | 7 years | ||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 2.20% | ||||||||
Subsequent events | 2022 Revolving Credit Facility | |||||||||
Subsequent Event | |||||||||
Original loan amount | $ 20,000,000 | ||||||||
Subsequent events | Corvette LPG Transport LLC | Corvette Japanese Financing | |||||||||
Subsequent Event | |||||||||
Repayment of debt | $ 42,200,000 | ||||||||
Deposit retained by buyer used for purchase payment | $ 14,000,000 |