Dorian LPG (LPG) 10-K 1 Jun 23 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Mar. 31, 2023	May 25, 2023	Sep. 30, 2022
Cover Abstract
Entity Registrant Name	Dorian LPG Ltd.
Entity Central Index Key	0001596993
Document Type	10-K
Document Period End Date	Mar. 31, 2023
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			$ 519,083,561
Entity Common Stock, Shares Outstanding		40,382,730
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2023
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, 2023	Mar. 31, 2022
Current assets
Cash and cash equivalents	$ 148,797,232	$ 236,758,927
Trade receivables, net and accrued revenues	3,282,256	853,060
Due from related parties	73,070,095	57,782,831
Inventories	2,642,395	2,266,351
Prepaid expenses and other current assets	8,507,007	10,232,083
Total current assets	236,298,985	307,893,252
Fixed assets
Vessels, net	1,263,928,605	1,238,061,690
Vessel under construction		16,401,532
Other fixed assets, net	48,213	54,101
Total fixed assets	1,263,976,818	1,254,517,323
Other non-current assets
Deferred charges, net	8,367,301	9,839,000
Derivative instruments	9,278,544	6,512,479
Due from related parties-non-current	20,900,000	19,800,000
Restricted cash - non-current	76,418	77,987
Operating lease right-of-use assets	158,179,398	8,087,014
Available-for-sale securities	11,366,838
Other non-current assets	469,227	635,038
Total assets	1,708,913,529	1,607,362,093
Current liabilities
Trade accounts payable	10,807,376	9,541,131
Accrued expenses	5,637,725	3,801,448
Due to related parties	168,793	37,433
Deferred income	208,558	813,967
Current portion of long-term operating lease liabilities	23,407,555	8,073,364
Current portion of long-term debt	53,110,676	72,075,571
Dividends payable	1,255,861	494,180
Total current liabilities	94,596,544	94,837,094
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	604,256,670	590,687,387
Long-term operating lease liabilities	134,782,483
Other long-term liabilities	1,431,510	1,686,197
Total long-term liabilities	740,470,663	592,373,584
Total liabilities	835,067,207	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, 51,630,593 and 51,321,695 shares issued, 40,382,730 and 40,185,042 shares outstanding (net of treasury stock), as of March 31, 2023 and March 31, 2022, respectively	516,306	513,217
Additional paid-in-capital	764,383,292	760,105,994
Treasury stock, at cost; 11,247,863 and 11,136,653 shares as of March 31, 2023 and March 31, 2022, respectively	(122,896,838)	(121,226,936)
Retained earnings	231,843,562	280,759,140
Total shareholders' equity	873,846,322	920,151,415
Total liabilities and shareholders' equity	$ 1,708,913,529	$ 1,607,362,093

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Mar. 31, 2022
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01
Preferred stock, shares authorized	50,000,000
Preferred stock, shares issued	0
Preferred stock, shares outstanding	0
Common stock, par value (in dollars per share)	$ 0.01
Common stock, shares authorized	450,000,000
Common stock, shares issued	51,630,593	51,321,695
Common stock, shares outstanding (net of treasury stock)	40,382,730	40,185,042
Treasury stock, shares at cost	11,247,863	11,136,653

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Revenues:
Revenues	$ 389,749,215	$ 274,221,448	$ 315,938,812
Expenses
Voyage expenses	3,611,452	4,324,712	3,409,650
Charter hire expenses	23,194,712	16,265,638	18,135,580
Vessel operating expenses	71,501,771	74,204,218	78,219,869
Depreciation and amortization	63,396,131	66,432,115	68,462,476
General and administrative expenses	32,086,382	30,226,739	33,890,999
Total expenses	193,790,448	191,453,422	202,118,574
Gain on disposal of vessels		7,256,897
Other income-related parties	2,401,701	2,374,050	2,279,454
Operating income	198,360,468	92,398,973	116,099,692
Other income/(expenses)
Interest and finance costs	(37,803,787)	(27,067,395)	(27,596,124)
Interest income	3,808,809	347,082	421,464
Unrealized gain on derivatives	2,766,065	11,067,870	7,202,880
Realized gain/(loss) on derivatives	3,771,522	(3,450,443)	(4,568,033)
Other gain/(loss), net	1,540,853	(1,361,069)	1,004,774
Total other income/(expenses), net	(25,916,538)	(20,463,955)	(23,535,039)
Net income	$ 172,443,930	$ 71,935,018	$ 92,564,653
Weighted average shares outstanding Basic (in shares)	40,026,313	40,203,937	49,729,358
Weighted average shares outstanding Diluted (in shares)	40,211,642	40,365,088	49,826,798
Earnings per common share - basic (in dollars per share)	$ 4.31	$ 1.79	$ 1.86
Earnings per common share - diluted (in dollars per share)	$ 4.29	$ 1.78	$ 1.86
Net pool revenues - related party
Revenues:
Revenues	$ 364,548,262	$ 246,305,480	$ 292,679,614
Time charter revenues
Revenues:
Revenues	22,709,620	22,377,211	19,492,595
Other revenue, net
Revenues:
Revenues	$ 2,491,333	$ 5,538,757	$ 3,766,603

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, 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
Increase (Decrease) in Shareholders' Equity
Net income for the period				172,443,930	172,443,930
Restricted share award issuances	$ 3,089		(3,089)
Restricted share award issuances (in shares)	308,898
Dividend				(221,359,508)	(221,359,508)
Stock-based compensation			4,280,387		4,280,387
Purchase of treasury stock		(1,669,902)			(1,669,902)
Balance at Mar. 31, 2023	$ 516,306	$ (122,896,838)	$ 764,383,292	$ 231,843,562	$ 873,846,322
Balance (in shares) at Mar. 31, 2023	51,630,593

Consolidated Statements of Sh_2

Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Shareholders Equity
Dividends per share	$ 5.50	$ 2

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income	$ 172,443,930	$ 71,935,018	$ 92,564,653
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63,396,131	66,432,115	68,462,476
Amortization of operating lease right-of-use assets	10,866,495	9,576,822	9,218,537
Amortization of financing costs	5,600,493	5,889,040	4,695,360
Unrealized gain on derivatives	(2,766,065)	(11,067,870)	(7,202,880)
Stock-based compensation expense	4,280,387	3,332,279	3,356,199
Gain on disposal of vessels		(7,256,897)
Unrealized foreign currency (gain)/loss, net	921,289	166,873	(210,010)
Other non-cash items, net	(4,571,737)	1,267,576	(1,091,825)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue	(2,429,196)	(650,839)	618,625
Prepaid expenses and other current assets	(54,066)	(2,607,346)	(1,192,336)
Due from related parties	(16,387,264)	897,936	10,656,326
Inventories	(376,044)	(258,887)	(11,261)
Other non-current assets	165,811	(552,201)	1,490,267
Operating lease liabilities-current and long-term	(9,078,157)	(9,590,424)	(9,221,782)
Trade accounts payable	591,835	(115,287)	212,173
Accrued expenses and other liabilities	2,498,574	(4,889,118)	4,309,014
Due to related parties	131,360	(80,370)	(319,047)
Payments for drydocking costs	(1,173,940)	(3,733,250)	(5,738,793)
Net cash provided by operating activities	224,059,836	118,695,170	170,595,696
Cash flows from investing activities:
Payments for vessels and vessel capital expenditures	(68,781,071)	(23,185,913)	(9,492,953)
Purchases of investment securities		(2,250,681)	(4,743,809)
Purchase of U.S. treasury notes	(11,275,322)
Proceeds from sale of investment securities	3,718,981	3,742,429	275,393
Proceeds from maturity of short-term investments			15,000,000
Proceeds from disposal of vessels		90,460,363
Payments to acquire other fixed assets	(3,778)		(17,541)
Net cash provided by/(used in) investing activities	(76,341,190)	68,766,198	1,021,090
Cash flows from financing activities:
Proceeds from long-term debt borrowings	346,000,000	298,250,000	55,378,172
Repayment of long-term debt borrowings	(352,458,012)	(230,317,537)	(99,418,395)
Repurchase of common stock	(1,669,902)	(21,364,822)	(126,260,923)
Financing costs paid	(6,506,267)	(1,664,252)	(4,183,321)
Dividends paid	(220,597,827)	(80,082,210)
Net cash used in financing activities	(235,232,008)	(35,178,821)	(174,484,467)
Effects of exchange rates on cash and cash equivalents	(449,902)	(172,832)	205,753
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(87,963,264)	152,109,715	(2,661,928)
Cash, cash equivalents, and restricted cash at the beginning of the period	236,836,914	84,727,199	87,389,127
Cash, cash equivalents, and restricted cash at the end of the period	148,873,650	236,836,914	84,727,199
Supplemental disclosure of cash flow information
Cash paid during the period for interest excluding interest capitalized to vessels	31,071,625	20,591,883	21,787,205
Cash paid for amounts included in the measurement of operating lease liabilities	11,965,581	10,082,984	10,088,410
Right of use assets recognized	163,337,516
Unpaid lease liability on initial recognition	161,574,834
Capitalized drydocking costs included in liabilities	234,290	6,735	870,776
Vessel-related capital expenditures included in liabilities	1,317,456	107,275	320,992
Unpaid dividends included in liabilities	1,255,861	494,180
Financing costs included in liabilities	663,600	1,689,600	596,800
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	148,797,232	236,758,927	79,330,007
Restricted cash - current			5,315,951
Restricted cash - non-current	76,418	77,987	81,241
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 148,873,650	$ 236,836,914	$ 84,727,199

Basis of Presentation and Gener

Basis of Presentation and General Information	12 Months Ended
	Mar. 31, 2023
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 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, 2023, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC (“Dual-fuel ECO VLGC”), nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), one 82,000 cbm modern VLGC, two time chartered-in dual fuel Panamax size VLGCs, and two time chartered-in ECO 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. An additional three of our technically-managed VLGCs had contractual commitments to be equipped with scrubbers as of March 31, 2023, two of which are expected to complete the installation of their scrubbers during the year ended March 31, 2024 with the third during the year ended March 31, 2025. 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, 2023 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 2015 84,000 ​ Dorian Shanghai LPG Transport LLC ​ VLGC ​ Cougar (2) ​ 2015 ​ 84,000 ​ Concorde LPG Transport LLC ​ VLGC ​ Concorde ​ 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 ​ VLGC ​ Captain Markos (2) ​ 2023 ​ 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 9 below for further information. ​ Customers ​ For the years ended March 31, 2023, 2022, and 2021 the Helios Pool accounted for 94%, 90%, and 93% 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, and the demand for certain shipped goods regionally as well as globally. 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. Our business has been and may continue to be materially and adversely affected by this pandemic and we are unable to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results. ​ In response to the pandemic, many countries, ports and organizations, including those where we conduct our operations, implemented measures to combat the pandemic, such as quarantines and travel restrictions. Though these measures have in large part been relaxed, to the extent governments determine to reinstate similar measures in the future as a result of any resurgence or worsening of the pandemic in the wake of the spread of variants and subvariants of COVID-19, this could cause severe trade disruptions. The extent to which COVID-19 will impact our results of operations and financial condition, including possible vessel impairments, will depend on future developments including, among others, new information which may emerge concerning the severity of the virus and any variants and subvariants thereof, any resurgence of the virus, the actions to contain or treat its impact, others and the length of time that the pandemic continues and whether subsequent waves of the infection happen, including as a result of vaccination rates among the population, the effectiveness of COVID-19 vaccines and the response by governmental bodies and regulators. To date, we are still experiencing some degree of increased crew costs in connection with the COVID-19 outbreak. There are several jurisdictions that limit and/or prohibit the change of crew resulting in continuing higher operating costs and time delays.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Mar. 31, 2023
Significant Accounting Policies:
Significant Accounting Policies	2. Significant Accounting Policies ​ (a)    Principles of consolidation: ​ (b)   Use of estimates: ​ (c)   Other comprehensive income/(loss): ​ (d)   Foreign currency translation: ​ (e)   Cash and cash equivalents: ​ (f)   Short-term investments: ​ (g)   Investment securities: ​ (h)   Trade receivables, net and accrued revenues: ​ (i)   Due from related parties: ​ (j)   Inventories: ​ (k)   Vessels, net: ​ (l)   Impairment of vessels: ​ (m)  Vessel depreciation: ​ (n)   Drydocking and special survey costs: seven and one-half years ​ (o)   Financing costs: Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet. ​ (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 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: ​ ● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and ​ ● number of days the vessel participated in the pool in the period. ​ 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 generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. ​ (s)   Voyage expenses: ​ (t)   Commissions: ​ (u)   Charter hire expenses: ​ (v)     Vessel operating expenses: ​ (w)   Stock-based compensation : ​ (x)   Stock repurchases : ​ (y)   Dividends : ​ (z) Segment reporting: ​ (aa)  Derivative instruments: ​ (ab)  Fair value of financial instruments: ​ Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data. ​ (ac)  Recent accounting pronouncements: ​ Accounting Policies Not Yet Adopted ​ In March 2020, the Financial Accounting Standards Board 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 was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements. ​

Transactions with Related Parti

Transactions with Related Parties	12 Months Ended
	Mar. 31, 2023
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, 2023, 2022 and 2021. As of March 31, 2023 and 2022, there was $0 and $1.0 million, respectively, due from DHSA and included in “Due from related parties.” ​ Helios LPG Pool LLC (“Helios Pool”) ​ ​ ​ ​

Inventories

Inventories	12 Months Ended
	Mar. 31, 2023
Inventories:
Inventories	4. Inventories ​ Our inventories by type were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Lubricants $ 2,472,716 ​ $ 2,096,713 ​ Bonded stores ​ 169,679 ​ 169,638 ​ Total $ 2,642,395 ​ $ 2,266,351 ​ ​

Vessels, Net

Vessels, Net	12 Months Ended
	Mar. 31, 2023
Vessels, Net:
Vessels, Net	5. Vessels, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2021 ​ $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 ​ Other additions ​ ​ 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 delivered ​ ​ 84,432,491 ​ ​ — ​ ​ 84,432,491 ​ Other additions ​ ​ 1,955,694 ​ ​ — ​ ​ 1,955,694 ​ Depreciation ​ ​ — ​ ​ (60,521,270) ​ ​ (60,521,270) ​ Balance, March 31, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 ​ ​ For the year ended March 31, 2023, additions to vessels, net mainly consisted of amounts transferred from Vessels under Construction relating to the cost of a newbuilding dual-fuel VLGC, Captain Markos 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, 2023
Vessel Under Construction:
Vessel Under Construction	6. Vessel Under Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book Value ​ 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 Installment payments ​ ​ 64,000,000 ​ Other capitalized expenditures ​ ​ 2,664,003 ​ Capitalized interest ​ ​ 1,366,956 ​ Vessel delivered (transferred to Vessels, Net) ​ (84,432,491) ​ Balance, March 31, 2023 $ — ​ ​

Deferred Charges, Net

Deferred Charges, Net	12 Months Ended
	Mar. 31, 2023
Deferred Charges, Net:
Deferred Charges, Net	7. Deferred Charges, Net ​ The analysis and movement of deferred charges, net is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2021 ​ $ 10,158,202 ​ Additions ​ ​ 2,869,210 ​ Disposals ​ ​ (298,852) ​ Amortization ​ ​ (2,889,560) ​ Balance, March 31, 2022 ​ $ 9,839,000 ​ Additions ​ ​ 1,401,495 ​ Amortization ​ ​ (2,873,194) ​ Balance, March 31, 2023 $ 8,367,301 ​ ​

Accrued Expenses

Accrued Expenses	12 Months Ended
	Mar. 31, 2023
Accrued Expenses:
Accrued Expenses	8. Accrued Expenses ​ Accrued expenses comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Accrued voyage and vessel operating expenses ​ 3,072,568 ​ ​ 1,676,853 ​ Accrued employee-related costs ​ 1,292,735 ​ ​ 952,471 ​ Accrued professional services ​ 479,502 ​ ​ 946,411 ​ Accrued loan and swap interest ​ 529,069 ​ ​ 126,878 ​ Other 263,851 ​ ​ 98,835 ​ Total $ 5,637,725 ​ $ 3,801,448 ​ ​

Long-term Debt

Long-term Debt	12 Months Ended
	Mar. 31, 2023
Long-term Debt:
Long-term Debt	9. Long-Term Debt ​ Description of our Debt Obligations ​ 2022 Debt Facility ​ On July 29, 2022, we entered into a $260.0 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, and to releverage Corvette following the repurchase of that vessel from its owners on July 21, 2022. The 2022 Debt Facility consists of (i) a term loan facility in an aggregate principal amount of $240.0 million and (ii) a revolving credit facility in an aggregate principal amount of up to $20.0 million. The loan comprised two separate drawdowns with $216.0 million drawn on August 4, 2022 relating to nine of our VLGCs, and the remaining $24.0 million relating to Concorde drawn on September 6, 2022. The term loan is for a period of seven years with an interest rate of SOFR plus a margin of 2.20% . The margin can be decreased by five basis points if the leverage ratio (which is based on the ratio of the debt outstanding to the aggregate market value of our vessels secured under the 2022 Debt Facility) is less than 35% or increased by five basis points if it is greater than or equal to 45% . The 2022 Debt Facility agreement also includes a provision to receive a five basis point increase or reduction in the margin for reductions 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) versus the level set by the International Maritime Organization. This is calculated annually and, as of March 31, 2023, our margin has been reduced by five basis points to 2.10% . 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 secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility. 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 ; ​ ● 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 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. ​ We were in compliance with all financial covenants as of March 31, 2023. ​ 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. ​ 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 KEXIM direct tranche, and $2.8 million of the 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 ​ BALCAP Facility ​ Constellation Commander financing has a 3.78% fixed interest rate, a term of five years, a face amount of $83.4 million, and a fixed monthly, mortgage-style payment of $0.9 million with a balloon payment of $44.1 million in December 2026. We received $34.9 million of net cash proceeds after repayment of debt under the 2015 AR Facility related to those vessels and fees and expenses related to the refinancing transaction. ​ Constellation Commander ​ The corporate financial covenants related to the BALCAP Facility are identical to those in the 2022 Debt Facility. We were in compliance with all financial covenants as of March 31, 2023. ​ Japanese Financing Arrangements ​ ​ Corsair Japanese Financing ​ On November 7, 2017, we refinanced a 2014-built VLGC, Corsair Corsair 2 Corsair 12-year Corsair 12-year 12-year Concorde Japanese Financing ​ On January 31, 2018, we refinanced a 2015-built VLGC, Concorde Concorde 3 Concorde 13-year transaction and 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 ​ 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 towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 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 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 10-year ​ Cougar Japanese Financing ​ On May 19, 2022, we refinanced a 2015-built VLGC, Cougar Cougar Cougar Cougar ​ ​ Captain Markos Dual-Fuel Japanese Financing ​ On March 31, 2023, we financed a 2023-built Dual-fuel VLGC, Captain Markos, from the shipyard pursuant to a memorandum of agreement and a bareboat charter agreement. Similar to our previous Japanese financings, this transaction is treated as a financing transaction and Captain Markos is recorded as an asset on our balance sheet. Prior to the delivery of the vessel, we paid $25.0 million in cash and, upon delivery, entered into a $56 million bareboat charter financing arrangement. This debt financing has a floating interest rate of one-month SOFR plus a credit adjustment spread of 0.1148% (reflecting the difference between unsecured LIBOR and secured SOFR) and a margin of 2.475% , monthly broker commission fees of 1.25% over the 13 -year term on interest and principal payments made, broker commission fees of 1.0% payable on the remaining debt outstanding at the time of the repurchase of Captain Markos , and a monthly fixed straight-line principal obligation of $0.210 million until February 29, 2028 and of $0.250 million from March 31, 2028 through the remainder of bareboat charter period with a balloon payment of $19.4 million. We have early buyout options beginning March 31, 2028 with a purchase obligation on March 31, 2036. ​ Debt Obligations ​ The table below presents our debt obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ — ​ $ 91,651,888 ​ KEXIM Direct Financing ​ ​ — ​ ​ 44,406,733 ​ KEXIM Guaranteed ​ ​ — ​ ​ 47,190,358 ​ K-sure Insured ​ ​ — ​ ​ 23,132,295 ​ Total 2015 AR Facility ​ $ — ​ $ 206,381,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Debt Facility ​ $ 225,000,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 34,395,834 ​ $ 37,645,833 ​ Concorde Japanese Financing ​ ​ — ​ ​ 42,269,231 ​ Corvette Japanese Financing ​ ​ — ​ ​ 42,807,692 ​ Cresques Japanese Financing ​ ​ 27,377,615 ​ ​ 45,660,000 ​ Cratis Japanese Financing ​ ​ 45,580,000 ​ ​ 49,660,000 ​ Copernicus Japanese Financing ​ ​ 45,580,000 ​ ​ 49,660,000 ​ Chaparral Japanese Financing ​ ​ 62,342,859 ​ ​ 64,662,242 ​ Caravelle Japanese Financing ​ ​ 46,100,000 ​ ​ 49,700,000 ​ Cougar Japanese Financing ​ ​ 47,300,000 ​ ​ — ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 55,790,000 ​ ​ — ​ Total Japanese Financings ​ $ 364,466,308 ​ $ 382,064,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 74,096,125 ​ $ 81,574,172 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 663,562,433 ​ $ 670,020,444 ​ Less: deferred financing fees ​ ​ 6,195,087 ​ ​ 7,257,486 ​ Debt obligations—net of deferred financing fees ​ $ 657,367,346 ​ $ 662,762,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 53,110,676 ​ $ 72,075,571 ​ Long-term debt—net of current portion and deferred financing fees ​ 604,256,670 ​ ​ 590,687,387 ​ Total $ 657,367,346 ​ $ 662,762,958 ​ ​ ​ Deferred Financing Fees ​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2021 $ 10,615,937 ​ Additions ​ 2,530,589 ​ Amortization ​ ​ (5,889,040) ​ Balance, March 31, 2022 ​ $ 7,257,486 ​ Additions ​ ​ 4,538,094 ​ Amortization ​ ​ (5,600,493) ​ Balance, March 31, 2023 $ 6,195,087 ​ ​ ​ Future Cash Payments for Debt ​ The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2023 are as follows: ​ ​ ​ ​ ​ Year ending March 31: 2024 $ 53,110,675 ​ 2025 53,543,315 ​ 2026 53,994,778 ​ 2027 95,660,887 ​ 2028 ​ 45,966,482 ​ Thereafter 361,286,296 ​ Total $ 663,562,433 ​ ​

Leases

Leases	12 Months Ended
	Mar. 31, 2023
Leases:
Leases	10. Leases ​ Time charter-in contracts ​ ten March 31, 2023 ​ Charter hire expenses for the VLGCs time chartered in were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 Charter hire expenses ​ $ 23,194,712 ​ 16,265,638 ​ 18,135,580 ​ Office leases ​ We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expired 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. During the year ended March 31, 2023, we extended the leases of our Stamford, Connecticut offices and our Athens, Greece office for an additional five ​ Operating lease rent expense related to our office leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 Operating lease rent expense ​ $ 569,804 ​ $ 624,370 ​ $ 558,400 ​ For our office leases and time charter-in arrangements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.86%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2023 is 74.8 months. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ March 31, 2023 ​ March 31, 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 1,654,498 ​ $ 194,343 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 156,524,900 ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 436,810 ​ $ 180,693 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 22,970,745 ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 1,228,328 ​ $ — Time charter-in VLGCs ​ Long-term operating leases ​ $ 133,554,155 ​ $ — ​ ​ ​ ​ ​ ​ Less than one year ​ $ 31,720,834 One to three years ​ ​ 63,977,268 Three to five years ​ ​ 51,807,905 More than 5 ​ ​ 40,663,139 Total undiscounted lease payments ​ ​ 188,169,146 Less: imputed interest ​ ​ (29,979,108) Carrying value of operating lease liabilities ​ $ 158,190,038 ​

Common Stock

Common Stock	12 Months Ended
	Mar. 31, 2023
Common Stock:
Common Stock	11. Common Stock ​ Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. ​ Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights. On 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. ​ On May 4, 2022, we announced that our board of directors (“Board of Directors”) declared an irregular 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. ​ On June 15, 2022, we paid $0.2 million of dividends that were deferred until the vesting of certain restricted stock. ​ 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 $40.3 million. We paid $40.1 million on September 2, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. ​ On August 5, 2022, we paid $0.4 million of dividends that were deferred until the vesting of certain restricted stock. ​ On October 27, 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 November 7, 2022, totaling $40.4 million. We paid $40.1 million on December 6, 2022 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. ​ On February 1, 2023, 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 February 15, 2023, totaling $40.4 million. We paid $40.1 million on February 28, 2023 and the remaining $0.3 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 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 this authorization, 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 March 31, 2023, our total purchases under the 2022 Common Share Repurchase Authority totaled 50,000 shares for an aggregate consideration of $0.7 million. We are not obligated to make any common share repurchases. ​ Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2023, 2022, and 2021. Refer to Note 23 for dividend declared in April 2023.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Mar. 31, 2023
Stock-Based Compensation Plans:
Stock-Based Compensation Plans	12. Stock-Based Compensation Plans ​ In April 2014, we adopted an e quity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly - owned or generally exclusively controlled by such persons, may be eligible to receive non - qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. 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, 2023, we granted to certain of our officers and employees an aggregate of 47,750 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 53,100 restricted stock units vesting ratably on the grant date and on the first and second anniversaries of the grant date, and 165,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date. The final tranche of restricted stock granted to certain of 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, 2022, we granted to certain of our officers and employees an aggregate of 51,400 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 11,700 restricted stock units vesting ratably on the first, second, and third anniversaries of the grant date, 129,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date, and 25,000 restricted stock units vesting ratably on the first and second anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to certain of 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 years ended March 31, 2023, 2022, and 2021, we granted 34,695 , 46,086 , and 41,711 , shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. ​ Our stock-based compensation expense was $4.3 million, $3.3 million and $3.4 million for the years ended March 31, 2023, 2022, and 2021, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2023 was $2.0 million and the expense will be recognized over a remaining weighted average life of 1.89 years. A summary of the activity of our restricted shares as of March 31, 2023 and 2022 and changes during the year ended March 31, 2023 and 2022, are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2021 ​ 358,171 ​ $ 8.23 ​ Granted ​ 263,686 ​ ​ 13.34 ​ Vested ​ (288,667) ​ ​ 10.21 ​ Forfeited ​ (4,100) ​ ​ 10.24 ​ Unvested as of March 31, 2022 ​ 329,090 ​ $ 10.56 ​ Granted ​ 301,045 ​ ​ 16.01 ​ Vested ​ (299,253) ​ ​ 12.83 ​ Forfeited ​ (2,500) ​ ​ 14.66 ​ Unvested as of March 31, 2023 ​ 328,382 ​ $ 13.46 ​ ​ The total fair value of restricted shares that vested during the years ended March 31, 2023, 2022, and 2021 was $4.8 million, $4.1 million and $3.4 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, 2023
Revenues:
Revenues	13. Revenues ​ Revenues comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 March 31, 2021 Net pool revenues—related party ​ $ 364,548,262 ​ $ 246,305,480 $ 292,679,614 Time charter revenues ​ ​ 22,709,620 ​ ​ 22,377,211 ​ 19,492,595 Other revenues, net ​ ​ 2,491,333 ​ ​ 5,538,757 ​ 3,766,603 Total revenues ​ $ 389,749,215 ​ $ 274,221,448 $ 315,938,812 ​ 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, 2023
Voyage Expenses:
Voyage Expenses	​ ​ 14. Voyage Expenses ​ Voyage expenses comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Bunkers ​ $ 2,109,904 ​ $ 2,159,341 ​ $ 1,537,007 ​ War risk insurances ​ ​ 940,436 ​ ​ 1,510,720 ​ ​ 1,272,647 ​ Brokers’ commissions ​ ​ 290,099 ​ ​ 265,207 ​ ​ 334,333 ​ Security cost ​ ​ 243,235 ​ ​ 322,150 ​ ​ 221,882 ​ Other voyage expenses ​ ​ 27,778 ​ ​ 67,294 ​ ​ 43,781 ​ Total ​ $ 3,611,452 ​ $ 4,324,712 $ 3,409,650 ​ ​

Vessel Operating Expenses

Vessel Operating Expenses	12 Months Ended
	Mar. 31, 2023
Vessel Operating Expenses:
Vessel Operating Expenses	15. Vessel Operating Expenses ​ ​ Vessel operating expenses comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Crew wages and related costs ​ $ 42,141,262 ​ $ 44,950,878 ​ $ 44,017,660 ​ Spares and stores ​ ​ 13,644,604 ​ 14,486,392 ​ ​ 17,061,388 ​ Repairs and maintenance costs ​ ​ 4,743,513 ​ 4,528,776 ​ ​ 6,096,812 ​ Insurance ​ ​ 3,906,409 ​ 4,056,225 ​ ​ 3,942,622 ​ Lubricants ​ ​ 4,002,361 ​ 3,351,279 ​ ​ 3,241,330 ​ Miscellaneous expenses ​ ​ 3,063,622 ​ 2,830,668 ​ ​ 3,860,057 ​ Total ​ $ 71,501,771 $ 74,204,218 ​ $ 78,219,869 ​ ​

Interest and Finance Costs

Interest and Finance Costs	12 Months Ended
	Mar. 31, 2023
Interest and Finance Costs:
Interest and Finance Costs	16. Interest and Finance Costs ​ Interest and finance costs is comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Interest incurred ​ $ 31,398,739 ​ $ 20,119,655 ​ $ 21,665,379 ​ Amortization of financing costs ​ ​ 5,600,493 ​ ​ 5,889,040 ​ ​ 4,695,360 ​ Other financing costs ​ ​ 2,171,511 ​ ​ 1,350,744 ​ ​ 1,235,385 ​ Capitalized interest ​ ​ (1,366,956) ​ ​ (292,044) ​ ​ — ​ Total ​ $ 37,803,787 ​ $ 27,067,395 ​ $ 27,596,124 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Mar. 31, 2023
Income Taxes:
Income Taxes	17. Income Taxes ​ Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. ​ If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. ​ For our fiscal years ended March 31, 2023, 2022 and 2021, 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, 2023
Commitments and Contingencies:
Commitments and Contingencies	18. Commitments and Contingencies ​ Commitments under Contracts to Drydock Certain VLGCs and for Scrubbers Purchases ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Less than one year ​ $ 8,951,601 ​ One to three years ​ ​ 174,993 ​ Total ​ $ 9,126,594 ​ ​ Time Charter-in ​ We had the following time charter-in commitments relating to VLGCs: ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Less than one year ​ $ 11,237,333 ​ One to three years ​ ​ 21,600,000 ​ Three to five years ​ ​ 21,600,000 ​ Thereafter ​ ​ 24,300,000 ​ Total ​ $ 78,737,333 ​ ​ ​ The time charter-in commitments as of March 31, 2023, relate to (i) a newbuilding dual-fuel Panamax VLGC that we previously entered into an agreement to time-charter in, with purchase options beginning in year seven, that is scheduled to be delivered during the third calendar quarter of 2023 for a period of seven years; (ii) a less than one-year time chartered in VLGC that is scheduled to expire during the third calendar quarter of 2023; and (iii) excludes operating lease liabilities related to three VLGCs that are recorded on the consolidated balance sheets as of March 31, 2023. ​ 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, 2023 ​ Less than one year ​ $ 24,660,000 ​ One to three years ​ ​ 7,387,986 ​ Total ​ $ 32,047,986 ​ ​ Other ​ From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim other than that described below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the consolidated financial statements. ​ In January 2021, subsequent to the delivery of one of our VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The 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, 2023
Financial Instruments and Fair Value Disclosures:
Financial Instruments and Fair Value Disclosures	19. Financial Instruments and Fair Value Disclosures ​ Our principal financial assets consist of cash and cash equivalents, investment securities, 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 SOFR 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 2022 Debt Facility. On August 8, 2022, our interest rate swap with Citibank N.A. was novated to CACIB and BNP with the original amount equally apportioned to each counterparty, an adjustment in the fixed rate from 1.0908% to 0.9208% and a change in the indexed rate from LIBOR to SOFR. On August 25, 2022, our interest rate with ING was amended with an adjustment in the fixed rate from 1.145% to 0.915% and the indexed rate changed from LIBOR to SOFR. On January 20, 2023, we entered into an interest rate swap agreement with ING in order to manage our variable interest rate exposure risk by effectively converting a portion of our debt from a floating to a fixed rate. The notional value increases as other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement in July 2029. The effect is to maintain a constant ratio between the debt outstanding under the 2022 Debt Facility and the notional hedges. The initial notional value when effective on June 26, 2023 is $3.5 million and a fixed interest rate of 2.8525% . Additionally, we have exposure to floating rate movements on two of our Japanese Financings. The Cougar Japanese Financing is subject to SOFR and the Cresques Japanese Financing is the only debt agreement which is subject to LIBOR. ​ 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, 2023 March 31, 2022 2022 Debt Facility - Citibank (1) ​ September 2015 ​ March 2022 ​ 1.0908 % ​ $ — ​ $ 188,000,000 ​ 2022 Debt Facility - ING (2) ​ September 2015 ​ March 2025 ​ 0.9150 % ​ ​ 36,695,201 ​ ​ 47,000,000 ​ 2022 Debt Facility - CACIB (3) ​ August 2022 ​ March 2025 ​ 0.9208 % ​ ​ 73,390,402 ​ ​ — ​ 2022 Debt Facility - BNP (4) ​ August 2022 ​ March 2025 0.9208 % ​ ​ 73,390,402 ​ ​ — ​ 2022 Debt Facility - ING (5) ​ January 2023 ​ July 2029 2.8250 % ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 183,476,005 ​ $ 235,000,000 ​ (1) Novated to CACIB and BNP with the original amount equally apportioned to each counterparty in August 2022. (2) Reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) Reduces quarterly with a final settlement of $47.6 million in March 2025. (5) Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement of $80 million in July 2029. ​ (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 SOFR swap yield rates. SOFR 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, 2023 and 2022. ​ 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, 2023 ​ ​ 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 ​ $ 9,278,544 ​ $ — ​ $ 6,512,479 ​ $ — ​ ​ The effect of derivative instruments within the consolidated statements of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2023 March 31, 2022 ​ March 31, 2021 Forward freight agreements—change in fair value ​ Unrealized gain on derivatives ​ $ — ​ $ — ​ $ 2,605,442 ​ Interest rate swaps—change in fair value Unrealized gain on derivatives ​ ​ 2,766,065 ​ ​ 11,067,870 ​ ​ 4,597,438 ​ Forward freight agreements—realized gain/(loss) ​ Realized loss on derivatives ​ ​ — ​ ​ — ​ ​ (788,670) ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ ​ 3,771,522 ​ ​ (3,450,443) ​ ​ (3,779,363) ​ Gain/(loss) on derivatives, net ​ ​ ​ $ 6,537,587 ​ $ 7,617,427 ​ $ 2,634,847 ​ ​ As of March 31, 2023 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 securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2023 and 2022. ​ (d) Book values and fair values of financial instruments. In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and investment securities that are included in other current assets in our balance sheet and available-for-sale securities (U.S. treasury notes with an aggregate fair value of $11.4 million as of March 31, 2023 and face values of $1.8 million maturing on September 30, 2024 and $10.0 million maturing March 15, 2025) that are recorded as a non-current asset on 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, 2023 March 31, 2022 ​ March 31, 2021 ​ Unrealized gain/(loss) on investment securities ​ $ 1,443,683 ​ $ (1,587,090) ​ $ 1,317,595 ​ Realized gain on investment securities ​ ​ 987,206 ​ ​ 447,255 ​ ​ 295 ​ Net gain/(loss) on investment securities ​ $ 2,430,889 ​ $ (1,139,835) ​ $ 1,317,890 ​ ​ We have long-term bank debt, the Cougar Japanese Financing, the Captain Markos Dual Fuel Japanese Financing, 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 SOFR at March 31, 2023 and LIBOR at March 31, 2022, each of 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, 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, 2023 ​ ​ March 31, 2022 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 34,395,834 ​ $ 33,051,190 ​ ​ $ 37,645,833 ​ $ 36,904,683 ​ Concorde Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 42,269,231 ​ ​ 41,352,417 ​ Corvette Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 42,807,692 ​ ​ 41,862,894 ​ Cratis Japanese Financing ​ ​ 45,580,000 ​ ​ 42,185,289 ​ ​ ​ 49,660,000 ​ ​ 46,716,277 ​ Copernicus Japanese Financing ​ ​ 45,580,000 ​ ​ 42,185,289 ​ ​ ​ 49,660,000 ​ ​ 46,716,277 ​ Chaparral Japanese Financing ​ ​ 62,342,859 ​ ​ 60,701,217 ​ ​ ​ 64,662,242 ​ ​ 64,321,963 ​ Caravelle Japanese Financing ​ ​ 46,100,000 ​ ​ 42,707,169 ​ ​ ​ 49,700,000 ​ ​ 46,792,400 ​ BALCAP Facility ​ $ 74,096,125 ​ ​ 69,032,167 ​ ​ $ 81,574,172 ​ $ 77,063,912 ​ ​

Retirement Plans

Retirement Plans	12 Months Ended
	Mar. 31, 2023
Retirement Plans:
Retirement Plans	20. Retirement Plans ​ U.S. Defined Contribution Plan ​ Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2023, 2022, and 2021. ​ Greece Defined Benefit Plan ​ Our employees based in Greece participate in a required statutory defined benefit pension plan as required by the provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized a liability associated with our projected benefit obligation to the Greek Plan of $0.8 million and $1.0 million as of March 31, 2023 and 2022, respectively, representing a reduction of the liability of $0.2 million during the year ended March 31, 2023 and increases in the liability of $0.1 million and $0.3 million for the years ended March 31, 2022 and 2021, respectively, for which we recognized income or expense on our consolidated statement of operations. ​ Denmark and U.K. Retirement Accounts ​ We contribute to retirement accounts for certain employees in Denmark and the United Kingdom based on a percentage of their annual salaries. For each of the years ended March 31, 2023, 2022 and 2021, 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, 2023
Earnings Per Share ("EPS"):
Earnings Per Share ("EPS")	21. 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, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 172,443,930 ​ $ 71,935,018 ​ $ 92,564,653 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ 40,026,313 ​ ​ 40,203,937 ​ ​ 49,729,358 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ 185,329 ​ ​ 161,151 ​ ​ 97,440 ​ Diluted weighted average number of common shares outstanding ​ ​ 40,211,642 ​ ​ 40,365,088 ​ ​ 49,826,798 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 4.31 ​ $ 1.79 ​ $ 1.86 ​ Diluted ​ $ 4.29 ​ $ 1.78 ​ $ 1.86 ​ ​ 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, 2023 2022, and 2021.

Selected Quarterly Financial In

Selected Quarterly Financial Information (unaudited)	12 Months Ended
	Mar. 31, 2023
Selected Quarterly Financial Information (unaudited):
Selected Quarterly Financial Information (unaudited)	​ 22. Selected Quarterly Financial Information (unaudited) ​ The following tables summarize the 2023 and 2022 quarterly results: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Revenues ​ $ 76,823,722 ​ $ 75,968,187 ​ $ 103,322,256 ​ $ 133,635,050 ​ Operating income ​ ​ 28,947,004 ​ ​ 28,137,816 ​ ​ 57,494,075 ​ 83,781,573 ​ Net income ​ ​ 24,847,720 ​ ​ 20,311,465 ​ ​ 51,263,710 ​ ​ 76,021,035 ​ Earnings per common share, basic ​ ​ 0.62 ​ ​ 0.51 ​ ​ 1.28 ​ ​ 1.90 ​ Earnings per common share, diluted ​ $ 0.62 ​ $ 0.51 ​ $ 1.27 ​ $ 1.89 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​

Subsequent Events

Subsequent Events	12 Months Ended
	Mar. 31, 2023
Subsequent Events:
Subsequent Events	​ ​ ​ 23. Subsequent Event ​ Dividend On April 26, 2023, we announced that our Board of Directors has 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 May 8, 2023, totaling $40.4 million. We paid $40.1 million on May 22, 2023 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. ​

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Mar. 31, 2023
Significant Accounting Policies:
Principles of consolidation	​ (a)    Principles of consolidation: ​
Use of estimates	(b)   Use of estimates:
Other comprehensive income/(loss)	​ (c)   Other comprehensive income/(loss): ​
Foreign currency translation	(d)   Foreign currency translation: ​
Cash and cash equivalents	(e)   Cash and cash equivalents: ​
Short-term investments	(f)   Short-term investments: ​
Investment securities	(g)   Investment securities: ​
Trade receivables, net and accrued revenues	(h)   Trade receivables, net and accrued revenues: ​
Due from related parties	(i)   Due from related parties: ​
Inventories	(j)   Inventories: ​
Vessels, net	(k)   Vessels, net: ​
Impairment of vessels	(l)   Impairment of vessels: ​
Vessel depreciation	(m)  Vessel depreciation: ​
Drydocking and special survey costs	(n)   Drydocking and special survey costs: seven and one-half years ​
Financing costs	(o)   Financing costs: Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet. ​
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 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: ​ ● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and ​ ● number of days the vessel participated in the pool in the period. ​ 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. ​
Voyage charter revenues	(r) Voyage charter revenues: three ​ Revenue from Contracts with Customers generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet.
Voyage expenses	(s)   Voyage expenses: ​
Commissions	(t)   Commissions: ​
Charter hire expenses	(u)   Charter hire expenses: ​
Vessel operating expenses	(v)     Vessel operating expenses:
Stock-based compensation	(w)   Stock-based compensation : ​
Stock repurchases	(x)   Stock repurchases : ​
Dividends	(y)   Dividends : ​
Segment reporting	(z) Segment reporting: ​
Derivative instruments	(aa)  Derivative instruments:
Fair value of financial instruments	​ (ab)  Fair value of financial instruments: ​ Level 1: Quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs that are not corroborated by market data.
Accounting Pronouncements Not Yet Adopted	​ (ac)  Recent accounting pronouncements: ​ Accounting Policies Not Yet Adopted ​ In March 2020, the Financial Accounting Standards Board 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 was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements.

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	12 Months Ended
	Mar. 31, 2023
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 2015 84,000 ​ Dorian Shanghai LPG Transport LLC ​ VLGC ​ Cougar (2) ​ 2015 ​ 84,000 ​ Concorde LPG Transport LLC ​ VLGC ​ Concorde ​ 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 ​ VLGC ​ Captain Markos (2) ​ 2023 ​ 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 9 below for further information. ​

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Mar. 31, 2023
Inventories:
Schedule of inventories by type	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ March 31, 2022 Lubricants $ 2,472,716 ​ $ 2,096,713 ​ Bonded stores ​ 169,679 ​ 169,638 ​ Total $ 2,642,395 ​ $ 2,266,351 ​

Vessels, Net (Tables)

Vessels, Net (Tables)	12 Months Ended
	Mar. 31, 2023
Vessels, Net:
Schedule of vessels, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2021 ​ $ 1,762,657,830 $ (385,629,575) $ 1,377,028,255 ​ Other additions ​ ​ 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 delivered ​ ​ 84,432,491 ​ ​ — ​ ​ 84,432,491 ​ Other additions ​ ​ 1,955,694 ​ ​ — ​ ​ 1,955,694 ​ Depreciation ​ ​ — ​ ​ (60,521,270) ​ ​ (60,521,270) ​ Balance, March 31, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 ​

Vessel Under Construction (Tabl

Vessel Under Construction (Tables)	12 Months Ended
	Mar. 31, 2023
Vessel Under Construction:
Schedule of vessel under construction	​ ​ ​ ​ ​ ​ ​ ​ Net book Value ​ 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 Installment payments ​ ​ 64,000,000 ​ Other capitalized expenditures ​ ​ 2,664,003 ​ Capitalized interest ​ ​ 1,366,956 ​ Vessel delivered (transferred to Vessels, Net) ​ (84,432,491) ​ Balance, March 31, 2023 $ — ​

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	12 Months Ended
	Mar. 31, 2023
Deferred Charges, Net:
Schedule of movement of deferred charges	​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2021 ​ $ 10,158,202 ​ Additions ​ ​ 2,869,210 ​ Disposals ​ ​ (298,852) ​ Amortization ​ ​ (2,889,560) ​ Balance, March 31, 2022 ​ $ 9,839,000 ​ Additions ​ ​ 1,401,495 ​ Amortization ​ ​ (2,873,194) ​ Balance, March 31, 2023 $ 8,367,301 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Mar. 31, 2023
Accrued Expenses:
Schedule of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 Accrued voyage and vessel operating expenses ​ 3,072,568 ​ ​ 1,676,853 ​ Accrued employee-related costs ​ 1,292,735 ​ ​ 952,471 ​ Accrued professional services ​ 479,502 ​ ​ 946,411 ​ Accrued loan and swap interest ​ 529,069 ​ ​ 126,878 ​ Other 263,851 ​ ​ 98,835 ​ Total $ 5,637,725 ​ $ 3,801,448 ​

Long-term Debt (Tables)

Long-term Debt (Tables)	12 Months Ended
	Mar. 31, 2023
Long-term Debt:
Schedule of loans outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 March 31, 2022 2015 AR Facility ​ ​ ​ ​ ​ ​ ​ Commercial Financing ​ $ — ​ $ 91,651,888 ​ KEXIM Direct Financing ​ ​ — ​ ​ 44,406,733 ​ KEXIM Guaranteed ​ ​ — ​ ​ 47,190,358 ​ K-sure Insured ​ ​ — ​ ​ 23,132,295 ​ Total 2015 AR Facility ​ $ — ​ $ 206,381,274 ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 Debt Facility ​ $ 225,000,000 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 34,395,834 ​ $ 37,645,833 ​ Concorde Japanese Financing ​ ​ — ​ ​ 42,269,231 ​ Corvette Japanese Financing ​ ​ — ​ ​ 42,807,692 ​ Cresques Japanese Financing ​ ​ 27,377,615 ​ ​ 45,660,000 ​ Cratis Japanese Financing ​ ​ 45,580,000 ​ ​ 49,660,000 ​ Copernicus Japanese Financing ​ ​ 45,580,000 ​ ​ 49,660,000 ​ Chaparral Japanese Financing ​ ​ 62,342,859 ​ ​ 64,662,242 ​ Caravelle Japanese Financing ​ ​ 46,100,000 ​ ​ 49,700,000 ​ Cougar Japanese Financing ​ ​ 47,300,000 ​ ​ — ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 55,790,000 ​ ​ — ​ Total Japanese Financings ​ $ 364,466,308 ​ $ 382,064,998 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 74,096,125 ​ $ 81,574,172 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 663,562,433 ​ $ 670,020,444 ​ Less: deferred financing fees ​ ​ 6,195,087 ​ ​ 7,257,486 ​ Debt obligations—net of deferred financing fees ​ $ 657,367,346 ​ $ 662,762,958 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 53,110,676 ​ $ 72,075,571 ​ Long-term debt—net of current portion and deferred financing fees ​ 604,256,670 ​ ​ 590,687,387 ​ Total $ 657,367,346 ​ $ 662,762,958 ​ ​
Schedule of deferred financing fees	​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2021 $ 10,615,937 ​ Additions ​ 2,530,589 ​ Amortization ​ ​ (5,889,040) ​ Balance, March 31, 2022 ​ $ 7,257,486 ​ Additions ​ ​ 4,538,094 ​ Amortization ​ ​ (5,600,493) ​ Balance, March 31, 2023 $ 6,195,087 ​ ​
Schedule of minimum annual principal payments	​ ​ ​ ​ ​ Year ending March 31: 2024 $ 53,110,675 ​ 2025 53,543,315 ​ 2026 53,994,778 ​ 2027 95,660,887 ​ 2028 ​ 45,966,482 ​ Thereafter 361,286,296 ​ Total $ 663,562,433 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Mar. 31, 2023
Leases:
Schedule of time charter-in expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 Charter hire expenses ​ $ 23,194,712 ​ 16,265,638 ​ 18,135,580 ​
Schedule of operating lease rent expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 Operating lease rent expense ​ $ 569,804 ​ $ 624,370 ​ $ 558,400 ​
Schedule of operating lease right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ March 31, 2023 ​ March 31, 2022 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 1,654,498 ​ $ 194,343 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 156,524,900 ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 436,810 ​ $ 180,693 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 22,970,745 ​ $ 7,892,671 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 1,228,328 ​ $ — Time charter-in VLGCs ​ Long-term operating leases ​ $ 133,554,155 ​ $ —
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Less than one year ​ $ 31,720,834 One to three years ​ ​ 63,977,268 Three to five years ​ ​ 51,807,905 More than 5 ​ ​ 40,663,139 Total undiscounted lease payments ​ ​ 188,169,146 Less: imputed interest ​ ​ (29,979,108) Carrying value of operating lease liabilities ​ $ 158,190,038

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Mar. 31, 2023
Stock-Based Compensation Plans:
Summary of the activity of restricted shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2021 ​ 358,171 ​ $ 8.23 ​ Granted ​ 263,686 ​ ​ 13.34 ​ Vested ​ (288,667) ​ ​ 10.21 ​ Forfeited ​ (4,100) ​ ​ 10.24 ​ Unvested as of March 31, 2022 ​ 329,090 ​ $ 10.56 ​ Granted ​ 301,045 ​ ​ 16.01 ​ Vested ​ (299,253) ​ ​ 12.83 ​ Forfeited ​ (2,500) ​ ​ 14.66 ​ Unvested as of March 31, 2023 ​ 328,382 ​ $ 13.46 ​ ​

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Mar. 31, 2023
Revenues:
Schedule of revenues	Revenues comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 March 31, 2021 Net pool revenues—related party ​ $ 364,548,262 ​ $ 246,305,480 $ 292,679,614 Time charter revenues ​ ​ 22,709,620 ​ ​ 22,377,211 ​ 19,492,595 Other revenues, net ​ ​ 2,491,333 ​ ​ 5,538,757 ​ 3,766,603 Total revenues ​ $ 389,749,215 ​ $ 274,221,448 $ 315,938,812 ​

Voyage Expenses (Tables)

Voyage Expenses (Tables)	12 Months Ended
	Mar. 31, 2023
Voyage Expenses:
Schedule of voyage expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Bunkers ​ $ 2,109,904 ​ $ 2,159,341 ​ $ 1,537,007 ​ War risk insurances ​ ​ 940,436 ​ ​ 1,510,720 ​ ​ 1,272,647 ​ Brokers’ commissions ​ ​ 290,099 ​ ​ 265,207 ​ ​ 334,333 ​ Security cost ​ ​ 243,235 ​ ​ 322,150 ​ ​ 221,882 ​ Other voyage expenses ​ ​ 27,778 ​ ​ 67,294 ​ ​ 43,781 ​ Total ​ $ 3,611,452 ​ $ 4,324,712 $ 3,409,650 ​

Vessel Operating Expenses (Tabl

Vessel Operating Expenses (Table)	12 Months Ended
	Mar. 31, 2023
Vessel Operating Expenses:
Schedule of vessel operating expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Crew wages and related costs ​ $ 42,141,262 ​ $ 44,950,878 ​ $ 44,017,660 ​ Spares and stores ​ ​ 13,644,604 ​ 14,486,392 ​ ​ 17,061,388 ​ Repairs and maintenance costs ​ ​ 4,743,513 ​ 4,528,776 ​ ​ 6,096,812 ​ Insurance ​ ​ 3,906,409 ​ 4,056,225 ​ ​ 3,942,622 ​ Lubricants ​ ​ 4,002,361 ​ 3,351,279 ​ ​ 3,241,330 ​ Miscellaneous expenses ​ ​ 3,063,622 ​ 2,830,668 ​ ​ 3,860,057 ​ Total ​ $ 71,501,771 $ 74,204,218 ​ $ 78,219,869 ​

Interest and Finance Costs (Tab

Interest and Finance Costs (Tables)	12 Months Ended
	Mar. 31, 2023
Interest and Finance Costs:
Schedule of interest and finance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Interest incurred ​ $ 31,398,739 ​ $ 20,119,655 ​ $ 21,665,379 ​ Amortization of financing costs ​ ​ 5,600,493 ​ ​ 5,889,040 ​ ​ 4,695,360 ​ Other financing costs ​ ​ 2,171,511 ​ ​ 1,350,744 ​ ​ 1,235,385 ​ Capitalized interest ​ ​ (1,366,956) ​ ​ (292,044) ​ ​ — ​ Total ​ $ 37,803,787 ​ $ 27,067,395 ​ $ 27,596,124 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Mar. 31, 2023
Commitments and Contingencies:
Schedule of contractual commitments for scrubber purchases	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Less than one year ​ $ 8,951,601 ​ One to three years ​ ​ 174,993 ​ Total ​ $ 9,126,594 ​
Schedule of operating leases	​ ​ ​ ​ ​ Less than one year ​ $ 31,720,834 One to three years ​ ​ 63,977,268 Three to five years ​ ​ 51,807,905 More than 5 ​ ​ 40,663,139 Total undiscounted lease payments ​ ​ 188,169,146 Less: imputed interest ​ ​ (29,979,108) Carrying value of operating lease liabilities ​ $ 158,190,038
Schedule of future minimum time charter-in commitments	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Less than one year ​ $ 11,237,333 ​ One to three years ​ ​ 21,600,000 ​ Three to five years ​ ​ 21,600,000 ​ Thereafter ​ ​ 24,300,000 ​ Total ​ $ 78,737,333 ​ ​
Schedule of future minimum fixed time charter contracts	​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ Less than one year ​ $ 24,660,000 ​ One to three years ​ ​ 7,387,986 ​ Total ​ $ 32,047,986 ​ ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	12 Months Ended
	Mar. 31, 2023
Financial Instruments and Fair Value Disclosures:
Schedule of principal terms of the interest rate swaps	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, 2023 March 31, 2022 2022 Debt Facility - Citibank (1) ​ September 2015 ​ March 2022 ​ 1.0908 % ​ $ — ​ $ 188,000,000 ​ 2022 Debt Facility - ING (2) ​ September 2015 ​ March 2025 ​ 0.9150 % ​ ​ 36,695,201 ​ ​ 47,000,000 ​ 2022 Debt Facility - CACIB (3) ​ August 2022 ​ March 2025 ​ 0.9208 % ​ ​ 73,390,402 ​ ​ — ​ 2022 Debt Facility - BNP (4) ​ August 2022 ​ March 2025 0.9208 % ​ ​ 73,390,402 ​ ​ — ​ 2022 Debt Facility - ING (5) ​ January 2023 ​ July 2029 2.8250 % ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 183,476,005 ​ $ 235,000,000 ​ (1) Novated to CACIB and BNP with the original amount equally apportioned to each counterparty in August 2022. (2) Reduces quarterly with a final settlement of $23.8 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) Reduces quarterly with a final settlement of $47.6 million in March 2025. (5) Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement of $80 million in July 2029.
Schedule of financial derivatives	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ 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 ​ $ 9,278,544 ​ $ — ​ $ 6,512,479 ​ $ — ​ ​
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, 2023 March 31, 2022 ​ March 31, 2021 Forward freight agreements—change in fair value ​ Unrealized gain on derivatives ​ $ — ​ $ — ​ $ 2,605,442 ​ Interest rate swaps—change in fair value Unrealized gain on derivatives ​ ​ 2,766,065 ​ ​ 11,067,870 ​ ​ 4,597,438 ​ Forward freight agreements—realized gain/(loss) ​ Realized loss on derivatives ​ ​ — ​ ​ — ​ ​ (788,670) ​ Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives ​ ​ 3,771,522 ​ ​ (3,450,443) ​ ​ (3,779,363) ​ Gain/(loss) on derivatives, net ​ ​ ​ $ 6,537,587 ​ $ 7,617,427 ​ $ 2,634,847 ​ ​
Summary of gains and losses on investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ ​ March 31, 2023 March 31, 2022 ​ March 31, 2021 ​ Unrealized gain/(loss) on investment securities ​ $ 1,443,683 ​ $ (1,587,090) ​ $ 1,317,595 ​ Realized gain on investment securities ​ ​ 987,206 ​ ​ 447,255 ​ ​ 295 ​ Net gain/(loss) on investment securities ​ $ 2,430,889 ​ $ (1,139,835) ​ $ 1,317,890 ​ ​
Summary of carrying value and estimated fair value of Japanese Financings	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ ​ March 31, 2022 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 34,395,834 ​ $ 33,051,190 ​ ​ $ 37,645,833 ​ $ 36,904,683 ​ Concorde Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 42,269,231 ​ ​ 41,352,417 ​ Corvette Japanese Financing ​ ​ — ​ ​ — ​ ​ ​ 42,807,692 ​ ​ 41,862,894 ​ Cratis Japanese Financing ​ ​ 45,580,000 ​ ​ 42,185,289 ​ ​ ​ 49,660,000 ​ ​ 46,716,277 ​ Copernicus Japanese Financing ​ ​ 45,580,000 ​ ​ 42,185,289 ​ ​ ​ 49,660,000 ​ ​ 46,716,277 ​ Chaparral Japanese Financing ​ ​ 62,342,859 ​ ​ 60,701,217 ​ ​ ​ 64,662,242 ​ ​ 64,321,963 ​ Caravelle Japanese Financing ​ ​ 46,100,000 ​ ​ 42,707,169 ​ ​ ​ 49,700,000 ​ ​ 46,792,400 ​ BALCAP Facility ​ $ 74,096,125 ​ ​ 69,032,167 ​ ​ $ 81,574,172 ​ $ 77,063,912 ​

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Mar. 31, 2023
Earnings Per Share ("EPS"):
Schedule of calculations of basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended ​ (In U.S. dollars except share data) ​ March 31, 2023 ​ March 31, 2022 ​ March 31, 2021 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 172,443,930 ​ $ 71,935,018 ​ $ 92,564,653 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ 40,026,313 ​ ​ 40,203,937 ​ ​ 49,729,358 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ 185,329 ​ ​ 161,151 ​ ​ 97,440 ​ Diluted weighted average number of common shares outstanding ​ ​ 40,211,642 ​ ​ 40,365,088 ​ ​ 49,826,798 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 4.31 ​ $ 1.79 ​ $ 1.86 ​ Diluted ​ $ 4.29 ​ $ 1.78 ​ $ 1.86 ​ ​

Selected Quarterly Financial _2

Selected Quarterly Financial Information (unaudited) (Tables)	12 Months Ended
	Mar. 31, 2023
Selected Quarterly Financial Information (unaudited):
Schedule of quarterly results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ June 30, 2022 September 30, 2022 December 31, 2022 March 31, 2023 Revenues ​ $ 76,823,722 ​ $ 75,968,187 ​ $ 103,322,256 ​ $ 133,635,050 ​ Operating income ​ ​ 28,947,004 ​ ​ 28,137,816 ​ ​ 57,494,075 ​ 83,781,573 ​ Net income ​ ​ 24,847,720 ​ ​ 20,311,465 ​ ​ 51,263,710 ​ ​ 76,021,035 ​ Earnings per common share, basic ​ ​ 0.62 ​ ​ 0.51 ​ ​ 1.28 ​ ​ 1.90 ​ Earnings per common share, diluted ​ $ 0.62 ​ $ 0.51 ​ $ 1.27 ​ $ 1.89 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​

Basis of Presentation and Gen_3

Basis of Presentation and General Information (General) (Details)	12 Months Ended
	Mar. 31, 2023 item
Total number of vessels	25
Number of dual-fuel ECO-design VLGCs having 84,000 cbm	1
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm	19
Number of VLGCs having 82,000 cbm	1
Number of dual-fuel time chartered-in VLGCs	2
Number of time chartered-in ECO-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
Number of VLGCs with scrubber purchase commitments that were in-process as of the balance sheet date	3
Number of VLGCs with scrubber purchase commitments that currently in progress of being scrubber-equipped	2

Basis of Presentation and Gen_4

Basis of Presentation and General Information (Capacity) (Details)	Mar. 31, 2023 m³
CJNP LPG Transport LLC (The Captain John NP) | 2007
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	82,000
Comet LPG Transport LLC (The Comet) | 2014
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Corsair LPG Transport LLC (The Corsair) | 2014
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Corvette LPG Transport LLC (The Corvette) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Shanghai LPG Transport LLC (The Cougar) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Concorde LPG Transport LLC (The Concorde) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Houston LPG Transport LLC (The Cobra) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Sao Paulo LPG Transport LLC (The Continental) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Ulsan LPG Transport LLC (The Constitution) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Amsterdam LPG Transport LLC (The Commodore) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Dubai LPG Transport LLC (The Cresques) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Constellation LPG Transport LLC (The Constellation) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Monaco LPG Transport LLC (The Cheyenne) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Barcelona LPG Transport LLC (The Clermont) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Geneva LPG Transport LLC (The Cratis) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Cape Town LPG Transport LLC (The Chaparral) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Tokyo LPG Transport LLC (The Copernicus) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Commander LPG Transport LLC (The Commander) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Explorer LPG Transport LLC (The Challenger) | 2015
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Exporter LPG Transport LLC (The Caravelle) | 2016
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Sakura LPG Transport LLC (The Captain Markos) | 2023
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, 2023	Mar. 31, 2022	Mar. 31, 2021
Revenue. | Customer concentration | Helios LPG Pool LLC
Charterers individually accounting for more than 10% of revenues
Percentage of total revenues	94%	90%	93%

Significant Accounting Polici_3

Significant Accounting Policies (Other) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Other comprehensive income/(loss):
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Trade receivables (net):
Provision for doubtful accounts	$ 0	$ 0	$ 0
Minimum
Short-term Investments:
Maturity of Time Deposits	3 months
Maximum
Short-term Investments:
Maturity of Time Deposits	12 months

Significant Accounting Polici_4

Significant Accounting Policies (PPE) (Details)	12 Months Ended
	Mar. 31, 2023 item
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)	Mar. 31, 2023 USD ($)
Accounting hedges
Derivative Instruments:
Fair value of derivative	$ 0

Significant Accounting Polici_6

Significant Accounting Policies (AcctPro) (Details)	12 Months Ended
	Mar. 31, 2023
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
Standard payment period terms of freight paid	3 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle
Standard payment period terms of freight paid	5 days

Transactions with Related Par_2

Transactions with Related Parties (Details)		12 Months Ended
	Apr. 01, 2014 item	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Jul. 26, 2013
Transactions with Related Parties
Due from related parties - current		$ 73,070,095	$ 57,782,831
Due to related parties		$ 168,793	37,433
Number of time chartered-in ECO-VLGC		2
Dorian (Hellas) S.A | Eagle Ocean Transport
Transactions with Related Parties
Ownership interest (as a percent)					100%
Helios LPG Pool LLC
Transactions with Related Parties
Related party income for chartering and operational services		$ 2,200,000	2,100,000	$ 2,000,000
Due from related parties		93,700,000	76,500,000
Due from related parties - current		$ 1,100,000	3,300,000
Due to related parties			100,000
Number of board members from each joint venture | item	2
Number of vessels that are operating under pooling agreement | item		27
Number of Company vessels that are operating under pooling agreement | item		23
Working capital contributed		$ 20,900,000	23,100,000
The amount of expenses with fixed reimbursement to the entity for working in high risk areas		1,400,000	3,100,000	3,500,000
Helios LPG Pool LLC | Asset acquisition
Transactions with Related Parties
Interest transferred to Dorian LPG Ltd. (as a percent)	50%
Helios LPG Pool LLC | Maximum
Transactions with Related Parties
Due to related parties		$ 200,000
Helios LPG Pool LLC | Phoenix
Transactions with Related Parties
Number of vessels that are operating under pooling agreement | item		4
Other income-related party | Dorian (Hellas) S.A
Transactions with Related Parties
Related party income for chartering and operational services		$ 100,000	100,000	$ 100,000
Due from related parties
Transactions with Related Parties
Due from related parties			$ 1
Due from related parties | Dorian (Hellas) S.A
Transactions with Related Parties
Due from related parties		$ 0

Inventories (Details)

Inventories (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Inventories
Inventories	$ 2,642,395	$ 2,266,351
Lubricants
Inventories
Inventories	2,472,716	2,096,713
Bonded stores
Inventories
Inventories	$ 169,679	$ 169,638

Vessels, Net (Details)

Vessels, Net (Details)	12 Months Ended		24 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2023 USD ($)
Vessels, Net
Vessels, net, beginning of period	$ 1,238,061,690
Vessels, net, end of period	1,263,928,605	$ 1,238,061,690	$ 1,263,928,605
Vessels
Vessels, Net
Vessels, net, beginning of period	1,238,061,690	1,377,028,255	1,377,028,255
Disposals, net		(82,094,007)
Vessels, net, end of period	1,263,928,605	1,238,061,690	1,263,928,605
Cost
Balance at the beginning of the period	1,638,075,449	1,762,657,830	1,762,657,830
Other additions	1,955,694	6,575,263
Vessel delivered	84,432,491
Disposals, cost		(131,157,644)
Balance at the end of the period	1,724,463,634	1,638,075,449	1,724,463,634
Accumulated depreciation
Balance at the beginning of the period	(400,013,759)	(385,629,575)	(385,629,575)
Disposals, accumulated depreciation		49,063,637
Impairment			0
Depreciation	(60,521,270)	(63,447,821)
Balance at the end of the period	(460,535,029)	(400,013,759)	(460,535,029)
Mortgaged VLGC vessels, carrying value	$ 1,227,800,000	1,198,700,000	$ 1,227,800,000
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, 2023	Mar. 31, 2022
Vessel under construction
Balance	$ 16,401,532
Capitalized interest	$ 1,366,956	$ 292,044
Balance		16,401,532
Vessels under commitment
Vessel under construction
Bareboat charter agreement term of contract	13 years
Balance	$ 16,401,532
Installment payments		16,000,000
Installment payments	64,000,000
Other capitalized expenditures	2,664,003	109,488
Capitalized interest	1,366,956	292,044
Vessels delivered (transferred to Vessels)	$ (84,432,491)
Balance		$ 16,401,532

Deferred Charges, Net (Details)

Deferred Charges, Net (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Movement in deferred charges, net
Balance at the beginning of the period	$ 9,839,000	$ 10,158,202
Additions	1,401,495	2,869,210
Disposals		(298,852)
Amortization	(2,873,194)	(2,889,560)
Balance at the end of the period	$ 8,367,301	$ 9,839,000

Accrued Expenses (Details)

Accrued Expenses (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Accrued Expenses:
Accrued voyage and vessel operating expenses	$ 3,072,568	$ 1,676,853
Accrued employee-related costs	1,292,735	952,471
Accrued professional services	479,502	946,411
Accrued loan and swap interest	529,069	126,878
Other	263,851	98,835
Total	$ 5,637,725	$ 3,801,448

Long-term Debt (Details)

Long-term Debt (Details) - USD ($)

12 Months Ended

Mar. 31, 2023

Mar. 23, 2023

Mar. 20, 2023

Mar. 13, 2023

Aug. 04, 2022

Jul. 29, 2022

May 19, 2022

Apr. 21, 2022

Mar. 31, 2022

Mar. 29, 2022

Mar. 18, 2022

Jan. 26, 2022

Dec. 29, 2021

Apr. 23, 2020

Apr. 21, 2020

Jun. 26, 2018

Mar. 16, 2018

Jan. 31, 2018

Nov. 07, 2017

Mar. 31, 2023

Mar. 31, 2022

Mar. 31, 2021

Sep. 06, 2022

Apr. 29, 2020

Mar. 31, 2015

Long-Term Debt

Proceeds from Sale of Property, Plant, and Equipment

$ 90,460,363

Proceeds from long-term debt borrowings

$ 346,000,000

298,250,000

$ 55,378,172

Debt obligations

Total debt obligations

$ 663,562,433

$ 670,020,444

663,562,433

670,020,444

Less: deferred financing fees

6,195,087

7,257,486

6,195,087

7,257,486

10,615,937

Total

657,367,346

662,762,958

657,367,346

662,762,958

Presented as follows:

Current portion of long-term debt

53,110,676

72,075,571

53,110,676

72,075,571

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

604,256,670

590,687,387

604,256,670

590,687,387

Total

657,367,346

662,762,958

657,367,346

662,762,958

Deferred financing fees

Deferred finance fees, beginning

7,257,486

10,615,937

Additions

4,538,094

2,530,589

Amortization

(5,600,493)

(5,889,040)

(4,695,360)

Deferred finance fees, end

6,195,087

7,257,486

6,195,087

7,257,486

$ 10,615,937

2017 Bridge Loan

Long-Term Debt

Repayment of debt

$ 30,100,000

2015 Facility

Long-Term Debt

Original loan amount

$ 758,000,000

Repayment of debt

$ 158,700,000

$ 20,000,000

$ 25,000,000

$ 33,700,000

$ 35,100,000

Debt obligations

Total debt obligations

206,381,274

206,381,274

Commercial Financing

Long-Term Debt

Original loan amount

249,000,000

Repayment of debt

11,100,000

Debt obligations

Total debt obligations

91,651,888

91,651,888

KEXIM Direct Financing

Long-Term Debt

Original loan amount

204,000,000

Repayment of debt

11,100,000

Debt obligations

Total debt obligations

44,406,733

44,406,733

KEXIM Guaranteed and K-sure Insured

Long-Term Debt

Original loan amount

305,000,000

KEXIM Guaranteed

Long-Term Debt

Original loan amount

202,000,000

Debt obligations

Total debt obligations

47,190,358

47,190,358

K-sure Insured

Long-Term Debt

Original loan amount

$ 103,000,000

Repayment of debt

$ 2,800,000

Debt obligations

Total debt obligations

23,132,295

23,132,295

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

13,000,000

Debt obligations

Total debt obligations

34,395,834

37,645,833

34,395,834

37,645,833

Concorde Japanese Financing

Long-Term Debt

The amount of restricted cash released

$ 1,600,000

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

14,000,000

Debt obligations

Total debt obligations

42,269,231

42,269,231

Corvette Japanese Financing

Long-Term Debt

The amount of restricted cash released

$ 1,600,000

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

14,000,000

Debt obligations

Total debt obligations

42,807,692

42,807,692

Cresques Japanese Financing

Long-Term Debt

SOFR adjustment term

1 month

LIBOR adjustment term

1 month

Increase in interest rate from switch from LIBOR to SOFR

0.11448%

Repayment of debt

$ 15,000,000

Fees incurred on prepayment of debt

100,000

Adjusted monthly principal payment amount

$ 100,000

Monthly brokerage commission (as a percent)

1.25%

Percentage of broker commission fee payable

0.50%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

$ 11,500,000

Debt obligations

Total debt obligations

27,377,615

45,660,000

27,377,615

45,660,000

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

$ 13,300,000

Debt obligations

Total debt obligations

45,580,000

49,660,000

45,580,000

49,660,000

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

13,300,000

Debt obligations

Total debt obligations

45,580,000

49,660,000

45,580,000

49,660,000

Chaparral Japanese Financing

Long-Term Debt

Vessel purchase price

$ 45,800,000

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

Debt obligations

Total debt obligations

62,342,859

$ 64,662,242

62,342,859

$ 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

Monthly brokerage commission (as a percent)

1.25%

1.25%

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

0.50%

0.50%

Principal payment frequency

monthly

Periodic principal payment amount

$ 300,000

Balloon payment amount

14,000,000

$ 14,000,000

Debt obligations

Total debt obligations

46,100,000

49,700,000

46,100,000

49,700,000

Cougar Japanese Financing

Long-Term Debt

Estimated financing cost to be incurred

$ 400,000

Monthly brokerage commission (as a percent)

1.25%

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

0.50%

Principal payment frequency

quarterly

Periodic principal payment amount

$ 900,000

Balloon payment amount

$ 14,000,000

Debt obligations

Total debt obligations

$ 47,300,000

$ 47,300,000

CNML Japanese Financing

Long-Term Debt

Stated rate (as a percent)

6%

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%

Principal payment frequency

monthly

Periodic principal payment amount

$ 100,000

Balloon payment amount

13,000,000

Captain Markos Japanese Financing

Long-Term Debt

Monthly brokerage commission (as a percent)

1.25%

1.25%

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

1%

Principal payment frequency

monthly

Balloon payment amount

$ 19,400,000

$ 19,400,000

Debt obligations

Total debt obligations

55,790,000

55,790,000

BALCAP Facility

Long-Term Debt

Original loan amount

$ 83,400,000

Security leverage ratio

125%

Stated rate (as a percent)

3.78%

Loan term period

5 years

Proceeds from long-term debt borrowings

$ 34,900,000

Principal payment frequency

monthly

Periodic principal payment amount

$ 900,000

Balloon payment amount

$ 44,100,000

Debt obligations

Total debt obligations

74,096,125

81,574,172

74,096,125

81,574,172

2022 Debt Facility

Long-Term Debt

Original loan amount

$ 260,000,000

Minimum liquidity covenant

27,500,000

$ 27,500,000

Percentage Of Interest Bearing Debt

5%

Debt obligations

Total debt obligations

$ 225,000,000

$ 225,000,000

2022 Revolving Credit Facility

Long-Term Debt

Original loan amount

20,000,000

2022 Term Loan Facility

Long-Term Debt

Original loan amount

$ 240,000,000

Amount drawn on line of credit

$ 216,000,000

$ 24,000,000

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%

Net basis point reduction to loan interest rate

0.05%

0.05%

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

2.10%

Loan term period

7 years

Minimum | Captain Markos Japanese Financing

Long-Term Debt

Periodic principal payment amount

$ 210,000

Minimum | 2022 Debt Facility

Long-Term Debt

Debt Instrument Covenants Current Ratio

100%

100%

Minimum stockholder's equity balance

$ 400,000,000

$ 400,000,000

Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio

60%

60%

Percentage of increase in security value ratio

145%

Minimum | 2022 Term Loan Facility

Long-Term Debt

Security leverage ratio

45%

Maximum | Captain Markos Japanese Financing

Long-Term Debt

Periodic principal payment amount

$ 250,000

Maximum | New senior secured term loan facility

Long-Term Debt

Original loan amount

$ 155,800,000

Maximum | New senior secured revolving credit facility

Long-Term Debt

Original loan amount

$ 25,000,000

Maximum | 2022 Debt Facility

Long-Term Debt

Debt Instrument Covenants Consolidated Net Debt to Consolidated Total Capitalization Ratio

100%

100%

Maximum | 2022 Term Loan Facility

Long-Term Debt

Security leverage ratio

35%

LIBOR | Cresques Japanese Financing

Long-Term Debt

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

2.50%

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%

SOFR | Captain Markos Japanese Financing

Long-Term Debt

SOFR adjustment term

1 month

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

2.475%

Credit adjustment spread added to SOFR for interest rate on loan facility (as a percent)

0.1148%

SOFR | 2022 Term Loan Facility

Long-Term Debt

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

2.20%

Corsair LPG Transport LLC (The Corsair)

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 Property, Plant, and Equipment

$ 52,000,000

Deposit retained by buyer used for purchase payment

$ 13,000,000

Concorde LPG Transport LLC (The Concorde)

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 Property, Plant, and Equipment

$ 56,000,000

Deposit retained by buyer used for purchase payment

$ 14,000,000

Corvette LPG Transport LLC (The Corvette)

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 Property, Plant, and Equipment

$ 56,000,000

Deposit retained by buyer used for purchase payment

$ 14,000,000

CNML LPG Transport LLC

Long-Term Debt

Value of vessel transferred

$ 50,800,000

Term of Charter Agreement

7 years

Period until purchase option exercisable

2 years

Proceeds from Sale of Property, Plant, and Equipment

$ 22,900,000

Deposit retained by buyer used for purchase payment

$ 27,900,000

CNML LPG Transport LLC | CNML Japanese Financing

Long-Term Debt

Vessel purchase price

$ 17,800,000

Deposit retained by buyer used for purchase payment

$ 27,900,000

Dorian Dubai LPG Transport LLC (The 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 Property, Plant, and Equipment

$ 52,500,000

Deposit retained by buyer used for purchase payment

$ 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 Property, Plant, and Equipment

$ 50,000,000

Deposit retained by buyer used for purchase payment

$ 20,000,000

Cratis LPG Transport LLC | Cratis Japanese Financing

Long-Term Debt

Term of Charter Agreement

9 years

Cratis LPG Transport LLC | 2015 AR Facility

Long-Term Debt

Repayment of debt

$ 25,100,000

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 Property, Plant, and Equipment

$ 50,000,000

Deposit retained by buyer used for purchase payment

20,000,000

Copernicus LPG Transport LLC | 2015 AR Facility

Long-Term Debt

Repayment of debt

$ 25,300,000

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

Proceeds from Sale of Property, Plant, and Equipment

$ 64,900,000

Principal payment frequency

monthly

Chaparral LPG Transport LLC | 2015 AR Facility

Long-Term Debt

Repayment of debt

$ 24,000,000

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 Property, Plant, and Equipment

$ 50,000,000

Deposit retained by buyer used for purchase payment

21,500,000

$ 21,500,000

Caravelle LPG Transport LLC | 2015 AR Facility

Long-Term Debt

Repayment of debt

$ 24,800,000

Dorian Shanghai LPG Transport LLC (The Cougar)

Long-Term Debt

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

Dorian Shanghai LPG Transport LLC (The Cougar) | 2015 Facility

Long-Term Debt

Repayment of debt

20,000,000

Dorian Shanghai LPG Transport LLC (The Cougar) | Cougar Japanese Financing

Long-Term Debt

Value of vessel transferred

$ 70,000,000

Dorian Sakura LPG Transport LLC (The Captain Markos)

Long-Term Debt

Vessel purchase price

$ 25,000,000

Value of vessel transferred

$ 56,000,000

$ 56,000,000

Term of Charter Agreement

13 years

Long-Term Debt (Covenants) (Det

Long-Term Debt (Covenants) (Details) - USD ($) $ in Millions	Apr. 29, 2020	Mar. 31, 2015
2015 Facility
Long-Term Debt
Original loan amount		$ 758
New senior secured term loan facility | Maximum
Long-Term Debt
Original loan amount	$ 155.8
New senior secured revolving credit facility | Maximum
Long-Term Debt
Original loan amount	$ 25

Long-Term Debt (FutMin) (Detail

Long-Term Debt (FutMin) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Minimum annual principal payments
2024	$ 53,110,675
2025	53,543,315
2026	53,994,778
2027	95,660,887
2028	45,966,482
Thereafter	361,286,296
Total	$ 663,562,433	$ 670,020,444

Long-Term Debt (Reclassificatio

Long-Term Debt (Reclassification) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Stock-Based Compensation Plans:
Current portion of long-term debt	$ 53,110,676	$ 72,075,571
Long-term debt	604,256,670	$ 590,687,387
Scheduled principal repayments	$ 53,110,675

Long-Term Debt (Other) (Details

Long-Term Debt (Other) (Details)

1 Months Ended

12 Months Ended

Mar. 20, 2023 USD ($)

Aug. 04, 2022 USD ($)

May 19, 2022 USD ($)

Apr. 21, 2022 USD ($)

Mar. 31, 2022 USD ($)

Mar. 29, 2022 USD ($)

Mar. 18, 2022 USD ($)

Jan. 26, 2022 USD ($)

Dec. 29, 2021 USD ($)

Apr. 23, 2020 USD ($)

Apr. 21, 2020 USD ($)

Jun. 26, 2018 USD ($)

Mar. 16, 2018 USD ($)

Jan. 31, 2018 USD ($)

Nov. 07, 2017 USD ($)

Mar. 31, 2015 USD ($) item

Mar. 31, 2023 USD ($)

Mar. 31, 2022 USD ($)

Mar. 31, 2021 USD ($)

Apr. 29, 2020 USD ($)

Long-Term Debt

Financing costs paid

$ 6,506,267

$ 1,664,252

$ 4,183,321

Drawdowns

346,000,000

298,250,000

55,378,172

Proceeds from sale of vessel

90,460,363

Presented as follows:

Total debt obligations

$ 670,020,444

663,562,433

670,020,444

Current portion of long-term debt

72,075,571

53,110,676

72,075,571

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

590,687,387

604,256,670

590,687,387

Total

662,762,958

657,367,346

662,762,958

Long-term Debt, Other Disclosures [Abstract]

Deferred finance fees, beginning

7,257,486

10,615,937

Additions

4,538,094

2,530,589

Amortization

(5,600,493)

(5,889,040)

(4,695,360)

Deferred finance fees, end

7,257,486

6,195,087

7,257,486

$ 10,615,937

Corsair LPG Transport LLC (The Corsair)

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 (The Concorde)

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 (The Corvette)

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

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 (The 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

Number of tranches in which loan facility is divided | item

4

Number of VLGC newbuildings secured by loan | item

15

Repayment of debt

$ 158,700,000

$ 20,000,000

$ 25,000,000

33,700,000

35,100,000

Presented as follows:

Total debt obligations

206,381,274

206,381,274

Commercial Financing

Long-Term Debt

Original loan amount

$ 249,000,000

Repayment of debt

11,100,000

Presented as follows:

Total debt obligations

91,651,888

91,651,888

KEXIM Direct Financing

Long-Term Debt

Original loan amount

204,000,000

Repayment of debt

11,100,000

Presented as follows:

Total debt obligations

44,406,733

44,406,733

KEXIM Guaranteed and K-sure Insured

Long-Term Debt

Original loan amount

305,000,000

KEXIM Guaranteed

Long-Term Debt

Original loan amount

202,000,000

Presented as follows:

Total debt obligations

47,190,358

47,190,358

K-sure Insured

Long-Term Debt

Original loan amount

$ 103,000,000

Repayment of debt

$ 2,800,000

Presented as follows:

Total debt obligations

23,132,295

23,132,295

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

364,466,308

382,064,998

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%

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

34,395,834

37,645,833

Concorde Japanese Financing

Long-Term Debt

The amount of restricted cash released

$ 1,600,000

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%

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

Corvette Japanese Financing

Long-Term Debt

The amount of restricted cash released

$ 1,600,000

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%

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

CNML Japanese Financing

Long-Term Debt

Stated rate (as a percent)

6%

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

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

Repayment of debt

$ 15,000,000

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

27,377,615

45,660,000

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

45,580,000

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

45,580,000

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

62,342,859

$ 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

Monthly brokerage commission (as a percent)

1.25%

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

46,100,000

49,700,000

New senior secured term loan facility | Maximum

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%

Presented as follows:

Total debt obligations

$ 81,574,172

$ 74,096,125

$ 81,574,172

Leases (assets and liabilities)

Leases (assets and liabilities) (Details)	12 Months Ended			36 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)	Mar. 31, 2021 USD ($)	Mar. 31, 2023 USD ($)	Jan. 01, 2023 USD ($)	Apr. 01, 2022 USD ($)
Leases
Operating lease income	$ 38,600,000	$ 19,200,000	$ 29,100,000
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]				Charter Hire Expenses
Weighted average discount rate (as a percent)	5.86%			5.86%
Weighted average remaining lease term	74 months 24 days			74 months 24 days
Operating lease right-of-use assets - Office Leases	$ 1,654,498	194,343		$ 1,654,498
Operating lease right-of-use assets - Time Charter in VLGCs	156,524,900	7,892,671		156,524,900
Operating lease liabilities current - Office Leases	436,810	180,693		436,810
Operating lease liabilities current - Time Charter in VLGCs	22,970,745	$ 7,892,671		22,970,745
Operating lease liabilities non-current - Office Leases	1,228,328			1,228,328
Operating lease liabilities non-current - Time Charter in VLGCs	$ 133,554,155			$ 133,554,155
Minimum
Leases
Weighted average discount rate (as a percent)	4.92%			4.92%
Maximum
Leases
Weighted average discount rate (as a percent)	6.34%			6.34%
Stamford CT Office Member
Leases
Office lease extension term	5 years			5 years
Athens Office Member
Leases
Office lease extension term	4 years			4 years
Copenhagen Office Member
Leases
New office lease term	31 months			31 months
Existing Time Charter-in Contracts
Leases
Charter lease contracts extended	1			1
Charter lease extension options	2			2
Charter lease extension term	1 year			1 year
Charter lease term	2 years			2 years
Operating lease right-of-use assets - Time Charter in VLGCs	$ 35,000,000			$ 35,000,000		$ 38,300,000
Existing Time Charter-in Contracts | Maximum
Leases
Charter lease extension term	4 years			4 years
New Time Charter-in Contracts
Leases
New charter lease contracts	2			2
Charter lease extension options	3			3
Charter lease extension term	1 year			1 year
Charter lease term	7 years			7 years
New Time Charter-in Contracts | Maximum
Leases
Charter lease extension term	10 years			10 years
Dual-Fuel Panamax VLGC (1)
Leases
Operating lease right-of-use assets - Time Charter in VLGCs	$ 61,600,000			$ 61,600,000	$ 61,900,000
Dual-Fuel Panamax VLGC (2)
Leases
Operating lease right-of-use assets - Time Charter in VLGCs	$ 59,900,000			$ 59,900,000	$ 61,200,000
Time Chartered-in Vessels Excluded From Lease Liability
Leases
Charter lease contracts extended	1			1
Charter lease extension term	11 months			11 months

Leases (Charter hire expenses)

Leases (Charter hire expenses) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Time Charter-in
Charter hire expenses	$ 23,194,712	$ 16,265,638	$ 18,135,580

Leases (Operating lease rent ex

Leases (Operating lease rent expense) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Operating Leases
Operating lease rent expense	$ 569,804	$ 624,370	$ 558,400

Leases (Operating Lease Liabili

Leases (Operating Lease Liability Maturity) (Details)	Mar. 31, 2023 USD ($)
Leases:
Less than one year	$ 31,720,834
One to three years	63,977,268
Three to five years	51,807,905
More than 5	40,663,139
Total undiscounted lease payments	188,169,146
Less: imputed interest	(29,979,108)
Carrying value of operating lease liabilities	$ 158,190,038

Common Stock (Other) (Details)

Common Stock (Other) (Details)															12 Months Ended
	Feb. 28, 2023 USD ($)	Feb. 01, 2023 USD ($) $ / shares	Dec. 06, 2022 USD ($)	Oct. 27, 2022 USD ($) $ / shares	Sep. 02, 2022 USD ($)	Aug. 05, 2022 USD ($)	Aug. 03, 2022 USD ($) $ / shares	Jun. 15, 2022 USD ($)	Jun. 02, 2022 USD ($)	May 04, 2022 USD ($) $ / shares	Jan. 25, 2022 USD ($)	Jan. 04, 2022 USD ($) $ / shares	Sep. 08, 2021 USD ($)	Jul. 30, 2021 USD ($) $ / shares	Mar. 31, 2023 USD ($) item shares	Mar. 31, 2022 USD ($)	Jul. 01, 2013 $ / shares shares
Common Stock:
Dividends declared (in dollars per share) | $ / shares		$ 1		$ 1			$ 1			$ 2.50		$ 1		$ 1
Dividends, Common Stock | $		$ 40,400,000		$ 40,400,000			$ 40,300,000			$ 100,300,000		$ 40,100,000		$ 40,400,000
Dividends paid in cash | $	$ 40,100,000		$ 40,100,000		$ 40,100,000	$ 400,000		$ 200,000	$ 99,700,000		$ 39,900,000		$ 40,200,000		$ 220,597,827	$ 80,082,210
Dividends payable | $	$ 300,000		$ 300,000		$ 200,000				$ 600,000		$ 200,000		$ 200,000		$ 1,255,861	$ 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
Preferred Stock, Shares Authorized | shares															50,000,000		50,000,000
Number of votes entitled to shareholders | item															1

Common Stock (SBC) (Details)

Common Stock (SBC) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Feb. 02, 2022
Stock repurchases
Treasury stock value acquired	$ 1,669,902	$ 21,364,822	$ 12,678,249
2022 Common Share Repurchase Authority
Stock repurchases
Common stock repurchase authorized amount				$ 100,000,000
Treasury stock shares acquired (in shares)	50,000
Treasury stock value acquired	$ 700,000

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	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)	301,045	263,686
Unrecognized compensation cost	$ 2
Weighted average life over which unrecognized compensation is expected to be recognized	1 year 10 months 20 days
Fair value of restricted shares	$ 4.8	$ 4.1	$ 3.4
Number of Shares
Unvested at the beginning of the period (in shares)	329,090	358,171
Granted (in shares)	301,045	263,686
Vested (in shares)	(299,253)	(288,667)
Forfeited (in shares)	(2,500)	(4,100)
Unvested at the end of the period (in shares)	328,382	329,090	358,171
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 10.56	$ 8.23
Granted (in dollars per share)	16.01	13.34
Vested (in dollars per share)	12.83	10.21
Forfeited (in dollars per share)	14.66	10.24
Unvested at the end of the period (in dollars per share)	$ 13.46	$ 10.56	$ 8.23
Restricted stock awards | General and administrative expenses
Stock-Based Compensation Plans
Stock-based compensation expense	$ 4.3	$ 3.3	$ 3.4
Certain officers and employees | Restricted stock awards
Stock-Based Compensation Plans
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%
Certain officers and employees | Restricted stock awards | Vest two years after grant
Stock-Based Compensation Plans
Granted (in shares)	165,500	129,500
Number of Shares
Granted (in shares)	165,500	129,500
Certain officers and employees | Restricted stock awards | Vest three years after grant
Stock-Based Compensation Plans
Granted (in shares)	47,750	51,400	188,400
Number of Shares
Granted (in shares)	47,750	51,400	188,400
Certain officers and employees | Restricted stock units
Stock-Based Compensation Plans
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%
Certain officers and employees | Restricted stock units | Vest two years after grant
Stock-Based Compensation Plans
Shares issued	53,100	25,000
Certain officers and employees | Restricted stock units | Vest three years after grant
Stock-Based Compensation Plans
Shares issued		11,700	56,450
Non-executive director | Restricted stock units
Stock-Based Compensation Plans
Shares issued	34,695	46,086	41,711
President and Chief Executive Officer | Restricted stock units
Stock-Based Compensation Plans
Shares issued			155,654

Revenues (Details)

Revenues (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 389,749,215	$ 274,221,448	$ 315,938,812
Net pool revenues - related party
Revenues	364,548,262	246,305,480	292,679,614
Time charter revenues
Revenues	22,709,620	22,377,211	19,492,595
Other revenue, net
Revenues	$ 2,491,333	$ 5,538,757	$ 3,766,603

Voyage Expenses (Details)

Voyage Expenses (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Voyage Expenses:
Bunkers	$ 2,109,904	$ 2,159,341	$ 1,537,007
War risk insurances	940,436	1,510,720	1,272,647
Brokers' commissions	290,099	265,207	334,333
Security cost	243,235	322,150	221,882
Other voyage expenses	27,778	67,294	43,781
Total voyage expenses	$ 3,611,452	$ 4,324,712	$ 3,409,650

Vessel Operating Expenses (Deta

Vessel Operating Expenses (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Vessel Operating Expenses:
Crew wages and related costs	$ 42,141,262	$ 44,950,878	$ 44,017,660
Spares and stores	13,644,604	14,486,392	17,061,388
Repairs and maintenance costs	4,743,513	4,528,776	6,096,812
Insurance	3,906,409	4,056,225	3,942,622
Lubricants	4,002,361	3,351,279	3,241,330
Miscellaneous expenses	3,063,622	2,830,668	3,860,057
Total	$ 71,501,771	$ 74,204,218	$ 78,219,869

Interest and Finance Costs (Det

Interest and Finance Costs (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Interest and Finance Costs:
Interest incurred	$ 31,398,739	$ 20,119,655	$ 21,665,379
Amortization of financing costs	5,600,493	5,889,040	4,695,360
Other finance costs	2,171,511	1,350,744	1,235,385
Capitalized interest	(1,366,956)	(292,044)
Total	$ 37,803,787	$ 27,067,395	$ 27,596,124

Income Taxes (Details)

Income Taxes (Details)	12 Months Ended
	Mar. 31, 2023
Tax rate on US source shipping income (as a percent)	4%
Shipping income (as a percent)	50%
U.S.
Tax rate on US source shipping income (as a percent)	4%

Commitments and Contingencies_2

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Commitments under Contracts for Scrubber Purchases
Less than one year	$ 8,951,601
One to three years	174,993
Total	$ 9,126,594
Time Charter-in commitments
Duration of VLGCs with charter-in commitments to be delivered	1 year
Less than one year	$ 11,237,333
One to three years	21,600,000
Three to five years	21,600,000
Thereafter	24,300,000
Total	78,737,333
Fixed Time Charter Commitments
Less than one year	24,660,000
One to three years	7,387,986
Total	$ 32,047,986
Other
Contingency expense		$ 4,000,000

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021	Jan. 20, 2023	Aug. 25, 2022	Aug. 08, 2022
Derivative Instruments
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets	Other Assets
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Change in fair value	$ 2,766,065	$ 11,067,870	$ 7,202,880
Realized gain/(loss) on derivatives	3,771,522	(3,450,443)	(4,568,033)
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net
Derivative Instruments
Gain/(loss) on derivatives, net	6,537,587	7,617,427	2,634,847
Interest rate swaps | Derivatives not designated as hedging instruments
Derivative Instruments
Derivative Asset	9,278,544	6,512,479
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	2,766,065	11,067,870	4,597,438
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	3,771,522	$ (3,450,443)	(3,779,363)
Interest rate swaps | ING Bank N. V.
Derivative Instruments
Derivative fixed interest rate (as a percent)				2.8525%
Notional value of interest rate swap agreement				$ 3,500,000
Interest rate swaps | Original Interest Rate | Citibank N. A.
Derivative Instruments
Derivative fixed interest rate (as a percent)						1.0908%
Interest rate swaps | Original Interest Rate | ING Bank N. V.
Derivative Instruments
Derivative fixed interest rate (as a percent)					1.145%
Interest rate swaps | Interest Rate As Adjusted | ING Bank N. V.
Derivative Instruments
Derivative fixed interest rate (as a percent)					0.915%
Interest rate swaps | Interest Rate As Adjusted | CACIB and BNP Bank
Derivative Instruments
Derivative fixed interest rate (as a percent)						0.9208%
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value			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)
US Treasury Notes
Derivative Instruments
Marketable Securities	11,400,000
US Treasury Notes | September 30, 2024 maturity
Derivative Instruments
Marketable securities face value	1,800,000
US Treasury Notes | March 15, 2025 maturity
Derivative Instruments
Marketable securities face value	$ 10,000,000

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Financial Instruments and Fair Value Disclosures:
Unrealized gain/(loss) on investment securities	$ 1,443,683	$ (1,587,090)	$ 1,317,595
Less: Realized gain on investment securities	987,206	447,255	295
Net gain/(loss) on investment securities	$ 2,430,889	$ (1,139,835)	$ 1,317,890

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Fair value
Carrying Value	$ 657,367,346	$ 662,762,958
Corsair Japanese Financing
Fair value
Carrying Value	34,395,834	37,645,833
Corsair Japanese Financing | Level 2
Fair value
Fair Value	33,051,190	36,904,683
Concorde Japanese Financing
Fair value
Carrying Value		42,269,231
Concorde Japanese Financing | Level 2
Fair value
Fair Value		41,352,417
Corvette Japanese Financing
Fair value
Carrying Value		42,807,692
Corvette Japanese Financing | Level 2
Fair value
Fair Value		41,862,894
Cratis Japanese Financing
Fair value
Carrying Value	45,580,000	49,660,000
Cratis Japanese Financing | Level 2
Fair value
Fair Value	42,185,289	46,716,277
Copernicus Japanese Financing
Fair value
Carrying Value	45,580,000	49,660,000
Copernicus Japanese Financing | Level 2
Fair value
Fair Value	42,185,289	46,716,277
Chaparral Japanese Financing
Fair value
Carrying Value	62,342,859	64,662,242
Chaparral Japanese Financing | Level 2
Fair value
Fair Value	60,701,217	64,321,963
Caravelle Japanese Financing
Fair value
Carrying Value	46,100,000	49,700,000
Caravelle Japanese Financing | Level 2
Fair value
Fair Value	42,707,169	46,792,400
BALCAP Facility
Fair value
Carrying Value	74,096,125	81,574,172
BALCAP Facility | Level 2
Fair value
Fair Value	$ 69,032,167	$ 77,063,912

Financial Instruments and Fai_6

Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022
Interest rate swaps
Derivative Instruments
Nominal value	$ 183,476,005	$ 235,000,000
1.0908% Interest rate swap due on March 2022 | Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.0908%
Nominal value		188,000,000
0.9150% Interest rate swap due on March 2025 | ING Bank N. V. Member
Derivative Instruments
Fixed interest rate (as a percent)	0.915%
Nominal value	$ 36,695,201	$ 47,000,000
Final settlement amount	$ 23,800,000
0.9208% Interest rate swap due on March 2025 | CACIB
Derivative Instruments
Fixed interest rate (as a percent)	0.9208%
Nominal value	$ 73,390,402
Final settlement amount	$ 47,600,000
0.9208% Interest rate swap due on March 2025 | BNP Bank
Derivative Instruments
Fixed interest rate (as a percent)	0.9208%
Nominal value	$ 73,390,402
Final settlement amount	$ 47,600,000
2.8250% Interest rate swap due on July 2029 | ING Bank N. V. Member
Derivative Instruments
Fixed interest rate (as a percent)	2.825%
Maximum notional amount before balance decreases	$ 148,000,000
Final settlement amount	$ 80,000,000

Retirement Plans (Details)

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
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	(0.2)
Defined benefit plan liability	0.8	1
Period increase in defined benefit plan liability		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

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Numerator:
Net income	$ 76,021,035	$ 51,263,710	$ 20,311,465	$ 24,847,720	$ 35,383,230	$ 16,580,885	$ 14,101,803	$ 5,869,100	$ 172,443,930	$ 71,935,018	$ 92,564,653
Denominator:
Basic weighted average number of common shares outstanding (in shares)									40,026,313	40,203,937	49,729,358
Effect of dilutive restricted stock and restricted stock units (in shares)									185,329	161,151	97,440
Diluted weighted average number of common shares outstanding (in shares)									40,211,642	40,365,088	49,826,798
EPS:
Earnings per common share - basic (in dollars per share)	$ 1.90	$ 1.28	$ 0.51	$ 0.62	$ 0.89	$ 0.42	$ 0.35	$ 0.14	$ 4.31	$ 1.79	$ 1.86
Earnings per common share - diluted (in dollars per share)	$ 1.89	$ 1.27	$ 0.51	$ 0.62	$ 0.88	$ 0.41	$ 0.35	$ 0.14	$ 4.29	$ 1.78	$ 1.86
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, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Selected Quarterly Financial Information (unaudited):
Revenues	$ 133,635,050	$ 103,322,256	$ 75,968,187	$ 76,823,722	$ 79,624,070	$ 68,559,782	$ 63,086,858	$ 62,950,738	$ 389,749,215	$ 274,221,448	$ 315,938,812
Operating income	83,781,573	57,494,075	28,137,816	28,947,004	37,476,803	22,550,972	19,115,310	13,255,888	198,360,468	92,398,973	116,099,692
Net income	$ 76,021,035	$ 51,263,710	$ 20,311,465	$ 24,847,720	$ 35,383,230	$ 16,580,885	$ 14,101,803	$ 5,869,100	$ 172,443,930	$ 71,935,018	$ 92,564,653
Earnings per common share - basic (in dollars per share)	$ 1.90	$ 1.28	$ 0.51	$ 0.62	$ 0.89	$ 0.42	$ 0.35	$ 0.14	$ 4.31	$ 1.79	$ 1.86
Earnings per common share - diluted (in dollars per share)	$ 1.89	$ 1.27	$ 0.51	$ 0.62	$ 0.88	$ 0.41	$ 0.35	$ 0.14	$ 4.29	$ 1.78	$ 1.86

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)																	12 Months Ended
	May 22, 2023	Apr. 26, 2023	Feb. 28, 2023	Feb. 01, 2023	Dec. 06, 2022	Oct. 27, 2022	Sep. 02, 2022	Aug. 05, 2022	Aug. 03, 2022	Jun. 15, 2022	Jun. 02, 2022	May 04, 2022	Jan. 25, 2022	Jan. 04, 2022	Sep. 08, 2021	Jul. 30, 2021	Mar. 31, 2023	Mar. 31, 2022
Subsequent Event
Dividends, Common Stock				$ 40,400,000		$ 40,400,000			$ 40,300,000			$ 100,300,000		$ 40,100,000		$ 40,400,000
Dividends paid in cash			$ 40,100,000		$ 40,100,000		$ 40,100,000	$ 400,000		$ 200,000	$ 99,700,000		$ 39,900,000		$ 40,200,000		$ 220,597,827	$ 80,082,210
Subsequent events
Subsequent Event
Declared dividends (per share)		$ 1
Dividends, Common Stock		$ 40,400,000
Dividends paid in cash	$ 40,100,000
Declared dividends payable	$ 300,000