Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2023 | Jul. 27, 2023 | |
Cover Abstract | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2023 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-36437 | |
Entity Incorporation, State or Country Code | 1T | |
Entity Tax Identification Number | 66-0818228 | |
Entity Address, Address Line One | 27 Signal Road | |
Entity Address, City or Town | Stamford | |
Entity Address, State or Province | CT | |
Entity Address, Postal Zip Code | 06902 | |
City Area Code | 203 | |
Local Phone Number | 674-9900 | |
Title of 12(b) Security | Common stock, par value $0.01 per share | |
Trading Symbol | LPG | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 40,392,282 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 155,548,745 | $ 148,797,232 |
Trade receivables, net and accrued revenues | 4,373,141 | 3,282,256 |
Due from related parties | 67,737,508 | 73,070,095 |
Inventories | 2,377,543 | 2,642,395 |
Prepaid expenses and other current assets | 11,425,045 | 8,507,007 |
Total current assets | 241,461,982 | 236,298,985 |
Fixed assets | ||
Vessels, net | 1,250,577,538 | 1,263,928,605 |
Other fixed assets, net | 48,213 | 48,213 |
Total fixed assets | 1,250,625,751 | 1,263,976,818 |
Other non-current assets | ||
Deferred charges, net | 11,196,123 | 8,367,301 |
Derivative instruments | 12,137,819 | 9,278,544 |
Due from related parties-non-current | 24,200,000 | 20,900,000 |
Restricted cash - non-current | 76,220 | 76,418 |
Operating lease right-of-use assets | 152,309,717 | 158,179,398 |
Available-for-sale securities | 11,307,104 | 11,366,838 |
Other non-current assets | 364,483 | 469,227 |
Total assets | 1,703,679,199 | 1,708,913,529 |
Current liabilities | ||
Trade accounts payable | 11,267,768 | 10,807,376 |
Accrued expenses | 6,916,466 | 5,637,725 |
Due to related parties | 242,778 | 168,793 |
Deferred income | 278,128 | 208,558 |
Current portion of long-term operating lease liabilities | 23,562,139 | 23,407,555 |
Current portion of long-term debt | 53,217,116 | 53,110,676 |
Dividends payable | 1,146,934 | 1,255,861 |
Total current liabilities | 96,631,329 | 94,596,544 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 591,226,676 | 604,256,670 |
Long-term operating lease liabilities | 128,760,545 | 134,782,483 |
Other long-term liabilities | 1,451,940 | 1,431,510 |
Total long-term liabilities | 721,439,161 | 740,470,663 |
Total liabilities | 818,070,490 | 835,067,207 |
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, 51,654,343 and 51,630,593 shares issued, 40,392,282 and 40,382,730 shares outstanding (net of treasury stock), as of June 30, 2023 and March 31, 2023, respectively | 516,544 | 516,306 |
Additional paid-in-capital | 765,159,661 | 764,383,292 |
Treasury stock, at cost; 11,262,061 and 11,247,863 shares as of June 30, 2023 and March 31, 2023, respectively | (123,249,465) | (122,896,838) |
Retained earnings | 243,181,969 | 231,843,562 |
Total shareholders' equity | 885,608,709 | 873,846,322 |
Total liabilities and shareholders' equity | $ 1,703,679,199 | $ 1,708,913,529 |
Unaudited Condensed Consolida_2
Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2023 | Mar. 31, 2023 |
Unaudited Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 51,654,343 | 51,630,593 |
Common stock, shares outstanding (net of treasury stock) | 40,392,282 | 40,382,730 |
Treasury stock, shares at cost | 11,262,061 | 11,247,863 |
Unaudited Condensed Consolida_3
Unaudited Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues: | ||
Revenues | $ 111,562,907 | $ 76,823,722 |
Expenses | ||
Voyage expenses | 298,383 | 775,545 |
Charter hire expenses | 10,546,810 | 5,402,145 |
Vessel operating expenses | 19,842,386 | 17,067,913 |
Depreciation and amortization | 16,655,317 | 15,809,778 |
General and administrative expenses | 9,218,137 | 9,413,139 |
Total expenses | 56,561,033 | 48,468,520 |
Other income-related parties | 620,433 | 591,802 |
Operating income | 55,622,307 | 28,947,004 |
Other income/(expenses) | ||
Interest and finance costs | (10,403,849) | (7,958,554) |
Interest income | 1,690,220 | 408,278 |
Unrealized gain on derivatives | 2,859,274 | 2,454,234 |
Realized gain/(loss) on derivatives | 1,847,764 | (50,384) |
Other gain, net | 105,421 | 1,047,142 |
Total other income/(expenses), net | (3,901,170) | (4,099,284) |
Net income | $ 51,721,137 | $ 24,847,720 |
Weighted average shares outstanding Basic (in shares) | 40,137,687 | 39,898,485 |
Weighted average shares outstanding Diluted (in shares) | 40,378,835 | 40,124,705 |
Earnings per common share - basic (in dollars per share) | $ 1.29 | $ 0.62 |
Earnings per common share - diluted (in dollars per share) | $ 1.28 | $ 0.62 |
Net pool revenues - related party | ||
Revenues: | ||
Revenues | $ 104,386,551 | $ 70,171,001 |
Time charter revenues | ||
Revenues: | ||
Revenues | 6,423,472 | 6,241,915 |
Other revenue, net | ||
Revenues: | ||
Revenues | $ 752,884 | $ 410,806 |
Unaudited Condensed Consolida_4
Unaudited Condensed Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury stock | Additional paid-in capital | Retained earnings/(Accumulated deficit) | Total |
Balance at Mar. 31, 2022 | $ 513,217 | $ (121,226,936) | $ 760,105,994 | $ 280,759,140 | $ 920,151,415 |
Balance (in shares) at Mar. 31, 2022 | 51,321,695 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 24,847,720 | 24,847,720 | |||
Restricted share award issuances | $ 158 | (158) | |||
Restricted share award issuances (in shares) | 15,750 | ||||
Dividend | (100,337,605) | (100,337,605) | |||
Stock-based compensation | 658,872 | 658,872 | |||
Purchase of treasury stock | (971,067) | (971,067) | |||
Balance at Jun. 30, 2022 | $ 513,375 | (122,198,003) | 760,764,708 | 205,269,255 | 844,349,335 |
Balance (in shares) at Jun. 30, 2022 | 51,337,445 | ||||
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 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net income for the period | 51,721,137 | 51,721,137 | |||
Restricted share award issuances | $ 238 | (238) | |||
Restricted share award issuances (in shares) | 23,750 | ||||
Dividend | (40,382,730) | (40,382,730) | |||
Stock-based compensation | 776,607 | 776,607 | |||
Purchase of treasury stock | (352,627) | (352,627) | |||
Balance at Jun. 30, 2023 | $ 516,544 | $ (123,249,465) | $ 765,159,661 | $ 243,181,969 | $ 885,608,709 |
Balance (in shares) at Jun. 30, 2023 | 51,654,343 |
Unaudited Condensed Consolida_5
Unaudited Condensed Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Unaudited Condensed Consolidated Statements of Shareholders Equity | ||
Dividends per share | $ 1 | $ 2.50 |
Unaudited Condensed Consolida_6
Unaudited Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 51,721,137 | $ 24,847,720 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 16,655,317 | 15,809,778 |
Amortization of operating lease right-of-use assets | 5,866,606 | 2,447,611 |
Amortization of financing costs | 314,554 | 909,047 |
Unrealized gain on derivatives | (2,859,274) | (2,454,234) |
Stock-based compensation expense | 776,607 | 658,872 |
Unrealized foreign currency (gain)/loss, net | 149,067 | 581,145 |
Other non-cash items, net | (276,465) | (1,532,311) |
Changes in operating assets and liabilities | ||
Trade receivables, net and accrued revenue | (1,090,885) | (664,185) |
Prepaid expenses and other current assets | (2,532,085) | (693,019) |
Due from related parties | 2,032,587 | (3,153,290) |
Inventories | 264,852 | 76,787 |
Other non-current assets | 104,744 | 60,960 |
Operating lease liabilities-current and long-term | (5,864,274) | (2,421,271) |
Trade accounts payable | 474,385 | (899,490) |
Accrued expenses and other liabilities | (277,192) | 532,888 |
Due to related parties | 73,985 | (5,898) |
Payments for drydocking costs | (2,268,317) | (6,736) |
Net cash provided by operating activities | 63,265,349 | 34,094,374 |
Cash flows from investing activities: | ||
Payments for vessels and vessel capital expenditures | (2,344,946) | (8,768,399) |
Payments to acquire other fixed assets | (62,286) | |
Proceeds from sale of investment securities | 2,003,458 | |
Net cash provided by/(used in) investing activities | (2,344,946) | (6,827,227) |
Cash flows from financing activities: | ||
Proceeds from long-term debt borrowings | 50,000,000 | |
Repayment of long-term debt borrowings | (13,238,108) | (56,358,620) |
Repurchase of common stock | (323,221) | (952,250) |
Financing costs paid | (1,036,330) | |
Dividends paid | (40,491,657) | (99,912,142) |
Net cash used in financing activities | (54,052,986) | (108,259,342) |
Effects of exchange rates on cash and cash equivalents | (116,102) | (252,834) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 6,751,315 | (81,245,029) |
Cash, cash equivalents, and restricted cash at the beginning of the period | 148,873,650 | 236,836,914 |
Cash, cash equivalents, and restricted cash at the end of the period | 155,624,965 | 155,591,885 |
Supplemental disclosure of cash flow information | ||
Cash paid during the period for interest excluding interest capitalized to vessels | 9,693,964 | 6,566,630 |
Cash paid for amounts included in the measurement of operating lease liabilities | 9,710,098 | 2,520,795 |
Capitalized drydocking costs included in liabilities | 1,588,716 | 6,735 |
Vessel-related capital expenditures included in liabilities | 1,482,839 | 123,656 |
Unpaid dividends included in liabilities | 1,146,934 | 919,643 |
Financing costs included in liabilities | 663,600 | 930,467 |
Reconcilliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows: | ||
Cash and cash equivalents | 155,548,745 | 155,518,158 |
Restricted cash - non-current | 76,220 | 73,727 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 155,624,965 | $ 155,591,885 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 3 Months Ended |
Jun. 30, 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. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of June 30, 2023, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; two time chartered-in dual-fuel Panamax size VLGCs; and two time chartered-in ECO VLGCs. We took delivery of a third dual-fuel Panamax size VLGC on July 10, 2023 that is equipped with a shaft generator, which generates additional electricity that is used to reduce fuel consumption and carbon emissions. As of June 30, 2023, thirteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. As of June 30, 2023, we have commitments related to scrubbers on an additional three of our VLGCs, one of which was completed in July 2023. 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. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2023 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2023. Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. Our subsidiaries as of June 30, 2023, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette 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 and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement as of June 30, 2023. Refer to Note 6 below for further information. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies: | |
Significant Accounting Policies | 2. Significant Accounting Policies The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2023 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023). Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU 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 not have a material effect on our financial statements. |
Transactions with Related Parti
Transactions with Related Parties | 3 Months Ended |
Jun. 30, 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 less than $0.1 million As of June 30, 2023 and March 31, 2023, there were no amounts due from DHSA. Helios LPG Pool LLC On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of June 30, 2023, the Helios Pool operated twenty-seven VLGCs, including twenty-three vessels from our fleet (including four vessels time chartered-in from unrelated parties) and four Phoenix vessels. As of June 30, 2023, we had net receivables from the Helios Pool of $91.6 million (net of amounts due to Helios Pool of $0.2 million which are reflected under “Due to related Parties”), including $25.3 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). As of March 31, 2023, we had net receivables from the Helios Pool of $93.7 million (net of an amount due to Helios Pool of $0.2 million which are reflected under “Due to related Parties”), including $22.0 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). Our maximum exposure to losses from the pool as of June 30, 2023 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (DK) ApS and Phoenix and has appointed both as the exclusive commercial managers of pool vessels. Fees for such services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.6 million and $0.5 million for the three months ended June 30, 2023, and 2022, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high-risk areas from the Helios Pool, for which we earned $0.1 million and $0.3 million for the three months ended June 30, 2023, and 2022, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the three months ended June 30, 2023 and 2022. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 11. |
Deferred Charges, Net
Deferred Charges, Net | 3 Months Ended |
Jun. 30, 2023 | |
Deferred Charges, Net: | |
Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below: Drydocking costs Balance, April 1, 2023 $ 8,367,301 Additions 3,622,743 Amortization (793,921) Balance, June 30, 2023 $ 11,196,123 |
Vessels, Net
Vessels, Net | 3 Months Ended |
Jun. 30, 2023 | |
Vessels, Net: | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 Other additions 2,510,329 — 2,510,329 Depreciation — (15,861,396) (15,861,396) Balance, June 30, 2023 $ 1,726,973,963 $ (476,396,425) $ 1,250,577,538 Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the three months ended June 30, 2023. Our vessels, with a total carrying value of $1,215.2 million and $1,227.8 million as of June 30, 2023 and March 31, 2023, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 6 below). Captain John NP impairment |
Long-term Debt
Long-term Debt | 3 Months Ended |
Jun. 30, 2023 | |
Long-term Debt: | |
Long-term Debt | 6. Long-term Debt 2022 Debt Facility Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on our $260.0 million debt financing facility that we entered into on July 29, 2022 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”) (the “2022 Debt Facility”). We were in compliance with all financial covenants as of June 30, 2023. BALCAP Facility We were in compliance with all financial covenants as of June 30, 2023. Japanese Financing Arrangements Corsair Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing of our 2014-built VLGC, Corsair Cresques Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2015-built VLGC, Cresques Cratis Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2015-built VLGC, Cratis Copernicus Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2015-built VLGC, Copernicus Chaparral Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2015-built VLGC, Chaparral Caravelle Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2016-built VLGC, Caravelle Cougar Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the refinancing our 2016-built VLGC, Cougar Captain Markos Dual-Fuel Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023 for information on the financing our 2023-built Dual-fuel VLGC, Captain Markos Debt Obligations The table below presents our debt obligations: June 30, 2023 March 31, 2023 2022 Debt Facility $ 220,000,000 $ 225,000,000 Japanese Financings Corsair Japanese Financing $ 33,583,334 $ 34,395,834 Cresques Japanese Financing 26,935,458 27,377,615 Cratis Japanese Financing 44,560,000 45,580,000 Copernicus Japanese Financing 44,560,000 45,580,000 Chaparral Japanese Financing 61,743,435 62,342,859 Caravelle Japanese Financing 45,200,000 46,100,000 Cougar Japanese Financing 46,400,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 55,160,000 55,790,000 Total Japanese Financings $ 358,142,227 $ 364,466,308 BALCAP Facility $ 72,182,098 $ 74,096,125 Total debt obligations $ 650,324,325 $ 663,562,433 Less: deferred financing fees 5,880,533 6,195,087 Debt obligations—net of deferred financing fees $ 644,443,792 $ 657,367,346 Presented as follows: Current portion of long-term debt $ 53,217,116 $ 53,110,676 Long-term debt—net of current portion and deferred financing fees 591,226,676 604,256,670 Total $ 644,443,792 $ 657,367,346 Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: Financing costs Balance, April 1, 2023 $ 6,195,087 Amortization (314,554) Balance, June 30, 2023 $ 5,880,533 |
Leases
Leases | 3 Months Ended |
Jun. 30, 2023 | |
Leases: | |
Leases | 7. Leases Time charter-in contracts Charter hire expenses for the VLGCs time chartered in were as follows: Three months ended June 30, 2023 June 30, 2022 Charter hire expenses $ 10,546,810 $ 5,402,145 Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. Operating lease rent expense related to our office leases was as follows: Three months ended June 30, 2023 June 30, 2022 Operating lease rent expense $ 153,022 $ 154,464 For our office leases and time charter-in arrangement, 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 of our office leases and time chartered-in vessel as of June 30, 2023 is 72.0 months. Our operating lease right-of-use asset and lease liabilities as of June 30, 2023 and March 31, 2023 were as follows: Description Location on Balance Sheet June 30, 2023 March 31, 2023 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,534,322 $ 1,654,498 Time charter-in VLGCs Operating lease right-of-use assets $ 150,775,395 $ 156,524,900 Liabilities: Current Office Leases Current portion of long-term operating leases $ 444,964 $ 436,810 Time charter-in VLGCs Current portion of long-term operating leases $ 23,117,175 $ 22,970,745 Long-term Office Leases Long-term operating leases $ 1,102,325 $ 1,228,328 Time charter-in VLGCs Long-term operating leases $ 127,658,220 $ 133,554,155 Less than one year $ 31,721,935 One to three years 64,137,818 Three to five years 49,023,487 More than 5 35,353,139 Total undiscounted lease payments 180,236,379 Less: imputed interest (27,913,695) Carrying value of operating lease liabilities $ 152,322,684 |
Dividends
Dividends | 3 Months Ended |
Jun. 30, 2023 | |
Dividends: | |
Dividends | 8. Dividends On April 26, 2023, we announced that our board of directors (“Board of Directors”) declared an irregular cash dividend of $1.00 per share of our 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, with the remaining $0.3 million deferred until certain shares of restricted stock vest. On June 15, 2023, we paid $0.4 million of dividends that were deferred until the vesting of certain restricted stock. These were irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in our debt agreements, restrictions under applicable law, our business prospects and other factors that our Board of Directors may deem relevant. |
Stock Repurchase Authority
Stock Repurchase Authority | 3 Months Ended |
Jun. 30, 2023 | |
Stock Repurchase Program | |
Stock Repurchase Authority | 9. Stock Repurchase Authority On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under these authorizations, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. As of June 30, 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. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 3 Months Ended |
Jun. 30, 2023 | |
Stock-Based Compensation Plans: | |
Stock-Based Compensation Plans | 10. Stock-Based Compensation Plans Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.8 million and $0.7 million for the three months ended June 30, 2023 and 2022, respectively. Unrecognized compensation cost was $1.4 million as of June 30, 2023 and will be recognized over a remaining weighted average life of 1.73 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023. A summary of the activity of restricted shares and units awarded under our equity incentive plan as of June 30, 2023 and changes during the three months ended June 30, 2023, is as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2023 328,382 $ 11.79 Vested (66,475) 8.21 Unvested as of June 30, 2023 261,907 $ 12.70 |
Revenues
Revenues | 3 Months Ended |
Jun. 30, 2023 | |
Revenues: | |
Revenues | 11. Revenues Revenues comprise the following: Three months ended June 30, 2023 June 30, 2022 Net pool revenues—related party $ 104,386,551 $ 70,171,001 Time charter revenues 6,423,472 6,241,915 Other revenues, net 752,884 410,806 Total revenues $ 111,562,907 $ 76,823,722 Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2023. Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 3 Months Ended |
Jun. 30, 2023 | |
Financial Instruments and Fair Value Disclosures: | |
Financial Instruments and Fair Value Disclosures | 12. 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, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) I nterest 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 our 2022 Debt Facility. Additionally, we have exposure to floating rate movements on the Cougar Japanese Financing that is subject to SOFR. (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. 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 as of: June 30, 2023 March 31, 2023 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 $ 12,137,819 $ — $ 9,278,544 $ — The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2023 June 30, 2022 Interest rate swaps—change in fair value Unrealized gain on derivatives $ 2,859,274 $ 2,454,234 Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 1,847,764 (50,384) Gain on derivatives, net $ 4,707,038 $ 2,403,850 As of June 30, 2023 and March 31, 2023, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three months ended June 30, 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 $ 11.3 million as of June 30, 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, net on our unaudited interim condensed consolidated statements of operations for the periods presented is as follows: Three months ended June 30, 2023 June 30, 2022 Unrealized gain on investment securities $ 421,253 $ 768,335 Realized gain on investment securities — 776,770 Net gain on investment securities $ 421,253 $ 1,545,105 We have long-term bank debt and the Cougar Japanese Financing, for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being SOFR, 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, Cresques Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, Caravelle Japanese Financing, and Captain Markos Dual-Fuel 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: June 30, 2023 March 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 33,583,334 $ 32,074,408 $ 34,395,834 $ 33,051,190 Cresques Japanese Financing 26,935,458 27,859,225 27,377,615 27,377,615 Cratis Japanese Financing 44,560,000 41,037,360 45,580,000 42,185,289 Copernicus Japanese Financing 44,560,000 41,037,360 45,580,000 42,185,289 Chaparral Japanese Financing 61,743,435 59,736,224 62,342,859 60,701,217 Caravelle Japanese Financing 46,100,000 41,663,467 46,100,000 42,707,169 Captain Markos Dual-Fuel Japanese Financing 55,160,000 57,202,971 55,790,000 55,790,000 BALCAP Facility 72,182,098 66,959,223 74,096,125 69,032,167 |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share ("EPS"): | |
Earnings Per Share ("EPS") | 13. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented are as follows: Three months ended (In U.S. dollars except share data) June 30, 2023 June 30, 2022 Numerator: Net income $ 51,721,137 $ 24,847,720 Denominator: Basic weighted average number of common shares outstanding 40,137,687 39,898,485 Effect of dilutive restricted stock and restricted stock units 241,148 226,220 Diluted weighted average number of common shares outstanding 40,378,835 40,124,705 EPS: Basic $ 1.29 $ 0.62 Diluted $ 1.28 $ 0.62 No |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies: | |
Commitments and Contingencies | 14. Commitments and Contingencies Commitments under Contracts to Drydock Certain VLGCs and for Scrubbers Purchases June 30, 2023 Less than one year $ 4,254,526 Time Charter-in June 30, 2023 Less than one year $ 11,855,833 One to three years 21,600,000 Three to five years 21,600,000 Thereafter 21,600,000 Total $ 76,655,833 The time charter-in commitments as of June 30, 2023, relate to (i) one newbuilding dual-fuel Panamax LPG vessel that we previously entered into an agreements to time-charter in for a period of seven years Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts: June 30, 2023 Less than one year $ 21,060,000 One to three years 4,522,986 Total $ 25,582,986 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 unaudited interim condensed consolidated financial statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jun. 30, 2023 | |
Subsequent Events: | |
Subsequent Events | 15. Subsequent Events Vessel Delivery On July 10, 2023, we took delivery of the 2023-built dual-fuel Panamax VLGC Cristobal one-year Cougar Japanese Financing On July 21, 2023, we agreed to an addendum to the Cougar Japanese Financing’s bareboat charter agreement that will become effective on August 21, 2023. The terms of the addendum include a switch from a floating interest rate of three-month SOFR plus a margin to a fixed interest rate of 6.34%. Dividend On July 27, 2023, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per share of the Company’s common stock, returning $40.4 million of capital to shareholders. The dividend is payable on or about September 6, 2023 to all shareholders of record as of the close of business on August 10, 2023. This is an irregular dividend. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in our debt agreements, restrictions under applicable law, our business prospects and other factors that our Board of Directors may deem relevant. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies: | |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU 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 not have a material effect on our financial statements. |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Basis of Presentation and General Information: | |
Schedule of wholly-owned subsidiaries | Our subsidiaries as of June 30, 2023, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries Type of Subsidiary vessel Vessel’s name Built CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 Comet LPG Transport LLC VLGC Comet 2014 84,000 Corsair LPG Transport LLC VLGC Corsair (2) 2014 84,000 Corvette LPG Transport LLC VLGC Corvette 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 and Other Subsidiaries Subsidiary Dorian LPG Management Corp. Dorian LPG (USA) LLC (incorporated in USA) Dorian LPG (UK) Ltd. (incorporated in UK) Dorian LPG Finance LLC Occident River Trading Limited (incorporated in UK) Dorian LPG (DK) ApS (incorporated in Denmark) Dorian LPG Chartering LLC Dorian LPG FFAS LLC (1) CBM: Cubic meters, a standard measure for LPG tanker capacity (2) Operated pursuant to a bareboat charter agreement as of June 30, 2023. Refer to Note 6 below for further information. |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Deferred Charges, Net: | |
Schedule of movement of deferred charges | Drydocking costs Balance, April 1, 2023 $ 8,367,301 Additions 3,622,743 Amortization (793,921) Balance, June 30, 2023 $ 11,196,123 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Vessels, Net: | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2023 $ 1,724,463,634 $ (460,535,029) $ 1,263,928,605 Other additions 2,510,329 — 2,510,329 Depreciation — (15,861,396) (15,861,396) Balance, June 30, 2023 $ 1,726,973,963 $ (476,396,425) $ 1,250,577,538 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Long-term Debt: | |
Schedule of loans outstanding | June 30, 2023 March 31, 2023 2022 Debt Facility $ 220,000,000 $ 225,000,000 Japanese Financings Corsair Japanese Financing $ 33,583,334 $ 34,395,834 Cresques Japanese Financing 26,935,458 27,377,615 Cratis Japanese Financing 44,560,000 45,580,000 Copernicus Japanese Financing 44,560,000 45,580,000 Chaparral Japanese Financing 61,743,435 62,342,859 Caravelle Japanese Financing 45,200,000 46,100,000 Cougar Japanese Financing 46,400,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 55,160,000 55,790,000 Total Japanese Financings $ 358,142,227 $ 364,466,308 BALCAP Facility $ 72,182,098 $ 74,096,125 Total debt obligations $ 650,324,325 $ 663,562,433 Less: deferred financing fees 5,880,533 6,195,087 Debt obligations—net of deferred financing fees $ 644,443,792 $ 657,367,346 Presented as follows: Current portion of long-term debt $ 53,217,116 $ 53,110,676 Long-term debt—net of current portion and deferred financing fees 591,226,676 604,256,670 Total $ 644,443,792 $ 657,367,346 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2023 $ 6,195,087 Amortization (314,554) Balance, June 30, 2023 $ 5,880,533 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Leases: | |
Schedule of time charter-in expenses | Three months ended June 30, 2023 June 30, 2022 Charter hire expenses $ 10,546,810 $ 5,402,145 |
Schedule of operating lease rent expense | Three months ended June 30, 2023 June 30, 2022 Operating lease rent expense $ 153,022 $ 154,464 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet June 30, 2023 March 31, 2023 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,534,322 $ 1,654,498 Time charter-in VLGCs Operating lease right-of-use assets $ 150,775,395 $ 156,524,900 Liabilities: Current Office Leases Current portion of long-term operating leases $ 444,964 $ 436,810 Time charter-in VLGCs Current portion of long-term operating leases $ 23,117,175 $ 22,970,745 Long-term Office Leases Long-term operating leases $ 1,102,325 $ 1,228,328 Time charter-in VLGCs Long-term operating leases $ 127,658,220 $ 133,554,155 |
Schedule of maturities of operating lease liabilities | Less than one year $ 31,721,935 One to three years 64,137,818 Three to five years 49,023,487 More than 5 35,353,139 Total undiscounted lease payments 180,236,379 Less: imputed interest (27,913,695) Carrying value of operating lease liabilities $ 152,322,684 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 3 Months Ended |
Jun. 30, 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, 2023 328,382 $ 11.79 Vested (66,475) 8.21 Unvested as of June 30, 2023 261,907 $ 12.70 |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Revenues: | |
Schedule of revenues | Three months ended June 30, 2023 June 30, 2022 Net pool revenues—related party $ 104,386,551 $ 70,171,001 Time charter revenues 6,423,472 6,241,915 Other revenues, net 752,884 410,806 Total revenues $ 111,562,907 $ 76,823,722 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Financial Instruments and Fair Value Disclosures: | |
Schedule of financial derivatives | June 30, 2023 March 31, 2023 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 $ 12,137,819 $ — $ 9,278,544 $ — |
Schedule of effect of derivative instruments on the consolidated statement of operations | Three months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized June 30, 2023 June 30, 2022 Interest rate swaps—change in fair value Unrealized gain on derivatives $ 2,859,274 $ 2,454,234 Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 1,847,764 (50,384) Gain on derivatives, net $ 4,707,038 $ 2,403,850 |
Summary of gains and losses on investment securities | Three months ended June 30, 2023 June 30, 2022 Unrealized gain on investment securities $ 421,253 $ 768,335 Realized gain on investment securities — 776,770 Net gain on investment securities $ 421,253 $ 1,545,105 |
Summary of carrying value and estimated fair value of Japanese Financings | June 30, 2023 March 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 33,583,334 $ 32,074,408 $ 34,395,834 $ 33,051,190 Cresques Japanese Financing 26,935,458 27,859,225 27,377,615 27,377,615 Cratis Japanese Financing 44,560,000 41,037,360 45,580,000 42,185,289 Copernicus Japanese Financing 44,560,000 41,037,360 45,580,000 42,185,289 Chaparral Japanese Financing 61,743,435 59,736,224 62,342,859 60,701,217 Caravelle Japanese Financing 46,100,000 41,663,467 46,100,000 42,707,169 Captain Markos Dual-Fuel Japanese Financing 55,160,000 57,202,971 55,790,000 55,790,000 BALCAP Facility 72,182,098 66,959,223 74,096,125 69,032,167 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Earnings Per Share ("EPS"): | |
Schedule of calculations of basic and diluted EPS | Three months ended (In U.S. dollars except share data) June 30, 2023 June 30, 2022 Numerator: Net income $ 51,721,137 $ 24,847,720 Denominator: Basic weighted average number of common shares outstanding 40,137,687 39,898,485 Effect of dilutive restricted stock and restricted stock units 241,148 226,220 Diluted weighted average number of common shares outstanding 40,378,835 40,124,705 EPS: Basic $ 1.29 $ 0.62 Diluted $ 1.28 $ 0.62 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 30, 2023 | |
Commitments and Contingencies: | |
Schedule of contractual commitments for scrubber purchases | June 30, 2023 Less than one year $ 4,254,526 |
Schedule of operating leases | Less than one year $ 31,721,935 One to three years 64,137,818 Three to five years 49,023,487 More than 5 35,353,139 Total undiscounted lease payments 180,236,379 Less: imputed interest (27,913,695) Carrying value of operating lease liabilities $ 152,322,684 |
Schedule of future minimum time charter-in commitments | June 30, 2023 Less than one year $ 11,855,833 One to three years 21,600,000 Three to five years 21,600,000 Thereafter 21,600,000 Total $ 76,655,833 |
Schedule of future minimum fixed time charter contracts | June 30, 2023 Less than one year $ 21,060,000 One to three years 4,522,986 Total $ 25,582,986 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (General) (Details) | 3 Months Ended |
Jun. 30, 2023 item m³ | |
Basis of Presentation and General Information: | |
Capacity of standard VLGC vessel (in cubic meters) | 80,000 |
Capacity of dual-fuel ECO-design VLGC vessel (in cubic meters) | 84,000 |
Capacity of fuel-efficient ECO-design VLGC vessel (in cubic meters) | 84,000 |
Capacity of modern-design VLGC vessel (in cubic meters) | 82,000 |
Number of VLGCs with minimum 80,000 cbm | 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 | item | 13 |
The number of chartered-in vessels that have exhaust gas cleaning systems | item | 1 |
The number of vessels with contracts to purchase exhaust gas cleaning systems | 3 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information (Capacity) (Details) | Jun. 30, 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 |
Transactions with Related Par_2
Transactions with Related Parties (Details) | 3 Months Ended | |||
Apr. 01, 2015 item | Jun. 30, 2023 USD ($) item | Jun. 30, 2022 USD ($) | Mar. 31, 2023 USD ($) | |
Transactions with Related Parties | ||||
Due from related parties - current | $ 67,737,508 | $ 73,070,095 | ||
Due to related parties | $ 242,778 | 168,793 | ||
Number of time chartered-in ECO-VLGC | 2 | |||
Mr. John Hadjipateras | ||||
Transactions with Related Parties | ||||
Ownership interest (as a percent) | 100% | |||
Helios LPG Pool LLC | ||||
Transactions with Related Parties | ||||
Due from related parties | $ 91,600,000 | 93,700,000 | ||
Due from related parties - current | 1,100,000 | 1,100,000 | ||
Due to related parties | $ 200,000 | 200,000 | ||
Ownership interest (as a percent) | 50% | |||
Number of board members from each joint venture | item | 2 | |||
Number of vessels that are operating under pooling agreement | item | 27 | |||
Number of time chartered-in ECO-VLGC | item | 4 | |||
Number of Company vessels that are operating under pooling agreement | item | 23 | |||
Working capital contributed | $ 25,300,000 | $ 22,000,000 | ||
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 | Maximum | ||||
Transactions with Related Parties | ||||
Related party income for chartering and operational services | $ 100,000 | $ 100,000 | ||
Other income-related party | Helios LPG Pool LLC | ||||
Transactions with Related Parties | ||||
Related party income for chartering and operational services | 600,000 | 500,000 | ||
Other revenues, net | ||||
Transactions with Related Parties | ||||
Fixed reimbursement of expense from Helios | $ 100,000 | $ 300,000 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Movement in deferred charges, net | |
Balance at the beginning of the period | $ 8,367,301 |
Additions | 3,622,743 |
Amortization | (793,921) |
Balance at the end of the period | $ 11,196,123 |
Vessels, Net (Details)
Vessels, Net (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Mar. 31, 2023 | |
Vessels, Net | ||
Vessels, net, beginning of period | $ 1,263,928,605 | |
Vessels, net, end of period | 1,250,577,538 | $ 1,263,928,605 |
Vessels | ||
Vessels, Net | ||
Vessels, net, beginning of period | 1,263,928,605 | |
Vessels, net, end of period | 1,250,577,538 | 1,263,928,605 |
Cost | ||
Balance at the beginning of the period | 1,724,463,634 | |
Other additions | 2,510,329 | |
Balance at the end of the period | 1,726,973,963 | 1,724,463,634 |
Accumulated depreciation | ||
Balance at the beginning of the period | (460,535,029) | |
Impairment | 0 | 0 |
Depreciation | (15,861,396) | |
Balance at the end of the period | (476,396,425) | (460,535,029) |
Mortgaged VLGC vessels, carrying value | $ 1,215,200,000 | $ 1,227,800,000 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) | 3 Months Ended | ||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 12, 2023 | Jun. 10, 2023 | Mar. 31, 2023 | Jul. 29, 2022 | Dec. 29, 2021 | |
Long-Term Debt | |||||||
Proceeds from long-term debt borrowings | $ 50,000,000 | ||||||
Debt obligations | |||||||
Total debt obligations | $ 650,324,325 | $ 663,562,433 | |||||
Less: deferred financing fees | 5,880,533 | 6,195,087 | |||||
Debt obligations - net of deferred financing fees | 644,443,792 | 657,367,346 | |||||
Total | 644,443,792 | 657,367,346 | |||||
Presented as follows: | |||||||
Current portion of long-term debt | 53,217,116 | 53,110,676 | |||||
Long-term debt-net of current portion and deferred financing fees | 591,226,676 | 604,256,670 | |||||
Total | 644,443,792 | 657,367,346 | |||||
Deferred financing fees | |||||||
Deferred finance fees, beginning | 6,195,087 | ||||||
Amortization | (314,554) | $ (909,047) | |||||
Deferred finance fees, end | 5,880,533 | ||||||
Japanese Financings | |||||||
Debt obligations | |||||||
Total debt obligations | 358,142,227 | 364,466,308 | |||||
Corsair Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 33,583,334 | 34,395,834 | |||||
Cresques Japanese Financing | |||||||
Long-Term Debt | |||||||
Stated rate (as a percent) | 6.55448% | ||||||
Debt obligations | |||||||
Total debt obligations | 26,935,458 | 27,377,615 | |||||
Cratis Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 44,560,000 | 45,580,000 | |||||
Copernicus Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 44,560,000 | 45,580,000 | |||||
Chaparral Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 61,743,435 | 62,342,859 | |||||
Caravelle Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 45,200,000 | 46,100,000 | |||||
Cougar Japanese Financing | |||||||
Debt obligations | |||||||
Total debt obligations | 46,400,000 | 47,300,000 | |||||
Captain Markos Japanese Financing | |||||||
Long-Term Debt | |||||||
Stated rate (as a percent) | 6.38948% | ||||||
Debt obligations | |||||||
Total debt obligations | 55,160,000 | 55,790,000 | |||||
BALCAP Facility | |||||||
Long-Term Debt | |||||||
Original loan amount | $ 83,400,000 | ||||||
Debt obligations | |||||||
Total debt obligations | 72,182,098 | 74,096,125 | |||||
2022 Debt Facility | |||||||
Long-Term Debt | |||||||
Original loan amount | $ 260,000,000 | ||||||
Debt obligations | |||||||
Total debt obligations | $ 220,000,000 | $ 225,000,000 |
Leases (assets and liabilities)
Leases (assets and liabilities) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Leases | ||
Operating lease income | $ 18,300,000 | $ 6,800,000 |
Weighted average discount rate (as a percent) | 5.86% | |
Weighted average remaining lease term | 72 months | |
Operating lease right-of-use assets - Office Leases | $ 1,534,322 | 1,654,498 |
Operating lease right-of-use assets - Time Charter in VLGCs | 150,775,395 | 156,524,900 |
Operating lease liabilities current - Office Leases | 444,964 | 436,810 |
Operating lease liabilities current - Time Charter in VLGCs | 23,117,175 | 22,970,745 |
Operating lease liabilities non-current - Office Leases | 1,102,325 | 1,228,328 |
Operating lease liabilities non-current - Time Charter in VLGCs | $ 127,658,220 | $ 133,554,155 |
Minimum | ||
Leases | ||
Weighted average discount rate (as a percent) | 4.92% | |
Maximum | ||
Leases | ||
Weighted average discount rate (as a percent) | 6.34% |
Leases (Charter hire expenses)
Leases (Charter hire expenses) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Time Charter-in | ||
Charter hire expenses | $ 10,546,810 | $ 5,402,145 |
Leases (Operating lease rent ex
Leases (Operating lease rent expense) (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Operating Leases | ||
Operating lease rent expense | $ 153,022 | $ 154,464 |
Leases (Operating Lease Liabili
Leases (Operating Lease Liability Maturity) (Details) | Jun. 30, 2023 USD ($) |
Leases: | |
Less than one year | $ 31,721,935 |
One to three years | 64,137,818 |
Three to five years | 49,023,487 |
More than 5 | 35,353,139 |
Total undiscounted lease payments | 180,236,379 |
Less: imputed interest | (27,913,695) |
Carrying value of operating lease liabilities | $ 152,322,684 |
Dividends (Other) (Details)
Dividends (Other) (Details) - USD ($) | 3 Months Ended | |||||
Jun. 15, 2023 | May 22, 2023 | Apr. 26, 2023 | Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Dividends: | ||||||
Dividends declared (in dollars per share) | $ 1 | |||||
Dividends, Common Stock | $ 40,400,000 | |||||
Dividends paid in cash | $ 400,000 | $ 40,100,000 | $ 40,491,657 | $ 99,912,142 | ||
Dividends payable | $ 300,000 | $ 1,146,934 | $ 1,255,861 | |||
Common stock | ||||||
Common Stock, Shares Authorized | 450,000,000 | 450,000,000 | ||||
Preferred Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Stock Repurchase Authority (Det
Stock Repurchase Authority (Details) - USD ($) $ in Millions | Jun. 30, 2023 | Feb. 02, 2022 |
Stock repurchases | ||
Common stock repurchase authorized amount | $ 100 | |
Share repurchase authority, treasury stock acquired (shares) | 50,000 | |
Share repurchase authority, treasury stock acquired (value) | $ 0.7 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Stock-Based Compensation Plans | ||
Unrecognized compensation cost | $ 1.4 | |
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 8 months 23 days | |
General and administrative expenses | ||
Stock-Based Compensation Plans | ||
Stock-based compensation expense | $ 0.8 | $ 0.7 |
Restricted stock awards | ||
Number of Shares | ||
Unvested at the beginning of the period (in shares) | 328,382 | |
Vested (in shares) | (66,475) | |
Unvested at the end of the period (in shares) | 261,907 | |
Weighted-Average Grant-Date Fair Value | ||
Unvested at the beginning of the period (in dollars per share) | $ 11.79 | |
Vested (in dollars per share) | 8.21 | |
Unvested at the end of the period (in dollars per share) | $ 12.70 |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Revenues | $ 111,562,907 | $ 76,823,722 |
Net pool revenues - related party | ||
Revenues | 104,386,551 | 70,171,001 |
Time charter revenues | ||
Revenues | 6,423,472 | 6,241,915 |
Other revenue, net | ||
Revenues | $ 752,884 | $ 410,806 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($) | 3 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Mar. 31, 2023 | |
Derivative Instruments | |||
Change in fair value | $ 2,859,274 | $ 2,454,234 | |
Realized gain/(loss) on derivatives | 1,847,764 | (50,384) | |
Derivatives not designated as hedging instruments | Gain/(loss) on derivatives, net | |||
Derivative Instruments | |||
Change in fair value | 4,707,038 | 2,403,850 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Fair Value, Recurring | Level 2 | |||
Derivative Instruments | |||
Derivative Asset | 12,137,819 | $ 9,278,544 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 2,859,274 | 2,454,234 | |
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives | |||
Derivative Instruments | |||
Change in fair value | 1,847,764 | $ (50,384) | |
US Treasury Notes | |||
Derivative Instruments | |||
Marketable Securities | 11,300,000 | ||
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 ($) | 3 Months Ended | 15 Months Ended |
Jun. 30, 2023 | Jun. 30, 2022 | |
Financial Instruments and Fair Value Disclosures: | ||
Unrealized gain on investment securities | $ 421,253 | $ 768,335 |
Realized gain on investment securities | 776,770 | |
Net gain on investment securities | $ 421,253 | $ 1,545,105 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($) | Jun. 30, 2023 | Mar. 31, 2023 |
Fair value | ||
Carrying Value | $ 644,443,792 | $ 657,367,346 |
Corsair Japanese Financing | ||
Fair value | ||
Carrying Value | 33,583,334 | 34,395,834 |
Corsair Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 32,074,408 | 33,051,190 |
Cratis Japanese Financing | ||
Fair value | ||
Carrying Value | 44,560,000 | 45,580,000 |
Cratis Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,037,360 | 42,185,289 |
Copernicus Japanese Financing | ||
Fair value | ||
Carrying Value | 44,560,000 | 45,580,000 |
Copernicus Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,037,360 | 42,185,289 |
Chaparral Japanese Financing | ||
Fair value | ||
Carrying Value | 61,743,435 | 62,342,859 |
Chaparral Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 59,736,224 | 60,701,217 |
Caravelle Japanese Financing | ||
Fair value | ||
Carrying Value | 46,100,000 | 46,100,000 |
Caravelle Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 41,663,467 | 42,707,169 |
Captain Markos Japanese Financing | ||
Fair value | ||
Carrying Value | 55,160,000 | 55,790,000 |
Captain Markos Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | 57,202,971 | 55,790,000 |
BALCAP Facility | ||
Fair value | ||
Carrying Value | 72,182,098 | 74,096,125 |
BALCAP Facility | Level 2 | ||
Fair value | ||
Fair Value | 66,959,223 | 69,032,167 |
Cresques Japanese Financing | ||
Fair value | ||
Carrying Value | 26,935,458 | 27,377,615 |
Cresques Japanese Financing | Level 2 | ||
Fair value | ||
Fair Value | $ 27,859,225 | $ 27,377,615 |
Earnings Per Share ("EPS") (Det
Earnings Per Share ("EPS") (Details) - USD ($) | 3 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Numerator: | ||
Net income | $ 51,721,137 | $ 24,847,720 |
Denominator: | ||
Basic weighted average number of common shares outstanding (in shares) | 40,137,687 | 39,898,485 |
Effect of dilutive restricted stock and restricted stock units (in shares) | 241,148 | 226,220 |
Diluted weighted average number of common shares outstanding (in shares) | 40,378,835 | 40,124,705 |
EPS: | ||
Earnings per common share - basic (in dollars per share) | $ 1.29 | $ 0.62 |
Earnings per common share - diluted (in dollars per share) | $ 1.28 | $ 0.62 |
Restricted stock awards | ||
EPS: | ||
Number of shares excluded from the calculation of diluted EPS | 0 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | 3 Months Ended |
Jun. 30, 2023 USD ($) | |
Commitments under Contracts for Scrubber Purchases | |
Less than one year | $ 4,254,526 |
Time Charter-in commitments | |
Number of newbuild Dual-fuel Panamax LPG vessels | 1 |
Duration of VLGCs with charter-in commitments | 1 year |
Duration of Dual-fuel Panamax LPG time charter-in commitments | 7 years |
Less than one year | $ 11,855,833 |
One to three years | 21,600,000 |
Three to five years | 21,600,000 |
Thereafter | 21,600,000 |
Total | 76,655,833 |
Fixed Time Charter Commitments | |
Less than one year | 21,060,000 |
One to three years | 4,522,986 |
Total | $ 25,582,986 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent events $ / shares in Units, $ in Millions | Jul. 27, 2023 $ / shares | Jul. 21, 2023 | Jul. 10, 2023 | Aug. 21, 2023 | Aug. 10, 2023 USD ($) |
Subsequent Event | |||||
Declared dividends (per share) | $ / shares | $ 1 | ||||
Declared dividends payable | $ | $ 40.4 | ||||
Dual-Fuel Panamax VLGC (The Cristobal) | 2023 | |||||
Subsequent Event | |||||
Number of option periods to extend time charter-in commitments | 2 | ||||
Duration of time charter-in option periods | 1 year | ||||
Dual-Fuel Panamax VLGC (The Cristobal) | 2023 | Minimum | |||||
Subsequent Event | |||||
Duration of Dual-fuel Panamax VLGC with charter-in commitments | 7 years | ||||
Dual-Fuel Panamax VLGC (The Cristobal) | 2023 | Maximum | |||||
Subsequent Event | |||||
Duration of Dual-fuel Panamax VLGC with charter-in commitments | 9 years | ||||
Cougar Japanese Financing | |||||
Subsequent Event | |||||
SOFR adjustment term | 3 months | ||||
Stated rate (as a percent) | 6.34% |