Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | May 23, 2024 | Sep. 30, 2023 | |
Cover Abstract | |||
Entity Registrant Name | DORIAN LPG LTD. | ||
Entity Central Index Key | 0001596993 | ||
Document Type | 10-K | ||
Document Period End Date | Mar. 31, 2024 | ||
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 | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,166,664,737 | ||
Entity Common Stock, Shares Outstanding | 40,619,448 | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Fiscal Year Focus | 2024 | ||
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, 2024 | Mar. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 282,507,971 | $ 148,797,232 |
Trade receivables, net and accrued revenues | 659,567 | 3,282,256 |
Due from related parties | 52,352,942 | 73,070,095 |
Inventories | 2,393,379 | 2,642,395 |
Available-for-sale debt securities | 11,530,939 | |
Derivative instruments | 5,139,056 | |
Prepaid expenses and other current assets | 14,297,917 | 8,507,007 |
Total current assets | 368,881,771 | 236,298,985 |
Fixed assets | ||
Vessels, net | 1,208,588,213 | 1,263,928,605 |
Vessel under construction | 23,829,678 | |
Other fixed assets, net | 48,213 | |
Total fixed assets | 1,232,417,891 | 1,263,976,818 |
Other non-current assets | ||
Deferred charges, net | 12,544,098 | 8,367,301 |
Derivative instruments | 4,145,153 | 9,278,544 |
Due from related parties-non-current | 25,300,000 | 20,900,000 |
Restricted cash - non-current | 75,798 | 76,418 |
Operating lease right-of-use assets | 191,700,338 | 158,179,398 |
Available-for-sale securities | 11,366,838 | |
Other non-current assets | 2,585,116 | 469,227 |
Total assets | 1,837,650,165 | 1,708,913,529 |
Current liabilities | ||
Trade accounts payable | 10,185,962 | 10,807,376 |
Accrued expenses | 3,948,420 | 5,637,725 |
Due to related parties | 7,283 | 168,793 |
Deferred income | 486,868 | 208,558 |
Current portion of long-term operating lease liabilities | 32,491,122 | 23,407,555 |
Current portion of long-term debt | 53,543,315 | 53,110,676 |
Dividends payable | 1,149,665 | 1,255,861 |
Total current liabilities | 101,812,635 | 94,596,544 |
Long-term liabilities | ||
Long-term debt-net of current portion and deferred financing fees | 551,549,215 | 604,256,670 |
Long-term operating lease liabilities | 159,226,326 | 134,782,483 |
Other long-term liabilities | 1,528,906 | 1,431,510 |
Total long-term liabilities | 712,304,447 | 740,470,663 |
Total liabilities | 814,117,082 | 835,067,207 |
Shareholders' equity | ||
Common stock, $0.01 par value, 450,000,000 shares authorized, 51,955,027 and 51,630,593 shares issued, 40,619,448 and 40,382,730 shares outstanding (net of treasury stock), as of March 31, 2024 and March 31, 2023, respectively | 519,950 | 516,306 |
Additional paid-in-capital | 772,714,486 | 764,383,292 |
Treasury stock, at cost; 11,375,579 and 11,247,863 shares as of March 31, 2024 and March 31, 2023, respectively | (126,837,239) | (122,896,838) |
Retained earnings | 377,135,886 | 231,843,562 |
Total shareholders' equity | 1,023,533,083 | 873,846,322 |
Total liabilities and shareholders' equity | $ 1,837,650,165 | $ 1,708,913,529 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2024 | Mar. 31, 2023 |
Consolidated Balance Sheets | ||
Preferred stock, par value | $ 0.01 | |
Preferred stock, shares authorized | 50,000,000 | |
Preferred stock, shares issued | 0 | |
Preferred stock, shares outstanding | 0 | |
Common stock, par value | $ 0.01 | |
Common stock, shares authorized | 450,000,000 | |
Common stock, shares issued | 51,995,027 | 51,630,593 |
Common stock, shares outstanding (net of treasury stock) | 40,619,448 | 40,382,730 |
Treasury stock, shares at cost | 11,375,579 | 11,247,863 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | |||
Net pool revenues - related party | $ 532,935,157 | $ 364,548,262 | $ 246,305,480 |
Time charter revenues | 25,895,984 | 22,709,620 | 22,377,211 |
Other revenues, net | 1,886,295 | 2,491,333 | 5,538,757 |
Total revenues | 560,717,436 | 389,749,215 | 274,221,448 |
Expenses | |||
Voyage expenses | 2,674,179 | 3,611,452 | 4,324,712 |
Charter hire expenses | 43,673,387 | 23,194,712 | 16,265,638 |
Vessel operating expenses | 80,461,690 | 71,501,771 | 74,204,218 |
Depreciation and amortization | 68,666,053 | 63,396,131 | 66,432,115 |
General and administrative expenses | 39,004,183 | 32,086,382 | 30,226,739 |
Total expenses | 234,479,492 | 193,790,448 | 191,453,422 |
Gain on disposal of vessels | 7,256,897 | ||
Other income - related parties | 2,592,291 | 2,401,701 | 2,374,050 |
Operating income | 328,830,235 | 198,360,468 | 92,398,973 |
Other income/(expenses) | |||
Interest and finance costs | (40,480,428) | (37,803,787) | (27,067,395) |
Interest income | 9,488,328 | 3,808,809 | 347,082 |
Unrealized gain on derivatives | 5,665 | 2,766,065 | 11,067,870 |
Realized gain/(loss) on derivatives | 7,493,246 | 3,771,522 | (3,450,443) |
Other gain/(loss), net | 2,109,867 | 1,540,853 | (1,361,069) |
Total other income/(expenses), net | (21,383,322) | (25,916,538) | (20,463,955) |
Net income | $ 307,446,913 | $ 172,443,930 | $ 71,935,018 |
Weighted average shares outstanding: | |||
Basic weighted average number of common shares outstanding | 40,275,350 | 40,026,313 | 40,203,937 |
Diluted | 40,450,567 | 40,211,642 | 40,365,088 |
Earnings per common share - basic | $ 7.63 | $ 4.31 | $ 1.79 |
Earnings per common share - diluted | $ 7.60 | $ 4.29 | $ 1.78 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders Equity - USD ($) | Common stock | Treasury Stock | Additional paid-in capital | Retained Earnings | Total |
Balance - beginning at Mar. 31, 2021 | $ 510,715 | $ (99,862,114) | $ 756,776,217 | $ 289,400,512 | $ 946,825,330 |
Balance - beginning (Shares) at Mar. 31, 2021 | 51,071,409 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net Income (Loss) | 71,935,018 | 71,935,018 | |||
Restricted share award issuances | $ 2,502 | (2,502) | |||
Restricted share award issuances (Shares) | 250,286 | ||||
Dividend ($2.00 per common share) | (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 - Ending at Mar. 31, 2022 | $ 513,217 | (121,226,936) | 760,105,994 | 280,759,140 | 920,151,415 |
Balance - ending (Shares) at Mar. 31, 2022 | 51,321,695 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net Income (Loss) | 172,443,930 | 172,443,930 | |||
Restricted share award issuances | $ 3,089 | (3,089) | |||
Restricted share award issuances (Shares) | 308,898 | ||||
Dividend ($5.50 per common share) | (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 - Ending at Mar. 31, 2023 | $ 516,306 | (122,896,838) | 764,383,292 | 231,843,562 | 873,846,322 |
Balance - ending (Shares) at Mar. 31, 2023 | 51,630,593 | ||||
Increase (Decrease) in Shareholders' Equity | |||||
Net Income (Loss) | 307,446,913 | 307,446,913 | |||
Restricted share award issuances | $ 3,644 | (3,644) | |||
Restricted share award issuances (Shares) | 364,434 | ||||
Dividend ($4.00 per common share) | (162,154,589) | (162,154,589) | |||
Stock-based compensation | 8,334,838 | 8,334,838 | |||
Purchase of treasury stock | (3,940,401) | (3,940,401) | |||
Balance - Ending at Mar. 31, 2024 | $ 519,950 | $ (126,837,239) | $ 772,714,486 | $ 377,135,886 | $ 1,023,533,083 |
Balance - ending (Shares) at Mar. 31, 2024 | 51,995,027 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Consolidated Statements of Shareholders Equity | |||
Dividends per share | $ 4 | $ 5.50 | $ 2 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | |||
Net income | $ 307,446,913 | $ 172,443,930 | $ 71,935,018 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 68,665,907 | 63,396,131 | 66,432,115 |
Noncash lease expense | 29,116,821 | 10,866,495 | 9,576,822 |
Amortization of financing costs | 1,243,360 | 5,600,493 | 5,889,040 |
Unrealized gain on derivatives | (5,665) | (2,766,065) | (11,067,870) |
Stock-based compensation expense | 8,334,838 | 4,280,387 | 3,332,279 |
Gain on disposal of vessel | (7,256,897) | ||
Unrealized foreign currency (gain)/loss, net | 285,277 | 921,289 | 166,873 |
Other non-cash items, net | (3,230,571) | (4,571,737) | 1,267,576 |
Changes in operating assets and liabilities | |||
Trade receivables, inventories, prepaid expenses, and other current and non-current assets | (926,439) | (2,693,495) | (4,069,273) |
Due from related parties | 16,317,153 | (16,387,264) | 897,936 |
Operating lease liabilities - current and long-term | (28,210,348) | (9,078,157) | (9,590,424) |
Trade accounts payable | (1,266,860) | 591,835 | (115,287) |
Accrued expenses and other liabilities | (1,338,519) | 2,498,574 | (4,889,118) |
Due to related parties | (161,510) | 131,360 | (80,370) |
Payments for drydocking costs | (7,823,549) | (1,173,940) | (3,733,250) |
Net cash provided by operating activities | 388,446,808 | 224,059,836 | 118,695,170 |
Cash flows from investing activities: | |||
Payments for vessels under construction and vessel capital expenditures | (32,853,093) | (68,781,071) | (23,185,913) |
Purchase of investment securities | (5,978,390) | (2,250,681) | |
Purchase of U.S. treasury notes | (11,275,322) | ||
Proceeds from sale of investment securities | 4,029,944 | 3,718,981 | 3,742,429 |
Proceeds from disposal of vessel | 90,460,363 | ||
Payments to acquire other fixed assets | (3,778) | ||
Net cash provided by/(used in) investing activities | (34,801,539) | (76,341,190) | 68,766,198 |
Cash flows from financing activities: | |||
Proceeds from long-term debt borrowings | 346,000,000 | 298,250,000 | |
Repayment of long-term debt borrowings | (53,110,676) | (352,458,012) | (230,317,537) |
Repurchase of common stock | (3,940,401) | (1,669,902) | (21,364,822) |
Financing costs paid | (407,500) | (6,506,267) | (1,664,252) |
Dividends paid | (162,260,785) | (220,597,827) | (80,082,210) |
Net cash used in financing activities | (219,719,362) | (235,232,008) | (35,178,821) |
Effects of exchange rates on cash and cash equivalents | (215,788) | (449,902) | (172,832) |
Net increase/(decrease) in cash, cash equivalents, and restricted cash | 133,710,119 | (87,963,264) | 152,109,715 |
Cash, cash equivalents, and restricted cash at the beginning of the period | 148,873,650 | 236,836,914 | 84,727,199 |
Cash, cash equivalents, and restricted cash at the end of the period | 282,583,769 | 148,873,650 | 236,836,914 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest excluding interest capitalized to vessels | 37,886,561 | 31,071,625 | 20,591,883 |
Cash paid for operating leases | 42,101,279 | 11,965,581 | 10,082,984 |
Right of use assets recognized | 62,646,575 | 163,337,516 | |
Unpaid lease liability on initial recognition | 61,746,575 | 161,574,834 | |
Capitalized drydocking costs included in liabilities | 1,179,778 | 234,290 | 6,735 |
Vessel-related capital expenditures included in liabilities | 1,027,316 | 1,317,456 | 107,275 |
Unpaid dividends included in liabilities | 1,149,665 | 1,255,861 | 494,180 |
Financing costs included in liabilities | 663,600 | 663,600 | 1,689,600 |
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 | 282,507,971 | 148,797,232 | 236,758,927 |
Restricted cash - non-current | 75,798 | 76,418 | 77,987 |
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows | $ 282,583,769 | $ 148,873,650 | $ 236,836,914 |
Basis of Presentation and Gener
Basis of Presentation and General Information | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, our fleet consists of twenty-five one nineteen one three one Fifteen one one 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 MOL Energia Pte. Ltd. (“MOL Energia”), formerly known as Phoenix Tankers Pte. Ltd., 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, 2024 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 Dorian LPG Ammonia Transport LLC VLGC/AC Hull No. 2373 2026 (3) 93,000 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 Dorian LPG US Lease Finance LLC Dorian LPG Nippon Lease 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. (3) The applicable vessel is expected to be delivered in calendar year 2026. Customers For the years ended March 31, 2024, 2023, and 2022 the Helios Pool accounted for 95%, 94%, and 90% of our total revenues, respectively. No other individual charterer accounted for more than 10% of total revenues. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2024 | |
Significant Accounting Policies: | |
Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: (b) Use of estimates: (c) Other comprehensive income/(loss): other comprehensive (d) Foreign currency translation: foreign currency (e) Cash and cash equivalents: (f) Short-term investments: (g) Investment securities: (h) Trade receivables, net and accrued revenues: presented was zero (i) Due from related parties: (j) Inventories: (k) Vessels, net: the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance costs, including underwater inspection costs are expensed in the period incurred. (l) Impairment of vessels: (m) Vessel depreciation: (n) Drydocking and special survey costs: seven and one-half years (o) Financing costs: (p) Restricted cash: (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: ● ● 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 office lease contracts because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. (r) Voyage charter revenues: three Revenue from Contracts with Customers (s) Voyage expenses: considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. Voyage expenses also consist of bunker expenses, canal tolls and port expenses incurred for vessels traveling to drydock and to be delivered to new owners in the case of a vessel sale are expensed as incurred. (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: periods presented (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: We have considered all recent accounting pronouncements issued and believe that none of these recent pronouncements will have a material effect on our financial statements . |
Transactions with Related Parti
Transactions with Related Parties | 12 Months Ended |
Mar. 31, 2024 | |
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 each due Helios LPG Pool LLC (“Helios Pool”) consolidation of our London, United Kingdom operations into our Copenhagen, Denmark office. Fees for commercial management services provided by Dorian LPG (DK) ApS are included in “Other income-related parties” in the consolidated statement of operations and were $2.5 million, $2.2 million and $2.1 million for the years ended March 31, 2024, 2023 and 2022, respectively. Additionally, we received 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 $0.8 million, $1.4 million and $3.1 million for the years ended March 31, 2024, 2023 and 2022 respectively, and are included in “Other revenues, net” in the consolidated statements of operations. |
Inventories
Inventories | 12 Months Ended |
Mar. 31, 2024 | |
Inventories: | |
Inventories | 4. Inventories Our inventories by type were as follows: March 31, 2024 March 31, 2023 Lubricants $ 2,184,545 $ 2,472,716 Bonded stores 208,834 169,679 Total $ 2,393,379 $ 2,642,395 |
Vessels, Net
Vessels, Net | 12 Months Ended |
Mar. 31, 2024 | |
Vessels, Net: | |
Vessels, Net | 5. Vessels, Net Accumulated Cost depreciation Net book Value Balance, April 1, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 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 Other additions 8,733,275 — 8,733,275 Depreciation — (64,073,667) (64,073,667) Balance, March 31, 2024 $ 1,733,196,909 $ (524,608,696) $ 1,208,588,213 For the years ended March 31, 2024 and 2023, other additions mainly relate to the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs. For the year ended March 31, 2023, vessels delivered consisted of amounts transferred from Vessels under Construction relating to the cost of a newbuilding Dual-fuel ECO VLGC, Captain Markos |
Vessel Under Construction
Vessel Under Construction | 12 Months Ended |
Mar. 31, 2024 | |
Vessel Under Construction: | |
Vessel Under Construction | 6. Vessel Under Construction Net book Value Balance, April 1, 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) (84,432,491) Balance, March 31, 2023 $ — Installment payments 23,800,740 Other capitalized expenditures 28,938 Balance, March 31, 2024 $ 23,829,678 |
Deferred Charges, Net
Deferred Charges, Net | 12 Months Ended |
Mar. 31, 2024 | |
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, 2022 $ 9,839,000 Additions 1,401,495 Amortization (2,873,194) Balance, March 31, 2023 $ 8,367,301 Additions 8,769,037 Amortization (4,592,240) Balance, March 31, 2024 $ 12,544,098 |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses: | |
Accrued Expenses | 8. Accrued Expenses Accrued expenses comprised of the following: March 31, 2024 March 31, 2023 Accrued voyage and vessel operating expenses 1,598,552 3,072,568 Accrued employee-related costs 1,330,577 1,292,735 Accrued professional services 399,192 479,502 Accrued loan and swap interest 532,071 529,069 Other 88,028 263,851 Total $ 3,948,420 $ 5,637,725 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2024 | |
Long-term Debt: | |
Long-term Debt | 9. Long-Term Debt Description of our Debt Obligations 2023 A&R Debt Facility / 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 then current indebtedness. On December 22, 2023, we entered into an amended and restated debt financing facility (the “2023 A&R Debt Facility”) with CACIB, ING, SEB, BNP, and DSF to amend and restate the 2022 Debt Facility. The 2023 A&R Debt Facility consists of (i) a term loan facility in an aggregate original principal amount of $240.0 million, of which $215.0 million remained outstanding on the date of the agreement, (ii) a revolving credit facility in an aggregate principal amount of up to $50.0 million (previously $20.0 million) and (iii) a new, uncommitted accordion term loan facility in an aggregate principal amount of up to $100.0 million. The 2023 A&R Debt Facility matures on August 4, 2029, with drawn amounts thereunder accruing interest at a rate of SOFR plus a margin ranging between 2.05% and 2.15% depending on the ratio of outstanding debt under the facility to the value of the vessels secured under this facility, plus or minus a sustainability pricing adjustment of 0.05%. The undrawn revolving credit facility accrues interest at a rate equal to 0.40% of the margin. The 2023 A&R 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 2023 A&R Debt Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time. The 2023 A&R 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. We are required to comply with the following financial covenants from the 2023 A&R Debt Facility (which are identical to the 2022 Debt Facility), 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, 2024. BALCAP Facility Constellation Commander vessels; (v) an assignment by each borrower of any deposit account opened by it in accordance with the facility; and (vi) a guaranty by the Company guaranteeing the obligations of the borrowers under the facility agreement. In addition, we must ensure that the aggregate fair market value of Constellation Commander The corporate financial covenants related to the BALCAP Facility are identical to those in the 2023 A&R Debt Facility. We were in compliance with all financial covenants as of March 31, 2024. Japanese Financing Arrangements Corsair Japanese Financing On November 7, 2017, we refinanced a 2014-built VLGC, Corsair Corsair 2 Corsair Corsair Cresques Japanese Financing Cresques Cresques Cresques 3 Cresques Cresques Cresques On June 12, 2023, we agreed to an addendum to the Cresques Japanese Financing’s bareboat charter agreement that became effective on June 20, 2023. The terms of the addendum include a switch from a floating interest rate of one-month SOFR plus a margin to a fixed interest rate of 6.55%. Cratis Japanese Financing On March 18, 2022, we refinanced a 2015-built VLGC, Cratis Cratis 3 Cratis Cratis Cratis Copernicus Japanese Financing On March 18, 2022, we refinanced a 2015-built VLGC, Copernicus Copernicus 3 Copernicus Copernicus Copernicus Chaparral Japanese Financing On March 29, 2022, we refinanced a 2015-built VLGC, Chaparral Chaparral 3 5 Chaparral Chaparral Chaparral asset on our balance sheet. The agreement for this debt financing does not have a stated interest rate and, therefore, we have calculated an imputed interest rate of 5.3% for the 7-year period, not including financing costs of $0.1 million, and a monthly fixed straight-line mortgage-style obligation of approximately $0.5 million over the 7-year period with a purchase option of $45.8 million on the seventh anniversary. Caravelle Japanese Financing On March 31, 2022, we refinanced a 2016-built VLGC, Caravelle Caravelle 3 Caravelle Caravelle Caravelle Cougar Japanese Financing On May 19, 2022, we refinanced a 2015-built VLGC, Cougar Cougar Cougar Cougar Cougar On July 21, 2023, we agreed to an addendum to the Cougar Japanese Financing’s bareboat charter agreement that became 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%. Captain Markos Dual-Fuel Japanese Financing On March 31, 2023, we financed a 2023-built Dual-fuel ECO 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. On June 12, 2023, we agreed to an addendum to the Captain Markos Dual-Fuel Japanese Financing’s bareboat charter agreement that became effective on June 30, 2023. The terms of the addendum include a switch from a floating interest rate of one-month SOFR plus a margin to a fixed interest rate of 6.39% . Debt Obligations The table below presents our debt obligations: March 31, 2024 March 31, 2023 2023 A&R Debt Facility/2022 Debt Facility $ 205,000,000 $ 225,000,000 Japanese Financings Corsair Japanese Financing $ 31,145,834 $ 34,395,834 Cresques Japanese Financing 25,608,991 27,377,615 Cratis Japanese Financing 41,500,000 45,580,000 Copernicus Japanese Financing 41,500,000 45,580,000 Chaparral Japanese Financing 59,896,473 62,342,859 Caravelle Japanese Financing 42,500,000 46,100,000 Cougar Japanese Financing 43,700,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 53,270,000 55,790,000 Total Japanese Financings $ 339,121,298 $ 364,466,308 BALCAP Facility $ 66,330,459 $ 74,096,125 Total debt obligations $ 610,451,757 $ 663,562,433 Less: deferred financing fees 5,359,227 6,195,087 Debt obligations—net of deferred financing fees $ 605,092,530 $ 657,367,346 Presented as follows: Current portion of long-term debt $ 53,543,315 $ 53,110,676 Long-term debt—net of current portion and deferred financing fees 551,549,215 604,256,670 Total $ 605,092,530 $ 657,367,346 Deferred Financing Fees Financing costs Balance, April 1, 2022 $ 7,257,486 Additions 4,538,094 Amortization (5,600,493) Balance, March 31, 2023 $ 6,195,087 Additions 407,500 Amortization (1,243,360) Balance, March 31, 2024 $ 5,359,227 Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2024 are as follows: Year ending March 31: 2025 $ 53,543,315 2026 53,994,778 2027 95,660,887 2028 45,966,482 2029 92,074,591 Thereafter 269,211,704 Total $ 610,451,757 |
Leases
Leases | 12 Months Ended |
Mar. 31, 2024 | |
Leases: | |
Leases | 10. Leases Time charter-in contracts Cristobal one We initially recognized the applicable right-of-use asset and lease liability of this time chartered-in VLGC of $62.6 million on our balance sheet. right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $190.5 million and were recognized on our balance sheet. Charter hire expenses for the VLGCs time chartered in were as follows: Year ended March 31, 2024 March 31, 2023 March 31, 2022 Charter hire expenses $ 43,673,387 $ 23,194,712 16,265,638 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 consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the year ended March 31, 2024. 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, 2024 March 31, 2023 March 31, 2022 Operating lease rent expense $ 558,957 $ 569,804 $ 624,370 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 5.82%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2024 is 67.3 months. Description Location on Balance Sheet March 31, 2024 March 31, 2023 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,194,974 $ 1,654,498 Time charter-in VLGCs Operating lease right-of-use assets $ 190,505,364 $ 156,524,900 Liabilities: Current Office Leases Current portion of long-term operating leases $ 448,317 $ 436,810 Time charter-in VLGCs Current portion of long-term operating leases $ 32,042,805 $ 22,970,745 Long-term Office Leases Long-term operating leases $ 763,767 $ 1,228,328 Time charter-in VLGCs Long-term operating leases $ 158,462,559 $ 133,554,155 Less than one year $ 42,601,826 One to three years 84,320,188 Three to five years 64,095,615 More than five years 33,164,389 Total undiscounted lease payments 224,182,018 Less: imputed interest (32,464,570) Carrying value of operating lease liabilities $ 191,717,448 |
Common Stock
Common Stock | 12 Months Ended |
Mar. 31, 2024 | |
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 our 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 May 4, 2022, we announced that our 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. On April 26, 2023, we announced that our 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. 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 to all shareholders of record as of the close of business on August 10, 2023, totaling $40.6 million. We paid $40.3 million on September 5, 2023, with the remaining $0.3 million deferred until certain shares of restricted stock vest. On August 5, 2023, we paid $0.7 million of dividends that were deferred until the vesting of certain restricted stock. On October 6, 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 October 20, 2023, totaling $40.6 million. We paid $40.3 million on November 2, 2023, with the remaining $0.3 million deferred until certain shares of restricted stock vest. On January 24, 2024, 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 5, 2024, totaling $40.6 million. We paid $40.3 million on February 27, 2024 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, 2024, our total purchases under the 2022 Common Share Repurchase Authority totaled 75,000 shares for an aggregate consideration of $1.8 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, 2024, 2023, and 2022. Refer to Note 23 for dividend declared in April 2024. |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, we granted to certain of our officers and employees an aggregate of 229,750 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 35,000 shares of restricted stock vesting ratably on the grant date and on the first, and second anniversary of that date 45,500 restricted stock units vesting ratably on the grant date and on the first and second anniversaries of the grant date. The final tranche of restricted stock granted to certain of our named executive officers shall be subject to a formula to be determined by the Compensation Committee to the Board of Directors. 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 years ended March 31, 2024, 2023, and 2022, we granted 31,400 , 34,695 , and 46,086 , 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 $8.3 million, $4.3 million and $3.3 million for the years ended March 31, 2024, 2023, and 2022, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2024 was $3.9 million and the expense will be recognized over a remaining weighted average life of 1.27 years. A summary of the activity of our restricted shares as of March 31, 2024 and 2023 and changes during the year ended March 31, 2024 and 2023, are as follows: Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 2022 329,090 $ 10.56 Granted 301,045 16.01 Vested (299,253) 12.83 Forfeited (2,500) 14.66 Unvested as of March 31, 2023 328,382 $ 11.79 Granted 341,650 29.81 Vested (362,159) 19.13 Unvested as of March 31, 2024 307,873 $ 23.16 The total fair value of restricted shares that vested during the years ended March 31, 2024, 2023, and 2022 was $10.5 million, $4.8 million and $4.1 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, 2024 | |
Revenues: | |
Revenues | 13. Revenues Revenues comprise the following: Year ended March 31, 2024 March 31, 2023 March 31, 2022 Net pool revenues—related party $ 532,935,157 $ 364,548,262 $ 246,305,480 Time charter revenues 25,895,984 22,709,620 22,377,211 Other revenues, net 1,886,295 2,491,333 5,538,757 Total revenues $ 560,717,436 $ 389,749,215 $ 274,221,448 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, 2024 | |
Voyage Expenses: | |
Voyage Expenses | 14. Voyage Expenses Voyage expenses comprise the following: Year ended March 31, 2024 March 31, 2023 March 31, 2022 Bunkers $ 1,456,899 $ 2,109,904 $ 2,159,341 War risk insurances 345,513 940,436 1,510,720 Brokers’ commissions 319,616 290,099 265,207 Security cost and other voyage expenses 552,151 271,013 389,444 Total $ 2,674,179 $ 3,611,452 $ 4,324,712 |
Vessel Operating Expenses
Vessel Operating Expenses | 12 Months Ended |
Mar. 31, 2024 | |
Vessel Operating Expenses: | |
Vessel Operating Expenses | 15. Vessel Operating Expenses Vessel operating expenses comprise the following: Year ended March 31, 2024 March 31, 2023 March 31, 2022 Crew wages and related costs $ 43,088,059 $ 42,141,262 $ 44,950,878 Spares and stores 17,373,145 13,644,604 14,486,392 Repairs and maintenance costs 6,769,114 4,743,513 4,528,776 Insurance 4,221,672 3,906,409 4,056,225 Lubricants 4,313,513 4,002,361 3,351,279 Miscellaneous expenses 4,696,187 3,063,622 2,830,668 Total $ 80,461,690 $ 71,501,771 $ 74,204,218 |
Interest and Finance Costs
Interest and Finance Costs | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 March 31, 2023 March 31, 2022 Interest incurred $ 38,008,159 $ 31,398,739 $ 20,119,655 Amortization of financing costs 1,243,360 5,600,493 5,889,040 Other financing costs 1,228,909 2,171,511 1,350,744 Capitalized interest — (1,366,956) (292,044) Total $ 40,480,428 $ 37,803,787 $ 27,067,395 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024, 2023 and 2022, 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, 2024 | |
Commitments and Contingencies: | |
Commitments and Contingencies | 18. Commitments and Contingencies Commitments under Newbuilding Contract and Supervision Agreement March 31, 2024 Less than one year $ 12,027,854 One to three years 83,988,654 Total $ 96,016,508 Commitments under Contracts for Scrubbers Purchases and Other Vessel Upgrades March 31, 2024 Less than one year $ 435,347 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, 2024 Less than one year $ 7,827,986 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, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the consolidated financial statements. |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2024 | |
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, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions. (b) Interest rate risk: One of our long-term bank loans is 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 2023 A&R 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 2023 A&R Debt Facility until final settlement in July 2029. The effect is to maintain a constant ratio between the debt outstanding under the 2023 A&R Debt Facility and the notional hedges. The initial notional value of $3.5 million became effective on June 26, 2023 with a fixed interest rate of 2.8525% . We have no exposure to floating rate movements on any of our other debt financings. 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, 2024 March 31, 2023 2023 A&R Debt Facility - ING (1) September 2015 March 2025 0.9150 % 28,649,740 36,695,201 2023 A&R Debt Facility - CACIB (2) August 2022 March 2025 0.9208 % 57,299,480 73,390,402 2023 A&R Debt Facility - BNP (3) August 2022 March 2025 0.9208 % 57,299,480 73,390,402 2023 A&R Debt Facility - ING (4) January 2023 July 2029 2.8250 % 20,751,300 — $ 164,000,000 $ 183,476,005 (1) Reduces quarterly with a final settlement of $23.8 million in March 2025. (2) Reduces quarterly with a final settlement of $47.6 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) 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 2023 A&R 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. 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, 2024 March 31, 2023 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ 5,139,056 $ — $ — $ — March 31, 2024 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 $ 4,145,153 $ — $ 9,278,544 $ — 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, 2024 March 31, 2023 March 31, 2022 Interest rate swaps—change in fair value Unrealized gain on derivatives 5,665 2,766,065 11,067,870 Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 7,493,246 3,771,522 (3,450,443) Gain/(Loss) on derivatives, net $ 7,498,911 $ 6,537,587 $ 7,617,427 As of March 31, 2024 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 securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2024 and 2023. (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) we have investment securities that are recorded at fair value and included in other current assets in our balance sheet and available-for-sale debt securities (U.S. treasury notes with an aggregate fair value of $11.5 million as of March 31, 2024 and face values of $1.8 million maturing on September 30, 2024 and $10.0 million maturing March 15, 2025) that are recorded at fair value as a current asset on our balance sheet. We have other financial instruments that are carried at historical cost including trade accounts receivable, equity securities, at cost, 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. 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, 2024 March 31, 2023 March 31, 2022 Unrealized gain/(loss) on investment securities $ 1,483,522 $ 1,443,683 $ (1,587,090) Realized gain on investment securities 872,557 987,206 447,255 Net gain/(loss) on investment securities $ 2,356,079 $ 2,430,889 $ (1,139,835) We have long-term bank debt, the 2023 A&R Debt Facility, for which we believe the carrying value approximates fair value as the facility bears interest at variable interest rates based on SOFR at March 31, 2024 and 2023, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as a Level 2 item 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, Cougar 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: March 31, 2024 March 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 31,145,834 $ 29,624,330 $ 34,395,834 $ 33,051,190 Cresques Japanese Financing 25,608,991 26,180,173 27,377,615 27,377,615 Cratis Japanese Financing 41,500,000 38,302,845 45,580,000 42,185,289 Copernicus Japanese Financing 41,500,000 38,302,845 45,580,000 42,185,289 Chaparral Japanese Financing 59,896,473 57,627,652 62,342,859 60,701,217 Caravelle Japanese Financing 42,500,000 39,003,038 46,100,000 42,707,169 Cougar Japanese Financing 43,700,000 43,715,910 47,300,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 53,270,000 54,923,798 55,790,000 55,790,000 BALCAP Facility 66,330,459 62,186,682 74,096,125 69,032,167 |
Retirement Plans
Retirement Plans | 12 Months Ended |
Mar. 31, 2024 | |
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 each 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 $0.9 million and $0.8 million as of March 31, 2024 and 2023, respectively, representing an increase of the liability of $0.1 million during the year ended March 31, 2024, a decrease in the liability of $0.2 million during the year ended March 31, 2023, and an increase of $0.1 million for the year ended March 31, 2022, 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, 2024, 2023 and 2022, we recognized compensation expense of $0.2 million related |
Earnings Per Share ("EPS")
Earnings Per Share ("EPS") | 12 Months Ended |
Mar. 31, 2024 | |
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, 2024 March 31, 2023 March 31, 2022 Numerator: Net income $ 307,446,913 $ 172,443,930 $ 71,935,018 Denominator: Basic weighted average number of common shares outstanding 40,275,350 40,026,313 40,203,937 Effect of dilutive restricted stock and restricted stock units 175,217 185,329 161,151 Diluted weighted average number of common shares outstanding 40,450,567 40,211,642 40,365,088 EPS: Basic $ 7.63 $ 4.31 $ 1.79 Diluted $ 7.60 $ 4.29 $ 1.78 There were 4,125 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the year ended March 31, 2024 and no shares |
Selected Quarterly Financial In
Selected Quarterly Financial Information (unaudited) | 12 Months Ended |
Mar. 31, 2024 | |
Selected Quarterly Financial Information (unaudited): | |
Selected Quarterly Financial Information (unaudited) | 22. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2024 and 2023 quarterly results: Three months ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Revenues $ 111,562,907 $ 144,698,462 $ 163,064,503 $ 141,391,564 Operating income 55,622,307 80,488,079 110,340,861 82,378,988 Net income 51,721,137 76,512,665 99,972,913 79,240,198 Earnings per common share, basic 1.29 1.90 2.48 1.96 Earnings per common share, diluted $ 1.28 $ 1.89 $ 2.47 $ 1.96 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 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2024 | |
Subsequent Events: | |
Subsequent Events | 23. Subsequent Event Dividend On April 25, 2024, we announced that our Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock totaling $40.6 million. The dividend is payable on or about May 30, 2024 to all shareholders of record as of the close of business on May 8, 2024. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2024 | |
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): other comprehensive |
Foreign currency translation | (d) Foreign currency translation: foreign currency |
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: presented was zero |
Due from related parties | (i) Due from related parties: |
Inventories | (j) Inventories: |
Vessels, net | (k) Vessels, net: |
Impairment of vessels | (l) Impairment of vessels: |
Vessel depreciation | (m) Vessel depreciation: |
Drydocking and special survey costs | (n) Drydocking and special survey costs: seven and one-half years |
Financing costs | (o) Financing costs: |
Restricted cash | (p) Restricted cash: |
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: ● ● 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 office lease 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 |
Voyage expenses | (s) Voyage expenses: considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. Voyage expenses also consist of bunker expenses, canal tolls and port expenses incurred for vessels traveling to drydock and to be delivered to new owners in the case of a vessel sale are expensed as incurred. |
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: periods presented |
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. |
Recent accounting pronouncements | (ac) Recent accounting pronouncements: We have considered all recent accounting pronouncements issued and believe that none of these recent pronouncements will have a material effect on our financial statements . |
Basis of Presentation and Gen_2
Basis of Presentation and General Information (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Basis of Presentation and General Information: | |
Schedule of wholly-owned subsidiaries incorporated in the Republic of the Marshall Islands | 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 Dorian LPG Ammonia Transport LLC VLGC/AC Hull No. 2373 2026 (3) 93,000 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 Dorian LPG US Lease Finance LLC Dorian LPG Nippon Lease 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. (3) The applicable vessel is expected to be delivered in calendar year 2026. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Inventories: | |
Schedule of inventories by type | March 31, 2024 March 31, 2023 Lubricants $ 2,184,545 $ 2,472,716 Bonded stores 208,834 169,679 Total $ 2,393,379 $ 2,642,395 |
Vessels, Net (Tables)
Vessels, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Vessels, Net: | |
Schedule of vessels, net | Accumulated Cost depreciation Net book Value Balance, April 1, 2022 $ 1,638,075,449 $ (400,013,759) $ 1,238,061,690 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 Other additions 8,733,275 — 8,733,275 Depreciation — (64,073,667) (64,073,667) Balance, March 31, 2024 $ 1,733,196,909 $ (524,608,696) $ 1,208,588,213 |
Vessel Under Construction (Tabl
Vessel Under Construction (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Vessel Under Construction: | |
Schedule of vessel under construction | Net book Value Balance, April 1, 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) (84,432,491) Balance, March 31, 2023 $ — Installment payments 23,800,740 Other capitalized expenditures 28,938 Balance, March 31, 2024 $ 23,829,678 |
Deferred Charges, Net (Tables)
Deferred Charges, Net (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Deferred Charges, Net: | |
Schedule of movements in, and analysis of, deferred charges during period | Drydocking costs Balance, April 1, 2022 $ 9,839,000 Additions 1,401,495 Amortization (2,873,194) Balance, March 31, 2023 $ 8,367,301 Additions 8,769,037 Amortization (4,592,240) Balance, March 31, 2024 $ 12,544,098 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Accrued Expenses: | |
Schedule of accrued expenses | March 31, 2024 March 31, 2023 Accrued voyage and vessel operating expenses 1,598,552 3,072,568 Accrued employee-related costs 1,330,577 1,292,735 Accrued professional services 399,192 479,502 Accrued loan and swap interest 532,071 529,069 Other 88,028 263,851 Total $ 3,948,420 $ 5,637,725 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Long-term Debt: | |
Schedule of outstanding debt obligations | March 31, 2024 March 31, 2023 2023 A&R Debt Facility/2022 Debt Facility $ 205,000,000 $ 225,000,000 Japanese Financings Corsair Japanese Financing $ 31,145,834 $ 34,395,834 Cresques Japanese Financing 25,608,991 27,377,615 Cratis Japanese Financing 41,500,000 45,580,000 Copernicus Japanese Financing 41,500,000 45,580,000 Chaparral Japanese Financing 59,896,473 62,342,859 Caravelle Japanese Financing 42,500,000 46,100,000 Cougar Japanese Financing 43,700,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 53,270,000 55,790,000 Total Japanese Financings $ 339,121,298 $ 364,466,308 BALCAP Facility $ 66,330,459 $ 74,096,125 Total debt obligations $ 610,451,757 $ 663,562,433 Less: deferred financing fees 5,359,227 6,195,087 Debt obligations—net of deferred financing fees $ 605,092,530 $ 657,367,346 Presented as follows: Current portion of long-term debt $ 53,543,315 $ 53,110,676 Long-term debt—net of current portion and deferred financing fees 551,549,215 604,256,670 Total $ 605,092,530 $ 657,367,346 |
Schedule of deferred financing fees | Financing costs Balance, April 1, 2022 $ 7,257,486 Additions 4,538,094 Amortization (5,600,493) Balance, March 31, 2023 $ 6,195,087 Additions 407,500 Amortization (1,243,360) Balance, March 31, 2024 $ 5,359,227 |
Schedule of minimum annual principal payments on debt | Year ending March 31: 2025 $ 53,543,315 2026 53,994,778 2027 95,660,887 2028 45,966,482 2029 92,074,591 Thereafter 269,211,704 Total $ 610,451,757 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Leases: | |
Schedule of charter hire expenses for time chartered-in VLGCs | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Charter hire expenses $ 43,673,387 $ 23,194,712 16,265,638 |
Schedule of operating lease rent expense | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Operating lease rent expense $ 558,957 $ 569,804 $ 624,370 |
Schedule of operating lease right-of-use assets and liabilities | Description Location on Balance Sheet March 31, 2024 March 31, 2023 Assets: Non-current Office leases Operating lease right-of-use assets $ 1,194,974 $ 1,654,498 Time charter-in VLGCs Operating lease right-of-use assets $ 190,505,364 $ 156,524,900 Liabilities: Current Office Leases Current portion of long-term operating leases $ 448,317 $ 436,810 Time charter-in VLGCs Current portion of long-term operating leases $ 32,042,805 $ 22,970,745 Long-term Office Leases Long-term operating leases $ 763,767 $ 1,228,328 Time charter-in VLGCs Long-term operating leases $ 158,462,559 $ 133,554,155 |
Schedule of maturities of operating lease liabilities | Less than one year $ 42,601,826 One to three years 84,320,188 Three to five years 64,095,615 More than five years 33,164,389 Total undiscounted lease payments 224,182,018 Less: imputed interest (32,464,570) Carrying value of operating lease liabilities $ 191,717,448 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Stock-Based Compensation Plans: | |
Summary of restricted share unit activity | Weighted-Average Grant-Date Incentive Share/Unit Awards Number of Shares/Units Fair Value Unvested as of April 1, 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 $ 11.79 Granted 341,650 29.81 Vested (362,159) 19.13 Unvested as of March 31, 2024 307,873 $ 23.16 |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Revenues: | |
Summary of revenues | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Net pool revenues—related party $ 532,935,157 $ 364,548,262 $ 246,305,480 Time charter revenues 25,895,984 22,709,620 22,377,211 Other revenues, net 1,886,295 2,491,333 5,538,757 Total revenues $ 560,717,436 $ 389,749,215 $ 274,221,448 |
Voyage Expenses (Tables)
Voyage Expenses (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Voyage Expenses: | |
Schedule of voyage expenses | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Bunkers $ 1,456,899 $ 2,109,904 $ 2,159,341 War risk insurances 345,513 940,436 1,510,720 Brokers’ commissions 319,616 290,099 265,207 Security cost and other voyage expenses 552,151 271,013 389,444 Total $ 2,674,179 $ 3,611,452 $ 4,324,712 |
Vessel Operating Expenses (Tabl
Vessel Operating Expenses (Table) | 12 Months Ended |
Mar. 31, 2024 | |
Vessel Operating Expenses: | |
Schedule of vessel operating expenses | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Crew wages and related costs $ 43,088,059 $ 42,141,262 $ 44,950,878 Spares and stores 17,373,145 13,644,604 14,486,392 Repairs and maintenance costs 6,769,114 4,743,513 4,528,776 Insurance 4,221,672 3,906,409 4,056,225 Lubricants 4,313,513 4,002,361 3,351,279 Miscellaneous expenses 4,696,187 3,063,622 2,830,668 Total $ 80,461,690 $ 71,501,771 $ 74,204,218 |
Interest and Finance Costs (Tab
Interest and Finance Costs (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Interest and Finance Costs: | |
Schedule of interest and finance costs | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Interest incurred $ 38,008,159 $ 31,398,739 $ 20,119,655 Amortization of financing costs 1,243,360 5,600,493 5,889,040 Other financing costs 1,228,909 2,171,511 1,350,744 Capitalized interest — (1,366,956) (292,044) Total $ 40,480,428 $ 37,803,787 $ 27,067,395 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Commitments for Newbuilding and Supervision Agreement | |
Long-Term Purchase Commitment [Line Items] | |
Schedule of commitments and contingencies by fiscal year maturities | March 31, 2024 Less than one year $ 12,027,854 One to three years 83,988,654 Total $ 96,016,508 |
Commitments for Scrubber Purchases and Vessel Upgrades | |
Long-Term Purchase Commitment [Line Items] | |
Schedule of commitments and contingencies by fiscal year maturities | March 31, 2024 Less than one year $ 435,347 |
Fixed Time Charter Commitments | |
Long-Term Purchase Commitment [Line Items] | |
Schedule of commitments and contingencies by fiscal year maturities | March 31, 2024 Less than one year $ 7,827,986 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Financial Instruments and Fair Value Disclosures: | |
Schedule of interest rate swaps, principal terms | Transaction Termination Fixed Nominal value Nominal value Interest rate swap Date Date interest rate March 31, 2024 March 31, 2023 2023 A&R Debt Facility - ING (1) September 2015 March 2025 0.9150 % 28,649,740 36,695,201 2023 A&R Debt Facility - CACIB (2) August 2022 March 2025 0.9208 % 57,299,480 73,390,402 2023 A&R Debt Facility - BNP (3) August 2022 March 2025 0.9208 % 57,299,480 73,390,402 2023 A&R Debt Facility - ING (4) January 2023 July 2029 2.8250 % 20,751,300 — $ 164,000,000 $ 183,476,005 (1) Reduces quarterly with a final settlement of $23.8 million in March 2025. (2) Reduces quarterly with a final settlement of $47.6 million in March 2025. (3) Reduces quarterly with a final settlement of $47.6 million in March 2025. (4) 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 2023 A&R Debt Facility until final settlement of $80 million in July 2029 . |
Schedule of derivative instruments location on the statement of financial position | March 31, 2024 March 31, 2023 Current assets Current liabilities Current assets Current liabilities Derivatives not designated as hedging instruments Derivative instruments Derivative instruments Derivative instruments Derivative instruments Interest rate swap agreements $ 5,139,056 $ — $ — $ — March 31, 2024 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 $ 4,145,153 $ — $ 9,278,544 $ — |
Schedule of derivative instruments effect within the unaudited interim consolidated statement of operations | Year ended March 31, 2024 March 31, 2023 March 31, 2022 Unrealized gain/(loss) on investment securities $ 1,483,522 $ 1,443,683 $ (1,587,090) Realized gain on investment securities 872,557 987,206 447,255 Net gain/(loss) on investment securities $ 2,356,079 $ 2,430,889 $ (1,139,835) |
Schedule of derivative instruments summary of gains and losses on investment securities | Year ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized March 31, 2024 March 31, 2023 March 31, 2022 Interest rate swaps—change in fair value Unrealized gain on derivatives 5,665 2,766,065 11,067,870 Interest rate swaps—realized gain/(loss) Realized gain/(loss) on derivatives 7,493,246 3,771,522 (3,450,443) Gain/(Loss) on derivatives, net $ 7,498,911 $ 6,537,587 $ 7,617,427 |
Schedule of carrying values and estimated fair values of fixed rate debt obligations | March 31, 2024 March 31, 2023 Carrying Value Fair Value Carrying Value Fair Value Corsair Japanese Financing $ 31,145,834 $ 29,624,330 $ 34,395,834 $ 33,051,190 Cresques Japanese Financing 25,608,991 26,180,173 27,377,615 27,377,615 Cratis Japanese Financing 41,500,000 38,302,845 45,580,000 42,185,289 Copernicus Japanese Financing 41,500,000 38,302,845 45,580,000 42,185,289 Chaparral Japanese Financing 59,896,473 57,627,652 62,342,859 60,701,217 Caravelle Japanese Financing 42,500,000 39,003,038 46,100,000 42,707,169 Cougar Japanese Financing 43,700,000 43,715,910 47,300,000 47,300,000 Captain Markos Dual-Fuel Japanese Financing 53,270,000 54,923,798 55,790,000 55,790,000 BALCAP Facility 66,330,459 62,186,682 74,096,125 69,032,167 |
Earnings Per Share ("EPS") (Tab
Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share ("EPS"): | |
Summary of components used in calculating basic and diluted EPS | Year ended (In U.S. dollars except share data) March 31, 2024 March 31, 2023 March 31, 2022 Numerator: Net income $ 307,446,913 $ 172,443,930 $ 71,935,018 Denominator: Basic weighted average number of common shares outstanding 40,275,350 40,026,313 40,203,937 Effect of dilutive restricted stock and restricted stock units 175,217 185,329 161,151 Diluted weighted average number of common shares outstanding 40,450,567 40,211,642 40,365,088 EPS: Basic $ 7.63 $ 4.31 $ 1.79 Diluted $ 7.60 $ 4.29 $ 1.78 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended |
Mar. 31, 2024 | |
Selected Quarterly Financial Information (unaudited): | |
Schedule of quarterly results | Three months ended June 30, 2023 September 30, 2023 December 31, 2023 March 31, 2024 Revenues $ 111,562,907 $ 144,698,462 $ 163,064,503 $ 141,391,564 Operating income 55,622,307 80,488,079 110,340,861 82,378,988 Net income 51,721,137 76,512,665 99,972,913 79,240,198 Earnings per common share, basic 1.29 1.90 2.48 1.96 Earnings per common share, diluted $ 1.28 $ 1.89 $ 2.47 $ 1.96 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 |
Basis of Presentation and Gen_3
Basis of Presentation and General Information (Details) | 12 Months Ended |
Mar. 31, 2024 m³ | |
Capacity of dual-fuel ECO VLGC vessels (cubic meters) | 84,000 |
Capacity of fuel-efficient ECO VLGC vessels (cubic meters) | 84,000 |
Capacity of modern VLGC vessels (cubic meters) | 82,000 |
Represents the capacity of VLGC/AC in cubic meters | 93,000 |
Total VLGC vessels in fleet | 25 |
Dual-fuel ECO VLGCs in fleet | 1 |
Fuel-efficient ECO VLGCs in fleet | 19 |
Modern VLGCs in fleet | 1 |
Time chartered-in dual-fuel Panamax size VLGCs in fleet | 3 |
Time chartered-in ECO VLGCs in fleet | 1 |
ECO VLGCs in fleet (equipped with scrubbers) | 15 |
Time chartered-in ECO VLGCs in fleet (equipped with scrubbers) | 1 |
Additional VLGCs with purchase commitments for scrubbers | 1 |
Minimum | |
Capacity of standard VLGC vessels (cubic meters) | 80,000 |
Basis of Presentation and Gen_4
Basis of Presentation and General Information - Vessel Capacity (Details) | Mar. 31, 2024 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 |
Dorian LPG Ammonia Transport LLC (Hull No. 2373) | 2026 (Under Construction) | |
Vessel Subsidiaries | |
Capacity of vessel (in cubic meters) | 93,000 |
Basis of Presentation and Gen_5
Basis of Presentation and General Information - Additional Information (Details) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Total Revenue Benchmark | Customer Concentration | Helios Pool | Corporate Joint Venture | |||
Concentration risk percentage | 95% | 94% | 90% |
Significant Accounting Polici_3
Significant Accounting Policies (Details) | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Other comprehensive income/(loss): | |||
Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
Foreign currency translation | |||
Number of foreign currency derivative instruments held | 0 | 0 | 0 |
Trade receivables (net): | |||
Provision for doubtful accounts | $ 0 | $ 0 | $ 0 |
Minimum | |||
Short-term Investments: | |||
Maturity of liquid investments considered short-term investments | 3 months | ||
Maximum | |||
Short-term Investments: | |||
Maturity of liquid investments considered cash and cash equivalents | 3 months | ||
Maturity of liquid investments considered short-term investments | 12 months |
Significant Accounting Polici_4
Significant Accounting Policies - Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2024 item | |
Segment reporting: | |
Number of reportable segments | 1 |
Vessels, net | |
Vessels, Net | |
Useful life of vessels | 25 years |
Number of years for initial drydocking requirement | 15 years |
Initial drydocking period | 5 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 - Fair Values (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 |
Accounting hedges | |||
Derivative Instruments: | |||
Fair value of derivative | $ 0 | $ 0 | $ 0 |
Significant Accounting Polici_6
Significant Accounting Policies - Accounting Pronouncements (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Minimum [Member] | |
New Accounting Pronouncements or Change in Accounting Principle | |
Standard payment period terms of freight paid | 3 days |
Maximum [Member] | |
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) - USD ($) | 12 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Jul. 26, 2013 | |
Related Party Transaction [Line Items] | ||||
Other income - related parties | $ 2,592,291 | $ 2,401,701 | $ 2,374,050 | |
Other revenues, net | 1,886,295 | 2,491,333 | 5,538,757 | |
John C. Hadjipateras, CEO | Eagle Ocean Transport, Inc. | ||||
Related Party Transaction [Line Items] | ||||
Ownership interest (as a percent) | 100% | |||
Dorian (Hellas), S.A. | Dorian LPG (USA) LLC and Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Other income - related parties | 100,000 | 100,000 | 100,000 | |
Helios LPG Pool LLC | Dorian LPG (USA) LLC and Subsidiaries | ||||
Related Party Transaction [Line Items] | ||||
Other income - related parties | 2,500,000 | 2,200,000 | 2,100,000 | |
Other revenues, net | $ 800,000 | $ 1,400,000 | $ 3,100,000 |
Transactions with Related Par_3
Transactions with Related Parties - Helios LPG Pool LLC (Details) | 12 Months Ended | ||
Apr. 01, 2015 item | Mar. 31, 2024 USD ($) item | Mar. 31, 2023 USD ($) | |
Related Party Transaction [Line Items] | |||
Due to related parties | $ 7,283 | $ 168,793 | |
Helios LPG Pool LLC | |||
Related Party Transaction [Line Items] | |||
Total VLGC vessels operated by the Helios Pool | item | 28 | ||
Dorian LPG owned VLGC vessels operated by the Helios Pool | item | 23 | ||
Unrelated party time chartered-in VLGC vessels operated by the Helios Pool | item | 4 | ||
Due from related parties | $ 77,600,000 | 93,700,000 | |
Due to related parties | 100,000 | 200,000 | |
Contributed working capital | $ 25,300,000 | 22,000,000 | |
Working capital contributed, current | 1,100,000 | ||
Helios LPG Pool LLC | MOL Energia | |||
Related Party Transaction [Line Items] | |||
Ownership interest (as a percent) | 50% | ||
Board members from each joint venture needed to approve operational activities | item | 2 | ||
MOL Energia owned VLGC vessels operated by the Helios Pool | item | 5 | ||
Dorian (Hellas), S.A. | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ 0 | $ 0 |
Inventories (Details)
Inventories (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Inventories | ||
Inventories | $ 2,393,379 | $ 2,642,395 |
Lubricants | ||
Inventories | ||
Inventories | 2,184,545 | 2,472,716 |
Bonded stores | ||
Inventories | ||
Inventories | $ 208,834 | $ 169,679 |
Vessels, Net (Details)
Vessels, Net (Details) | 12 Months Ended | |
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Net book value balance, beginning | $ 1,263,976,818 | |
Net book value balance, ending | 1,232,417,891 | $ 1,263,976,818 |
Vessels, net | ||
Property, Plant and Equipment [Line Items] | ||
Cost balance, beginning | 1,724,463,634 | 1,638,075,449 |
Vessel delivered | 84,432,491 | |
Other additions | 8,733,275 | 1,955,694 |
Cost balance, ending | 1,733,196,909 | 1,724,463,634 |
Accumulated depreciation balance, beginning | (460,535,029) | (400,013,759) |
Depreciation | (64,073,667) | (60,521,270) |
Accumulated depreciation balance, ending | (524,608,696) | (460,535,029) |
Net book value balance, beginning | 1,263,928,605 | 1,238,061,690 |
Net book value balance, ending | 1,208,588,213 | 1,263,928,605 |
Carrying value | 1,175,600,000 | 1,227,800,000 |
Impairment charges against VLGC fleet | $ 0 | $ 0 |
Vessel Under Construction (Deta
Vessel Under Construction (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Vessel under construction | |||
Capitalized interest | $ 1,366,956 | $ 292,044 | |
Balance | $ 23,829,678 | ||
Vessels under commitment | |||
Vessel under construction | |||
Balance | 16,401,532 | ||
Installment payments | 23,800,740 | 64,000,000 | |
Other capitalized expenditures | 28,938 | 2,664,003 | |
Capitalized interest | 1,366,956 | ||
Vessels delivered (transferred to Vessels) | $ (84,432,491) | ||
Balance | $ 23,829,678 | $ 16,401,532 |
Deferred Charges, Net (Details)
Deferred Charges, Net (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Balance, April 1st | $ 8,367,301 | |
Balance, March 31st | 12,544,098 | $ 8,367,301 |
Drydocking Costs | ||
Balance, April 1st | 8,367,301 | 9,839,000 |
Additions | 8,769,037 | 1,401,495 |
Amortization | (4,592,240) | (2,873,194) |
Balance, March 31st | $ 12,544,098 | $ 8,367,301 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Accrued Expenses: | ||
Accrued voyage and vessel operating expenses | $ 1,598,552 | $ 3,072,568 |
Accrued employee-related costs | 1,330,577 | 1,292,735 |
Accrued professional services | 399,192 | 479,502 |
Accrued loan and swap interest | 532,071 | 529,069 |
Other | 88,028 | 263,851 |
Total | $ 3,948,420 | $ 5,637,725 |
Long-term Debt (Details)
Long-term Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||||||||||
Mar. 31, 2023 | Mar. 23, 2023 | Mar. 20, 2023 | May 19, 2022 | Mar. 31, 2022 | Mar. 29, 2022 | Mar. 18, 2022 | Dec. 29, 2021 | Apr. 23, 2020 | Apr. 21, 2020 | Nov. 07, 2017 | Mar. 31, 2024 | Dec. 22, 2023 | Jul. 21, 2023 | Jun. 12, 2023 | Jul. 29, 2022 | |
SOFR | Minimum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 2.05% | |||||||||||||||
2022 Debt Facility | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Principal amount financed | $ 260,000 | |||||||||||||||
2023 A&R Debt Facility | Minimum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Debt covenant, ratio of current assets and long-term restricted cash to current liabilities, excluding current portion of long-term debt | 100% | |||||||||||||||
Debt covenant, stockholder's equity balance | $ 400,000 | |||||||||||||||
Debt covenant, ratio of net debt to total capitalization | 0.60 | |||||||||||||||
Debt covenant, percentage of the FMV of mortgaged ships plus any additional security to outstanding loan balance | 145% | |||||||||||||||
Debt covenant, minimum liquidity | $ 27,500 | |||||||||||||||
2023 A&R Debt Facility | Maximum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Debt covenant, ratio of net debt to total capitalization | 1 | |||||||||||||||
Debt covenant, percentage of consolidated interest-bearing debt | 5% | |||||||||||||||
2023 A&R Debt Facility | Sustainability Pricing Adjustment | Maximum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 0.05% | |||||||||||||||
2023 A&R Term Loan Facility | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Principal amount financed | $ 240,000 | |||||||||||||||
Outstanding debt refinanced on agreement date | 215,000 | |||||||||||||||
2023 A&R Term Loan Facility | SOFR | Maximum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 2.15% | |||||||||||||||
2023 A&R Revolving Credit Facility | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Outstanding credit balance on agreement date | 20,000 | |||||||||||||||
2023 A&R Revolving Credit Facility | Maximum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Available credit under revolving credit facility | 50,000 | |||||||||||||||
2023 A&R Revolving Credit Facility | Interest Accrual Rate | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 0.40% | |||||||||||||||
2023 A&R Accordion Term Loan Facility | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Principal amount financed | $ 100,000 | |||||||||||||||
BALCAP Facility | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Principal amount financed | $ 83,400 | |||||||||||||||
Fixed interest rate | 3.78% | |||||||||||||||
Loan term period | 5 years | |||||||||||||||
Monthly principal payments on debt | $ 900 | |||||||||||||||
Balloon payment due at maturity | 44,100 | |||||||||||||||
Net cash proceeds in refinancing transaction after repayment of pre-existing debt | $ 34,900 | |||||||||||||||
BALCAP Facility | Minimum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Debt covenant, percentage of the FMV of mortgaged ships plus any additional security to outstanding loan balance | 125% | |||||||||||||||
Corsair Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 4.90% | |||||||||||||||
Loan term period | 12 years | |||||||||||||||
Monthly principal payments on debt | $ 300 | |||||||||||||||
Balloon payment due at maturity | 13,000 | |||||||||||||||
Repayment of debt | 30,100 | |||||||||||||||
Financing cost to be incurred | $ 100 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 1% | |||||||||||||||
Cresques Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 6.55% | |||||||||||||||
Loan term period | 12 years | |||||||||||||||
Monthly principal payments on debt | $ 300 | |||||||||||||||
Balloon payment due at maturity | $ 11,500 | |||||||||||||||
Repayment of debt | $ 15,000 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Increase in interest rate from switch from LIBOR to SOFR | 0.11448% | |||||||||||||||
Fees incurred on prepayment of debt | 100 | |||||||||||||||
Adjusted monthly principal payment amount | $ 100 | |||||||||||||||
Percentage of broker commission fee payable | 0.50% | |||||||||||||||
Cresques Japanese Financing | LIBOR Exposure | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 2.50% | |||||||||||||||
Cratis Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 4.10% | |||||||||||||||
Loan term period | 9 years | |||||||||||||||
Monthly principal payments on debt | $ 300 | |||||||||||||||
Balloon payment due at maturity | 13,300 | |||||||||||||||
Repayment of debt | $ 25,100 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||
Estimated financing cost to be incurred | $ 300 | |||||||||||||||
Copernicus Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 4.10% | |||||||||||||||
Loan term period | 9 years | |||||||||||||||
Monthly principal payments on debt | $ 300 | |||||||||||||||
Balloon payment due at maturity | 13,300 | |||||||||||||||
Repayment of debt | 25,300 | |||||||||||||||
Financing cost to be incurred | $ 300 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||
Chaparral Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Calculated interest rate | 5.30% | |||||||||||||||
Loan term period | 7 years | |||||||||||||||
Monthly principal payments on debt | $ 500 | |||||||||||||||
Repayment of debt | 24,000 | |||||||||||||||
Financing cost to be incurred | 100 | |||||||||||||||
Caravelle Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 4.20% | |||||||||||||||
Loan term period | 10 years | |||||||||||||||
Monthly principal payments on debt | $ 300 | |||||||||||||||
Balloon payment due at maturity | 14,000 | |||||||||||||||
Repayment of debt | $ 24,800 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Brokerage commission fee on exercised purchase option (as a percent) | 0.50% | |||||||||||||||
Estimated financing cost to be incurred | $ 300 | |||||||||||||||
Cougar Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 6.34% | |||||||||||||||
Loan term period | 10 years | |||||||||||||||
Quarterly principal payments on debt | $ 900 | |||||||||||||||
Balloon payment due at maturity | 14,000 | |||||||||||||||
Repayment of debt | $ 20,000 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Estimated financing cost to be incurred | $ 400 | |||||||||||||||
Brokerage commission fee on delivery purchase option (as a percent) | 0.50% | |||||||||||||||
Cougar Japanese Financing | SOFR | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 2.45% | |||||||||||||||
Captain Markos Dual-Fuel Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Fixed interest rate | 6.39% | |||||||||||||||
Loan term period | 13 years | |||||||||||||||
Balloon payment due at maturity | $ 19,400 | |||||||||||||||
Monthly brokerage commission (as a percent) | 1.25% | |||||||||||||||
Brokerage commission fee on delivery purchase option (as a percent) | 1% | |||||||||||||||
Margin added to SOFR for interest rate on loan facility (as a percent) | 0.1148% | |||||||||||||||
Captain Markos Dual-Fuel Japanese Financing | Minimum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Monthly principal payments on debt | $ 210 | |||||||||||||||
Captain Markos Dual-Fuel Japanese Financing | Maximum | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Monthly principal payments on debt | $ 250 | |||||||||||||||
Captain Markos Dual-Fuel Japanese Financing | SOFR | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Margin added to base interest rate under debt facility | 2.475% | |||||||||||||||
VLGC Vessel ("The Corsair") | Corsair Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 65,000 | |||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||
Period until purchase option exercisable | 2 years | |||||||||||||||
Proceeds from sale of vessel | $ 52,000 | |||||||||||||||
Deposit retained by buyer used for purchase payment | $ 13,000 | |||||||||||||||
VLGC Vessel ("The Cresques") | Cresques Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 71,500 | |||||||||||||||
Term of Charter Agreement | 12 years | |||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||
Proceeds from sale of vessel | $ 52,500 | |||||||||||||||
Deposit retained by buyer used for purchase payment | $ 19,000 | |||||||||||||||
Repayment of debt | $ 28,500 | |||||||||||||||
VLGC Vessel ("The Cratis") | Cratis Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 70,000 | |||||||||||||||
Term of Charter Agreement | 9 years | |||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||
Proceeds from sale of vessel | $ 50,000 | |||||||||||||||
Deposit retained by buyer used for purchase payment | 20,000 | |||||||||||||||
VLGC Vessel ("The Copernicus") | Copernicus Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 70,000 | |||||||||||||||
Term of Charter Agreement | 9 years | |||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||
Proceeds from sale of vessel | $ 50,000 | |||||||||||||||
Deposit retained by buyer used for purchase payment | $ 20,000 | |||||||||||||||
VLGC Vessel ("The Chaparral") | Chaparral Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 64,900 | |||||||||||||||
Term of Charter Agreement | 7 years | |||||||||||||||
Periods with no purchase obligation | 3 years | |||||||||||||||
Period until purchase option exercisable | 5 years | |||||||||||||||
Proceeds from sale of vessel | $ 64,900 | |||||||||||||||
Vessel price under purchase option | $ 45,800 | |||||||||||||||
VLGC Vessel ("The Caravelle") | Caravelle Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 71,500 | |||||||||||||||
Term of Charter Agreement | 10 years | |||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||
Proceeds from sale of vessel | $ 50,000 | |||||||||||||||
Deposit retained by buyer used for purchase payment | $ 21,500 | |||||||||||||||
VLGC Vessel ("The Cougar") | Cougar Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 70,000 | |||||||||||||||
Term of Charter Agreement | 10 years | |||||||||||||||
Period until purchase option exercisable | 3 years | |||||||||||||||
Proceeds from sale of vessel | $ 50,000 | |||||||||||||||
Deposit retained by buyer used for purchase payment | $ 20,000 | |||||||||||||||
VLGC Vessel ("The Captain Markos") | Captain Markos Dual-Fuel Japanese Financing | ||||||||||||||||
Total Debt Obligations | ||||||||||||||||
Value of vessel transferred | $ 56,000 | |||||||||||||||
Vessel purchase price | $ 25,000 |
Long-term Debt - Outstanding De
Long-term Debt - Outstanding Debt Obligations (Details) - USD ($) | Mar. 31, 2024 | Jul. 21, 2023 | Jun. 12, 2023 | Mar. 31, 2023 | Mar. 31, 2022 | Mar. 18, 2022 | Nov. 07, 2017 |
Total Debt Obligations | |||||||
Total debt obligations | $ 610,451,757 | $ 663,562,433 | |||||
Less: deferred financing fees | 5,359,227 | 6,195,087 | $ 7,257,486 | ||||
Debt obligations-net of deferred financing fees | 605,092,530 | 657,367,346 | |||||
Presented as follows: | |||||||
Current portion of long-term debt | 53,543,315 | 53,110,676 | |||||
Long-term debt-net of current portion and deferred financing fees | 551,549,215 | 604,256,670 | |||||
Total long-term debt | 605,092,530 | 657,367,346 | |||||
2023 A&R Debt Facility/2022 Debt Facility | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 205,000,000 | 225,000,000 | |||||
Japanese Financings | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 339,121,298 | 364,466,308 | |||||
Corsair Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 31,145,834 | 34,395,834 | |||||
Fixed interest rate | 4.90% | ||||||
Cresques Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 25,608,991 | 27,377,615 | |||||
Fixed interest rate | 6.55% | ||||||
Cratis Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 41,500,000 | 45,580,000 | |||||
Fixed interest rate | 4.10% | ||||||
Copernicus Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 41,500,000 | 45,580,000 | |||||
Fixed interest rate | 4.10% | ||||||
Chaparral Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 59,896,473 | 62,342,859 | |||||
Caravelle Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 42,500,000 | 46,100,000 | |||||
Fixed interest rate | 4.20% | ||||||
Cougar Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 43,700,000 | 47,300,000 | |||||
Fixed interest rate | 6.34% | ||||||
Captain Markos Dual-Fuel Japanese Financing | |||||||
Total Debt Obligations | |||||||
Total debt obligations | 53,270,000 | 55,790,000 | |||||
Fixed interest rate | 6.39% | ||||||
BALCAP Facility | |||||||
Total Debt Obligations | |||||||
Total debt obligations | $ 66,330,459 | $ 74,096,125 |
Long-term Debt - Deferred Finan
Long-term Debt - Deferred Financing Fees (Details) - USD ($) | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Long-term Debt: | ||
Balance, April 1st | $ 6,195,087 | $ 7,257,486 |
Additions | 407,500 | 4,538,094 |
Amortization | (1,243,360) | (5,600,493) |
Balance, March 31st | $ 5,359,227 | $ 6,195,087 |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Payments (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Minimum annual principal payments | ||
2025 | $ 53,543,315 | |
2026 | 53,994,778 | |
2027 | 95,660,887 | |
2028 | 45,966,482 | |
2029 | 92,074,591 | |
Thereafter | 269,211,704 | |
Total | $ 610,451,757 | $ 663,562,433 |
Leases - Time Charter-in Contra
Leases - Time Charter-in Contracts (Details) | 12 Months Ended | ||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Lessee, Lease, Description [Line Items] | |||
Charter hire expenses | $ 43,673,387 | $ 23,194,712 | $ 16,265,638 |
Operating lease right-of-use assets | 191,700,338 | 158,179,398 | |
Time Charter-in VLGCs | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease right-of-use assets | $ 190,505,364 | 156,524,900 | |
Dual-Fuel Panamax VLGC (The Cristobal) | Time Charter-in VLGCs | |||
Lessee, Lease, Description [Line Items] | |||
Number of option periods to extend time charter-in commitments | 2 | ||
Duration of time charter-in option periods | 1 year | ||
Operating lease right-of-use assets | $ 62,600,000 | ||
Dual-Fuel Panamax VLGC (The Cristobal) | Minimum | Time Charter-in VLGCs | |||
Lessee, Lease, Description [Line Items] | |||
Duration of Dual-fuel Panamax LPG time charter-in commitments | 7 years | ||
Dual-Fuel Panamax VLGC (The Cristobal) | Maximum | Time Charter-in VLGCs | |||
Lessee, Lease, Description [Line Items] | |||
Duration of Dual-fuel Panamax LPG time charter-in commitments | 9 years | ||
Helios LPG Pool LLC | |||
Lessee, Lease, Description [Line Items] | |||
Pool revenue - time chartered-in VLGCs | $ 97,500,000 | $ 38,600,000 | $ 19,200,000 |
Leases - Office Leases (Details
Leases - Office Leases (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease weighted average discount rate | 5.82% | ||
Operating lease weighted average remaining lease term | 67 months 9 days | ||
Minimum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease discount rate | 4.92% | ||
Maximum | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease discount rate | 6.34% | ||
General and Administrative Expenses | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease rent expense | $ 558,957 | $ 569,804 | $ 624,370 |
Stamford, Connecticut, USA | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease weighted average remaining lease term | 5 years | ||
Copenhagen, Denmark | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease weighted average remaining lease term | 31 months | ||
Athens, Greece | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease weighted average remaining lease term | 4 years |
Leases - Operating Lease Right-
Leases - Operating Lease Right-of-Use Asset and Lease Liabilities (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Leases | ||
Operating lease right-of-use assets | $ 191,700,338 | $ 158,179,398 |
Current portion of long-term operating lease liabilities | 32,491,122 | 23,407,555 |
Long-term operating lease liabilities | 159,226,326 | 134,782,483 |
Office Leases | ||
Leases | ||
Operating lease right-of-use assets | 1,194,974 | 1,654,498 |
Current portion of long-term operating lease liabilities | 448,317 | 436,810 |
Long-term operating lease liabilities | 763,767 | 1,228,328 |
Time Charter-in VLGCs | ||
Leases | ||
Operating lease right-of-use assets | 190,505,364 | 156,524,900 |
Current portion of long-term operating lease liabilities | 32,042,805 | 22,970,745 |
Long-term operating lease liabilities | $ 158,462,559 | $ 133,554,155 |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) | Mar. 31, 2024 USD ($) |
Leases: | |
Less than one year | $ 42,601,826 |
One to three years | 84,320,188 |
Three to five years | 64,095,615 |
More than five years | 33,164,389 |
Total undiscounted lease payments | 224,182,018 |
Less: imputed interest | (32,464,570) |
Carrying value of operating lease liabilities | $ 191,717,448 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended | 26 Months Ended | ||||||||||||||||||||||||||||||||
Feb. 27, 2024 USD ($) | Jan. 24, 2024 $ / shares | Nov. 02, 2023 USD ($) | Oct. 06, 2023 $ / shares | Sep. 05, 2023 USD ($) | Aug. 05, 2023 USD ($) | Jul. 27, 2023 $ / shares | Jun. 15, 2023 USD ($) | May 22, 2023 USD ($) | Apr. 26, 2023 $ / shares | Feb. 28, 2023 USD ($) | Feb. 01, 2023 $ / shares | Dec. 06, 2022 USD ($) | Oct. 27, 2022 $ / shares | Sep. 02, 2022 USD ($) | Aug. 05, 2022 USD ($) | Aug. 03, 2022 $ / shares | Jun. 15, 2022 USD ($) | Jun. 02, 2022 USD ($) | May 04, 2022 $ / shares | Mar. 31, 2024 USD ($) item shares | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | Mar. 31, 2024 USD ($) shares | Feb. 05, 2024 USD ($) | Oct. 20, 2023 USD ($) | Aug. 10, 2023 USD ($) | May 08, 2023 USD ($) | Feb. 15, 2023 USD ($) | Nov. 07, 2022 USD ($) | Aug. 15, 2022 USD ($) | May 16, 2022 USD ($) | Feb. 02, 2022 USD ($) | Jul. 01, 2013 $ / shares shares | |
Irregular cash dividends declared (USD per share) | $ / shares | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 2.50 | ||||||||||||||||||||||||||
Irregular cash dividends payable | $ 40,600,000 | $ 40,600,000 | $ 40,600,000 | $ 40,400,000 | $ 40,400,000 | $ 40,400,000 | $ 40,300,000 | $ 100,300,000 | ||||||||||||||||||||||||||
Irregular cash dividends, cash paid | $ 40,300,000 | $ 40,300,000 | $ 40,300,000 | $ 700,000 | $ 400,000 | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 400,000 | $ 200,000 | $ 99,700,000 | $ 162,260,785 | $ 220,597,827 | $ 80,082,210 | |||||||||||||||||||
Irregular cash dividends, amount deferred | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | $ 300,000 | $ 200,000 | $ 600,000 | ||||||||||||||||||||||||||
Capital Stock Shares Authorized | shares | 500,000,000 | |||||||||||||||||||||||||||||||||
Capital Stock Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||||||||||||||||
Common Stock, Shares Authorized | shares | 450,000,000 | 450,000,000 | 450,000,000 | |||||||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||||||||||||||||||||
Number of Votes Entitled to Shareholders | item | 1 | |||||||||||||||||||||||||||||||||
Aggregate consideration for common share repurchases | $ 3,940,401 | $ 1,669,902 | $ 21,364,822 | |||||||||||||||||||||||||||||||
2022 Common Share Repurchase Authority | ||||||||||||||||||||||||||||||||||
Common stock repurchase authorized amount | $ 100,000,000 | |||||||||||||||||||||||||||||||||
Treasury stock shares acquired (in shares) | shares | 75,000 | |||||||||||||||||||||||||||||||||
Aggregate consideration for common share repurchases | $ 1,800,000 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Restricted Share Unit Activity (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2021 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | Apr. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common shares reserved for future issuance | 2,850,000 | ||||
Additional shares reserved for future issuance | 2,015,000 | ||||
Non-executive director | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted | 31,400 | 34,695 | 46,086 | ||
Restricted shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted vesting on first, second and third anniversary of grant date | 229,750 | 47,750 | 51,400 | ||
Shares granted vesting on first and second anniversary of grant date | 35,000 | 53,100 | 129,500 | ||
Unrecognized compensation cost | $ 3.9 | ||||
Weighted average life over which unrecognized compensation is expected to be recognized | 1 year 3 months 7 days | ||||
Fair value of restricted share vested during the year | $ 10.5 | $ 4.8 | $ 4.1 | ||
Incentive Share/Unit Awards | |||||
Unvested as of April 1st | 328,382 | 329,090 | |||
Granted | 341,650 | 301,045 | |||
Vested | (299,253) | ||||
Forfeited | (2,500) | ||||
Unvested as of March 31st | 307,873 | 328,382 | 329,090 | ||
Weighted-Average Grant-Date Fair Value | |||||
Unvested as of April 1st | $ 11.79 | $ 10.56 | |||
Granted | 29.81 | 16.01 | |||
Vested | 12.83 | ||||
Forfeited | 14.66 | ||||
Unvested as of March 31st | $ 23.16 | $ 11.79 | $ 10.56 | ||
Restricted shares | General and Administrative Expenses | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 8.3 | $ 4.3 | $ 3.3 | ||
Restricted shares | Certain officers and employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum Percent Of Weighted Average Price Of Common Shares Over Any Consecutive 15 Day Period Of Book Value Of One Share Of Company | 95% | ||||
Restricted Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares granted vesting on first, second and third anniversary of grant date | 11,700 | ||||
Shares granted vesting on first and second anniversary of grant date | 45,500 | 165,500 | 25,000 | ||
Incentive Share/Unit Awards | |||||
Vested | (362,159) | ||||
Weighted-Average Grant-Date Fair Value | |||||
Vested | $ 19.13 | ||||
Restricted Stock Units | Certain officers and employees | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Minimum Percent Of Weighted Average Price Of Common Shares Over Any Consecutive 15 Day Period Of Book Value Of One Share Of Company | 95% |
Revenues (Details)
Revenues (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues: | |||||||||||
Net pool revenues - related party | $ 532,935,157 | $ 364,548,262 | $ 246,305,480 | ||||||||
Time charter revenues | 25,895,984 | 22,709,620 | 22,377,211 | ||||||||
Other revenues, net | 1,886,295 | 2,491,333 | 5,538,757 | ||||||||
Total revenues | $ 141,391,564 | $ 163,064,503 | $ 144,698,462 | $ 111,562,907 | $ 133,635,050 | $ 103,322,256 | $ 75,968,187 | $ 76,823,722 | $ 560,717,436 | $ 389,749,215 | $ 274,221,448 |
Voyage Expenses (Details)
Voyage Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Voyage Expenses: | |||
Bunkers | $ 1,456,899 | $ 2,109,904 | $ 2,159,341 |
War risk insurances | 345,513 | 940,436 | 1,510,720 |
Brokers' commissions | 319,616 | 290,099 | 265,207 |
Security cost and other voyage expenses | 552,151 | 271,013 | 389,444 |
Total voyage expenses | $ 2,674,179 | $ 3,611,452 | $ 4,324,712 |
Vessel Operating Expenses (Deta
Vessel Operating Expenses (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Vessel Operating Expenses: | |||
Crew wages and related costs | $ 43,088,059 | $ 42,141,262 | $ 44,950,878 |
Spares and stores | 17,373,145 | 13,644,604 | 14,486,392 |
Repairs and maintenance costs | 6,769,114 | 4,743,513 | 4,528,776 |
Insurance | 4,221,672 | 3,906,409 | 4,056,225 |
Lubricants | 4,313,513 | 4,002,361 | 3,351,279 |
Miscellaneous expenses | 4,696,187 | 3,063,622 | 2,830,668 |
Total | $ 80,461,690 | $ 71,501,771 | $ 74,204,218 |
Interest and Finance Costs (Det
Interest and Finance Costs (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Interest and Finance Costs: | |||
Interest incurred | $ 38,008,159 | $ 31,398,739 | $ 20,119,655 |
Amortization of financing costs | 1,243,360 | 5,600,493 | 5,889,040 |
Other finance costs | 1,228,909 | 2,171,511 | 1,350,744 |
Capitalized interest | (1,366,956) | (292,044) | |
Total | $ 40,480,428 | $ 37,803,787 | $ 27,067,395 |
Income Taxes (Details)
Income Taxes (Details) | 12 Months Ended |
Mar. 31, 2024 | |
Tax rate on US source shipping income (as a percent) | 4% |
U.S. | |
Tax rate on US source shipping income (as a percent) | 4% |
Shipping income (as a percent) | 50% |
Commitments and Contingencies_2
Commitments and Contingencies (Details) | Mar. 31, 2024 USD ($) m³ |
Long-Term Purchase Commitment [Line Items] | |
Represents the capacity of VLGC/AC in cubic meters | m³ | 93,000 |
Commitments Under Contracts for Scrubbers Purchases | |
Commitments under Contracts for Scrubbers Purchases | |
Less than one year | $ 435,347 |
Commitments for Newbuilding and Supervision Agreement | |
Commitments for Newbuilding VLGC/AC Vessels Abstract | |
Less than one year | 12,027,854 |
One to three years | 83,988,654 |
Total | 96,016,508 |
Fixed Time Charter Contracts | |
Fixed Time Charter Contracts | |
Less than one year | $ 7,827,986 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures - Interest Rate Swaps (Details) - 2023 A&R Debt Facility - USD ($) | Mar. 31, 2024 | Jun. 26, 2023 | Mar. 31, 2023 | Aug. 25, 2022 | Aug. 08, 2022 |
Interest Rate Swaps | |||||
Derivative Instruments | |||||
Nominal value | $ 164,000,000 | $ 183,476,005 | |||
Interest Rate Swaps (March 2025 Termination) | LIBOR Exposure | Citibank N.A. | |||||
Derivative Instruments | |||||
Initial fixed interest rate | 1.0908% | ||||
Interest Rate Swaps (March 2025 Termination) | LIBOR Exposure | ING | |||||
Derivative Instruments | |||||
Initial fixed interest rate | 1.145% | ||||
Interest Rate Swaps (March 2025 Termination) | SOFR Exposure | ING | |||||
Derivative Instruments | |||||
Amended interest rate | 0.915% | ||||
Fixed interest rate (as a percent) | 0.915% | ||||
Nominal value | $ 28,649,740 | 36,695,201 | |||
Final settlement amount | $ 23,800,000 | ||||
Interest Rate Swaps (March 2025 Termination) | SOFR Exposure | CACIB | |||||
Derivative Instruments | |||||
Amended interest rate | 0.9208% | ||||
Fixed interest rate (as a percent) | 0.9208% | ||||
Nominal value | $ 57,299,480 | 73,390,402 | |||
Final settlement amount | $ 47,600,000 | ||||
Interest Rate Swaps (March 2025 Termination) | SOFR Exposure | BNP | |||||
Derivative Instruments | |||||
Amended interest rate | 0.9208% | ||||
Fixed interest rate (as a percent) | 0.9208% | ||||
Nominal value | $ 57,299,480 | $ 73,390,402 | |||
Final settlement amount | $ 47,600,000 | ||||
Interest Rate Swaps (July 2029 Termination) | No Floating-rate Exposure | ING | |||||
Derivative Instruments | |||||
Initial fixed interest rate | 2.8525% | ||||
Fixed interest rate (as a percent) | 2.825% | ||||
Nominal value | $ 20,751,300 | $ 3,500,000 | |||
Maximum notional amount before balance decreases | 148,000,000 | ||||
Final settlement amount | $ 80,000,000 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures - Fair Value Measurements (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments | |||
Current assets - Derivative instruments | $ 5,139,056 | ||
Derivative Asset, Current, Statement of Financial Position [Extensible Enumeration] | Prepaid Expense and Other Assets, Current | Prepaid Expense and Other Assets, Current | |
Other non-current assets - Derivative Instruments | $ 4,145,153 | $ 9,278,544 | |
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Assets, Noncurrent | Other Assets, Noncurrent | |
Derivative Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Current | Other Liabilities, Current | |
Derivative Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other Liabilities, Noncurrent | Other Liabilities, Noncurrent | |
Unrealized gain on derivatives | $ 5,665 | $ 2,766,065 | $ 11,067,870 |
Realized gain/(loss) on derivatives | 7,493,246 | 3,771,522 | (3,450,443) |
Interest Rate Swaps | Level 2 | |||
Derivative Instruments | |||
Current assets - Derivative instruments | 5,139,056 | ||
Other non-current assets - Derivative Instruments | 4,145,153 | 9,278,544 | |
Unrealized gain on derivatives | 5,665 | 2,766,065 | 11,067,870 |
Realized gain/(loss) on derivatives | 7,493,246 | 3,771,522 | (3,450,443) |
Gain on derivatives, net | $ 7,498,911 | $ 6,537,587 | $ 7,617,427 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures - Financial Instruments (Details) - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Available-for-sale debt securities | $ 11,530,939 | ||
US Treasury Notes | Level 1 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Available-for-sale debt securities | 11,500,000 | ||
Unrealized gain/(loss) on investment securities | 1,483,522 | $ 1,443,683 | $ (1,587,090) |
Realized gain on investment securities | 872,557 | 987,206 | 447,255 |
Net gain on investment securities | 2,356,079 | $ 2,430,889 | $ (1,139,835) |
US Treasury Notes | Level 1 | Maturing September 30, 2024 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Available-for-sale debt securities | 1,800,000 | ||
US Treasury Notes | Level 1 | Maturing March 15, 2025 | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Available-for-sale debt securities | $ 10,000,000 |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosures - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($) | Mar. 31, 2024 | Mar. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 610,451,757 | $ 663,562,433 |
Japanese Financings | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 339,121,298 | 364,466,308 |
Corsair Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 31,145,834 | 34,395,834 |
Corsair Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 29,624,330 | 33,051,190 |
Cresques Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 25,608,991 | 27,377,615 |
Cresques Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 26,180,173 | 27,377,615 |
Cratis Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 41,500,000 | 45,580,000 |
Cratis Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 38,302,845 | 42,185,289 |
Copernicus Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 41,500,000 | 45,580,000 |
Copernicus Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 38,302,845 | 42,185,289 |
Chaparral Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 59,896,473 | 62,342,859 |
Chaparral Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 57,627,652 | 60,701,217 |
Caravelle Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 42,500,000 | 46,100,000 |
Caravelle Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 39,003,038 | 42,707,169 |
Cougar Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 43,700,000 | 47,300,000 |
Cougar Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 43,715,910 | 47,300,000 |
Captain Markos Dual-Fuel Japanese Financing | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 53,270,000 | 55,790,000 |
Captain Markos Dual-Fuel Japanese Financing | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 54,923,798 | 55,790,000 |
BALCAP Facility | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 66,330,459 | 74,096,125 |
BALCAP Facility | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 62,186,682 | $ 69,032,167 |
Retirement Plans (Details)
Retirement Plans (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Defined Contribution Plans and Defined Benefit Plan | |||
Compensation expense associated with safe harbor contributions | $ 0.1 | $ 0.1 | $ 0.1 |
Greece | |||
Defined Contribution Plans and Defined Benefit Plan | |||
Contribution expense associated with defined benefit plan | (0.1) | ||
Defined benefit plan liability | 0.9 | 0.8 | |
Period increase in defined benefit plan liability | 0.2 | 0.1 | |
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, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Numerator: | |||||||||||
Net income | $ 307,446,913 | $ 172,443,930 | $ 71,935,018 | ||||||||
Denominator: | |||||||||||
Basic weighted average number of common shares outstanding | 40,275,350 | 40,026,313 | 40,203,937 | ||||||||
Effect of dilutive restricted stock and restricted stock units | 175,217 | 185,329 | 161,151 | ||||||||
Diluted weighted average number of common shares outstanding | 40,450,567 | 40,211,642 | 40,365,088 | ||||||||
EPS: | |||||||||||
Basic | $ 1.96 | $ 2.48 | $ 1.90 | $ 1.29 | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 7.63 | $ 4.31 | $ 1.79 |
Diluted | $ 1.96 | $ 2.47 | $ 1.89 | $ 1.28 | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 7.60 | $ 4.29 | $ 1.78 |
Unvested Restricted Stock | |||||||||||
EPS: | |||||||||||
Number of shares excluded from the calculation of diluted EPS | 4,125 | 0 | 0 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Mar. 31, 2024 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Selected Quarterly Financial Information (unaudited): | |||||||||||
Revenues | $ 141,391,564 | $ 163,064,503 | $ 144,698,462 | $ 111,562,907 | $ 133,635,050 | $ 103,322,256 | $ 75,968,187 | $ 76,823,722 | $ 560,717,436 | $ 389,749,215 | $ 274,221,448 |
Operating income | 82,378,988 | 110,340,861 | 80,488,079 | 55,622,307 | 83,781,573 | 57,494,075 | 28,137,816 | 28,947,004 | 328,830,235 | 198,360,468 | 92,398,973 |
Net income | $ 79,240,198 | $ 99,972,913 | $ 76,512,665 | $ 51,721,137 | $ 76,021,035 | $ 51,263,710 | $ 20,311,465 | $ 24,847,720 | $ 307,446,913 | $ 172,443,930 | $ 71,935,018 |
Earnings per common share, basic | $ 1.96 | $ 2.48 | $ 1.90 | $ 1.29 | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 7.63 | $ 4.31 | $ 1.79 |
Earnings per common share, diluted | $ 1.96 | $ 2.47 | $ 1.89 | $ 1.28 | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 7.60 | $ 4.29 | $ 1.78 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 25, 2024 | Jan. 24, 2024 | Oct. 06, 2023 | Jul. 27, 2023 | Apr. 26, 2023 | Feb. 01, 2023 | Oct. 27, 2022 | Aug. 03, 2022 | May 04, 2022 | May 30, 2024 | Feb. 05, 2024 | Oct. 20, 2023 | Aug. 10, 2023 | May 08, 2023 | Feb. 15, 2023 | Nov. 07, 2022 | Aug. 15, 2022 | May 16, 2022 |
Subsequent Event | ||||||||||||||||||
Irregular cash dividends declared (USD per share) | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 1 | $ 2.50 | ||||||||||
Irregular cash dividends payable | $ 40.6 | $ 40.6 | $ 40.6 | $ 40.4 | $ 40.4 | $ 40.4 | $ 40.3 | $ 100.3 | ||||||||||
Subsequent Events | ||||||||||||||||||
Subsequent Event | ||||||||||||||||||
Irregular cash dividends declared (USD per share) | $ 1 | |||||||||||||||||
Irregular cash dividends payable | $ 40.6 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 12 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Mar. 31, 2022 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 307,446,913 | $ 172,443,930 | $ 71,935,018 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |