Dorian LPG (LPG) 10-Q 30 Jan 25 2025 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Dec. 31, 2024	Jan. 27, 2025
Cover Abstract
Entity Registrant Name	DORIAN LPG LTD.
Entity Central Index Key	0001596993
Document Type	10-Q
Document Period End Date	Dec. 31, 2024
Document Quarterly Report	true
Document Transition Report	false
Securities Act File Number	001-36437
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	66-0818228
Entity Address, Address Line One	27 Signal Road
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	674-9900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPG
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		42,804,479
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q3

Unaudited Condensed Consolidate

Unaudited Condensed Consolidated Balance Sheets - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Current assets
Cash and cash equivalents	$ 314,532,172	$ 282,507,971
Trade receivables, net and accrued revenues	990,655	659,567
Due from related parties	73,615,519	52,352,942
Inventories	2,348,389	2,393,379
Available-for-sale debt securities	10,001,336	11,530,939
Derivative instruments	946,554	5,139,056
Prepaid expenses and other current assets	12,716,507	14,297,917
Total current assets	415,151,132	368,881,771
Fixed assets
Total fixed assets	1,188,889,286	1,232,417,891
Other non-current assets
Deferred charges, net	13,967,496	12,544,098
Derivative instruments	5,198,407	4,145,153
Due from related parties-non-current	26,400,000	25,300,000
Restricted cash - non-current	73,466	75,798
Operating lease right-of-use assets	167,583,682	191,700,338
Other non-current assets	2,795,694	2,585,116
Total assets	1,820,059,163	1,837,650,165
Current liabilities
Trade accounts payable	9,250,677	10,185,962
Accrued expenses	3,505,020	3,948,420
Due to related parties	2,291,072	7,283
Deferred income	695,512	486,868
Current portion of long-term operating lease liabilities	34,243,891	32,491,122
Current portion of long-term debt	53,880,102	53,543,315
Dividends payable	757,516	1,149,665
Total current liabilities	104,623,790	101,812,635
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	512,031,157	551,549,215
Long-term operating lease liabilities	133,356,317	159,226,326
Other long-term liabilities	1,539,051	1,528,906
Total long-term liabilities	646,926,525	712,304,447
Total liabilities	751,550,315	814,117,082
Shareholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding
Common stock, $0.01 par value, 450,000,000 shares authorized, 54,294,696 and 51,995,027 shares issued, 42,804,479 and 40,619,448 shares outstanding (net of treasury stock), as of December 31, 2024 and March 31, 2024, respectively	542,947	519,950
Additional paid-in-capital	866,076,755	772,714,486
Treasury stock, at cost; 11,490,217 and 11,375,579 shares as of December 31, 2024 and March 31, 2024, respectively	(131,096,907)	(126,837,239)
Retained earnings	332,986,053	377,135,886
Total shareholders' equity	1,068,508,848	1,023,533,083
Total liabilities and shareholders' equity	1,820,059,163	1,837,650,165
Vessels, net
Fixed assets
Total fixed assets	1,164,143,821	1,208,588,213
Vessel Under Construction
Fixed assets
Total fixed assets	$ 24,745,465	$ 23,829,678

Unaudited Condensed Consolida_2

Unaudited Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Mar. 31, 2024
Unaudited Condensed Consolidated Balance Sheets
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	54,294,696	51,995,027
Common stock, shares outstanding (net of treasury stock)	42,804,479	40,619,448
Treasury stock, shares at cost	11,490,217	11,375,579

Unaudited Condensed Consolida_3

Unaudited Condensed Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Net pool revenues - related party	$ 78,022,488	$ 155,922,970	$ 267,307,186	$ 398,160,923
Time charter revenues	2,433,411	6,410,997	8,280,751	19,310,237
Other revenues, net	210,880	730,536	1,865,364	1,854,712
Total revenues	80,666,779	163,064,503	277,453,301	419,325,872
Expenses
Voyage expenses	950,842	772,879	2,508,379	2,292,490
Charter hire expenses	10,586,115	8,359,808	31,082,323	30,975,037
Vessel operating expenses	21,439,514	19,196,097	61,459,709	60,015,602
Depreciation and amortization	17,497,383	17,380,846	52,039,031	51,082,082
General and administrative expenses	7,464,856	7,659,466	34,347,576	30,456,251
Total expenses	57,938,710	53,369,096	181,437,018	174,821,462
Other income - related parties	655,365	645,454	1,936,762	1,946,837
Operating income	23,383,434	110,340,861	97,953,045	246,451,247
Other income/(expenses)
Interest and finance costs	(8,884,499)	(10,076,638)	(27,841,202)	(30,795,368)
Interest income	3,797,264	2,903,622	11,986,945	6,624,594
Unrealized gain/(loss) on derivatives	2,865,617	(6,070,320)	(3,139,248)	(1,650,452)
Realized gain on derivatives	838,906	1,916,347	4,210,274	5,692,328
Other gain/(loss), net	(638,894)	959,041	(1,091,241)	1,884,366
Total other income/(expenses), net	(2,021,606)	(10,367,948)	(15,874,472)	(18,244,532)
Net income	$ 21,361,828	$ 99,972,913	$ 82,078,573	$ 228,206,715
Weighted average shares outstanding:
Basic	42,574,256	40,350,476	41,995,129	40,202,758
Diluted	42,595,323	40,507,503	42,114,087	40,371,134
Earnings per common share - basic	$ 0.5	$ 2.48	$ 1.95	$ 5.68
Earnings per common share - diluted	$ 0.5	$ 2.47	$ 1.95	$ 5.65

Unaudited Condensed Consolida_4

Unaudited Condensed Consolidated Statements of Shareholders Equity - USD ($)	Common stock	Treasury Stock	Additional paid-in capital	Retained Earnings	Total
Balance - beginning at Mar. 31, 2023	$ 516,306	$ (122,896,838)	$ 764,383,292	$ 231,843,562	$ 873,846,322
Balance - beginning (Shares) at Mar. 31, 2023	51,630,593
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				51,721,137	51,721,137
Restricted share award issuances	$ 238		(238)
Restricted share award issuances (Shares)	23,750
Dividend ($1.00 per common share)				(40,382,730)	(40,382,730)
Stock-based compensation			776,607		776,607
Purchase of treasury stock		(352,627)			(352,627)
Balance - Ending at Jun. 30, 2023	$ 516,544	(123,249,465)	765,159,661	243,181,969	885,608,709
Balance - ending (Shares) at Jun. 30, 2023	51,654,343
Balance - beginning at Mar. 31, 2023	$ 516,306	(122,896,838)	764,383,292	231,843,562	873,846,322
Balance - beginning (Shares) at Mar. 31, 2023	51,630,593
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)					228,206,715
Balance - Ending at Dec. 31, 2023	$ 519,554	(125,670,534)	770,720,529	338,488,767	984,058,316
Balance - ending (Shares) at Dec. 31, 2023	51,955,408
Balance - beginning at Jun. 30, 2023	$ 516,544	(123,249,465)	765,159,661	243,181,969	885,608,709
Balance - beginning (Shares) at Jun. 30, 2023	51,654,343
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				76,512,665	76,512,665
Restricted share award issuances	$ 3,010		(3,010)
Restricted share award issuances (Shares)	301,065
Dividend ($1.00 per common share)				(40,570,888)	(40,570,888)
Stock-based compensation			4,179,798		4,179,798
Purchase of treasury stock		(2,421,069)			(2,421,069)
Balance - Ending at Sep. 30, 2023	$ 519,554	(125,670,534)	769,336,449	279,123,746	923,309,215
Balance - ending (Shares) at Sep. 30, 2023	51,955,408
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				99,972,913	99,972,913
Dividend ($1.00 per common share)				(40,607,892)	(40,607,892)
Stock-based compensation			1,384,080		1,384,080
Balance - Ending at Dec. 31, 2023	$ 519,554	(125,670,534)	770,720,529	338,488,767	984,058,316
Balance - ending (Shares) at Dec. 31, 2023	51,955,408
Balance - beginning at Mar. 31, 2024	$ 519,950	(126,837,239)	772,714,486	377,135,886	1,023,533,083
Balance - beginning (Shares) at Mar. 31, 2024	51,995,027
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				51,288,140	51,288,140
Common share issuance	$ 20,000		84,367,701		84,387,701
Common share issuance (Shares)	2,000,000
Dividend ($1.00 per common share)				(40,619,448)	(40,619,448)
Stock-based compensation			1,275,459		1,275,459
Balance - Ending at Jun. 30, 2024	$ 539,950	(126,837,239)	858,357,646	387,804,578	1,119,864,935
Balance - ending (Shares) at Jun. 30, 2024	53,995,027
Balance - beginning at Mar. 31, 2024	$ 519,950	(126,837,239)	772,714,486	377,135,886	1,023,533,083
Balance - beginning (Shares) at Mar. 31, 2024	51,995,027
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)					82,078,573
Balance - Ending at Dec. 31, 2024	$ 542,947	(131,096,907)	866,076,755	332,986,053	1,068,508,848
Balance - ending (Shares) at Dec. 31, 2024	54,294,696
Balance - beginning at Jun. 30, 2024	$ 539,950	(126,837,239)	858,357,646	387,804,578	1,119,864,935
Balance - beginning (Shares) at Jun. 30, 2024	53,995,027
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				9,428,605	9,428,605
Restricted share award issuances	$ 2,997		(2,997)
Restricted share award issuances (Shares)	299,669
Common share issuance			21,660		21,660
Dividend ($1.00 per common share)				(42,804,479)	(42,804,479)
Stock-based compensation			5,998,722		5,998,722
Purchase of treasury stock		(4,259,668)			(4,259,668)
Balance - Ending at Sep. 30, 2024	$ 542,947	(131,096,907)	864,375,031	354,428,704	1,088,249,775
Balance - ending (Shares) at Sep. 30, 2024	54,294,696
Increase (Decrease) in Shareholders' Equity
Net Income (Loss)				21,361,828	21,361,828
Dividend ($1.00 per common share)				(42,804,479)	(42,804,479)
Stock-based compensation			1,701,724		1,701,724
Balance - Ending at Dec. 31, 2024	$ 542,947	$ (131,096,907)	$ 866,076,755	$ 332,986,053	$ 1,068,508,848
Balance - ending (Shares) at Dec. 31, 2024	54,294,696

Unaudited Condensed Consolida_5

Unaudited Condensed Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares	3 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Unaudited Condensed Consolidated Statements of Shareholders Equity
Dividends per share	$ 1	$ 1	$ 1	$ 1	$ 1	$ 1

Unaudited Condensed Consolida_6

Unaudited Condensed Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income	$ 82,078,573	$ 228,206,715
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	52,039,031	51,082,082
Non-cash lease expense	24,099,375	21,280,972
Amortization of financing costs	934,640	927,988
Unrealized loss on derivatives	3,139,248	1,650,452
Stock-based compensation expense	8,975,905	6,340,485
Unrealized foreign currency loss, net	111,686	217,774
Other non-cash items, net	953,768	(2,964,462)
Changes in operating assets and liabilities
Trade receivables, inventories, prepaid expenses, and other current and non-current assets	229,943	(2,276,574)
Due from related parties	(22,362,577)	(41,888,640)
Operating lease liabilities - current and long-term	(24,099,934)	(20,375,268)
Trade accounts payable	(17,466)	(115,232)
Accrued expenses and other liabilities	(466,208)	(1,588,974)
Due to related parties	2,283,789	(9,045)
Payments for drydocking costs	(5,082,075)	(6,279,438)
Net cash provided by operating activities	122,817,698	234,208,835
Cash flows from investing activities:
Payments for vessels under construction and vessel capital expenditures	(5,672,793)	(7,951,447)
Purchase of investment securities	(213,592)	(5,978,390)
Proceeds from sale of investment securities		4,029,944
Proceeds from maturity of available-for-sale debt securities	1,800,000
Net cash used in investing activities	(4,086,385)	(9,899,893)
Cash flows from financing activities:
Repayment of long-term debt borrowings	(40,115,911)	(39,793,164)
Repurchase of common stock	(4,259,668)	(2,773,696)
Dividends paid	(126,620,555)	(121,924,216)
Proceeds from common share issuances	89,000,000
Equity offering costs paid	(4,590,638)
Net cash used in financing activities	(86,586,772)	(164,491,076)
Effects of exchange rates on cash and cash equivalents	(122,672)	(153,980)
Net increase in cash, cash equivalents, and restricted cash	32,021,869	59,663,886
Cash, cash equivalents, and restricted cash at the beginning of the period	282,583,769	148,873,650
Cash, cash equivalents, and restricted cash at the end of the period	314,605,638	208,537,536
Supplemental disclosure of cash flow information
Cash paid for interest excluding interest capitalized to vessels	25,927,772	28,850,983
Cash paid for operating leases	31,885,110	31,317,200
Capitalized drydocking costs included in liabilities	1,191,865	735,747
Vessel-related capital expenditures included in liabilities	194,185	1,563,580
Unpaid dividends included in liabilities	757,516	893,155
Financing costs included in liabilities	663,600	1,112,750
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	314,532,172	208,460,209
Restricted cash - non-current	73,466	77,327
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 314,605,638	$ 208,537,536

Basis of Presentation and Gener

Basis of Presentation and General Information	9 Months Ended
	Dec. 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. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2024, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; three time chartered-in dual-fuel Panamax size VLGCs; and one time chartered-in ECO Panamax VLGC. On November 24, 2023, we entered into a shipbuilding contract for a newbuilding Very Large Gas Carrier / Ammonia Carrier (“VLGC/AC”) with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool. ​ Sixteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions and, as of December 31, 2024, we have a contractual commitment to fabricate a scrubber on our newbuilding VLGC/AC. Additionally, one of the chartered-in dual-fuel Panamax size VLGCs is equipped with a shaft generator, which generates additional electricity that can be used to reduce fuel consumption and carbon emissions. ​ 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. Refer to Note 3 below for further description of the Helios Pool. ​ The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2024 included in our Annual Report on Form 10-K filed with the SEC on May 29, 2024. ​ Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year. ​ Our subsidiaries as of December 31, 2024, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. ​ Vessel Subsidiaries ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of ​ ​ ​ Subsidiary ​ vessel ​ Vessel’s name ​ Built ​ CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 ​ Comet LPG Transport LLC ​ VLGC ​ Comet ​ 2014 ​ 84,000 ​ Corsair LPG Transport LLC ​ VLGC ​ Corsair (2) ​ 2014 ​ 84,000 ​ Corvette LPG Transport LLC VLGC Corvette 2015 84,000 ​ Dorian Shanghai LPG Transport LLC ​ VLGC ​ Cougar (2) ​ 2015 ​ 84,000 ​ Concorde LPG Transport LLC ​ VLGC ​ Concorde ​ 2015 ​ 84,000 ​ Dorian Houston LPG Transport LLC ​ VLGC ​ Cobra ​ 2015 ​ 84,000 ​ Dorian Sao Paulo LPG Transport LLC ​ VLGC ​ Continental ​ 2015 ​ 84,000 ​ Dorian Ulsan LPG Transport LLC ​ VLGC ​ Constitution ​ 2015 ​ 84,000 ​ Dorian Amsterdam LPG Transport LLC ​ VLGC ​ Commodore ​ 2015 ​ 84,000 ​ Dorian Dubai LPG Transport LLC ​ VLGC ​ Cresques (2) ​ 2015 ​ 84,000 ​ Constellation LPG Transport LLC ​ VLGC ​ Constellation ​ 2015 ​ 84,000 ​ Dorian Monaco LPG Transport LLC ​ VLGC ​ Cheyenne ​ 2015 ​ 84,000 ​ Dorian Barcelona LPG Transport LLC ​ VLGC ​ Clermont ​ 2015 ​ 84,000 ​ Dorian Geneva LPG Transport LLC ​ VLGC ​ Cratis (2) ​ 2015 ​ 84,000 ​ Dorian Cape Town LPG Transport LLC ​ VLGC ​ Chaparral (2) ​ 2015 ​ 84,000 ​ Dorian Tokyo LPG Transport LLC ​ VLGC ​ Copernicus (2) ​ 2015 ​ 84,000 ​ Commander LPG Transport LLC ​ VLGC ​ Commander ​ 2015 ​ 84,000 ​ Dorian Explorer LPG Transport LLC ​ VLGC ​ Challenger ​ 2015 ​ 84,000 Dorian Exporter LPG Transport LLC ​ VLGC ​ Caravelle (2) ​ 2016 ​ 84,000 ​ Dorian Sakura LPG Transport LLC ​ VLGC ​ Captain Markos (2) ​ 2023 ​ 84,000 ​ Dorian LPG Ammonia Transport LLC ​ VLGC/AC ​ Hull No. 2373 ​ 2026 (3) ​ 93,000 ​ ​ Management and Other Subsidiaries ​ ​ ​ ​ Subsidiary Dorian LPG Management Corp. ​ Dorian LPG (USA) LLC (incorporated in USA) ​ Dorian LPG (UK) Ltd. (incorporated in UK) ​ Dorian LPG Finance LLC ​ Occident River Trading Limited (incorporated in UK) ​ Dorian LPG (DK) ApS (incorporated in Denmark) ​ Dorian LPG Chartering LLC ​ Dorian LPG FFAS LLC ​ 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 as of December 31, 2024. Refer to Note 7 below for further information. (3) The vessel is expected to be delivered in calendar year 2026.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Dec. 31, 2024
Significant Accounting Policies:
Significant Accounting Policies	2. Significant Accounting Policies ​ The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2024 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024). ​ Recent Accounting Pronouncements Not Yet Adopted ​ “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” to disclose the title and position of the CODM. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments, but does require that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made by entities that have a single reportable segment. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption is permitted. There were no recent updates to the Accounting Standards Codification issued by the Financial Accounting Standards Board that were applicable to our unaudited condensed consolidated financial statements. ​ SEC Climate-Related Disclosures ​ In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors ​

Transactions with Related Parti

Transactions with Related Parties	9 Months Ended
	Dec. 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 less than $0.1 million ​ As of December 31, 2024 and March 31, 2024, there was nothing due from DHSA. ​ Helios LPG Pool LLC ​ On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with MOL Energia and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points (see below for description of pool points) assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and MOL Energia are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool or has a controlling financial interest. As of December 31, 2024, the Helios Pool operated twenty-nine VLGCs, including twenty-five vessels from our fleet (including four vessels time chartered-in from unrelated parties) and three MOL Energia vessels, and one time chartered-in vessel. ​ As of December 31, 2024, we had net receivables from the Helios Pool of $97.7 million (net of amounts due to Helios Pool of $2.3 million which are reflected under “Due to related Parties”), including $26.4 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2024, we had net receivables from the Helios Pool of $77.6 million (net of an amount due to Helios Pool of $0.1 million which are reflected under “Due to related Parties”), including $25.3 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of December 31, 2024 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (DK) ApS and MOL Energia and has appointed both as the exclusive commercial managers of pool vessels. Fees for such services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.6 million million ​ Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2024 and 2023. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, available days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel efficiency, fuel-type consumed, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. In accordance with the pool participation agreements, pool points are finalized in arrears every six months ending September 30 and March 31 and pool profits are reallocated based on the actual recorded speed and consumption performance for each vessel operating in the Helios Pool during the preceding six-month period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 12.

Deferred Charges, Net

Deferred Charges, Net	9 Months Ended
	Dec. 31, 2024
Deferred Charges, Net:
Deferred Charges, Net	4. Deferred Charges, Net ​ The analysis and movement of deferred charges is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2024 ​ $ 12,544,098 ​ Additions ​ ​ 5,094,161 ​ Amortization ​ ​ (3,670,763) ​ Balance, December 31, 2024 ​ $ 13,967,496 ​ ​

Vessels, Net

Vessels, Net	9 Months Ended
	Dec. 31, 2024
Vessels, Net:
Vessels, Net	5. Vessels, Net ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2024 ​ $ 1,733,196,909 $ (524,608,696) $ 1,208,588,213 ​ Other additions ​ ​ 3,923,875 ​ ​ — ​ ​ 3,923,875 ​ Depreciation ​ ​ — ​ ​ (48,368,267) ​ ​ (48,368,267) ​ Balance, December 31, 2024 ​ $ 1,737,120,784 ​ $ (572,976,963) ​ $ 1,164,143,821 ​ ​ Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2024. Our vessels, with a total carrying value of $1,133.6 million and $1,175.6 million as of December 31, 2024 and March 31, 2024, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 7 below). Captain John NP

Vessel Under Construction

Vessel Under Construction	9 Months Ended
	Dec. 31, 2024
Vessel Under Construction:
Vessel Under Construction	6. Vessel Under Construction ​ ​ ​ ​ ​ ​ ​ ​ ​ Net book Value ​ Balance, April 1, 2024 ​ $ 23,829,678 ​ Other capitalized expenditures ​ 915,787 ​ Balance, December 31, 2024 $ 24,745,465 ​

Long-term Debt

Long-term Debt	9 Months Ended
	Dec. 31, 2024
Long-term Debt:
Long-term Debt	​ 7. Long-term Debt ​ 2023 A&R Debt Facility ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the $240.0 million amended and restated debt financing facility that we entered into on December 22, 2023 with Crédit Agricole Corporate and Investment Bank (“CACIB”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S (“DSF”) (the “2023 A&R Debt Facility”). ​ We were in compliance with all financial covenants as of December 31, 2024. ​ BALCAP Facility ​ ​ We were in compliance with all financial covenants as of December 31, 2024. ​ Corsair Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2014-built VLGC, Corsair Cresques Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2015-built VLGC, Cresques ​ Cratis Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2015-built VLGC, Cratis ​ Copernicus Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2015-built VLGC, Copernicus ​ Chaparral Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2015-built VLGC, Chaparral ​ Caravelle Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2016-built VLGC, Caravelle ​ ​ Cougar Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the refinancing of our 2016-built VLGC, Cougar ​ Captain Markos Dual-Fuel Japanese Financing ​ Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024 for information on the financing of our 2023-built Dual-fuel VLGC, Captain Markos Debt Obligations ​ The table below presents our debt obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 2023 A&R Debt Facility ​ $ 190,000,000 ​ $ 205,000,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 28,708,334 ​ $ 31,145,834 ​ Cresques Japanese Financing ​ ​ 24,282,523 ​ ​ 25,608,991 ​ Cratis Japanese Financing ​ ​ 38,440,000 ​ ​ 41,500,000 ​ Copernicus Japanese Financing ​ ​ 38,440,000 ​ ​ 41,500,000 ​ Chaparral Japanese Financing ​ ​ 57,974,168 ​ ​ 59,896,473 ​ Caravelle Japanese Financing ​ ​ 39,800,000 ​ ​ 42,500,000 ​ Cougar Japanese Financing ​ ​ 41,000,000 ​ ​ 43,700,000 ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 51,380,000 ​ ​ 53,270,000 ​ Total Japanese Financings ​ $ 320,025,025 ​ $ 339,121,298 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 60,310,821 ​ $ 66,330,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 570,335,846 ​ $ 610,451,757 ​ Less: deferred financing fees ​ ​ 4,424,587 ​ ​ 5,359,227 ​ Debt obligations—net of deferred financing fees ​ $ 565,911,259 ​ $ 605,092,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 53,880,102 ​ $ 53,543,315 ​ Long-term debt—net of current portion and deferred financing fees ​ 512,031,157 ​ ​ 551,549,215 ​ Total $ 565,911,259 ​ $ 605,092,530 ​ ​ Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below: ​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2024 $ 5,359,227 ​ Amortization ​ ​ (934,640) ​ Balance, December 31, 2024 ​ $ 4,424,587 ​ ​

Leases

Leases	9 Months Ended
	Dec. 31, 2024
Leases:
Leases	8. Leases ​ Time charter-in contracts ​ As of December 31, 2024, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $166.7 million and were recognized on our balance sheet. ​ Charter hire expenses for the VLGCs time chartered in were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 Charter hire expenses $ 10,586,115 ​ $ 8,359,808 ​ $ 31,082,323 $ 30,975,037 ​ Office leases ​ We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the nine months ended December 31, 2024. ​ Operating lease rent expense related to our office leases was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 Operating lease rent expense $ 142,743 ​ $ 140,991 ​ $ 404,604 ​ $ 419,567 ​ For our office leases and time charter-in agreements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.81%. The weighted average remaining lease term of our office leases and time chartered-in vessels as of December 31, 2024 is 59.1 months. ​ Our operating lease right-of-use asset and lease liabilities as of December 31, 2024 and March 31, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ December 31, 2024 ​ March 31, 2024 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 840,522 ​ $ 1,194,974 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 166,743,160 ​ $ 190,505,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 384,265 ​ $ 448,317 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 33,859,626 ​ $ 32,042,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 472,783 ​ $ 763,767 Time charter-in VLGCs ​ Long-term operating leases ​ $ 132,883,534 ​ $ 158,462,559 ​ ​ ​ ​ ​ ​ Less than one year ​ $ 42,896,359 One to three years ​ ​ 76,159,548 Three to five years ​ ​ 64,080,000 More than five years ​ ​ 9,134,389 Total undiscounted lease payments ​ ​ 192,270,296 Less: imputed interest ​ ​ (24,670,088) Carrying value of operating lease liabilities ​ $ 167,600,208 ​

Dividends

Dividends	9 Months Ended
	Dec. 31, 2024
Dividends [Abstract]
Dividends	​ 9. Dividends ​ ​ ​ On August 5, 2024, we paid $1.1 million of dividends that had been deferred until the vesting of certain restricted stock. ​ These were irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in our debt agreements, restrictions under applicable law, our business prospects and other factors that our Board of Directors may deem relevant. ​

Common Stock

Common Stock	9 Months Ended
	Dec. 31, 2024
Common Stock
Common Stock	10. Common Stock ​ On June 7, 2024, we issued 2 million shares to the public at a price of $44.50 per share with proceeds totaling $89.0 million, less (i) $2.225 per share, or $4.5 million, of underwriting discounts and commissions, and (ii) $0.1 million of legal and other offering costs. ​ 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 interests of our shareholders, and market conditions. As of December 31, 2024, our total purchases under the 2022 Common Share Repurchase Authority totaled 75,000 shares for an aggregate consideration of $1.8 million. No

Stock-Based Compensation Plans

Stock-Based Compensation Plans	9 Months Ended
	Dec. 31, 2024
Stock-Based Compensation Plans:
Stock-Based Compensation Plans	11. Stock-Based Compensation Plans ​ Our stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations and was $1.7 million and $1.4 million for the three months ended December 31, 2024 and 2023 and $9.0 and $6.3 for the nine months ended December 31, 2024 and 2023, respectively. Unrecognized compensation cost was $7.0 million as of December 31, 2024 and will be recognized over a remaining weighted average life of 1.38 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024. ​ A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2024 and changes during the nine months ended December 31, 2024, is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date ​ Incentive Share/Unit Awards ​ Number of Shares/Units ​ Fair Value ​ Unvested as of April 1, 2024 ​ 307,873 ​ $ 23.16 ​ Granted ​ 296,110 ​ ​ 37.16 ​ Vested ​ (330,987) ​ ​ 27.37 ​ Unvested as of December 31, 2024 ​ 272,996 ​ $ 36.06 ​ ​ The total fair value of restricted shares that vested during the nine months ended December 31, 2024 totaled $12.3 million, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

Revenues

Revenues	9 Months Ended
	Dec. 31, 2024
Revenues [Abstract]
Revenues	12. Revenues ​ Revenues comprise the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ December 31, 2024 December 31, 2023 ​ December 31, 2024 December 31, 2023 Net pool revenues—related party ​ $ 78,022,488 ​ $ 155,922,970 ​ $ 267,307,186 ​ $ 398,160,923 ​ Time charter revenues ​ ​ 2,433,411 ​ ​ 6,410,997 ​ ​ 8,280,751 ​ ​ 19,310,237 ​ Other revenues, net ​ ​ 210,880 ​ 730,536 ​ ​ 1,865,364 ​ 1,854,712 ​ Total revenues ​ $ 80,666,779 $ 163,064,503 ​ $ 277,453,301 $ 419,325,872 ​ ​ Net pool revenues—related party depend upon the net results of the Helios Pool, and the available days and pool points for each vessel. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2024. ​ Other revenues, net mainly represent claim reimbursements and income from charterers relating to reimbursement of voyage expenses, such as costs for war risk insurance and security guards.

Financial Instruments and Fair

Financial Instruments and Fair Value Disclosures	9 Months Ended
	Dec. 31, 2024
Financial Instruments and Fair Value Disclosures:
Financial Instruments and Fair Value Disclosures	13. Financial Instruments and Fair Value Disclosures ​ Our principal financial assets consist of cash and cash equivalents, investment securities, amounts due from related parties, derivative instruments, trade accounts receivable, prepaid expenses and other current assets. 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 and directly or indirectly highly liquid, short term highly rated debt obligations. ​ (b) I nterest 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 our 2023 A&R Debt Facility. We have no exposure to floating rate movements on any of our other debt financings. ​ (c) Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market ‑ based SOFR swap yield rates. SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. ​ Additionally, we have, at times, taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 2024. ​ The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives, all of which are considered Level 2 items in accordance with the fair value hierarchy as of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ ​ 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 ​ $ 946,554 ​ $ — ​ $ 5,139,056 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ 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 ​ $ 5,198,407 ​ $ — ​ $ 4,145,153 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2024 December 31, 2023 Forward freight agreements—change in fair value ​ Unrealized gain on derivatives ​ $ 46,220 ​ $ — ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives $ 2,819,397 ​ $ (6,070,320) ​ Forward freight agreements—realized loss ​ Realized loss on derivatives ​ ​ (498,392) ​ ​ — ​ Interest rate swaps—realized gain Realized gain on derivatives ​ 1,337,298 ​ ​ 1,916,347 ​ Gain/(Loss) on derivatives, net ​ ​ $ 3,704,523 ​ $ (4,153,973) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2024 December 31, 2023 Interest rate swaps—change in fair value Unrealized loss on derivatives ​ (3,139,248) ​ ​ (1,650,452) ​ Forward freight agreements—realized loss ​ Realized loss on derivatives ​ ​ (512,082) ​ ​ — ​ Interest rate swaps—realized gain Realized gain on derivatives ​ 4,722,356 ​ ​ 5,692,328 ​ Gain on derivatives, net ​ ​ $ 1,071,026 ​ $ 4,041,876 ​ ​ ​ As of December 31, 2024 and March 31, 2024, 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 Level 1 items cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 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 a fair value of $10.0 million as of December 31, 2024 and a face value of $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, 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 unaudited interim condensed consolidated statements of operations for the periods presented is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ December 31, 2024 December 31, 2023 ​ Unrealized gain/(loss) on investment securities ​ $ (758,519) ​ $ 103,127 ​ Realized gain on investment securities ​ — ​ ​ 872,557 ​ Net gain/(loss) on investment securities $ (758,519) ​ $ 975,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ December 31, 2024 December 31, 2023 Unrealized gain/(loss) on investment securities ​ $ (1,085,422) ​ $ 1,209,363 ​ Realized gain on investment securities ​ — ​ ​ 872,557 ​ Net gain/(loss) on investment securities $ (1,085,422) ​ $ 2,081,920 ​ ​ 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 December 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 28,708,334 ​ $ 27,470,933 ​ ​ $ 31,145,834 ​ $ 29,624,330 ​ Cresques Japanese Financing ​ ​ 24,282,523 ​ ​ 24,595,452 ​ ​ ​ 25,608,991 ​ ​ 26,180,173 ​ Cratis Japanese Financing ​ ​ 38,440,000 ​ ​ 35,443,327 ​ ​ ​ 41,500,000 ​ ​ 38,302,845 ​ Copernicus Japanese Financing ​ ​ 38,440,000 ​ ​ 35,443,327 ​ ​ ​ 41,500,000 ​ ​ 38,302,845 ​ Chaparral Japanese Financing ​ ​ 57,974,168 ​ ​ 55,941,693 ​ ​ ​ 59,896,473 ​ ​ 57,627,652 ​ Caravelle Japanese Financing ​ ​ 39,800,000 ​ ​ 36,473,723 ​ ​ ​ 42,500,000 ​ ​ 39,003,038 ​ Cougar Japanese Financing ​ ​ 41,000,000 ​ ​ 40,713,424 ​ ​ ​ 43,700,000 ​ ​ 43,715,910 ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 51,380,000 ​ ​ 51,783,963 ​ ​ ​ 53,270,000 ​ ​ 54,923,798 ​ BALCAP Facility ​ ​ 60,310,821 ​ ​ 57,632,555 ​ ​ ​ 66,330,459 ​ ​ 62,186,682 ​ ​

Earnings Per Share ("EPS")

Earnings Per Share ("EPS")	9 Months Ended
	Dec. 31, 2024
Earnings Per Share ("EPS"):
Earnings Per Share ("EPS")	​ 14. Earnings Per Share (“EPS”) ​ Basic EPS represents net income attributable to common shareholders divided by the weighted average number of 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 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (In U.S. dollars except share data) ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 21,361,828 ​ $ 99,972,913 ​ $ 82,078,573 ​ $ 228,206,715 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ 42,574,256 ​ ​ 40,350,476 ​ ​ 41,995,129 ​ ​ 40,202,758 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ 21,067 ​ ​ 157,027 ​ ​ 118,958 ​ ​ 168,376 ​ Diluted weighted average number of common shares outstanding ​ ​ 42,595,323 ​ ​ 40,507,503 ​ ​ 42,114,087 ​ ​ 40,371,134 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.50 ​ $ 2.48 ​ $ 1.95 ​ $ 5.68 ​ Diluted ​ $ 0.50 ​ $ 2.47 ​ $ 1.95 ​ $ 5.65 ​ ​ For the three months ended December 31, 2024, there were 188,233 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. shares

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Dec. 31, 2024
Commitments and Contingencies:
Commitments and Contingencies	​ 15. Commitments and Contingencies ​ Commitments under Newbuilding Contracts ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 36,296,594 ​ One to three years ​ ​ 62,164,393 ​ Total ​ $ 98,460,987 ​ ​ Commitments under Contracts for Scrubbers and Other Vessel Upgrades ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 1,512,088 ​ One to three years ​ ​ 166,576 ​ Total ​ $ 1,678,664 ​ ​ Operating Leases ​ We had the following commitments as a lessee under operating leases relating to our Denmark office: ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 38,590 ​ ​ 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 that is reasonably possible and should be disclosed or probable and for which a provision should be established in the unaudited interim condensed consolidated financial statements. Also, if applicable, we record undiscounted receivables for probable loss recoveries from insurance or other parties. We are not aware of any material claim that is reasonably possible and should be disclosed in the unaudited interim condensed consolidated financial statements.

Subsequent Events

Subsequent Events	9 Months Ended
	Dec. 31, 2024
Subsequent Events:
Subsequent Events	16. Subsequent Event ​ VLGC/AC Steel Cutting and Installment ​ On January 17, 2025, steel cutting was performed on the newbuilding VLGC/AC that is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026. An installment payment of $11.9 million was made to the shipyard on January 22, 2025. ​ Dividend ​ On January 24, 2025 , we announced that our Board of Directors declared an irregular cash dividend of $0.70 per share of the Company’s common stock totaling $30.0 million. The dividend is payable on or about February 27, 2025 to all shareholders of record as of the close of business on February 5, 2025 . ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 21,361,828	$ 9,428,605	$ 51,288,140	$ 99,972,913	$ 76,512,665	$ 51,721,137	$ 82,078,573	$ 228,206,715

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Dec. 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

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Dec. 31, 2024
Significant Accounting Policies:
Recent accounting pronouncements not yet adopted	Recent Accounting Pronouncements Not Yet Adopted ​ “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ,” to disclose the title and position of the CODM. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments, but does require that all segment-related disclosures required by FASB Topic 280 (Segment Reporting) be made by entities that have a single reportable segment. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024 with early adoption is permitted. There were no recent updates to the Accounting Standards Codification issued by the Financial Accounting Standards Board that were applicable to our unaudited condensed consolidated financial statements. ​ SEC Climate-Related Disclosures ​ In March 2024, the U.S. Securities and Exchange Commission ("SEC") adopted the final rule under SEC Release No. 33-11275, The Enhancement and Standardization of Climate-Related Disclosures for Investors

Basis of Presentation and Gen_2

Basis of Presentation and General Information (Tables)	9 Months Ended
	Dec. 31, 2024
Vessel Subsidiaries
Condensed Financial Statements [Line Items]
Schedule of Dorian LPG Ltd.'s wholly-owned subsidiaries	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Type of ​ ​ ​ Subsidiary ​ vessel ​ Vessel’s name ​ Built ​ CBM (1) CJNP LPG Transport LLC VLGC Captain John NP 2007 82,000 ​ Comet LPG Transport LLC ​ VLGC ​ Comet ​ 2014 ​ 84,000 ​ Corsair LPG Transport LLC ​ VLGC ​ Corsair (2) ​ 2014 ​ 84,000 ​ Corvette LPG Transport LLC VLGC Corvette 2015 84,000 ​ Dorian Shanghai LPG Transport LLC ​ VLGC ​ Cougar (2) ​ 2015 ​ 84,000 ​ Concorde LPG Transport LLC ​ VLGC ​ Concorde ​ 2015 ​ 84,000 ​ Dorian Houston LPG Transport LLC ​ VLGC ​ Cobra ​ 2015 ​ 84,000 ​ Dorian Sao Paulo LPG Transport LLC ​ VLGC ​ Continental ​ 2015 ​ 84,000 ​ Dorian Ulsan LPG Transport LLC ​ VLGC ​ Constitution ​ 2015 ​ 84,000 ​ Dorian Amsterdam LPG Transport LLC ​ VLGC ​ Commodore ​ 2015 ​ 84,000 ​ Dorian Dubai LPG Transport LLC ​ VLGC ​ Cresques (2) ​ 2015 ​ 84,000 ​ Constellation LPG Transport LLC ​ VLGC ​ Constellation ​ 2015 ​ 84,000 ​ Dorian Monaco LPG Transport LLC ​ VLGC ​ Cheyenne ​ 2015 ​ 84,000 ​ Dorian Barcelona LPG Transport LLC ​ VLGC ​ Clermont ​ 2015 ​ 84,000 ​ Dorian Geneva LPG Transport LLC ​ VLGC ​ Cratis (2) ​ 2015 ​ 84,000 ​ Dorian Cape Town LPG Transport LLC ​ VLGC ​ Chaparral (2) ​ 2015 ​ 84,000 ​ Dorian Tokyo LPG Transport LLC ​ VLGC ​ Copernicus (2) ​ 2015 ​ 84,000 ​ Commander LPG Transport LLC ​ VLGC ​ Commander ​ 2015 ​ 84,000 ​ Dorian Explorer LPG Transport LLC ​ VLGC ​ Challenger ​ 2015 ​ 84,000 Dorian Exporter LPG Transport LLC ​ VLGC ​ Caravelle (2) ​ 2016 ​ 84,000 ​ Dorian Sakura LPG Transport LLC ​ VLGC ​ Captain Markos (2) ​ 2023 ​ 84,000 ​ Dorian LPG Ammonia Transport LLC ​ VLGC/AC ​ Hull No. 2373 ​ 2026 (3) ​ 93,000 ​
Management and Other Subsidiaries
Condensed Financial Statements [Line Items]
Schedule of Dorian LPG Ltd.'s wholly-owned 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 as of December 31, 2024. Refer to Note 7 below for further information. (3) The vessel is expected to be delivered in calendar year 2026.

Deferred Charges, Net (Tables)

Deferred Charges, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Deferred Charges, Net:
Schedule of movements in, and analysis of, deferred charges during period	​ ​ ​ ​ ​ ​ ​ Drydocking ​ ​ costs Balance, April 1, 2024 ​ $ 12,544,098 ​ Additions ​ ​ 5,094,161 ​ Amortization ​ ​ (3,670,763) ​ Balance, December 31, 2024 ​ $ 13,967,496 ​ ​

Vessels, Net (Tables)

Vessels, Net (Tables)	9 Months Ended
	Dec. 31, 2024
Vessels, Net:
Schedule of vessels, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ Cost ​ depreciation ​ Net book Value Balance, April 1, 2024 ​ $ 1,733,196,909 $ (524,608,696) $ 1,208,588,213 ​ Other additions ​ ​ 3,923,875 ​ ​ — ​ ​ 3,923,875 ​ Depreciation ​ ​ — ​ ​ (48,368,267) ​ ​ (48,368,267) ​ Balance, December 31, 2024 ​ $ 1,737,120,784 ​ $ (572,976,963) ​ $ 1,164,143,821 ​

Vessel Under Construction (Tabl

Vessel Under Construction (Tables)	9 Months Ended
	Dec. 31, 2024
Vessel Under Construction:
Schedule of vessel under construction	​ ​ ​ ​ ​ ​ ​ ​ Net book Value ​ Balance, April 1, 2024 ​ $ 23,829,678 ​ Other capitalized expenditures ​ 915,787 ​ Balance, December 31, 2024 $ 24,745,465 ​

Long-term Debt (Tables)

Long-term Debt (Tables)	9 Months Ended
	Dec. 31, 2024
Long-term Debt:
Schedule of outstanding debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 March 31, 2024 2023 A&R Debt Facility ​ $ 190,000,000 ​ $ 205,000,000 ​ ​ ​ ​ ​ ​ ​ ​ ​ Japanese Financings ​ ​ ​ ​ ​ ​ ​ Corsair Japanese Financing ​ $ 28,708,334 ​ $ 31,145,834 ​ Cresques Japanese Financing ​ ​ 24,282,523 ​ ​ 25,608,991 ​ Cratis Japanese Financing ​ ​ 38,440,000 ​ ​ 41,500,000 ​ Copernicus Japanese Financing ​ ​ 38,440,000 ​ ​ 41,500,000 ​ Chaparral Japanese Financing ​ ​ 57,974,168 ​ ​ 59,896,473 ​ Caravelle Japanese Financing ​ ​ 39,800,000 ​ ​ 42,500,000 ​ Cougar Japanese Financing ​ ​ 41,000,000 ​ ​ 43,700,000 ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 51,380,000 ​ ​ 53,270,000 ​ Total Japanese Financings ​ $ 320,025,025 ​ $ 339,121,298 ​ ​ ​ ​ ​ ​ ​ ​ ​ BALCAP Facility ​ $ 60,310,821 ​ $ 66,330,459 ​ ​ ​ ​ ​ ​ ​ ​ ​ Total debt obligations ​ $ 570,335,846 ​ $ 610,451,757 ​ Less: deferred financing fees ​ ​ 4,424,587 ​ ​ 5,359,227 ​ Debt obligations—net of deferred financing fees ​ $ 565,911,259 ​ $ 605,092,530 ​ ​ ​ ​ ​ ​ ​ ​ ​ Presented as follows: ​ ​ ​ ​ ​ ​ ​ Current portion of long-term debt $ 53,880,102 ​ $ 53,543,315 ​ Long-term debt—net of current portion and deferred financing fees ​ 512,031,157 ​ ​ 551,549,215 ​ Total $ 565,911,259 ​ $ 605,092,530 ​
Schedule of deferred financing fees	​ ​ ​ ​ ​ ​ ​ Financing ​ ​ ​ costs ​ Balance, April 1, 2024 $ 5,359,227 ​ Amortization ​ ​ (934,640) ​ Balance, December 31, 2024 ​ $ 4,424,587 ​ ​

Leases (Tables)

Leases (Tables)	9 Months Ended
	Dec. 31, 2024
Leases:
Schedule of charter hire expenses for time chartered-in VLGCs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 Charter hire expenses $ 10,586,115 ​ $ 8,359,808 ​ $ 31,082,323 $ 30,975,037
Schedule of operating lease rent expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 Operating lease rent expense $ 142,743 ​ $ 140,991 ​ $ 404,604 ​ $ 419,567
Schedule of operating lease right-of-use assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Description ​ Location on Balance Sheet ​ December 31, 2024 ​ March 31, 2024 Assets: ​ ​ ​ ​ ​ ​ ​ ​ Non-current ​ ​ ​ ​ ​ ​ ​ ​ Office leases ​ Operating lease right-of-use assets ​ $ 840,522 ​ $ 1,194,974 Time charter-in VLGCs ​ Operating lease right-of-use assets ​ $ 166,743,160 ​ $ 190,505,364 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ ​ Current ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Current portion of long-term operating leases ​ $ 384,265 ​ $ 448,317 Time charter-in VLGCs ​ Current portion of long-term operating leases ​ $ 33,859,626 ​ $ 32,042,805 ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term ​ ​ ​ ​ ​ ​ ​ ​ Office Leases ​ Long-term operating leases ​ $ 472,783 ​ $ 763,767 Time charter-in VLGCs ​ Long-term operating leases ​ $ 132,883,534 ​ $ 158,462,559
Schedule of maturities of operating lease liabilities	​ ​ ​ ​ ​ Less than one year ​ $ 42,896,359 One to three years ​ ​ 76,159,548 Three to five years ​ ​ 64,080,000 More than five years ​ ​ 9,134,389 Total undiscounted lease payments ​ ​ 192,270,296 Less: imputed interest ​ ​ (24,670,088) Carrying value of operating lease liabilities ​ $ 167,600,208 ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	9 Months Ended
	Dec. 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, 2024 ​ 307,873 ​ $ 23.16 ​ Granted ​ 296,110 ​ ​ 37.16 ​ Vested ​ (330,987) ​ ​ 27.37 ​ Unvested as of December 31, 2024 ​ 272,996 ​ $ 36.06 ​

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Dec. 31, 2024
Revenues [Abstract]
Summary of revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended Nine months ended ​ ​ December 31, 2024 December 31, 2023 ​ December 31, 2024 December 31, 2023 Net pool revenues—related party ​ $ 78,022,488 ​ $ 155,922,970 ​ $ 267,307,186 ​ $ 398,160,923 ​ Time charter revenues ​ ​ 2,433,411 ​ ​ 6,410,997 ​ ​ 8,280,751 ​ ​ 19,310,237 ​ Other revenues, net ​ ​ 210,880 ​ 730,536 ​ ​ 1,865,364 ​ 1,854,712 ​ Total revenues ​ $ 80,666,779 $ 163,064,503 ​ $ 277,453,301 $ 419,325,872 ​

Financial Instruments and Fai_2

Financial Instruments and Fair Value Disclosures (Tables)	9 Months Ended
	Dec. 31, 2024
Financial Instruments and Fair Value Disclosures:
Schedule of derivative instruments location on the statement of financial position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ ​ 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 ​ $ 946,554 ​ $ — ​ $ 5,139,056 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ 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 ​ $ 5,198,407 ​ $ — ​ $ 4,145,153 ​ $ — ​
Schedule of derivative instruments effect within the unaudited interim consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2024 December 31, 2023 Forward freight agreements—change in fair value ​ Unrealized gain on derivatives ​ $ 46,220 ​ $ — ​ Interest rate swaps—change in fair value Unrealized gain/(loss) on derivatives $ 2,819,397 ​ $ (6,070,320) ​ Forward freight agreements—realized loss ​ Realized loss on derivatives ​ ​ (498,392) ​ ​ — ​ Interest rate swaps—realized gain Realized gain on derivatives ​ 1,337,298 ​ ​ 1,916,347 ​ Gain/(Loss) on derivatives, net ​ ​ $ 3,704,523 ​ $ (4,153,973) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended Derivatives not designated as hedging instruments Location of gain/(loss) recognized December 31, 2024 December 31, 2023 Interest rate swaps—change in fair value Unrealized loss on derivatives ​ (3,139,248) ​ ​ (1,650,452) ​ Forward freight agreements—realized loss ​ Realized loss on derivatives ​ ​ (512,082) ​ ​ — ​ Interest rate swaps—realized gain Realized gain on derivatives ​ 4,722,356 ​ ​ 5,692,328 ​ Gain on derivatives, net ​ ​ $ 1,071,026 ​ $ 4,041,876 ​
Schedule of derivative instruments summary of gains and losses on investment securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ December 31, 2024 December 31, 2023 ​ Unrealized gain/(loss) on investment securities ​ $ (758,519) ​ $ 103,127 ​ Realized gain on investment securities ​ — ​ ​ 872,557 ​ Net gain/(loss) on investment securities $ (758,519) ​ $ 975,684 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ December 31, 2024 December 31, 2023 Unrealized gain/(loss) on investment securities ​ $ (1,085,422) ​ $ 1,209,363 ​ Realized gain on investment securities ​ — ​ ​ 872,557 ​ Net gain/(loss) on investment securities $ (1,085,422) ​ $ 2,081,920 ​
Schedule of carrying values and estimated fair values of fixed rate debt obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ March 31, 2024 ​ ​ Carrying Value Fair Value ​ Carrying Value Fair Value ​ Corsair Japanese Financing ​ $ 28,708,334 ​ $ 27,470,933 ​ ​ $ 31,145,834 ​ $ 29,624,330 ​ Cresques Japanese Financing ​ ​ 24,282,523 ​ ​ 24,595,452 ​ ​ ​ 25,608,991 ​ ​ 26,180,173 ​ Cratis Japanese Financing ​ ​ 38,440,000 ​ ​ 35,443,327 ​ ​ ​ 41,500,000 ​ ​ 38,302,845 ​ Copernicus Japanese Financing ​ ​ 38,440,000 ​ ​ 35,443,327 ​ ​ ​ 41,500,000 ​ ​ 38,302,845 ​ Chaparral Japanese Financing ​ ​ 57,974,168 ​ ​ 55,941,693 ​ ​ ​ 59,896,473 ​ ​ 57,627,652 ​ Caravelle Japanese Financing ​ ​ 39,800,000 ​ ​ 36,473,723 ​ ​ ​ 42,500,000 ​ ​ 39,003,038 ​ Cougar Japanese Financing ​ ​ 41,000,000 ​ ​ 40,713,424 ​ ​ ​ 43,700,000 ​ ​ 43,715,910 ​ Captain Markos Dual-Fuel Japanese Financing ​ ​ 51,380,000 ​ ​ 51,783,963 ​ ​ ​ 53,270,000 ​ ​ 54,923,798 ​ BALCAP Facility ​ ​ 60,310,821 ​ ​ 57,632,555 ​ ​ ​ 66,330,459 ​ ​ 62,186,682 ​ ​

Earnings Per Share ("EPS") (Tab

Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Dec. 31, 2024
Earnings Per Share ("EPS"):
Summary of components used in calculating basic and diluted EPS	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ (In U.S. dollars except share data) ​ December 31, 2024 ​ December 31, 2023 ​ December 31, 2024 ​ December 31, 2023 ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 21,361,828 ​ $ 99,972,913 ​ $ 82,078,573 ​ $ 228,206,715 ​ Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic weighted average number of common shares outstanding ​ ​ 42,574,256 ​ ​ 40,350,476 ​ ​ 41,995,129 ​ ​ 40,202,758 ​ Effect of dilutive restricted stock and restricted stock units ​ ​ 21,067 ​ ​ 157,027 ​ ​ 118,958 ​ ​ 168,376 ​ Diluted weighted average number of common shares outstanding ​ ​ 42,595,323 ​ ​ 40,507,503 ​ ​ 42,114,087 ​ ​ 40,371,134 ​ EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 0.50 ​ $ 2.48 ​ $ 1.95 ​ $ 5.68 ​ Diluted ​ $ 0.50 ​ $ 2.47 ​ $ 1.95 ​ $ 5.65 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Dec. 31, 2024
Commitments Under Newbuilding Contracts
Other Commitments [Line Items]
Schedule of commitments and contingencies by class	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 36,296,594 ​ One to three years ​ ​ 62,164,393 ​ Total ​ $ 98,460,987 ​
Commitments Under Contracts for Scrubber Purchases and Other Vessel Upgrades
Other Commitments [Line Items]
Schedule of commitments and contingencies by class	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 1,512,088 ​ One to three years ​ ​ 166,576 ​ Total ​ $ 1,678,664 ​
Operating Leases | Denmark Office
Other Commitments [Line Items]
Schedule of commitments and contingencies by class	​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Less than one year ​ $ 38,590 ​

Basis of Presentation and Gen_3

Basis of Presentation and General Information (Details)	9 Months Ended
	Dec. 31, 2024 item m³	Nov. 24, 2023 m³
Capacity of standard VLGC vessels (cubic meters)	80,000
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
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) | item	16
Time chartered-in ECO VLGCs in fleet (equipped with scrubbers) | item	1
Vessel Under Construction
Represents the capacity of VLGC/AC in cubic meters		93,000

Basis of Presentation and Gen_4

Basis of Presentation and General Information - Vessel Capacity (Details)	Dec. 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

Transactions with Related Par_2

Transactions with Related Parties (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024	Apr. 01, 2015
Related Party Transaction [Line Items]
Due to related parties	$ 2,291,072		$ 2,291,072		$ 7,283
John C. Hadjipateras, CEO | Eagle Ocean Transport, Inc.
Related Party Transaction [Line Items]
Ownership interest (as a percent)	100%		100%
Dorian (Hellas), S.A. | Dorian LPG (USA) LLC and Subsidiaries | Maximum
Related Party Transaction [Line Items]
Related party income - chartering and marine operation services	$ 100,000	$ 100,000	$ 100,000	$ 100,000
Helios LPG Pool LLC | MOL Energia
Related Party Transaction [Line Items]
Ownership interest (as a percent)						50%
Related party income - management services for pool vessels	600,000	600,000	1,800,000	1,800,000
Related party income - expense reimbursements	100,000	$ 400,000	900,000	$ 800,000
Due to related parties	$ 2,300,000		$ 2,300,000		$ 100,000

Transactions with Related Par_3

Transactions with Related Parties - Helios LPG Pool LLC (Details)		9 Months Ended
	Apr. 01, 2015 item	Dec. 31, 2024 USD ($) item	Mar. 31, 2024 USD ($)
Related Party Transaction [Line Items]
Due to related parties | $		$ 2,291,072	$ 7,283
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	2
Total VLGC vessels operated by the Helios Pool		29
Dorian LPG owned VLGC vessels operated by the Helios Pool		25
MOL Energia owned VLGC vessels operated by the Helios Pool		3
Unrelated party time chartered-in VLGC vessels operated by the Helios Pool		4
Time chartered-in VLGC vessels operated by the Helios Pool		1
Due from related parties | $		$ 97,700,000	77,600,000
Due to related parties | $		2,300,000	100,000
Contributed working capital | $		$ 26,400,000	$ 25,300,000

Deferred Charges, Net (Details)

Deferred Charges, Net (Details)	9 Months Ended
	Dec. 31, 2024 USD ($)
Balance, April 1st	$ 12,544,098
Balance, December 31st	13,967,496
Drydocking Costs
Balance, April 1st	12,544,098
Additions	5,094,161
Amortization	(3,670,763)
Balance, December 31st	$ 13,967,496

Vessels, Net (Details)

Vessels, Net (Details) - USD ($)	9 Months Ended
	Dec. 31, 2024	Mar. 31, 2024
Property, Plant and Equipment [Line Items]
Net book value, beginning	$ 1,232,417,891
Net book value, ending	1,188,889,286
Vessels, net
Property, Plant and Equipment [Line Items]
Vessels at cost, beginning	1,733,196,909
Other additions	3,923,875
Vessels at cost, ending	1,737,120,784
Accumulated depreciation balance, beginning	(524,608,696)
Depreciation	(48,368,267)
Accumulated depreciation balance, ending	(572,976,963)
Net book value, beginning	1,208,588,213
Net book value, ending	1,164,143,821
Carrying value	$ 1,133,600,000	$ 1,175,600,000

Vessel Under Construction (Deta

Vessel Under Construction (Details)	9 Months Ended
	Dec. 31, 2024 USD ($)	Nov. 24, 2023 m³
Total Fixed Assets
Net book value, beginning	$ 1,232,417,891
Net book value, ending	1,188,889,286
Vessel Under Construction
Total Fixed Assets
Represents the capacity of VLGC/AC in cubic meters | m³		93,000
Net book value, beginning	23,829,678
Other capitalized expenditures	915,787
Net book value, ending	$ 24,745,465

Long-term Debt (Details)

Long-term Debt (Details) - USD ($) $ in Millions	Dec. 22, 2023	Dec. 29, 2021
2023 A&R Debt Facility
Total Debt Obligations
Principal amount financed	$ 240
BALCAP Facility
Total Debt Obligations
Principal amount financed		$ 83.4

Long-term Debt - Outstanding De

Long-term Debt - Outstanding Debt Obligations (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Total Debt Obligations
Total debt obligations	$ 570,335,846	$ 610,451,757
Less: deferred financing fees	4,424,587	5,359,227
Debt obligations-net of deferred financing fees	565,911,259	605,092,530
Presented as follows:
Current portion of long-term debt	53,880,102	53,543,315
Long-term debt-net of current portion and deferred financing fees	512,031,157	551,549,215
Total long-term debt	565,911,259	605,092,530
2023 A&R Debt Facility/2022 Debt Facility
Total Debt Obligations
Total debt obligations	190,000,000	205,000,000
Japanese Financings
Total Debt Obligations
Total debt obligations	320,025,025	339,121,298
Corsair Japanese Financing
Total Debt Obligations
Total debt obligations	28,708,334	31,145,834
Cresques Japanese Financing
Total Debt Obligations
Total debt obligations	24,282,523	25,608,991
Cratis Japanese Financing
Total Debt Obligations
Total debt obligations	38,440,000	41,500,000
Copernicus Japanese Financing
Total Debt Obligations
Total debt obligations	38,440,000	41,500,000
Chaparral Japanese Financing
Total Debt Obligations
Total debt obligations	57,974,168	59,896,473
Caravelle Japanese Financing
Total Debt Obligations
Total debt obligations	39,800,000	42,500,000
Cougar Japanese Financing
Total Debt Obligations
Total debt obligations	41,000,000	43,700,000
Captain Markos Dual-Fuel Japanese Financing
Total Debt Obligations
Total debt obligations	51,380,000	53,270,000
BALCAP Facility
Total Debt Obligations
Total debt obligations	$ 60,310,821	$ 66,330,459

Long-term Debt - Deferred Finan

Long-term Debt - Deferred Financing Fees (Details)	9 Months Ended
	Dec. 31, 2024 USD ($)
Long-term Debt:
Deferred financing costs, beginning balance	$ 5,359,227
Amortization	(934,640)
Deferred financing costs, ending balance	$ 4,424,587

Leases - Time Charter-in Contra

Leases - Time Charter-in Contracts (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Lessee, Lease, Description [Line Items]
Charter hire expenses	$ 10,586,115	$ 8,359,808	$ 31,082,323	$ 30,975,037
Operating lease right-of-use assets	167,583,682		167,583,682		$ 191,700,338
Time Charter-in VLGCs
Lessee, Lease, Description [Line Items]
Operating lease right-of-use assets	166,743,160		166,743,160		$ 190,505,364
Helios LPG Pool LLC
Lessee, Lease, Description [Line Items]
Pool revenue - time chartered-in VLGCs	$ 14,500,000	$ 27,400,000	$ 45,600,000	$ 73,600,000

Leases - Office Leases (Details

Leases - Office Leases (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Lessee, Lease, Description [Line Items]
Operating lease weighted average discount rate	5.81%		5.81%
Operating lease weighted average remaining lease term	59 months 3 days		59 months 3 days
Minimum
Lessee, Lease, Description [Line Items]
Operating lease discount rate	4.92%		4.92%
Maximum
Lessee, Lease, Description [Line Items]
Operating lease discount rate	6.34%		6.34%
Copenhagen, Denmark | General and Administrative Expenses
Lessee, Lease, Description [Line Items]
Operating lease rent expense	$ 142,743	$ 140,991	$ 404,604	$ 419,567

Leases - Operating Lease Right-

Leases - Operating Lease Right-of-Use Asset and Lease Liabilities (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Leases
Operating lease right-of-use assets	$ 167,583,682	$ 191,700,338
Current portion of long-term operating lease liabilities	34,243,891	32,491,122
Long-term operating lease liabilities	133,356,317	159,226,326
Office Leases
Leases
Operating lease right-of-use assets	840,522	1,194,974
Current portion of long-term operating lease liabilities	384,265	448,317
Long-term operating lease liabilities	472,783	763,767
Time Charter-in VLGCs
Leases
Operating lease right-of-use assets	166,743,160	190,505,364
Current portion of long-term operating lease liabilities	33,859,626	32,042,805
Long-term operating lease liabilities	$ 132,883,534	$ 158,462,559

Leases - Maturities of Operatin

Leases - Maturities of Operating Lease Liabilities (Details)	Dec. 31, 2024 USD ($)
Leases:
Less than one year	$ 42,896,359
One to three years	76,159,548
Three to five years	64,080,000
More than five years	9,134,389
Total undiscounted lease payments	192,270,296
Less: imputed interest	(24,670,088)
Carrying value of operating lease liabilities	$ 167,600,208

Dividends (Details)

Dividends (Details) - USD ($)		3 Months Ended						9 Months Ended
	Aug. 05, 2024	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Dividends Payable [Line Items]
Dividends, total cash amount		$ 42,804,479	$ 42,804,479	$ 40,619,448	$ 40,607,892	$ 40,570,888	$ 40,382,730
Dividends, cash paid on payment date								$ 126,620,555	$ 121,924,216
Cash payments on deferred dividends	$ 1,100,000
Q1 Irregular Cash Dividend
Dividends Payable [Line Items]
Dividends Payable, Date Declared				Apr. 25, 2024
Dividends Payable, Date of Record				May 08, 2024
Dividends Payable, Date to be Paid				May 29, 2024
Dividends, amount declared per share				$ 1
Dividends, total cash amount				$ 40,600,000
Dividends, cash paid on payment date				40,400,000
Dividends, amount deferred on payment date				$ 200,000
Q2 Irregular Cash Dividend
Dividends Payable [Line Items]
Dividends Payable, Date Declared			Jul. 24, 2024
Dividends Payable, Date of Record			Aug. 08, 2024
Dividends Payable, Date to be Paid			Aug. 21, 2024
Dividends, amount declared per share			$ 1
Dividends, total cash amount			$ 42,800,000
Dividends, cash paid on payment date			42,600,000
Dividends, amount deferred on payment date			$ 200,000
Q3 Irregular Cash Dividends
Dividends Payable [Line Items]
Dividends Payable, Date Declared		Oct. 24, 2024
Dividends Payable, Date of Record		Nov. 05, 2024
Dividends Payable, Date to be Paid		Nov. 22, 2024
Dividends, amount declared per share		$ 1
Dividends, total cash amount		$ 42,800,000
Dividends, cash paid on payment date		42,600,000
Dividends, amount deferred on payment date		$ 200,000						$ 200,000

Common Stock (Details)

Common Stock (Details) - USD ($)		9 Months Ended		35 Months Ended
	Jun. 07, 2024	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Feb. 02, 2022
Aggregate consideration for common share repurchases		$ 4,259,668	$ 2,773,696
Public Offering | Common Stock
Shares issued in transaction	2,000,000
Share issuance price	$ 44.5
Proceeds from issuance of shares	$ 89,000,000
Legal and other offering costs included in liabilities	$ 100,000
Public Offering | Common Stock | Minimum
Issuance costs, per share issued	$ 2.225
Public Offering | Common Stock | Maximum
Issuance costs, flat fee	$ 4,500,000
2022 Common Share Repurchase Authority | Common Stock
Common stock repurchase authorized amount					$ 100,000,000
Treasury stock shares acquired (in shares)		0		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	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost	$ 7		$ 7
Weighted average life over which unrecognized compensation is expected to be recognized			1 year 4 months 17 days
General and Administrative Expenses
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 1.7	$ 1.4	$ 9	$ 6.3
Restricted Stock Units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Fair value of restricted share vested during the period			$ 12.3
Incentive Share/Unit Awards
Unvested as of April 1st			307,873
Granted			296,110
Vested			(330,987)
Unvested as of December 31st	272,996		272,996
Weighted-Average Grant-Date Fair Value
Unvested as of April 1st			$ 23.16
Granted			37.16
Vested			27.37
Unvested as of December 31st	$ 36.06		$ 36.06

Revenues (Details)

Revenues (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023
Revenues [Abstract]
Net pool revenues - related party	$ 78,022,488	$ 155,922,970	$ 267,307,186	$ 398,160,923
Time charter revenues	2,433,411	6,410,997	8,280,751	19,310,237
Other revenues, net	210,880	730,536	1,865,364	1,854,712
Total revenues	$ 80,666,779	$ 163,064,503	$ 277,453,301	$ 419,325,872

Financial Instruments and Fai_3

Financial Instruments and Fair Value Disclosures - Fair Value Measurements (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Derivative Instruments
Current assets - Derivative instruments	$ 946,554		$ 946,554		$ 5,139,056
Other non-current assets - Derivative Instruments	5,198,407		5,198,407		4,145,153
Unrealized gain/(loss) on derivatives	2,865,617	$ (6,070,320)	(3,139,248)	$ (1,650,452)
Realized gain on derivatives	838,906	1,916,347	4,210,274	5,692,328
Level 2
Derivative Instruments
Gain/(loss) on derivatives, net	3,704,523	(4,153,973)	1,071,026	4,041,876
Forward Freight Agreements | Level 2
Derivative Instruments
Unrealized gain/(loss) on derivatives	46,220
Realized loss on derivatives	(498,392)		(512,082)
Interest Rate Swaps | Level 2
Derivative Instruments
Current assets - Derivative instruments	946,554		946,554		5,139,056
Other non-current assets - Derivative Instruments	5,198,407		5,198,407		$ 4,145,153
Unrealized gain/(loss) on derivatives	2,819,397	(6,070,320)	(3,139,248)	(1,650,452)
Realized gain on derivatives	$ 1,337,298	$ 1,916,347	$ 4,722,356	$ 5,692,328

Financial Instruments and Fai_4

Financial Instruments and Fair Value Disclosures - Financial Instruments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2024	Dec. 31, 2023	Mar. 31, 2024
Securities, Available-for-Sale
Available-for-sale debt securities	$ 10,001,336		$ 10,001,336		$ 11,530,939
US Treasury Notes | Level 1
Securities, Available-for-Sale
Available-for-sale debt securities	10,000,000		10,000,000
Unrealized gain on investment securities	(758,519)	$ 103,127	(1,085,422)	$ 1,209,363
Realized gain on investment securities		872,557		872,557
Net gain on investment securities	(758,519)	$ 975,684	(1,085,422)	$ 2,081,920
US Treasury Notes | Level 1 | Maturing March 15, 2025
Securities, Available-for-Sale
Available-for-sale debt securities	$ 10,000,000		$ 10,000,000

Financial Instruments and Fai_5

Financial Instruments and Fair Value Disclosures - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($)	Dec. 31, 2024	Mar. 31, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	$ 570,335,846	$ 610,451,757
Japanese Financings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	320,025,025	339,121,298
Corsair Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	28,708,334	31,145,834
Corsair Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	27,470,933	29,624,330
Cresques Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	24,282,523	25,608,991
Cresques Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	24,595,452	26,180,173
Cratis Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	38,440,000	41,500,000
Cratis Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	35,443,327	38,302,845
Copernicus Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	38,440,000	41,500,000
Copernicus Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	35,443,327	38,302,845
Chaparral Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	57,974,168	59,896,473
Chaparral Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	55,941,693	57,627,652
Caravelle Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	39,800,000	42,500,000
Caravelle Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	36,473,723	39,003,038
Cougar Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	41,000,000	43,700,000
Cougar Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	40,713,424	43,715,910
Captain Markos Dual-Fuel Japanese Financing
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	51,380,000	53,270,000
Captain Markos Dual-Fuel Japanese Financing | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	51,783,963	54,923,798
BALCAP Facility
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Carrying Value	60,310,821	66,330,459
BALCAP Facility | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Fair Value	$ 57,632,555	$ 62,186,682

Earnings Per Share ("EPS") (Det

Earnings Per Share ("EPS") (Details) - USD ($)	3 Months Ended						9 Months Ended
	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Numerator:
Net income	$ 21,361,828	$ 9,428,605	$ 51,288,140	$ 99,972,913	$ 76,512,665	$ 51,721,137	$ 82,078,573	$ 228,206,715
Denominator:
Basic weighted average number of common shares outstanding	42,574,256			40,350,476			41,995,129	40,202,758
Effect of dilutive restricted stock and restricted stock units	21,067			157,027			118,958	168,376
Diluted weighted average number of common shares outstanding	42,595,323			40,507,503			42,114,087	40,371,134
EPS:
Basic	$ 0.5			$ 2.48			$ 1.95	$ 5.68
Diluted	$ 0.5			$ 2.47			$ 1.95	$ 5.65
Unvested Restricted Stock
EPS:
Number of shares excluded from the calculation of diluted EPS	188,233						0	0

Commitments and Contingencies_2

Commitments and Contingencies (Details)	Dec. 31, 2024 USD ($)	Nov. 24, 2023 m³
Commitments Under Newbuilding Contracts
Less than one year	$ 36,296,594
One to three years	62,164,393
Total	98,460,987
Commitments Under Contracts for Scrubber Purchases and Other Vessel Upgrades
Less than one year	1,512,088
One to three years	166,576
Total	1,678,664
Fixed Time Charter Commitments
Less than one year	$ 38,590
Vessel Under Construction
Long-Term Purchase Commitment [Line Items]
Represents the capacity of VLGC/AC in cubic meters | m³		93,000

Subsequent Events (Details)

Subsequent Events (Details) - USD ($)		1 Months Ended	3 Months Ended
	Jan. 22, 2025	Jan. 24, 2025	Dec. 31, 2024	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023
Subsequent Event
Dividends, total cash amount			$ 42,804,479	$ 42,804,479	$ 40,619,448	$ 40,607,892	$ 40,570,888	$ 40,382,730
Subsequent Events
Subsequent Event
Installment Payments to Shipyards	$ 11,900,000
Subsequent Events | Q4 Irregular Cash Dividends
Subsequent Event
Dividends Payable, Date Declared		Jan. 24, 2025
Dividends, amount declared per share		$ 0.7
Dividends, total cash amount		$ 30,000,000
Dividends Payable, Date to be Paid		Feb. 27, 2025
Dividends Payable, Date of Record		Feb. 05, 2025