Document and Entity Information - USD ($)	12 Months Ended
Document and Entity Information - USD ($)	Mar. 31, 2021	Jun. 01, 2021	Sep. 30, 2020
Cover Abstract
Entity Registrant Name	Dorian LPG Ltd.
Entity Central Index Key	0001596993
Document Type	10-K
Document Period End Date	Mar. 31, 2021
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-36437
Entity Incorporation, State or Country Code	1T
Entity Tax Identification Number	66-0818228
Entity Address, Address Line One	27 Signal Road
Entity Address, City or Town	Stamford
Entity Address, State or Province	CT
Entity Address, Postal Zip Code	06902
City Area Code	203
Local Phone Number	674-9900
Title of 12(b) Security	Common stock, par value $0.01 per share
Trading Symbol	LPG
Security Exchange Name	NYSE
Amendment Flag	false
Current Fiscal Year End Date	--03-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
ICFR Auditor Attestation Flag	true
Entity Filer Category	Accelerated Filer
Entity Public Float			$ 290,509,924
Entity Common Stock, Shares Outstanding		41,086,069
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY

Consolidated Balance Sheets - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Current assets
Cash and cash equivalents	$ 79,330,007	$ 48,389,688
Restricted cash - current	5,315,951	3,370,178
Short-term investments		14,919,384
Trade receivables, net and accrued revenues	202,221	820,846
Due from related parties	56,191,375	66,847,701
Inventories	2,007,464	1,996,203
Prepaid expenses and other current assets	10,296,229	3,270,755
Total current assets	153,343,247	139,614,755
Fixed assets
Vessels, net	1,377,028,255	1,437,658,833
Other fixed assets, net	148,836	185,613
Total fixed assets	1,377,177,091	1,437,844,446
Other non-current assets
Deferred charges, net	10,158,202	7,336,726
Due from related parties-non-current	23,100,000	23,100,000
Restricted cash - non-current	81,241	35,629,261
Operating lease right-of-use assets	17,672,227	26,861,551
Other non-current assets	82,837	1,573,104
Total assets	1,581,614,845	1,671,959,843
Current liabilities
Trade accounts payable	9,831,328	13,552,796
Accrued expenses	8,765,264	4,080,952
Due to related parties	117,803	436,850
Deferred income	853,983	2,068,205
Derivative instruments	1,100,529	2,605,442
Current portion of long-term operating lease liabilities	9,591,447	9,212,589
Current portion of long-term debt	51,820,283	53,056,125
Total current liabilities	82,080,637	85,012,959
Long-term liabilities
Long-term debt-net of current portion and deferred financing fees	539,651,761	581,919,094
Long-term operating lease liabilities	8,080,995	17,651,939
Derivative instruments	3,454,862	9,152,829
Other long-term liabilities	1,521,260	1,170,824
Total long-term liabilities	552,708,878	609,894,686
Total liabilities	634,789,515	694,907,645
Commitments and contingencies
Shareholders' equity
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding
Common stock, $0.01 par value, 450,000,000 shares authorized, 51,071,409 and 59,083,290 shares issued, 41,493,275 and 50,827,952 shares outstanding (net of treasury stock), as of March 31, 2021 and March 31, 2020, respectively	510,715	590,833
Additional paid-in-capital	756,776,217	866,809,371
Treasury stock, at cost; 9,578,134 and 8,255,338 shares as of March 31, 2021 and March 31, 2020, respectively	(99,862,114)	(87,183,865)
Retained earnings	289,400,512	196,835,859
Total shareholders' equity	946,825,330	977,052,198
Total liabilities and shareholders' equity	$ 1,581,614,845	$ 1,671,959,843

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Mar. 31, 2020
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	50,000,000	50,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	450,000,000	450,000,000
Common stock, shares issued	51,071,409	59,083,290
Common stock, shares outstanding (net of treasury stock)	41,493,275	50,827,952
Treasury stock, shares at cost	9,578,134	8,255,338

Consolidated Statements of Operations - USD ($)	12 Months Ended
Consolidated Statements of Operations - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Revenues.
Revenues	$ 315,938,812	$ 333,429,998	$ 158,032,485
Expenses
Voyage expenses	3,409,650	3,242,923	1,697,883
Charter hire expenses	18,135,580	9,861,898	237,525
Vessel operating expenses	78,219,869	71,478,369	66,880,568
Depreciation and amortization	68,462,476	66,262,530	65,201,151
General and administrative expenses	33,890,999	23,355,768	24,434,246
Professional and legal fees related to the BW Proposal			10,022,747
Total expenses	202,118,574	174,201,488	168,474,120
Other income-related parties	2,279,454	1,840,321	2,479,599
Operating income/(loss)	116,099,692	161,068,831	(7,962,036)
Other income/(expenses)
Interest and finance costs	(27,596,124)	(36,105,541)	(40,649,231)
Interest income	421,464	1,458,725	1,755,259
Unrealized gain/(loss) on derivatives	7,202,880	(18,206,769)	(7,816,401)
Realized gain/(loss) on derivatives	(4,568,033)	2,800,374	3,788,123
Other gain/(loss), net	1,004,774	825,638	(61,619)
Total other income/(expenses), net	(23,535,039)	(49,227,573)	(42,983,869)
Net income/(loss)	$ 92,564,653	$ 111,841,258	$ (50,945,905)
Weighted average shares outstanding Basic (in shares)	49,729,358	53,881,483	54,513,118
Weighted average shares outstanding Diluted (in shares)	49,826,798	54,115,338	54,513,118
Earnings/(loss) per common share - basic (in dollars per share)	$ 1.86	$ 2.08	$ (0.93)
Earnings per common share - diluted (in dollars per share)	$ 1.86	$ 2.07	$ (0.93)
Net pool revenues - related party
Revenues.
Revenues	$ 292,679,614	$ 298,079,123	$ 120,015,771
Time charter revenues
Revenues.
Revenues	19,492,595	34,111,230	37,726,214
Other revenues, net
Revenues.
Revenues	$ 3,766,603	$ 1,239,645	$ 290,500

Consolidated Statements of Shareholders Equity - USD ($)	Common stock	Treasury stock	Additional paid-in capital	Retained earnings	Total
Balance at Mar. 31, 2018	$ 586,402	$ (35,223,428)	$ 858,109,882	$ 135,940,506	$ 959,413,362
Balance (in shares) at Mar. 31, 2018	58,640,161
Increase (Decrease) in Shareholders' Equity
Net income/(loss) for the period				(50,945,905)	(50,945,905)
Restricted share award issuances	$ 2,424		(2,424)
Restricted share award issuances (in shares)	242,354
Stock-based compensation			5,476,234		5,476,234
Purchase of treasury stock		(1,261,133)			(1,261,133)
Balance at Mar. 31, 2019	$ 588,826	(36,484,561)	863,583,692	84,994,601	912,682,558
Balance (in shares) at Mar. 31, 2019	58,882,515
Increase (Decrease) in Shareholders' Equity
Net income/(loss) for the period				111,841,258	111,841,258
Restricted share award issuances	$ 2,007		(2,007)
Restricted share award issuances (in shares)	200,775
Stock-based compensation			3,227,686		3,227,686
Purchase of treasury stock		(50,699,304)			(50,699,304)
Balance at Mar. 31, 2020	$ 590,833	(87,183,865)	866,809,371	196,835,859	977,052,198
Balance (in shares) at Mar. 31, 2020	59,083,290
Increase (Decrease) in Shareholders' Equity
Net income/(loss) for the period				92,564,653	92,564,653
Restricted share award issuances	$ 3,933		(3,933)
Restricted share award issuances (in shares)	393,265
Stock-based compensation			3,356,199		3,356,199
Repurchase and cancellation of common stock	$ (84,051)		(113,385,420)		(113,469,471)
Repurchase and cancellation of common stock (in shares)	(8,405,146)
Purchase of treasury stock		(12,678,249)			(12,678,249)
Balance at Mar. 31, 2021	$ 510,715	$ (99,862,114)	$ 756,776,217	$ 289,400,512	$ 946,825,330
Balance (in shares) at Mar. 31, 2021	51,071,409

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
Consolidated Statements of Cash Flows - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income/(loss)	$ 92,564,653	$ 111,841,258	$ (50,945,905)
Adjustments to reconcile net income/(loss) to net cash provided by operating activities:
Depreciation and amortization	68,462,476	66,262,530	65,201,151
Amortization of operating lease right-of-use asset	9,218,537	1,885,522
Amortization of financing costs	4,695,360	2,893,392	3,136,051
Unrealized (gain)/loss on derivatives	(7,202,880)	18,206,769	7,816,401
Stock-based compensation expense	3,356,199	3,227,686	5,476,234
Unrealized foreign currency (gain)/loss, net	(210,010)	311,539	303,835
Other non-cash items, net	(1,091,825)	(1,200,001)	(48,182)
Changes in operating assets and liabilities
Trade receivables, net and accrued revenue	618,625	563,272	(1,047,956)
Prepaid expenses and other current assets	(1,192,336)	(222,510)	(537,549)
Due from related parties	10,656,326	(25,692,058)	(17,574,923)
Inventories	(11,261)	115,434	(98,730)
Other non-current assets	1,490,267	(1,356,007)	(131,457)
Operating lease liabilities-current and long-term	(9,221,782)	(1,888,347)
Trade accounts payable	212,173	1,470,669	793,925
Accrued expenses and other liabilities	4,309,014	(2,078,325)	(2,999,444)
Due to related parties	(319,047)	(52,794)	144,129
Payments for drydocking costs	(5,738,793)	(5,251,622)	(604,147)
Net cash provided by operating activities	170,595,696	169,036,407	8,883,433
Cash flows from investing activities:
Vessel-related capital expenditures	(9,492,953)	(19,883,090)	(3,972,815)
Payments for short-term investments		(14,888,638)
Purchases of investment securities	(4,743,809)		(499,690)
Proceeds from sale of investment securities	275,393	1,767,906
Proceeds from maturity of short-term investments	15,000,000
Payments to acquire other fixed assets	(17,541)	(141,012)	(47,799)
Net cash provided by/(used in) investing activities	1,021,090	(33,144,834)	(4,520,304)
Cash flows from financing activities:
Proceeds from long-term debt borrowings	55,378,172		65,137,500
Repayment of long-term debt borrowings	(99,418,395)	(63,968,414)	(130,205,069)
Purchase of treasury stock	(126,260,923)	(50,642,795)	(1,310,064)
Financing costs paid	(4,183,321)	(40,547)	(628,144)
Net cash used in financing activities	(174,484,467)	(114,651,756)	(67,005,777)
Effects of exchange rates on cash and cash equivalents	205,753	(323,336)	(253,086)
Net increase/(decrease) in cash, cash equivalents, and restricted cash	(2,661,928)	20,916,481	(62,895,734)
Cash, cash equivalents, and restricted cash at the beginning of the period	87,389,127	66,472,646	129,368,380
Cash, cash equivalents, and restricted cash at the end of the period	84,727,199	87,389,127	66,472,646
Supplemental disclosure of cash flow information
Cash paid during the period for interest	21,787,205	32,461,153	36,906,567
Cash paid for amounts included in the measurement of operating lease liabilities	10,088,410	2,810,468
Vessel-related capital expenditures included in liabilities	320,992	4,408,333	33,015
Financing costs included in liabilities	$ 596,800	$ 595,138	$ 595,138

Consolidated Statements of Cash Flows (Parenthetical) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2018
Reconciliation 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	$ 79,330,007	$ 48,389,688	$ 30,838,684
Restricted cash - current	5,315,951	3,370,178
Restricted cash - non-current	81,241	35,629,261	35,633,962
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	$ 84,727,199	$ 87,389,127	$ 66,472,646	$ 129,368,380

Basis of Presentation and General Information

12 Months Ended

Mar. 31, 2021

Basis of Presentation and General Information

Basis of Presentation and General Information

Dorian LPG Ltd.

Notes to Consolidated Financial Statements

(Expressed in United States Dollars)

1.	Basis of Presentation and General Information

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we,” “us,” “our,” or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. As of March 31, 2021, our fleet consists of twenty-four VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), three 82,000 cbm VLGCs, and two time chartered-in VLGCs. Ten of our technically-managed ECO VLGCs are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on an additional two of our technically-managed VLGCs was planned to be completed during the second calendar quarter of 2021. As of March 31, 2021, contractual commitments related to scrubbers totaled $1.5 million. On March 31, 2021, we entered into a bareboat agreement to charter-in a newbuilding dual-fuel VLGC that is expected to be delivered in March 2023 (see Note 18 for further details).

The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries.

On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship.

Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2021 are listed below.

Vessel Owning Subsidiaries


	Type of
Subsidiary	vessel	Vessel’s name	Built	CBM⁽¹⁾
CMNL LPG Transport LLC	VLGC	Captain Markos NL	2006	82,000
CJNP LPG Transport LLC	VLGC	Captain John NP⁽²⁾	2007	82,000
CNML LPG Transport LLC	VLGC	Captain Nicholas ML⁽²⁾	2008	82,000
Comet LPG Transport LLC	VLGC	Comet	2014	84,000
Corsair LPG Transport LLC	VLGC	Corsair⁽²⁾	2014	84,000
Corvette LPG Transport LLC	VLGC	Corvette⁽²⁾	2015	84,000
Dorian Shanghai LPG Transport LLC	VLGC	Cougar	2015	84,000
Concorde LPG Transport LLC	VLGC	Concorde⁽²⁾	2015	84,000
Dorian Houston LPG Transport LLC	VLGC	Cobra	2015	84,000
Dorian Sao Paulo LPG Transport LLC	VLGC	Continental	2015	84,000
Dorian Ulsan LPG Transport LLC	VLGC	Constitution	2015	84,000
Dorian Amsterdam LPG Transport LLC	VLGC	Commodore	2015	84,000
Dorian Dubai LPG Transport LLC	VLGC	Cresques⁽²⁾	2015	84,000
Constellation LPG Transport LLC	VLGC	Constellation	2015	84,000
Dorian Monaco LPG Transport LLC	VLGC	Cheyenne	2015	84,000
Dorian Barcelona LPG Transport LLC	VLGC	Clermont	2015	84,000
Dorian Geneva LPG Transport LLC	VLGC	Cratis	2015	84,000
Dorian Cape Town LPG Transport LLC	VLGC	Chaparral	2015	84,000
Dorian Tokyo LPG Transport LLC	VLGC	Copernicus	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	2016	84,000
Dorian Sakura LPG Transport LLC⁽³⁾	VLGC	Hull No. 1755	2023⁽⁴⁾	84,000

Management Subsidiaries



Subsidiary
Dorian LPG Management Corp.
Dorian LPG (USA) LLC (incorporated in USA)
Dorian LPG (UK) Ltd. (incorporated in UK)
Dorian LPG Finance LLC
Occident River Trading Limited (incorporated in UK)
Dorian LPG (DK) ApS (incorporated in Denmark)
Dorian LPG Chartering LLC
Dorian LPG FFAS LLC

(1)	CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)	Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information

(3)	Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Notes 18 below for further information

(4)	Expected to be delivered in 2023

Customers

For the years ended March 31, 2021 and 2020, the Helios Pool accounted for 93% and 89% of our total revenues, respectively. No other individual charterer accounted for more than 10%. For the year ended March 31, 2019, the Helios Pool and one other individual charterer represented 76% and 14% of our total revenues, respectively.

COVID-19

The outbreak of COVID-19 resulted in the implementation of numerous actions taken by governments and governmental agencies in an attempt to mitigate the spread of the virus. These measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. The reduction of economic activity significantly reduced the global demand for oil, refined petroleum products (most notably aviation fuel) and LPG. We expect that the impact of the COVID-19 virus and the uncertainty in the supply and demand for fossil fuels, including LPG, will continue to cause volatility in the commodity markets. We experienced and may continue to experience additional costs to effect crew changes. Although to date there has not been any significant effect on our operating activities due to COVID-19, other than an approximately 60-day delay associated with the drydocking of one of our vessels in China

that left drydock in April 2020, the extent to which COVID-19 will impact our results of operation and financial condition will depend on future developments, which are highly uncertain and cannot be predicted, including among others, new information which may emerge concerning the severity of the virus and the actions to contain or treat its impact or any resurgence or mutation of the virus, the availability of vaccines and their global deployment, the development of effective treatments, the imposition of effective public safety and other protective measures and the public’s response to such measures. There continues to be a high level of uncertainty relating to how the pandemic will evolve, how governments and consumers will react and progress on the approval and distribution of vaccines. An estimate of the impact cannot therefore be made at this time.

Significant Accounting Policies

12 Months Ended

Mar. 31, 2021

Significant Accounting Policies

Significant Accounting Policies

2. Significant Accounting Policies

(a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly-owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated.

(b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

(c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement.

(d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, we had no foreign currency derivative instruments.

(e) Cash and cash equivalents: We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.

(f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments.

(g) Investment securities: All of our investment securities held are classified as available-for-sale securities and are available to be sold in the future in response to our liquidity needs and asset-liability management strategies, among other considerations. Investment securities are reported at fair value, with unrealized gains and losses reported in in other gain/(loss), net on our consolidated statements of operations.

(h) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero.

(i) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current.

(j) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation.

(k) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.

(l) Impairment of vessels: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset.

(m) Vessel depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.

(n) Drydocking and special survey costs: Drydocking and special survey costs are accounted for under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels under 15 years of age every five years until they reach 15 years of age unless an extension of the drydocking to seven and one-half years is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations.

(o) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans/credit facilities repaid or refinanced is either expensed in the period the repayment or refinancing is made, or deferred and amortized over the terms of the respective credit facility, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet.

(p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature.

(q) Leases: Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2021, 2020, and 2019 and to Note 18 for a description of commitments related to our leases as of March 31, 2021. The following is a description of our leasing arrangements.

Time charter-out contracts

Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease.

Time charter revenues are recognized when an agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non-current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer.

Net pool revenues—related party

As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on:

● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and

● number of days the vessel participated in the pool in the period.

We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases.

Time charter-in contracts

Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets.

Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts.

Office leases

We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value.

Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases.

(r)

Voyage charter revenues: In a voyage charter contract, a charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has standard payment terms of freight paid within three to five days after completion of loading. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime, known as despatch, resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer.

Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers. Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage

charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet.

(s) Voyage expenses: Voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered.

(t) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses.

(u) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent.

(v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses.

(w) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses.

(x) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence.

(y) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock unless canceled, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.

(z) Segment reporting: Each of our vessels serves the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that our Company operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when we charter a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.

(aa) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges.

(ab) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:

Level 1:	Quoted market prices in active markets for identical assets or liabilities.
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3:	Unobservable inputs that are not corroborated by market data.

(ac) Recent accounting pronouncements:

Accounting Policies Not Yet Adopted

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures.

Transactions with Related Parties

12 Months Ended

Mar. 31, 2021

Transactions with Related Parties

Transactions with Related Parties

3. Transactions with Related Parties

Dorian (Hellas) S.A.

Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer.

Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million, $0.1 million and $0.2 million for the years ended March 31, 2021, 2020 and 2019, respectively. As of March 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties.” As of March 31, 2020, $1.3 million was due from DHSA and included in “Due from related parties.”

Helios LPG Pool LLC (“Helios Pool”)

On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of March 31, 2021, the Helios Pool operated thirty VLGCs, including twenty-two vessels from our fleet (including two vessels time chartered-in from unrelated parties), four Phoenix vessels, and four from other participants.

As of March 31, 2021, we had net receivables from the Helios Pool of $78.1 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2020, we had receivables from the Helios Pool of $88.1 million (net of an amount due to Helios Pool of $0.4 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of March 31, 2021 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the consolidated statement of operations and were $2.0 million, $1.6 million and $2.2 million for the years ended March 31, 2021, 2020 and 2019, respectively. Additionally, we received a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $3.5 million, $1.2 million and $0.3 million for the years ended March 31, 2021, 2020 and 2019 respectively, and are included in “Other revenues, net” in the consolidated statement of operations.

Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the years ended March 31, 2021, 2020 and 2019. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any time chartered-in vessels, less the general and administrative expenses of the pool. 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, as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. We recognize net pool revenues 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 13.

Inventories

12 Months Ended

Mar. 31, 2021

Inventories

Inventories

4. Inventories

Our inventories by type were as follows:


	March 31, 2021		March 31, 2020
Lubricants	$	1,475,228	$	1,544,352
Victualing		404,419		328,297
Bonded stores		127,817		123,554
Total	$	2,007,464	$	1,996,203

Vessels, Net

12 Months Ended

Mar. 31, 2021

Vessels, Net

Vessels, Net

5. Vessels, Net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2019	$	1,732,993,810	$	(254,473,496)	$	1,478,520,314
Other additions		24,291,423		—		24,291,423
Depreciation		—		(65,152,904)		(65,152,904)
Balance, April 1, 2020	$	1,757,285,233	$	(319,626,400)	$	1,437,658,833
Other additions		5,372,597		—		5,372,597
Depreciation		—		(66,003,175)		(66,003,175)
Balance, March 31, 2021	$	1,762,657,830	$	(385,629,575)	$	1,377,028,255

Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2021 and 2020. Our vessels, with a total carrying value of $1,337.4 million and $1,437.7 million as of March 31, 2021 and 2020, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 9 below). No impairment loss was recorded for the periods presented.

Other Fixed Assets, Net

12 Months Ended

Mar. 31, 2021

Other Fixed Assets, Net

Other Fixed Assets, Net

6. Other Fixed Assets, Net

Other fixed assets, net were $0.1 million and $0.2 million as of March 31, 2021 and March 31, 2020, respectively, and represent leasehold improvements, software and furniture and fixtures at cost. Accumulated depreciation on other fixed assets, net was $0.3 million as of both March 31, 2021 and March 31, 2020.

Deferred Charges, Net

12 Months Ended

Mar. 31, 2021

Deferred Charges, Net.

Deferred Charges, Net

7. Deferred Charges, Net

The analysis and movement of deferred charges, net is presented in the table below:


	Drydocking
	costs
Balance, April 1, 2019	$	2,000,794
Additions		6,329,877
Amortization		(993,945)
Balance, March 31, 2020	$	7,336,726
Additions		5,178,916
Amortization		(2,357,440)
Balance, March 31, 2021	$	10,158,202

Accrued Expenses

12 Months Ended

Mar. 31, 2021

Accrued Expenses

Accrued Expenses

8. Accrued Expenses

Accrued expenses comprised of the following:


	March 31, 2021		March 31, 2020
Accrued contingent claim	$	4,000,000	$	—
Accrued voyage and vessel operating expenses		2,730,803		2,473,385
Accrued employee-related costs		1,301,510		949,310
Accrued professional services		523,950		266,836
Accrued loan and swap interest		204,237		284,985
Accrued board of directors' fees		—		88,750
Other		4,764		17,686
Total	$	8,765,264	$	4,080,952

Long-term Debt

12 Months Ended

Mar. 31, 2021

Long-term Debt

Long-term Debt

9. Long-Term Debt

Description of our Debt Obligations

2015 AR Facility

In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with its amendments and restatement, the “2015 AR Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2021, the debt financing is secured by, among other things, fifteen of our ECO VLGCs. On April 29, 2020, we amended and restated the 2015 AR Facility to among other things, refinance the commercial tranche from the 2015 AR Facility (the “Original Commercial Tranche”). Pursuant to the April 2020 amendment and restatement of the 2015 AR Facility, certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million, which we intend to use for general corporate purposes. On July 14, 2020 (with retroactive effect to June 30, 2020), we amended the 2015 AR Facility and received approvals from those lenders constituting the “Required Lenders” under the 2015 AR Facility, as applicable, to modify certain financial and security covenants to reflect the Company’s current financial condition.

The 2015 AR Facility contains various covenants providing for, among other things, maintenance of certain financial ratios and certain limitations on payment of dividends, investments, acquisitions and indebtedness.

The 2015 AR Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed; (ii) first priority assignments of all of the financed vessels’ insurances, earnings, requisition compensation, and management agreements; (iii) first priority security interests in respect of all issued shares or limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters; (v) assignments of the interests of any ship manager in the insurances of the financed vessels; (vi) an assignment by the borrower of any bank, deposit or certificate of deposit opened in accordance with the facility; and (vii) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2015 AR Facility further provides that the facility is to be secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility, but such assignments have not been entered into at this time.

The 2015 AR Facility also contains customary covenants that require us to maintain adequate insurance coverage, properly maintain the vessels and to obtain the lender’s prior consent before changes are made to the flag, class or

management of the vessels, or entry into a new line of business. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions from paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom.

The following financial covenants are the most restrictive from the 2015 AR Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement and its amendments:

●

The ratio of current assets and long-term restricted cash divided by current liabilities, excluding current portion of long-term debt, shall always be greater than 1.00;

●

Maintain minimum shareholders’ equity at all times equal to the aggregate of $400 million;

●

The ratio of consolidated net debt to consolidated total capitalization shall not exceed 0.60 to 1.00;

●

Fair market value of the mortgaged ships plus any additional security over the outstanding loan balance shall be 145%.

●Minimum liquidity covenant of $27.5 million; and

●Minimum cash balance $1.0 million per mortgaged vessel;

The provision applicable to our minimum cash balance requirements were modified under the terms of the amendment to the 2015 AR Facility and as a result our minimum cash balance no longer meets the criteria to be recognized as restricted cash. Accordingly, and with retroactive effect to June 30, 2020, we no longer classify these amounts as restricted cash on our consolidated balance sheets. This requirement was reduced from $2.2 million per mortgaged vessel under the initial 2015 AR Facility to $1.0 million per mortgaged vessel per the July 14, 2020 amendment.

The advances in connection with New Facilities are to be repaid on the earlier of (i) the fifth (5th) anniversary of the utilization date of the new senior secured term loan facility, described above, and (ii) March 26, 2025. The New Facilities bear interest at the rate of LIBOR plus a margin of 2.50%. The margin can be decreased by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. Pursuant to the terms of the 2015 AR Facility, we have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2021, the set margin was 2.40%.

Certain terms of the borrowings under each tranche of the 2015 AR Facility are as follows:

Interest Rate at

Term

Interest Rate Description⁽¹⁾

March 31, 2021⁽²⁾

Tranche 1

Commercial Financing

10

years⁽³⁾

London InterBank Offered Rate (“LIBOR”) plus a margin⁽⁵⁾

2.60

%

Tranche 2

KEXIM Direct Financing

12

years⁽⁴⁾

LIBOR plus a margin of 2.45%

2.65

%

Tranche 3

KEXIM Guaranteed

12

years⁽⁴⁾

LIBOR plus a margin of 1.40%

1.60

%

Tranche 4

K-sure Insured

12

years⁽⁴⁾

LIBOR plus a margin of 1.50%

1.70

%

(1)

The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches.

(2)	The LIBOR rate in effect as of March 31, 2021 was 0.20%.

(3)	The 2015 AR Facility extended the commercial tranche’s term from 7 to 10 years.

(4)	The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche.

(5)

The Commercial Financing tranche margin over LIBOR is 2.50% and is reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2021, the set margin was 2.40%.

The 2015 AR Facility permits the lenders to accelerate the indebtedness if, without the prior written consent of the lenders, (i) one-third of our common shares are owned by any shareholder other than certain entities, directors or officers listed in the agreement; (ii) there are certain changes to our board of directors; or (iii) Mr. John C. Hadjipateras ceases to serve on our board of directors.

We were in compliance with all financial covenants as of March 31, 2021.

Corsair Japanese Financing

On November 7, 2017, we refinanced a 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (“Corsair Japanese Financing”). In connection therewith, we transferred the Corsair to the buyer for $65.0 million and, as part of the agreement, Corsair LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year 2 onwards through a mandatory buyout by 2029. We continue to technically manage, commercially charter, and operate the Corsair. We received $52.0 million in cash as part of the transaction with $13.0 million to be retained by the buyer as a deposit (the “Corsair Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 12-year bareboat charter term. The refinancing proceeds of $52.0 million were used to prepay $30.1 million of the then outstanding principal amount of debt related to the Corsair. The remaining proceeds were used to pay legal fees associated with this transaction and for general corporate purposes. The Corsair Japanese Financing is treated as a financing transaction and the VLGC continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 12-year term on interest and principal payments made, broker commission fees of 1% of the purchase option price excluding the Corsair Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 12-year term with a balloon payment of $13.0 million.

Concorde Japanese Financing

On January 31, 2018, we refinanced a 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred the Concorde to the buyer for $70.0 million and, as part of the agreement, Concorde LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate the Concorde. We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Concorde Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 13-year bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $35.1 million of the 2015 AR Facility’s then outstanding principal amount. Pursuant to an amendment to the 2015 AR Facility and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 AR Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and the Concorde continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 13-year term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Concorde Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 13-year term with a balloon payment of $14.0 million.

Corvette Japanese Financing

On March 16, 2018, we refinanced a 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred the Corvette to the buyer for $70.0 million and, as part of the agreement, Corvette LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate the Corvette. We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Corvette Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 13-year bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $33.7 million of the 2015 AR Facility’s then outstanding principal amount. Pursuant to an amendment to the 2015 AR Facility and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 AR Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and the Corvette continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 13-year term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Corvette Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 13-year term with a balloon payment of $14.0 million.

CJNP Japanese Financing

On June 11, 2018, we refinanced our 2007-built VLGC, the Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”). In connection therewith, we transferred the Captain John NP to the buyer for $48.3 million and, as part of the agreement, CJNP LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 6 years, with purchase options from the end of year 2 through a mandatory buyout by 2024. We continue to technically manage, commercially charter, and operate the Captain John NP. We received $21.7 million, which increased our unrestricted cash, as part of the transaction with $26.6 million to be retained by the buyer as a deposit (the “CJNP Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 6-year bareboat charter term. This transaction is treated as a financing transaction and the Captain John NP continues to be recorded as an asset on our balance sheet. This debt financing had a fixed interest rate of 6.0%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 6-year term on interest and principal payments made, broker commission fees of 0.5% paid upon the delivery of the Captain John NP to the buyer, broker commission fees of 0.5% payable on the repurchase of the Captain John NP, and a monthly fixed straight-line principal obligation of approximately $0.1 million over the 6-year term with a balloon payment of $13.0 million. On October 13, 2020, we exercised the repurchase option under the CJNP Japanese Financing and repurchased the Captain John NP for $18.3 million in cash and the application of the CJNP Deposit amount of $26.6 million, which had been retained by the buyer in connection with the CJNP Japanese Financing, towards the repurchase of the vessel.

CMNL/CJNP Japanese Financing

On June 25, 2018, we refinanced our 2006-built VLGC, the Captain Markos NL, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL/CJNP Japanese Financing”). In connection therewith, we transferred the Captain Markos NL to the buyer for $45.8 million and, as part of the agreement, CMNL LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years, with purchase options from the end of year 2 through a mandatory buyout by 2025. We continue to technically manage, commercially charter, and operate the Captain Markos NL. We received $20.6 million, which increased our unrestricted cash, as part of the transaction with $25.2 million to be retained by the buyer as a deposit (the “CMNL Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 7-year bareboat charter term. This transaction is treated as a financing transaction and the Captain Markos NL continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 6.0%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 7-year term on interest and principal payments made, broker commission fees of 0.5% paid upon the delivery of the Captain Markos NL to the buyer, broker commission fees of 0.5%. payable on the repurchase of the Captain Markos NL, and a monthly fixed straight-line principal obligation of

approximately $0.1 million over the 7-year term with a balloon payment of $11.0 million. On March 26, 2021, we substituted the Captain Markos NL with the Captain John NP within this financing. The terms of the new bareboat charter between the buyer and CJNP LPG Transport LLC after the vessel substitution are identical.

CNML Japanese Financing

On June 26, 2018, we refinanced our 2008-built VLGC, the Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”). In connection therewith, we transferred the Captain Nicholas ML to the buyer for $50.8 million and, as part of the agreement, CNML LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years, with purchase options from the end of year 2 through a mandatory buyout by 2025. We continue to technically manage, commercially charter, and operate the Captain Nicholas ML. We received $22.9 million, which increased our unrestricted cash, as part of the transaction with $27.9 million to be retained by the buyer as a deposit (the “CNML Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 7-year bareboat charter term. This transaction is treated as a financing transaction and the Captain Nicholas ML continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 6.0%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the 7-year term on interest and principal payments made, broker commission fees of 0.5%, paid upon the delivery of the Captain Nicholas ML to the buyer, broker commission fees of 0.5%, payable on the repurchase of the Captain Nicholas ML, and a monthly fixed straight-line principal obligation of approximately $0.1 million over the 7-year term with a balloon payment of $13.0 million.

Cresques Japanese Financing and Prepayment of the Relevant Tranches of the 2015 AR Facility

On April 21, 2020, we prepaid $28.5 million of the 2015 AR Facility’s then outstanding principal using cash on hand prior to the closing of the Cresques Japanese Financing (defined below). On April 23, 2020, we refinanced a 2015-built VLGC, the Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (“Cresques Japanese Financing”). In connection therewith, we transferred the Cresques to the buyer for $71.5 million and, as part of the agreement, Dorian Dubai LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate the Cresques. We received $52.5 million in cash as part of the transaction with $19.0 million to be retained by the buyer as a deposit (the “Cresques Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 12-year bareboat charter term. This transaction is treated as a financing transaction and the Cresques continues to be recorded as an asset on our balance sheet. This debt financing has a floating interest rate of one-month LIBOR plus a margin of 2.5%, monthly broker commission fees of 1.25% over the 12-year term on interest and principal payments made, broker commission fees of 0.5% payable on the remaining debt outstanding at the time of the repurchase of the Cresques, and a monthly fixed straight-line principal obligation of $0.3 million over the 12-year term with a balloon payment of $11.5 million.

Debt Obligations

The table below presents our debt obligations:


	March 31, 2021		March 31, 2020
2015 AR Facility
Commercial Financing	$	155,205,698	$	163,385,998
KEXIM Direct Financing		89,474,512		110,716,127
KEXIM Guaranteed		93,997,081		115,385,072
K-sure Insured		46,333,895		57,098,924
Total 2015 AR Facility	$	385,011,186	$	446,586,121

Japanese Financings
Corsair Japanese Financing	$	40,895,833	$	44,145,833
Concorde Japanese Financing		45,500,000		48,730,769
Corvette Japanese Financing		46,038,462		49,269,231
CJNP Japanese Financing		—		19,058,750
CMNL/CJNP Japanese Financing		16,706,845		18,076,488
CNML Japanese Financing		18,855,655		20,261,012
Cresques Japanese Financing		49,080,000		—
Total Japanese Financings	$	217,076,795	$	199,542,083

Total debt obligations	$	602,087,981	$	646,128,204
Less: deferred financing fees		10,615,937		11,152,985
Debt obligations—net of deferred financing fees	$	591,472,044	$	634,975,219

Presented as follows:
Current portion of long-term debt	$	51,820,283	$	53,056,125
Long-term debt—net of current portion and deferred financing fees		539,651,761		581,919,094
Total	$	591,472,044	$	634,975,219

Deferred Financing Fees

The analysis and movement of deferred financing fees is presented in the table below:


	Financing
	costs
Balance, April 1, 2019	$	14,005,830
Additions		40,547
Amortization		(2,893,392)
Balance, March 31, 2020	$	11,152,985
Additions		4,158,312
Amortization		(4,695,360)
Balance, March 31, 2021	$	10,615,937

Additions for the year ended March 31, 2021 and 2020 represent financing costs associated with the 2015 AR Facility, Cresques Japanese Financing, and CMNL/CJNP Japanese Financing, which have been deferred and are amortized over the life of the respective agreements and are included as part of interest and finance costs in the consolidated statements of operations.

Future Cash Payments for Debt

The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2021 are as follows:


Year ending March 31:
2022	$	51,820,283
2023		51,820,283
2024		51,820,283
2025		204,625,981
2026		72,907,782
Thereafter		169,093,369
Total	$	602,087,981

Leases

12 Months Ended

Mar. 31, 2021

Leases

Leases

10. Leases

Time charter-in contracts

During the year ended March 31, 2021, we time chartered-in a vessel that was delivered to us in May 2020 with a duration of 12 months with no option periods and, therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. During the year ended March 31, 2020, we time chartered-in a VLGC for a period of greater than 12 months and the applicable right-of-use asset and lease liabilities of $27.4 million were recognized on our balance sheets as of March 31, 2020. None of the three option periods of up to an aggregate of four years were included in the recognition of the right-of-use asset for the time chartered-in VLGC as market conditions at the time of each option renewal election date for a time charter-in will be major factors in the decision of whether to exercise the option and such conditions are not known at the time of initial recognition. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $29.1 million, $18.3 million, and $0.1 million for the years ended March 31, 2021, 2020 and 2019, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Charter hire expenses	$	18,135,580	$	9,861,898	$	237,525

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece. During the year ended March 31, 2021, we did not enter into and new office leases and did not renew any office leases. During the year ended March 31, 2020, we renewed an operating lease for our London office greater than 12 months and the applicable right-of-use asset and lease liabilities of $0.2 million were recognized on our balance sheets as of March 31, 2020. At adoption of ASC 842, two option periods for our Athens office were included in the recognition of the right-of-use asset as it is probable that the renewal options of 1-year each will be exercised. We accounted for our Copenhagen office lease using the practical expedient for contracts with initial lease terms of 12 month or less as described above and, during the years ended March 31, 2021 and 2020, expensed $0.1 million related to this lease within “general and administrative expenses” on our consolidated statement of operations.

Operating lease rent expense related to our office leases was as follows:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Operating lease rent expense	$	558,400	$	541,574	$	471,425

For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2021 is 21.9 months.

Our operating lease right-of-use asset and lease liabilities as of March 31, 2021 were as follows:


Description	Location on Balance Sheet	March 31, 2021
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	628,253
Time charter-in VLGCs	Operating lease right-of-use assets	$	17,043,974

Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	440,143
Time charter-in VLGCs	Current portion of long-term operating leases	$	9,151,304

Long-term
Office Leases	Long-term operating leases	$	188,324
Time charter-in VLGCs	Long-term operating leases	$	7,892,671

Maturities of operating lease liabilities as of March 31, 2021 were as follows:


FY 2022	$	10,110,547
FY 2023		8,223,237
Total undiscounted lease payments		18,333,784
Less: imputed interest		(661,342)
Carrying value of lease liabilities	$	17,672,442

Common Stock

12 Months Ended

Mar. 31, 2021

Common Stock.

Common Stock

11. Common Stock

Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares.

Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights.

On February 2, 2021, we announced a tender offer to purchase up to 7,407,407, or about 14.8%, of our then outstanding common shares at a price of $13.50 per share. Based on preliminary results indicating that the tender offer was oversubscribed, we elected to increase the number of shares accepted for payment by 997,739, or slightly less than 2% of our then outstanding shares, pursuant to the terms of the tender offer . The number of shares we purchased and canceled from each tendering shareholder was prorated so our purchases in the tender offer totaled of 8,405,146 shares, or approximately 16.8% of our then outstanding common shares, for an aggregate purchase price of approximately $113.5 million.

On August 5, 2019, our Board of Directors authorized the repurchase of up to $50.0 million of our common shares through the period ended December 31, 2020 (the “Common Share Repurchase Program”). On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50.0 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our Common Share Repurchase Program, which was set to expire on December 31, 2020. Following this Board action, we are now authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of March 31, 2021, our total purchases

under this authority totaled 5.5 million of our common shares for an aggregate consideration of $60.7 million. Following the increase and extension of the program, we currently have $47.9 million of available share repurchase authority remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. We are not obligated to make any common share repurchases under the Common Share Repurchase Program.

Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2021, 2020, and 2019.

Stock-Based Compensation Plans

12 Months Ended

Mar. 31, 2021

Stock-Based Compensation Plans

Stock-Based Compensation Plans

12. Stock-Based Compensation Plans

In April 2014, we adopted an equity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive non-qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. We have reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 2014. The plan is administered by our compensation committee.

During the year ended March 31, 2021, we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods.

During the year ended March 31, 2021, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value.

During the year ended March 31, 2020 we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One-fourth of the shares of restricted stock vested on the grant date and one-fourth will vest equally on the first, second and third anniversaries of the grant date. One-third of restricted stock units will vest equally on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods.

During the year ended March 31, 2019, we granted 200,000 shares of restricted stock to certain of our officers and employees. One-fourth of these restricted shares vested immediately on the grant date, one-fourth vested one year after grant date, one-fourth will vest two years after grant date, and one-fourth will vest three years after grant date. The restricted shares were valued at their grant date fair market value and expensed on a straight-line basis over the vesting periods.

During the years ended March 31, 2021, 2020, and 2019, we granted 41,711, 24,025, and 35,295 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.

During the years ended March 31, 2020, and 2019, we granted 1,550, and 7,059, shares of stock, respectively, to a non-employee consultant, which were valued and expensed at their grant date fair market value. No such shares were granted during the year ended March 31, 2021.

Our stock-based compensation expense was $3.4 million, $3.2 million and $5.5 million for the years ended March 31, 2021, 2020, and 2019, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2021 was $1.9 million and the expense will be recognized over a remaining weighted average life of 1.86 years.

A summary of the activity of our restricted shares as of March 31, 2021 and 2020 and changes during the year ended March 31, 2021 and 2020, are as follows:


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2019	641,013	$	13.54
Granted	223,275		8.47
Vested	(547,240)		14.64
Unvested as of March 31, 2020	317,048	$	8.08
Granted	442,215		8.34
Vested	(400,942)		8.23
Forfeited	(150)		8.36
Unvested as of March 31, 2021	358,171	$	8.23

The total fair value of restricted shares that vested during the years ended March 31, 2021, 2020, and 2019 was $3.4 million, $5.2 million and $3.9 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.

Revenues

12 Months Ended

Mar. 31, 2021

Revenues.

Revenues

13. Revenues

Revenues comprise the following:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Net pool revenues—related party	$	292,679,614	$	298,079,123	$	120,015,771
Time charter revenues		19,492,595		34,111,230		37,726,214
Other revenues, net		3,766,603		1,239,645		290,500
Total revenues	$	315,938,812	$	333,429,998	$	158,032,485

Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Notes 2 and 3 above for further information.

Other revenues, net mainly represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance.

Voyage Expenses

12 Months Ended

Mar. 31, 2021

Voyage Expenses.

Voyage Expenses

14. Voyage Expenses

Voyage expenses comprise the following:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Bunkers	$	1,537,007	$	1,345,360	$	756,354
War risk insurances		1,272,647		1,095,156		13,052
Brokers’ commissions		334,333		469,143		440,955
Security cost		221,882		272,985		277,487
Port charges and other related expenses		1,500		5,898		167,230
Other voyage expenses		42,281		54,381		42,805
Total	$	3,409,650	$	3,242,923	$	1,697,883

Vessel Operating Expenses

12 Months Ended

Mar. 31, 2021

Vessel Operating Expenses.

Vessel Operating Expenses

15. Vessel Operating Expenses

Vessel operating expenses comprise the following:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Crew wages and related costs	$	44,017,660	$	42,683,848	$	41,649,202
Spares and stores		17,061,388		13,249,931		10,625,997
Repairs and maintenance costs		6,096,812		4,416,259		5,594,957
Insurance		3,942,622		4,173,052		3,452,874
Lubricants		3,241,330		3,607,749		3,206,445
Miscellaneous expenses		3,860,057		3,347,530		2,351,093
Total	$	78,219,869	$	71,478,369	$	66,880,568

Interest and Finance Costs

12 Months Ended

Mar. 31, 2021

Interest and Finance Costs

Interest and Finance Costs

16. Interest and Finance Costs

Interest and finance costs is comprised of the following:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Interest incurred	$	21,665,379	$	32,355,390	$	36,638,171
Amortization of financing costs		4,695,360		2,893,392		3,136,051
Other financing costs		1,235,385		856,759		875,009
Total	$	27,596,124	$	36,105,541	$	40,649,231

Income Taxes

12 Months Ended

Mar. 31, 2021

Income Taxes

Income Taxes

17. Income Taxes

Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation.

If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States.

For our fiscal years ended March 31, 2021, 2020, and 2019, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Commitments and Contingencies

12 Months Ended

Mar. 31, 2021

Commitments and Contingencies

Commitments and Contingencies

18. Commitments and Contingencies

Commitments under Contracts for Scrubber Purchases

We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of:


	March 31, 2021
Less than one year	$	1,523,210
Total	$	1,523,210

Commitments under Contracts for Ballast Water Management Systems Purchases

We had contractual commitments to purchase ballast water management systems as of:


	March 31, 2021
Less than one year	$	455,500
Total	$	455,500

Commitments under Bareboat Charter Header Agreement

On March 31, 2021, we entered into a thirteen year bareboat charter agreement for a newbuilding dual-fuel VLGC that is expected to be delivered from Kawasaki Heavy Industries in March 2023. The structure of the financing of the newbuilding is analogous to that of our Japanese Financings in which a third-party will purchase the vessel and from whom we will bareboat charter the vessel. As part of the agreement, we control the building of the vessel and the use of the vessel after it is delivered. The vessel will be built to our specifications; we will supervise the building of the vessel to meet these specifications; and we will technically and commercially manage the vessel after its delivery. Under the agreement, we have commitments of $24 million of predelivery costs as well as the cost of additional features to meet our specifications and supervision costs for an aggregate total of approximately $25 million. As of March 31, 2021, we expect to settle the commitments under the agreement with installment payments totaling $16.0 million in the 12 months following March 31, 2021 and approximately $9.0 million during the year ended March 31, 2023. As of March 31, 2021, construction of the vessel has not commenced.

Operating Leases

We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices:


	March 31, 2021
Less than one year	$	357,432
One to three years		91,318
Total	$	448,750

Time Charter-in

We had the following time charter-in commitments relating to VLGCs either currently in our fleet or contracted to be delivered to our fleet as of:


	March 31, 2021
Less than one year	$	10,336,000
One to three years		8,030,000
Total	$	18,366,000

Fixed Time Charter Commitments

We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of:


	March 31, 2021
Less than one year	$	20,147,500
One to three years		5,705,000
Total	$	25,852,500

Other

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim other than that described below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the consolidated financial statements.

In January 2021, subsequent to the delivery of one of our VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The facts of the claim are currently in dispute. We have recorded a contingent liability in accrued expenses on our consolidated balance sheets as of March 31, 2021 and a corresponding expense of $4.0 million during the year ended March 31, 2021 is included within general and administrative expenses on our consolidated statement of operations.

Financial Instruments and Fair Value Disclosures

12 Months Ended

Mar. 31, 2021

Financial Instruments and Fair Value Disclosures

Financial Instruments and Fair Value Disclosures

19. Financial Instruments and Fair Value Disclosures

Our principal financial assets consist of cash and cash equivalents, investment securities, short-term investments, restricted cash amounts due from related parties, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, derivative instruments and accrued liabilities.

(a)

Concentration of credit risk: Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivables from Helios Pool, cash and cash equivalents, and restricted cash. We limit our credit risk with amounts due from our charterers, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents and restricted cash by placing it with highly-rated financial institutions.

(b)

Interest rate risk: Our long-term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to the 2015 AR Facility.

The principal terms of our interest rate swaps are as follows:



	Transaction	Termination	Fixed		Nominal value		Nominal value
Interest rate swap	Date	Date	interest rate		March 31, 2021		March 31, 2020
2015 AR Facility - Citibank⁽¹⁾	September 2015	March 2025	1.091	%	$	200,000,000	$	200,000,000
2015 AR Facility - ING⁽²⁾	September 2015	March 2025	1.145	%		50,000,000		50,000,000
2015 AR Facility - ABN⁽³⁾	October 2015	March 2022	1.468	%		26,325,000		37,550,000
2015 AR Facility - Citibank⁽⁴⁾	October 2015	March 2022	1.380	%		39,487,500		56,325,000
2015 AR Facility - Citibank⁽⁵⁾	June 2016	March 2022	1.213	%		35,750,774		43,598,575
2015 AR Facility - Citibank⁽⁶⁾	June 2016	March 2022	1.161	%		14,690,857		17,915,709
					$	366,254,131	$	405,389,284

(1)	Non-amortizing until March 2022, then reduces quarterly with a final settlement of $95.2 million in March 2025.

(2)	Non-amortizing until March 2022, then reduces quarterly with a final settlement of $23.8 million in March 2025.

(3)	Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022.

(4)	Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022.

(5)	Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022.

(6)	Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022.

(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 LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements.

Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs 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 March 31, 2021.

The following table summarizes the location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy:


		March 31, 2021				March 31, 2020
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Forward freight agreements	$	—	$	—	$	—	$	2,605,442
Interest rate swap agreements	$	—	$	1,100,529	$	—	$	—

		March 31, 2021				March 31, 2020
	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	$	—	$	3,454,862	$	—	$	9,152,829

The effect of derivative instruments within the consolidated statement of operations for the periods presented is as follows:


		Year ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	March 31, 2021		March 31, 2020		March 31, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,605,442	$	(2,605,442)	$	—
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		4,597,438		(15,601,327)		(7,816,401)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(788,670)		396,894		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(3,779,363)		2,403,480		3,788,123
Gain/(loss) on derivatives, net		$	2,634,847	$	(15,406,395)	$	(4,028,278)

As of March 31, 2021 and March 31, 2020, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2021, 2020 and 2019.

(d)

Book values and fair values of financial instruments. In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above) and securities that are included in other current assets in our balance sheet that we record at fair value, we have other financial instruments that are carried at historical cost. These financial instruments include trade accounts receivable, amounts due from related parties, cash and cash equivalents, restricted cash, accounts payable, amounts due to related parties and accrued liabilities for which the historical carrying value approximates the fair value due to the short-term nature of these financial instruments. Cash and cash equivalents, restricted cash and investment securities are considered Level 1 items.

The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows:


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Net gain/(loss) on investment securities	$	1,317,890	$	1,288,304	$	(102,244)
Less: Realized gain/(loss) on investment securities		295		1,281,671		—
Unrealized gain/(loss) on investment securities	$	1,317,595	$	6,633	$	(102,244)

As of March 31, 2020, we had short-term investments in six-month U.S. treasury bills for which we had not elected the fair value option. The fair value of these instruments is commonly quoted and would be considered Level 1 items under the fair value hierarchy if we elected the fair value option. As of March 31, 2020, the carrying value of the short-term investments in six-month U.S. treasury bills was $14.9 million and the fair value was $15.0 million. These short-term investments matured during the year ended March 31, 2021 and we have no such instruments as of March 31, 2021.

We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CMNL/CJNP Japanese Financing, and CNML Japanese Financing (collectively, along with the CJNP Japanese Financing that was repaid in October 2020, the “Japanese Financings”) that incur interest at a fixed-rate with the initial principal amount amortized to the purchase obligation price of each vessel. The Japanese Financings 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 the Japanese Financings as of:


	March 31, 2021				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	40,895,833	$	44,298,064	$	44,145,833	$	48,867,762
Concorde Japanese Financing		45,500,000		49,791,680		48,730,769		54,407,677
Corvette Japanese Financing		46,038,462		50,376,434		49,269,231		55,059,323
CJNP Japanese Financing		—		—		19,058,750		21,006,399
CMNL/CJNP Japanese Financing		16,706,845		18,792,993		18,076,488		20,238,260
CNML Japanese Financing	$	18,855,655	$	21,195,305	$	20,261,012	$	22,728,984

Retirement Plans

12 Months Ended

Mar. 31, 2021

Retirement Plans

Retirement Plans

20. Retirement Plans

U.S. Defined Contribution Plan

Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2021, 2020, and 2019.

Greece Defined Benefit Plan

Our employees based in Greece have a required statutory defined benefit pension plan according to provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized compensation expense and recorded a corresponding liability associated with our projected benefit obligation to the Greek Plan totaling $0.3 million for the year ended March 31, 2021, less than $0.1 million for the year ended March 31, 2020, and $0.1 million for the year ended March 31, 2019.

U.K. and Denmark Retirement Accounts

We contribute to retirement accounts for certain employees based in the United Kingdom and Denmark based on a percentage of their annual salaries. For each of the years ended March 31, 2021 and 2020, we recognized compensation expense of $0.2 million related to these contributions and for the year ended March 31, 2019, we recognized compensation expense of $0.1 million related to these contributions.

- Definition

The entire disclosure for retirement benefits.

+ References

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+ Details

Earnings/(Loss) Per Share ("EPS")

12 Months Ended

Mar. 31, 2021

Earnings/(Loss) Per Share ("EPS")

Earnings/(Loss) Per Share ("EPS")

21. Earnings/(Loss) Per Share (“EPS”)

Basic EPS represents net income/(loss) 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/(loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented were as follows:


	Year ended
(In U.S. dollars except share data)	March 31, 2021		March 31, 2020		March 31, 2019
Numerator:
Net income/(loss)	$	92,564,653	$	111,841,258	$	(50,945,905)
Denominator:
Basic weighted average number of common shares outstanding		49,729,358		53,881,483		54,513,118
Effect of dilutive restricted stock and restricted stock units		97,440		233,855		—
Diluted weighted average number of common shares outstanding		49,826,798		54,115,338		54,513,118
EPS:
Basic	$	1.86	$	2.08	$	(0.93)
Diluted	$	1.86	$	2.07	$	(0.93)

For the year ended March 31, 2019, there were 641,013 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the years ended March 31, 2021 and 2020.

Selected Quarterly Financial Information (unaudited)

12 Months Ended

Mar. 31, 2021

Selected Quarterly Financial Information (unaudited)

Selected Quarterly Financial Information (unaudited)

22. Selected Quarterly Financial Information (unaudited)

The following tables summarize the 2021 and 2020 quarterly results:


	Three months ended
	June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Revenues	$	73,165,324	$	54,710,277	$	88,479,024	$	99,584,187
Operating income		22,519,802		5,413,760		41,875,535		46,290,595
Net income		12,168,005		537,950		35,825,264		44,033,434
Earnings per common share, basic		0.24		0.01		0.71		0.93
Earnings per common share, diluted	$	0.24	$	0.01	$	0.71	$	0.93


	Three months ended
	June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020
Revenues	$	61,165,546	$	91,624,875	$	85,437,806	$	95,201,771
Operating income		20,272,506		49,266,427		41,758,757		49,771,141
Net income		6,075,059		40,711,896		35,628,912		29,425,391
Earnings per common share, basic		0.11		0.75		0.66		0.56
Earnings per common share, diluted	$	0.11	$	0.74	$	0.66	$	0.56

Significant Accounting Policies (Policies)

12 Months Ended

Mar. 31, 2021

Significant Accounting Policies

Principles of consolidation

(a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly-owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated.

Use of estimates

(b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Other comprehensive income/(loss)

(c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statement of operations or in a separate statement.

Foreign currency translation

(d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statement of operations. For the periods presented, we had no foreign currency derivative instruments.

Cash and cash equivalents

(e) Cash and cash equivalents: We consider highly liquid investments such as time deposits and certificates of deposit with an original maturity of three months or less to be cash equivalents.

Short-term investments

(f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments.

Investment securities

(g) Investment securities: All of our investment securities held are classified as available-for-sale securities and are available to be sold in the future in response to our liquidity needs and asset-liability management strategies, among other considerations. Investment securities are reported at fair value, with unrealized gains and losses reported in in other gain/(loss), net on our consolidated statements of operations.

Trade receivables, net and accrued revenues

(h) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero.

Due from related parties

(i) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current.

Inventories

(j) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at the lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation.

Vessels, net

(k) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance are expensed as incurred.

Impairment of vessels

(l) Impairment of vessels: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset.

Vessel depreciation

(m) Vessel depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.

Drydocking and special survey costs

(n) Drydocking and special survey costs: Drydocking and special survey costs are accounted for under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels under 15 years of age every five years until they reach 15 years of age unless an extension of the drydocking to seven and one-half years is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statement of operations.

Financing costs

(o) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans/credit facilities repaid or refinanced is either expensed in the period the repayment or refinancing is made, or deferred and amortized over the terms of the respective credit facility, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet.

Restricted cash

(p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature.

Leases

(q) Leases: Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2021, 2020, and 2019 and to Note 18 for a description of commitments related to our leases as of March 31, 2021. The following is a description of our leasing arrangements.

Time charter-out contracts

Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease.

Time charter revenues are recognized when an agreement exists, the price is fixed, service is provided and the collection of the related revenue is reasonably assured. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non-current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer.

Net pool revenues—related party

As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on:

● pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration); and

● number of days the vessel participated in the pool in the period.

We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases.

Time charter-in contracts

Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets.

Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts.

Office leases

We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value.

Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in general and administrative expenses, but to recognize operating lease expense as a combined single lease component for all office leases.

Revenues and expenses

(r)

Voyage charter revenues: In a voyage charter contract, a charterer hires a vessel to transport a specific agreed-upon cargo for a single voyage, which may contain multiple load ports and discharge ports. The consideration in such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charter party generally has a minimum amount of cargo. The charterer is liable for any short loading of cargo or "dead" freight. The contract generally has standard payment terms of freight paid within three to five days after completion of loading. The contract generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited which is recorded as demurrage revenue. Conversely, the charterer is given credit if the loading/discharging activities happen within the allowed laytime, known as despatch, resulting in a reduction in revenue. The voyage contracts generally have variable consideration in the form of demurrage or despatch. Revenue from voyage charters is recognized when (i) the parties to the contract have approved the contract in the form of a written charter agreement and are committed to perform their respective obligations, (ii) we can identify each party’s rights regarding the services to be transferred, (iii) we can identify the payment terms for the services to be transferred, (iv) the charter agreement has commercial substance (that is, the risk, timing, or amount of our future cash flows is expected to change as a result of the contract) and (v) it is probable that we will collect substantially all of the consideration to which we will be entitled in exchange for the services that will be transferred to the charterer.

Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers. Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage

charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet.

(s) Voyage expenses: Voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered.

(t) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses.

(u) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent.

(v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses.

Repairs and maintenance

(w) Repairs and maintenance: All repair and maintenance expenses, including underwater inspection costs are expensed in the period incurred. Such costs are included in Vessel operating expenses.

Stock-based compensation

(x) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence.

Stock repurchases

(y) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock unless canceled, which is a reduction to shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.

Segment reporting

(z) Segment reporting: Each of our vessels serves the same type of customer, have similar operations and maintenance requirements, operate in the same regulatory environment, and are subject to similar economic characteristics. Based on this, we have determined that our Company operates in one reportable segment, the international transportation of liquid petroleum gas with its fleet of vessels. Furthermore, when we charter a vessel to a charterer, the charterer is free to trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.

Derivative instruments

(aa) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges.

Fair value of financial instruments

(ab) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:

Level 1:	Quoted market prices in active markets for identical assets or liabilities.
Level 2:	Observable market-based inputs or unobservable inputs that are corroborated by market data.
Level 3:	Unobservable inputs that are not corroborated by market data.

Accounting Pronouncements Not Yet Adopted

(ac) Recent accounting pronouncements:

Accounting Policies Not Yet Adopted

In March 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU is effective for adoption at any time between March 12, 2020 and December 31, 2022. In January 2021, FASB issued ASU 2021-01 (Topic 848), which amends and clarifies the existing accounting standard issued in March 2020 for Reference Rate Reform. Reference rates such as LIBOR, are widely used in a broad range of financial instruments and other agreements. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, for computing variation margin settlements, and for calculating price alignment interest in connection with reference rate reform activities under way in global financial markets (the “discounting transition”). We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures.

Basis of Presentation and General Information (Tables)

12 Months Ended

Mar. 31, 2021

Basis of Presentation and General Information

Schedule of wholly-owned subsidiaries


	Type of
Subsidiary	vessel	Vessel’s name	Built	CBM⁽¹⁾
CMNL LPG Transport LLC	VLGC	Captain Markos NL	2006	82,000
CJNP LPG Transport LLC	VLGC	Captain John NP⁽²⁾	2007	82,000
CNML LPG Transport LLC	VLGC	Captain Nicholas ML⁽²⁾	2008	82,000
Comet LPG Transport LLC	VLGC	Comet	2014	84,000
Corsair LPG Transport LLC	VLGC	Corsair⁽²⁾	2014	84,000
Corvette LPG Transport LLC	VLGC	Corvette⁽²⁾	2015	84,000
Dorian Shanghai LPG Transport LLC	VLGC	Cougar	2015	84,000
Concorde LPG Transport LLC	VLGC	Concorde⁽²⁾	2015	84,000
Dorian Houston LPG Transport LLC	VLGC	Cobra	2015	84,000
Dorian Sao Paulo LPG Transport LLC	VLGC	Continental	2015	84,000
Dorian Ulsan LPG Transport LLC	VLGC	Constitution	2015	84,000
Dorian Amsterdam LPG Transport LLC	VLGC	Commodore	2015	84,000
Dorian Dubai LPG Transport LLC	VLGC	Cresques⁽²⁾	2015	84,000
Constellation LPG Transport LLC	VLGC	Constellation	2015	84,000
Dorian Monaco LPG Transport LLC	VLGC	Cheyenne	2015	84,000
Dorian Barcelona LPG Transport LLC	VLGC	Clermont	2015	84,000
Dorian Geneva LPG Transport LLC	VLGC	Cratis	2015	84,000
Dorian Cape Town LPG Transport LLC	VLGC	Chaparral	2015	84,000
Dorian Tokyo LPG Transport LLC	VLGC	Copernicus	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	2016	84,000
Dorian Sakura LPG Transport LLC⁽³⁾	VLGC	Hull No. 1755	2023⁽⁴⁾	84,000

Management Subsidiaries



Subsidiary
Dorian LPG Management Corp.
Dorian LPG (USA) LLC (incorporated in USA)
Dorian LPG (UK) Ltd. (incorporated in UK)
Dorian LPG Finance LLC
Occident River Trading Limited (incorporated in UK)
Dorian LPG (DK) ApS (incorporated in Denmark)
Dorian LPG Chartering LLC
Dorian LPG FFAS LLC

(1)	CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)	Operated pursuant to a bareboat charter agreement. Refer to Notes 9 below for further information

(3)	Upon delivery, will be operated pursuant to a bareboat charter agreement. Refer to Notes 18 below for further information

(4)	Expected to be delivered in 2023

Inventories (Tables)

12 Months Ended

Mar. 31, 2021

Inventories

Schedule of inventories by type


	March 31, 2021		March 31, 2020
Lubricants	$	1,475,228	$	1,544,352
Victualing		404,419		328,297
Bonded stores		127,817		123,554
Total	$	2,007,464	$	1,996,203

Vessels, Net (Tables)

12 Months Ended

Mar. 31, 2021

Vessels, Net

Schedule of vessels, net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2019	$	1,732,993,810	$	(254,473,496)	$	1,478,520,314
Other additions		24,291,423		—		24,291,423
Depreciation		—		(65,152,904)		(65,152,904)
Balance, April 1, 2020	$	1,757,285,233	$	(319,626,400)	$	1,437,658,833
Other additions		5,372,597		—		5,372,597
Depreciation		—		(66,003,175)		(66,003,175)
Balance, March 31, 2021	$	1,762,657,830	$	(385,629,575)	$	1,377,028,255

Deferred Charges, Net (Tables)

12 Months Ended

Mar. 31, 2021

Deferred Charges, Net.

Schedule of movement of deferred charges


	Drydocking
	costs
Balance, April 1, 2019	$	2,000,794
Additions		6,329,877
Amortization		(993,945)
Balance, March 31, 2020	$	7,336,726
Additions		5,178,916
Amortization		(2,357,440)
Balance, March 31, 2021	$	10,158,202

Accrued Expenses (Tables)

12 Months Ended

Mar. 31, 2021

Accrued Expenses

Schedule of accrued expenses


	March 31, 2021		March 31, 2020
Accrued contingent claim	$	4,000,000	$	—
Accrued voyage and vessel operating expenses		2,730,803		2,473,385
Accrued employee-related costs		1,301,510		949,310
Accrued professional services		523,950		266,836
Accrued loan and swap interest		204,237		284,985
Accrued board of directors' fees		—		88,750
Other		4,764		17,686
Total	$	8,765,264	$	4,080,952

Long-term Debt (Tables)

12 Months Ended

Mar. 31, 2021

Long-term Debt

Schedule of certain terms under each tranche of the 2015 Debt Facility

Interest Rate at

Term

Interest Rate Description⁽¹⁾

March 31, 2021⁽²⁾

Tranche 1

Commercial Financing

10

years⁽³⁾

London InterBank Offered Rate (“LIBOR”) plus a margin⁽⁵⁾

2.60

%

Tranche 2

KEXIM Direct Financing

12

years⁽⁴⁾

LIBOR plus a margin of 2.45%

2.65

%

Tranche 3

KEXIM Guaranteed

12

years⁽⁴⁾

LIBOR plus a margin of 1.40%

1.60

%

Tranche 4

K-sure Insured

12

years⁽⁴⁾

LIBOR plus a margin of 1.50%

1.70

%

(1)

The interest rate of the 2015 AR Facility on Tranche 1 is determined in accordance with the agreement as three- or six- month LIBOR plus the applicable margin and the interest rate on Tranches 2, 3 and 4 is determined in accordance with the agreement as three- month LIBOR plus the applicable margin for the respective tranches.

(2)	The LIBOR rate in effect as of March 31, 2021 was 0.20%.

(3)	The 2015 AR Facility extended the commercial tranche’s term from 7 to 10 years.

(4)	The KEXIM Direct Financing, KEXIM Guaranteed, and K-Sure tranches have put options to call for the prepayment on the final payment date of the Commercial Financing tranche subject to specific notifications and commitments for refinancing/renewal of the Commercial Financing tranche.

(5)

The Commercial Financing tranche margin over LIBOR is 2.50% and is reduced by 10 basis points if the Security Leverage Ratio (which is based on our security value ratio for vessels secured under the 2015 AR Facility) is less than .40 or increased by 10 basis points if it is greater than or equal to .60. We also have the potential to receive a 10 basis point increase or reduction in the margin applicable to the New Facilities for changes in our Average Efficiency Ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage). As of March 31, 2021, the set margin was 2.40%.

Schedule of loans outstanding


	March 31, 2021		March 31, 2020
2015 AR Facility
Commercial Financing	$	155,205,698	$	163,385,998
KEXIM Direct Financing		89,474,512		110,716,127
KEXIM Guaranteed		93,997,081		115,385,072
K-sure Insured		46,333,895		57,098,924
Total 2015 AR Facility	$	385,011,186	$	446,586,121

Japanese Financings
Corsair Japanese Financing	$	40,895,833	$	44,145,833
Concorde Japanese Financing		45,500,000		48,730,769
Corvette Japanese Financing		46,038,462		49,269,231
CJNP Japanese Financing		—		19,058,750
CMNL/CJNP Japanese Financing		16,706,845		18,076,488
CNML Japanese Financing		18,855,655		20,261,012
Cresques Japanese Financing		49,080,000		—
Total Japanese Financings	$	217,076,795	$	199,542,083

Total debt obligations	$	602,087,981	$	646,128,204
Less: deferred financing fees		10,615,937		11,152,985
Debt obligations—net of deferred financing fees	$	591,472,044	$	634,975,219

Presented as follows:
Current portion of long-term debt	$	51,820,283	$	53,056,125
Long-term debt—net of current portion and deferred financing fees		539,651,761		581,919,094
Total	$	591,472,044	$	634,975,219

Schedule of deferred financing fees


	Financing
	costs
Balance, April 1, 2019	$	14,005,830
Additions		40,547
Amortization		(2,893,392)
Balance, March 31, 2020	$	11,152,985
Additions		4,158,312
Amortization		(4,695,360)
Balance, March 31, 2021	$	10,615,937

Schedule of minimum annual principal payments


Year ending March 31:
2022	$	51,820,283
2023		51,820,283
2024		51,820,283
2025		204,625,981
2026		72,907,782
Thereafter		169,093,369
Total	$	602,087,981

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Leases (Tables)

12 Months Ended

Mar. 31, 2021

Leases

Schedule of time charter-in expenses


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Charter hire expenses	$	18,135,580	$	9,861,898	$	237,525

Schedule of operating lease rent expense


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Operating lease rent expense	$	558,400	$	541,574	$	471,425

Schedule of operating lease right-of-use assets and liabilities


Description	Location on Balance Sheet	March 31, 2021
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	628,253
Time charter-in VLGCs	Operating lease right-of-use assets	$	17,043,974

Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	440,143
Time charter-in VLGCs	Current portion of long-term operating leases	$	9,151,304

Long-term
Office Leases	Long-term operating leases	$	188,324
Time charter-in VLGCs	Long-term operating leases	$	7,892,671

Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of March 31, 2021 were as follows:


FY 2022	$	10,110,547
FY 2023		8,223,237
Total undiscounted lease payments		18,333,784
Less: imputed interest		(661,342)
Carrying value of lease liabilities	$	17,672,442

Stock-Based Compensation Plans (Tables)

12 Months Ended

Mar. 31, 2021

Stock-Based Compensation Plans

Summary of the activity of restricted shares


		Weighted-Average
		Grant-Date
Incentive Share/Unit Awards	Number of Shares/Units	Fair Value
Unvested as of April 1, 2019	641,013	$	13.54
Granted	223,275		8.47
Vested	(547,240)		14.64
Unvested as of March 31, 2020	317,048	$	8.08
Granted	442,215		8.34
Vested	(400,942)		8.23
Forfeited	(150)		8.36
Unvested as of March 31, 2021	358,171	$	8.23

Revenues (Tables)

12 Months Ended

Mar. 31, 2021

Revenues.

Schedule of revenues


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Net pool revenues—related party	$	292,679,614	$	298,079,123	$	120,015,771
Time charter revenues		19,492,595		34,111,230		37,726,214
Other revenues, net		3,766,603		1,239,645		290,500
Total revenues	$	315,938,812	$	333,429,998	$	158,032,485

Voyage Expenses (Tables)

12 Months Ended

Mar. 31, 2021

Voyage Expenses.

Schedule of voyage expenses


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Bunkers	$	1,537,007	$	1,345,360	$	756,354
War risk insurances		1,272,647		1,095,156		13,052
Brokers’ commissions		334,333		469,143		440,955
Security cost		221,882		272,985		277,487
Port charges and other related expenses		1,500		5,898		167,230
Other voyage expenses		42,281		54,381		42,805
Total	$	3,409,650	$	3,242,923	$	1,697,883

Vessel Operating Expenses (Table)

12 Months Ended

Mar. 31, 2021

Vessel Operating Expenses.

Schedule of vessel operating expenses


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Crew wages and related costs	$	44,017,660	$	42,683,848	$	41,649,202
Spares and stores		17,061,388		13,249,931		10,625,997
Repairs and maintenance costs		6,096,812		4,416,259		5,594,957
Insurance		3,942,622		4,173,052		3,452,874
Lubricants		3,241,330		3,607,749		3,206,445
Miscellaneous expenses		3,860,057		3,347,530		2,351,093
Total	$	78,219,869	$	71,478,369	$	66,880,568

Interest and Finance Costs (Tables)

12 Months Ended

Mar. 31, 2021

Interest and Finance Costs

Schedule of interest and finance costs


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Interest incurred	$	21,665,379	$	32,355,390	$	36,638,171
Amortization of financing costs		4,695,360		2,893,392		3,136,051
Other financing costs		1,235,385		856,759		875,009
Total	$	27,596,124	$	36,105,541	$	40,649,231

Commitments and Contingencies (Tables)

12 Months Ended

Mar. 31, 2021

Schedule of future minimum scrubber purchases commitments


	March 31, 2021
Less than one year	$	1,523,210
Total	$	1,523,210

Schedule of commitments under contracts for BWMS Purchases


	March 31, 2021
Less than one year	$	455,500
Total	$	455,500

Schedule of operating leases

Maturities of operating lease liabilities as of March 31, 2021 were as follows:


FY 2022	$	10,110,547
FY 2023		8,223,237
Total undiscounted lease payments		18,333,784
Less: imputed interest		(661,342)
Carrying value of lease liabilities	$	17,672,442

Schedule of future minimum time charter-in commitments


	March 31, 2021
Less than one year	$	10,336,000
One to three years		8,030,000
Total	$	18,366,000

Schedule of future minimum fixed time charter contracts


	March 31, 2021
Less than one year	$	20,147,500
One to three years		5,705,000
Total	$	25,852,500

United States, Greece, United Kingdom, And Denmark

Schedule of operating leases


	March 31, 2021
Less than one year	$	357,432
One to three years		91,318
Total	$	448,750

Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2021

Financial Instruments and Fair Value Disclosures

Schedule of principal terms of the interest rate swaps



	Transaction	Termination	Fixed		Nominal value		Nominal value
Interest rate swap	Date	Date	interest rate		March 31, 2021		March 31, 2020
2015 AR Facility - Citibank⁽¹⁾	September 2015	March 2025	1.091	%	$	200,000,000	$	200,000,000
2015 AR Facility - ING⁽²⁾	September 2015	March 2025	1.145	%		50,000,000		50,000,000
2015 AR Facility - ABN⁽³⁾	October 2015	March 2022	1.468	%		26,325,000		37,550,000
2015 AR Facility - Citibank⁽⁴⁾	October 2015	March 2022	1.380	%		39,487,500		56,325,000
2015 AR Facility - Citibank⁽⁵⁾	June 2016	March 2022	1.213	%		35,750,774		43,598,575
2015 AR Facility - Citibank⁽⁶⁾	June 2016	March 2022	1.161	%		14,690,857		17,915,709
					$	366,254,131	$	405,389,284

(1)	Non-amortizing until March 2022, then reduces quarterly with a final settlement of $95.2 million in March 2025.

(2)	Non-amortizing until March 2022, then reduces quarterly with a final settlement of $23.8 million in March 2025.

(3)	Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022.

(4)	Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022.

(5)	Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022.

(6)	Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022.

Schedule of financial derivatives


		March 31, 2021				March 31, 2020
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Forward freight agreements	$	—	$	—	$	—	$	2,605,442
Interest rate swap agreements	$	—	$	1,100,529	$	—	$	—

		March 31, 2021				March 31, 2020
	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	$	—	$	3,454,862	$	—	$	9,152,829

Schedule of effect of derivative instruments on the consolidated statement of operations


		Year ended
Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	March 31, 2021		March 31, 2020		March 31, 2019
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	2,605,442	$	(2,605,442)	$	—
Interest rate swaps—change in fair value	Unrealized gain/(loss) on derivatives		4,597,438		(15,601,327)		(7,816,401)
Forward freight agreements—realized gain/(loss)	Realized gain/(loss) on derivatives		(788,670)		396,894		—
Interest rate swaps—realized gain/(loss)	Realized gain/(loss) on derivatives		(3,779,363)		2,403,480		3,788,123
Gain/(loss) on derivatives, net		$	2,634,847	$	(15,406,395)	$	(4,028,278)

Summary of gains and losses on investment securities


	Year ended
	March 31, 2021		March 31, 2020		March 31, 2019
Net gain/(loss) on investment securities	$	1,317,890	$	1,288,304	$	(102,244)
Less: Realized gain/(loss) on investment securities		295		1,281,671		—
Unrealized gain/(loss) on investment securities	$	1,317,595	$	6,633	$	(102,244)

Summary of carrying value and estimated fair value of Japanese Financings


	March 31, 2021				March 31, 2020
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	40,895,833	$	44,298,064	$	44,145,833	$	48,867,762
Concorde Japanese Financing		45,500,000		49,791,680		48,730,769		54,407,677
Corvette Japanese Financing		46,038,462		50,376,434		49,269,231		55,059,323
CJNP Japanese Financing		—		—		19,058,750		21,006,399
CMNL/CJNP Japanese Financing		16,706,845		18,792,993		18,076,488		20,238,260
CNML Japanese Financing	$	18,855,655	$	21,195,305	$	20,261,012	$	22,728,984

Earnings/(Loss) Per Share ("EPS") (Tables)

12 Months Ended

Mar. 31, 2021

Earnings/(Loss) Per Share ("EPS")

Schedule of calculations of basic and diluted EPS


	Year ended
(In U.S. dollars except share data)	March 31, 2021		March 31, 2020		March 31, 2019
Numerator:
Net income/(loss)	$	92,564,653	$	111,841,258	$	(50,945,905)
Denominator:
Basic weighted average number of common shares outstanding		49,729,358		53,881,483		54,513,118
Effect of dilutive restricted stock and restricted stock units		97,440		233,855		—
Diluted weighted average number of common shares outstanding		49,826,798		54,115,338		54,513,118
EPS:
Basic	$	1.86	$	2.08	$	(0.93)
Diluted	$	1.86	$	2.07	$	(0.93)

Selected Quarterly Financial Information (unaudited) (Tables)

12 Months Ended

Mar. 31, 2021

Selected Quarterly Financial Information (unaudited)

Schedule of quarterly results


	Three months ended
	June 30, 2020		September 30, 2020		December 31, 2020		March 31, 2021
Revenues	$	73,165,324	$	54,710,277	$	88,479,024	$	99,584,187
Operating income		22,519,802		5,413,760		41,875,535		46,290,595
Net income		12,168,005		537,950		35,825,264		44,033,434
Earnings per common share, basic		0.24		0.01		0.71		0.93
Earnings per common share, diluted	$	0.24	$	0.01	$	0.71	$	0.93


	Three months ended
	June 30, 2019		September 30, 2019		December 31, 2019		March 31, 2020
Revenues	$	61,165,546	$	91,624,875	$	85,437,806	$	95,201,771
Operating income		20,272,506		49,266,427		41,758,757		49,771,141
Net income		6,075,059		40,711,896		35,628,912		29,425,391
Earnings per common share, basic		0.11		0.75		0.66		0.56
Earnings per common share, diluted	$	0.11	$	0.74	$	0.66	$	0.56

Basis of Presentation and General Information (General) (Details)	12 Months Ended
	Mar. 31, 2021 USD ($) item
Total number of vessels	24
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm	19
Number of VLGCs having 82,000 cbm	3
Number of time chartered-in VLGC	2
The number of vessels that have exhaust gas cleaning systems	10
Number of VLGCs with scrubber purchase commitments that were in-process as of the balance sheet date	2
Scrubber contractual commitments \| $	$ 1,523,210

Basis of Presentation and General Information (Capacity) (Details)	Mar. 31, 2021 m³
CMNL LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	82,000
CJNP LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	82,000
CNML LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	82,000
Comet LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Corsair LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Corvette LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Shanghai LPG Transport LLC (Cougar)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Concorde LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Houston LPG Transport LLC (Cobra)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Sao Paulo LPG Transport LLC (Continental)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Ulsan LPG Transport LLC (Constitution)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Amsterdam LPG Transport LLC (Commodore)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Dubai LPG Transport LLC (Cresques)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Constellation LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Monaco LPG Transport LLC (Cheyenne)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Barcelona LPG Transport LLC (Clermont)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Geneva LPG Transport LLC (Cratis)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Cape Town LPG Transport LLC (Chaparral)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Tokyo LPG Transport LLC (Copernicus)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Commander LPG Transport LLC
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Explorer LPG Transport LLC (Challenger)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Exporter LPG Transport LLC (Caravelle)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Dorian Sakura LPG Transport LLC (Hull No. 1755)
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	84,000
Minimum
Vessel Subsidiaries
Capacity of vessel (in cubic meters)	80,000

Basis of Presentation and General Information (ConRisk) (Details) - item	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Charterers individually accounting for more than 10% of revenues
Number of charterers			1
Revenue. \| Customer concentration \| Helios LPG Pool LLC
Charterers individually accounting for more than 10% of revenues
Percentage of total revenues	93.00%	89.00%	76.00%
Revenue. \| Customer concentration \| Customer Two
Charterers individually accounting for more than 10% of revenues
Percentage of total revenues			14.00%

Significant Accounting Policies (Other) (Details)	12 Months Ended
Significant Accounting Policies (Other) (Details)	Mar. 31, 2021 USD ($) DerivativeInstrument	Mar. 31, 2020 USD ($) DerivativeInstrument	Mar. 31, 2019 USD ($) DerivativeInstrument
Other comprehensive income/(loss):
Other comprehensive income/(loss)	$ 0	$ 0	$ 0
Foreign currency translation
Number of foreign currency derivative instruments held \| DerivativeInstrument	0	0	0
Trade receivables (net):
Provision for doubtful accounts	$ 0	$ 0

Significant Accounting Policies (PPE) (Details)	12 Months Ended
Significant Accounting Policies (PPE) (Details)	Mar. 31, 2021 item
Segment reporting:
Number of reportable segments	1
Vessels
Vessels, Net
Useful life of vessels	25 years
Initial drydocking period	5 years
Number of years for initial drydocking requirement	15 years
Drydocking period if extension granted	7 years 6 months
Maximum age of vessel for extension of drydocking period	20 years

Significant Accounting Policies (FV) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Accounting hedges
Derivative Instruments:
Fair value of derivative	$ 0	$ 0	$ 0

Significant Accounting Policies (AcctPro) (Details)	12 Months Ended
Significant Accounting Policies (AcctPro) (Details)	Mar. 31, 2021
New Accounting Pronouncements or Change in Accounting Principle
Lease, Practical Expedient, Lessor Single Lease Component	true
Minimum
New Accounting Pronouncements or Change in Accounting Principle
The standard payment period terms of freight paid	3 days
Maximum
New Accounting Pronouncements or Change in Accounting Principle
The standard payment period terms of freight paid	5 days

Transactions with Related Parties (Details)		12 Months Ended
Transactions with Related Parties (Details)	Apr. 01, 2014 item	Mar. 31, 2021 USD ($) item	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Jul. 26, 2013
Transactions with Related Parties
Due from related parties - current		$ 56,191,375	$ 66,847,701
Due to related parties		$ 117,803	436,850
Number of time chartered-in VLGC \| item		2
Manager
Transactions with Related Parties
Related party income for chartering and operational services		$ 100,000	100,000	$ 200,000
Due from related parties - current		1,000,000.0	1,300,000
Mr. John Hadjipateras \| Eagle Ocean Transport
Transactions with Related Parties
Ownership interest (as a percent)					100.00%
Helios LPG Pool LLC
Transactions with Related Parties
Related party income for chartering and operational services		2,000,000.0	1,600,000	2,200,000
Due from related parties - current		78,100,000	88,100,000
Due to related parties		$ 100,000	400,000
Number of members \| item	2
Number of vessels that are operating under pooling agreement \| item		30
Number of time chartered-in VLGC \| item		2
Number of Company vessels that are operating under pooling agreement \| item		22
Number of vessels operated by third party \| item		4
Working capital contributed		$ 24,200,000	24,200,000
The amount of expenses with fixed reimbursement to the entity for working in high risk areas		$ 3,500,000	$ 1,200,000	$ 300,000
Helios LPG Pool LLC \| Asset acquisition
Transactions with Related Parties
Interest transferred to Dorian LPG Ltd. (as a percent)	50.00%
Helios LPG Pool LLC \| Phoenix
Transactions with Related Parties
Number of third party vessels that are operating under pooling agreement \| item		4

Inventories (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Inventories
Inventories	$ 2,007,464	$ 1,996,203
Lubricants
Inventories
Inventories	1,475,228	1,544,352
Victualing
Inventories
Inventories	404,419	328,297
Bonded stores
Inventories
Inventories	$ 127,817	$ 123,554

Vessels, Net (Details) - USD ($)	12 Months Ended
Vessels, Net (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Vessels, Net
Vessels, net	$ 1,377,028,255	$ 1,437,658,833
Vessels
Vessels, Net
Vessels, net	1,377,028,255	1,437,658,833	$ 1,478,520,314
Cost
Balance at the beginning of the period	1,757,285,233	1,732,993,810
Other additions	5,372,597	24,291,423
Balance at the end of the period	1,762,657,830	1,757,285,233
Accumulated depreciation
Balance at the beginning of the period	(319,626,400)	(254,473,496)
Impairment	0	0
Depreciation	(66,003,175)	(65,152,904)
Balance at the end of the period	(385,629,575)	(319,626,400)
Mortgaged VLGC vessels, carrying value	$ 1,337,400,000	$ 1,437,700,000

Other Fixed Assets, Net (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Other Fixed Assets, Net
Other fixed assets	$ 148,836	$ 185,613
Accumulated depreciation for other fixed assets	$ 300,000	$ 300,000

Deferred Charges, Net (Details) - USD ($)	12 Months Ended
Deferred Charges, Net (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Movement in deferred charges, net
Balance at the beginning of the period - drydocking costs	$ 7,336,726	$ 2,000,794
Additions - drydocking costs	5,178,916	6,329,877
Amortization - drydocking costs	(2,357,440)	(993,945)
Balance at the end of the period - drydocking costs	$ 10,158,202	$ 7,336,726

Accrued Expenses (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Accrued Expenses
Accrued contingency claim	$ 4,000,000
Accrued voyage and vessel operating expenses	2,730,803	$ 2,473,385
Accrued employee-related costs	1,301,510	949,310
Accrued professional services	523,950	266,836
Accrued loan and swap interest	204,237	284,985
Accrued board of directors' fees		88,750
Other	4,764	17,686
Total	$ 8,765,264	$ 4,080,952

Long-Term Debt (Other) (Details)										1 Months Ended	12 Months Ended
Long-Term Debt (Other) (Details)	Oct. 13, 2020 USD ($)	Apr. 21, 2020 USD ($)	Apr. 20, 2020	Jun. 26, 2018 USD ($)	Jun. 25, 2018 USD ($)	Jun. 11, 2018 USD ($)	Mar. 16, 2018 USD ($)	Jan. 31, 2018 USD ($)	Nov. 07, 2017 USD ($)	Mar. 31, 2015 USD ($) item	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2015 USD ($)	Apr. 29, 2020 USD ($)
Long-Term Debt
Financing costs paid											$ 4,183,321	$ 40,547	$ 628,144
Drawdowns											55,378,172		65,137,500
Presented as follows:
Total debt obligations											602,087,981	646,128,204
Current portion of long-term debt											51,820,283	53,056,125
Long-term debt-net of current portion and deferred financing fees											539,651,761	581,919,094
Total											591,472,044	634,975,219
Long-term Debt, Other Disclosures [Abstract]
Deferred finance fees, beginning											11,152,985	14,005,830
Additions											4,158,312	40,547
Amortization											(4,695,360)	(2,893,392)	(3,136,051)
Deferred finance fees, end											10,615,937	11,152,985	$ 14,005,830
Corsair LPG Transport LLC
Long-Term Debt
Value of vessel transferred									$ 65,000,000.0
Term of Charter Agreement									12 years
Period until purchase option exercisable									2 years
Proceeds from sale of vessel									$ 52,000,000.0
Deposit retained by buyer									13,000,000.0
Concorde LPG Transport LLC
Long-Term Debt
Value of vessel transferred								$ 70,000,000.0
Term of Charter Agreement								13 years
Period until purchase option exercisable								3 years
Proceeds from sale of vessel								$ 56,000,000.0
Deposit retained by buyer								14,000,000.0
Corvette LPG Transport LLC
Long-Term Debt
Value of vessel transferred							$ 70,000,000.0
Term of Charter Agreement							13 years
Period until purchase option exercisable							3 years
Proceeds from sale of vessel							$ 56,000,000.0
Deposit retained by buyer							14,000,000.0
CJNP LPG Transport LLC
Long-Term Debt
Value of vessel transferred						$ 48,300,000
Term of Charter Agreement						6 years
Period until purchase option exercisable						2 years
Proceeds from sale of vessel						$ 21,700,000
Deposit retained by buyer						$ 26,600,000
CMNL LPG Transport LLC
Long-Term Debt
Value of vessel transferred					$ 45,800,000
Term of Charter Agreement					7 years
Period until purchase option exercisable					2 years
Proceeds from sale of vessel					$ 20,600,000
Deposit retained by buyer					$ 25,200,000
CNML LPG Transport LLC
Long-Term Debt
Value of vessel transferred				$ 50,800,000
Term of Charter Agreement				7 years
Period until purchase option exercisable				2 years
Proceeds from sale of vessel				$ 22,900,000
Deposit retained by buyer				$ 27,900,000
Dorian Dubai LPG Transport LLC (Cresques)
Long-Term Debt
Value of vessel transferred		$ 71,500,000
Term of Charter Agreement		12 years
Period until purchase option exercisable		3 years
Proceeds from sale of vessel		$ 52,500,000
Deposit retained by buyer		19,000,000.0
Repayment of debt		$ 28,500,000
2015 Facility
Long-Term Debt
Original loan amount										$ 758,000,000				$ 758,000,000
Number of tranches in which loan facility is divided \| item										4
Number of VLGC newbuildings secured by loan \| item										15
Repayment of debt							33,700,000	35,100,000
The amount of restricted cash released							$ 1,600,000	$ 1,600,000
Presented as follows:
Total debt obligations											$ 385,011,186	446,586,121
2015 Facility \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)											2.40%
Interest Rate											0.20%
2015 Facility \| Minimum
Long-Term Debt
Term											7 years
2015 Facility \| Maximum
Long-Term Debt
Term											10 years
Commercial Financing
Long-Term Debt
Original loan amount										$ 249,000,000				249,000,000
Term										10 years
Interest Rate											2.60%
Presented as follows:
Total debt obligations											$ 155,205,698	163,385,998
Commercial Financing \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)										2.50%	2.40%
KEXIM Direct Financing
Long-Term Debt
Original loan amount										$ 204,000,000				$ 204,000,000
Term										12 years
Interest Rate											2.65%
Presented as follows:
Total debt obligations											$ 89,474,512	110,716,127
KEXIM Direct Financing \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)														2.45%
KEXIM Guaranteed and K-sure Insured
Long-Term Debt
Original loan amount										$ 305,000,000				$ 305,000,000
KEXIM Guaranteed
Long-Term Debt
Original loan amount										$ 202,000,000				$ 202,000,000
Term										12 years
Interest Rate											1.60%
Presented as follows:
Total debt obligations											$ 93,997,081	115,385,072
KEXIM Guaranteed \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)														1.40%
K-sure Insured
Long-Term Debt
Original loan amount										$ 103,000,000				$ 103,000,000
Term										12 years
Interest Rate											1.70%
Presented as follows:
Total debt obligations											$ 46,333,895	57,098,924
K-sure Insured \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)														1.50%
2017 Bridge Loan
Long-Term Debt
Repayment of debt									$ 30,100,000
Japanese Financing Agreement [Member]
Presented as follows:
Total debt obligations											217,076,795	199,542,083
Corsair Japanese Financing
Long-Term Debt
Term of Charter Agreement									12 years
Stated rate (as a percent)									4.90%
Financing cost to be incurred									$ 100,000
Monthly brokerage commission (as a percent)									1.25%
Brokerage commission fee on exercised purchase option (as a percent)									1.00%
Periodic principal payment amount									$ 300,000
Principal payment frequency									monthly
Balloon payment amount									$ 13,000,000.0
Presented as follows:
Total debt obligations											40,895,833	44,145,833
Concorde Japanese Financing
Long-Term Debt
Stated rate (as a percent)								4.90%
Financing cost to be incurred								$ 100,000
Monthly brokerage commission (as a percent)								1.25%
Brokerage commission fee on exercised purchase option (as a percent)								1.00%
Periodic principal payment amount								$ 300,000
Principal payment frequency								monthly
Balloon payment amount								$ 14,000,000.0
Presented as follows:
Total debt obligations											45,500,000	48,730,769
Corvette Japanese Financing
Long-Term Debt
Stated rate (as a percent)							4.90%
Financing cost to be incurred							$ 100,000
Monthly brokerage commission (as a percent)							1.25%
Brokerage commission fee on exercised purchase option (as a percent)							1.00%
Periodic principal payment amount							$ 300,000
Principal payment frequency							monthly
Balloon payment amount							$ 14,000,000.0
Presented as follows:
Total debt obligations											46,038,462	49,269,231
CJNP Japanese Financing
Long-Term Debt
Stated rate (as a percent)						6.00%
Financing cost to be incurred						$ 100,000
Monthly brokerage commission (as a percent)						1.25%
Brokerage Commission Fee on delivery Purchase Option (as a percent)						0.50%
Brokerage commission fee on exercised purchase option (as a percent)						0.50%
Periodic principal payment amount						$ 100,000
Principal payment frequency						monthly
Balloon payment amount						$ 13,000,000.0
Presented as follows:
Total debt obligations												19,058,750
CJNP Japanese Financing \| CJNP LPG Transport LLC
Long-Term Debt
Deposit retained by buyer	$ 26,600,000
Vessel purchase price	$ 18,300,000
CMNL Japanese Financing
Long-Term Debt
Stated rate (as a percent)					6.00%
Financing cost to be incurred					$ 100,000
Monthly brokerage commission (as a percent)					1.25%
Brokerage Commission Fee on delivery Purchase Option (as a percent)					0.50%
Brokerage commission fee on exercised purchase option (as a percent)					0.50%
Periodic principal payment amount					$ 100,000
Principal payment frequency					monthly
Balloon payment amount					$ 11,000,000.0
Presented as follows:
Total debt obligations											16,706,845	18,076,488
CNML Japanese Financing
Long-Term Debt
Stated rate (as a percent)				6.00%
Financing cost to be incurred				$ 100,000
Monthly brokerage commission (as a percent)				1.25%
Brokerage Commission Fee on delivery Purchase Option (as a percent)				0.50%
Brokerage commission fee on exercised purchase option (as a percent)				0.50%
Periodic principal payment amount				$ 100,000
Principal payment frequency				monthly
Balloon payment amount				$ 13,000,000.0
Presented as follows:
Total debt obligations											18,855,655	$ 20,261,012
Cresques Japanese Financing
Long-Term Debt
Monthly brokerage commission (as a percent)		1.25%
Percentage of broker commission fee payable		0.50%
Periodic principal payment amount		$ 300,000
Principal payment frequency		monthly
Balloon payment amount		$ 11,500,000
Presented as follows:
Total debt obligations											$ 49,080,000
Cresques Japanese Financing \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)		2.50%
Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Security leverage ratio			40.00%												40.00%
Additional basis points to decrease the margin			0.10%												0.10%
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio			0.10%												0.10%
Refinancing Of Commercial Tranche Of 2015 Facility \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)			2.50%
Refinancing Of Commercial Tranche Of 2015 Facility \| Minimum
Long-Term Debt
Additional basis points to increase the margin			0.10%												0.10%
Refinancing Of Commercial Tranche Of 2015 Facility \| Maximum
Long-Term Debt
Security leverage ratio			60.00%												60.00%
New senior secured term loan facility
Long-Term Debt
Original loan amount															$ 155,800,000
New senior secured revolving credit facility \| Maximum
Long-Term Debt
Original loan amount															$ 25,000,000.0

Long-Term Debt (Covenants) (Details) - USD ($)		12 Months Ended
Long-Term Debt (Covenants) (Details) - USD ($)	Apr. 20, 2020	Mar. 31, 2021	Jul. 14, 2020	Jun. 30, 2020	Apr. 29, 2020	Jul. 23, 2019	Mar. 16, 2018	Jan. 31, 2018	Mar. 31, 2015
2015 Facility
Long-Term Debt
Original loan amount									$ 758,000,000
The amount of restricted cash released							$ 1,600,000	$ 1,600,000
Maximum consolidated net debt to consolidated total capitalization ratio (as a percent)		60.00%
Minimum stockholder's equity balance		$ 400
Current assets and long-term restricted cash divided by current liabilities ratio (as a percent)		100.00%
Amendment to the 2015 Debt Facility
Ownership percentage of common shares by any shareholder other than certain entities or directors or officers that permits lenders to accelerate indebtedness (as a percent)						33.30%
2015 Facility \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)		2.40%
Refinancing Of Commercial Tranche Of 2015 Facility
Long-Term Debt
Additional basis points to decrease the margin	0.10%				0.10%
Security leverage ratio	40.00%				40.00%
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio	0.10%				0.10%
Refinancing Of Commercial Tranche Of 2015 Facility \| LIBOR
Long-Term Debt
Margin added to LIBOR for interest rate on loan facility (as a percent)	2.50%
Refinancing Of Commercial Tranche Of 2015 Facility \| Maximum
Long-Term Debt
Security leverage ratio	60.00%				60.00%
Refinancing Of Commercial Tranche Of 2015 Facility \| Minimum
Long-Term Debt
Additional basis points to increase the margin	0.10%				0.10%
New senior secured term loan facility
Long-Term Debt
Original loan amount					$ 155,800,000
New senior secured revolving credit facility \| Maximum
Long-Term Debt
Original loan amount					$ 25,000,000.0
2015 AR Facility
Long-Term Debt
Minimum cash per mortgaged vessel from first anniversary through thereafter		$ 1,000,000.0	$ 1,000,000.0	$ 2,200,000
Minimum liquidity covenant		$ 27,500,000
Percentage of increase in security value ratio		145.00%

Long-Term Debt (FutMin) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Minimum annual principal payments
2022	$ 51,820,283
2023	51,820,283
2024	51,820,283
2025	204,625,981
2026	72,907,782
Thereafter	169,093,369
Total	$ 602,087,981	$ 646,128,204

Leases (assets and liabilities) (Details)	12 Months Ended
Leases (assets and liabilities) (Details)	Mar. 31, 2021 USD ($) Option	Mar. 31, 2020 USD ($) Option	Mar. 31, 2019 USD ($)
Leases
Number of option period for time charter \| Option	3
Operating Lease, Expense	$ 558,400	$ 541,574	$ 471,425
Lease term	12 months
Lease renewal term		1 year
Number of option period for office leases \| Option		2
Weighted average discount rate (as a percent)	3.88%
Weighted average remaining lease term	21 months 27 days
Operating lease right-of-use assets - Office Leases	$ 628,253
Operating lease right-of-use assets - Time Charter in VLGCs	17,043,974
Operating lease liabilities current - Office Leases	440,143
Operating lease liabilities current - Time Charter in VLGCs	9,151,304
Operating lease liabilities non-current - Office Leases	188,324
Operating lease liabilities non-current - Time Charter in VLGCs	7,892,671
Operating lease right-of-use assets	17,672,227	$ 26,861,551
Operating lease liability	17,672,442
Charter hire expense
Leases
Operating lease income	29,100,000	18,300,000	$ 100,000
Operating lease right-of-use assets		27,400,000
Operating lease liability		27,400,000
General and administrative expenses
Leases
Operating Lease, Expense	$ 100,000	100,000
Operating lease right-of-use assets		200,000
Operating lease liability		$ 200,000
Minimum
Leases
Lease term	4 years
Weighted average discount rate (as a percent)	3.82%
Maximum
Leases
Weighted average discount rate (as a percent)	5.53%

Leases (Charter hire expenses) (Details) - USD ($)	12 Months Ended
Leases (Charter hire expenses) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Time Charter-in
Charter hire expenses	$ 18,135,580	$ 9,861,898	$ 237,525

Leases (Operating lease rent expense) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Operating Leases
Operating lease rent expense	$ 558,400	$ 541,574	$ 471,425

Leases (Operating Lease Liability Maturity) (Details)	Mar. 31, 2021 USD ($)
Leases
FY 2022	$ 10,110,547
FY 2023	8,223,237
Total undiscounted lease payments	18,333,784
Less: imputed interest	(661,342)
Carrying value of lease liabilities	$ 17,672,442

Common Stock (Other) (Details)	12 Months Ended
Common Stock (Other) (Details)	Mar. 31, 2021 item shares	Mar. 31, 2020 shares	Jul. 01, 2013 $ / shares shares
Common stock
Authorized capital stock (in shares)			500,000,000
Par value of capital stock (in dollars per share) \| $ / shares			$ 0.01
Common stock, shares authorized	450,000,000	450,000,000	450,000,000
Preferred stock, shares authorized	50,000,000	50,000,000	50,000,000
Number of votes entitled to shareholders \| item	1

Common Stock (SBC) (Details) - USD ($)	12 Months Ended			20 Months Ended
Common Stock (SBC) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2021	Feb. 02, 2021	Dec. 29, 2020	Feb. 03, 2020	Aug. 05, 2019
Stock repurchases
Common stock repurchase authorized amount						$ 50,000,000.0	$ 50,000,000.0	$ 50,000,000.0
Treasury stock shares acquired (in shares)				5,500,000
Treasury stock value acquired	$ 12,678,249	$ 50,699,304	$ 1,261,133	$ 60,700,000
Remaining available authorization	$ 47,900,000			$ 47,900,000		$ 41,400,000
Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)					8,405,146
Percent of shares outstanding authorized for repurchase					16.80%
Authorized share price (in dollars per share)					$ 13.50
Common stock repurchase authorized amount					$ 113,500,000
Original Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)					7,407,407
Percent of shares outstanding authorized for repurchase					14.80%
Oversubscribed Tender Offer February 2, 2021
Stock repurchases
Repurchase authorization (in shares)					997,739
Percent of shares outstanding authorized for repurchase					2.00%

Stock-Based Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019	Apr. 30, 2014
Stock-Based Compensation Plans
Number of common shares reserved for issuance under the Equity Incentive Plan				2,850,000
Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	442,215	223,275
Unrecognized compensation cost	$ 1.9
Weighted average life over which unrecognized compensation is expected to be recognized	1 year 10 months 9 days
Fair value of restricted shares	$ 3.4	$ 5.2	$ 3.9
Number of Shares
Unvested at the beginning of the period (in shares)	317,048	641,013
Granted (in shares)	442,215	223,275
Vested (in shares)	(400,942)	(547,240)
Forfeited (in shares)	(150)
Unvested at the end of the period (in shares)	358,171	317,048	641,013
Weighted-Average Grant-Date Fair Value
Unvested at the beginning of the period (in dollars per share)	$ 8.08	$ 13.54
Granted (in dollars per share)	8.34	8.47
Vested (in dollars per share)	8.23	14.64
Forfeited (in dollars per share)	8.36
Unvested at the end of the period (in dollars per share)	$ 8.23	$ 8.08	$ 13.54
Restricted stock awards \| General and administrative expenses
Stock-Based Compensation Plans
Stock-based compensation expense	$ 3.4	$ 3.2	$ 5.5
Restricted stock awards \| Vest immediately
Stock-Based Compensation Plans
Vesting (as a percent)		25.00%	25.00%
Restricted stock awards \| Vest one year after grant
Stock-Based Compensation Plans
Vesting (as a percent)		25.00%	25.00%
Vesting period		1 year	1 year
Restricted stock awards \| Vest two years after grant
Stock-Based Compensation Plans
Vesting (as a percent)		25.00%	25.00%
Vesting period		2 years	2 years
Restricted stock awards \| Vest three years after grant
Stock-Based Compensation Plans
Vesting (as a percent)		25.00%	25.00%
Vesting period		3 years	3 years
Restricted stock units \| Vest one year after grant
Stock-Based Compensation Plans
Vesting (as a percent)		33.00%
Vesting period		1 year
Restricted stock units \| Vest two years after grant
Stock-Based Compensation Plans
Vesting (as a percent)		33.00%
Vesting period		2 years
Restricted stock units \| Vest three years after grant
Stock-Based Compensation Plans
Vesting (as a percent)		33.00%
Vesting period		3 years
Certain officers and employees \| Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	188,400	175,200	200,000
Number of Shares
Granted (in shares)	188,400	175,200	200,000
Certain officers and employees \| Restricted stock units
Stock-Based Compensation Plans
Granted (in shares)	56,450	22,500
Number of Shares
Granted (in shares)	56,450	22,500
Non-executive director \| Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	41,711	24,025	35,295
Number of Shares
Granted (in shares)	41,711	24,025	35,295
President and Chief Executive Officer
Stock-Based Compensation Plans
Shares issued	155,654
Non-employee consultant \| Restricted stock awards
Stock-Based Compensation Plans
Granted (in shares)	0	1,550	7,059
Number of Shares
Granted (in shares)	0	1,550	7,059

Revenues (Details) - USD ($)	12 Months Ended
Revenues (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 315,938,812	$ 333,429,998	$ 158,032,485
Net pool revenues - related party
Revenues	292,679,614	298,079,123	120,015,771
Time charter revenues
Revenues	19,492,595	34,111,230	37,726,214
Other revenues, net
Revenues	$ 3,766,603	$ 1,239,645	$ 290,500

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Voyage Expenses (Details) - USD ($)	12 Months Ended
Voyage Expenses (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Voyage Expenses.
Bunkers	$ 1,537,007	$ 1,345,360	$ 756,354
War risk insurances	1,272,647	1,095,156	13,052
Brokers' commissions	334,333	469,143	440,955
Security cost	221,882	272,985	277,487
Port charges and other related expenses	1,500	5,898	167,230
Other voyage expenses	42,281	54,381	42,805
Total voyage expenses	$ 3,409,650	$ 3,242,923	$ 1,697,883

Vessel Operating Expenses (Details) - USD ($)	12 Months Ended
Vessel Operating Expenses (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Vessel Operating Expenses.
Crew wages and related costs	$ 44,017,660	$ 42,683,848	$ 41,649,202
Spares and stores	17,061,388	13,249,931	10,625,997
Repairs and maintenance costs	6,096,812	4,416,259	5,594,957
Insurance	3,942,622	4,173,052	3,452,874
Lubricants	3,241,330	3,607,749	3,206,445
Miscellaneous expenses	3,860,057	3,347,530	2,351,093
Total	$ 78,219,869	$ 71,478,369	$ 66,880,568

Interest and Finance Costs (Details) - USD ($)	12 Months Ended
Interest and Finance Costs (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Interest and Finance Costs
Interest incurred	$ 21,665,379	$ 32,355,390	$ 36,638,171
Amortization of financing costs	4,695,360	2,893,392	3,136,051
Other finance costs	1,235,385	856,759	875,009
Total	$ 27,596,124	$ 36,105,541	$ 40,649,231

Income Taxes (Details)	12 Months Ended
Income Taxes (Details)	Mar. 31, 2021
Income Taxes
Tax rate on US source shipping income (as a percent)	4.00%
Shipping income (as a percent)	50.00%

Commitments and Contingencies (Details) - USD ($)	12 Months Ended
Commitments and Contingencies (Details) - USD ($)	Mar. 31, 2023	Mar. 31, 2022	Mar. 31, 2021
Commitments under Contracts for Scrubber Purchases
Less than one year			$ 1,523,210
Total			1,523,210
Commitments under Contracts for BWMS Purchases
Less than one year			455,500
Total			455,500
Commitments under Operating Leases
Less than one year			10,110,547
Total undiscounted lease payments			18,333,784
Time Charter-in commitments
Less than one year			10,336,000
One to three years			8,030,000
Total			18,366,000
Fixed Time Charter Commitments
Less than one year			20,147,500
One to three years			5,705,000
Total			$ 25,852,500
Commitments under Bareboat Charter Header Agreement
Bareboat charter agreement term of contract			13 years
Amount of predelivery cost commitments			$ 24,000,000
Amount of predelivery and additional features commitments			25,000,000
Other
Accrued contingency claim			4,000,000
Contingency expense			4,000,000.0
United States, Greece, United Kingdom, And Denmark
Commitments under Operating Leases
Less than one year			357,432
One to three years			91,318
Total undiscounted lease payments			$ 448,750
Forecast
Commitments under Bareboat Charter Header Agreement
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement	$ 9,000,000.0	$ 16,000,000.0

Financial Instruments and Fair Value Disclosures (Swaps) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Interest rate swap
Derivative Instruments
Nominal value	$ 366,254,131	$ 405,389,284
1.091% interest rate swap due on March 2025 \| Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.091%
Nominal value	$ 200,000,000	200,000,000
Final settlement amount	$ 95,200,000
1.145% interest rate swap due on March 2025 \| ING Bank N. V. Member
Derivative Instruments
Fixed interest rate (as a percent)	1.145%
Nominal value	$ 50,000,000	50,000,000
Final settlement amount	$ 23,800,000
1.468% interest rate swap due on March 2022 \| ABN
Derivative Instruments
Fixed interest rate (as a percent)	1.468%
Nominal value	$ 26,325,000	37,550,000
Quarterly reduction of notional amount	2,800,000
Final settlement amount	$ 17,900,000
1.380% interest rate swap due on March 2022 \| Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.38%
Nominal value	$ 39,487,500	56,325,000
Quarterly reduction of notional amount	4,200,000
Final settlement amount	$ 26,900,000
1.213% interest rate swap due March 2022 \| Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.213%
Nominal value	$ 35,750,774	43,598,575
Quarterly reduction of notional amount	2,000,000.0
Final settlement amount	$ 29,900,000
1.161% interest rate swap due March 2022 \| Citibank N.A.
Derivative Instruments
Fixed interest rate (as a percent)	1.161%
Nominal value	$ 14,690,857	$ 17,915,709
Quarterly reduction of notional amount	800,000
Final settlement amount	$ 12,300,000

Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Derivative Instruments
Change in fair value	$ 7,202,880	$ (18,206,769)	$ (7,816,401)
Realized gain/(loss) on derivatives	(4,568,033)	2,800,374	3,788,123
Derivatives not designated as hedging instruments \| Gain/(loss) on derivatives, net
Derivative Instruments
Gain/(loss) on derivatives, net	2,634,847	(15,406,395)	(4,028,278)
Interest rate swap
Derivative Instruments
Nominal value	366,254,131	405,389,284
Interest rate swap \| Derivatives not designated as hedging instruments \| Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	4,597,438	(15,601,327)	(7,816,401)
Interest rate swap \| Derivatives not designated as hedging instruments \| Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	(3,779,363)	2,403,480	$ 3,788,123
Interest rate swap \| Derivatives not designated as hedging instruments \| Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	1,100,529
Interest rate swap \| Derivatives not designated as hedging instruments \| Long-term liabilities-Derivatives instruments
Derivative Instruments
Derivative Liabilities	3,454,862	9,152,829
Forward freight agreements \| Derivatives not designated as hedging instruments \| Unrealized gain/(loss) on derivatives
Derivative Instruments
Change in fair value	2,605,442	(2,605,442)
Forward freight agreements \| Derivatives not designated as hedging instruments \| Realized gain/(loss) on derivatives
Derivative Instruments
Realized gain/(loss) on derivatives	(788,670)	396,894
Forward freight agreements \| Derivatives not designated as hedging instruments \| Current assets-Derivative instruments
Derivative Instruments
Derivative Asset	0
Forward freight agreements \| Derivatives not designated as hedging instruments \| Current liabilities-Derivative instruments
Derivative Instruments
Derivative Liabilities	$ 0	$ 2,605,442

Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($)	12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Financial Instruments and Fair Value Disclosures
Net gain (loss) on investment securities	$ 1,317,890	$ 1,288,304	$ (102,244)
Less: Realized gain/(loss) on investment securities	295	1,281,671
Unrealized gain/(loss) on investment securities	$ 1,317,595	$ 6,633	$ (102,244)

Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)	Mar. 31, 2021	Mar. 31, 2020
Fair value
Carrying Value	$ 591,472,044	$ 634,975,219
US Treasury Bills
Fair value
Carrying Value	0	14,900,000
US Treasury Bills \| Level 1
Fair value
Fair Value		15,000,000.0
Corsair Japanese Financing
Fair value
Carrying Value	40,895,833	44,145,833
Corsair Japanese Financing \| Level 2
Fair value
Fair Value	44,298,064	48,867,762
Concorde Japanese Financing
Fair value
Carrying Value	45,500,000	48,730,769
Concorde Japanese Financing \| Level 2
Fair value
Fair Value	49,791,680	54,407,677
Corvette Japanese Financing
Fair value
Carrying Value	46,038,462	49,269,231
Corvette Japanese Financing \| Level 2
Fair value
Fair Value	50,376,434	55,059,323
CJNP Japanese Financing
Fair value
Carrying Value		19,058,750
CJNP Japanese Financing \| Level 2
Fair value
Fair Value		21,006,399
CMNL Japanese Financing
Fair value
Carrying Value	16,706,845	18,076,488
CMNL Japanese Financing \| Level 2
Fair value
Fair Value	18,792,993	20,238,260
CNML Japanese Financing
Fair value
Carrying Value	18,855,655	20,261,012
CNML Japanese Financing \| Level 2
Fair value
Fair Value	$ 21,195,305	$ 22,728,984

Retirement Plans (Details) - USD ($) $ in Millions	12 Months Ended
Retirement Plans (Details) - USD ($) $ in Millions	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Defined Contribution Plans and Defined Benefit Plan
Compensation expense associated with safe harbor contributions	$ 0.1	$ 0.1	$ 0.1
Greece
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan	0.3		0.1
United Kingdom and Denmark
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan	$ 0.2	0.2	$ 0.1
Maximum \| Greece
Defined Contribution Plans and Defined Benefit Plan
Contribution expense associated with defined benefit plan		$ 0.1

Earnings/(Loss) Per Share ("EPS") (Details) - USD ($)	3 Months Ended								12 Months Ended
Earnings/(Loss) Per Share ("EPS") (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income/(loss)	$ 44,033,434	$ 35,825,264	$ 537,950	$ 12,168,005	$ 29,425,391	$ 35,628,912	$ 40,711,896	$ 6,075,059	$ 92,564,653	$ 111,841,258	$ (50,945,905)
Denominator:
Basic weighted average number of common shares outstanding (in shares)									49,729,358	53,881,483	54,513,118
Effect of dilutive restricted stock and restricted stock units (in shares)									97,440	233,855
Diluted weighted average number of common shares outstanding (in shares)									49,826,798	54,115,338	54,513,118
EPS:
Earnings per common share - basic (in dollars per share)	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 0.56	$ 0.66	$ 0.75	$ 0.11	$ 1.86	$ 2.08	$ (0.93)
Earnings per common share - diluted (in dollars per share)	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 0.56	$ 0.66	$ 0.74	$ 0.11	$ 1.86	$ 2.07	$ (0.93)
Restricted stock awards
EPS:
Number of shares excluded from the calculation of diluted EPS									0	0	641,013

Selected Quarterly Financial Information (unaudited) (Details) - USD ($)	3 Months Ended								12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2019
Selected Quarterly Financial Information (unaudited)
Revenues	$ 99,584,187	$ 88,479,024	$ 54,710,277	$ 73,165,324	$ 95,201,771	$ 85,437,806	$ 91,624,875	$ 61,165,546	$ 315,938,812	$ 333,429,998	$ 158,032,485
Operating income	46,290,595	41,875,535	5,413,760	22,519,802	49,771,141	41,758,757	49,266,427	20,272,506	116,099,692	161,068,831	(7,962,036)
Net income	$ 44,033,434	$ 35,825,264	$ 537,950	$ 12,168,005	$ 29,425,391	$ 35,628,912	$ 40,711,896	$ 6,075,059	$ 92,564,653	$ 111,841,258	$ (50,945,905)
Earnings per common share - basic (in dollars per share)	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 0.56	$ 0.66	$ 0.75	$ 0.11	$ 1.86	$ 2.08	$ (0.93)
Earnings per common share - diluted (in dollars per share)	$ 0.93	$ 0.71	$ 0.01	$ 0.24	$ 0.56	$ 0.66	$ 0.74	$ 0.11	$ 1.86	$ 2.07	$ (0.93)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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