DORIAN LPG LTD., 10-Q filed on 2/5/2026
Quarterly Report
v3.25.4
Document and Entity Information - shares
 9 Months Ended
Dec. 31, 2025
Jan. 31, 2026
Cover Abstract    
Entity Registrant Name DORIAN LPG LTD.  
Entity Central Index Key 0001596993  
Document Type 10-Q  
Document Period End Date Dec. 31, 2025  
Document Quarterly Report true  
Document Transition Report false  
Securities Act File Number 001-36437  
Entity Incorporation, State or Country Code 1T  
Entity Tax Identification Number 66-0818228  
Entity Address, Address Line One 27 Signal Road  
Entity Address, City or Town Stamford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06902  
City Area Code 203  
Local Phone Number 674-9900  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol LPG  
Security Exchange Name NYSE  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Common Stock, Shares Outstanding   42,744,103
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q3  
v3.25.4
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Current assets    
Cash and cash equivalents $ 294,492,379 $ 316,877,584
Trade receivables, net and accrued revenues 1,634,228 1,356,827
Due from related parties 71,715,752 48,090,301
Inventories 2,250,656 2,508,684
Prepaid expenses and other current assets 22,193,053 13,523,008
Total current assets 392,286,068 382,356,404
Fixed assets    
Vessels, net 1,102,793,855 1,149,806,782
Vessel under construction 64,805,270 37,274,863
Total fixed assets 1,167,599,125 1,187,081,645
Other non-current assets    
Deferred charges, net 25,098,842 17,237,662
Derivative instruments 1,761,090 3,497,493
Due from related parties-non-current 27,500,000 26,400,000
Restricted cash - non-current 81,418 76,028
Operating lease right-of-use assets 160,430,695 159,212,010
Other non-current assets 2,982,095 2,799,038
Total assets 1,777,739,333 1,778,660,280
Current liabilities    
Trade accounts payable 6,690,725 11,549,950
Accrued expenses 8,933,011 5,387,465
Due to related parties 240,732 39,339
Deferred income 501,203 679,257
Current portion of long-term operating lease liabilities 47,812,434 34,808,203
Current portion of long-term debt 97,746,233 54,504,778
Dividends payable 537,458 915,150
Total current liabilities 162,461,796 107,884,142
Long-term liabilities    
Long-term debt-net of current portion and deferred financing fees 415,437,178 498,773,969
Long-term operating lease liabilities 112,630,566 124,419,545
Other long-term liabilities 1,580,355 1,476,439
Total long-term liabilities 529,648,099 624,669,953
Total liabilities 692,109,895 732,554,095
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, 54,609,290 and 54,324,437 shares issued, 42,744,103 and 42,747,720 shares outstanding (net of treasury stock), as of December 31, 2025 and March 31, 2025, respectively 546,093 543,244
Additional paid-in-capital 876,275,164 867,524,073
Treasury stock, at cost; 11,865,187 and 11,576,717 shares as of December 31, 2025 and March 31, 2025, respectively (140,116,177) (133,103,957)
Retained earnings 348,924,358 311,142,825
Total shareholders' equity 1,085,629,438 1,046,106,185
Total liabilities and shareholders' equity $ 1,777,739,333 $ 1,778,660,280
v3.25.4
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Sep. 30, 2025
Mar. 31, 2025
Condensed Consolidated Balance Sheets    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 50,000,000 50,000,000
Preferred stock, shares issued 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 450,000,000 450,000,000
Common stock, shares issued 54,609,290 54,324,437
Common stock, shares outstanding (net of treasury stock) 42,744,103 42,747,720
Treasury stock, shares at cost 11,865,187 11,576,717
v3.25.4
Condensed Consolidated Statements of Operations - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues.        
Net pool revenues - related party $ 118,415,858 $ 78,022,488 $ 322,885,696 $ 267,307,186
Time charter revenues   2,433,411   8,280,751
Other revenues, net 1,548,429 210,880 5,354,838 1,865,364
Total revenues 119,964,287 80,666,779 328,240,534 277,453,301
Expenses        
Voyage expenses 1,732,701 950,842 4,109,374 2,508,379
Charter hire expenses 18,186,009 10,586,115 42,622,036 31,082,323
Profit sharing expenses 659,346   659,346  
Vessel operating expenses 19,851,216 21,439,514 62,445,778 61,459,709
Depreciation and amortization 18,129,336 17,497,383 54,430,352 52,039,031
General and administrative expenses 10,779,733 7,464,856 39,701,876 34,347,576
Total expenses 69,338,341 57,938,710 203,968,762 181,437,018
Other income - related parties 685,009 655,365 1,975,737 1,936,762
Operating income 51,310,955 23,383,434 126,247,509 97,953,045
Other income/(expenses)        
Interest and finance costs (7,066,278) (8,884,499) (22,380,183) (27,841,202)
Interest income 2,737,490 3,797,264 8,577,713 11,986,945
Unrealized gain/(loss) on derivatives (170,904) 2,865,617 (1,736,403) (3,139,248)
Realized gain on derivatives 407,391 838,906 1,474,915 4,210,274
Other gain/(loss), net (29,756) (638,894) 469,484 (1,091,241)
Total other expenses, net (4,122,057) (2,021,606) (13,594,474) (15,874,472)
Net income $ 47,188,898 $ 21,361,828 $ 112,653,035 $ 82,078,573
Weighted average shares outstanding:        
Basic 42,598,873 42,574,256 42,521,062 41,995,129
Diluted 42,598,873 42,595,323 42,671,107 42,114,087
Earnings per common share - basic $ 1.11 $ 0.5 $ 2.65 $ 1.95
Earnings per common share - diluted $ 1.11 $ 0.5 $ 2.64 $ 1.95
v3.25.4
Condensed Consolidated Statements of Shareholders Equity - USD ($)
Common stock
Treasury Stock
Additional paid-in capital
Retained Earnings
Total
Balance - beginning at Mar. 31, 2024 $ 519,950 $ (126,837,239) $ 772,714,486 $ 377,135,886 $ 1,023,533,083
Balance - beginning (Shares) at Mar. 31, 2024 51,995,027        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       51,288,140 51,288,140
Common share issuance $ 20,000   84,367,701   84,387,701
Common share issuance (Shares) 2,000,000        
Dividend ($1.00 per common share)       (40,619,448) (40,619,448)
Stock-based compensation     1,275,459   1,275,459
Balance - Ending at Jun. 30, 2024 $ 539,950 (126,837,239) 858,357,646 387,804,578 1,119,864,935
Balance - ending (Shares) at Jun. 30, 2024 53,995,027        
Balance - beginning at Mar. 31, 2024 $ 519,950 (126,837,239) 772,714,486 377,135,886 1,023,533,083
Balance - beginning (Shares) at Mar. 31, 2024 51,995,027        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)         82,078,573
Balance - Ending at Dec. 31, 2024 $ 542,947 (131,096,907) 866,076,755 332,986,053 1,068,508,848
Balance - ending (Shares) at Dec. 31, 2024 54,294,696        
Balance - beginning at Jun. 30, 2024 $ 539,950 (126,837,239) 858,357,646 387,804,578 1,119,864,935
Balance - beginning (Shares) at Jun. 30, 2024 53,995,027        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       9,428,605 9,428,605
Restricted share award issuances $ 2,997   (2,997)    
Restricted share award issuances (Shares) 299,669        
Common share issuance     21,660   21,660
Dividend ($1.00 per common share)       (42,804,479) (42,804,479)
Stock-based compensation     5,998,722   5,998,722
Purchase of treasury stock   (4,259,668)     (4,259,668)
Balance - Ending at Sep. 30, 2024 $ 542,947 (131,096,907) 864,375,031 354,428,704 1,088,249,775
Balance - ending (Shares) at Sep. 30, 2024 54,294,696        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       21,361,828 21,361,828
Dividend ($1.00 per common share)       (42,804,479) (42,804,479)
Stock-based compensation     1,701,724   1,701,724
Balance - Ending at Dec. 31, 2024 $ 542,947 (131,096,907) 866,076,755 332,986,053 1,068,508,848
Balance - ending (Shares) at Dec. 31, 2024 54,294,696        
Balance - beginning at Mar. 31, 2025 $ 543,244 (133,103,957) 867,524,073 311,142,825 1,046,106,185
Balance - beginning (Shares) at Mar. 31, 2025 54,324,437        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       10,082,101 10,082,101
Dividend ($0.50 per common share)       (21,323,860) (21,323,860)
Stock-based compensation     1,757,879   1,757,879
Purchase of treasury stock   (1,822,780)     (1,822,780)
Balance - Ending at Jun. 30, 2025 $ 543,244 (134,926,737) 869,281,952 299,901,066 1,034,799,525
Balance - ending (Shares) at Jun. 30, 2025 54,324,437        
Balance - beginning at Mar. 31, 2025 $ 543,244 (133,103,957) 867,524,073 311,142,825 1,046,106,185
Balance - beginning (Shares) at Mar. 31, 2025 54,324,437        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)         112,653,035
Balance - Ending at Dec. 31, 2025 $ 546,093 (140,116,177) 876,275,164 348,924,358 1,085,629,438
Balance - ending (Shares) at Dec. 31, 2025 54,609,290        
Balance - beginning at Jun. 30, 2025 $ 543,244 (134,926,737) 869,281,952 299,901,066 1,034,799,525
Balance - beginning (Shares) at Jun. 30, 2025 54,324,437        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       55,382,036 55,382,036
Restricted share award issuances $ 2,849   (2,849)    
Restricted share award issuances (Shares) 284,853        
Dividend ($0.60 per common share)       (25,702,868) (25,702,868)
Stock-based compensation     4,961,896   4,961,896
Purchase of treasury stock   (2,907,988)     (2,907,988)
Balance - Ending at Sep. 30, 2025 $ 546,093 (137,834,725) 874,240,999 329,580,234 1,066,532,601
Balance - ending (Shares) at Sep. 30, 2025 54,609,290        
Increase (Decrease) in Shareholders' Equity          
Net Income (Loss)       47,188,898 47,188,898
Dividend ($0.65 per common share)       (27,844,774) (27,844,774)
Stock-based compensation     2,034,165   2,034,165
Purchase of treasury stock   (2,281,452)     (2,281,452)
Balance - Ending at Dec. 31, 2025 $ 546,093 $ (140,116,177) $ 876,275,164 $ 348,924,358 $ 1,085,629,438
Balance - ending (Shares) at Dec. 31, 2025 54,609,290        
v3.25.4
Condensed Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares
 3 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Condensed Consolidated Statements of Shareholders Equity            
Dividends per share $ 0.65 $ 0.6 $ 0.5 $ 1 $ 1 $ 1
v3.25.4
Condensed Consolidated Statements of Cash Flows - USD ($)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Cash flows from operating activities:    
Net income $ 112,653,035 $ 82,078,573
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 54,430,352 52,039,031
Non-cash lease expense 28,761,884 24,099,375
Amortization of financing costs 867,362 934,640
Unrealized loss on derivatives 1,736,403 3,139,248
Stock-based compensation expense 8,753,940 8,975,905
Unrealized foreign currency (gain)/loss, net (182,198) 111,686
Other non-cash items, net (421,713) 953,768
Changes in operating assets and liabilities    
Trade receivables, inventories, prepaid expenses, and other current and non-current assets (8,333,362) 229,943
Due from related parties (24,725,451) (22,362,577)
Operating lease liabilities - current and long-term (28,718,707) (24,099,934)
Trade accounts payable (3,177,508) (17,466)
Accrued expenses and other liabilities 743,591 (466,208)
Due to related parties 201,393 2,283,789
Payments for drydocking costs (14,593,102) (5,082,075)
Net cash provided by operating activities 127,995,919 122,817,698
Cash flows from investing activities:    
Payments for vessels under construction and other capital expenditures for vessels (29,665,295) (5,672,793)
Purchase of investment securities   (213,592)
Proceeds from maturity of available-for-sale debt securities   1,800,000
Net cash used in investing activities (29,665,295) (4,086,385)
Cash flows from financing activities:    
Repayment of long-term debt borrowings (40,962,698) (40,115,911)
Repurchase of common stock (4,728,002) (4,259,668)
Dividends paid (75,249,194) (126,620,555)
Proceeds from common share issuances   89,000,000
Equity offering costs paid   (4,590,638)
Net cash used in financing activities (120,939,894) (86,586,772)
Effects of exchange rates on cash and cash equivalents 229,455 (122,672)
Net increase/(decrease) in cash, cash equivalents, and restricted cash (22,379,815) 32,021,869
Cash, cash equivalents, and restricted cash at the beginning of the period 316,953,612 282,583,769
Cash, cash equivalents, and restricted cash at the end of the period 294,573,797 314,605,638
Supplemental disclosure of cash flow information    
Cash paid for interest, net of amounts capitalized 21,049,354 25,927,772
Cash paid for operating leases 35,296,274 31,885,110
Capitalized drydocking costs included in liabilities 1,772,182 1,191,865
Vessel-related capital expenditures included in liabilities 494,063 194,185
Unpaid dividends included in liabilities 537,458 757,516
Financing costs included in liabilities 663,600 663,600
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 294,492,379 314,532,172
Restricted cash - non-current 81,418 73,466
Cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows $ 294,573,797 $ 314,605,638
v3.25.4
Basis of Presentation and General Information
 9 Months Ended
Dec. 31, 2025
Basis of Presentation and General Information:  
Basis of Presentation and General Information

1. Basis of Presentation and General Information

​

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2025, our fleet consists of twenty-seven VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC, or our Dual-fuel ECO VLGC; nineteen fuel-efficient 84,000 cbm ECO-design VLGCs, or our ECO VLGCs; one 82,000 cbm modern VLGC; six time chartered-in VLGCs; of which four are duel-fuel Panamax size VLGCs, one is ECO-design VLGC and one is modern VLGC. On November 24, 2023, we entered into a shipbuilding contract for a newbuilding Very Large Gas Carrier / Ammonia Carrier (“VLGC/AC”) with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia and is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from MOL Energia (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool.

​

Sixteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions and, as of December 31, 2025, we have a contractual commitment to fabricate a scrubber for our newbuilding VLGC/AC, with installation expected to be completed during the first calendar quarter of 2026. Additionally, one of the chartered-in dual-fuel Panamax size VLGCs is equipped with a shaft generator, which generates additional electricity that can be used to reduce fuel consumption and carbon emissions.

​

On April 1, 2015, Dorian and MOL Energia Pte. Ltd. (“MOL Energia”), formerly known as Phoenix Tankers Pte. Ltd., began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 4 below for further description of the Helios Pool.

​

The unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2025 included in our Annual Report on Form 10-K filed with the SEC on May 30, 2025.

​

Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.

​

Our subsidiaries as of December 31, 2025, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.

​

Vessel Subsidiaries

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  ​ ​ ​

Type of

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

 

Subsidiary

​

vessel

​

Vessel’s name

​

Built

​

CBM(1)

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007

 

82,000

​

Comet LPG Transport LLC

​

VLGC

​

Comet

​

2014

​

84,000

​

Corsair LPG Transport LLC

​

VLGC

​

Corsair(2)

​

2014

​

84,000

​

Corvette LPG Transport LLC

 

VLGC

 

Corvette

 

2015

 

84,000

​

Dorian Shanghai LPG Transport LLC

​

VLGC

​

Cougar(2)

​

2015

​

84,000

​

Concorde LPG Transport LLC

​

VLGC

​

Concorde

​

2015

​

84,000

​

Dorian Houston LPG Transport LLC

​

VLGC

​

Cobra

​

2015

​

84,000

​

Dorian Sao Paulo LPG Transport LLC

​

VLGC

​

Continental

​

2015

​

84,000

​

Dorian Ulsan LPG Transport LLC

​

VLGC

​

Constitution

​

2015

​

84,000

​

Dorian Amsterdam LPG Transport LLC

​

VLGC

​

Commodore

​

2015

​

84,000

​

Dorian Dubai LPG Transport LLC

​

VLGC

​

Cresques(2)

​

2015

​

84,000

​

Constellation LPG Transport LLC

​

VLGC

​

Constellation

​

2015

​

84,000

​

Dorian Monaco LPG Transport LLC

​

VLGC

​

Cheyenne

​

2015

​

84,000

​

Dorian Barcelona LPG Transport LLC

​

VLGC

​

Clermont

​

2015

​

84,000

​

Dorian Geneva LPG Transport LLC

​

VLGC

​

Cratis(2)

​

2015

​

84,000

​

Dorian Cape Town LPG Transport LLC

​

VLGC

​

Chaparral(2)

​

2015

​

84,000

​

Dorian Tokyo LPG Transport LLC

​

VLGC

​

Copernicus(2)

​

2015

​

84,000

​

Commander LPG Transport LLC

​

VLGC

​

Commander

​

2015

​

84,000

​

Dorian Explorer LPG Transport LLC

​

VLGC

​

Challenger

​

2015

​

84,000

 

Dorian Exporter LPG Transport LLC

​

VLGC

​

Caravelle(2)

​

2016

​

84,000

​

Dorian Sakura LPG Transport LLC

​

VLGC

​

Captain Markos(2)

​

2023

​

84,000

​

Dorian LPG Ammonia Transport LLC

​

VLGC/AC

​

Hull No. 2373

​

2026(3)

​

93,000

​

​

Management and Other Subsidiaries

​

​

​

​

 

Subsidiary

 

Dorian LPG Management Corp.

​

Dorian LPG (USA) LLC (incorporated in USA)

​

Dorian LPG (UK) Ltd. (incorporated in UK)

​

Dorian LPG Finance LLC

​

Occident River Trading Limited (incorporated in UK)

​

Dorian LPG (DK) ApS (incorporated in Denmark)

​

Dorian LPG Chartering LLC

​

Dorian LPG FFAS LLC

​

Dorian LPG US Lease Finance LLC

​

Dorian LPG Nippon Lease LLC

​

(1)CBM: Cubic meters, a standard measure for LPG tanker capacity
(2)Operated pursuant to a bareboat charter agreement as of December 31, 2025. Refer to Note 8 below for further information.
(3)The vessel is expected to be delivered in the first calendar quarter of 2026.
v3.25.4
Significant Accounting Policies
 9 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Significant Accounting Policies

2. Significant Accounting Policies

​

The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2025 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025).

​

Recently Issued Accounting Pronouncements Not Yet Adopted:

​

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements with the objective to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and

interim periods within the fiscal years beginning after December 15, 2027 with early adoption permitted. The amendments are to be applied either prospectively to financial statements issued for the reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements and related disclosures.

​

We have considered all other recent accounting pronouncements issued and believe that none will have a material effect on our financial statements.

​
v3.25.4
Segment Reporting
 9 Months Ended
Dec. 31, 2025
Segment Reporting  
Segment Reporting

3. Segment Reporting

​

Our Company operates in the international transportation of liquid petroleum gas with its fleet of vessels, each of which has the same type of customer, similar operations and maintenance requirements, operates 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 Company’s Chief Executive Officer is the chief operating decision maker (“CODM”) and evaluates performance based on net income and operating income.

​

The following is a summary of information for our single reportable segment:

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Three months ended

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Nine months ended

​

(in U.S. dollars)

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

​

Total Revenues

​

$

119,964,287

​

$

80,666,779

​

$

328,240,534

​

$

277,453,301

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

Voyage expenses

​

​

1,732,701

​

​

950,842

​

​

4,109,374

​

​

2,508,379

​

Charter hire expenses

​

​

18,186,009

​

​

10,586,115

​

​

42,622,036

​

​

31,082,323

​

Profit sharing expenses

​

​

659,346

​

​

—

​

​

659,346

​

​

—

​

Vessel operating expenses

​

​

19,851,216

​

​

21,439,514

​

​

62,445,778

​

​

61,459,709

​

Other segment items (1)

​

​

28,224,060

​

​

24,306,874

​

​

92,156,491

​

​

84,449,845

​

Operating income

​

​

51,310,955

​

​

23,383,434

​

​

126,247,509

​

​

97,953,045

​

Nonoperating loss(2)

​

​

(4,122,057)

​

​

(2,021,606)

​

​

(13,594,474)

​

​

(15,874,472)

​

Net income

​

$

47,188,898

​

$

21,361,828

​

$

112,653,035

​

$

82,078,573

​

​

(1)Other segment items include depreciation and amortization, general and administrative expenses, and other operating income and expenses.

​

(2)Nonoperating loss includes interest and finance costs, interest income, gains and losses on derivatives, and other gains and losses.
v3.25.4
Transactions with Related Parties
 9 Months Ended
Dec. 31, 2025
Transactions with Related Parties:  
Transactions with Related Parties

4.  Transactions with Related Parties

​

Dorian (Hellas), S.A.

​

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

​

Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 2025 and 2024 and less than $0.1 million for the nine months ended December 31, 2025 and 2024.

​

As of December 31, 2025 and March 31, 2025, there was nothing due from DHSA.

​

Helios LPG Pool LLC

​

On April 1, 2015, Dorian and MOL Energia began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with MOL Energia and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points (see below for description of pool points) assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and MOL Energia are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool or has a controlling financial interest. As of December 31, 2025, the Helios Pool operated twenty-nine VLGCs, including twenty-seven vessels from our fleet (including six vessels time chartered-in from unrelated parties) and two MOL Energia vessels.

​

As of December 31, 2025, we had net receivables from the Helios Pool of $99.0 million (net of amounts due to Helios Pool of $0.2 million which are reflected under “Due to related Parties”), including $27.5 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2025, we had net receivables from the Helios Pool of $74.4 million (net of an amount due to Helios Pool of $0.1 million which are reflected under “Due to related Parties”), including $26.4 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of December 31, 2025 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (DK) ApS and MOL Energia and has appointed both as the exclusive commercial managers of pool vessels. Fees for such services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.6 million for both the three months ended December 31, 2025, and 2024, respectively, and $1.8 million for both the nine months ended December 31, 2025, and 2024, respectively. Additionally, we receive reimbursement of expenses such as costs for security guards, war risk insurance, and certain other voyage costs for vessels operating in the Helios Pool, for which we earned $0.5 million and $0.1 million for the three months ended December 31, 2025, and 2024, respectively, and $1.1 million and $0.9 million for the nine months ended December 31, 2025, and 2024, respectively and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations.

​

Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2025 and 2024. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, available days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any chartered-in vessels, less the general and administrative expenses of the pool as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel efficiency, fuel-type consumed, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. In accordance with the pool participation agreements, pool points are finalized in arrears every six months ending September 30 and March 31 and pool profits are reallocated based on the actual recorded speed and consumption performance for each vessel operating in the Helios Pool during the preceding six-month period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the

period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 13.

v3.25.4
Deferred Charges, Net
 9 Months Ended
Dec. 31, 2025
Deferred Charges, Net:  
Deferred Charges, Net

5. Deferred Charges, Net

​

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

​

​

​

​

​

​

​

​

  ​ ​ ​

Drydocking

 

​

​

costs

 

Balance, April 1, 2025

​

$

17,237,662

​

Additions

​

​

13,652,686

​

Amortization

​

​

(5,791,506)

​

Balance, December 31, 2025

​

$

25,098,842

​

​
v3.25.4
Vessels, Net
 9 Months Ended
Dec. 31, 2025
Vessels, Net:  
Vessels, Net

6. Vessels, Net

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

 

​

​

Cost

​

depreciation

​

Net book Value

 

Balance, April 1, 2025

​

$

1,738,676,244

 

$

(588,869,462)

 

$

1,149,806,782

​

Other additions

​

​

1,625,919

​

​

—

​

​

1,625,919

​

Depreciation

​

​

—

​

​

(48,638,846)

​

​

(48,638,846)

​

Balance, December 31, 2025

​

$

1,740,302,163

​

$

(637,508,308)

​

$

1,102,793,855

​

​

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2025. Our vessels, with a total carrying value of $1,075.4 million and $1,120.0 million as of December 31, 2025 and March 31, 2025, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of December 31, 2025 and March 31, 2025. As of December 31, 2025, we obtained independent appraisals of the technically managed VLGCs in our fleet and concluded that there were no indicators of impairment in accordance with ASC 360 Property, Plant, and Equipment. No impairment charges were recognized for the nine months ended December 31, 2025 and 2024.
v3.25.4
Vessel Under Construction
 9 Months Ended
Dec. 31, 2025
Vessel Under Construction  
Vessel Under Construction

7. Vessel Under Construction

​

On November 24, 2023 we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026.  

​

The analysis and movement of vessel under construction is presented in the table below:

​

​

​

​

​

​

​

​

Net book Value

​

Balance, April 1, 2025

​

$

37,274,863

​

Installment payments

 

​

23,800,740

​

Other capitalized expenditures

 

​

1,942,381

​

Capitalized interest

​

​

1,787,286

​

Balance, December 31, 2025

  ​ ​ ​

$

64,805,270

 

​
v3.25.4
Long-term Debt
 9 Months Ended
Dec. 31, 2025
Long-term Debt:  
Long-term Debt

​

8. Long-term Debt

​

2023 A&R Debt Facility

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the $240.0 million amended and restated debt financing facility that we entered into on December 22, 2023 with Crédit Agricole Corporate and Investment Bank, ING Bank N.V., Skandinaviska Enskilda Banken AB (publ), BNP Paribas, and Danish Ship Finance A/S (the “2023 A&R Debt Facility”).

​

We were in compliance with all financial covenants as of December 31, 2025.

​

BALCAP Facility

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on our $83.4 million debt financing facility that we entered into on December 29, 2021 with Banc of America Leasing & Capital, LLC and other financial institutions (the “BALCAP Facility”).

​

We were in compliance with all financial covenants as of December 31, 2025.

​

Corsair Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2014-built VLGC, Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”).

Cresques Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cresques Japanese Financing”).

​

Cratis Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Cratis, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cratis Japanese Financing”).

​

Copernicus Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Copernicus, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Copernicus Japanese Financing”).

​

Chaparral Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2015-built VLGC, Chaparral, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Chaparral Japanese Financing”).

​

Caravelle Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2016-built VLGC, Caravelle, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Caravelle Japanese Financing”).

​

Cougar Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the refinancing of our 2016-built VLGC, Cougar, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cougar Japanese Financing”).

​

​

Captain Markos Dual-Fuel Japanese Financing

​

Refer to Note 10 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025 for information on the financing of our 2023-built Dual-fuel VLGC, Captain Markos, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Captain Markos Japanese Financing”).

​

Debt Obligations

​

The table below presents our debt obligations:

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

March 31, 2025

 

2023 A&R Debt Facility

​

$

170,000,000

​

$

185,000,000

​

​

​

​

​

​

​

​

​

Japanese Financings

​

​

​

​

​

​

​

Corsair Japanese Financing

​

$

25,458,333

​

$

27,895,834

​

Cresques Japanese Financing

​

​

22,513,900

​

​

23,840,367

​

Cratis Japanese Financing

​

​

34,360,000

​

​

37,420,000

​

Copernicus Japanese Financing

​

​

34,360,000

​

​

37,420,000

​

Chaparral Japanese Financing

​

​

55,288,563

​

​

57,316,129

​

Caravelle Japanese Financing

​

​

36,200,000

​

​

39,200,000

​

Cougar Japanese Financing

​

​

37,400,000

​

​

40,100,000

​

Captain Markos Dual-Fuel Japanese Financing

​

​

48,860,000

​

​

50,960,000

​

Total Japanese Financings

​

$

294,440,796

​

$

314,152,330

​

​

​

​

​

​

​

​

​

BALCAP Facility

​

$

52,014,948

​

$

58,266,112

​

​

​

​

​

​

​

​

​

Total debt obligations

​

$

516,455,744

​

$

557,418,442

​

Less: deferred financing fees

​

​

3,272,333

​

​

4,139,695

​

Debt obligations—net of deferred financing fees

​

$

513,183,411

​

$

553,278,747

​

​

​

​

​

​

​

​

​

Presented as follows:

​

​

​

​

​

​

​

Current portion of long-term debt

 

$

97,746,233

​

$

54,504,778

​

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

 

​

415,437,178

​

​

498,773,969

​

Total

 

$

513,183,411

​

$

553,278,747

​

​

Deferred Financing Fees

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

​

​

​

​

​

​

​

  ​ ​ ​

Financing

​

​

​

costs

​

Balance, April 1, 2025

​

$

4,139,695

​

Amortization

​

​

(867,362)

​

Balance, December 31, 2025

 

$

3,272,333

​

​
v3.25.4
Leases
 9 Months Ended
Dec. 31, 2025
Leases:  
Leases

9. Leases

​

Time charter-in contracts

​

During the nine months ended December 31, 2025, we time chartered-in one VLGC for a period of 31 months. We recognized the applicable right-of-use asset and lease liability at an initial amount of $29.9 million on our balance sheet. During this period, we also time chartered-in one VLGC for a period of 12 months that was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheet.

​

As of December 31, 2025, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $159.9 million and were recognized on our balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $27.7 million and $14.5 million for the three months ended December 31, 2025 and 2024, respectively and $67.2 million and $45.6 million for the nine months ended December 31, 2025 and 2024, respectively.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

Charter hire expenses

​

$

18,186,009

​

$

10,586,115

​

$

42,622,036

 

$

31,082,323

​

Office leases

​

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the nine months ended December 31, 2025.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

Operating lease rent expense

​

$

162,115

​

$

142,743

​

$

433,581

​

$

404,604

​

For our office leases and time charter-in agreements, the discount rate used ranged from 5.17% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.73%. The weighted average remaining lease term of our office leases and time chartered-in vessels as of December 31, 2025 is 45.2 months.

​

Our operating lease right-of-use asset and lease liabilities as of December 31, 2025 and March 31, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

Description

​

Location on Balance Sheet

​

December 31, 2025

​

March 31, 2025

Assets:

​

​

​

​

​

​

​

​

Non-current

​

​

​

​

​

​

​

​

Office leases

​

Operating lease right-of-use assets

​

$

490,265

​

$

749,451

Time charter-in VLGCs

​

Operating lease right-of-use assets

​

$

159,940,430

​

$

158,462,559

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

Current

​

​

​

​

​

​

​

​

Office Leases

​

Current portion of long-term operating leases

​

$

419,887

​

$

380,127

Time charter-in VLGCs

​

Current portion of long-term operating leases

​

$

47,392,547

​

$

34,428,076

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

Office Leases

​

Long-term operating leases

​

$

82,683

​

$

385,062

Time charter-in VLGCs

​

Long-term operating leases

​

$

112,547,883

​

$

124,034,483

​

Maturities of operating lease liabilities as of December 31, 2025 were as follows:

​

​

​

​

​

Less than one year

​

$

55,533,928

One to three years

​

​

81,433,489

Three to five years

​

​

41,174,389

More than five years

​

​

—

Total undiscounted lease payments

​

​

178,141,806

Less: imputed interest

​

​

(17,698,806)

Carrying value of operating lease liabilities

​

$

160,443,000

​

Framework agreement

​

During the nine months ended December 31, 2025, we entered into an arrangement with MOL Energia Pte., our partner in the Helios Pool, to equally share the income or losses on BW Tokyo, one of our time chartered-in vessels. The net result reflected in this line item represents 50% of the vessel’s revenues for the period less 50% of the vessel’s charter hire-in expenses for the period and is reflected as “Profit sharing expenses” in the unaudited interim condensed

consolidated statements of operations. The line items net pool revenues–related party and charter-hire expense reflect 100% of the revenues and expenses, respectively, related to this vessel.

​
v3.25.4
Common Stock
 9 Months Ended
Dec. 31, 2025
Common Stock  
Common Stock

10.  Common Stock

​

On June 7, 2024, we issued 2 million shares to the public at a price of $44.50 per share with proceeds totaling $89.0 million, less (i) $2.225 per share, or $4.5 million, of underwriting discounts and commissions, and (ii) $0.1 million of legal and other offering costs.

​

On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interests of our shareholders, and market conditions. As of December 31, 2025, our total purchases under the 2022 Common Share Repurchase Authority totaled 355,511 shares for an aggregate consideration of $7.9 million. This amount includes 194,011 shares repurchased for $4.1 million during the nine months ended December 31, 2025. We are not obligated to make any common share repurchases.
v3.25.4
Dividends
 9 Months Ended
Dec. 31, 2025
Dividends.  
Dividends

11. Dividends

​

On May 2, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.50 per share of our common stock to all shareholders of record as of the close of business on May 16, 2025, totaling $21.3 million. We paid $21.2 million on May 30, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest.

​

On August 1, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.60 per share to all shareholders of record as of the close of business on August 12, 2025, totaling $25.7 million. We paid $25.6 million on August 27, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest.

​

On August 5, 2025, we paid $0.8 million of dividends that had been deferred until the vesting of certain restricted stock.

On November 5, 2025, we announced that our Board of Directors declared an irregular cash dividend of $0.65 per share to all shareholders of record as of the close of business on November 17, 2025, totaling $27.8 million. We paid $27.7 million on December 2, 2025, with the remaining $0.1 million deferred until certain shares of restricted stock vest.

​

These were irregular dividends. All declarations of dividends are subject to the determination and discretion of our Board of Directors based on its consideration of various factors, including our results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in our debt agreements, restrictions under applicable law, our business prospects and other factors that our Board of Directors may deem relevant.
v3.25.4
Stock-Based Compensation Plans
 9 Months Ended
Dec. 31, 2025
Stock-Based Compensation Plans:  
Stock-Based Compensation Plans

12. Stock-Based Compensation Plans

​

Our stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations and was $2.0 million and $1.7 million for the three months ended December 31, 2025 and 2024 and $8.8 and $9.0 for the nine months ended December 31, 2025 and 2024, respectively. Unrecognized compensation cost was $6.9 million as of December 31, 2025 and will be recognized over a remaining weighted average life of 1.30 years. For more information on our equity incentive plan, refer to Note 14 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025.

​

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2025 and changes during the nine months ended December 31, 2025, is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted-Average

 

​

​

​

​

Grant-Date

​

Incentive Share/Unit Awards

​

Number of Shares/Units

​

Fair Value

​

Unvested as of April 1, 2025

​

272,996

​

$

36.06

​

Granted

​

295,544

​

​

30.76

​

Vested

​

(277,319)

​

​

33.82

​

Unvested as of December 31, 2025

​

291,221

​

$

32.81

​

​

The total fair value of restricted shares that vested during the nine months ended December 31, 2025 totaled $8.5 million, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date.
v3.25.4
Revenues
 9 Months Ended
Dec. 31, 2025
Revenues.  
Revenues

13. Revenues

​

Revenues comprise the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three months ended

  ​ ​ ​

Nine months ended

 

​

​

December 31, 2025

  ​ ​ ​

December 31, 2024

​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Net pool revenues—related party

​

$

118,415,858

​

$

78,022,488

​

$

322,885,696

​

$

267,307,186

​

Time charter revenues

​

​

—

​

​

2,433,411

​

​

—

​

​

8,280,751

​

Other revenues, net

​

​

1,548,429

 

​

210,880

​

​

5,354,838

 

​

1,865,364

​

Total revenues

​

$

119,964,287

 

$

80,666,779

​

$

328,240,534

 

$

277,453,301

​

​

Net pool revenues—related party depend upon the net results of the Helios Pool, and the available days and pool points for each vessel, including 100% of net pool revenues—related party for our chartered-in vessel that is part of a framework agreement as described in Note 9 above. Refer to Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2025.

​

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

v3.25.4
Financial Instruments and Fair Value Disclosures
 9 Months Ended
Dec. 31, 2025
Financial Instruments and Fair Value Disclosures:  
Financial Instruments and Fair Value Disclosures

14.  Financial Instruments and Fair Value Disclosures

​

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

​

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

​

(b)Interest rate risk:  Our 2023 A&R Debt Facility is based on SOFR and hence we are exposed to movements thereto. We had entered into various interest rate swap agreements, with one such swap currently in effect as of December 31, 2025, in order to hedge a majority of our variable interest rate exposure related to this facility.  The notional value of this interest rate swap over its remaining life decreases at a rate to maintain a constant 80% ratio between the debt outstanding under the 2023 A&R Debt Facility and the notional amount of the swap. This interest rate swap carries a fixed interest rate of 2.8525%. We have no exposure to floating rate movements on any of our other debt financings.

​

(c)Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on market‑based SOFR swap yield rates. SOFR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements.

​

Additionally, we have, at times, taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 2025.

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

March 31, 2025

 

​

​

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

​

$

1,761,090

​

$

—

​

$

3,497,493

​

$

—

​

​

The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Derivatives not designated as hedging instruments

  ​ ​ ​

Location of gain/(loss) recognized

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Forward freight agreements—change in fair value

​

Unrealized gain on derivatives

​

$

—

​

$

46,220

​

Interest rate swaps—change in fair value

 

Unrealized (loss)/gain on derivatives

 

​

(170,904)

​

​

2,819,397

​

Forward freight agreements—realized loss

​

Realized loss on derivatives

​

​

—

​

​

(498,392)

​

Interest rate swaps—realized gain

 

Realized gain on derivatives

 

​

407,391

​

​

1,337,298

​

Gain/(loss) on derivatives, net

​

​

 

$

236,487

​

$

3,704,523

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Nine months ended

 

Derivatives not designated as hedging instruments

  ​ ​ ​

Location of gain/(loss) recognized

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Interest rate swaps—change in fair value

 

Unrealized loss on derivatives

 

$

(1,736,403)

​

$

(3,139,248)

​

Forward freight agreements—realized loss

​

Realized loss on derivatives

​

​

—

​

​

(512,082)

​

Interest rate swaps—realized gain

 

Realized gain on derivatives

 

​

1,474,915

​

​

4,722,356

​

Gain/(loss) on derivatives, net

​

​

 

$

(261,488)

​

$

1,071,026

​

​

As of December 31, 2025 and March 31, 2025, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of Level 1 items cash and cash equivalents, restricted cash, and investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2025 and 2024.

​

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

​

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

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

​

Unrealized loss on investment securities

​

$

(36,200)

​

$

(758,519)

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Unrealized gain/(loss) on investment securities

​

$

519,559

​

$

(1,085,422)

​

​

We have long-term bank debt, the 2023 A&R Debt Facility, for which we believe the carrying value approximates fair value as the facility bears interest at variable interest rates based on SOFR at December 31, 2025 and 2024, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as a Level 2 item in accordance with the fair value hierarchy. We have long-term debt related to the Corsair Japanese Financing, Cresques Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, Cougar Japanese Financing, Caravelle Japanese Financing, and Captain Markos Dual-Fuel Japanese Financing, (collectively, the “Japanese Financings”) that incur interest at a fixed rate. We have long-term debt related to the BALCAP Facility that incurs interest at a fixed rate. The Japanese Financings and BALCAP Facility are considered Level 2 items in accordance with the fair value hierarchy and the fair value of each is based on a discounted cash flow analysis using current observable interest rates. The following table summarizes the carrying value and estimated fair value of our fixed rate debt obligations as of:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

March 31, 2025

​

​

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

​

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

​

Corsair Japanese Financing

​

$

25,458,333

​

$

25,341,265

​

​

$

27,895,834

​

$

27,449,194

​

Cresques Japanese Financing

​

​

22,513,900

​

​

23,873,098

​

​

​

23,840,367

​

​

25,079,649

​

Cratis Japanese Financing

​

​

34,360,000

​

​

33,269,985

​

​

​

37,420,000

​

​

35,683,595

​

Copernicus Japanese Financing

​

​

34,360,000

​

​

33,269,985

​

​

​

37,420,000

​

​

35,683,595

​

Chaparral Japanese Financing

​

​

55,288,563

​

​

55,522,758

​

​

​

57,316,129

​

​

56,960,711

​

Caravelle Japanese Financing

​

​

36,200,000

​

​

34,996,486

​

​

​

39,200,000

​

​

37,313,039

​

Cougar Japanese Financing

​

​

37,400,000

​

​

40,325,460

​

​

​

40,100,000

​

​

41,274,707

​

Captain Markos Dual-Fuel Japanese Financing

​

​

48,860,000

​

​

52,316,907

​

​

​

50,960,000

​

​

54,060,280

​

BALCAP Facility

​

​

52,014,948

​

​

51,177,547

​

​

​

58,266,112

​

​

56,498,815

​

​
v3.25.4
Earnings Per Share ("EPS")
 9 Months Ended
Dec. 31, 2025
Earnings Per Share ("EPS"):  
Earnings Per Share ("EPS")

15. Earnings Per Share (“EPS”)

​

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

(In U.S. dollars except share data)

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

47,188,898

​

$

21,361,828

​

$

112,653,035

​

$

82,078,573

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic weighted average number of common shares outstanding

​

​

42,598,873

​

​

42,574,256

​

​

42,521,062

​

​

41,995,129

​

Effect of dilutive restricted stock and restricted stock units

​

​

—

​

​

21,067

​

​

150,045

​

​

118,958

​

Diluted weighted average number of common shares outstanding

​

​

42,598,873

​

​

42,595,323

​

​

42,671,107

​

​

42,114,087

​

EPS:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

1.11

​

$

0.50

​

$

2.65

​

$

1.95

​

Diluted

​

$

1.11

​

$

0.50

​

$

2.64

​

$

1.95

​

​

There were 291,221 and 188,233 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the three month period ended December 31, 2025 and 2024. There were no shares of unvested restricted stock excluded from the calculation of diluted EPS the nine months ended December 31, 2025 and December 31, 2024 because the effect of their inclusion would be anti-dilutive.
v3.25.4
Commitments and Contingencies
 9 Months Ended
Dec. 31, 2025
Commitments and Contingencies:  
Commitments and Contingencies

16.  Commitments and Contingencies

​

Commitments under Newbuilding Contracts  

​

On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the first calendar quarter of 2026. As of December 31, 2025, we had the following commitments related to the construction of the newbuilding:

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

62,253,371

​

​

Commitments under Contracts for Scrubbers and Other Vessel Upgrades

​

As of December 31, 2025, we had contractual commitments to fabricate scrubbers to reduce sulfur emissions and other vessel upgrades as follows:

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

187,780

​

​

Time Charter-in

​

During the nine months ended December 31, 2025, we chartered-in a VLGC for one year that was delivered to us in June 2025. As of December 31, 2025, we had the following time charter-in commitments relating to VLGCs:

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

6,791,662

​

​

​

Operating Leases

​

As of December 31, 2025, we had the following commitments as a lessee under operating leases relating to our Denmark office:

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

64,531

​

​

Other

​

From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the unaudited interim condensed consolidated financial statements. Also, if applicable, we record undiscounted receivables for probable loss recoveries from insurance or other parties. We are not aware of any material claim that is reasonably possible and should be disclosed in the unaudited interim condensed consolidated financial statements.
v3.25.4
Subsequent Events
 9 Months Ended
Dec. 31, 2025
Subsequent Events:  
Subsequent Events

17. Subsequent Events

​

Dividend

​

On January 30, 2026, we announced that our Board of Directors declared an irregular cash dividend of $0.70 per share of the Company’s common stock totaling $29.9 million. The dividend is payable on or about February 24, 2026 to all shareholders of record as of the close of business on February 9, 2026.

​

​

​
v3.25.4
Pay vs Performance Disclosure - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Pay vs Performance Disclosure                
Net Income (Loss) $ 47,188,898 $ 55,382,036 $ 10,082,101 $ 21,361,828 $ 9,428,605 $ 51,288,140 $ 112,653,035 $ 82,078,573
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement

During the three months ended December 31, 2025, and as of December 31, 2025, no director or officer (as defined under Exchange Act Rule 16a-1(f)) of the Company has adopted or terminated any “Rule 10b5-1 trading arrangement” or any “non-Rule 10b5-1 trading arrangement”, as defined under Item 408(a) of Regulation S-K.
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Significant Accounting Policies (Policies)
 9 Months Ended
Dec. 31, 2025
Significant Accounting Policies  
Recently Issued Accounting Pronouncements Not Yet Adopted

Recently Issued Accounting Pronouncements Not Yet Adopted:

​

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregation of certain expense captions into specified categories in disclosures within the footnotes to the financial statements with the objective to address longstanding requests from investors to provide more detailed information about expenses presented on the face of the income statement. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and

interim periods within the fiscal years beginning after December 15, 2027 with early adoption permitted. The amendments are to be applied either prospectively to financial statements issued for the reporting periods after the effective date or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact of the adoption of ASU 2024-03 on our consolidated financial statements and related disclosures.
v3.25.4
Basis of Presentation and General Information (Tables)
 9 Months Ended
Dec. 31, 2025
Vessel Subsidiaries  
Basis of presentation  
Schedule of Dorian LPG Ltd.'s wholly-owned subsidiaries

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Type of

  ​ ​ ​

​

  ​ ​ ​

​

  ​ ​ ​

​

 

Subsidiary

​

vessel

​

Vessel’s name

​

Built

​

CBM(1)

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007

 

82,000

​

Comet LPG Transport LLC

​

VLGC

​

Comet

​

2014

​

84,000

​

Corsair LPG Transport LLC

​

VLGC

​

Corsair(2)

​

2014

​

84,000

​

Corvette LPG Transport LLC

 

VLGC

 

Corvette

 

2015

 

84,000

​

Dorian Shanghai LPG Transport LLC

​

VLGC

​

Cougar(2)

​

2015

​

84,000

​

Concorde LPG Transport LLC

​

VLGC

​

Concorde

​

2015

​

84,000

​

Dorian Houston LPG Transport LLC

​

VLGC

​

Cobra

​

2015

​

84,000

​

Dorian Sao Paulo LPG Transport LLC

​

VLGC

​

Continental

​

2015

​

84,000

​

Dorian Ulsan LPG Transport LLC

​

VLGC

​

Constitution

​

2015

​

84,000

​

Dorian Amsterdam LPG Transport LLC

​

VLGC

​

Commodore

​

2015

​

84,000

​

Dorian Dubai LPG Transport LLC

​

VLGC

​

Cresques(2)

​

2015

​

84,000

​

Constellation LPG Transport LLC

​

VLGC

​

Constellation

​

2015

​

84,000

​

Dorian Monaco LPG Transport LLC

​

VLGC

​

Cheyenne

​

2015

​

84,000

​

Dorian Barcelona LPG Transport LLC

​

VLGC

​

Clermont

​

2015

​

84,000

​

Dorian Geneva LPG Transport LLC

​

VLGC

​

Cratis(2)

​

2015

​

84,000

​

Dorian Cape Town LPG Transport LLC

​

VLGC

​

Chaparral(2)

​

2015

​

84,000

​

Dorian Tokyo LPG Transport LLC

​

VLGC

​

Copernicus(2)

​

2015

​

84,000

​

Commander LPG Transport LLC

​

VLGC

​

Commander

​

2015

​

84,000

​

Dorian Explorer LPG Transport LLC

​

VLGC

​

Challenger

​

2015

​

84,000

 

Dorian Exporter LPG Transport LLC

​

VLGC

​

Caravelle(2)

​

2016

​

84,000

​

Dorian Sakura LPG Transport LLC

​

VLGC

​

Captain Markos(2)

​

2023

​

84,000

​

Dorian LPG Ammonia Transport LLC

​

VLGC/AC

​

Hull No. 2373

​

2026(3)

​

93,000

​
Management and Other Subsidiaries  
Basis of presentation  
Schedule of Dorian LPG Ltd.'s wholly-owned subsidiaries

​

​

​

​

 

Subsidiary

 

Dorian LPG Management Corp.

​

Dorian LPG (USA) LLC (incorporated in USA)

​

Dorian LPG (UK) Ltd. (incorporated in UK)

​

Dorian LPG Finance LLC

​

Occident River Trading Limited (incorporated in UK)

​

Dorian LPG (DK) ApS (incorporated in Denmark)

​

Dorian LPG Chartering LLC

​

Dorian LPG FFAS LLC

​

Dorian LPG US Lease Finance LLC

​

Dorian LPG Nippon Lease LLC

​

(1)CBM: Cubic meters, a standard measure for LPG tanker capacity
(2)Operated pursuant to a bareboat charter agreement as of December 31, 2025. Refer to Note 8 below for further information.
(3)The vessel is expected to be delivered in the first calendar quarter of 2026.
v3.25.4
Segment Reporting (Tables)
 9 Months Ended
Dec. 31, 2025
Segment Reporting  
Schedule of reportable segment information

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

(in U.S. dollars)

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

​

Total Revenues

​

$

119,964,287

​

$

80,666,779

​

$

328,240,534

​

$

277,453,301

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Less:

​

​

​

​

​

​

​

​

​

​

​

​

​

Voyage expenses

​

​

1,732,701

​

​

950,842

​

​

4,109,374

​

​

2,508,379

​

Charter hire expenses

​

​

18,186,009

​

​

10,586,115

​

​

42,622,036

​

​

31,082,323

​

Profit sharing expenses

​

​

659,346

​

​

—

​

​

659,346

​

​

—

​

Vessel operating expenses

​

​

19,851,216

​

​

21,439,514

​

​

62,445,778

​

​

61,459,709

​

Other segment items (1)

​

​

28,224,060

​

​

24,306,874

​

​

92,156,491

​

​

84,449,845

​

Operating income

​

​

51,310,955

​

​

23,383,434

​

​

126,247,509

​

​

97,953,045

​

Nonoperating loss(2)

​

​

(4,122,057)

​

​

(2,021,606)

​

​

(13,594,474)

​

​

(15,874,472)

​

Net income

​

$

47,188,898

​

$

21,361,828

​

$

112,653,035

​

$

82,078,573

​

​

(1)Other segment items include depreciation and amortization, general and administrative expenses, and other operating income and expenses.

​

(2)Nonoperating loss includes interest and finance costs, interest income, gains and losses on derivatives, and other gains and losses.
v3.25.4
Deferred Charges, Net (Tables)
 9 Months Ended
Dec. 31, 2025
Deferred Charges, Net:  
Schedule of movements in, and analysis of, deferred charges during period

​

​

​

​

​

​

​

  ​ ​ ​

Drydocking

 

​

​

costs

 

Balance, April 1, 2025

​

$

17,237,662

​

Additions

​

​

13,652,686

​

Amortization

​

​

(5,791,506)

​

Balance, December 31, 2025

​

$

25,098,842

​

​
v3.25.4
Vessels, Net (Tables)
 9 Months Ended
Dec. 31, 2025
Vessels, Net:  
Schedule of vessels, net

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

​

  ​ ​ ​

Accumulated

  ​ ​ ​

​

​

 

​

​

Cost

​

depreciation

​

Net book Value

 

Balance, April 1, 2025

​

$

1,738,676,244

 

$

(588,869,462)

 

$

1,149,806,782

​

Other additions

​

​

1,625,919

​

​

—

​

​

1,625,919

​

Depreciation

​

​

—

​

​

(48,638,846)

​

​

(48,638,846)

​

Balance, December 31, 2025

​

$

1,740,302,163

​

$

(637,508,308)

​

$

1,102,793,855

​
v3.25.4
Vessel Under Construction (Tables)
 9 Months Ended
Dec. 31, 2025
Vessel Under Construction  
Schedule of vessel under construction

​

​

​

​

​

​

​

​

Net book Value

​

Balance, April 1, 2025

​

$

37,274,863

​

Installment payments

 

​

23,800,740

​

Other capitalized expenditures

 

​

1,942,381

​

Capitalized interest

​

​

1,787,286

​

Balance, December 31, 2025

  ​ ​ ​

$

64,805,270

 

​
v3.25.4
Long-term Debt (Tables)
 9 Months Ended
Dec. 31, 2025
Long-term Debt:  
Schedule of outstanding debt obligations

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

March 31, 2025

 

2023 A&R Debt Facility

​

$

170,000,000

​

$

185,000,000

​

​

​

​

​

​

​

​

​

Japanese Financings

​

​

​

​

​

​

​

Corsair Japanese Financing

​

$

25,458,333

​

$

27,895,834

​

Cresques Japanese Financing

​

​

22,513,900

​

​

23,840,367

​

Cratis Japanese Financing

​

​

34,360,000

​

​

37,420,000

​

Copernicus Japanese Financing

​

​

34,360,000

​

​

37,420,000

​

Chaparral Japanese Financing

​

​

55,288,563

​

​

57,316,129

​

Caravelle Japanese Financing

​

​

36,200,000

​

​

39,200,000

​

Cougar Japanese Financing

​

​

37,400,000

​

​

40,100,000

​

Captain Markos Dual-Fuel Japanese Financing

​

​

48,860,000

​

​

50,960,000

​

Total Japanese Financings

​

$

294,440,796

​

$

314,152,330

​

​

​

​

​

​

​

​

​

BALCAP Facility

​

$

52,014,948

​

$

58,266,112

​

​

​

​

​

​

​

​

​

Total debt obligations

​

$

516,455,744

​

$

557,418,442

​

Less: deferred financing fees

​

​

3,272,333

​

​

4,139,695

​

Debt obligations—net of deferred financing fees

​

$

513,183,411

​

$

553,278,747

​

​

​

​

​

​

​

​

​

Presented as follows:

​

​

​

​

​

​

​

Current portion of long-term debt

 

$

97,746,233

​

$

54,504,778

​

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

 

​

415,437,178

​

​

498,773,969

​

Total

 

$

513,183,411

​

$

553,278,747

​
Schedule of deferred financing fees

​

​

​

​

​

​

​

  ​ ​ ​

Financing

​

​

​

costs

​

Balance, April 1, 2025

​

$

4,139,695

​

Amortization

​

​

(867,362)

​

Balance, December 31, 2025

 

$

3,272,333

​

​
v3.25.4
Leases (Tables)
 9 Months Ended
Dec. 31, 2025
Leases:  
Schedule of charter hire expenses for time chartered-in VLGCs

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

Charter hire expenses

​

$

18,186,009

​

$

10,586,115

​

$

42,622,036

 

$

31,082,323
Schedule of operating lease rent expense

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

Operating lease rent expense

​

$

162,115

​

$

142,743

​

$

433,581

​

$

404,604
Schedule of operating lease right-of-use assets and liabilities

Our operating lease right-of-use asset and lease liabilities as of December 31, 2025 and March 31, 2025 were as follows:

​

​

​

​

​

​

​

​

​

​

Description

​

Location on Balance Sheet

​

December 31, 2025

​

March 31, 2025

Assets:

​

​

​

​

​

​

​

​

Non-current

​

​

​

​

​

​

​

​

Office leases

​

Operating lease right-of-use assets

​

$

490,265

​

$

749,451

Time charter-in VLGCs

​

Operating lease right-of-use assets

​

$

159,940,430

​

$

158,462,559

​

​

​

​

​

​

​

​

​

Liabilities:

​

​

​

​

​

​

​

​

Current

​

​

​

​

​

​

​

​

Office Leases

​

Current portion of long-term operating leases

​

$

419,887

​

$

380,127

Time charter-in VLGCs

​

Current portion of long-term operating leases

​

$

47,392,547

​

$

34,428,076

​

​

​

​

​

​

​

​

​

Long-term

​

​

​

​

​

​

​

​

Office Leases

​

Long-term operating leases

​

$

82,683

​

$

385,062

Time charter-in VLGCs

​

Long-term operating leases

​

$

112,547,883

​

$

124,034,483

​
Schedule of maturities of operating lease liabilities

Maturities of operating lease liabilities as of December 31, 2025 were as follows:

​

​

​

​

​

Less than one year

​

$

55,533,928

One to three years

​

​

81,433,489

Three to five years

​

​

41,174,389

More than five years

​

​

—

Total undiscounted lease payments

​

​

178,141,806

Less: imputed interest

​

​

(17,698,806)

Carrying value of operating lease liabilities

​

$

160,443,000

​
v3.25.4
Stock-Based Compensation Plans (Tables)
 9 Months Ended
Dec. 31, 2025
Stock-Based Compensation Plans:  
Summary of restricted share unit activity

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2025 and changes during the nine months ended December 31, 2025, is as follows:

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Weighted-Average

 

​

​

​

​

Grant-Date

​

Incentive Share/Unit Awards

​

Number of Shares/Units

​

Fair Value

​

Unvested as of April 1, 2025

​

272,996

​

$

36.06

​

Granted

​

295,544

​

​

30.76

​

Vested

​

(277,319)

​

​

33.82

​

Unvested as of December 31, 2025

​

291,221

​

$

32.81

​
v3.25.4
Revenues (Tables)
 9 Months Ended
Dec. 31, 2025
Revenues.  
Summary of revenues

Revenues comprise the following:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

Three months ended

  ​ ​ ​

Nine months ended

 

​

​

December 31, 2025

  ​ ​ ​

December 31, 2024

​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Net pool revenues—related party

​

$

118,415,858

​

$

78,022,488

​

$

322,885,696

​

$

267,307,186

​

Time charter revenues

​

​

—

​

​

2,433,411

​

​

—

​

​

8,280,751

​

Other revenues, net

​

​

1,548,429

 

​

210,880

​

​

5,354,838

 

​

1,865,364

​

Total revenues

​

$

119,964,287

 

$

80,666,779

​

$

328,240,534

 

$

277,453,301

​
v3.25.4
Financial Instruments and Fair Value Disclosures (Tables)
 9 Months Ended
Dec. 31, 2025
Financial Instruments and Fair Value Disclosures:  
Schedule of derivative instruments location on the statement of financial position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

March 31, 2025

 

​

​

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

​

$

1,761,090

​

$

—

​

$

3,497,493

​

$

—

​
Schedule of derivative instruments effect within the unaudited interim consolidated statement of operations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Derivatives not designated as hedging instruments

  ​ ​ ​

Location of gain/(loss) recognized

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Forward freight agreements—change in fair value

​

Unrealized gain on derivatives

​

$

—

​

$

46,220

​

Interest rate swaps—change in fair value

 

Unrealized (loss)/gain on derivatives

 

​

(170,904)

​

​

2,819,397

​

Forward freight agreements—realized loss

​

Realized loss on derivatives

​

​

—

​

​

(498,392)

​

Interest rate swaps—realized gain

 

Realized gain on derivatives

 

​

407,391

​

​

1,337,298

​

Gain/(loss) on derivatives, net

​

​

 

$

236,487

​

$

3,704,523

​

​

​

​

​

​

​

​

​

​

​

​

​

  ​ ​ ​

​

  ​ ​ ​

Nine months ended

 

Derivatives not designated as hedging instruments

  ​ ​ ​

Location of gain/(loss) recognized

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Interest rate swaps—change in fair value

 

Unrealized loss on derivatives

 

$

(1,736,403)

​

$

(3,139,248)

​

Forward freight agreements—realized loss

​

Realized loss on derivatives

​

​

—

​

​

(512,082)

​

Interest rate swaps—realized gain

 

Realized gain on derivatives

 

​

1,474,915

​

​

4,722,356

​

Gain/(loss) on derivatives, net

​

​

 

$

(261,488)

​

$

1,071,026

​
Schedule of derivative instruments summary of gains and losses on investment securities

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

​

Unrealized loss on investment securities

​

$

(36,200)

​

$

(758,519)

​

​

​

​

​

​

​

​

​

​

​

Nine months ended

​

​

  ​ ​ ​

December 31, 2025

  ​ ​ ​

December 31, 2024

 

Unrealized gain/(loss) on investment securities

​

$

519,559

​

$

(1,085,422)

​
Schedule of carrying values and estimated fair values of fixed rate debt obligations

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

March 31, 2025

​

​

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

​

  ​ ​ ​

Carrying Value

  ​ ​ ​

Fair Value

​

Corsair Japanese Financing

​

$

25,458,333

​

$

25,341,265

​

​

$

27,895,834

​

$

27,449,194

​

Cresques Japanese Financing

​

​

22,513,900

​

​

23,873,098

​

​

​

23,840,367

​

​

25,079,649

​

Cratis Japanese Financing

​

​

34,360,000

​

​

33,269,985

​

​

​

37,420,000

​

​

35,683,595

​

Copernicus Japanese Financing

​

​

34,360,000

​

​

33,269,985

​

​

​

37,420,000

​

​

35,683,595

​

Chaparral Japanese Financing

​

​

55,288,563

​

​

55,522,758

​

​

​

57,316,129

​

​

56,960,711

​

Caravelle Japanese Financing

​

​

36,200,000

​

​

34,996,486

​

​

​

39,200,000

​

​

37,313,039

​

Cougar Japanese Financing

​

​

37,400,000

​

​

40,325,460

​

​

​

40,100,000

​

​

41,274,707

​

Captain Markos Dual-Fuel Japanese Financing

​

​

48,860,000

​

​

52,316,907

​

​

​

50,960,000

​

​

54,060,280

​

BALCAP Facility

​

​

52,014,948

​

​

51,177,547

​

​

​

58,266,112

​

​

56,498,815

​

​
v3.25.4
Earnings Per Share ("EPS") (Tables)
 9 Months Ended
Dec. 31, 2025
Earnings Per Share ("EPS"):  
Summary of components used in calculating basic and diluted EPS

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended

​

Nine months ended

​

(In U.S. dollars except share data)

​

December 31, 2025

​

December 31, 2024

​

December 31, 2025

​

December 31, 2024

​

Numerator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

$

47,188,898

​

$

21,361,828

​

$

112,653,035

​

$

82,078,573

​

Denominator:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic weighted average number of common shares outstanding

​

​

42,598,873

​

​

42,574,256

​

​

42,521,062

​

​

41,995,129

​

Effect of dilutive restricted stock and restricted stock units

​

​

—

​

​

21,067

​

​

150,045

​

​

118,958

​

Diluted weighted average number of common shares outstanding

​

​

42,598,873

​

​

42,595,323

​

​

42,671,107

​

​

42,114,087

​

EPS:

​

​

​

​

​

​

​

​

​

​

​

​

​

Basic

​

$

1.11

​

$

0.50

​

$

2.65

​

$

1.95

​

Diluted

​

$

1.11

​

$

0.50

​

$

2.64

​

$

1.95

​

​
v3.25.4
Commitments and Contingencies (Tables)
 9 Months Ended
Dec. 31, 2025
Commitments Under Newbuilding Contracts  
Commitments and Contingencies  
Schedule of commitments and contingencies by class

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

62,253,371

​
Commitments Under Contracts for Scrubber Purchases and Other Vessel Upgrades  
Commitments and Contingencies  
Schedule of commitments and contingencies by class

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

187,780

​
Commitments Under Time Charter-in Contracts  
Commitments and Contingencies  
Schedule of commitments and contingencies by class

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

6,791,662

​
Operating Leases  
Commitments and Contingencies  
Schedule of commitments and contingencies by class

​

​

​

​

​

​

​

​

December 31, 2025

​

Less than one year

​

$

64,531

​
v3.25.4
Basis of Presentation and General Information (Details)
 9 Months Ended
Dec. 31, 2025
item
m³
Nov. 24, 2023
m³
Basis of Presentation and General Information    
Capacity of standard VLGC vessels (cubic meters) 80,000  
Capacity of dual-fuel ECO VLGC vessels (cubic meters) 84,000  
Capacity of fuel-efficient ECO VLGC vessels (cubic meters) 84,000  
Capacity of modern VLGC vessels (cubic meters) 82,000  
Total VLGC vessels in fleet 27  
Dual-fuel ECO VLGCs in fleet 1  
Fuel-efficient ECO VLGCs in fleet 19  
Modern VLGCs in fleet 1  
Time chartered-in dual-fuel VLGCs in fleet 6  
Time chartered-in dual-fuel VLGCs in fleet (Panamax size) 4  
Time chartered-in ECO VLGCs in fleet 1  
Time chartered-in Modern VLGCs in fleet 1  
ECO VLGCs in fleet (equipped with scrubbers) 16  
Time chartered-in ECO VLGCs in fleet (equipped with scrubbers) | item 1  
Chartered-in Dual-fuel (Panamax size) VLGCs equipped with a Shaft Generator 1  
Vessel Under Construction    
Basis of Presentation and General Information    
Represents the capacity of VLGC/AC in cubic meters   93,000
v3.25.4
Basis of Presentation and General Information - Vessel Capacity (Details)
Dec. 31, 2025
m³
CJNP LPG Transport LLC (The Captain John NP) | 2007  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 82,000
Comet LPG Transport LLC (The Comet) | 2014  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Corsair LPG Transport LLC (The Corsair) | 2014  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Corvette LPG Transport LLC (The Corvette) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Shanghai LPG Transport LLC (The Cougar) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Concorde LPG Transport LLC (The Concorde) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Houston LPG Transport LLC (The Cobra) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Sao Paulo LPG Transport LLC (The Continental) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Ulsan LPG Transport LLC (The Constitution) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Amsterdam LPG Transport LLC (The Commodore) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Dubai LPG Transport LLC (The Cresques) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Constellation LPG Transport LLC (The Constellation) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Monaco LPG Transport LLC (The Cheyenne) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Barcelona LPG Transport LLC (The Clermont) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Geneva LPG Transport LLC (The Cratis) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Cape Town LPG Transport LLC (The Chaparral) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Tokyo LPG Transport LLC (The Copernicus) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Commander LPG Transport LLC (The Commander) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Explorer LPG Transport LLC (The Challenger) | 2015  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Exporter LPG Transport LLC (The Caravelle) | 2016  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Sakura LPG Transport LLC (The Captain Markos) | 2023  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian LPG Ammonia Transport LLC (Hull No. 2373) | 2026 (Under Construction)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 93,000
v3.25.4
Segment Reporting - Single Reportable Segment Summary (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
segment
Dec. 31, 2024
USD ($)
Segment Reporting        
Number of reportable segments | segment     1  
Total Revenues $ 119,964,287 $ 80,666,779 $ 328,240,534 $ 277,453,301
Voyage expenses 1,732,701 950,842 4,109,374 2,508,379
Charter hire expenses 18,186,009 10,586,115 42,622,036 31,082,323
Profit sharing expenses 659,346   659,346  
Vessel operating expenses 19,851,216 21,439,514 62,445,778 61,459,709
Other segment items 28,224,060 24,306,874 92,156,491 84,449,845
Operating income 51,310,955 23,383,434 126,247,509 97,953,045
Nonoperating loss (2) (4,122,057) (2,021,606) (13,594,474) (15,874,472)
Net income $ 47,188,898 $ 21,361,828 $ 112,653,035 $ 82,078,573
v3.25.4
Transactions with Related Parties (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Apr. 01, 2015
John C. Hadjipateras, CEO | Eagle Ocean Transport, Inc.            
Transactions with Related Parties            
Ownership interest (as a percent) 100.00%   100.00%      
Dorian (Hellas), S.A. | Dorian LPG (USA) LLC and Subsidiaries            
Transactions with Related Parties            
Due from related parties $ 0   $ 0   $ 0  
Dorian (Hellas), S.A. | Dorian LPG (USA) LLC and Subsidiaries | Maximum            
Transactions with Related Parties            
Related party income - chartering and marine operation services 100,000 $ 100,000 100,000 $ 100,000    
Helios LPG Pool LLC | MOL Energia            
Transactions with Related Parties            
Ownership interest (as a percent)           50.00%
Related party income - management services for pool vessels 600,000 600,000 1,800,000 1,800,000    
Related party income - expense reimbursements 500,000 $ 100,000 1,100,000 $ 900,000    
Due from related parties $ 99,000,000   $ 99,000,000   $ 74,400,000  
v3.25.4
Transactions with Related Parties - Helios LPG Pool LLC (Details)
 9 Months Ended
Apr. 01, 2015
item
Dec. 31, 2025
USD ($)
item
Mar. 31, 2025
USD ($)
Transactions with Related Parties      
Due to related parties | $   $ 240,732 $ 39,339
Helios LPG Pool LLC | MOL Energia      
Transactions with Related Parties      
Ownership interest (as a percent) 50.00%    
Board members from each joint venture needed to approve operational activities | item 2    
Total VLGC vessels operated by the Helios Pool | item   29  
Dorian LPG owned VLGC vessels operated by the Helios Pool | item   27  
MOL Energia owned VLGC vessels operated by the Helios Pool | item   2  
Vessels time chartered-in by DLPG from 3rd parties operated by Helios Pool   6  
Due from related parties | $   $ 99,000,000 74,400,000
Due to related parties | $   200,000 100,000
Contributed working capital | $   $ 27,500,000 $ 26,400,000
v3.25.4
Deferred Charges, Net (Details)
 9 Months Ended
Dec. 31, 2025
USD ($)
Deferred Charges, Net  
Balance, April 1 $ 17,237,662
Balance, December 31 25,098,842
Drydocking Costs  
Deferred Charges, Net  
Balance, April 1 17,237,662
Additions 13,652,686
Amortization (5,791,506)
Balance, December 31 $ 25,098,842
v3.25.4
Vessels, Net (Details) - USD ($)
 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Vessels, Net      
Net book value, beginning $ 1,187,081,645    
Net book value, ending 1,167,599,125    
Impairment charges against VLGC fleet 0 $ 0  
Vessels, net      
Vessels, Net      
Vessels at cost, beginning 1,738,676,244    
Other additions 1,625,919    
Vessels at cost, ending 1,740,302,163    
Accumulated depreciation balance, beginning (588,869,462)    
Depreciation (48,638,846)    
Accumulated depreciation balance, ending (637,508,308)    
Net book value, beginning 1,149,806,782    
Net book value, ending 1,102,793,855    
Carrying value $ 1,075,400,000   $ 1,120,000,000
v3.25.4
Vessel Under Construction (Details) - Vessel Under Construction
 9 Months Ended
Dec. 31, 2025
USD ($)
Nov. 24, 2023
m³
Total Fixed Assets    
Represents the capacity of VLGC/AC in cubic meters | m³   93,000
Balance, April 1 $ 37,274,863  
Installment payments 23,800,740  
Other capitalized expenditures 1,942,381  
Capitalized interest 1,787,286  
Balance, December 31 $ 64,805,270  
v3.25.4
Long-term Debt (Details) - USD ($)
$ in Millions
Dec. 22, 2023
Dec. 29, 2021
2023 A&R Debt Facility    
Total Debt Obligations    
Principal amount financed $ 240.0  
BALCAP Facility    
Total Debt Obligations    
Principal amount financed   $ 83.4
v3.25.4
Long-term Debt - Outstanding Debt Obligations (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Total Debt Obligations    
Total debt obligations $ 516,455,744 $ 557,418,442
Less: deferred financing fees 3,272,333 4,139,695
Debt obligations-net of deferred financing fees 513,183,411 553,278,747
Presented as follows:    
Current portion of long-term debt 97,746,233 54,504,778
Long-term debt-net of current portion and deferred financing fees 415,437,178 498,773,969
Total long-term debt 513,183,411 553,278,747
2023 A&R Debt Facility/2022 Debt Facility    
Total Debt Obligations    
Total debt obligations 170,000,000 185,000,000
Japanese Financings    
Total Debt Obligations    
Total debt obligations 294,440,796 314,152,330
Corsair Japanese Financing    
Total Debt Obligations    
Total debt obligations 25,458,333 27,895,834
Cresques Japanese Financing    
Total Debt Obligations    
Total debt obligations 22,513,900 23,840,367
Cratis Japanese Financing    
Total Debt Obligations    
Total debt obligations 34,360,000 37,420,000
Copernicus Japanese Financing    
Total Debt Obligations    
Total debt obligations 34,360,000 37,420,000
Chaparral Japanese Financing    
Total Debt Obligations    
Total debt obligations 55,288,563 57,316,129
Caravelle Japanese Financing    
Total Debt Obligations    
Total debt obligations 36,200,000 39,200,000
Cougar Japanese Financing    
Total Debt Obligations    
Total debt obligations 37,400,000 40,100,000
Captain Markos Dual-Fuel Japanese Financing    
Total Debt Obligations    
Total debt obligations 48,860,000 50,960,000
BALCAP Facility    
Total Debt Obligations    
Total debt obligations $ 52,014,948 $ 58,266,112
v3.25.4
Long-term Debt - Deferred Financing Fees (Details)
 9 Months Ended
Dec. 31, 2025
USD ($)
Long-term Debt:  
Deferred financing costs, April 1 $ 4,139,695
Amortization (867,362)
Deferred financing costs, December 31 $ 3,272,333
v3.25.4
Leases - Time Charter-in Contracts (Details)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2025
USD ($)
Leases          
Number of new time chartered-in VLGCs during period 1   1    
Number of time chartered-in VLGCs excluded from operating lease ROU assets 1   1    
Duration of time charter-in option periods     31 months    
Operating lease ROU asset time chartered-in VLGCs $ 29,900,000   $ 29,900,000    
Operating lease right-of-use assets 160,430,695   160,430,695   $ 159,212,010
Helios LPG Pool LLC          
Leases          
Pool revenue - time chartered-in VLGCs 27,700,000 $ 14,500,000 67,200,000 $ 45,600,000  
Time Charter-in VLGCs          
Leases          
Charter hire expenses 18,186,009 $ 10,586,115 42,622,036 $ 31,082,323  
Operating lease right-of-use assets $ 159,940,430   $ 159,940,430   $ 158,462,559
v3.25.4
Leases - Office Leases (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Leases        
Operating lease weighted average discount rate 5.73%   5.73%  
Operating lease weighted average remaining lease term 45 years 2 months 12 days   45 years 2 months 12 days  
Minimum        
Leases        
Operating lease discount rate 5.17%   5.17%  
Maximum        
Leases        
Operating lease discount rate 6.34%   6.34%  
General and Administrative Expenses        
Leases        
Operating lease rent expense $ 162,115 $ 142,743 $ 433,581 $ 404,604
v3.25.4
Leases - Operating Lease Right-of-Use Asset and Lease Liabilities (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Leases    
Operating lease right-of-use assets $ 160,430,695 $ 159,212,010
Current portion of long-term operating lease liabilities 47,812,434 34,808,203
Long-term operating lease liabilities 112,630,566 124,419,545
Office Leases    
Leases    
Operating lease right-of-use assets 490,265 749,451
Current portion of long-term operating lease liabilities 419,887 380,127
Long-term operating lease liabilities 82,683 385,062
Time Charter-in VLGCs    
Leases    
Operating lease right-of-use assets 159,940,430 158,462,559
Current portion of long-term operating lease liabilities 47,392,547 34,428,076
Long-term operating lease liabilities $ 112,547,883 $ 124,034,483
v3.25.4
Leases - Maturities of Operating Lease Liabilities (Details)
Dec. 31, 2025
USD ($)
Leases:  
Less than one year $ 55,533,928
One to three years 81,433,489
Three to five years 41,174,389
Total undiscounted lease payments 178,141,806
Less: imputed interest (17,698,806)
Carrying value of operating lease liabilities $ 160,443,000
v3.25.4
Common Stock (Details) - USD ($)
 9 Months Ended 47 Months Ended
Jun. 07, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Feb. 02, 2022
Common Stock          
Aggregate consideration for common share repurchases   $ 4,728,002 $ 4,259,668    
Public Offering | Common Stock          
Common Stock          
Shares issued in transaction 2,000,000        
Share issuance price $ 44.5        
Proceeds from issuance of shares $ 89,000,000        
Issuance costs, per share issued $ 2.225        
Issuance costs, flat fee $ 4,500,000        
Legal and other offering costs included in liabilities $ 100,000        
2022 Common Share Repurchase Authority          
Common Stock          
Common stock repurchase authorized amount         $ 100,000,000
Treasury stock shares acquired (in shares)   194,011   355,511  
Aggregate consideration for common share repurchases   $ 4,100,000   $ 7,900,000  
v3.25.4
Dividends (Details) - USD ($)
 3 Months Ended 9 Months Ended
Aug. 05, 2025
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dividends            
Dividends, cash paid on payment date         $ 75,249,194 $ 126,620,555
Cash payments on deferred dividends $ 800,000          
Q1 2026 Cash Dividends            
Dividends            
Dividends Payable, Date Declared       May 02, 2025    
Dividends Payable, Date of Record       May 16, 2025    
Dividends Payable, Date to be Paid       May 30, 2025    
Dividends, amount declared per share       $ 0.5    
Dividends, total cash amount       $ 21,300,000    
Dividends, cash paid on payment date       21,200,000    
Dividends, amount deferred on payment date       $ 100,000    
Q2 2026 Cash Dividends            
Dividends            
Dividends Payable, Date Declared     Aug. 01, 2025      
Dividends Payable, Date of Record     Aug. 12, 2025      
Dividends Payable, Date to be Paid     Aug. 27, 2025      
Dividends, amount declared per share     $ 0.6      
Dividends, total cash amount     $ 25,700,000      
Dividends, cash paid on payment date     25,600,000      
Dividends, amount deferred on payment date     $ 100,000      
Q3 2026 Cash Dividends            
Dividends            
Dividends Payable, Date Declared   Nov. 05, 2025        
Dividends Payable, Date of Record   Nov. 17, 2025        
Dividends Payable, Date to be Paid   Dec. 02, 2025        
Dividends, amount declared per share   $ 0.65        
Dividends, total cash amount   $ 27,800,000        
Dividends, cash paid on payment date   27,700,000        
Dividends, amount deferred on payment date   $ 100,000     $ 100,000  
v3.25.4
Stock-Based Compensation Plans - Restricted Share Unit Activity (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Stock-Based Compensation Plans        
Unrecognized compensation cost $ 6.9   $ 6.9  
Weighted average life over which unrecognized compensation is expected to be recognized     1 year 3 months 18 days  
General and Administrative Expenses        
Stock-Based Compensation Plans        
Stock-based compensation expense $ 2.0 $ 1.7 $ 8.8 $ 9.0
Restricted Stock Units        
Stock-Based Compensation Plans        
Fair value of restricted share vested during the period     $ 8.5  
Incentive Share/Unit Awards        
Unvested as of April 1     272,996  
Granted     295,544  
Vested     (277,319)  
Unvested as of December 31 291,221   291,221  
Weighted-Average Grant-Date Fair Value        
Unvested as of April 1     $ 36.06  
Granted     30.76  
Vested     33.82  
Unvested as of December 31 $ 32.81   $ 32.81  
v3.25.4
Revenues (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Revenues.        
Net pool revenues - related party $ 118,415,858 $ 78,022,488 $ 322,885,696 $ 267,307,186
Time charter revenues   2,433,411   8,280,751
Other revenues, net 1,548,429 210,880 5,354,838 1,865,364
Total revenues $ 119,964,287 $ 80,666,779 $ 328,240,534 $ 277,453,301
v3.25.4
Financial Instruments and Fair Value Disclosures - Fair Value Measurements (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Mar. 31, 2025
Derivative Instruments          
Other non-current assets - Derivative Instruments $ 1,761,090   $ 1,761,090   $ 3,497,493
Derivative Asset, Noncurrent, Statement of Financial Position [Extensible Enumeration] Other Assets, Noncurrent   Other Assets, Noncurrent   Other Assets, Noncurrent
Unrealized gain on derivatives $ (170,904) $ 2,865,617 $ (1,736,403) $ (3,139,248)  
Realized gain on derivatives 407,391 838,906 1,474,915 4,210,274  
Level 2          
Derivative Instruments          
Gain/(loss) on derivatives, net 236,487 3,704,523 (261,488) 1,071,026  
Forward Freight Agreements | Level 2          
Derivative Instruments          
Unrealized gain on derivatives   46,220      
Realized loss on derivatives   (498,392)   (512,082)  
Interest Rate Swaps | Level 2          
Derivative Instruments          
Other non-current assets - Derivative Instruments 1,761,090   1,761,090   $ 3,497,493
Unrealized gain on derivatives (170,904) 2,819,397 (1,736,403) (3,139,248)  
Realized gain on derivatives $ 407,391 $ 1,337,298 $ 1,474,915 $ 4,722,356  
v3.25.4
Financial Instruments and Fair Value Disclosures - Financial Instruments (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
US Treasury Notes | Level 1        
Financial Instruments and Fair Value Disclosures        
Unrealized gain/(loss) on investment securities $ (36,200) $ (758,519) $ 519,559 $ (1,085,422)
v3.25.4
Financial Instruments and Fair Value Disclosures - Carrying Value and Fair Value of Long-term Debt (Details) - USD ($)
Dec. 31, 2025
Mar. 31, 2025
Financial Instruments and Fair Value Disclosures    
Carrying Value $ 516,455,744 $ 557,418,442
Japanese Financings    
Financial Instruments and Fair Value Disclosures    
Carrying Value 294,440,796 314,152,330
Corsair Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 25,458,333 27,895,834
Corsair Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 25,341,265 27,449,194
Cresques Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 22,513,900 23,840,367
Cresques Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 23,873,098 25,079,649
Cratis Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 34,360,000 37,420,000
Cratis Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 33,269,985 35,683,595
Copernicus Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 34,360,000 37,420,000
Copernicus Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 33,269,985 35,683,595
Chaparral Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 55,288,563 57,316,129
Chaparral Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 55,522,758 56,960,711
Caravelle Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 36,200,000 39,200,000
Caravelle Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 34,996,486 37,313,039
Cougar Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 37,400,000 40,100,000
Cougar Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 40,325,460 41,274,707
Captain Markos Dual-Fuel Japanese Financing    
Financial Instruments and Fair Value Disclosures    
Carrying Value 48,860,000 50,960,000
Captain Markos Dual-Fuel Japanese Financing | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value 52,316,907 54,060,280
BALCAP Facility    
Financial Instruments and Fair Value Disclosures    
Carrying Value 52,014,948 58,266,112
BALCAP Facility | Level 2    
Financial Instruments and Fair Value Disclosures    
Fair Value $ 51,177,547 $ 56,498,815
v3.25.4
Financial Instruments and Fair Value Disclosures - Interest Rate Swaps (Details) - 2023 A&R Debt Facility - Interest Rate Swaps (July 2029 Termination) - ING
 9 Months Ended
Dec. 31, 2025
Derivative Instruments  
Ratio of debt outstanding to notional amount of swaps 80.00%
Fixed interest rate (as a percent) 2.8525%
v3.25.4
Earnings Per Share ("EPS") (Details) - USD ($)
 3 Months Ended 9 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Numerator:                
Net income $ 47,188,898 $ 55,382,036 $ 10,082,101 $ 21,361,828 $ 9,428,605 $ 51,288,140 $ 112,653,035 $ 82,078,573
Denominator:                
Basic weighted average number of common shares outstanding 42,598,873     42,574,256     42,521,062 41,995,129
Effect of dilutive restricted stock and restricted stock units       21,067     150,045 118,958
Diluted weighted average number of common shares outstanding 42,598,873     42,595,323     42,671,107 42,114,087
EPS:                
Basic $ 1.11     $ 0.5     $ 2.65 $ 1.95
Diluted $ 1.11     $ 0.5     $ 2.64 $ 1.95
Unvested Restricted Stock                
EPS:                
Number of shares excluded from the calculation of diluted EPS 291,221     188,233     0 0
v3.25.4
Commitments and Contingencies (Details)
Dec. 31, 2025
USD ($)
Nov. 24, 2023
m³
Commitments under Newbuilding Contracts    
Less than one year $ 62,253,371  
Commitments Under Contracts for Scrubbers and Other Vessel Upgrades    
Less than one year 187,780  
Time Charter-in Commitments    
Less than one year 6,791,662  
Operating Lease Commitments    
Less than one year $ 64,531  
Vessel Under Construction    
Commitments and Contingencies    
Represents the capacity of VLGC/AC in cubic meters | m³   93,000
v3.25.4
Subsequent Events (Details) - Subsequent Events - Q4 2026 Cash Dividends
$ / shares in Units, $ in Millions
Jan. 30, 2026
USD ($)
$ / shares
Subsequent Event  
Dividends Payable, Date Declared Jan. 30, 2026
Dividends, amount declared per share | $ / shares $ 0.7
Dividends, total cash amount | $ $ 29.9
Dividends Payable, Date to be Paid Feb. 24, 2026
Dividends Payable, Date of Record Feb. 09, 2026