Consolidated Balance Sheets (Parenthetical) - $ / shares |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Consolidated Balance Sheets | ||
| Preferred stock, par value (in dollars per share) | $ 0.01 | |
| Preferred stock, shares authorized | 50,000,000 | |
| Preferred stock, shares issued | 0 | |
| Preferred stock, shares outstanding | 0 | |
| Common stock, par value (in dollars per share) | $ 0.01 | |
| Common stock, shares authorized | 450,000,000 | |
| Common stock, shares issued | 51,630,593 | 51,321,695 |
| Common stock, shares outstanding (net of treasury stock) | 40,382,730 | 40,185,042 |
| Treasury stock, shares at cost | 11,247,863 | 11,136,653 |
Consolidated Statements of Operations - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
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| Revenues: | |||
| Revenues | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
| Expenses | |||
| Voyage expenses | 3,611,452 | 4,324,712 | 3,409,650 |
| Charter hire expenses | 23,194,712 | 16,265,638 | 18,135,580 |
| Vessel operating expenses | 71,501,771 | 74,204,218 | 78,219,869 |
| Depreciation and amortization | 63,396,131 | 66,432,115 | 68,462,476 |
| General and administrative expenses | 32,086,382 | 30,226,739 | 33,890,999 |
| Total expenses | 193,790,448 | 191,453,422 | 202,118,574 |
| Gain on disposal of vessels | 7,256,897 | ||
| Other income-related parties | 2,401,701 | 2,374,050 | 2,279,454 |
| Operating income | 198,360,468 | 92,398,973 | 116,099,692 |
| Other income/(expenses) | |||
| Interest and finance costs | (37,803,787) | (27,067,395) | (27,596,124) |
| Interest income | 3,808,809 | 347,082 | 421,464 |
| Unrealized gain on derivatives | 2,766,065 | 11,067,870 | 7,202,880 |
| Realized gain/(loss) on derivatives | 3,771,522 | (3,450,443) | (4,568,033) |
| Other gain/(loss), net | 1,540,853 | (1,361,069) | 1,004,774 |
| Total other income/(expenses), net | (25,916,538) | (20,463,955) | (23,535,039) |
| Net income | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
| Weighted average shares outstanding Basic (in shares) | 40,026,313 | 40,203,937 | 49,729,358 |
| Weighted average shares outstanding Diluted (in shares) | 40,211,642 | 40,365,088 | 49,826,798 |
| Earnings per common share - basic (in dollars per share) | $ 4.31 | $ 1.79 | $ 1.86 |
| Earnings per common share - diluted (in dollars per share) | $ 4.29 | $ 1.78 | $ 1.86 |
| Net pool revenues - related party | |||
| Revenues: | |||
| Revenues | $ 364,548,262 | $ 246,305,480 | $ 292,679,614 |
| Time charter revenues | |||
| Revenues: | |||
| Revenues | 22,709,620 | 22,377,211 | 19,492,595 |
| Other revenue, net | |||
| Revenues: | |||
| Revenues | $ 2,491,333 | $ 5,538,757 | $ 3,766,603 |
Consolidated Statements of Shareholders Equity (Parenthetical) - $ / shares |
12 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
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| Consolidated Statements of Shareholders Equity | ||
| Dividends per share | $ 5.50 | $ 2.00 |
Basis of Presentation and General Information |
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| Basis of Presentation and General Information: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Basis of Presentation and General Information |
Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we,” “us,” “our,” or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. As of March 31, 2023, our fleet consists of twenty-five VLGCs, including one dual-fuel 84,000 cbm ECO-design VLGC (“Dual-fuel ECO VLGC”), nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO VLGCs”), one 82,000 cbm modern VLGC, two time chartered-in dual fuel Panamax size VLGCs, and two time chartered-in ECO VLGCs. Thirteen of our ECO VLGCs, including one of our time chartered-in ECO-VLGCs, are fitted with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. An additional three of our technically-managed VLGCs had contractual commitments to be equipped with scrubbers as of March 31, 2023, two of which are expected to complete the installation of their scrubbers during the year ended March 31, 2024 with the third during the year ended March 31, 2025. We provide in-house commercial management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below), which may also receive commercial management services from Phoenix (defined below). Excluding our time chartered-in vessels, we provide in-house technical management services for all of our vessels, including our vessels deployed in the Helios Pool (defined below). The financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of Dorian LPG Ltd. and its subsidiaries. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. See Note 3 below for further description of the Helios Pool relationship. Our subsidiaries, which are all wholly-owned and all are incorporated in Republic of the Marshall Islands (unless otherwise indicated below), as of March 31, 2023 are listed below. Vessel Subsidiaries
Management Subsidiaries
Customers For the years ended March 31, 2023, 2022, and 2021 the Helios Pool accounted for 94%, 90%, and 93% of our total revenues, respectively. No other individual charterer accounted for more than 10% of total revenues. COVID-19 Since the beginning of calendar year 2020, the COVID-19 pandemic has negatively affected economic conditions, the supply chain, the labor market, and the demand for certain shipped goods regionally as well as globally. Measures taken to mitigate the spread of the COVID-19 virus, including travel bans, quarantines, and other emergency public health measures, and a number of countries implemented lockdown measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. Our business has been and may continue to be materially and adversely affected by this pandemic and we are unable to reasonably predict the estimated length or severity of the COVID-19 pandemic on future operating results. In response to the pandemic, many countries, ports and organizations, including those where we conduct our operations, implemented measures to combat the pandemic, such as quarantines and travel restrictions. Though these measures have in large part been relaxed, to the extent governments determine to reinstate similar measures in the future as a result of any resurgence or worsening of the pandemic in the wake of the spread of variants and subvariants of COVID-19, this could cause severe trade disruptions. The extent to which COVID-19 will impact our results of operations and financial condition, including possible vessel impairments, will depend on future developments including, among others, new information which may emerge concerning the severity of the virus and any variants and subvariants thereof, any resurgence of the virus, the actions to contain or treat its impact, others and the length of time that the pandemic continues and whether subsequent waves of the infection happen, including as a result of vaccination rates among the population, the effectiveness of COVID-19 vaccines and the response by governmental bodies and regulators. To date, we are still experiencing some degree of increased crew costs in connection with the COVID-19 outbreak. There are several jurisdictions that limit and/or prohibit the change of crew resulting in continuing higher operating costs and time delays. |
Significant Accounting Policies |
12 Months Ended | ||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||
| Significant Accounting Policies: | |||||||||||||||||
| Significant Accounting Policies | 2. Significant Accounting Policies (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly-owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated. (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. (c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statements of operations or in a separate statement. (d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statements of operations. For the periods presented, we had no foreign currency derivative instruments. (e) Cash and cash equivalents: We consider highly liquid investments with an original maturity of three months or less such as time deposits, certificates of deposit, U.S. government securities, and money market funds to be cash equivalents. (f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments. (g) Investment securities: All of our investment securities held are classified as available-for-sale securities and are available to be sold in the future in response to our liquidity needs and asset-liability management strategies, among other considerations. Investment securities are reported at fair value, with unrealized gains and losses reported in in other gain/(loss), net on our consolidated statements of operations. (h) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero. (i) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current. (j) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation. (k) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance costs, including underwater inspection costs are expensed in the period incurred. (l) Impairment of vessels: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. (m) Vessel depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life. (n) Drydocking and special survey costs: Drydocking and special survey costs are accounted for under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels under 15 years of age every five years until they reach 15 years of age unless an extension of the drydocking to is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statements of operations. (o) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans/credit facilities repaid or refinanced is either expensed in the period the repayment or refinancing is made, or deferred and amortized over the terms of the respective credit facility, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet. (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature. (q) Leases: Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2023, 2022, and 2021 and to Note 18 for a description of commitments related to our leases as of March 31, 2023. The following is a description of our leasing arrangements. Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non-current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on:
We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease.
Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers. Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. (s) Voyage expenses: Voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. Voyage expenses also consist of bunker expenses, canal tolls and port expenses incurred for vessels traveling to drydock and to be delivered to new owners in the case of a vessel sale are expensed as incurred. (t) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses. (u) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent. (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of vessel insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. (w) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence. (x) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock unless canceled, which is a reduction in shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares. (y) Dividends: Dividends are recognized in the consolidated statements of shareholders’ equity when they are declared by our Board of Directors.
(aa) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. (ab) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
(ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements.
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Transactions with Related Parties |
12 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Transactions with Related Parties: | |
| Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas) S.A. Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling $0.1 million for each of the years ended March 31, 2023, 2022 and 2021. As of March 31, 2023 and 2022, there was $0 and $1.0 million, respectively, due from DHSA and included in “Due from related parties.” Helios LPG Pool LLC (“Helios Pool”) On April 1, 2015, Dorian and Phoenix began operations of the Helios Pool, which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. We hold a 50% interest in the Helios Pool as a joint venture with Phoenix and all significant rights and obligations are equally shared by both parties. All profits of the Helios Pool are distributed to the pool participants based on pool points assigned to each vessel as variable charter hire and, as a result, there are no profits available to the equity investors as a share of equity. We have determined that the Helios Pool is a variable interest entity as it does not have sufficient equity at risk. We do not consolidate the Helios Pool because we are not the primary beneficiary and do not have a controlling financial interest. In consideration of Accounting Standards Codification (“ASC”) 810-10-50-4e, the significant factors considered and judgments made in determining that the power to direct the activities of the Helios Pool that most significantly impact the entity’s economic performance are shared, in that all significant performance activities which relate to approval of pool policies and strategies related to pool customers and the marketing of the pool for the procurement of customers for the pool vessels, addition of new pool vessels and the pool cost management, require unanimous board consent from a board consisting of two members from each joint venture investor. Further, in accordance with the guidance in ASC 810-10-25-38D, the Company and Phoenix are not related parties as defined in ASC 850 nor are they de facto agents pursuant to ASC 810-10, the power over the significant activities of the Helios Pool is shared, and no party is the primary beneficiary in the Helios Pool, or has a controlling financial interest. As of March 31, 2023, the Helios Pool operated twenty-seven VLGCs, including twenty-three vessels from our fleet (including four vessels time chartered-in from unrelated parties), and four Phoenix vessels. As of March 31, 2023, we had net receivables from the Helios Pool of $93.7 million (net of an amount due to Helios Pool of $0.2 million which is reflected under “Due to related Parties”), including $20.9 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). As of March 31, 2022, we had receivables from the Helios Pool of $76.5 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $23.1 million of working capital contributed for the operation of our vessels in the pool (of which $3.3 million was classified as current). Our maximum exposure to losses from the pool as of March 31, 2023 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Dorian LPG (DK) ApS has assumed the responsibilities of Dorian LPG (UK) Ltd. under these commercial management agreements with the consolidation of our London, United Kingdom operations into our Copenhagen, Denmark office. Fees for commercial management services provided by Dorian LPG (DK) ApS are included in “Other income-related parties” in the consolidated statement of operations and were $2.2 million, $2.1 million and $2.0 million for the years ended March 31, 2023, 2022 and 2021, respectively. Additionally, we received a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high-risk areas from the Helios Pool, for which we earned $1.4 million, $3.1 million and $3.5 million for the years ended March 31, 2023, 2022 and 2021 respectively, and are included in “Other revenues, net” in the consolidated statements of operations. Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the years ended March 31, 2023, 2022 and 2021. The time charter revenue from the Helios Pool is variable depending upon the net results of the pool, operating days and pool points for each vessel. The Helios Pool enters into voyage and time charters with external parties and receives freight and related revenue and, where applicable, incurs voyage costs such as bunkers, port costs and commissions. At the end of each month, the Helios Pool calculates net pool revenues using gross revenues, less voyage expenses of all pool vessels, less fixed time charter hire for any time chartered-in vessels, less the general and administrative expenses of the pool. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool, as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 13.
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| Inventories | 4. Inventories Our inventories by type were as follows:
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| Vessels, Net | 5. Vessels, Net
For the year ended March 31, 2023, additions to vessels, net mainly consisted of amounts transferred from Vessels under Construction relating to the cost of a newbuilding dual-fuel VLGC, Captain Markos, delivered from Kawasaki Heavy Industries on March 31, 2023. Other additions mainly relate to the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2023 and 2022. Our vessels, with a total carrying value of $1,227.8 million and $1,198.7 million as of March 31, 2023 and 2022, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 9 below). No impairment loss was recorded for the periods presented. In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL and, in February 2022, we completed the sale of the 2008-built VLGC Captain Nicholas ML as part of our normal fleet renewal considerations. We recognized gains of $3.5 million and $3.8 million, respectively, on the vessel sales during the year ended March 31, 2022. |
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| Vessel Under Construction | 6. Vessel Under Construction As further described in Note 9, we have entered into a thirteen-year bareboat charter agreement for a newbuilding dual-fuel VLGC that was delivered from Kawasaki Heavy Industries in March 2023. The analysis and movement of vessel under construction is presented in the table below:
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| Deferred Charges, Net | 7. Deferred Charges, Net The analysis and movement of deferred charges, net is presented in the table below:
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| Accrued Expenses | 8. Accrued Expenses Accrued expenses comprised of the following:
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| Long-term Debt | 9. Long-Term Debt Description of our Debt Obligations 2022 Debt Facility On July 29, 2022, we entered into a $260.0 million debt financing facility (the “2022 Debt Facility”) with Crédit Agricole Corporate and Investment Bank (“CACIB”), ING Bank N.V. (“ING”), Skandinaviska Enskilda Banken AB (publ) (“SEB”), BNP Paribas (“BNP”), and Danish Ship Finance A/S (“DSF”) to refinance indebtedness under the 2015 AR Facility and the Concorde Japanese Financing, and to releverage Corvette following the repurchase of that vessel from its owners on July 21, 2022. The 2022 Debt Facility consists of (i) a term loan facility in an aggregate principal amount of $240.0 million and (ii) a revolving credit facility in an aggregate principal amount of up to $20.0 million. The loan comprised two separate drawdowns with $216.0 million drawn on August 4, 2022 relating to nine of our VLGCs, and the remaining $24.0 million relating to Concorde drawn on September 6, 2022. The term loan is for a period of seven years with an interest rate of SOFR plus a margin of 2.20%. The margin can be decreased by basis points if the leverage ratio (which is based on the ratio of the debt outstanding to the aggregate market value of our vessels secured under the 2022 Debt Facility) is less than 35% or increased by basis points if it is greater than or equal to 45%. The 2022 Debt Facility agreement also includes a provision to receive a basis point increase or reduction in the margin for reductions in our average efficiency ratio (which weighs carbon emissions for a voyage against the design deadweight of a vessel and the distance traveled on such voyage) versus the level set by the International Maritime Organization. This is calculated annually and, as of March 31, 2023, our margin has been reduced by basis points to 2.10%. The 2022 Debt Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed, (ii) first priority assignments of all of the financed vessels’ mandatory insurances and earnings and management agreements; (iii) first priority pledge in respect of all limited liability company interests of the borrowers and vessel-owning guarantors; (iv) first priority charter assignments of all of the financed vessels’ long-term charters to non-Helios LPG Pool parties with an original tenor greater than 13 months; and (v) a guaranty by the Company guaranteeing the obligations of the borrower and other guarantors under the facility agreement. The 2022 Debt Facility further provides that the facility is secured by assignments of the borrower’s rights under any hedging contracts in connection with the facility. The 2022 Debt Facility also contains customary covenants that require us to maintain adequate insurance coverage and to properly maintain the vessels. The loan facility includes customary events of default, including those relating to a failure to pay principal or interest, breaches of covenants, representations and warranties, a cross-default to certain other debt obligations and non-compliance with security documents, and customary restrictions on paying dividends if an event of default has occurred and is continuing, or if an event of default would result therefrom. The following financial covenants are the most restrictive from the 2022 Debt Facility with which the Company is required to comply, calculated on a consolidated basis, determined and defined according to the provisions of the loan agreement and its amendments:
We were in compliance with all financial covenants as of March 31, 2023. 2015 AR Facility In March 2015, we entered into a $758 million debt financing facility with four separate tranches (collectively, with its amendments and restatement, the “2015 AR Facility”). Commercial debt financing (“Commercial Financing”) of $249 million was provided by ABN AMRO Capital USA LLC (“ABN”); ING Bank N.V., London Branch, ("ING"); DVB Bank SE ("DVB"); Citibank N.A., London Branch (“Citi”); and Commonwealth Bank of Australia, New York Branch, ("CBA") (collectively the "Commercial Lenders"), while the Export Import Bank of Korea ("KEXIM") directly provided $204 million of financing (“KEXIM Direct Financing”). The remaining $305 million of financing was provided under tranches guaranteed by KEXIM of $202 million (“KEXIM Guaranteed”) and insured by the Korea Trade Insurance Corporation ("K-sure") of $103 million (“K-sure Insured”). Financing under the KEXIM guaranteed and K-sure insured tranches are provided by certain Commercial Lenders; Deutsche Bank AG; and Santander Bank, N.A. As of March 31, 2021, the debt financing was secured by, among other things, fifteen of our ECO VLGCs. On April 29, 2020, we amended and restated the 2015 AR Facility to, among other things, refinance the commercial tranche from the 2015 AR Facility (the “Original Commercial Tranche”). Pursuant to the April 2020 amendment and restatement of the 2015 AR Facility, certain new facilities (the “New Facilities”) were made available to us, including (i) a new senior secured term loan facility in an aggregate principal amount of $155.8 million, a portion of which was used to prepay in full the outstanding principal amount under the Original Commercial Tranche and the balance for general corporate purposes and (ii) a new senior secured revolving credit facility in an aggregate principal amount of up to $25.0 million. On April 21, 2022, we prepaid $25.0 million of the 2015 AR Facility’s then outstanding principal using cash on hand, consisting of $11.1 million of the commercial tranche, $11.1 million of the KEXIM direct tranche, and $2.8 million of the K-sure insured tranche. On May 19, 2022, we prepaid $20.0 million of the 2015 AR Facility’s then outstanding principal related to Cougar using proceeds from the Cougar Japanese Financing (defined below). On August 4, 2022, we prepaid the outstanding balance of each tranche in full totaling $158.7 million using proceeds from the 2022 Debt Facility. BALCAP Facility On December 29, 2021, we completed the refinancing of our indebtedness secured by the VLGCs Constellation and Commander through a new loan facility entered into between, among others, Constellation LPG Transport LLC and Commander LPG Transport LLC, as borrowers, and Banc of America Leasing & Capital, LLC, Pacific Western Bank, Raymond James Bank, a Florida chartered bank and City National Bank of Florida, as lenders (“BALCAP Facility”). The financing has a 3.78% fixed interest rate, a term of five years, a face amount of $83.4 million, and a fixed monthly, mortgage-style payment of $0.9 million with a balloon payment of $44.1 million in December 2026. We received $34.9 million of net cash proceeds after repayment of debt under the 2015 AR Facility related to those vessels and fees and expenses related to the refinancing transaction. The BALCAP Facility is secured by, among other things, (i) first priority Bahamian mortgages on the vessels financed and deeds of covenant collateral thereto; (ii) first priority assignments of all of the financed vessels’ insurances, earnings and requisition compensation; (iii) first priority security interests in respect of all of the equity interests of the borrowers; (iv) subordination of the rights of any technical ship manager in the proceeds of any insurances of the financed vessels; (v) an assignment by each borrower of any deposit account opened by it in accordance with the facility; and (vi) a guaranty by the Company guaranteeing the obligations of the borrowers under the facility agreement. In addition, we must ensure that the aggregate fair market value of Constellation and Commander is at least 125% of the outstanding principal balance of the loan under the BALCAP Facility. The corporate financial covenants related to the BALCAP Facility are identical to those in the 2022 Debt Facility. We were in compliance with all financial covenants as of March 31, 2023. Japanese Financing Arrangements All of our Japanese financing arrangements (described below) are secured by, among other things, (i) the mortgages on the vessels financed, (ii) first priority assignments of all of the financed vessels’ mandatory insurances; and (iii) a guaranty by the Company guaranteeing the obligations of each borrower. Corsair Japanese Financing On November 7, 2017, we refinanced a 2014-built VLGC, Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (“Corsair Japanese Financing”). In connection therewith, we transferred Corsair to the buyer for $65.0 million and, as part of the agreement, Corsair LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year onwards through a mandatory buyout by 2029. We continue to technically manage, commercially charter, and operate Corsair. We received $52.0 million in cash as part of the transaction with $13.0 million to be retained by the buyer as a deposit (the “Corsair Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $52.0 million were used to prepay $30.1 million of the then outstanding principal amount of debt related to Corsair. The remaining proceeds were used to pay legal fees associated with this transaction and for general corporate purposes. The Corsair Japanese Financing is treated as a financing transaction and the VLGC continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 1% of the purchase option price excluding the Corsair Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the term with a balloon payment of $13.0 million. Concorde Japanese Financing
On January 31, 2018, we refinanced a 2015-built VLGC, Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Concorde to the buyer for $70.0 million and, as part of the agreement, Concorde LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate Concorde. We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Concorde Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $35.1 million of the 2015 AR Facility’s then outstanding principal amount. Pursuant to an amendment to the 2015 AR Facility and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 AR Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Concorde continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Concorde Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the term with a balloon payment of $14.0 million. Corvette Japanese Financing
On March 16, 2018, we refinanced a 2015-built VLGC, Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Corvette to the buyer for $70.0 million and, as part of the agreement, Corvette LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 13 years, with purchase options from the end of year onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate Corvette. We received $56.0 million in cash as part of the transaction with $14.0 million to be retained by the buyer as a deposit (the “Corvette Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $56.0 million were used to prepay $33.7 million of the 2015 AR Facility’s then outstanding principal amount. Pursuant to an amendment to the 2015 AR Facility and in conjunction with this prepayment, $1.6 million of restricted cash was released under the 2015 AR Facility. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Corvette continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.9%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 1% of an exercised purchase option excluding the Corvette Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the term with a balloon payment of $14.0 million. CNML Japanese Financing
On June 26, 2018, we refinanced our 2008-built VLGC, Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”). In connection therewith, we transferred Captain Nicholas ML to the buyer for $50.8 million and, as part of the agreement, CNML LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years, with purchase options from the end of year through a mandatory buyout by 2025. We continued to technically manage, commercially charter, and operate Captain Nicholas ML. We received $22.9 million, which increased our unrestricted cash, as part of the transaction with $27.9 million retained by the buyer as a deposit (the “CNML Deposit”), which could be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. This transaction was treated as a financing transaction and Captain Nicholas ML continued to be recorded as an asset on our balance sheet. This debt financing had a fixed interest rate of 6.0%, not including financing costs of $0.1 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 0.5%, paid upon the delivery of Captain Nicholas ML to the buyer, broker commission fees of 0.5%, payable on the repurchase of the Captain Nicholas ML, and a monthly fixed straight-line principal obligation of approximately $0.1 million over the term with a balloon payment of $13.0 million. On January 26, 2022, we completed the repurchase of Captain Nicholas ML and repaid the CNML Japanese Financing for $17.8 million in cash and application of the deposit amount of $27.9 million, which had been retained by the buyer in connection with the financing towards the repurchase of the vessel. Cresques Japanese Financing On April 21, 2020, we prepaid $28.5 million of the 2015 AR Facility’s then outstanding principal using cash on hand prior to the closing of the Cresques Japanese Financing (defined below). On April 23, 2020, we refinanced a 2015-built VLGC, Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (“Cresques Japanese Financing”). In connection therewith, we transferred Cresques to the buyer for $71.5 million and, as part of the agreement, Dorian Dubai LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 12 years, with purchase options from the end of year onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate Cresques. We received $52.5 million in cash as part of the transaction with $19.0 million to be retained by the buyer as a deposit (the “Cresques Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. This transaction is treated as a financing transaction and Cresques continues to be recorded as an asset on our balance sheet. This debt financing had a floating interest rate of one-month LIBOR plus a margin of 2.5%, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 0.5% payable on the remaining debt outstanding at the time of the repurchase of the Cresques, and a monthly fixed straight-line principal obligation of $0.3 million over the term with a balloon payment of $11.5 million. On March 13, 2023, we agreed to an addendum to the Cresques Japanese Financing’s bareboat charter agreement that became effective on March 23, 2023. Terms of the addendum include a switch from one-month LIBOR as the floating interest rate to one-month SOFR, an increase of 0.11448%, reflecting a credit adjustment spread for the switch from unsecured LIBOR to secured SOFR. On March 20, 2023, we voluntarily prepaid $15.0 million of the Cresques Japanese Financing’s then outstanding principal. Fees for the voluntary prepayment totaled $0.1 million and, following the prepayment, monthly principal payments have been reduced to $0.1 million. Cratis Japanese Financing
On March 18, 2022, we refinanced a 2015-built VLGC, Cratis, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred the Cratis to the buyer for $70.0 million and, as part of the agreement, Dorian Geneva LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 9 years, with purchase options from the end of year onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate Cratis. We received $50.0 million in cash as part of the transaction with $20.0 million to be retained by the buyer as a deposit (the “Cratis Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $50.0 million were used to prepay $25.1 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Cratis continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.1%, not including financing costs of $0.3 million, monthly broker commission fees of 1.25% over the 9-year term on interest and principal payments made, broker commission fees of 0.5% of an exercised purchase option excluding the Cratis Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 9-year term with a balloon payment of $13.3 million. Copernicus Japanese Financing
On March 18, 2022, we refinanced a 2015-built VLGC, Copernicus, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Copernicus to the buyer for $70.0 million and, as part of the agreement, Dorian Tokyo LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 9 years, with purchase options from the end of year onwards through a mandatory buyout by 2031. We continue to technically manage, commercially charter, and operate Copernicus. We received $50.0 million in cash as part of the transaction with $20.0 million to be retained by the buyer as a deposit (the “Copernicus Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $50.0 million were used to prepay $25.3 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Copernicus continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.1%, not including financing costs of $0.3 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 0.5% of an exercised purchase option excluding the Copernicus Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 9-year term with a balloon payment of $13.3 million. Chaparral Japanese Financing
On March 29, 2022, we refinanced a 2015-built VLGC, Chaparral, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Chaparral to the buyer for $64.9 million and, as part of the agreement, Dorian Cape Town LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 7 years plus option years with no purchase obligation and purchase options beginning from the end of year onwards. We continue to technically manage, commercially charter, and operate Chaparral. The refinancing proceeds of $64.9 million were used to prepay $24.0 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Chaparral continues to be recorded as an asset on our balance sheet. This agreement for this debt financing does not have a stated interest rate and, therefore, we have calculated an imputed interest rate of 5.3% for the period, not including financing costs of $0.1 million, and a monthly fixed straight-line mortgage-style obligation of approximately $0.5 million over the 7-year period with a purchase option of $45.8 million on the seventh anniversary. Caravelle Japanese Financing
On March 31, 2022, we refinanced a 2016-built VLGC, Caravelle, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Caravelle to the buyer for $71.5 million and, as part of the agreement, Dorian Exporter LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 10 years, with purchase options from the end of year onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate Caravelle. We received $50.0 million in cash as part of the transaction with $21.5 million to be retained by the buyer as a deposit (the “Caravelle Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the bareboat charter term. The refinancing proceeds of $50.0 million were used to prepay $24.8 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds were, or will be, used to pay legal fees associated with this transaction and for general corporate purposes. This transaction is treated as a financing transaction and Caravelle continues to be recorded as an asset on our balance sheet. This debt financing has a fixed interest rate of 4.2%, not including financing costs of $0.3 million, monthly broker commission fees of 1.25% over the term on interest and principal payments made, broker commission fees of 0.5% of an exercised purchase option excluding the Caravelle Deposit, and a monthly fixed straight-line principal obligation of approximately $0.3 million over the 10-year term with a balloon payment of $14.0 million. Cougar Japanese Financing On May 19, 2022, we refinanced a 2015-built VLGC, Cougar, pursuant to a memorandum of agreement and a bareboat charter agreement. In connection therewith, we transferred Cougar to the buyer for $70.0 million and, as part of the agreement, Dorian Shanghai LPG Transport LLC, our wholly-owned subsidiary, bareboat chartered the vessel back for a period of 10 years, with purchase options from the end of year 3 onwards through a mandatory buyout by 2032. We continue to technically manage, commercially charter, and operate Cougar. We received $50.0 million in cash as part of the transaction with $20.0 million to be retained by the buyer as a deposit (the “Cougar Deposit”), which can be used by us towards the repurchase of the vessel either pursuant to an early buyout option or at the end of the 10-year bareboat charter term. The refinancing proceeds of $50.0 million were used to prepay $20.0 million of the 2015 AR Facility’s then outstanding principal amount. The remaining proceeds will be used to pay legal fees associated with this transaction and for general corporate purposes. This transaction will be treated as a financing transaction and Cougar will continue to be recorded as an asset on our balance sheet. This debt financing has a floating interest rate of three-month SOFR plus a margin of 2.45%, not including financing costs of $0.4 million, monthly broker commission fees of 1.25% over the 10-year term on interest and principal payments made, broker commission fees of 0.5% on the exercise of the purchase option or obligation excluding the Cougar Deposit, and a quarterly fixed straight-line principal obligation of approximately $0.9 million over the 10-year term with a balloon payment of $14.0 million. Captain Markos Dual-Fuel Japanese Financing On March 31, 2023, we financed a 2023-built Dual-fuel VLGC, Captain Markos, from the shipyard pursuant to a memorandum of agreement and a bareboat charter agreement. Similar to our previous Japanese financings, this transaction is treated as a financing transaction and Captain Markos is recorded as an asset on our balance sheet. Prior to the delivery of the vessel, we paid $25.0 million in cash and, upon delivery, entered into a $56 million bareboat charter financing arrangement. This debt financing has a floating interest rate of one-month SOFR plus a credit adjustment spread of 0.1148% (reflecting the difference between unsecured LIBOR and secured SOFR) and a margin of 2.475%, monthly broker commission fees of 1.25% over the 13-year term on interest and principal payments made, broker commission fees of 1.0% payable on the remaining debt outstanding at the time of the repurchase of Captain Markos, and a monthly fixed straight-line principal obligation of $0.210 million until February 29, 2028 and of $0.250 million from March 31, 2028 through the remainder of bareboat charter period with a balloon payment of $19.4 million. We have early buyout options beginning March 31, 2028 with a purchase obligation on March 31, 2036. Debt Obligations The table below presents our debt obligations:
Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below:
Additions for the year ended March 31, 2023 and 2022 represent financing costs associated with the refinancings described above, which have been deferred and are amortized over the life of the respective agreements and are included as part of interest and finance costs in the consolidated statements of operations. Future Cash Payments for Debt The minimum annual principal payments, in accordance with the loan agreements, required to be made after March 31, 2023 are as follows:
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Leases |
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| Leases | 10. Leases Time charter-in contracts During the year ended March 31, 2023, we time chartered-in two dual-fuel Panamax VLGCs for seven years with three consecutive one-year charterer’s option periods for up to an aggregate of years each, both containing purchase options in years seven through ten. We initially recognized the applicable right-of-use asset and lease liability of these two time chartered-in VLGCs of $61.9 million and $61.2 million on our balance sheet. As of March 31, 2023 the applicable right-of-use assets and lease liabilities were equal to $61.6 million and $59.9 million, respectively. Also, during the year ended March 31, 2023, one existing charter was extended for two years, with two consecutive one-year charterer’s option periods for up to an aggregate of four years, and initially recognized the applicable right-of-use asset and lease liability that includes the option years of $38.3 million on our balance sheet. As of March 31, 2023, the applicable right-of-use asset and lease liability was equal to $35.0 million. As of March 31, 2023, right-of-use assets and lease liabilities of $156.5 million were recognized on our balance sheets related to the three time charter-in VLGCs previously mentioned. Additionally, during the year ended March 31, 2023, one existing charter was extended by 11 months that was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $38.6 million, $19.2 million, and $29.1 million for the years ended , 2022 and 2021, respectively. Charter hire expenses for the VLGCs time chartered in were as follows:
Office leases We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece. The lease on our London, United Kingdom office expired during August 2022. During the years ended March 31, 2022 and 2021, we did not enter into any new office leases and did not renew any office leases. During the year ended March 31, 2023, we extended the leases of our Stamford, Connecticut offices and our Athens, Greece office for an additional and four years, respectively, and entered into a 31-month lease for new premises of our Copenhagen, Denmark office. Operating lease rent expense related to our office leases was as follows:
For our office leases and time charter-in arrangements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.86%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2023 is 74.8 months. Our operating lease right-of-use asset and lease liabilities were as follows:
Maturities of operating lease liabilities as of March 31, 2023 were as follows:
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Common Stock |
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| Common Stock | 11. Common Stock Under the articles of incorporation effective July 1, 2013, the Company’s authorized capital stock consists of 500,000,000 registered shares, par value $0.01 per share, of which 450,000,000 are designated as common share and 50,000,000 shares are designated as preferred shares. Each holder of common shares is entitled to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of common shares are entitled to share equally in any dividends, which the Company’s board of directors may declare from time to time, out of funds legally available for dividends. Upon dissolution, liquidation or winding-up, the holders of common shares will be entitled to share equally in all assets remaining after the payment of any liabilities and the liquidation preferences on any outstanding preferred stock. Holders of common shares do not have conversion, redemption or pre-emptive rights. On July 30, 2021, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on August 9, 2021, totaling $40.4 million. We paid $40.2 million on September 8, 2021 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. On January 4, 2022, we announced that our Board of Directors declared a cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on January 14, 2022, totaling $40.1 million. We paid $39.9 million on January 25, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. On May 4, 2022, we announced that our board of directors (“Board of Directors”) declared an irregular cash dividend of $2.50 per share of our common stock to all shareholders of record as of the close of business on May 16, 2022, totaling $100.3 million. We paid $99.7 million on June 2, 2022, with the remaining $0.6 million deferred until certain shares of restricted stock vest. On June 15, 2022, we paid $0.2 million of dividends that were deferred until the vesting of certain restricted stock. On August 3, 2022, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on August 15, 2022, totaling $40.3 million. We paid $40.1 million on September 2, 2022 and the remaining $0.2 million is deferred until certain shares of restricted stock vest. On August 5, 2022, we paid $0.4 million of dividends that were deferred until the vesting of certain restricted stock. On October 27, 2022, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on November 7, 2022, totaling $40.4 million. We paid $40.1 million on December 6, 2022 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. On February 1, 2023, we announced that our Board of Directors declared an irregular cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on February 15, 2023, totaling $40.4 million. We paid $40.1 million on February 28, 2023 and the remaining $0.3 million is deferred until certain shares of restricted stock vest. These were irregular dividends. All declarations of dividends are subject to the determination and discretion of the Company’s Board of Directors based on its consideration of various factors, including the Company’s results of operations, financial condition, level of indebtedness, anticipated capital requirements, contractual restrictions, restrictions in its debt agreements, restrictions under applicable law, its business prospects and other factors that the Company’s Board of Directors may deem relevant. On February 2, 2022, our Board of Directors authorized the repurchase of up to $100.0 million of our common shares (the “2022 Common Share Repurchase Authority”). Under this authorization, when in force, purchases were and may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. As of March 31, 2023, our total purchases under the 2022 Common Share Repurchase Authority totaled 50,000 shares for an aggregate consideration of $0.7 million. We are not obligated to make any common share repurchases. Refer to Note 12 below for shares granted under the equity incentive plan during the years ended March 31, 2023, 2022, and 2021. Refer to Note 23 for dividend declared in April 2023. |
Stock-Based Compensation Plans |
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| Stock-Based Compensation Plans | 12. Stock-Based Compensation Plans In April 2014, we adopted an equity incentive plan, which we refer to as the Equity Incentive Plan, under which we expect that directors, officers, and employees (including any prospective officer or employee) of the Company and its subsidiaries and affiliates, and consultants and service providers to (including persons who are employed by or provide services to any entity that is itself a consultant or service provider to) the Company and its subsidiaries and affiliates, as well as entities wholly-owned or generally exclusively controlled by such persons, may be eligible to receive non-qualified stock options, stock appreciation rights, stock awards, restricted stock units and performance compensation awards that the plan administrator determines are consistent with the purposes of the plan and the interests of the Company. At that time, we reserved 2,850,000 of our common shares for issuance under the Equity Incentive Plan, subject to adjustment for changes in capitalization as provided in the Equity Incentive Plan in April 2014. In October 2021, our shareholders approved an amendment to the Equity Incentive Plan to increase the reserve of our common shares for issuance by 2,015,000. The plan is administered by our compensation committee. During the year ended March 31, 2023, we granted to certain of our officers and employees an aggregate of 47,750 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 53,100 restricted stock units vesting ratably on the grant date and on the first and second anniversaries of the grant date, and 165,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date. The final tranche of restricted stock granted to certain of our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2022, we granted to certain of our officers and employees an aggregate of 51,400 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date, 11,700 restricted stock units vesting ratably on the first, second, and third anniversaries of the grant date, 129,500 shares of restricted stock vesting ratably on the grant date and on the first and second anniversary of that date, and 25,000 restricted stock units vesting ratably on the first and second anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to certain of our named executive officers shall vest when, and only if, the volume weighted average price of our common shares over any consecutive 15-day period prior to the final business day of the tenth fiscal quarter following the grant date equals or exceeds, 95% of the book value of one of our shares. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2021, we granted an aggregate of 188,400 shares of restricted stock vesting in escalating installments on the grant date and on the first, second, and third anniversary of that date and 56,450 restricted stock units to certain of our officers and employees vesting in escalating installments on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods. During the year ended March 31, 2021, we granted 155,654 shares of stock to our President and Chief Executive Officer, which were valued and expensed at their grant date fair market value. During the years ended March 31, 2023, 2022, and 2021, we granted 34,695, 46,086, and 41,711, shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value. Our stock-based compensation expense was $4.3 million, $3.3 million and $3.4 million for the years ended March 31, 2023, 2022, and 2021, respectively, and is included within general and administrative expenses in our consolidated statements of operations. Unrecognized compensation cost as of March 31, 2023 was $2.0 million and the expense will be recognized over a remaining weighted average life of 1.89 years. A summary of the activity of our restricted shares as of March 31, 2023 and 2022 and changes during the year ended March 31, 2023 and 2022, are as follows:
The total fair value of restricted shares that vested during the years ended March 31, 2023, 2022, and 2021 was $4.8 million, $4.1 million and $3.4 million, respectively, which is calculated as the number of shares vested during the period multiplied by the fair value on the vesting date. |
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| Revenues | 13. Revenues Revenues comprise the following:
Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to Notes 2 and 3 above for further information. Other revenues, net mainly represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
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Voyage Expenses |
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| Voyage Expenses | 14. Voyage Expenses Voyage expenses comprise the following:
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| Vessel Operating Expenses | 15. Vessel Operating Expenses Vessel operating expenses comprise the following:
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Interest and Finance Costs |
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| Interest and Finance Costs | 16. Interest and Finance Costs Interest and finance costs is comprised of the following:
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Income Taxes |
12 Months Ended |
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Mar. 31, 2023 | |
| Income Taxes: | |
| Income Taxes | 17. Income Taxes
Dorian LPG Ltd. and its vessel-owning subsidiaries are incorporated in the Marshall Islands and under the laws of the Marshall Islands, are not subject to tax on income or capital gains and no Marshall Islands withholding tax will be imposed on dividends paid by the Company to its shareholders. Dorian LPG Ltd. and its vessel-owning subsidiaries are also subject to United States federal income taxation in respect of Shipping Income, unless exempt from United States federal income taxation. If Dorian LPG Ltd. and its vessel-owning subsidiaries do not qualify for the exemption from tax under Section 883 of the Code, Dorian LPG Ltd. and its subsidiaries will be subject to a 4% tax on its “United States source shipping income,” imposed without the allowance for any deductions. For these purposes, “United States source shipping income” means 50% of the Shipping Income derived by Dorian LPG Ltd. and its vessel-owning subsidiaries that is attributable to transportation that begins or ends, but that does not both begin and end, in the United States. For our fiscal years ended March 31, 2023, 2022 and 2021, we believe that we qualified, and we expect to qualify, for exemption under Section 883 and as a consequence, our gross United States source shipping income will not be subject to a 4% gross basis tax. |
Commitments and Contingencies |
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| Commitments and Contingencies | 18. Commitments and Contingencies Commitments under Contracts to Drydock Certain VLGCs and for Scrubbers Purchases We had contractual commitments related to contracts to drydock certain VLGCs and for scrubbers to reduce sulfur emissions:
Time Charter-in We had the following time charter-in commitments relating to VLGCs:
The time charter-in commitments as of March 31, 2023, relate to (i) a newbuilding dual-fuel Panamax VLGC that we previously entered into an agreement to time-charter in, with purchase options beginning in year seven, that is scheduled to be delivered during the third calendar quarter of 2023 for a period of seven years; (ii) a less than one-year time chartered in VLGC that is scheduled to expire during the third calendar quarter of 2023; and (iii) excludes operating lease liabilities related to three VLGCs that are recorded on the consolidated balance sheets as of March 31, 2023. Fixed Time Charter Commitments We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts as of:
Other From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim other than that described below, which is reasonably possible and should be disclosed or probable and for which a provision should be established in the consolidated financial statements. In January 2021, subsequent to the delivery of one of our VLGCs on time charter, a dispute arose relating to the vessel’s readiness to lift a cargo scheduled by the charterer. The claim was settled for $4.0 million during the year ended March 31, 2022. |
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Financial Instruments and Fair Value Disclosures |
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| Financial Instruments and Fair Value Disclosures | 19. Financial Instruments and Fair Value Disclosures Our principal financial assets consist of cash and cash equivalents, investment securities, amounts due from related parties, derivative instruments, and trade accounts receivable. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties, and accrued liabilities.
The principal terms of our interest rate swaps are as follows:
Additionally, we have taken positions in freight forward agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including in the Helios Pool, and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs is recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of March 31, 2023 and 2022. 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:
The effect of derivative instruments within the consolidated statements of operations for the periods presented is as follows:
As of March 31, 2023 and March 31, 2022, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any assets or liabilities measured at fair value on a non-recurring basis during the years ended March 31, 2023 and 2022.
The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows:
We have long-term bank debt, the Cougar Japanese Financing, the Captain Markos Dual Fuel Japanese Financing, and the Cresques Japanese Financing, for which we believe the carrying value approximates their fair value as the loans bear interest at variable interest rates, being SOFR at March 31, 2023 and LIBOR at March 31, 2022, each of which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, Cratis Japanese Financing, Copernicus Japanese Financing, Chaparral Japanese Financing, and Caravelle 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:
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Retirement Plans |
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Mar. 31, 2023 | |
| Retirement Plans: | |
| Retirement Plans | 20. Retirement Plans U.S. Defined Contribution Plan Qualifying full-time employees based in the United States participate in our 401(k) retirement plan and may contribute a portion of their annual compensation to the plan on a tax-advantaged basis, in accordance with applicable tax law limits. On behalf of all participants in the plan, we provide a safe harbor contribution subject to certain limitations. Employee contributions and our safe harbor contributions are vested at all times. We recognized and paid compensation expense associated with the safe harbor contributions totaling $0.1 million for each of the years ended March 31, 2023, 2022, and 2021. Greece Defined Benefit Plan Our employees based in Greece participate in a required statutory defined benefit pension plan as required by the provisions of Greek law 2112/20 covering all eligible employees (the “Greek Plan”). We recognized a liability associated with our projected benefit obligation to the Greek Plan of $0.8 million and $1.0 million as of March 31, 2023 and 2022, respectively, representing a reduction of the liability of $0.2 million during the year ended March 31, 2023 and increases in the liability of $0.1 million and $0.3 million for the years ended March 31, 2022 and 2021, respectively, for which we recognized income or expense on our consolidated statement of operations. Denmark and U.K. Retirement Accounts We contribute to retirement accounts for certain employees in Denmark and the United Kingdom based on a percentage of their annual salaries. For each of the years ended March 31, 2023, 2022 and 2021, we recognized compensation expense of $0.2 million related to these contributions. |
Earnings Per Share ("EPS") |
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| Earnings Per Share ("EPS") | 21. Earnings Per Share (“EPS”) Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period. The calculations of basic and diluted EPS for the periods presented were as follows:
There were no shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the years ended March 31, 2023 2022, and 2021. |
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Selected Quarterly Financial Information (unaudited) |
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| Selected Quarterly Financial Information (unaudited) | 22. Selected Quarterly Financial Information (unaudited) The following tables summarize the 2023 and 2022 quarterly results:
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Subsequent Events |
12 Months Ended |
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Mar. 31, 2023 | |
| Subsequent Events: | |
| Subsequent Events |
23. Subsequent Event Dividend On April 26, 2023, we announced that our Board of Directors has declared an irregular cash dividend of $1.00 per share of the Company’s common stock to all shareholders of record as of the close of business on May 8, 2023, totaling $40.4 million. We paid $40.1 million on May 22, 2023 and the remaining $0.3 million is deferred until certain shares of restricted stock vest.
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Significant Accounting Policies (Policies) |
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| Principles of consolidation | (a) Principles of consolidation: The consolidated financial statements incorporate the financial statements of the Company and its wholly-owned subsidiaries. Income and expenses of subsidiaries acquired or disposed of during the period are included in the consolidated statements of operations from the effective date of acquisition and up to the effective date of disposal, as appropriate. All intercompany balances and transactions have been eliminated.
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| Use of estimates | (b) Use of estimates: The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
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| Other comprehensive income/(loss) | (c) Other comprehensive income/(loss): We follow the accounting guidance relating to comprehensive income, which requires separate presentation of certain transactions that are recorded directly as components of shareholders’ equity. We have no other comprehensive income/(loss) items and, accordingly, comprehensive income/(loss) equals net income/(loss) for the periods presented and thus we have not presented this in the consolidated statements of operations or in a separate statement.
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| Foreign currency translation | (d) Foreign currency translation: Our functional currency is the U.S. Dollar. Foreign currency transactions are measured and recorded in the functional currency using the exchange rate in effect at the date of the transaction. As of balance sheet date, monetary assets and liabilities that are denominated in a currency other than the functional currency are adjusted to reflect the exchange rate at the balance sheet date and any gains or losses are included in the statements of operations. For the periods presented, we had no foreign currency derivative instruments.
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| Cash and cash equivalents | (e) Cash and cash equivalents: We consider highly liquid investments with an original maturity of three months or less such as time deposits, certificates of deposit, U.S. government securities, and money market funds to be cash equivalents.
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| Short-term investments | (f) Short-term investments: We consider short-term, highly-liquid time deposits placed with financial institutions, which are readily convertible into known amounts of cash with original maturities of more than three months, but less than 12 months at the time of purchase to be short-term investments.
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| Investment securities | (g) Investment securities: All of our investment securities held are classified as available-for-sale securities and are available to be sold in the future in response to our liquidity needs and asset-liability management strategies, among other considerations. Investment securities are reported at fair value, with unrealized gains and losses reported in in other gain/(loss), net on our consolidated statements of operations.
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| Trade receivables, net and accrued revenues | (h) Trade receivables, net and accrued revenues: Trade receivables, net and accrued revenues, reflect receivables from vessel charters, net of an allowance for doubtful accounts. At each balance sheet date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. Provision for doubtful accounts for the periods presented was zero.
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| Due from related parties | (i) Due from related parties: Due from related parties reflect receivables from the Helios Pool and other related parties. Distributions of earnings due from the Helios Pool are classified as current and working capital contributed to the Helios Pool is classified as non-current.
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| Inventories | (j) Inventories: Inventories consist of bunkers on board the vessels when vessels are unemployed or are operating under voyage charters and lubricants and stores on board the vessels. Inventories are stated at lower of cost or net realizable value. Cost is determined by the first in, first out method. Net realizable value is the estimated selling price, less reasonably predictable costs of disposal and transportation.
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| Vessels, net | (k) Vessels, net: Vessels, net are stated at cost net of accumulated depreciation and impairment charges. The costs of the vessels acquired as part of a business acquisition are recorded at their fair value on the date of acquisition. The cost of vessels purchased consists of the contract price, less discounts, plus any direct expenses incurred upon acquisition, including improvements, commission paid, delivery expenses and other expenditures to prepare the vessel for her initial voyage. The initial purchase of LPG coolant for the refrigeration of cargo is also capitalized. Allocated interest costs incurred during construction are capitalized. Subsequent expenditures for conversions and major improvements, including scrubbers, are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels. Repairs and maintenance costs, including underwater inspection costs are expensed in the period incurred.
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| Impairment of vessels | (l) Impairment of vessels: We review our vessels “held and used” for impairment whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. When the estimate of future undiscounted cash flows, excluding interest charges, expected to be generated by the use of the asset is less than its carrying amount, the asset is evaluated for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset.
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| Vessel depreciation | (m) Vessel depreciation: Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage value. Each vessel’s salvage value is equal to the product of its lightweight tonnage and estimated scrap rate. Management estimates the useful life of its vessels to be 25 years from the date of initial delivery from the shipyard. Secondhand vessels are depreciated from the date of their acquisition through their remaining estimated useful life.
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| Drydocking and special survey costs | (n) Drydocking and special survey costs: Drydocking and special survey costs are accounted for under the deferral method whereby the actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next survey is scheduled to become due. The classification societies provide guidelines applicable to LPG vessels relating to extended intervals for drydocking. Generally, we are required to drydock each of our vessels under 15 years of age every five years until they reach 15 years of age unless an extension of the drydocking to is requested and granted by the classification society and the vessel is not older than 20 years of age. Costs deferred are limited to actual costs incurred at the yard and parts used in the drydocking or special survey. Costs deferred include expenditures incurred relating to shipyard costs, hull preparation and painting, inspection of hull structure and mechanical components, steelworks, machinery works, and electrical works. If a survey is performed prior to the scheduled date, the remaining unamortized balances are immediately written off. Unamortized balances of vessels that are sold are written-off and included in the calculation of the resulting gain or loss in the period of the vessel’s sale. The amortization charge is presented within Depreciation and amortization in the consolidated statements of operations.
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| Financing costs | (o) Financing costs: Financing costs incurred for obtaining new loans and credit facilities are deferred and amortized to interest expense over the respective term of the loan or credit facility using the effective interest rate method. Any unamortized balance of costs relating to loans/credit facilities repaid or refinanced is either expensed in the period the repayment or refinancing is made, or deferred and amortized over the terms of the respective credit facility, subject to the accounting guidance regarding Debt—Modifications and Extinguishments. Any unamortized balance of costs related to credit facilities repaid is expensed in the period. Any unamortized balance of costs relating to credit facilities refinanced are deferred and amortized over the term of the respective credit facility in the period the refinancing occurs, subject to the provisions of the accounting guidance relating to Debt—Modifications and Extinguishments. The unamortized financing costs are reflected as a reduction of Long-term debt—net of current portion and deferred financing fees in the consolidated balance sheet.
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| Restricted cash | (p) Restricted cash: Restricted cash represents minimum liquidity to be maintained with certain banks under our borrowing arrangements, pledged cash deposits, and amounts held in escrow. The restricted cash is classified as non-current in the event that its obligation is not expected to be terminated within the next twelve months as they are long-term in nature.
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| Leases | (q) Leases: Refer to Note 10 for a description of our operating lease expenses for the years ended March 31, 2023, 2022, and 2021 and to Note 18 for a description of commitments related to our leases as of March 31, 2023. The following is a description of our leasing arrangements. Time charter-out contracts Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration, which is based on a monthly hire rate. The charterer has full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the guidance because (i) the vessel is an identifiable asset, (ii) we do not have substantive substitution rights, and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Under the guidance, we elected the practical expedient available to lessors to not separate the lease and non-lease components included in the time charter revenue because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We record time charter revenues on a straight-line basis over the term of the charter as service is provided. Time charter revenues received in advance of the provision of charter service are recorded as deferred income and recognized when the charter service is rendered. Deferred income or accrued revenue also may result from straight-line revenue recognition in respect of charter agreements that provide for varying charter rates. Deferred income and accrued revenue amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as non-current. Revenues earned through the profit-sharing arrangements in the time charters represent contingent rental revenues that are recognized when earned and amounts are reasonably assured based on estimates provided by the charterer. Net pool revenues—related party As from April 1, 2015, we began operation of a pool. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit-sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on:
We recognize net pool revenues—related party on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue generated from the pool is accounted for as revenue from operating leases. Time charter-in contracts Our time charter-in contracts relate to the charter-in activity of vessels from third parties for a specified period of time in exchange for consideration, which is based on a monthly hire rate. We elected the practical expedient of the guidance that allows for contracts with an initial lease term of 12 months or less to be excluded from the operating lease right-of-use assets and lease liabilities recognized on our consolidated balance sheets. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the charter hire expense because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease. We elected not to separate the lease and non-lease components included in charter hire expense, but to recognize operating lease expense as a combined single lease component for all time charter-in contracts. Office leases We carried forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classifications, and (iii) initial direct costs. For leases with terms greater than 12 months, we record the related right-of-use asset and lease liability as the present value of fixed lease payments over the lease term. For leases that do not provide a readily determinable discount rate, we use our incremental borrowing rate to discount lease payments to present value. Under the guidance, we elected the practical expedients available to lessees to not separate the lease and non-lease components included in the office lease expense but to recognize operating lease expense as a combined single lease component for all time charter-in contracts because (i) the pattern of revenue recognition for the lease and non-lease components is the same as it is earned by the passage of time and (ii) the lease component, if accounted for separately, would be classified as an operating lease.
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| Voyage charter revenues |
Voyage charter agreements do not contain a lease and are therefore considered service contracts that fall under the provisions of Accounting Standard Codification (“ASC”) 606 Revenue from Contracts with Customers. Voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we retain control over the operations of the vessel, including directing the routes taken and vessel speed. Voyage contracts generally have variable consideration in the form of demurrage or despatch. We determined that a voyage charter agreement includes a single performance obligation, which is to provide the charterer with an integrated transportation service within a specified time period. In addition, we have concluded that a contract for a voyage charter meets the criteria to recognize revenue over time because the charterer simultaneously receives and consumes the benefits of our performance as the voyage progresses and therefore revenues are recognized on a pro rata basis over the duration of the voyage determined on a load-to-discharge port basis. In the event a vessel is acquired or sold while a voyage is in progress, the revenue recognized is based on an allocation formula agreed between the buyer and the seller. Demurrage income represents payments by the charterer to the vessel owner when loading or discharging time exceeds the stipulated time in the voyage charter and is recognized when earned and collection is reasonably assured. Despatch expense represents payments by us to the charterer when loading or discharging time is less than the stipulated time in the voyage charter and is recognized as incurred. Voyage charter revenue relating to voyages in progress as of the balance sheet date are accrued and presented in Trade receivables and accrued revenue in the consolidated balance sheet. |
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| Voyage expenses | (s) Voyage expenses: Voyage expenses are expensed as incurred, except for expenses during the ballast portion of the voyage (period between the contract date and the date of the vessel’s arrival to the load port). Any expenses incurred during the ballast portion of the voyage such as bunker expenses, canal tolls and port expenses are deferred and are recognized on a straight-line basis, in voyage expenses, over the voyage duration as we satisfy the performance obligations under the contract provided these costs are (1) incurred to fulfill a contract that we can specifically identify, (2) able to generate or enhance resources of the company that will be used to satisfy performance of the terms of the contract, and (3) expected to be recovered from the charterer. These costs are considered contract fulfillment costs because the costs are direct costs related to the performance of the contract and are expected to be recovered. Voyage expenses also consist of bunker expenses, canal tolls and port expenses incurred for vessels traveling to drydock and to be delivered to new owners in the case of a vessel sale are expensed as incurred.
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| Commissions | (t) Commissions: Charter hire commissions to brokers or managers, if any, are deferred and amortized over the related charter period and are included in Voyage expenses.
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| Charter hire expenses | (u) Charter hire expenses: Charter hire expenses in relation to vessels that we may occasionally charter in from third parties are recorded on a straight-line basis over the term of the charter as service is provided. Charter hire expenses paid in advance of the provision of charter service are recorded as a current asset and recognized when the charter service is rendered. Deferred expenses also may result from straight-line recognition in respect of charter agreements that provide for varying charter rates. Deferred expense amounts that will be recognized within the next twelve months are presented as current, with amounts to be recognized thereafter presented as noncurrent.
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| Vessel operating expenses | (v) Vessel operating expenses: Vessel operating expenses are accounted for as incurred on the accrual basis. Vessel operating expenses include crew wages and related costs, the cost of vessel insurance, expenses relating to repairs and maintenance, the cost of spares and consumable stores and other miscellaneous expenses. | ||||||
| Stock-based compensation | (w) Stock-based compensation: Stock-based payments to employees and directors are determined based on their grant date fair values and are amortized against income over the vesting period. The fair value is considered to be the closing price recorded on the grant date. We account for restricted stock award forfeitures upon occurrence.
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| Stock repurchases | (x) Stock repurchases: We record the repurchase of our shares of common stock at cost based on the settlement date of the transaction. These shares are classified as treasury stock unless canceled, which is a reduction in shareholders’ equity. Treasury shares are included in authorized and issued shares, but excluded from outstanding shares.
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| Dividends | (y) Dividends: Dividends are recognized in the consolidated statements of shareholders’ equity when they are declared by our Board of Directors.
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| Segment reporting |
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| Derivative instruments | (aa) Derivative instruments: All derivatives are stated at their fair value, as either a derivative asset or a liability. The fair value of the interest rate derivatives is based on a discounted cash flow analysis and their fair value changes are recognized in current period earnings. When the derivatives do qualify for hedge accounting, depending upon the nature of the hedge, changes in fair value of the derivatives are either recognized in current period earnings or in other comprehensive income/(loss) (effective portion) until the hedged item is recognized in the consolidated statements of operations. For the periods presented, no derivatives were accounted for as accounting hedges. |
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| Fair value of financial instruments | (ab) Fair value of financial instruments: In accordance with the requirements of accounting guidance relating to Fair Value Measurements, the Company classifies and discloses its assets and liabilities carried at fair value in one of the following three categories:
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| Accounting Pronouncements Not Yet Adopted | (ac) Recent accounting pronouncements: Accounting Policies Not Yet Adopted In March 2020, the Financial Accounting Standards Board issued ASU No. 2020-04, “Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”).” ASU 2020-04 provides temporary optional expedients and exceptions to the guidance in U.S. GAAP on contract modifications and hedge accounting to ease the financial reporting burdens related to the expected market transition from LIBOR and other interbank offered rates to alternative reference rates. This ASU was effective for adoption at any time between March 12, 2020 and December 31, 2022. In December 2022, the Financial Accounting Standards Board issued ASU No. 2022-06, “Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”).” ASU 2022-06 defers the sunset date included within Topic 848 from December 31, 2022, to December 31, 2024. We have determined that the adoption of this ASU would have an immaterial effect on our financial statements. |
Basis of Presentation and General Information (Tables) |
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| Basis of Presentation and General Information: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of wholly-owned subsidiaries |
Management Subsidiaries
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Inventories (Tables) |
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| Inventories: | ||||||||||||||||||||||||||||||||||||
| Schedule of inventories by type |
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Vessels, Net (Tables) |
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| Schedule of vessels, net |
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Vessel Under Construction (Tables) |
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| Vessel Under Construction: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of vessel under construction |
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Deferred Charges, Net (Tables) |
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| Schedule of movement of deferred charges |
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Accrued Expenses (Tables) |
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| Accrued Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of accrued expenses |
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Long-term Debt (Tables) |
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| Long-term Debt: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of loans outstanding |
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| Schedule of deferred financing fees |
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| Schedule of minimum annual principal payments |
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Leases (Tables) |
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| Schedule of time charter-in expenses |
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| Schedule of operating lease rent expense |
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| Schedule of operating lease right-of-use assets and liabilities |
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| Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities as of March 31, 2023 were as follows:
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Stock-Based Compensation Plans (Tables) |
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| Stock-Based Compensation Plans: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of the activity of restricted shares |
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Revenues (Tables) |
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| Schedule of revenues | Revenues comprise the following:
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Voyage Expenses (Tables) |
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| Voyage Expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of voyage expenses |
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Vessel Operating Expenses (Table) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Vessel Operating Expenses: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of vessel operating expenses |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and Finance Costs (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest and Finance Costs: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of interest and finance costs |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies: | ||||||||||||||||||||||||||||||||||||
| Schedule of contractual commitments for scrubber purchases |
|
|||||||||||||||||||||||||||||||||||
| Schedule of operating leases | Maturities of operating lease liabilities as of March 31, 2023 were as follows:
|
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| Schedule of future minimum time charter-in commitments |
|
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| Schedule of future minimum fixed time charter contracts |
|
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Financial Instruments and Fair Value Disclosures (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Financial Instruments and Fair Value Disclosures: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of principal terms of the interest rate swaps | The principal terms of our interest rate swaps are as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial derivatives |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of effect of derivative instruments on the consolidated statement of operations |
|
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| Summary of gains and losses on investment securities |
|
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| Summary of carrying value and estimated fair value of Japanese Financings |
|
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Earnings Per Share ("EPS") (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share ("EPS"): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of calculations of basic and diluted EPS |
|
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Selected Quarterly Financial Information (unaudited) (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Selected Quarterly Financial Information (unaudited): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of quarterly results |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation and General Information (ConRisk) (Details) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Revenue. | Customer concentration | Helios LPG Pool LLC | |||
| Charterers individually accounting for more than 10% of revenues | |||
| Percentage of total revenues | 94.00% | 90.00% | 93.00% |
Significant Accounting Policies (Other) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Other comprehensive income/(loss): | |||
| Other comprehensive income/(loss) | $ 0 | $ 0 | $ 0 |
| Trade receivables (net): | |||
| Provision for doubtful accounts | $ 0 | $ 0 | $ 0 |
| Minimum | |||
| Short-term Investments: | |||
| Maturity of Time Deposits | 3 months | ||
| Maximum | |||
| Short-term Investments: | |||
| Maturity of Time Deposits | 12 months | ||
Significant Accounting Policies (PPE) (Details) |
12 Months Ended |
|---|---|
|
Mar. 31, 2023
item
| |
| Segment reporting: | |
| Number of reportable segments | 1 |
| Vessels | |
| Vessels, Net | |
| Useful life of vessels | 25 years |
| Initial drydocking period | 5 years |
| Number of years for initial drydocking requirement | 15 years |
| Drydocking period if extension granted | 7 years 6 months |
| Maximum age of vessel for extension of drydocking period | 20 years |
Significant Accounting Policies (FV) (Details) |
Mar. 31, 2023
USD ($)
|
|---|---|
| Accounting hedges | |
| Derivative Instruments: | |
| Fair value of derivative | $ 0 |
Significant Accounting Policies (AcctPro) (Details) |
12 Months Ended |
|---|---|
Mar. 31, 2023 | |
| New Accounting Pronouncements or Change in Accounting Principle | |
| Lease, Practical Expedient, Lessor Single Lease Component | true |
| Minimum | |
| New Accounting Pronouncements or Change in Accounting Principle | |
| Standard payment period terms of freight paid | 3 days |
| Maximum | |
| New Accounting Pronouncements or Change in Accounting Principle | |
| Standard payment period terms of freight paid | 5 days |
Inventories (Details) - USD ($) |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Inventories | ||
| Inventories | $ 2,642,395 | $ 2,266,351 |
| Lubricants | ||
| Inventories | ||
| Inventories | 2,472,716 | 2,096,713 |
| Bonded stores | ||
| Inventories | ||
| Inventories | $ 169,679 | $ 169,638 |
Vessels, Net (Details) |
12 Months Ended | 24 Months Ended | |
|---|---|---|---|
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2022
USD ($)
|
Mar. 31, 2023
USD ($)
|
|
| Vessels, Net | |||
| Vessels, net, beginning of period | $ 1,238,061,690 | ||
| Vessels, net, end of period | 1,263,928,605 | $ 1,238,061,690 | $ 1,263,928,605 |
| Vessels | |||
| Vessels, Net | |||
| Vessels, net, beginning of period | 1,238,061,690 | 1,377,028,255 | 1,377,028,255 |
| Disposals, net | (82,094,007) | ||
| Vessels, net, end of period | 1,263,928,605 | 1,238,061,690 | 1,263,928,605 |
| Cost | |||
| Balance at the beginning of the period | 1,638,075,449 | 1,762,657,830 | 1,762,657,830 |
| Other additions | 1,955,694 | 6,575,263 | |
| Vessel delivered | 84,432,491 | ||
| Disposals, cost | (131,157,644) | ||
| Balance at the end of the period | 1,724,463,634 | 1,638,075,449 | 1,724,463,634 |
| Accumulated depreciation | |||
| Balance at the beginning of the period | (400,013,759) | (385,629,575) | (385,629,575) |
| Disposals, accumulated depreciation | 49,063,637 | ||
| Impairment | 0 | ||
| Depreciation | (60,521,270) | (63,447,821) | |
| Balance at the end of the period | (460,535,029) | (400,013,759) | (460,535,029) |
| Mortgaged VLGC vessels, carrying value | $ 1,227,800,000 | 1,198,700,000 | $ 1,227,800,000 |
| CMNL | |||
| Accumulated depreciation | |||
| Gain loss on vessel held for sale | 3,500,000 | ||
| CNML | |||
| Accumulated depreciation | |||
| Gain loss on vessel held for sale | $ 3,800,000 | ||
Vessel Under Construction (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Vessel under construction | ||
| Balance | $ 16,401,532 | |
| Capitalized interest | $ 1,366,956 | $ 292,044 |
| Balance | 16,401,532 | |
| Vessels under commitment | ||
| Vessel under construction | ||
| Bareboat charter agreement term of contract | 13 years | |
| Balance | $ 16,401,532 | |
| Installment payments | 16,000,000 | |
| Installment payments | 64,000,000 | |
| Other capitalized expenditures | 2,664,003 | 109,488 |
| Capitalized interest | 1,366,956 | 292,044 |
| Vessels delivered (transferred to Vessels) | $ (84,432,491) | |
| Balance | $ 16,401,532 | |
Deferred Charges, Net (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Movement in deferred charges, net | ||
| Balance at the beginning of the period | $ 9,839,000 | $ 10,158,202 |
| Additions | 1,401,495 | 2,869,210 |
| Disposals | (298,852) | |
| Amortization | (2,873,194) | (2,889,560) |
| Balance at the end of the period | $ 8,367,301 | $ 9,839,000 |
Accrued Expenses (Details) - USD ($) |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Accrued Expenses: | ||
| Accrued voyage and vessel operating expenses | $ 3,072,568 | $ 1,676,853 |
| Accrued employee-related costs | 1,292,735 | 952,471 |
| Accrued professional services | 479,502 | 946,411 |
| Accrued loan and swap interest | 529,069 | 126,878 |
| Other | 263,851 | 98,835 |
| Total | $ 5,637,725 | $ 3,801,448 |
Long-Term Debt (Covenants) (Details) - USD ($) $ in Millions |
Apr. 29, 2020 |
Mar. 31, 2015 |
|---|---|---|
| 2015 Facility | ||
| Long-Term Debt | ||
| Original loan amount | $ 758.0 | |
| New senior secured term loan facility | Maximum | ||
| Long-Term Debt | ||
| Original loan amount | $ 155.8 | |
| New senior secured revolving credit facility | Maximum | ||
| Long-Term Debt | ||
| Original loan amount | $ 25.0 |
Long-Term Debt (FutMin) (Details) - USD ($) |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Minimum annual principal payments | ||
| 2024 | $ 53,110,675 | |
| 2025 | 53,543,315 | |
| 2026 | 53,994,778 | |
| 2027 | 95,660,887 | |
| 2028 | 45,966,482 | |
| Thereafter | 361,286,296 | |
| Total | $ 663,562,433 | $ 670,020,444 |
Long-Term Debt (Reclassification) (Details) - USD ($) |
Mar. 31, 2023 |
Mar. 31, 2022 |
|---|---|---|
| Stock-Based Compensation Plans: | ||
| Current portion of long-term debt | $ 53,110,676 | $ 72,075,571 |
| Long-term debt | 604,256,670 | $ 590,687,387 |
| Scheduled principal repayments | $ 53,110,675 |
Leases (Charter hire expenses) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Time Charter-in | |||
| Charter hire expenses | $ 23,194,712 | $ 16,265,638 | $ 18,135,580 |
Leases (Operating lease rent expense) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Operating Leases | |||
| Operating lease rent expense | $ 569,804 | $ 624,370 | $ 558,400 |
Leases (Operating Lease Liability Maturity) (Details) |
Mar. 31, 2023
USD ($)
|
|---|---|
| Leases: | |
| Less than one year | $ 31,720,834 |
| One to three years | 63,977,268 |
| Three to five years | 51,807,905 |
| More than 5 | 40,663,139 |
| Total undiscounted lease payments | 188,169,146 |
| Less: imputed interest | (29,979,108) |
| Carrying value of operating lease liabilities | $ 158,190,038 |
Common Stock (Other) (Details) |
12 Months Ended | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Feb. 28, 2023
USD ($)
|
Feb. 01, 2023
USD ($)
$ / shares
|
Dec. 06, 2022
USD ($)
|
Oct. 27, 2022
USD ($)
$ / shares
|
Sep. 02, 2022
USD ($)
|
Aug. 05, 2022
USD ($)
|
Aug. 03, 2022
USD ($)
$ / shares
|
Jun. 15, 2022
USD ($)
|
Jun. 02, 2022
USD ($)
|
May 04, 2022
USD ($)
$ / shares
|
Jan. 25, 2022
USD ($)
|
Jan. 04, 2022
USD ($)
$ / shares
|
Sep. 08, 2021
USD ($)
|
Jul. 30, 2021
USD ($)
$ / shares
|
Mar. 31, 2023
USD ($)
item
shares
|
Mar. 31, 2022
USD ($)
|
Jul. 01, 2013
$ / shares
shares
|
|
| Common Stock: | |||||||||||||||||
| Dividends declared (in dollars per share) | $ / shares | $ 1.00 | $ 1.00 | $ 1.00 | $ 2.50 | $ 1.00 | $ 1.00 | |||||||||||
| Dividends, Common Stock | $ | $ 40,400,000 | $ 40,400,000 | $ 40,300,000 | $ 100,300,000 | $ 40,100,000 | $ 40,400,000 | |||||||||||
| Dividends paid in cash | $ | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 400,000 | $ 200,000 | $ 99,700,000 | $ 39,900,000 | $ 40,200,000 | $ 220,597,827 | $ 80,082,210 | |||||||
| Dividends payable | $ | $ 300,000 | $ 300,000 | $ 200,000 | $ 600,000 | $ 200,000 | $ 200,000 | $ 1,255,861 | $ 494,180 | |||||||||
| Common stock | |||||||||||||||||
| Authorized capital stock (in shares) | shares | 500,000,000 | ||||||||||||||||
| Par value of capital stock (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||
| Common Stock, Shares Authorized | shares | 450,000,000 | 450,000,000 | |||||||||||||||
| Preferred Stock, Shares Authorized | shares | 50,000,000 | 50,000,000 | |||||||||||||||
| Number of votes entitled to shareholders | item | 1 | ||||||||||||||||
Common Stock (SBC) (Details) - USD ($) |
12 Months Ended | |||
|---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
Feb. 02, 2022 |
|
| Stock repurchases | ||||
| Treasury stock value acquired | $ 1,669,902 | $ 21,364,822 | $ 12,678,249 | |
| 2022 Common Share Repurchase Authority | ||||
| Stock repurchases | ||||
| Common stock repurchase authorized amount | $ 100,000,000.0 | |||
| Treasury stock shares acquired (in shares) | 50,000 | |||
| Treasury stock value acquired | $ 700,000 | |||
Revenues (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Revenues | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
| Net pool revenues - related party | |||
| Revenues | 364,548,262 | 246,305,480 | 292,679,614 |
| Time charter revenues | |||
| Revenues | 22,709,620 | 22,377,211 | 19,492,595 |
| Other revenue, net | |||
| Revenues | $ 2,491,333 | $ 5,538,757 | $ 3,766,603 |
Voyage Expenses (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Voyage Expenses: | |||
| Bunkers | $ 2,109,904 | $ 2,159,341 | $ 1,537,007 |
| War risk insurances | 940,436 | 1,510,720 | 1,272,647 |
| Brokers' commissions | 290,099 | 265,207 | 334,333 |
| Security cost | 243,235 | 322,150 | 221,882 |
| Other voyage expenses | 27,778 | 67,294 | 43,781 |
| Total voyage expenses | $ 3,611,452 | $ 4,324,712 | $ 3,409,650 |
Vessel Operating Expenses (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Vessel Operating Expenses: | |||
| Crew wages and related costs | $ 42,141,262 | $ 44,950,878 | $ 44,017,660 |
| Spares and stores | 13,644,604 | 14,486,392 | 17,061,388 |
| Repairs and maintenance costs | 4,743,513 | 4,528,776 | 6,096,812 |
| Insurance | 3,906,409 | 4,056,225 | 3,942,622 |
| Lubricants | 4,002,361 | 3,351,279 | 3,241,330 |
| Miscellaneous expenses | 3,063,622 | 2,830,668 | 3,860,057 |
| Total | $ 71,501,771 | $ 74,204,218 | $ 78,219,869 |
Interest and Finance Costs (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Interest and Finance Costs: | |||
| Interest incurred | $ 31,398,739 | $ 20,119,655 | $ 21,665,379 |
| Amortization of financing costs | 5,600,493 | 5,889,040 | 4,695,360 |
| Other finance costs | 2,171,511 | 1,350,744 | 1,235,385 |
| Capitalized interest | (1,366,956) | (292,044) | |
| Total | $ 37,803,787 | $ 27,067,395 | $ 27,596,124 |
Income Taxes (Details) |
12 Months Ended |
|---|---|
Mar. 31, 2023 | |
| Tax rate on US source shipping income (as a percent) | 4.00% |
| Shipping income (as a percent) | 50.00% |
| U.S. | |
| Tax rate on US source shipping income (as a percent) | 4.00% |
Commitments and Contingencies (Details) - USD ($) |
12 Months Ended | |
|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Commitments under Contracts for Scrubber Purchases | ||
| Less than one year | $ 8,951,601 | |
| One to three years | 174,993 | |
| Total | $ 9,126,594 | |
| Time Charter-in commitments | ||
| Duration of VLGCs with charter-in commitments to be delivered | 1 year | |
| Less than one year | $ 11,237,333 | |
| One to three years | 21,600,000 | |
| Three to five years | 21,600,000 | |
| Thereafter | 24,300,000 | |
| Total | 78,737,333 | |
| Fixed Time Charter Commitments | ||
| Less than one year | 24,660,000 | |
| One to three years | 7,387,986 | |
| Total | $ 32,047,986 | |
| Other | ||
| Contingency expense | $ 4,000,000.0 | |
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Financial Instruments and Fair Value Disclosures: | |||
| Unrealized gain/(loss) on investment securities | $ 1,443,683 | $ (1,587,090) | $ 1,317,595 |
| Less: Realized gain on investment securities | 987,206 | 447,255 | 295 |
| Net gain/(loss) on investment securities | $ 2,430,889 | $ (1,139,835) | $ 1,317,890 |
Retirement Plans (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Defined Contribution Plans and Defined Benefit Plan | |||
| Compensation expense associated with safe harbor contributions | $ 0.1 | $ 0.1 | $ 0.1 |
| Greece | |||
| Defined Contribution Plans and Defined Benefit Plan | |||
| Contribution expense associated with defined benefit plan | (0.2) | ||
| Defined benefit plan liability | 0.8 | 1.0 | |
| Period increase in defined benefit plan liability | 0.1 | 0.3 | |
| United Kingdom and Denmark | |||
| Defined Contribution Plans and Defined Benefit Plan | |||
| Contribution expense associated with defined benefit plan | $ 0.2 | $ 0.2 | $ 0.2 |
Earnings Per Share ("EPS") (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Numerator: | |||||||||||
| Net income | $ 76,021,035 | $ 51,263,710 | $ 20,311,465 | $ 24,847,720 | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
| Denominator: | |||||||||||
| Basic weighted average number of common shares outstanding (in shares) | 40,026,313 | 40,203,937 | 49,729,358 | ||||||||
| Effect of dilutive restricted stock and restricted stock units (in shares) | 185,329 | 161,151 | 97,440 | ||||||||
| Diluted weighted average number of common shares outstanding (in shares) | 40,211,642 | 40,365,088 | 49,826,798 | ||||||||
| EPS: | |||||||||||
| Earnings per common share - basic (in dollars per share) | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 4.31 | $ 1.79 | $ 1.86 |
| Earnings per common share - diluted (in dollars per share) | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 4.29 | $ 1.78 | $ 1.86 |
| Restricted stock awards | |||||||||||
| EPS: | |||||||||||
| Number of shares excluded from the calculation of diluted EPS | 0 | 0 | 0 | ||||||||
Selected Quarterly Financial Information (unaudited) (Details) - USD ($) |
3 Months Ended | 12 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2023 |
Mar. 31, 2022 |
Mar. 31, 2021 |
|
| Selected Quarterly Financial Information (unaudited): | |||||||||||
| Revenues | $ 133,635,050 | $ 103,322,256 | $ 75,968,187 | $ 76,823,722 | $ 79,624,070 | $ 68,559,782 | $ 63,086,858 | $ 62,950,738 | $ 389,749,215 | $ 274,221,448 | $ 315,938,812 |
| Operating income | 83,781,573 | 57,494,075 | 28,137,816 | 28,947,004 | 37,476,803 | 22,550,972 | 19,115,310 | 13,255,888 | 198,360,468 | 92,398,973 | 116,099,692 |
| Net income | $ 76,021,035 | $ 51,263,710 | $ 20,311,465 | $ 24,847,720 | $ 35,383,230 | $ 16,580,885 | $ 14,101,803 | $ 5,869,100 | $ 172,443,930 | $ 71,935,018 | $ 92,564,653 |
| Earnings per common share - basic (in dollars per share) | $ 1.90 | $ 1.28 | $ 0.51 | $ 0.62 | $ 0.89 | $ 0.42 | $ 0.35 | $ 0.14 | $ 4.31 | $ 1.79 | $ 1.86 |
| Earnings per common share - diluted (in dollars per share) | $ 1.89 | $ 1.27 | $ 0.51 | $ 0.62 | $ 0.88 | $ 0.41 | $ 0.35 | $ 0.14 | $ 4.29 | $ 1.78 | $ 1.86 |
Subsequent Events (Details) - USD ($) |
12 Months Ended | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
May 22, 2023 |
Apr. 26, 2023 |
Feb. 28, 2023 |
Feb. 01, 2023 |
Dec. 06, 2022 |
Oct. 27, 2022 |
Sep. 02, 2022 |
Aug. 05, 2022 |
Aug. 03, 2022 |
Jun. 15, 2022 |
Jun. 02, 2022 |
May 04, 2022 |
Jan. 25, 2022 |
Jan. 04, 2022 |
Sep. 08, 2021 |
Jul. 30, 2021 |
Mar. 31, 2023 |
Mar. 31, 2022 |
|
| Subsequent Event | ||||||||||||||||||
| Dividends, Common Stock | $ 40,400,000 | $ 40,400,000 | $ 40,300,000 | $ 100,300,000 | $ 40,100,000 | $ 40,400,000 | ||||||||||||
| Dividends paid in cash | $ 40,100,000 | $ 40,100,000 | $ 40,100,000 | $ 400,000 | $ 200,000 | $ 99,700,000 | $ 39,900,000 | $ 40,200,000 | $ 220,597,827 | $ 80,082,210 | ||||||||
| Subsequent events | ||||||||||||||||||
| Subsequent Event | ||||||||||||||||||
| Declared dividends (per share) | $ 1.00 | |||||||||||||||||
| Dividends, Common Stock | $ 40,400,000 | |||||||||||||||||
| Dividends paid in cash | $ 40,100,000 | |||||||||||||||||
| Declared dividends payable | $ 300,000 | |||||||||||||||||