Document and Entity Information - shares |
9 Months Ended | |
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Dec. 31, 2019 |
Feb. 01, 2020 |
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Document and Entity Information | ||
Entity Registrant Name | DORIAN LPG LTD. | |
Entity Central Index Key | 0001596993 | |
Document Type | 10-Q | |
Document Period End Date | Dec. 31, 2019 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --03-31 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 53,837,172 | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2019 |
Mar. 31, 2019 |
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Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 59,078,230 | 58,882,515 |
Common stock, shares outstanding (net of treasury stock) | 53,987,172 | 55,167,708 |
Treasury stock, shares at cost | 5,091,058 | 3,714,807 |
Condensed Consolidated Statements of Operations - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Revenues. | ||||
Revenues | $ 85,437,806 | $ 55,113,295 | $ 238,228,227 | $ 123,565,119 |
Expenses | ||||
Voyage expenses | 1,178,702 | 287,221 | 2,372,839 | 822,618 |
Charter hire expenses | 2,071,206 | 6,181,206 | ||
Vessel operating expenses | 19,131,124 | 16,773,634 | 52,644,762 | 50,834,364 |
Depreciation and amortization | 16,710,403 | 16,430,363 | 49,450,242 | 49,133,072 |
General and administrative expenses | 5,037,783 | 5,156,573 | 17,669,024 | 18,768,996 |
Professional and legal fees related to the BW Proposal | 7,766,847 | 10,020,436 | ||
Total expenses | 44,129,218 | 46,414,638 | 128,318,073 | 129,579,486 |
Other income-related parties | 450,169 | 614,633 | 1,387,536 | 1,843,782 |
Operating income/(loss) | 41,758,757 | 9,313,290 | 111,297,690 | (4,170,585) |
Other income/(expenses) | ||||
Interest and finance costs | (8,778,905) | (10,000,018) | (27,779,560) | (30,526,971) |
Interest income | 394,876 | 413,546 | 1,101,831 | 1,326,442 |
Unrealized gain/(loss) on derivatives | 1,446,395 | (6,669,266) | (5,291,504) | (3,910,190) |
Realized gain on derivatives | 449,276 | 881,276 | 2,191,417 | 2,494,832 |
Other gain/(loss), net | 358,513 | (157,480) | 895,993 | (205,858) |
Total other income/(expenses), net | (6,129,845) | (15,531,942) | (28,881,823) | (30,821,745) |
Net income/(loss) | $ 35,628,912 | $ (6,218,652) | $ 82,415,867 | $ (34,992,330) |
Weighted average shares outstanding Basic (in shares) | 53,944,991 | 54,441,203 | 54,380,855 | 54,356,060 |
Weighted average shares outstanding Diluted (in shares) | 54,176,748 | 54,441,203 | 54,615,843 | 54,356,060 |
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.52 | $ (0.64) |
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.51 | $ (0.64) |
Net pool revenue - related party | ||||
Revenues. | ||||
Revenues | $ 77,470,478 | $ 46,683,295 | $ 208,507,192 | $ 94,816,738 |
Time charter revenue | ||||
Revenues. | ||||
Revenues | 7,859,035 | 8,370,000 | 29,112,464 | 28,477,881 |
Other revenues, net | ||||
Revenues. | ||||
Revenues | $ 108,293 | $ 60,000 | $ 608,571 | $ 270,500 |
Basis of Presentation and General Information |
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Basis of Presentation and General Information | Dorian LPG Ltd. Notes to Unaudited Condensed Consolidated Financial Statements (Expressed in United States Dollars) 1. Basis of Presentation and General Information
Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2019, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), three 82,000 cbm VLGCs and one time chartered-in ECO-VLGC. As of December 31, 2019, six of our ECO-VLGCs are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on four of these VLGCs was completed during the nine months ended December 31, 2019. The installation of scrubbers on an additional two of our VLGCs was in progress as of December 31, 2019, one of which was completed in January 2020 with the other expected to be completed in February 2020. An additional four of our VLGCs are under contract to be equipped with scrubbers as of December 31, 2019, for which we expect installation to be completed during the first half of calendar year 2020.
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. Refer to Note 3 below for further description of the Helios Pool.
The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements and related notes. The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2019 included in our Annual Report on Form 10-K filed with the SEC on May 30, 2019.
Our interim results are subject to seasonal and other fluctuations, and the operating results for any quarter are therefore not necessarily indicative of results that may be otherwise expected for the entire year.
Our subsidiaries as of December 31, 2019, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.
Vessel Subsidiaries
Management Subsidiaries
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Significant Accounting Policies | 2. Significant Accounting Policies
Except for the adoption of new guidance to update the requirements of financial accounting and reporting for lessees and lessors, which became effective April 1, 2019, the same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as were applied in the preparation of our audited financial statements for the year ended March 31, 2019 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019), except as discussed herein.
Accounting Pronouncements Adopted During the Nine Months Ended December 31, 2019
In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases. Both finance leases and operating leases under the updated guidance result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee recognizes interest expense and amortization of the right-of-use asset, and for operating leases, the lessee recognizes a straight-line total lease expense. Lessor accounting remains largely unchanged from previous guidance under U.S. GAAP. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued amended guidance to provide entities with relief from the cost of implementing certain aspects of the new leasing guidance. Entities may elect not to recast comparative periods presented when transitioning to the new leasing guidance and, furthermore, lessors may elect not to separate lease and nonlease components when certain conditions are met. We adopted the amended guidance effective April 1, 2019 and applied the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. The adoption did not have a material effect on our unaudited condensed consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets and operating lease liabilities related to our office leases described below on our unaudited condensed consolidated balance sheet of approximately $1.2 million as of April 1, 2019. Refer to Note 12 for a description of our operating lease expenses for the three and nine months ended December 31, 2019 and 2018 and commitments related to our leases as of December 31, 2019. We renewed an operating lease for our London office greater than 12 months during the nine months ended December 31, 2019. In relation to our time chartered-in VLGC described below, the adoption of the new guidance had no impact on our financial statements since the length of the time charter is not more than 12 months.
Time charter-out contracts
Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the amended 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 amended guidance, we elected the practical expedients 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. The adoption of the amended guidance did not impact our accounting for time charter out contracts.
Time charter-in contracts
We elected the practical expedient of the amended 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 unaudited condensed consolidated balance sheets. The duration of our only time charter-in contract at the time of adoption of the amended guidance was 12 months.
Office leases
We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited condensed consolidated statements of operations. We carried forward our historical assessments of (1) whether contracts are or contain leases, (2) lease classifications, and (3) 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. The discount rate used ranged from 4.56% to 5.53%. The weighted average discount rate used to calculate the lease liability was 5.32%. The weighted average remaining lease term on our office leases as of December 31, 2019 is 33.1 months.
Our operating lease right-of-use asset and lease liabilities as of December 31, 2019 are as follows:
Maturities of operating lease liabilities as of December 31, 2019 are as follows:
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Transactions with Related Parties |
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Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties
Dorian (Hellas), S.A.
Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer.
Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 2019 and 2018, $0.1 million for the nine months ended December 31, 2019 and $0.2 for the nine months ended December 31, 2018.
As of December 31, 2019, $1.3 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets included herein. As of March 31, 2019, $1.2 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets.
Eagle Ocean Transport incurs miscellaneous costs on behalf of us, for which we reimbursed Eagle Ocean Transport less than $0.1 million for both the three months ended December 31, 2019 and 2018, and less than $0.1 million for both the nine months ended December 31, 2019 and 2018, respectively. Such expenses are reimbursed based on their actual cost.
Helios LPG Pool LLC
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 December 31, 2019, the Helios Pool operated thirty VLGCs, including twenty vessels from our fleet (including one vessel time chartered-in from an unrelated party), four Phoenix vessels, and six other vessels.
As of December 31, 2019, we had receivables from the Helios Pool of $89.8 million, including $22.0 million of working capital contributed for the operation of our vessels in the pool. As of March 31, 2019, we had receivables from the Helios Pool of $62.5 million (net of an amount due to Helios Pool of $0.5 million which is reflected under “Due to related Parties”), including $19.8 million of working capital contributed for the operation of our vessels in the pool. Our maximum exposure to losses from the pool as of December 31, 2019 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Fees for commercial management services provided by Dorian LPG (UK) Ltd. are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations included herein and were $0.4 million and $0.6 million for the three months ended December 31, 2019 and 2018, respectively, and $1.2 million and $1.7 million for the nine months ended December 31, 2019 and 2018, respectively. Additionally, we receive a fixed reimbursement of expenses such as costs for security guards and war risk insurance for vessels operating in high risk areas from the Helios Pool, for which we earned $0.4 million and $0.1 million for the three months ended December 31, 2019, and 2018, respectively, and $0.9 million and $0.3 million for the nine months ended December 31, 2019 and 2018, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations included herein.
Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2019 and 2018. 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 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 9. |
Deferred Charges, Net |
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Deferred Charges, Net | 4. Deferred Charges, Net
The analysis and movement of deferred charges is presented in the table below:
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Vessels, Net | 5. Vessels, Net
Additions to vessels, net mainly consisted of installments on the purchase of scrubbers for ten of our VLGCs during the nine months ended December 31, 2019. Our vessels, with a total carrying value of $1,447.2 million and $1,478.5 million as of December 31, 2019 and March 31, 2019, respectively, are first‑priority mortgaged as collateral for our long-term debt (refer to Note 6 below). No impairment loss was recorded for the periods presented. |
Long-term Debt |
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Long-term Debt | 6. Long-term Debt
2015 Debt Facility
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on our $758 million debt financing facility that we entered into in March 2015 with a group of banks and financial institutions (the “2015 Debt Facility”).
Amendment to the 2015 Debt Facility
On July 23, 2019, we entered into an agreement to amend the 2015 Debt Facility (the “Debt Facility Amendment”), whose key provisions include:
Corsair Japanese Financing
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2014-built VLGC, the Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”). Concorde Japanese Financing
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2015-built VLGC, the Concorde, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Concorde Japanese Financing”). Corvette Japanese Financing
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing of our 2015-built VLGC, the Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”). CJNP Japanese Financing Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2007-built VLGC, the Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CJNP Japanese Financing”).
CMNL Japanese Financing
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2006-built VLGC, the Captain Markos NL, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL Japanese Financing”).
CNML Japanese Financing
Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019 for information on the refinancing our 2008-built VLGC, the Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”).
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:
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Stock Repurchase Program | 7. Stock Repurchase Program
On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of shares of our common stock through the period ended December 31, 2020 (the “Common Share Repurchase Program”). As of December 31, 2019, we repurchased a total of 1.2 million shares of our common stock for approximately $14.8 million under this program, resulting in $35.2 million of available authorization remaining. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under this program.
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Stock-Based Compensation Plans |
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Stock-Based Compensation Plans | 8. Stock-Based Compensation Plans
Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.7 million and $1.2 million for the three months ended December 31, 2019 and 2018, respectively, and $2.8 million and $4.2 million for the nine months ended December 31, 2019 and 2018, respectively. Unrecognized compensation cost was $2.0 million as of December 31, 2019 and will be recognized over a remaining weighted average life of 1.91 years. For more information on our equity incentive plan, refer to Note 11 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019.
In June, September, and December 2019, we granted 7,750, 6,470, and 4,745 shares of stock, respectively, to our non-executive directors, which were valued and expensed at their grant date fair market value.
In July 2019, we granted 1,550 shares of stock to a non-employee consultant, which were valued and expensed at their grant date fair market value.
In August 2019, we granted an aggregate of 175,200 shares of restricted stock and 22,500 restricted stock units to certain of our officers and employees. One-fourth of the shares of restricted stock vested on the grant date and one-fourth will vest equally on the first, second and third anniversaries of the grant date. One-third of restricted stock units will vest equally on the first, second, and third anniversaries of the grant date. The shares of restricted stock and restricted stock units were valued at their grant date fair market value and are expensed on a straight-line basis over the respective vesting periods.
A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2019 and changes during the nine months ended December 31, 2019, is as follows:
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Revenues |
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Revenues | 9. 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 Note 2 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2019.
Other revenues, net represent income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance. |
Financial Instruments and Fair Value Disclosures |
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Financial Instruments and Fair Value Disclosures | 10. Financial Instruments and Fair Value Disclosures
Our principal financial assets consist of cash and cash equivalents, restricted cash amounts due from related parties, trade accounts receivable and derivative instruments. Our principal financial liabilities consist of long-term debt, accounts payable, amounts due to related parties and accrued liabilities.
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 and to take advantage of fluctuations in market prices. Customary requirements for trading FFAs include the maintenance of initial and variation margins based on expected volatility, open position and mark-to-market of the contracts. FFAs are recorded as assets/liabilities until they are settled. Changes in fair value prior to settlement are recorded in unrealized gain/(loss) on derivatives. Upon settlement, if the contracted charter rate is less than the average of the rates for the specified route and time period, as reported by an identified index, the seller of the FFA is required to pay the buyer the settlement sum, being an amount equal to the difference between the contracted rate and the settlement rate, multiplied by the number of days in the specified period covered by the FFA. Conversely, if the contracted rate is greater than the settlement rate, the buyer is required to pay the seller the settlement sum. Settlement of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy.
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 unaudited interim condensed consolidated statements of operations included herein for the periods presented is as follows:
As of December 31, 2019 and March 31, 2019, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets with the exception of cash and cash equivalents, restricted cash, and securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2019 and 2018.
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Earnings/(Loss) Per Share (EPS) |
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Earnings/(Loss) Per Share ("EPS") | 11. Earnings/(Loss) Per Share (“EPS”)
Basic EPS represents net income/(loss) attributable to common shareholders divided by the weighted average number of our 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, and as a result, these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income/(loss) attributable to common shareholders divided by the weighted average number of our common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.
The calculations of basic and diluted EPS for the periods presented are as follows:
For the three and nine months ended December 31, 2018, there were 725,685 shares of unvested restricted stock, which were excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. There were no anti-dilutive shares of unvested restricted stock excluded from the calculation of diluted EPS for the three and nine months ended December 31, 2019. |
Commitments and Contingencies |
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Commitments and Contingencies | 12. Commitments and Contingencies
Commitments under Contracts for Scrubbers Purchases
We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of:
These amounts only reflect firm commitments for scrubber purchases as of December 31, 2019 and exclude costs related to their installation. The timing of these payments is subject to change as installation times are finalized.
Operating Leases
Operating lease rent expense was as follows:
We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices:
Time Charter-in
Charter hire expenses for the third-party time chartered-in VLGC were as follows:
We had the following time charter-in commitments relating to VLGCs either currently in our fleet or contracted to be delivered to our fleet:
Fixed Time Charter Contracts
We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:
Other
From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements. |
Professional and Legal Fees Related to the BW Proposal |
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Dec. 31, 2019 | |
Professional and Legal Fees Related to the BW Proposal | |
Professional and Legal Fees Related to the BW Proposal | 13. Professional and Legal Fees Related to the BW Proposal
In 2018, BW LPG Limited and its affiliates (“BW”) made an unsolicited proposal to acquire all of our outstanding common shares and, along with its affiliates, commenced a proxy contest to replace three members of our Board of Directors with nominees proposed by BW (the “BW Proposal”), which was subsequently withdrawn on October 8, 2018. During the three and nine months ended December 31, 2018, significant costs for professional and legal services incurred in connection with the BW Proposal totaled $7.8 million and $10.0 million, respectively. No such costs were incurred during the nine months ended December 31, 2019. |
Subsequent Events |
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Subsequent Events. | |
Subsequent Events |
Repurchase of Our Common Shares
During January 2020, we repurchased 0.2 million of our common shares for $2.3 million pursuant to our Common Share Repurchase Program, which we held as treasury shares. As of January 31, 2020, we repurchased a total of 1.4 million shares of our common stock for approximately $17.1 million under this program, resulting in $32.9 million of available authorization remaining.
On February 3, 2020, our Board of Directors authorized an increase to our Common Share Repurchase Program to repurchase up to an additional $50 million of shares of our common stock, resulting in an aggregate of $82.9 million of available authorization remaining under the program. Purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual timing and amount of our repurchases will depend on Company and market conditions. We are not obligated to make any common share repurchases under this program.
Chartered-in VLGC
On February 1, 2020, we time chartered-in the 2020-built, hybrid scrubber-fitted Future Diamond to our fleet with an expiration during the first calendar quarter of 2023.
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Significant Accounting Policies (Policies) |
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Accounting Pronouncements Adopted | Accounting Pronouncements Adopted During the Nine Months Ended December 31, 2019
In February 2016, the FASB issued accounting guidance to update the requirements of financial accounting and reporting for lessees and lessors. The updated guidance, for lease terms of more than 12 months, requires a dual approach for lessee accounting under which a lessee accounts for leases as finance leases or operating leases. Both finance leases and operating leases under the updated guidance result in the lessee recognizing a right-of-use asset and a corresponding lease liability. For finance leases, the lessee recognizes interest expense and amortization of the right-of-use asset, and for operating leases, the lessee recognizes a straight-line total lease expense. Lessor accounting remains largely unchanged from previous guidance under U.S. GAAP. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. In July 2018, the FASB issued amended guidance to provide entities with relief from the cost of implementing certain aspects of the new leasing guidance. Entities may elect not to recast comparative periods presented when transitioning to the new leasing guidance and, furthermore, lessors may elect not to separate lease and nonlease components when certain conditions are met. We adopted the amended guidance effective April 1, 2019 and applied the modified retrospective approach. Comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods. The adoption did not have a material effect on our unaudited condensed consolidated statements of operations or cash flows. We recognized operating lease right-of-use assets and operating lease liabilities related to our office leases described below on our unaudited condensed consolidated balance sheet of approximately $1.2 million as of April 1, 2019. Refer to Note 12 for a description of our operating lease expenses for the three and nine months ended December 31, 2019 and 2018 and commitments related to our leases as of December 31, 2019. We renewed an operating lease for our London office greater than 12 months during the nine months ended December 31, 2019. In relation to our time chartered-in VLGC described below, the adoption of the new guidance had no impact on our financial statements since the length of the time charter is not more than 12 months.
Time charter-out contracts
Our time charter revenues are generated from our vessels being hired by a third-party charterer for a specified period in exchange for consideration which is based on a monthly hire rate. The charterer has the full discretion over the ports subject to compliance with the applicable charter party agreement and relevant laws. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance, and lubricants. The charterer bears the voyage related costs such as bunker expenses, port charges and canal tolls during the hire period. The performance obligations in a time charter contract are satisfied on a straight-line basis over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire monthly in advance. We determined that our time charter contracts are considered operating leases and therefore fall under the scope of the amended 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 amended guidance, we elected the practical expedients 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. The adoption of the amended guidance did not impact our accounting for time charter out contracts.
Time charter-in contracts
We elected the practical expedient of the amended 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 unaudited condensed consolidated balance sheets. The duration of our only time charter-in contract at the time of adoption of the amended guidance was 12 months.
Office leases
We currently have operating leases for our offices in Stamford, Connecticut, USA; London, United Kingdom; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited condensed consolidated statements of operations. We carried forward our historical assessments of (1) whether contracts are or contain leases, (2) lease classifications, and (3) 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. The discount rate used ranged from 4.56% to 5.53%. The weighted average discount rate used to calculate the lease liability was 5.32%. The weighted average remaining lease term on our office leases as of December 31, 2019 is 33.1 months.
Our operating lease right-of-use asset and lease liabilities as of December 31, 2019 are as follows:
Maturities of operating lease liabilities as of December 31, 2019 are as follows:
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Basis of Presentation and General Information (Tables) |
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Schedule of wholly-owned subsidiaries |
Our subsidiaries as of December 31, 2019, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.
Vessel Subsidiaries
Management Subsidiaries
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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 December 31, 2019 are as follows:
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Deferred Charges, Net (Tables) |
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Schedule of movement of deferred charges |
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Vessels, Net (Tables) |
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Schedule of vessels, net |
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Long-term Debt (Tables) |
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Schedule of loans outstanding |
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Schedule of deferred financing fees |
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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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Revenues. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenues |
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Financial Instruments and Fair Value Disclosures (Tables) |
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Financial Instruments and Fair Value Disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial derivatives |
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Schedule of effect of derivative instruments on the consolidated statement of operations |
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Summary of carrying value and estimated fair value of Japanese Financings |
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Earnings/(Loss) Per Share (EPS) (Tables) |
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Earnings/(Loss) Per Share ("EPS") | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of calculations of basic and diluted EPS |
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Commitments and Contingencies (Tables) |
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Commitments and Contingencies | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of future minimum scrubber purchases commitments |
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Schedule of operating lease rent expense |
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Schedule of operating leases |
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Schedule of time charter-in expenses |
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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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Basis of Presentation and General Information (General) (Details) |
1 Months Ended | 9 Months Ended |
---|---|---|
Jan. 31, 2020
item
|
Dec. 31, 2019
USD ($)
item
|
|
Basis of Presentation and General Information | ||
Total number of vessels | 23 | |
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm | 19 | |
Number of VLGCs having 82,000 cbm | 3 | |
Number of time chartered-in VLGC | 1 | |
The number of vessels that have exhaust gas cleaning systems | 6 | |
Number of VLGCs with scrubber purchase commitments that were in-process | $ | $ 2 | |
Number of VLGCs with scrubber purchase commitments that were completed | 1 | 4 |
Number of VLGCs with scrubber purchase commitments that remain to be installed | 4 |
Significant Accounting Policies (AcctPro) (Details) - USD ($) |
Dec. 31, 2019 |
Apr. 01, 2019 |
---|---|---|
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating lease right-of-use assets | $ 1,107,262 | |
Operating lease liability | $ 1,110,673 | |
Adjustment | Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements or Change in Accounting Principle | ||
Operating lease right-of-use assets | $ 1,200,000 | |
Operating lease liability | $ 1,200,000 |
Significant Accounting Policies (Lease assets and liabilities) (Details) |
Dec. 31, 2019
USD ($)
|
---|---|
Leases | |
Weighted average discount rate (as a percent) | 5.32% |
Weighted average remaining lease term | 33 months 3 days |
Operating lease right-of-use assets | $ 1,107,262 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other Assets, Noncurrent |
Operating lease liabilities current | $ 393,523 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Operating lease liabilities current |
Operating lease liabilities non-current | $ 717,150 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other Liabilities, Noncurrent |
Minimum | |
Leases | |
Weighted average discount rate (as a percent) | 4.56% |
Maximum | |
Leases | |
Weighted average discount rate (as a percent) | 5.53% |
Significant Accounting Policies (Operating Lease Liability Maturity) (Details) |
Dec. 31, 2019
USD ($)
|
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Significant Accounting Policies | |
Remainder FY 2020 | $ 109,820 |
FY 2021 | 441,252 |
FY 2022 | 451,124 |
FY 2023 | 182,101 |
Total lease payments | 1,184,297 |
Less: imputed interest | (73,624) |
Carrying value of lease liabilities | $ 1,110,673 |
Deferred Charges, Net (Details) |
9 Months Ended |
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Dec. 31, 2019
USD ($)
| |
Movement in deferred charges, net | |
Balance at the beginning of the period | $ 2,000,794 |
Additions | 4,784,637 |
Amortization | (549,511) |
Balance at the end of the period | $ 6,235,920 |
Vessels, Net (Details) |
9 Months Ended | |
---|---|---|
Dec. 31, 2019
USD ($)
item
|
Mar. 31, 2019
USD ($)
|
|
Vessels, Net | ||
Vessels, net | $ 1,447,166,072 | $ 1,478,520,314 |
Vessels | ||
Cost | ||
Balance at the beginning of the period | 1,732,993,810 | |
Other additions | 17,460,014 | |
Balance at the end of the period | 1,750,453,824 | |
Accumulated depreciation | ||
Balance at the beginning of the period | (254,473,496) | |
Impairment | 0 | |
Depreciation | (48,814,256) | |
Balance at the end of the period | $ (303,287,752) | |
Number of VLGCs with scrubber purchase commitments | item | 10 | |
Mortgaged VLGC vessels, carrying value | $ 1,447,200,000 | $ 1,478,500,000 |
Stock Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions |
5 Months Ended | |
---|---|---|
Dec. 31, 2019 |
Aug. 05, 2019 |
|
Stock repurchases | ||
Common stock repurchase authorized amount | $ 50.0 | |
Treasury stock shares acquired (in shares) | 1.2 | |
Treasury stock value acquired to date | $ 14.8 | |
Remaining available authorization | $ 35.2 |
Revenues (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Revenues | $ 85,437,806 | $ 55,113,295 | $ 238,228,227 | $ 123,565,119 |
Net pool revenue - related party | ||||
Revenues | 77,470,478 | 46,683,295 | 208,507,192 | 94,816,738 |
Time charter revenue | ||||
Revenues | 7,859,035 | 8,370,000 | 29,112,464 | 28,477,881 |
Other revenues, net | ||||
Revenues | $ 108,293 | $ 60,000 | $ 608,571 | $ 270,500 |
Earnings/(Loss) Per Share (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
---|---|---|---|---|---|---|---|---|
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
Sep. 30, 2018 |
Jun. 30, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
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Numerator: | ||||||||
Net income/(loss) | $ 35,628,912 | $ 40,711,896 | $ 6,075,059 | $ (6,218,652) | $ (8,177,120) | $ (20,596,558) | $ 82,415,867 | $ (34,992,330) |
Denominator: | ||||||||
Basic weighted average number of common shares outstanding (in shares) | 53,944,991 | 54,441,203 | 54,380,855 | 54,356,060 | ||||
Effect of dilutive restricted stock and restricted stock units (in shares) | 231,757 | 234,988 | ||||||
Diluted weighted average number of common shares outstanding (in shares) | 54,176,748 | 54,441,203 | 54,615,843 | 54,356,060 | ||||
EPS: | ||||||||
Earnings/(loss) per common share – basic (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.52 | $ (0.64) | ||||
Earnings/(loss) per common share – diluted (in dollars per share) | $ 0.66 | $ (0.11) | $ 1.51 | $ (0.64) | ||||
Restricted stock awards | ||||||||
EPS: | ||||||||
Number of shares excluded from the calculation of diluted EPS | 0 | 725,685 | 0 | 725,685 |
Commitments and Contingencies (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2019 |
Dec. 31, 2018 |
Dec. 31, 2019 |
Dec. 31, 2018 |
|
Commitments under Contracts for Scrubber Purchases | ||||
Less than one year | $ 4,218,540 | $ 4,218,540 | ||
Total | 4,218,540 | 4,218,540 | ||
Operating Leases | ||||
Operating lease rent expense | 141,395 | $ 120,010 | 391,411 | $ 353,609 |
Commitments under Operating Leases | ||||
Less than one year | 531,200 | 531,200 | ||
One to three years | 395,592 | 395,592 | ||
Total | 926,792 | 926,792 | ||
Time Charter-in | ||||
Charter hire expenses | 2,071,206 | 6,181,206 | ||
Time Charter-in commitments | ||||
Less than one year | 8,370,000 | 8,370,000 | ||
One to three years | 1,400,000 | 1,400,000 | ||
Total | 9,770,000 | 9,770,000 | ||
Fixed Time Charter Commitments | ||||
Less than one year | 16,675,858 | 16,675,858 | ||
One to three years | 31,125,000 | 31,125,000 | ||
Total | $ 47,800,858 | $ 47,800,858 |
Professional and Legal Fees Related to the BW Proposal (Details) |
3 Months Ended | 9 Months Ended | |
---|---|---|---|
Dec. 31, 2018
USD ($)
|
Dec. 31, 2019
USD ($)
item
|
Dec. 31, 2018
USD ($)
|
|
Professional and Legal Fees Related to the BW Proposal | |||
Costs for professional (including investment banking fees) and legal services incurred in connection with BW’s unsolicited acquisition proposal and proxy contest | $ 7,766,847 | $ 10,020,436 | |
BW | |||
Professional and Legal Fees Related to the BW Proposal | |||
Number of directors proposed to be replaced in BW proposal | item | 3 | ||
Costs for professional (including investment banking fees) and legal services incurred in connection with BW’s unsolicited acquisition proposal and proxy contest | $ 7,800,000 | $ 0 | $ 10,000,000 |
Subsequent Events (Details) - USD ($) shares in Millions |
1 Months Ended | 3 Months Ended | 5 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jan. 31, 2020 |
Dec. 31, 2019 |
Sep. 30, 2019 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2019 |
Feb. 03, 2020 |
Aug. 05, 2019 |
|
Amendment to the 2015 Debt Facility | ||||||||
Treasury stock shares acquired (in shares) | 1.2 | |||||||
Amount of shares repurchased | $ 8,627,586 | $ 6,310,514 | $ 983,582 | $ 1,133,018 | ||||
Treasury stock value acquired to date | 14,800,000 | $ 14,800,000 | ||||||
Remaining available authorization | $ 35,200,000 | $ 35,200,000 | ||||||
Common stock repurchase authorized amount | $ 50,000,000 | |||||||
Subsequent events | ||||||||
Amendment to the 2015 Debt Facility | ||||||||
Treasury stock shares acquired (in shares) | 0.2 | |||||||
Amount of shares repurchased | $ 2,300,000 | |||||||
Treasury stock shares acquired to date | 1.4 | |||||||
Treasury stock value acquired to date | $ 17,100,000 | |||||||
Remaining available authorization | $ 32,900,000 | $ 82,900,000 | ||||||
Common stock repurchase authorized amount | $ 50,000,000 |