DORIAN LPG LTD., 10-Q filed on 2/3/2022
Quarterly Report
v3.22.0.1
Document and Entity Information - shares
9 Months Ended
Dec. 31, 2021
Jan. 31, 2022
Cover Abstract    
Entity Registrant Name DORIAN LPG LTD.  
Entity Central Index Key 0001596993  
Document Type 10-Q  
Document Period End Date Dec. 31, 2021  
Document Quarterly Report true  
Document Transition Report false  
Entity File Number 001-36437  
Entity Incorporation, State or Country Code 1T  
Entity Tax Identification Number 66-0818228  
Entity Address, Address Line One 27 Signal Road  
Entity Address, City or Town Stamford  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06902  
City Area Code 203  
Local Phone Number 674-9900  
Title of 12(b) Security Common stock, par value $0.01 per share  
Trading Symbol LPG  
Security Exchange Name NYSE  
Amendment Flag false  
Current Fiscal Year End Date --03-31  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Common Stock, Shares Outstanding   40,138,956
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
v3.22.0.1
Condensed Consolidated Balance Sheets - USD ($)
Dec. 31, 2021
Mar. 31, 2021
Current assets    
Cash and cash equivalents $ 115,807,905 $ 79,330,007
Restricted cash - current   5,315,951
Trade receivables, net and accrued revenues   202,221
Due from related parties 47,487,533 56,191,375
Inventories 2,361,139 2,007,464
Vessel held for sale 43,417,348  
Prepaid expenses and other current assets 8,384,018 10,296,229
Total current assets 217,457,943 153,343,247
Fixed assets    
Vessels, net 1,252,405,737 1,377,028,255
Vessels under construction 16,167,470  
Other fixed assets, net 84,799 148,836
Total fixed assets 1,268,658,006 1,377,177,091
Other non-current assets    
Deferred charges, net 10,537,511 10,158,202
Due from related parties-non-current 20,900,000 23,100,000
Restricted cash - non-current 78,946 81,241
Operating lease right-of-use assets 10,517,796 17,672,227
Other non-current assets 94,580 82,837
Total assets 1,528,244,782 1,581,614,845
Current liabilities    
Trade accounts payable 9,271,885 9,831,328
Accrued expenses 3,906,423 8,765,264
Due to related parties 360,682 117,803
Deferred income 1,628,133 853,983
Derivative instruments 205,869 1,100,529
Current portion of long-term operating lease liabilities 9,704,781 9,591,447
Current portion of long-term debt 69,530,028 51,820,283
Dividends payable 247,090  
Total current liabilities 94,854,891 82,080,637
Long-term liabilities    
Long-term debt-net of current portion and deferred financing fees 506,737,795 539,651,761
Long-term operating lease liabilities 802,793 8,080,995
Derivative instruments 144,057 3,454,862
Other long-term liabilities 1,514,183 1,521,260
Total long-term liabilities 509,198,828 552,708,878
Total liabilities 604,053,719 634,789,515
Commitments and contingencies
Shareholders' equity    
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued nor outstanding
Common stock, $0.01 par value, 450,000,000 shares authorized, 51,275,609 and 51,071,409 shares issued, 40,138,956 and 41,493,275 shares outstanding (net of treasury stock), as of December 31, 2021 and March 31, 2021, respectively 512,757 510,715
Additional paid-in-capital 759,390,376 756,776,217
Treasury stock, at cost; 11,136,653 and 9,578,134 shares as of December 31, 2021 and March 31, 2021, respectively (121,226,936) (99,862,114)
Retained earnings 285,514,866 289,400,512
Total shareholders' equity 924,191,063 946,825,330
Total liabilities and shareholders' equity $ 1,528,244,782 $ 1,581,614,845
v3.22.0.1
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
Dec. 31, 2021
Mar. 31, 2021
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 51,275,609 51,071,409
Common stock, shares outstanding (net of treasury stock) 40,138,956 41,493,275
Treasury stock, shares at cost 11,136,653 9,578,134
v3.22.0.1
Condensed Consolidated Statements of Operations - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Revenues.        
Revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625
Expenses        
Voyage expenses 779,746 752,404 3,200,751 2,426,518
Charter hire expenses 4,917,012 4,392,132 10,829,050 13,626,580
Vessel operating expenses 18,205,762 19,202,291 56,916,054 58,027,558
Depreciation and amortization 16,859,224 17,253,447 50,771,237 51,346,574
General and administrative expenses 5,867,454 5,548,526 23,257,989 22,764,312
Total expenses 46,629,198 47,148,800 144,975,081 148,191,542
Gain on disposal of vessel     3,466,210  
Other income-related parties 580,388 545,311 1,793,663 1,646,014
Operating income 22,550,972 41,875,535 54,922,170 69,809,097
Other income/(expenses)        
Interest and finance costs (7,412,231) (6,087,193) (18,619,712) (21,839,573)
Interest income 53,792 53,197 279,195 269,381
Unrealized gain on derivatives 3,056,741 479,534 4,205,465 3,952,414
Realized loss on derivatives (895,782) (760,991) (2,714,337) (3,696,915)
Other gain/(loss), net (772,607) 265,182 (1,520,993) 36,815
Total other income/(expenses), net (5,970,087) (6,050,271) (18,370,382) (21,277,878)
Net income $ 16,580,885 $ 35,825,264 $ 36,551,788 $ 48,531,219
Weighted average shares outstanding Basic (in shares) 39,890,674 50,255,908 40,305,902 50,511,473
Weighted average shares outstanding Diluted (in shares) 40,025,399 50,368,392 40,460,665 50,605,985
Earnings per common share - basic (in dollars per share) $ 0.42 $ 0.71 $ 0.91 $ 0.96
Earnings per common share - diluted (in dollars per share) $ 0.41 $ 0.71 $ 0.90 $ 0.96
Net pool revenues - related party        
Revenues.        
Revenues $ 62,856,243 $ 82,659,967 $ 174,739,894 $ 199,312,944
Time charter revenues        
Revenues.        
Revenues 5,301,134 4,665,664 15,915,876 13,928,732
Other revenue, net        
Revenues.        
Revenues $ 442,405 $ 1,153,393 $ 3,981,608 $ 3,112,949
v3.22.0.1
Condensed Consolidated Statements of Shareholders Equity - USD ($)
Common stock
Treasury stock
Additional paid-in capital
Retained earnings/(Accumulated deficit)
Total
Balance at Mar. 31, 2020 $ 590,833 $ (87,183,865) $ 866,809,371 $ 196,835,859 $ 977,052,198
Balance (in shares) at Mar. 31, 2020 59,083,290        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       12,168,005 12,168,005
Restricted share award issuances $ 3,516   (3,516)    
Restricted share award issuances (in shares) 351,629        
Stock-based compensation     1,930,902   1,930,902
Purchase of treasury stock   (1,198,214)     (1,198,214)
Balance at Jun. 30, 2020 $ 594,349 (88,382,079) 868,736,757 209,003,864 989,952,891
Balance (in shares) at Jun. 30, 2020 59,434,919        
Balance at Mar. 31, 2020 $ 590,833 (87,183,865) 866,809,371 196,835,859 977,052,198
Balance (in shares) at Mar. 31, 2020 59,083,290        
Increase (Decrease) in Shareholders' Equity          
Net income for the period         48,531,219
Balance at Dec. 31, 2020 $ 594,651 (99,862,114) 869,673,244 245,367,078 1,015,772,859
Balance (in shares) at Dec. 31, 2020 59,465,124        
Balance at Jun. 30, 2020 $ 594,349 (88,382,079) 868,736,757 209,003,864 989,952,891
Balance (in shares) at Jun. 30, 2020 59,434,919        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       537,950 537,950
Restricted share award issuances $ 151   (151)    
Restricted share award issuances (in shares) 15,100        
Stock-based compensation     406,721   406,721
Purchase of treasury stock   (1,306,388)     (1,306,388)
Balance at Sep. 30, 2020 $ 594,500 (89,688,467) 869,143,327 209,541,814 989,591,174
Balance (in shares) at Sep. 30, 2020 59,450,019        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       35,825,264 35,825,264
Restricted share award issuances $ 151   (151)    
Restricted share award issuances (in shares) 15,105        
Stock-based compensation     530,068   530,068
Purchase of treasury stock   (10,173,647)     (10,173,647)
Balance at Dec. 31, 2020 $ 594,651 (99,862,114) 869,673,244 245,367,078 1,015,772,859
Balance (in shares) at Dec. 31, 2020 59,465,124        
Balance at Mar. 31, 2021 $ 510,715 (99,862,114) 756,776,217 289,400,512 946,825,330
Balance (in shares) at Mar. 31, 2021 51,071,409        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       5,869,100 5,869,100
Restricted share award issuances $ 158   (158)    
Restricted share award issuances (in shares) 15,800        
Stock-based compensation     647,124   647,124
Purchase of treasury stock   (14,793,180)     (14,793,180)
Balance at Jun. 30, 2021 $ 510,873 (114,655,294) 757,423,183 295,269,612 938,548,374
Balance (in shares) at Jun. 30, 2021 51,087,209        
Balance at Mar. 31, 2021 $ 510,715 (99,862,114) 756,776,217 289,400,512 946,825,330
Balance (in shares) at Mar. 31, 2021 51,071,409        
Increase (Decrease) in Shareholders' Equity          
Net income for the period         36,551,788
Balance at Dec. 31, 2021 $ 512,757 (121,226,936) 759,390,376 285,514,866 924,191,063
Balance (in shares) at Dec. 31, 2021 51,275,609        
Balance at Jun. 30, 2021 $ 510,873 (114,655,294) 757,423,183 295,269,612 938,548,374
Balance (in shares) at Jun. 30, 2021 51,087,209        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       14,101,803 14,101,803
Restricted share award issuances $ 1,884   (1,884)    
Restricted share award issuances (in shares) 188,400        
Dividend       (40,437,434) (40,437,434)
Stock-based compensation     1,290,254   1,290,254
Purchase of treasury stock   (6,553,707)     (6,553,707)
Balance at Sep. 30, 2021 $ 512,757 (121,209,001) 758,711,553 268,933,981 906,949,290
Balance (in shares) at Sep. 30, 2021 51,275,609        
Increase (Decrease) in Shareholders' Equity          
Net income for the period       16,580,885 16,580,885
Stock-based compensation     678,823   678,823
Purchase of treasury stock   (17,935)     (17,935)
Balance at Dec. 31, 2021 $ 512,757 $ (121,226,936) $ 759,390,376 $ 285,514,866 $ 924,191,063
Balance (in shares) at Dec. 31, 2021 51,275,609        
v3.22.0.1
Condensed Consolidated Statements of Cash Flows - USD ($)
9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Cash flows from operating activities:    
Net income $ 36,551,788 $ 48,531,219
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 50,771,237 51,346,574
Amortization of operating lease right-of-use assets 7,148,483 6,876,606
Amortization of financing costs 3,232,626 4,005,265
Unrealized gain on derivatives (4,205,465) (3,952,414)
Stock-based compensation expense 2,616,201 2,867,691
Gain on disposal of vessel (3,466,210)  
Unrealized foreign currency (gain)/loss, net 205,279 (236,303)
Other non-cash items, net 1,342,894 (411,380)
Changes in operating assets and liabilities    
Trade receivables, net and accrued revenue 202,221 820,414
Prepaid expenses and other current assets (960,151) (1,755,118)
Due from related parties 10,148,374 (9,152,171)
Inventories (408,693) (134,090)
Other non-current assets (11,743) 1,471,650
Operating lease liabilities-current and long-term (7,158,734) (6,877,479)
Trade accounts payable (352,460) (37,288)
Accrued expenses and other liabilities (3,998,726) (863,951)
Due to related parties 242,879 (183,387)
Payments for drydocking costs (3,128,235) (4,720,105)
Net cash provided by operating activities 88,771,565 87,595,733
Cash flows from investing activities:    
Payments for vessels under construction and vessel capital expenditures (22,225,882) (9,301,455)
Purchases of investment securities (2,250,681) (488,231)
Proceeds from sale of investment securities 3,742,429  
Proceeds from maturity of short-term investments   15,000,000
Proceeds from disposal of vessel 43,283,021  
Payments to acquire other fixed assets   (11,566)
Net cash provided by investing activities 22,548,887 5,198,748
Cash flows from financing activities:    
Proceeds from long-term debt borrowings 83,400,000 55,378,172
Repayment of long-term debt borrowings (100,526,209) (86,463,325)
Repurchase of common stock (21,346,885) (11,659,822)
Financing costs paid (1,357,545) (3,997,015)
Dividend paid (40,210,344)  
Net cash used in financing activities (80,040,983) (46,741,990)
Effects of exchange rates on cash and cash equivalents (119,817) 237,011
Net increase in cash, cash equivalents, and restricted cash 31,159,652 46,289,502
Cash, cash equivalents, and restricted cash at the beginning of the period 84,727,199 87,389,127
Cash, cash equivalents, and restricted cash at the end of the period $ 115,886,851 $ 133,678,629
v3.22.0.1
Basis of Presentation and General Information
9 Months Ended
Dec. 31, 2021
Basis of Presentation and General Information  
Basis of Presentation and General Information

1. Basis of Presentation and General Information

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States, and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2021, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), two 82,000 cbm VLGCs and two time chartered-in ECO-VLGCs. As of December 31, 2021, thirteen of our ECO-VLGCs, including one of our time chartered-in ECO-VLGCs, are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. 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).

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 unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the unaudited interim condensed consolidated financial statements and related notes. The unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2021 included in our Annual Report on Form 10-K filed with the SEC on June 2, 2021.

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, 2021, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below.

Vessel Subsidiaries

    

Type of

    

    

    

 

Subsidiary

vessel

Vessel’s name

Built

CBM(1)

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007

 

82,000

CNML LPG Transport LLC

 

VLGC

 

Captain Nicholas ML

 

2008

 

82,000

Comet LPG Transport LLC

VLGC

Comet

2014

84,000

Corsair LPG Transport LLC

VLGC

Corsair(2)

2014

84,000

Corvette LPG Transport LLC

 

VLGC

 

Corvette(2)

 

2015

 

84,000

Dorian Shanghai LPG Transport LLC

VLGC

Cougar

2015

84,000

Concorde LPG Transport LLC

VLGC

Concorde(2)

2015

84,000

Dorian Houston LPG Transport LLC

VLGC

Cobra

2015

84,000

Dorian Sao Paulo LPG Transport LLC

VLGC

Continental

2015

84,000

Dorian Ulsan LPG Transport LLC

VLGC

Constitution

2015

84,000

Dorian Amsterdam LPG Transport LLC

VLGC

Commodore

2015

84,000

Dorian Dubai LPG Transport LLC

VLGC

Cresques(2)

2015

84,000

Constellation LPG Transport LLC

VLGC

Constellation

2015

84,000

Dorian Monaco LPG Transport LLC

VLGC

Cheyenne

2015

84,000

Dorian Barcelona LPG Transport LLC

VLGC

Clermont

2015

84,000

Dorian Geneva LPG Transport LLC

VLGC

Cratis

2015

84,000

Dorian Cape Town LPG Transport LLC

VLGC

Chaparral

2015

84,000

Dorian Tokyo LPG Transport LLC

VLGC

Copernicus

2015

84,000

Commander LPG Transport LLC

VLGC

Commander

2015

84,000

Dorian Explorer LPG Transport LLC

VLGC

Challenger

2015

84,000

 

Dorian Exporter LPG Transport LLC

VLGC

Caravelle

2016

84,000

Dorian Sakura LPG Transport LLC(3)

VLGC

Hull No. 1755

2023(4)

84,000

Management and Other Subsidiaries

 

Subsidiary

 

Dorian LPG Management Corp.

Dorian LPG (USA) LLC (incorporated in USA)

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

Dorian LPG Finance LLC

Occident River Trading Limited (incorporated in UK)

Dorian LPG (DK) ApS (incorporated in Denmark)

Dorian LPG Chartering LLC

Dorian LPG FFAS LLC

CMNL LPG Transport LLC

(1)CBM: Cubic meters, a standard measure for LPG tanker capacity
(2)Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information.
(3)Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 16 below for further information.
(4)The applicable vessel is expected to be delivered in calendar year 2023.

COVID-19

Since the beginning of calendar year 2020, the outbreak of the COVID-19 pandemic has negatively affected economic conditions, the supply chain, the labor market, the demand for certain shipped goods regionally as well as globally and may otherwise impact our operations and the operations of our customers and suppliers. Governments and governmental agencies have taken numerous actions in an attempt 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. These measures resulted in a significant reduction in global economic activity and extreme volatility in the global financial markets. Though some of these measures were relaxed, certain governments may reinstate similar or other measures in the wake of the spread of the COVID-19 virus and its related variants. If the COVID-19 pandemic continues on a prolonged basis or becomes more severe, including as a result of variants of COVID-19, the adverse impact on the global economy and the shipping industry may deteriorate and our operations and cash flows may be negatively impacted. The extent of COVID-19’s impact on our financial and operational results, which could be material, will depend on the duration and severity of the pandemic, vaccination rates among the population, the effectiveness of COVID-19 vaccines

against COVID-19 and its variants, and other governmental responses. Any new uncertainties regarding the economic impact of the COVID-19 pandemic may likely to result in market turmoil, which could also negatively impact our business, financial condition and cash flows. Over the course of the pandemic, governments approved large stimulus packages to mitigate the effects of the sudden decline in economic activity caused by the pandemic; however, we cannot predict the extent to which these measures will be sufficient to continue to sustain the business and financial condition of companies in the shipping industry. We have experienced increases in crew wages and related costs, particularly in crew travel and medical costs, as a result of COVID-19.

v3.22.0.1
Significant Accounting Policies
9 Months Ended
Dec. 31, 2021
Significant Accounting Policies  
Significant Accounting Policies

2. Significant Accounting Policies

The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as those applied in the preparation of our consolidated audited financial statements for the year ended March 31, 2021 (refer to Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021).

Accounting Pronouncements 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 is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures.

v3.22.0.1
Transactions with Related Parties
9 Months Ended
Dec. 31, 2021
Transactions with Related Parties  
Transactions with Related Parties

3.  Transactions with Related Parties

Dorian (Hellas), S.A.

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

Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 2021 and 2020 and $0.1 million for both the nine months ended December 31, 2021 and 2020.

As of December 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the unaudited interim condensed consolidated balance sheets. As of March 31, 2021, $1.0 million was due from DHSA and included in “Due from related parties” in the audited consolidated balance sheets.

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, 2021, the Helios Pool operated twenty-four VLGCs, including twenty-one vessels from our fleet (including two vessels time chartered-in from  related parties) and three Phoenix vessels.

As of December 31, 2021, we had net receivables from the Helios Pool of $67.0 million (net of an amount due to Helios Pool of $0.3 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 $2.2 million was classified as current). As of March 31, 2021, we had net receivables from the Helios Pool of $78.1 million (net of an amount due to Helios Pool of $0.1 million which is reflected under “Due to related Parties”), including $24.2 million of working capital contributed for the operation of our vessels in the pool (of which $1.1 million was classified as current). Our maximum exposure to losses from the pool as of December 31, 2021 is limited to the receivables from the pool. The Helios Pool does not have any third-party debt obligations. The Helios Pool has entered into commercial management agreements with each of Dorian LPG (UK) Ltd. and Phoenix as commercial managers and has appointed both commercial managers as the exclusive commercial managers of pool vessels. Dorian LPG (DK) ApS has assumed the responsibilities of Dorian LPG (UK) Ltd. under these commercial management agreements with the consolidation of our Copenhagen, Denmark and London, United Kingdom offices. Fees for commercial management services earned by Dorian LPG (DK) ApS are included in “Other income-related parties” in the unaudited interim condensed consolidated statement of operations and were $0.5 million for both the three months ended December 31, 2021, and 2020, and $1.6 million and $1.5 million for the nine months ended December 31, 2021, and 2020, 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 $0.9 million for the three months ended December 31, 2021, and 2020, respectively, and $1.9 million and $2.9 million for the nine months ended December 31, 2021, and 2020, respectively, and are included in “Other revenues, net” in the unaudited interim condensed consolidated statements of operations.

Through our vessel owning subsidiaries, we have chartered vessels to the Helios Pool during the nine months ended December 31, 2021 and 2020. 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 as variable rate time charter hire for the relevant vessel to participants based on pool points (vessel attributes such as cargo carrying capacity, scrubber-equipped, fuel consumption, and speed are taken into consideration) and number of days the vessel participated in the pool in the period. Net pool revenues, less any amounts required for working capital of the Helios Pool, are distributed, to the extent they have been collected from third-party customers of the Helios Pool. We recognize net pool revenues on a monthly basis, when each relevant vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably. Revenue earned from the Helios Pool is presented in Note 13.

v3.22.0.1
Deferred Charges, Net
9 Months Ended
Dec. 31, 2021
Deferred Charges, Net.  
Deferred Charges, Net

4. Deferred Charges, Net

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

    

Drydocking

 

costs

 

Balance, April 1, 2021

$

10,158,202

Additions

2,876,379

Disposals

(74,561)

Transfer to vessel held for sale

(224,291)

Amortization

(2,198,218)

Balance, December 31, 2021

 

$

10,537,511

v3.22.0.1
Vessels, Net
9 Months Ended
Dec. 31, 2021
Vessels, Net  
Vessels, Net

5. Vessels, Net

    

    

Accumulated

    

 

Cost

depreciation

Net book Value

 

Balance, April 1, 2021

$

1,762,657,830

 

$

(385,629,575)

 

$

1,377,028,255

Other additions

5,980,471

5,980,471

Transfer to vessel held for sale

(68,845,783)

25,652,725

(43,193,058)

Disposals

(62,311,861)

23,410,912

(38,900,949)

Depreciation

(48,508,982)

(48,508,982)

Balance, December 31, 2021

 

$

1,637,480,657

 

$

(385,074,920)

 

$

1,252,405,737

Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2021. Our vessels, with a total carrying value of $1,212.3 million and $1,337.4 million as of December 31, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of December 31, 2021 and Captain Markos NL was our only VLGC that was not first priority mortgaged as collateral for our long-term debt as of March 31, 2021. 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 recognized a gain of $3.5 million during the nine months ended December 31, 2021.

v3.22.0.1
Vessel Held For Sale
9 Months Ended
Dec. 31, 2021
Vessel Held For Sale  
Vessel Held For Sale

6. Vessel Held For Sale

In December 2021, we determined that the sale of our 2008-built VLGC Captain Nicholas ML was probable within twelve months and reclassified the vessel to vessel held for sale. No gain or loss has been recorded as of December 31, 2021 and we have suspended the recognition of depreciation of the vessel. The carrying value of the vessel totaled $43.4 million, which we reclassified to current assets on our unaudited interim condensed consolidated balance sheets as of December 31, 2021. Additionally, as of December 31, 2021, Captain Nicholas ML was encumbered under the CNML Japanese Financing, which we subsequently repaid on January 26, 2022. See Note 8 for further details on the CNML Japanese Financing.

v3.22.0.1
Vessels Under Construction
9 Months Ended
Dec. 31, 2021
Vessels Under Construction.  
Vessels Under Construction

7. Vessel Under Construction

As further described in Note 16, we have entered into a thirteen-year bareboat charter agreement for a newbuilding dual-fuel VLGC that is expected to be delivered from Kawasaki Heavy Industries in March 2023. The analysis and movement of vessel under construction is presented in the table below:

Balance, April 1, 2021

    

$

 

Installment payments

16,000,000

Other capitalized expenditures

102,904

Capitalized interest

64,566

Balance, December 31, 2021

 

$

16,167,470

v3.22.0.1
Long-term Debt
9 Months Ended
Dec. 31, 2021
Long-term Debt  
Long-term Debt

8. Long-term Debt

2015 AR 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, 2021 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 Facility”), and the amendment and restatement of the 2015 Facility (the “2015 AR Facility”) on April 29, 2020. On December 29, 2021, we prepaid $47.2 million of the 2015 AR Facility’s then outstanding principal related to the Commander and Constellation using proceeds from the BALCAP Facility (defined below).

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

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 2015 AR Facility. We were in compliance with all financial covenants as of December 31, 2021.

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, 2021 for information on the refinancing of our 2014-built VLGC, Corsair, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corsair Japanese Financing”).

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, 2021 for information on the refinancing of our 2015-built VLGC, 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, 2021 for information on the refinancing of our 2015-built VLGC, Corvette, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Corvette Japanese Financing”).

CMNL/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, 2021 for information on the refinancing our 2007-built VLGC, Captain John NP, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CMNL/CJNP Japanese Financing”). On November 30, 2021, we completed the repurchase of Captain John NP and repaid the CMNL/CJNP Japanese Financing for $15.8 million in cash and application of the deposit amount of $25.2 million, which had been retained by the buyer in connection with the financing towards the repurchase of the vessel.

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, 2021 for information on the refinancing our 2008-built VLGC, Captain Nicholas ML, pursuant to a memorandum of agreement and a bareboat charter agreement (the “CNML Japanese Financing”). On October 24, 2021, we exercised our repurchase option under the CNML Japanese Financing by providing a three-month notice to the owners of Captain Nicholas ML of our intent to repurchase the vessel for approximately $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 CNML Japanese Financing, towards the repurchase of the vessel. We have reclassified $16.4 million from long-term debt to current portion of long-term debt as the repurchase transaction was completed on January 26, 2022.

Cresques Japanese Financing

Refer to Note 9 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on the refinancing our 2015-built VLGC, Cresques, pursuant to a memorandum of agreement and a bareboat charter agreement (the “Cresques Japanese Financing”).

Debt Obligations

The table below presents our debt obligations:

    

December 31, 2021

    

March 31, 2021

 

2015 AR Facility

Commercial Financing

$

134,396,466

$

155,205,698

KEXIM Direct Financing

68,911,186

89,474,512

KEXIM Guaranteed

72,958,655

93,997,081

K-sure Insured

35,828,187

46,333,895

Total 2015 AR Facility

$

312,094,494

$

385,011,186

Japanese Financings

Corsair Japanese Financing

$

38,458,334

$

40,895,833

Concorde Japanese Financing

43,076,923

45,500,000

Corvette Japanese Financing

43,615,385

46,038,462

CMNL/CJNP Japanese Financing

16,706,845

CNML Japanese Financing

17,801,637

18,855,655

Cresques Japanese Financing

46,515,000

49,080,000

Total Japanese Financings

$

189,467,279

$

217,076,795

BALCAP Facility

$

83,400,000

$

Total debt obligations

$

584,961,773

$

602,087,981

Less: deferred financing fees

8,693,950

10,615,937

Debt obligations—net of deferred financing fees

$

576,267,823

$

591,472,044

Presented as follows:

Current portion of long-term debt

 

$

69,530,028

$

51,820,283

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

 

506,737,795

539,651,761

Total

 

$

576,267,823

$

591,472,044

Deferred Financing Fees

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

    

Financing

costs

Balance, April 1, 2021

$

10,615,937

Additions

1,310,639

Amortization

(3,232,626)

Balance, December 31, 2021

 

$

8,693,950

v3.22.0.1
Leases
9 Months Ended
Dec. 31, 2021
Leases  
Leases

9. Leases

Time charter-in contracts

During the nine months ended December 31, 2021, we time chartered-in a VLGC that was delivered to us in October 2021 with a duration of 12 months with no option periods. Therefore, this operating lease was excluded from operating lease right-of-use asset and lease liability recognition on our consolidated balance sheets. As of December 31, 2021, right-of-use assets and lease liabilities of $10.2 million were recognized on our balance sheets related to one VLGC that we had previously time chartered-in for a period of greater than 12 months. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $5.5 million and $8.7 million for the three months ended December 31, 2021 and 2020, respectively, and $12.3 million and $20.2 million for the nine months ended December 31, 2021 and 2020, respectively.

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

Three months ended

Nine months ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Charter hire expenses

$

4,917,012

$

4,392,132

$

10,829,050

$

13,626,580

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 consolidated statements of operations. During the nine months ended December 31, 2021, we did not enter into any new office lease contracts.

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

Three months ended

Nine months ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Operating lease rent expense

$

148,384

$

139,568

$

464,394

$

401,435

For our office leases and time charter-in arrangement, the discount rate used ranged from 3.82% to 5.53%. The weighted average discount rate used to calculate the lease liability was 3.88%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of December 31, 2021 is 12.9 months.

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

Description

Location on Balance Sheet

December 31, 2021

Assets:

Office leases

Operating lease right-of-use assets

$

303,810

Time charter-in VLGCs

Operating lease right-of-use assets

$

10,213,986

Liabilities:

Current

Office Leases

Current portion of long-term operating leases

$

291,241

Time charter-in VLGCs

Current portion of long-term operating leases

$

9,413,540

Long-term

Office Leases

Long-term operating leases

$

2,347

Time charter-in VLGCs

Long-term operating leases

$

800,446

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

Less than one year

$

9,923,917

One to three years

819,233

Total undiscounted lease payments

10,743,150

Less: imputed interest

(235,576)

Carrying value of operating lease liabilities

$

10,507,574

v3.22.0.1
Dividends
9 Months Ended
Dec. 31, 2021
Dividends.  
Dividends

10. Dividends

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.

This was an irregular dividend. 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.

v3.22.0.1
Stock Repurchase Authority
9 Months Ended
Dec. 31, 2021
Stock Repurchase Authority  
Stock Repurchase Authority

11. Stock Repurchase Authority

On August 5, 2019, our Board of Directors authorized the repurchase of up to $50 million of our common shares through the period ended December 31, 2020 (the “2019 Common Share Repurchase Authority”). On February 3, 2020, our Board of Directors authorized an increase to our 2019 Common Share Repurchase Authority to repurchase up to an additional $50 million of our common shares. On December 29, 2020, our Board of Directors authorized an extension of and an increase to the remaining authorization of $41.4 million under our 2019 Common Share Repurchase Authority, which was set to expire on December 31, 2020. Following this Board action, we were authorized to repurchase up to $50.0 million of our common shares from December 29, 2020 through December 31, 2021. As of December 31, 2021, our total purchases under this authority totaled 7.0 million of our common shares for an aggregate consideration of $81.0 million. Our 2019 Common Share Repurchase Authority expired on December 31, 2021. Under this authorization, when in force, purchases were made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. We are not obligated to make any common share repurchases.

v3.22.0.1
Stock-Based Compensation Plans
9 Months Ended
Dec. 31, 2021
Stock-Based Compensation Plans  
Stock-Based Compensation Plans

12. Stock-Based Compensation Plans

Our stock-based compensation expense is included within general and administrative expenses in the unaudited interim condensed consolidated statements of operations and was $0.7 million and $0.5 million for the three months ended December 31, 2021 and 2020, respectively, and $2.6 million and $2.9 million for the nine months ended December 31, 2021 and 2020 respectively. Unrecognized compensation cost was $2.2 million as of December 31, 2021 and will be recognized over a remaining weighted average life of 2.02 years. For more information on our equity incentive plan, refer to Note 12 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021.

In August 2021, we granted an aggregate of 180,900 shares of restricted stock vesting ratably on the grant date and on the first, second, and third anniversary of that date and 36,700 restricted stock units to certain of our officers and employees vesting ratably on the first, second, and third anniversaries of the grant date. The final tranche of restricted stock and restricted stock units granted to 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.

A summary of the activity of restricted shares and units awarded under our equity incentive plan as of December 31, 2021 and changes during the nine months ended December 31, 2021, is as follows:

    

    

Weighted-Average

 

Grant-Date

Incentive Share/Unit Awards

Number of Shares/Units

Fair Value

Unvested as of April 1, 2021

358,171

$

8.23

Granted

217,600

13.10

Vested

(242,581)

9.40

Forfeited

(4,100)

10.24

Unvested as of December 31, 2021

329,090

$

10.56

v3.22.0.1
Revenues
9 Months Ended
Dec. 31, 2021
Revenues.  
Revenues

13. Revenues

Revenues comprise the following:

    

Three months ended

    

Nine months ended

 

December 31, 2021

    

December 31, 2020

December 31, 2021

    

December 31, 2020

 

Net pool revenues—related party

$

62,856,243

$

82,659,967

$

174,739,894

$

199,312,944

Time charter revenues

5,301,134

4,665,664

15,915,876

13,928,732

Other revenues, net

442,405

 

1,153,393

3,981,608

 

3,112,949

Total revenues

$

68,599,782

 

$

88,479,024

$

194,637,378

 

$

216,354,625

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, 2021.

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

v3.22.0.1
Financial Instruments and Fair Value Disclosures
9 Months Ended
Dec. 31, 2021
Financial Instruments and Fair Value Disclosures  
Financial Instruments and Fair Value Disclosures

14.  Financial Instruments and Fair Value Disclosures

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

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

(b)Interest rate risk:  Our long-term bank loans are based on the London Interbank Offered Rate (“LIBOR”) and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge a majority of our variable interest rate exposure related to our 2015 AR Facility. Refer to Note 19 to the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2021 for information on our interest rate swap agreements related to the 2015 AR Facility.

(c)Fair value measurements: Interest rate swaps are stated at fair value, which is determined using a discounted cash flow approach based on marketbased LIBOR swap yield rates. LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and, therefore, are considered Level 2 items in accordance with the fair value hierarchy. The fair value of the interest rate swap agreements approximates the amount that we would have to pay or receive for the early termination of the agreements. In June 2021, our interest rate swap with the ABN AMRO Capital USA LLC was novated to Citibank N.A. with a decrease in the fixed rate from 1.4675% to 1.2370%.

Additionally, we have previously taken positions in forward freight agreements (“FFAs”) as economic hedges to reduce the risk related to vessels trading in the spot market, including vessels operating in the Helios Pool, and to take advantage of fluctuations in spot market rates. 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. Settlements of FFAs are recorded in realized gain/(loss) on derivatives. FFAs are considered Level 2 items in accordance with the fair value hierarchy. We had no outstanding FFAs as of December 31, 2021, but we have taken positions in FFAs in the past and we may do so again in the future.

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:

December 31, 2021

March 31, 2021

Current assets

Current liabilities

Current assets

Current liabilities

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

Interest rate swap agreements

$

$

205,869

$

$

1,100,529

December 31, 2021

March 31, 2021

 

Other non-current assets

Long-term liabilities

Other non-current assets

Long-term liabilities

 

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

 

Interest rate swap agreements

$

$

144,057

$

$

3,454,862

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

Three months ended

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2021

    

December 31, 2020

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

$

136,632

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

3,056,741

342,902

Forward freight agreements—realized gain/(loss)

Realized loss on derivatives

153,919

Interest rate swaps—realized gain/(loss)

 

Realized loss on derivatives

 

(895,782)

(914,910)

Gain/(loss) on derivatives, net

 

$

2,160,959

$

(281,457)

    

    

Nine months ended

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2021

    

December 31, 2020

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

$

2,605,442

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

4,205,465

1,346,972

Forward freight agreements—realized gain/(loss)

Realized loss on derivatives

(788,670)

Interest rate swaps—realized gain/(loss)

 

Realized loss on derivatives

 

(2,714,337)

(2,908,245)

Gain/(loss) on derivatives, net

 

$

1,491,128

$

255,499

As of December 31, 2021 and March 31, 2021, 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 investment securities. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and nine months ended December 31, 2021 and 2020.

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

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

Three months ended

    

December 31, 2021

    

December 31, 2020

Unrealized gain/(loss) on investment securities

$

(1,179,297)

$

358,678

Less: Realized gain/(loss) on investment securities

 

(305)

Net gain/(loss) on investment securities

 

$

(1,179,602)

$

358,678

Nine months ended

    

December 31, 2021

    

December 31, 2020

 

Unrealized gain/(loss) on investment securities

$

(1,710,348)

$

395,931

Less: Realized gain/(loss) on investment securities

 

447,255

Net gain/(loss) on investment securities

 

$

(1,263,093)

$

395,931

We have long-term bank debt and the Cresques Japanese Financing for which we believe the carrying values approximate their fair values as the loans bear interest at variable interest rates, being LIBOR, which is observable at commonly quoted intervals for the full terms of the loans, and hence are considered as Level 2 items in accordance with the fair value hierarchy. We also have long-term debt related to the Corsair Japanese Financing, Concorde Japanese Financing, Corvette Japanese Financing, CMNL/CJNP Japanese Financing, and CNML Japanese Financing (collectively, the “Japanese Financings”) and the BALCAP Facility that incur interest at a fixed-rate with amortizing principal amounts. The Japanese Financings and the 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 the Japanese Financings as of:

December 31, 2021

March 31, 2021

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Corsair Japanese Financing

$

38,458,334

$

40,345,097

$

40,895,833

$

44,298,064

Concorde Japanese Financing

43,076,923

45,501,855

45,500,000

49,791,680

Corvette Japanese Financing

43,615,385

46,096,511

46,038,462

50,376,434

CMNL/CJNP Japanese Financing

16,706,845

18,792,993

CNML Japanese Financing

17,801,637

18,917,200

18,855,655

21,195,305

BALCAP Facility

$

83,400,000

$

83,400,000

$

$

v3.22.0.1
Earnings Per Share (EPS)
9 Months Ended
Dec. 31, 2021
Earnings Per Share ("EPS")  
Earnings Per Share ("EPS")

15. Earnings Per Share (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of 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 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:

Three months ended

Nine months ended

(In U.S. dollars except share data)

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Numerator:

Net income

$

16,580,885

$

35,825,264

$

36,551,788

$

48,531,219

Denominator:

Basic weighted average number of common shares outstanding

39,890,674

50,255,908

40,305,902

50,511,473

Effect of dilutive restricted stock and restricted stock units

134,725

112,484

154,763

94,512

Diluted weighted average number of common shares outstanding

40,025,399

50,368,392

40,460,665

50,605,985

EPS:

Basic

$

0.42

$

0.71

$

0.91

$

0.96

Diluted

$

0.41

$

0.71

$

0.90

$

0.96

No shares of unvested restricted stock were excluded from the calculation of diluted EPS for the three and nine months ended December 31, 2021 and 2020.

v3.22.0.1
Commitments and Contingencies
9 Months Ended
Dec. 31, 2021
Commitments and Contingencies  
Commitments and Contingencies

16.  Commitments and Contingencies

Commitments under Contracts for Ballast Water Management Systems Purchases

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

December 31, 2021

Less than one year

$

405,030

Total

$

405,030

Commitments under Bareboat Charter Header Agreement

On March 31, 2021, we entered into a thirteen-year bareboat charter agreement for a newbuilding dual-fuel VLGC that is expected to be delivered from Kawasaki Heavy Industries in March 2023. The structure of the financing of the newbuilding is analogous to that of our Japanese Financings in which a third-party will purchase the vessel and from whom we will bareboat charter the vessel. As part of the agreement, we control the building of the vessel and the use of the vessel after it is delivered. The vessel will be built to our specifications; we will supervise the building of the vessel to meet these specifications; and we will technically and commercially manage the vessel after its delivery. Under the agreement, we had commitments of $24.0 million of predelivery costs as well as the cost of additional features to meet our specifications and supervision costs for an aggregate total of approximately $25.0 million. As of December 31, 2021, we had approximately $9.0 million of commitments under the agreement outstanding that we expect to settle with an installment payment during the year ending March 31, 2023. Construction of the vessel commenced in December 2021.

Operating Leases

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

December 31, 2021

Less than one year

$

217,385

Total

$

217,385

Time Charter-in

During the nine months ended December 31, 2021, we time chartered-in three newbuilding dual-fuel Panamax LPG vessels with purchase options that are scheduled to be delivered in the second and third calendar quarters of 2023 for a period of seven years each and also time chartered-in a VLGC for one year that was delivered to us in October 2021. We had the following time charter-in commitments relating to VLGCs:

December 31, 2021

Less than one year

$

18,119,893

One to three years

61,293,000

Three to five years

64,080,000

Thereafter

99,710,000

Total

$

243,202,893

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:

December 31, 2021

Less than one year

$

19,608,078

One to three years

2,150,000

Total

$

21,758,078

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 unaudited interim condensed 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 three months ended December 31, 2021.

v3.22.0.1
Subsequent Events
9 Months Ended
Dec. 31, 2021
Subsequent Events.  
Subsequent Events

17. Subsequent Events

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.

This was an irregular dividend. 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 the authorization, when in force, purchases may be made at our discretion in the form of open market repurchase programs, privately negotiated transactions, accelerated share repurchase programs or a combination of these methods. The actual amount and timing of share repurchases are subject to capital availability, our determination that share repurchases are in the best interest of our shareholders, and market conditions. No repurchases have been made under the 2022 Common Share Repurchase Authority to date. We are not obligated to make any common share repurchases.

v3.22.0.1
Significant Accounting Policies (Policies)
9 Months Ended
Dec. 31, 2021
Significant Accounting Policies  
Accounting Pronouncements Not Yet Adopted

Accounting Pronouncements 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 is effective for adoption at any time between March 12, 2020 and December 31, 2022. We are currently evaluating the impact of this adoption on our consolidated financial statements and related disclosures.

v3.22.0.1
Basis of Presentation and General Information (Tables)
9 Months Ended
Dec. 31, 2021
Basis of Presentation and General Information  
Schedule of wholly-owned subsidiaries

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

Vessel Subsidiaries

    

Type of

    

    

    

 

Subsidiary

vessel

Vessel’s name

Built

CBM(1)

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007

 

82,000

CNML LPG Transport LLC

 

VLGC

 

Captain Nicholas ML

 

2008

 

82,000

Comet LPG Transport LLC

VLGC

Comet

2014

84,000

Corsair LPG Transport LLC

VLGC

Corsair(2)

2014

84,000

Corvette LPG Transport LLC

 

VLGC

 

Corvette(2)

 

2015

 

84,000

Dorian Shanghai LPG Transport LLC

VLGC

Cougar

2015

84,000

Concorde LPG Transport LLC

VLGC

Concorde(2)

2015

84,000

Dorian Houston LPG Transport LLC

VLGC

Cobra

2015

84,000

Dorian Sao Paulo LPG Transport LLC

VLGC

Continental

2015

84,000

Dorian Ulsan LPG Transport LLC

VLGC

Constitution

2015

84,000

Dorian Amsterdam LPG Transport LLC

VLGC

Commodore

2015

84,000

Dorian Dubai LPG Transport LLC

VLGC

Cresques(2)

2015

84,000

Constellation LPG Transport LLC

VLGC

Constellation

2015

84,000

Dorian Monaco LPG Transport LLC

VLGC

Cheyenne

2015

84,000

Dorian Barcelona LPG Transport LLC

VLGC

Clermont

2015

84,000

Dorian Geneva LPG Transport LLC

VLGC

Cratis

2015

84,000

Dorian Cape Town LPG Transport LLC

VLGC

Chaparral

2015

84,000

Dorian Tokyo LPG Transport LLC

VLGC

Copernicus

2015

84,000

Commander LPG Transport LLC

VLGC

Commander

2015

84,000

Dorian Explorer LPG Transport LLC

VLGC

Challenger

2015

84,000

 

Dorian Exporter LPG Transport LLC

VLGC

Caravelle

2016

84,000

Dorian Sakura LPG Transport LLC(3)

VLGC

Hull No. 1755

2023(4)

84,000

Management and Other Subsidiaries

 

Subsidiary

 

Dorian LPG Management Corp.

Dorian LPG (USA) LLC (incorporated in USA)

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

Dorian LPG Finance LLC

Occident River Trading Limited (incorporated in UK)

Dorian LPG (DK) ApS (incorporated in Denmark)

Dorian LPG Chartering LLC

Dorian LPG FFAS LLC

CMNL LPG Transport LLC

(1)CBM: Cubic meters, a standard measure for LPG tanker capacity
(2)Operated pursuant to a bareboat charter agreement. Refer to Note 8 below for further information.
(3)Upon delivery, the applicable vessel will be operated pursuant to a bareboat charter agreement. Refer to Note 16 below for further information.
(4)The applicable vessel is expected to be delivered in calendar year 2023.

v3.22.0.1
Deferred Charges, Net (Tables)
9 Months Ended
Dec. 31, 2021
Deferred Charges, Net.  
Schedule of movement of deferred charges

    

Drydocking

 

costs

 

Balance, April 1, 2021

$

10,158,202

Additions

2,876,379

Disposals

(74,561)

Transfer to vessel held for sale

(224,291)

Amortization

(2,198,218)

Balance, December 31, 2021

 

$

10,537,511

v3.22.0.1
Vessels, Net (Tables)
9 Months Ended
Dec. 31, 2021
Vessels, Net  
Schedule of vessels, net

    

    

Accumulated

    

 

Cost

depreciation

Net book Value

 

Balance, April 1, 2021

$

1,762,657,830

 

$

(385,629,575)

 

$

1,377,028,255

Other additions

5,980,471

5,980,471

Transfer to vessel held for sale

(68,845,783)

25,652,725

(43,193,058)

Disposals

(62,311,861)

23,410,912

(38,900,949)

Depreciation

(48,508,982)

(48,508,982)

Balance, December 31, 2021

 

$

1,637,480,657

 

$

(385,074,920)

 

$

1,252,405,737

v3.22.0.1
Vessels Under Construction (Tables)
9 Months Ended
Dec. 31, 2021
Vessels Under Construction.  
Schedule of vessels under construction

Balance, April 1, 2021

    

$

 

Installment payments

16,000,000

Other capitalized expenditures

102,904

Capitalized interest

64,566

Balance, December 31, 2021

 

$

16,167,470

v3.22.0.1
Long-term Debt (Tables)
9 Months Ended
Dec. 31, 2021
Long-term Debt  
Schedule of loans outstanding

    

December 31, 2021

    

March 31, 2021

 

2015 AR Facility

Commercial Financing

$

134,396,466

$

155,205,698

KEXIM Direct Financing

68,911,186

89,474,512

KEXIM Guaranteed

72,958,655

93,997,081

K-sure Insured

35,828,187

46,333,895

Total 2015 AR Facility

$

312,094,494

$

385,011,186

Japanese Financings

Corsair Japanese Financing

$

38,458,334

$

40,895,833

Concorde Japanese Financing

43,076,923

45,500,000

Corvette Japanese Financing

43,615,385

46,038,462

CMNL/CJNP Japanese Financing

16,706,845

CNML Japanese Financing

17,801,637

18,855,655

Cresques Japanese Financing

46,515,000

49,080,000

Total Japanese Financings

$

189,467,279

$

217,076,795

BALCAP Facility

$

83,400,000

$

Total debt obligations

$

584,961,773

$

602,087,981

Less: deferred financing fees

8,693,950

10,615,937

Debt obligations—net of deferred financing fees

$

576,267,823

$

591,472,044

Presented as follows:

Current portion of long-term debt

 

$

69,530,028

$

51,820,283

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

 

506,737,795

539,651,761

Total

 

$

576,267,823

$

591,472,044

Schedule of deferred financing fees

    

Financing

costs

Balance, April 1, 2021

$

10,615,937

Additions

1,310,639

Amortization

(3,232,626)

Balance, December 31, 2021

 

$

8,693,950

v3.22.0.1
Leases (Tables)
9 Months Ended
Dec. 31, 2021
Leases  
Schedule of time charter-in expenses

Three months ended

Nine months ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Charter hire expenses

$

4,917,012

$

4,392,132

$

10,829,050

$

13,626,580

Schedule of operating lease rent expense

Three months ended

Nine months ended

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Operating lease rent expense

$

148,384

$

139,568

$

464,394

$

401,435

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

Description

Location on Balance Sheet

December 31, 2021

Assets:

Office leases

Operating lease right-of-use assets

$

303,810

Time charter-in VLGCs

Operating lease right-of-use assets

$

10,213,986

Liabilities:

Current

Office Leases

Current portion of long-term operating leases

$

291,241

Time charter-in VLGCs

Current portion of long-term operating leases

$

9,413,540

Long-term

Office Leases

Long-term operating leases

$

2,347

Time charter-in VLGCs

Long-term operating leases

$

800,446

Schedule of maturities of operating lease liabilities

Less than one year

$

9,923,917

One to three years

819,233

Total undiscounted lease payments

10,743,150

Less: imputed interest

(235,576)

Carrying value of operating lease liabilities

$

10,507,574

v3.22.0.1
Stock-Based Compensation Plans (Tables)
9 Months Ended
Dec. 31, 2021
Stock-Based Compensation Plans  
Summary of the activity of restricted shares

    

    

Weighted-Average

 

Grant-Date

Incentive Share/Unit Awards

Number of Shares/Units

Fair Value

Unvested as of April 1, 2021

358,171

$

8.23

Granted

217,600

13.10

Vested

(242,581)

9.40

Forfeited

(4,100)

10.24

Unvested as of December 31, 2021

329,090

$

10.56

v3.22.0.1
Revenues (Tables)
9 Months Ended
Dec. 31, 2021
Revenues.  
Schedule of revenues

    

Three months ended

    

Nine months ended

 

December 31, 2021

    

December 31, 2020

December 31, 2021

    

December 31, 2020

 

Net pool revenues—related party

$

62,856,243

$

82,659,967

$

174,739,894

$

199,312,944

Time charter revenues

5,301,134

4,665,664

15,915,876

13,928,732

Other revenues, net

442,405

 

1,153,393

3,981,608

 

3,112,949

Total revenues

$

68,599,782

 

$

88,479,024

$

194,637,378

 

$

216,354,625

v3.22.0.1
Financial Instruments and Fair Value Disclosures (Tables)
9 Months Ended
Dec. 31, 2021
Financial Instruments and Fair Value Disclosures  
Schedule of financial derivatives

December 31, 2021

March 31, 2021

Current assets

Current liabilities

Current assets

Current liabilities

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

Interest rate swap agreements

$

$

205,869

$

$

1,100,529

December 31, 2021

March 31, 2021

 

Other non-current assets

Long-term liabilities

Other non-current assets

Long-term liabilities

 

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

 

Interest rate swap agreements

$

$

144,057

$

$

3,454,862

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

Three months ended

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2021

    

December 31, 2020

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

$

136,632

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

3,056,741

342,902

Forward freight agreements—realized gain/(loss)

Realized loss on derivatives

153,919

Interest rate swaps—realized gain/(loss)

 

Realized loss on derivatives

 

(895,782)

(914,910)

Gain/(loss) on derivatives, net

 

$

2,160,959

$

(281,457)

    

    

Nine months ended

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2021

    

December 31, 2020

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

$

2,605,442

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

4,205,465

1,346,972

Forward freight agreements—realized gain/(loss)

Realized loss on derivatives

(788,670)

Interest rate swaps—realized gain/(loss)

 

Realized loss on derivatives

 

(2,714,337)

(2,908,245)

Gain/(loss) on derivatives, net

 

$

1,491,128

$

255,499

Summary of gains and losses on investment securities

Three months ended

    

December 31, 2021

    

December 31, 2020

Unrealized gain/(loss) on investment securities

$

(1,179,297)

$

358,678

Less: Realized gain/(loss) on investment securities

 

(305)

Net gain/(loss) on investment securities

 

$

(1,179,602)

$

358,678

Nine months ended

    

December 31, 2021

    

December 31, 2020

 

Unrealized gain/(loss) on investment securities

$

(1,710,348)

$

395,931

Less: Realized gain/(loss) on investment securities

 

447,255

Net gain/(loss) on investment securities

 

$

(1,263,093)

$

395,931

Summary of carrying value and estimated fair value of Japanese Financings

December 31, 2021

March 31, 2021

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Corsair Japanese Financing

$

38,458,334

$

40,345,097

$

40,895,833

$

44,298,064

Concorde Japanese Financing

43,076,923

45,501,855

45,500,000

49,791,680

Corvette Japanese Financing

43,615,385

46,096,511

46,038,462

50,376,434

CMNL/CJNP Japanese Financing

16,706,845

18,792,993

CNML Japanese Financing

17,801,637

18,917,200

18,855,655

21,195,305

BALCAP Facility

$

83,400,000

$

83,400,000

$

$

v3.22.0.1
Earnings Per Share (EPS) (Tables)
9 Months Ended
Dec. 31, 2021
Earnings Per Share ("EPS")  
Schedule of calculations of basic and diluted EPS

Three months ended

Nine months ended

(In U.S. dollars except share data)

December 31, 2021

December 31, 2020

December 31, 2021

December 31, 2020

Numerator:

Net income

$

16,580,885

$

35,825,264

$

36,551,788

$

48,531,219

Denominator:

Basic weighted average number of common shares outstanding

39,890,674

50,255,908

40,305,902

50,511,473

Effect of dilutive restricted stock and restricted stock units

134,725

112,484

154,763

94,512

Diluted weighted average number of common shares outstanding

40,025,399

50,368,392

40,460,665

50,605,985

EPS:

Basic

$

0.42

$

0.71

$

0.91

$

0.96

Diluted

$

0.41

$

0.71

$

0.90

$

0.96

v3.22.0.1
Commitments and Contingencies (Tables)
9 Months Ended
Dec. 31, 2021
Schedule of commitments under contracts for BWMS Purchases

December 31, 2021

Less than one year

$

405,030

Total

$

405,030

Schedule of operating leases

Less than one year

$

9,923,917

One to three years

819,233

Total undiscounted lease payments

10,743,150

Less: imputed interest

(235,576)

Carrying value of operating lease liabilities

$

10,507,574

Schedule of future minimum time charter-in commitments

December 31, 2021

Less than one year

$

18,119,893

One to three years

61,293,000

Three to five years

64,080,000

Thereafter

99,710,000

Total

$

243,202,893

Schedule of future minimum fixed time charter contracts

December 31, 2021

Less than one year

$

19,608,078

One to three years

2,150,000

Total

$

21,758,078

United States, Greece, United Kingdom, And Denmark  
Schedule of operating leases

December 31, 2021

Less than one year

$

217,385

Total

$

217,385

v3.22.0.1
Basis of Presentation and General Information (General) (Details)
9 Months Ended
Dec. 31, 2021
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 2
Number of time chartered-in VLGC 2
The number of vessels that have exhaust gas cleaning systems 13
The number of chartered-in vessels that have exhaust gas cleaning systems 1
v3.22.0.1
Basis of Presentation and General Information (Capacity) (Details)
Dec. 31, 2021
CJNP  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 82,000
CNML  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 82,000
Comet LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Corsair LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Corvette LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Shanghai LPG Transport LLC (Cougar)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Concorde LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Houston LPG Transport LLC (Cobra)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Sao Paulo LPG Transport LLC (Continental)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Ulsan LPG Transport LLC (Constitution)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Amsterdam LPG Transport LLC (Commodore)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Dubai LPG Transport LLC (Cresques)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Constellation LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Monaco LPG Transport LLC (Cheyenne)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Barcelona LPG Transport LLC (Clermont)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Geneva LPG Transport LLC (Cratis)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Cape Town LPG Transport LLC (Chaparral)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Tokyo LPG Transport LLC (Copernicus)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Commander LPG Transport LLC  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Explorer LPG Transport LLC (Challenger)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Exporter LPG Transport LLC (Caravel)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
Dorian Sakura LPG Transport LLC (Hull No. 1755)  
Vessel Subsidiaries  
Capacity of vessel (in cubic meters) 84,000
v3.22.0.1
Transactions with Related Parties (Details)
3 Months Ended 9 Months Ended
Apr. 01, 2014
item
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
item
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Transactions with Related Parties            
Due from related parties - current   $ 47,487,533   $ 47,487,533   $ 56,191,375
Due to related parties   360,682   $ 360,682   117,803
Number of time chartered-in VLGC | item       2    
Manager            
Transactions with Related Parties            
Due from related parties - current   $ 1,000,000.0   $ 1,000,000.0   1,000,000.0
Mr. John Hadjipateras            
Transactions with Related Parties            
Ownership interest (as a percent)   100.00%   100.00%    
Helios LPG Pool LLC            
Transactions with Related Parties            
Due from related parties   $ 67,000,000.0   $ 67,000,000.0   78,100,000
Due from related parties - current   2,200,000   2,200,000   1,100,000
Due to related parties           100,000
Due to related party   300,000   $ 300,000    
Ownership interest (as a percent) 50.00%          
Number of members | item 2          
Number of vessels that are operating under pooling agreement | item       24    
Number of time chartered-in VLGC | item       2    
Number of Company vessels that are operating under pooling agreement | item       21    
Working capital contributed   23,100,000   $ 23,100,000   $ 24,200,000
Helios LPG Pool LLC | Phoenix            
Transactions with Related Parties            
Number of third party vessels that are operating under pooling agreement | item       3    
Other income-related party | Manager            
Transactions with Related Parties            
Related party income for chartering and operational services       $ 100,000 $ 100,000  
Other income-related party | Manager | Maximum            
Transactions with Related Parties            
Related party income for chartering and operational services   100,000 $ 100,000      
Other income-related party | Helios LPG Pool LLC            
Transactions with Related Parties            
Related party income for chartering and operational services   500,000 500,000 1,600,000 1,500,000  
Other revenues, net            
Transactions with Related Parties            
Fixed reimbursement of expense from Helios   $ 400,000 $ 900,000 $ 1,900,000 $ 2,900,000  
v3.22.0.1
Deferred Charges, Net (Details)
9 Months Ended
Dec. 31, 2021
USD ($)
Movement in deferred charges, net  
Balance at the beginning of the period - drydocking costs $ 10,158,202
Additions - drydocking costs 2,876,379
Disposals - drydocking costs (74,561)
Transfer to vessel held for sale - drydocking costs (224,291)
Amortization - drydocking costs (2,198,218)
Balance at the end of the period - drydocking costs $ 10,537,511
v3.22.0.1
Vessels, Net (Details) - USD ($)
9 Months Ended
Dec. 31, 2021
Mar. 31, 2021
Vessels, Net    
Vessels, net $ 1,252,405,737 $ 1,377,028,255
Accumulated depreciation    
Transfer to vessel held for sale (43,193,058)  
Gain loss on vessel held for sale 3,500,000  
Vessel held for sale 43,417,348  
Vessels    
Cost    
Balance at the beginning of the period 1,762,657,830  
Other additions 5,980,471  
Transfers to vessel held for sale (68,845,783)  
Disposals (62,311,861)  
Balance at the end of the period 1,637,480,657  
Accumulated depreciation    
Balance at the beginning of the period (385,629,575)  
Transfer to vessel held for sale 25,652,725  
Disposals accumulated depreciation 23,410,912  
Impairment 0  
Disposals net book value (38,900,949)  
Depreciation (48,508,982)  
Balance at the end of the period (385,074,920)  
Mortgaged VLGC vessels, carrying value $ 1,212,300,000 $ 1,337,400,000
v3.22.0.1
Vessel Held For Sale (Details)
9 Months Ended
Dec. 31, 2021
USD ($)
Vessel Held For Sale  
Gain (loss) on vessels held for sale $ 0
Vessel held for sale $ 43,417,348
v3.22.0.1
Vessels Under Construction (Details) - USD ($)
9 Months Ended 12 Months Ended
Dec. 31, 2021
Mar. 31, 2021
Vessels under construction    
Bareboat charter agreement term of contract   13 years
Balance $ 16,167,470  
Vessels under commitment    
Vessels under construction    
Bareboat charter agreement term of contract 13 years  
Installment payments $ 16,000,000  
Other capitalized expenditures 102,904  
Capitalized interest 64,566  
Balance $ 16,167,470  
v3.22.0.1
Long-term Debt (Details) - USD ($)
9 Months Ended
Dec. 29, 2021
Nov. 30, 2021
Oct. 24, 2021
Dec. 31, 2021
Dec. 31, 2020
Mar. 31, 2021
Mar. 31, 2015
Long-Term Debt              
Proceeds from long-term debt borrowings       $ 83,400,000 $ 55,378,172    
Debt obligations              
Total debt obligations       584,961,773   $ 602,087,981  
Less: deferred financing fees       8,693,950   10,615,937  
Total       576,267,823   591,472,044  
Presented as follows:              
Current portion of long-term debt       69,530,028   51,820,283  
Long-term debt-net of current portion and deferred financing fees       506,737,795   539,651,761  
Total       576,267,823   591,472,044  
Deferred financing fees              
Deferred finance fees, beginning       10,615,937      
Additions       1,310,639      
Amortization       (3,232,626) $ (4,005,265)    
Deferred finance fees, end       8,693,950      
2015 Facility              
Long-Term Debt              
Original loan amount             $ 758,000,000
Repayment of debt $ 47,200,000            
Debt obligations              
Total debt obligations       312,094,494   385,011,186  
Commercial Financing              
Debt obligations              
Total debt obligations       134,396,466   155,205,698  
KEXIM Direct Financing              
Debt obligations              
Total debt obligations       68,911,186   89,474,512  
KEXIM Guaranteed              
Debt obligations              
Total debt obligations       72,958,655   93,997,081  
K-sure Insured              
Debt obligations              
Total debt obligations       35,828,187   46,333,895  
Japanese Financings              
Debt obligations              
Total debt obligations       189,467,279   217,076,795  
Corsair Japanese Financing              
Debt obligations              
Total debt obligations       38,458,334   40,895,833  
Concorde Japanese Financing              
Debt obligations              
Total debt obligations       43,076,923   45,500,000  
Corvette Japanese Financing              
Debt obligations              
Total debt obligations       43,615,385   46,038,462  
CMNL Japanese Financing              
Debt obligations              
Total debt obligations           16,706,845  
CNML Japanese Financing              
Debt obligations              
Total debt obligations       17,801,637   18,855,655  
Presented as follows:              
Current portion of long-term debt       16,400,000      
Cresques Japanese Financing              
Debt obligations              
Total debt obligations       46,515,000   $ 49,080,000  
BALCAP Facility              
Long-Term Debt              
Original loan amount $ 83,400,000            
Security leverage ratio 125.00%            
Stated rate (as a percent) 3.78%            
Loan term period 5 years            
Proceeds from long-term debt borrowings $ 34,900,000            
Principal payment frequency monthly            
Periodic principal payment amount $ 900,000            
Balloon payment amount $ 44,100,000            
Debt obligations              
Total debt obligations       $ 83,400,000      
CMNL | CJNP Japanese Financing              
Long-Term Debt              
Vessel purchase price   $ 15,800,000          
Deposit retained by buyer used for purchase payment   $ 25,200,000          
CNML | CNML Japanese Financing              
Long-Term Debt              
Vessel purchase price     $ 17,800,000        
Deposit retained by buyer used for purchase payment     $ 27,900,000        
v3.22.0.1
Leases (assets and liabilities) (Details)
3 Months Ended 9 Months Ended
Dec. 31, 2021
USD ($)
item
Dec. 31, 2020
USD ($)
Dec. 31, 2021
USD ($)
item
Dec. 31, 2020
USD ($)
Mar. 31, 2021
USD ($)
Leases          
Number of option period for time charter | item 0   0    
Operating lease liabilities - Time Charter in VLGCs $ 10,200,000   $ 10,200,000    
Operating Lease, Expense $ 148,384 $ 139,568 $ 464,394 $ 401,435  
Weighted average discount rate (as a percent) 3.88%   3.88%    
Weighted average remaining lease term 12 months 27 days   12 months 27 days    
Operating lease right-of-use assets - Office Leases $ 303,810   $ 303,810    
Operating lease right-of-use assets - Time Charter in VLGCs 10,213,986   10,213,986    
Operating lease liabilities current - Office Leases 291,241   291,241    
Operating lease liabilities current - Time Charter in VLGCs 9,413,540   9,413,540    
Operating lease liabilities non-current - Office Leases 2,347   2,347    
Operating lease liabilities non-current - Time Charter in VLGCs 800,446   800,446    
Operating lease right-of-use assets 10,517,796   10,517,796   $ 17,672,227
Operating lease liability 10,507,574   10,507,574    
Charter hire expense          
Leases          
Operating lease income $ 5,500,000 $ 8,700,000 $ 12,300,000 $ 20,200,000  
Minimum          
Leases          
Weighted average discount rate (as a percent) 3.82%   3.82%    
Maximum          
Leases          
Weighted average discount rate (as a percent) 5.53%   5.53%    
v3.22.0.1
Leases (Charter hire expenses) (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Time Charter-in        
Charter hire expenses $ 4,917,012 $ 4,392,132 $ 10,829,050 $ 13,626,580
v3.22.0.1
Leases (Operating lease rent expense) (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Operating Leases        
Operating lease rent expense $ 148,384 $ 139,568 $ 464,394 $ 401,435
v3.22.0.1
Leases (Operating Lease Liability Maturity) (Details)
Dec. 31, 2021
USD ($)
Leases  
Less than one year $ 9,923,917
One to three years 819,233
Total undiscounted lease payments 10,743,150
Less: imputed interest (235,576)
Carrying value of operating lease liabilities $ 10,507,574
v3.22.0.1
Dividends (Details) - USD ($)
9 Months Ended
Jul. 30, 2021
Dec. 31, 2021
Dividends.    
Dividends declared (in dollars per share) $ 1.00  
Dividends, Common Stock $ 40,400,000  
Dividends paid in cash 40,200,000 $ 40,210,344
Dividends payable $ 200,000 $ 247,090
v3.22.0.1
Stock Repurchase Authority (Details) - USD ($)
shares in Millions, $ in Millions
29 Months Ended
Dec. 31, 2021
Dec. 29, 2020
Feb. 03, 2020
Aug. 05, 2019
Stock repurchases        
Common stock repurchase authorized amount   $ 50.0 $ 50.0 $ 50.0
Treasury stock shares acquired (in shares) 7.0      
Treasury stock value acquired to date $ 81.0      
Remaining available authorization   $ 41.4    
v3.22.0.1
Stock-Based Compensation Plans (Details) - USD ($)
$ / shares in Units, $ in Millions
1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2021
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Stock-Based Compensation Plans          
Unrecognized compensation cost   $ 2.2   $ 2.2  
Weighted average life over which unrecognized compensation is expected to be recognized       2 years 7 days  
General and administrative expenses          
Stock-Based Compensation Plans          
Stock-based compensation expense   $ 0.7 $ 0.5 $ 2.6 $ 2.9
Restricted stock awards          
Stock-Based Compensation Plans          
Granted (in shares)       217,600  
Number of Shares          
Unvested at the beginning of the period (in shares)       358,171  
Granted (in shares)       217,600  
Vested (in shares)       (242,581)  
Forfeited (in shares)       (4,100)  
Unvested at the end of the period (in shares)   329,090   329,090  
Weighted-Average Grant-Date Fair Value          
Unvested at the beginning of the period (in dollars per share)       $ 8.23  
Granted (in dollars per share)       13.10  
Vested (in dollars per share)       9.40  
Forfeited (in dollars per share)       10.24  
Unvested at the end of the period (in dollars per share)   $ 10.56   $ 10.56  
Certain officers and employees | Restricted stock awards          
Stock-Based Compensation Plans          
Granted (in shares) 180,900        
Number of Shares          
Granted (in shares) 180,900        
Certain officers and employees | Restricted stock units          
Stock-Based Compensation Plans          
Granted (in shares) 36,700        
Minimum percent of weighted average price of common shares over any consecutive 15 day period of book value of one share of the company 95.00%        
Number of Shares          
Granted (in shares) 36,700        
v3.22.0.1
Revenues (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Revenues $ 68,599,782 $ 88,479,024 $ 194,637,378 $ 216,354,625
Net pool revenues - related party        
Revenues 62,856,243 82,659,967 174,739,894 199,312,944
Time charter revenues        
Revenues 5,301,134 4,665,664 15,915,876 13,928,732
Other revenue, net        
Revenues $ 442,405 $ 1,153,393 $ 3,981,608 $ 3,112,949
v3.22.0.1
Financial Instruments and Fair Value Disclosures (FV) (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Jun. 30, 2021
Mar. 31, 2021
Derivative Instruments            
Change in fair value $ 3,056,741 $ 479,534 $ 4,205,465 $ 3,952,414    
Realized loss on derivatives (895,782) (760,991) (2,714,337) (3,696,915)    
Derivatives not designated as hedging instruments            
Derivative Instruments            
Gain/(loss) on derivatives, net 2,160,959 (281,457) 1,491,128 255,499    
Interest rate swaps            
Derivative Instruments            
Derivative fixed interest rate (as a percent)         1.237% 1.4675%
Interest rate swaps | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives            
Derivative Instruments            
Change in fair value 3,056,741 342,902 4,205,465 1,346,972    
Interest rate swaps | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives            
Derivative Instruments            
Realized loss on derivatives (895,782) (914,910) (2,714,337) (2,908,245)    
Interest rate swaps | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments            
Derivative Instruments            
Derivative Liabilities 205,869   205,869     $ 1,100,529
Interest rate swaps | Derivatives not designated as hedging instruments | Long-term liabilities-Derivatives instruments            
Derivative Instruments            
Derivative Liabilities 144,057   144,057     $ 3,454,862
Forward freight agreements | Derivatives not designated as hedging instruments | Unrealized gain/(loss) on derivatives            
Derivative Instruments            
Change in fair value   136,632   2,605,442    
Forward freight agreements | Derivatives not designated as hedging instruments | Realized gain/(loss) on derivatives            
Derivative Instruments            
Realized loss on derivatives   $ 153,919   $ (788,670)    
Forward freight agreements | Derivatives not designated as hedging instruments | Current liabilities-Derivative instruments            
Derivative Instruments            
Derivative Liabilities $ 0   $ 0      
v3.22.0.1
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2021
Dec. 31, 2020
Financial Instruments and Fair Value Disclosures        
Unrealized gain/(loss) on investment securities $ (1,179,297) $ 358,678 $ (1,710,348) $ 395,931
Less: Realized gain/(loss) on investment securities (305)   447,255  
Net gain/(loss) on investment securities $ (1,179,602) $ 358,678 $ (1,263,093) $ 395,931
v3.22.0.1
Financial Instruments and Fair Value Disclosures (Carrying and FV) (Details) - USD ($)
Dec. 31, 2021
Mar. 31, 2021
Fair value    
Carrying Value $ 576,267,823 $ 591,472,044
Corsair Japanese Financing    
Fair value    
Carrying Value 38,458,334 40,895,833
Corsair Japanese Financing | Level 2    
Fair value    
Fair Value 40,345,097 44,298,064
Concorde Japanese Financing    
Fair value    
Carrying Value 43,076,923 45,500,000
Concorde Japanese Financing | Level 2    
Fair value    
Fair Value 45,501,855 49,791,680
Corvette Japanese Financing    
Fair value    
Carrying Value 43,615,385 46,038,462
Corvette Japanese Financing | Level 2    
Fair value    
Fair Value 46,096,511 50,376,434
CJNP Japanese Financing    
Fair value    
Carrying Value   16,706,845
CJNP Japanese Financing | Level 2    
Fair value    
Fair Value   18,792,993
CNML Japanese Financing    
Fair value    
Carrying Value 17,801,637 18,855,655
CNML Japanese Financing | Level 2    
Fair value    
Fair Value 18,917,200 $ 21,195,305
BALCAP Facility    
Fair value    
Carrying Value 83,400,000  
BALCAP Facility | Level 2    
Fair value    
Fair Value $ 83,400,000  
v3.22.0.1
Earnings Per Share (EPS) (Details) - USD ($)
3 Months Ended 9 Months Ended
Dec. 31, 2021
Sep. 30, 2021
Jun. 30, 2021
Dec. 31, 2020
Sep. 30, 2020
Jun. 30, 2020
Dec. 31, 2021
Dec. 31, 2020
Numerator:                
Net income $ 16,580,885 $ 14,101,803 $ 5,869,100 $ 35,825,264 $ 537,950 $ 12,168,005 $ 36,551,788 $ 48,531,219
Denominator:                
Basic weighted average number of common shares outstanding (in shares) 39,890,674     50,255,908     40,305,902 50,511,473
Effect of dilutive restricted stock and restricted stock units (in shares) 134,725     112,484     154,763 94,512
Diluted weighted average number of common shares outstanding (in shares) 40,025,399     50,368,392     40,460,665 50,605,985
EPS:                
Earnings per common share - basic (in dollars per share) $ 0.42     $ 0.71     $ 0.91 $ 0.96
Earnings per common share - diluted (in dollars per share) $ 0.41     $ 0.71     $ 0.90 $ 0.96
Restricted stock awards                
EPS:                
Number of shares excluded from the calculation of diluted EPS 0     0     0 0
v3.22.0.1
Commitments and Contingencies (Details)
3 Months Ended 9 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2021
USD ($)
item
Mar. 31, 2021
USD ($)
Commitments under Contracts for BWMS Purchases      
Less than one year   $ 405,030  
Total   405,030  
Commitments under Operating Leases      
Less than one year   9,923,917  
Total undiscounted lease payments   $ 10,743,150  
Time Charter-in commitments      
Number of VLGC with charter-in commitments to be delivered | item   3  
Duration of Very Large Gas Carrier Vessels that have charter-in commitments to be delivered 1 year 7 years  
Less than one year   $ 18,119,893  
One to three years   61,293,000  
Three to five years   64,080,000  
Thereafter   99,710,000  
Total   243,202,893  
Fixed Time Charter Commitments      
Less than one year   19,608,078  
One to three years   2,150,000  
Total   21,758,078  
Commitments under Bareboat Charter Header Agreement      
Bareboat charter agreement term of contract     13 years
Amount of predelivery cost commitments     $ 24,000,000.0
Amount of predelivery and additional features commitments     $ 25,000,000.0
Amount of contractual obligation to be paid for Shipbuilding Contract and Bareboat Charter Agreement   9,000,000.0  
Other      
Contingency expense   4,000,000.0  
United States, Greece, United Kingdom, And Denmark      
Commitments under Operating Leases      
Less than one year   217,385  
Total undiscounted lease payments   $ 217,385  
v3.22.0.1
Subsequent Event (Details) - USD ($)
9 Months Ended
Jan. 25, 2022
Jan. 04, 2022
Oct. 24, 2021
Jul. 30, 2021
Dec. 31, 2021
Feb. 02, 2022
Dec. 29, 2020
Feb. 03, 2020
Aug. 05, 2019
Subsequent Event                  
Dividends declared (in dollars per share)       $ 1.00          
Dividends declared       $ 40,400,000          
Dividends paid in cash       40,200,000 $ 40,210,344        
Dividends payable       $ 200,000 247,090        
Common stock repurchase authorized amount             $ 50,000,000.0 $ 50,000,000 $ 50,000,000
Treasury stock value acquired to date         $ 81,000,000.0        
CNML | CNML Japanese Financing                  
Subsequent Event                  
Vessel purchase price     $ 17,800,000            
Deposit retained by buyer used for purchase payment     $ 27,900,000            
Subsequent events                  
Subsequent Event                  
Dividends declared (in dollars per share)   $ 1.00              
Dividends declared   $ 40,100,000              
Dividends paid in cash $ 39,900,000                
Dividends payable $ 200,000                
Common stock repurchase authorized amount           $ 100,000,000.0      
Treasury stock value acquired to date           $ 0