Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares |
Dec. 31, 2021 |
Mar. 31, 2021 |
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Condensed Consolidated Balance Sheets | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 450,000,000 | 450,000,000 |
Common stock, shares issued | 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 |
Condensed Consolidated Statements of Operations - USD ($) |
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Dec. 31, 2020 |
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Dec. 31, 2020 |
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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 |
Basis of Presentation and General Information |
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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
Management and Other Subsidiaries
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. |
Significant Accounting Policies |
9 Months Ended |
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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.
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Transactions with Related Parties |
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Transactions with Related Parties | |
Transactions with Related Parties | 3. Transactions with Related Parties Dorian (Hellas), S.A. Dorian (Hellas) S.A. (“DHSA”) formerly provided technical, crew, commercial management, insurance and accounting services to our vessels and had agreements to outsource certain of these services to Eagle Ocean Transport Inc. (“Eagle Ocean Transport”), which is 100% owned by Mr. John C. Hadjipateras, our Chairman, President and Chief Executive Officer. Dorian LPG (USA) LLC and its subsidiaries entered into an agreement with DHSA, retroactive to July 2014 and superseding an agreement between Dorian LPG (UK) Ltd. and DHSA, for the provision by Dorian LPG (USA) LLC and its subsidiaries of certain chartering and marine operation services to DHSA, for which income was earned and included in “Other income-related parties” totaling less than $0.1 million for both the three months ended December 31, 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. |
Deferred Charges, Net |
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Deferred Charges, Net | 4. Deferred Charges, Net The analysis and movement of deferred charges is presented in the table below:
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Vessels, Net |
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Vessels, Net | 5. Vessels, Net
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.
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Vessel Held For Sale |
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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.
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Vessels Under Construction |
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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:
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Long-term Debt |
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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:
Deferred Financing Fees The analysis and movement of deferred financing fees is presented in the table below:
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Leases |
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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 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:
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:
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:
Maturities of operating lease liabilities as of December 31, 2021 were as follows:
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Dividends |
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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. |
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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.
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Stock-Based Compensation Plans |
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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:
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Revenues | 13. Revenues Revenues comprise the following:
Net pool revenues—related party depend upon the net results of the Helios Pool, and the operating days and pool points for each vessel. Refer to 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. |
Financial Instruments and Fair Value Disclosures |
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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.
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:
The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows:
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.
The summary of gains and losses on our investment securities included in other gain/(loss), net on our consolidated statements of operations for the periods presented is as follows:
We have long-term bank debt 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:
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Earnings Per Share (EPS) |
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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:
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. |
Commitments and Contingencies |
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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:
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:
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:
Fixed Time Charter Contracts We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:
Other From time to time, we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim 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. |
Subsequent Events |
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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.
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Significant Accounting Policies (Policies) |
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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. |
Basis of Presentation and General Information (Tables) |
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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
Management and Other Subsidiaries
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Schedule of movement of deferred charges |
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Vessels Under Construction (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||
Vessels Under Construction. | |||||||||||||||||||||||||||||||
Schedule of vessels under construction |
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Long-term Debt (Tables) |
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Long-term Debt | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of loans outstanding |
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Schedule of deferred financing fees |
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Leases (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of time charter-in expenses |
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Schedule of operating lease rent expense |
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Schedule of operating lease right-of-use assets and liabilities |
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Schedule of maturities of operating lease liabilities |
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Stock-Based Compensation Plans (Tables) |
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Stock-Based Compensation Plans | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of the activity of restricted shares |
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Revenues (Tables) |
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Dec. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenues |
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Financial Instruments and Fair Value Disclosures (Tables) |
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Financial Instruments and Fair Value Disclosures | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial derivatives |
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Schedule of effect of derivative instruments on the consolidated statement of operations |
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Summary of gains and losses on investment securities |
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Summary of carrying value and estimated fair value of Japanese Financings |
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Earnings Per Share (EPS) (Tables) |
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Earnings Per Share ("EPS") | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of calculations of basic and diluted EPS |
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Commitments and Contingencies (Tables) |
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Dec. 31, 2021 | ||||||||||||||||||||||||||||||||||||
Schedule of commitments under contracts for BWMS Purchases |
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Schedule of operating leases |
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Schedule of future minimum time charter-in commitments |
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Schedule of future minimum fixed time charter contracts |
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United States, Greece, United Kingdom, And Denmark | ||||||||||||||||||||||||||||||||||||
Schedule of operating leases |
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Basis of Presentation and General Information (General) (Details) |
9 Months Ended |
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Dec. 31, 2021
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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 |
Deferred Charges, Net (Details) |
9 Months Ended |
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Dec. 31, 2021
USD ($)
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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 |
Vessels, Net (Details) - USD ($) |
9 Months Ended | |
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Dec. 31, 2021 |
Mar. 31, 2021 |
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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 |
Vessel Held For Sale (Details) |
9 Months Ended |
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Dec. 31, 2021
USD ($)
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Vessel Held For Sale | |
Gain (loss) on vessels held for sale | $ 0 |
Vessel held for sale | $ 43,417,348 |
Vessels Under Construction (Details) - USD ($) |
9 Months Ended | 12 Months Ended |
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Dec. 31, 2021 |
Mar. 31, 2021 |
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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 |
Leases (Charter hire expenses) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Time Charter-in | ||||
Charter hire expenses | $ 4,917,012 | $ 4,392,132 | $ 10,829,050 | $ 13,626,580 |
Leases (Operating lease rent expense) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Operating Leases | ||||
Operating lease rent expense | $ 148,384 | $ 139,568 | $ 464,394 | $ 401,435 |
Leases (Operating Lease Liability Maturity) (Details) |
Dec. 31, 2021
USD ($)
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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 |
Dividends (Details) - USD ($) |
9 Months Ended | |
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Jul. 30, 2021 |
Dec. 31, 2021 |
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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 |
Stock Repurchase Authority (Details) - USD ($) shares in Millions, $ in Millions |
29 Months Ended | |||
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Dec. 31, 2021 |
Dec. 29, 2020 |
Feb. 03, 2020 |
Aug. 05, 2019 |
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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 |
Revenues (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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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 |
Financial Instruments and Fair Value Disclosures (Investments) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||
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Dec. 31, 2021 |
Dec. 31, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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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 |
Earnings Per Share (EPS) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | ||||||
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Dec. 31, 2021 |
Sep. 30, 2021 |
Jun. 30, 2021 |
Dec. 31, 2020 |
Sep. 30, 2020 |
Jun. 30, 2020 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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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 |
Subsequent Event (Details) - USD ($) |
9 Months Ended | ||||||||
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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 |
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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 |