DORIAN LPG LTD., 10-Q filed on 10/30/2015
Quarterly Report
Document and Entity Information
6 Months Ended
Sep. 30, 2015
Oct. 28, 2015
Document and Entity Information
 
 
Entity Registrant Name
DORIAN LPG LTD. 
 
Entity Central Index Key
0001596993 
 
Document Type
10-Q 
 
Document Period End Date
Sep. 30, 2015 
 
Amendment Flag
false 
 
Current Fiscal Year End Date
--03-31 
 
Entity Current Reporting Status
Yes 
 
Entity Filer Category
Accelerated Filer 
 
Entity Common Stock, Shares Outstanding
 
57,579,293 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
Condensed Consolidated Balance Sheets (USD $)
Sep. 30, 2015
Mar. 31, 2015
Current assets
 
 
Cash and cash equivalents
$ 80,344,476 
$ 204,821,183 
Trade receivables, net and accrued revenues
11,662,819 
22,847,224 
Prepaid expenses and other receivables
2,244,245 
1,780,548 
Due from related parties
40,984,692 
386,743 
Inventories
3,238,832 
3,375,759 
Total current assets
138,475,064 
233,211,457 
Fixed assets
 
 
Vessels, net
1,051,578,941 
419,976,053 
Vessels under construction
234,665,268 
398,175,504 
Other fixed assets, net
568,749 
464,889 
Total fixed assets
1,286,812,958 
818,616,446 
Other non-current assets
 
 
Other non-current assets
97,455 
97,446 
Deferred charges, net
20,643,683 
13,965,921 
Restricted cash
42,012,789 
33,210,000 
Total assets
1,488,041,949 
1,099,101,270 
Current liabilities
 
 
Trade accounts payable
8,025,172 
5,224,349 
Accrued expenses
6,946,187 
5,647,702 
Due to related parties
535,101 
525,170 
Deferred income
1,917,239 
1,122,239 
Current portion of long-term debt
42,360,541 
15,677,553 
Total current liabilities
59,784,240 
28,197,013 
Long-term liabilities
 
 
Long-term debt-net of current portion
485,927,672 
184,665,874 
Derivative instruments
16,455,007 
12,730,462 
Other long-term liabilities
348,198 
293,662 
Total long-term liabilities
502,730,877 
197,689,998 
Total liabilities
562,515,117 
225,887,011 
Shareholders' equity
 
 
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued nor outstanding
   
   
Common stock, $.01 par value, 450,000,000 shares authorized; 58,057,493 and 58,057,493 shares issued, 57,705,393 and 58,057,493 shares outstanding (net of treasury stock), as of September 30, 2015 and March 31, 2015, respectively
580,575 
580,575 
Additional paid-in-capital
846,301,047 
844,539,059 
Treasury stock, at cost; 352,100 and zero shares as of September 30, 2015 and March 31, 2015, respectively
(4,315,562)
   
Retained earnings
82,960,772 
28,094,625 
Total shareholders' equity
925,526,832 
873,214,259 
Total liabilities and shareholders' equity
$ 1,488,041,949 
$ 1,099,101,270 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Sep. 30, 2015
Mar. 31, 2015
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
Preferred stock, shares outstanding
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
58,057,493 
58,057,493 
Common stock, shares outstanding
57,705,393 
58,057,493 
Treasury stock, shares at cost
352,100 
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Revenues.
 
 
 
 
Net pool revenues-related party
$ 49,345,687 
 
$ 64,656,246 
 
Voyage charter revenues
15,581,830 
13,738,052 
30,446,014 
21,927,340 
Time charter revenues
9,559,631 
6,373,220 
14,931,835 
13,747,585 
Other revenues
459,284 
246,939 
554,797 
537,126 
Revenues
74,946,432 
20,358,211 
110,588,892 
36,212,051 
Expenses
 
 
 
 
Voyage expenses
3,541,546 
4,357,560 
7,064,619 
7,143,558 
Vessel operating expenses
9,459,889 
5,187,845 
16,213,975 
8,670,968 
Management fees-related party
 
 
 
1,125,000 
Depreciation and amortization
8,303,555 
3,034,138 
13,160,982 
5,501,080 
General and administrative expenses
5,281,535 
4,302,218 
12,495,815 
5,094,724 
Total expenses
26,586,525 
16,881,761 
48,935,391 
27,535,330 
Operating income
48,359,907 
3,476,450 
61,653,501 
8,676,721 
Other income/(expenses)
 
 
 
 
Other income-related parties
383,643 
 
767,285 
 
Interest and finance costs
(931,329)
(37,452)
(1,067,129)
(215,992)
Interest income
49,259 
134,273 
114,844 
241,628 
Gain/(loss) on derivatives, net
(6,341,763)
342,309 
(6,199,368)
(1,045,835)
Loss on disposal of assets
 
 
(105,549)
 
Foreign currency gain/(loss), net
(306,453)
(146,903)
(297,437)
(220,596)
Total other income/(expenses), net
(7,146,643)
292,227 
(6,787,354)
(1,240,795)
Net income
$ 41,213,264 
$ 3,768,677 
$ 54,866,147 
$ 7,435,926 
Earnings per common share - basic (in dollars per share)
$ 0.72 
$ 0.07 
$ 0.96 
$ 0.13 
Earnings per common share - diluted (in dollars per share)
$ 0.72 
$ 0.07 
$ 0.96 
$ 0.13 
Condensed Consolidated Statements of Shareholders' Equity (USD $)
Common stock
Treasury stock
Additional paid-in capital
Retained earnings/(Accumulated deficit)
Total
Balance at Mar. 31, 2014
$ 483,650 
 
$ 688,881,939 
$ 2,833,843 
$ 692,199,432 
Balance (in shares) at Mar. 31, 2014
48,365,011 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Issuance - April 24, 2014
14,127 
 
25,839,866 
 
25,853,993 
Issuance - April 24, 2014 (in shares)
1,412,698 
 
 
 
 
Issuance - May 13, 2014
71,053 
 
123,423,492 
 
123,494,545 
Issuance - May 13, 2014 (in shares)
7,105,263 
 
 
 
 
Issuance - May 22, 2014
2,455 
 
4,335,901 
 
4,338,356 
Issuance - May 22, 2014 (in shares)
245,521 
 
 
 
 
Restricted share award issuances
6,550 
 
(6,550)
 
 
Restricted share award issuances (in shares)
655,000 
 
 
 
 
Net income for the period
 
 
 
7,435,926 
7,435,926 
Stock-based compensation
 
 
766,523 
 
766,523 
Balance at Sep. 30, 2014
577,835 
 
843,241,171 
10,269,769 
854,088,775 
Balance (in shares) at Sep. 30, 2014
57,783,493 
 
 
 
 
Balance at Mar. 31, 2015
580,575 
 
844,539,059 
28,094,625 
873,214,259 
Balance (in shares) at Mar. 31, 2015
58,057,493 
 
 
 
 
Increase (Decrease) in Shareholders' Equity
 
 
 
 
 
Net income for the period
 
 
 
54,866,147 
54,866,147 
Stock-based compensation
 
 
1,761,988 
 
1,761,988 
Purchase of treasury stock
 
(4,315,562)
 
 
(4,315,562)
Balance at Sep. 30, 2015
$ 580,575 
$ (4,315,562)
$ 846,301,047 
$ 82,960,772 
$ 925,526,832 
Balance (in shares) at Sep. 30, 2015
58,057,493 
 
 
 
 
Condensed Consolidated Statements of Cash Flows (USD $)
6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Cash flows from operating activities:
 
 
Net income
$ 54,866,147 
$ 7,435,926 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Depreciation and amortization
13,160,982 
5,501,080 
Amortization of financing costs
634,500 
505,184 
Unrealized (gain)/loss on derivatives
3,724,545 
(1,657,052)
Stock-based compensation expense
1,761,988 
766,523 
Loss on disposal of assets
105,549 
 
Unrealized exchange differences
169,497 
352,866 
Other non-cash items
42,391 
412,890 
Changes in operating assets and liabilities
 
 
Trade receivables, net and accrued revenue
11,184,405 
(6,396,978)
Prepaid expenses and other receivables
(463,697)
(913,932)
Due from related parties
(40,597,949)
1,230,238 
Inventories
136,927 
(2,586,644)
Other non-current assets
22 
(70,795)
Trade accounts payable
(455,188)
2,055,008 
Accrued expenses and other liabilities
2,561,642 
1,251,154 
Due to related parties
9,931 
370,615 
Payments for drydocking costs
 
(338,973)
Net cash provided by operating activities
46,841,692 
7,917,110 
Cash flows from investing activities:
 
 
Payments for vessels and vessels under construction
(477,333,533)
(184,129,520)
Restricted cash deposits
(8,802,789)
 
Restricted cash released
 
30,938,702 
Proceeds from disposal of assets
136,660 
 
Payments to acquire other fixed assets
(299,312)
(126,701)
Net cash used in investing activities
(486,298,974)
(153,317,519)
Cash flows from financing activities:
 
 
Proceeds from long-term debt borrowings
338,291,681 
 
Repayment of long-term debt borrowings
(10,346,896)
(4,806,000)
Proceeds from common shares issuances
 
155,830,178 
Purchase of treasury stock
(4,315,562)
 
Financing costs paid
(8,466,998)
 
Payments relating to issuance costs
 
(1,388,918)
Net cash provided by financing activities
315,162,225 
149,635,260 
Effects of exchange rates on cash and cash equivalents
(181,650)
(352,866)
Net (decrease)/increase in cash and cash equivalents
(124,476,707)
3,881,985 
Cash and cash equivalents at the beginning of the period
204,821,183 
279,131,795 
Cash and cash equivalents at the end of the period
$ 80,344,476 
$ 283,013,780 
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 and is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas (“LPG”) worldwide through the ownership and operation of LPG tankers. Dorian LPG Ltd. and its subsidiaries (together “we”, “us”, “our”, “DLPG” or the “Company”) is primarily focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm. Following the deliveries of the Clermont and the Cheyenne, ECO-design VLGCs, on October 13, 2015 and October 22, 2015, respectively, our fleet consists of seventeen LPG carriers, including thirteen fuel-efficient 84,000 cbm ECO-design VLGCs, three 82,000 cbm VLGCs and one pressurized 5,000 cbm vessel. In addition, we have newbuilding contracts for the construction of six new fuel-efficient 84,000 cbm ECO-design VLGCs at Hyundai Heavy Industries Co., Ltd. (“Hyundai” or “HHI”), and Daewoo Shipping and Marine Engineering Ltd. (“Daewoo” or “DSME”), both of which are based in South Korea, with scheduled deliveries between October 2015 and February 2016. We refer to these contracts along with the VLGCs that were delivered between July 2014 and October 2015 as our VLGC Newbuilding Program.

 

On April 1, 2015, Dorian LPG Ltd. and Phoenix Tankers Pte. Ltd. (“Phoenix”), a wholly-owned subsidiary of Mitsui OSK Lines Ltd, began operation of Helios LPG Pool LLC, or the Helios Pool, a 50% joint venture, which is a pool of VLGC vessels. We believe that the operation of certain of our VLGCs in this pool will allow us to achieve better market coverage and utilization. Vessels entered into the Helios Pool are commercially managed jointly by Dorian LPG (UK) Ltd., our wholly-owned subsidiary, and Phoenix. The members of the Helios Pool share in the net pool revenues generated by the entire group of vessels in the pool, weighted according to certain technical vessel characteristics, and net pool revenues (see Note 2) are distributed as time charter hire to each participant. The vessels entered into the Helios Pool may operate either in the spot market, contracts of affreightment, or on time charters of two years’ duration or less.

 

On May 13, 2014, we completed our initial public offering (the “IPO”) and our shares trade on the New York Stock Exchange under the ticker symbol “LPG”.

 

The accompanying unaudited condensed consolidated financial statements and related notes (the “Financial Statements”) have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by 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 Financial Statements. The Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2015 included in our Annual Report on Form 10-K for the year ended March 31, 2015 filed with the Securities and Exchange Commission (“SEC”) on June 4, 2015.

 

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 September 30, 2015, which are all wholly-owned and are incorporated in Republic of the Marshall Islands (unless otherwise noted), are listed below.

 

Vessel Owning Subsidiaries

 

Subsidiary

 

Type of
vessel(2)

 

Vessel’s name

 

Built

 

CBM(1)

 

CNML LPG Transport LLC

 

VLGC

 

Captain Nicholas ML

 

2008 

 

82,000 

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007 

 

82,000 

 

CMNL LPG Transport LLC

 

VLGC

 

Captain Markos NL

 

2006 

 

82,000 

 

Grendon Tanker LLC

 

PGC

 

LPG Grendon

 

1996 

 

5,000 

 

Comet LPG Transport LLC

 

VLGC

 

Comet

 

2014 

 

84,000 

 

Corsair LPG Transport LLC

 

VLGC

 

Corsair

 

2014 

 

84,000 

 

Corvette LPG Transport LLC

 

VLGC

 

Corvette

 

2015 

 

84,000 

 

Dorian Shanghai LPG Transport LLC

 

VLGC

 

Cougar

 

2015 

 

84,000 

 

Concorde LPG Transport LLC

 

VLGC

 

Concorde

 

2015 

 

84,000 

 

Dorian Houston LPG Transport LLC

 

VLGC

 

Cobra

 

2015 

 

84,000 

 

Dorian Sao Paulo LPG Transport LLC

 

VLGC

 

Continental

 

2015 

 

84,000 

 

Dorian Ulsan LPG Transport LLC

 

VLGC

 

Constitution

 

2015 

 

84,000 

 

Dorian Amsterdam LPG Transport LLC

 

VLGC

 

Commodore

 

2015 

 

84,000 

 

Dorian Dubai LPG Transport LLC

 

VLGC

 

Cresques

 

2015 

 

84,000 

 

Constellation LPG Transport LLC

 

VLGC

 

Constellation

 

2015 

 

84,000 

 

 

Newbuilding Vessel Owning Subsidiaries(3)

 

Subsidiary

 

Type of
vessel(2)

 

Hull
number

 

Vessel’s Name

 

Estimated
vessel
delivery date(4)

 

CBM(1)

 

Dorian Monaco LPG Transport LLC

 

VLGC

 

S756

 

Cheyenne

 

Q4 2015

 

84,000 

 

Dorian Barcelona LPG Transport LLC

 

VLGC

 

S752

 

Clermont

 

Q4 2015

 

84,000 

 

Dorian Geneva LPG Transport LLC

 

VLGC

 

2337

 

Cratis

 

Q4 2015

 

84,000 

 

Dorian Cape Town LPG Transport LLC

 

VLGC

 

S754

 

Chaparral

 

Q4 2015

 

84,000 

 

Dorian Tokyo LPG Transport LLC

 

VLGC

 

2338

 

Copernicus

 

Q4 2015

 

84,000 

 

Commander LPG Transport LLC

 

VLGC

 

2662

 

Commander

 

Q4 2015

 

84,000 

 

Dorian Explorer LPG Transport LLC

 

VLGC

 

S757

 

Challenger

 

Q4 2015

 

84,000 

 

Dorian Exporter LPG Transport LLC

 

VLGC

 

S758

 

Caravelle

 

Q1 2016

 

84,000 

 

 

Management Subsidiaries

 

Subsidiary

 

Incorporation
Date

Dorian LPG Management Corp

 

July 2, 2013

Dorian LPG (USA) LLC (incorporated in USA)

 

July 2, 2013

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

 

November 18, 2013

Dorian LPG Finance LLC

 

January 16, 2015

Occident River Trading Limited (incorporated in UK) 

 

January 9, 2015

 

Dormant Subsidiaries

 

Subsidiary

 

Incorporation
Date

SeaCor LPG I LLC

 

April 26, 2013

SeaCor LPG II LLC

 

April 26, 2013

Capricorn LPG Transport LLC

 

November 15, 2013

Constitution LPG Transport LLC

 

February 17, 2014

 

 

(1)

CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)

Very Large Gas Carrier (“VLGC”), Pressurized Gas Carrier (“PGC”)

(3)

Represents newbuilding vessels not yet delivered as of September 30, 2015

(4)

Represents calendar year quarters

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 were applied in the preparation of our audited financial statements for the year ended March 31, 2015 (see Note 2 of the consolidated financial statements included in our Annual Report on Form 10-K for the year ended March 31, 2015).

 

Additionally, as of April 1, 2015, we began operations of pooling arrangements. Net pool revenues—related party for each vessel in the pool is determined in accordance with the profit sharing terms specified within the pool agreement. In particular, the pool manager calculates the net pool revenues using gross revenues less voyage expenses of all the pool vessels and less the general and administrative expenses of the pool and distributes the net pool revenues as time charter hire to participants based on:

 

·

pool points (vessel attributes such as cargo carrying capacity, fuel consumption, and construction characteristics are taken into consideration); and

 

·

number of days the vessel participated in the pool in the period.

 

We recognize net pool revenues on a monthly basis, when the vessel has participated in the pool during the period and the amount of net pool revenues for the month can be estimated reliably.

 

In February 2015, the Financial Accounting Standards Board (“FASB”) issued accounting guidance amending consolidation analysis which focuses on the consolidation evaluation for reporting organizations that are required to evaluate whether they should consolidate certain legal entities. This new standard simplifies consolidation accounting by reducing the number of consolidation models and providing incremental benefits to stakeholders. In addition, the new standard places more emphasis on risk of loss when determining a controlling financial interest, reduces the frequency of the application of related-party guidance when determining a controlling financial interest in a variable interest entity (a “VIE”), and changes consolidation conclusion for public and private companies in several industries that typically make use of limited partnerships or VIEs. The pronouncement is effective prospectively for annual periods beginning after December 15, 2015, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements.

 

In April 2015, an accounting pronouncement was issued by the FASB to update the guidance related to the presentation of debt issuance costs. This guidance requires debt issuance costs, related to a recognized debt liability, be presented in the balance sheet as a direct deduction from the carrying amount of the related debt liability rather than being presented as an asset. This pronouncement is effective retrospectively for fiscal years beginning after December 15, 2015 and interim periods within that reporting period, with early adoption permitted. We intend to adopt this pronouncement on April 1, 2016, and we are currently assessing the impact the amended guidance will have on our financial statements.

 

In May 2014, the FASB amended its accounting guidance for revenue recognition. The fundamental principles of the new guidance are that companies should recognize revenue in a manner that reflects the timing of the transfer of services to customers and consideration that a company expects to receive for the services provided. It also requires additional disclosures necessary for the financial statement users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. In August 2015, the FASB voted to defer the effective date by one year for fiscal years beginning on or after December 15, 2017 and interim periods within that reporting period and permit early adoption of the standard, but not before the beginning of 2017. We are currently assessing the impact the amended guidance will have on our financial statements.

 

In July 2015, the FASB issued accounting guidance requiring entities to measure most inventory at the lower of cost and net realizable value. The pronouncement is effective prospectively for annual periods beginning after December 15, 2016, and interim periods within that reporting period. We are currently assessing the impact the amended guidance will have on our financial statements.

Deferred Charges, Net
Deferred Charges, Net

 

4. Deferred Charges, Net

 

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

 

 

Financing
costs

 

Drydocking
costs

 

Total deferred
charges, net

 

Balance, April 1, 2015

 

13,296,216

 

669,705

 

13,965,921

 

Additions           

 

7,437,370

 

 

7,437,370

 

Amortization

 

(634,500

)

(125,108

)

(759,608

)

 

 

 

 

 

 

 

 

Balance, September 30, 2015 

 

20,099,086

 

544,597

 

20,643,683

 

 

 

 

 

 

 

 

 

 

Financing costs incurred during the six months ended September 30, 2015 relate to a $758 million debt facility that we entered into in March 2015 (the “2015 Debt Facility”). See Note 7 below.

 

There were no drydockings during the six months ended September 30, 2015.

Vessels, Net
Vessels, Net

 

5. Vessels, Net

 

 

Cost

 

Accumulated
depreciation

 

Net book value

 

Balance, April 1, 2015

 

439,180,669

 

(19,204,616

)

419,976,053

 

Additions

 

644,784,354

 

 

644,784,354

 

Disposals

 

(268,281

)

26,060

 

(242,221

)

Depreciation

 

 

(12,939,245

)

(12,939,245

)

 

 

 

 

 

 

 

 

Balance, September 30, 2015

 

1,083,696,742

 

(32,117,801

)

1,051,578,941

 

 

 

 

 

 

 

 

 

 

The additions to Vessels, net represent amounts transferred from Vessels under Construction relating to the cost of our nine newbuildings that were delivered to us during the six months ended September 30, 2015.

 

Vessels, with a total carrying value of $1,047.8 million and $416.0 million as of September 30, 2015 and March 31, 2015, respectively, are first-priority mortgaged as collateral for our long-term debt facilities (refer to Note 7 below). No impairment loss was recorded for the periods presented.

Vessels Under Construction
Vessels Under Construction

 

6. Vessels Under Construction

 

Balance, April 1, 2015

 

398,175,504

 

Installment payments to shipyards

 

463,693,929

 

Other capitalized expenditures

 

13,949,868

 

Capitalized interest

 

3,630,321

 

Vessels delivered (transferred to Vessels)

 

(644,784,354

)

 

 

 

 

Balance, September 30, 2015

 

234,665,268

 

 

 

 

 

 

Other capitalized expenditures for the six months ended September 30, 2015 represent LPG coolant of $2.2 million and fees paid to third party vendors of $11.7 million for supervision and other newbuilding pre-delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process.

Long-Term Debt
Long-Term Debt

 

7. Long-term Debt

 

RBS Loan Facility - refer to Note 11 of the consolidated financial statements included in our 2015 Annual Report on Form 10-K for the year ended March 31, 2015.

 

2015 Debt Facility — refer to Note 11 of the consolidated financial statements included in our 2015 Annual Report on Form 10-K for the year ended March 31, 2015 for additional information related to the 2015 Debt Facility. During the six months ended September 30, 2015, we made drawdowns under the 2015 Debt Facility of $338.3 million, including $4.8 million of fees, which was secured by the Cougar, Concorde, Cobra,  Continental,  Constitution, Commodore, Cresques and Constellation and was divided into the four separate tranches. As of September 30, 2015, $338.6 million was available to be drawn under the facility.

 

Debt Obligations

 

The table below presents our debt obligations:

 

RBS Loan Facility

 

 September 30, 2015

 

March 31, 2015

 

 

 

 

 

 

 

Tranche A

 

39,100,000 

 

40,800,000 

 

Tranche B

 

29,405,500 

 

30,684,000 

 

Tranche C

 

45,795,000 

 

47,622,500 

 

 

 

 

 

 

 

Total

 

114,300,500 

 

119,106,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Debt Facility

 

 

 

 

 

Commercial Financing

 

136,502,693 

 

26,695,381 

 

KEXIM Direct Financing

 

111,368,423 

 

21,890,212 

 

KEXIM Guaranteed

 

110,173,250 

 

21,655,293 

 

K-sure Insured

 

55,943,347 

 

10,996,041 

 

 

 

 

 

 

 

Total

 

413,987,713 

 

81,236,927 

 

 

 

 

 

 

 

Total debt obligations

 

528,288,213 

 

200,343,427 

 

 

 

 

 

 

 

Presented as follows:

 

 

 

 

 

Current portion of longterm debt

 

42,360,541 

 

15,677,553 

 

Longterm debt—net of current portion

 

485,927,672 

 

184,665,874 

 

 

 

 

 

 

 

Total

 

528,288,213 

 

200,343,427 

 

 

 

 

 

 

 

 

Stock-Based Compensation Plans
Stock-Based Compensation Plans

 

8. Stock-Based Compensation Plans

 

Our stock-based compensation expense was $0.9 million and $1.8 million for the three and six months ended September 30, 2015, respectively, and was $0.8 million for the three and six months ended September 30, 2014. Stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations. Unrecognized compensation cost was $14.1 million as of September 30, 2015 and will be recognized over the remaining weighted average life of 3.95 years. For more information on our equity incentive plan, see Note 13 of the consolidated financial statements included in our 2015 Annual Report on Form 10-K for the year ended March 31, 2015.

 

A summary of the activity of restricted shares awarded under our equity incentive plan as of September 30, 2015 and changes during the six months then ended, is as follows:

 Restricted Share Awards

 

Number of Shares

 

Weighted-Average
Grant-Date
Fair Value

 

Unvested as of March 31, 2015

 

929,000 

 

$

19.70 

 

Granted

 

 

 

 

 

 

 

 

 

Unvested as of September 30, 2015

 

929,000 

 

$

19.70 

 

 

Revenues
Revenues

 

9. Revenues

 

Revenues comprise the following:

 

 

Three months ended

 

Six months ended

 

 

 

September 30,
2015

 

September 30,
2014

 

September 30,
2015

 

September 30,
2014

 

Net pool revenues—related party

 

$

49,345,687 

 

$

 

$

64,656,246 

 

$

 

Voyage charter revenues

 

15,581,830 

 

13,738,052 

 

30,446,014 

 

21,927,340 

 

Time charter revenues

 

9,559,631 

 

6,373,220 

 

14,931,835 

 

13,747,585 

 

Other revenues

 

459,284 

 

246,939 

 

554,797 

 

537,126 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

74,946,432 

 

$

20,358,211 

 

$

110,588,892 

 

$

36,212,051 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net pool revenues—related party depend upon the net results of the Helios Pool, operating days and pool points for each vessel. See Note 3 to our unaudited interim condensed consolidated financial statements.

 

Time charter revenue included a profit-sharing element of the time charter agreements of $2.2 million and $5.3 million for the three and six months ended September 30, 2014, respectively. There was no profit-sharing element of the time charter agreements for the three and six months ended September 30, 2015. Other revenues represents income from charterers relating to reimbursement of voyage expenses such as costs for security guards and war risk insurance.

Financial Instruments and Fair Value Disclosures
Financial Instruments and Fair Value Disclosures

 

10. Financial Instruments and Fair Value Disclosures

 

Our principal financial assets consist of cash and cash equivalents, amounts due from related parties and trade accounts receivable. Our principal financial liabilities consist of long-term bank loan, interest rate swaps, accounts payable, amounts due to related parties and accrued liabilities.

 

(a)Concentration of credit risk:  Financial instruments, which may subject us to significant concentrations of credit risk, consist principally of amounts due from our charterers, including the receivable from Helios Pool, and cash and cash equivalents. We limit our credit risk with amounts due from our charterers 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 by placing it with highly-rated financial institutions.

 

(b)Interest rate risk:  Our long-term bank loans are based on LIBOR and hence we are exposed to movements thereto. We entered into interest rate swap agreements in order to hedge our variable interest rate exposure related to the RBS Loan Facility and our 2015 Debt Facility. The interest rate swaps related to the RBS Loan Facility effectively convert substantially all of our RBS Loan Facility from a floating to a fixed rate. To hedge our exposure to changes in interest rates we are a party to five floating‑to‑fixed interest rate swaps with RBS. In September 2015, we entered into interest rate swaps with Citibank N.A. (“Citibank”) and ING Bank N.V. (“ING”) to effectively convert a notional amount of $200 million and $50 million, respectively, of debt related to our 2015 Debt Facility from a floating rate to a fixed rate and each has a termination date of March 23, 2022. The fixed interest rate is 1.93% and 2.00% on the Citibank and ING swaps, respectively. 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 for the early termination of the agreements.

 

(c)Fair value Measurements:  The following table summarizes the bases used to measure the financial assets and liabilities that are carried at fair value on a recurring basis on our balance sheet, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy:

 

 

 

 

September 30, 2015

 

March 31, 2015

 

Derivatives not designated as
hedging instruments

 

Balance sheet location

 

Asset
derivatives

 

Liability
derivatives

 

Asset
derivatives

 

Liability
derivatives

 

Interest rate swap agreements

 

Long-term liabilities—Derivative instruments

 

 

16,455,007 

 

 

12,730,462 

 

 

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

 

 

 

 

Three months ended

 

Derivatives not designated as
hedging instruments

 

Location of gain/(loss) recognized

 

September 30,
2015

 

September 30,
2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

(5,111,430

)

$

1,690,606

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

(1,230,333

)

(1,348,297

)

 

 

 

 

 

 

 

 

Gain/(loss) on derivatives—net

 

 

 

$

(6,341,763

)

$

342,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

Derivatives not designated as
hedging instruments

 

Location of gain/(loss) recognized

 

September 30,
2015

 

September 30,
2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

(3,724,544

)

$

1,657,052

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

(2,474,824

)

(2,702,887

)

 

 

 

 

 

 

 

 

Gain/(loss) on derivatives—net

 

 

 

$

(6,199,368

)

$

(1,045,835

)

 

 

 

 

 

 

 

 

 

 

 

As of September 30, 2015 and March 31, 2015, no fair value measurements for assets or liabilities under Level 1 or Level 3 were recognized in the accompanying consolidated balance sheets. We did not have any other assets or liabilities measured at fair value on a non-recurring basis during the three and six months ended September 30, 2015.

 

(d)          Book values and fair values of financial instruments:   In addition to the derivatives that we are required to record at fair value on our balance sheet (see (c) above), we have 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, 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. We also have long term bank debt for which we believe the historical carrying value approximates their fair value 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. Cash and cash equivalents and restricted cash are considered Level 1 items.

Earnings Per Share ("EPS")
Earnings Per Share ("EPS")

 

11. Earnings Per Share (“EPS”)

 

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, 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 common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

 

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

 

 

Three months ended

 

Six months ended

 

(In U.S. dollars except share data)

 

September 30,
2015

 

September 30,
2014

 

September 30,
2015

 

September 30,
2014

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

41,213,264 

 

$

3,768,677 

 

$

54,866,147 

 

$

7,435,926 

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

57,033,156 

 

57,128,493 

 

57,080,564 

 

55,244,082 

 

Effect of dilutive restricted stock

 

49,040 

 

 

55,932 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average number of common shares outstanding

 

57,082,196 

 

57,128,493 

 

57,136,496 

 

55,244,082 

 

 

 

 

 

 

 

 

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.72 

 

$

0.07 

 

$

0.96 

 

$

0.13 

 

Diluted

 

$

0.72 

 

$

0.07 

 

$

0.96 

 

$

0.13 

 

 

For the three months ended September 30, 2015 and September 30, 2014, there were 655,000 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive. For the six months ended September 30, 2015 and September 30, 2014, there were 655,000 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive.

Commitments and Contingencies
Commitments and Contingencies

 

12. Commitments and Contingencies

 

Commitments under Newbuilding Contracts

 

As of September 30, 2015, we had $405.5 million of commitments under shipbuilding contracts and supervision agreements for eight newbuildings. We expect to settle these commitments within the twelve months ended September 30, 2016.

 

Other

 

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.

Subsequent Events
Subsequent Events

 

13. Subsequent Events

 

On October 13, 2015, we took delivery of our twelfth vessel under the VLGC Newbuilding Program, the Clermont, from HHI.

 

On October 20, 2015, we entered into an interest rate swap with the Commonwealth Bank of Australia to effectively convert an amortizing notional amount of $85.7 million of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.43% with a termination date of March 23, 2022.

 

On October 22, 2015, we took delivery of our thirteenth vessel under the VLGC Newbuilding Program, the Cheyenne, from HHI.

 

On October 27, 2015, we entered into an interest rate swap with Citibank, N.A. to effectively convert an amortizing notional amount of $128.6 million of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.38% with a termination date of March 23, 2022.

 

During October 2015, we repurchased and held 126,100 common shares as treasury shares for $1.4 million.

Basis of Presentation and General Information (Tables)
Schedule of wholly-owned subsidiaries

 

Vessel Owning Subsidiaries

Subsidiary

 

Type of
vessel(2)

 

Vessel’s name

 

Built

 

CBM(1)

 

CNML LPG Transport LLC

 

VLGC

 

Captain Nicholas ML

 

2008 

 

82,000 

 

CJNP LPG Transport LLC

 

VLGC

 

Captain John NP

 

2007 

 

82,000 

 

CMNL LPG Transport LLC

 

VLGC

 

Captain Markos NL

 

2006 

 

82,000 

 

Grendon Tanker LLC

 

PGC

 

LPG Grendon

 

1996 

 

5,000 

 

Comet LPG Transport LLC

 

VLGC

 

Comet

 

2014 

 

84,000 

 

Corsair LPG Transport LLC

 

VLGC

 

Corsair

 

2014 

 

84,000 

 

Corvette LPG Transport LLC

 

VLGC

 

Corvette

 

2015 

 

84,000 

 

Dorian Shanghai LPG Transport LLC

 

VLGC

 

Cougar

 

2015 

 

84,000 

 

Concorde LPG Transport LLC

 

VLGC

 

Concorde

 

2015 

 

84,000 

 

Dorian Houston LPG Transport LLC

 

VLGC

 

Cobra

 

2015 

 

84,000 

 

Dorian Sao Paulo LPG Transport LLC

 

VLGC

 

Continental

 

2015 

 

84,000 

 

Dorian Ulsan LPG Transport LLC

 

VLGC

 

Constitution

 

2015 

 

84,000 

 

Dorian Amsterdam LPG Transport LLC

 

VLGC

 

Commodore

 

2015 

 

84,000 

 

Dorian Dubai LPG Transport LLC

 

VLGC

 

Cresques

 

2015 

 

84,000 

 

Constellation LPG Transport LLC

 

VLGC

 

Constellation

 

2015 

 

84,000 

 

 

Newbuilding Vessel Owning Subsidiaries(3)

Subsidiary

 

Type of
vessel(2)

 

Hull
number

 

Vessel’s Name

 

Estimated
vessel
delivery date(4)

 

CBM(1)

 

Dorian Monaco LPG Transport LLC

 

VLGC

 

S756

 

Cheyenne

 

Q4 2015

 

84,000 

 

Dorian Barcelona LPG Transport LLC

 

VLGC

 

S752

 

Clermont

 

Q4 2015

 

84,000 

 

Dorian Geneva LPG Transport LLC

 

VLGC

 

2337

 

Cratis

 

Q4 2015

 

84,000 

 

Dorian Cape Town LPG Transport LLC

 

VLGC

 

S754

 

Chaparral

 

Q4 2015

 

84,000 

 

Dorian Tokyo LPG Transport LLC

 

VLGC

 

2338

 

Copernicus

 

Q4 2015

 

84,000 

 

Commander LPG Transport LLC

 

VLGC

 

2662

 

Commander

 

Q4 2015

 

84,000 

 

Dorian Explorer LPG Transport LLC

 

VLGC

 

S757

 

Challenger

 

Q4 2015

 

84,000 

 

Dorian Exporter LPG Transport LLC

 

VLGC

 

S758

 

Caravelle

 

Q1 2016

 

84,000 

 

 

Management Subsidiaries

Subsidiary

 

Incorporation
Date

Dorian LPG Management Corp

 

July 2, 2013

Dorian LPG (USA) LLC (incorporated in USA)

 

July 2, 2013

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

 

November 18, 2013

Dorian LPG Finance LLC

 

January 16, 2015

Occident River Trading Limited (incorporated in UK) 

 

January 9, 2015

 

Dormant Subsidiaries

Subsidiary

 

Incorporation
Date

SeaCor LPG I LLC

 

April 26, 2013

SeaCor LPG II LLC

 

April 26, 2013

Capricorn LPG Transport LLC

 

November 15, 2013

Constitution LPG Transport LLC

 

February 17, 2014

 

 

(1)

CBM: Cubic meters, a standard measure for LPG tanker capacity

(2)

Very Large Gas Carrier (“VLGC”), Pressurized Gas Carrier (“PGC”)

(3)

Represents newbuilding vessels not yet delivered as of September 30, 2015

(4)

Represents calendar year quarters

Deferred Charges, Net (Tables)
Schedule of movement of deferred charges

 

 

 

Financing
costs

 

Drydocking
costs

 

Total deferred
charges, net

 

Balance, April 1, 2015

 

13,296,216

 

669,705

 

13,965,921

 

Additions           

 

7,437,370

 

 

7,437,370

 

Amortization

 

(634,500

)

(125,108

)

(759,608

)

 

 

 

 

 

 

 

 

Balance, September 30, 2015 

 

20,099,086

 

544,597

 

20,643,683

 

 

 

 

 

 

 

 

 

 

Vessels, Net (Tables)
Schedule of vessels, net

 

 

Cost

 

Accumulated
depreciation

 

Net book value

 

Balance, April 1, 2015

 

439,180,669

 

(19,204,616

)

419,976,053

 

Additions

 

644,784,354

 

 

644,784,354

 

Disposals

 

(268,281

)

26,060

 

(242,221

)

Depreciation

 

 

(12,939,245

)

(12,939,245

)

 

 

 

 

 

 

 

 

Balance, September 30, 2015

 

1,083,696,742

 

(32,117,801

)

1,051,578,941

 

 

 

 

 

 

 

 

 

 

Vessels Under Construction (Tables)
Schedule of vessels under construction

 

 

Balance, April 1, 2015

 

398,175,504

 

Installment payments to shipyards

 

463,693,929

 

Other capitalized expenditures

 

13,949,868

 

Capitalized interest

 

3,630,321

 

Vessels delivered (transferred to Vessels)

 

(644,784,354

)

 

 

 

 

Balance, September 30, 2015

 

234,665,268

 

 

 

 

 

 

Long-Term Debt (Tables)
Schedule of loans outstanding

 

RBS Loan Facility

 

 September 30, 2015

 

March 31, 2015

 

 

 

 

 

 

 

Tranche A

 

39,100,000 

 

40,800,000 

 

Tranche B

 

29,405,500 

 

30,684,000 

 

Tranche C

 

45,795,000 

 

47,622,500 

 

 

 

 

 

 

 

Total

 

114,300,500 

 

119,106,500 

 

 

 

 

 

 

 

 

 

 

 

 

 

2015 Debt Facility

 

 

 

 

 

Commercial Financing

 

136,502,693 

 

26,695,381 

 

KEXIM Direct Financing

 

111,368,423 

 

21,890,212 

 

KEXIM Guaranteed

 

110,173,250 

 

21,655,293 

 

K-sure Insured

 

55,943,347 

 

10,996,041 

 

 

 

 

 

 

 

Total

 

413,987,713 

 

81,236,927 

 

 

 

 

 

 

 

Total debt obligations

 

528,288,213 

 

200,343,427 

 

 

 

 

 

 

 

Presented as follows:

 

 

 

 

 

Current portion of longterm debt

 

42,360,541 

 

15,677,553 

 

Longterm debt—net of current portion

 

485,927,672 

 

184,665,874 

 

 

 

 

 

 

 

Total

 

528,288,213 

 

200,343,427 

 

 

 

 

 

 

 

 

Stock-Based Compensation Plans (Tables)
Summary of the activity of restricted shares

 Restricted Share Awards

 

Number of Shares

 

Weighted-Average
Grant-Date
Fair Value

 

Unvested as of March 31, 2015

 

929,000 

 

$

19.70 

 

Granted

 

 

 

 

 

 

 

 

 

Unvested as of September 30, 2015

 

929,000 

 

$

19.70 

 

 

Revenues (Tables)
Schedule of revenues

 

 

Three months ended

 

Six months ended

 

 

 

September 30,
2015

 

September 30,
2014

 

September 30,
2015

 

September 30,
2014

 

Net pool revenues—related party

 

$

49,345,687 

 

$

 

$

64,656,246 

 

$

 

Voyage charter revenues

 

15,581,830 

 

13,738,052 

 

30,446,014 

 

21,927,340 

 

Time charter revenues

 

9,559,631 

 

6,373,220 

 

14,931,835 

 

13,747,585 

 

Other revenues

 

459,284 

 

246,939 

 

554,797 

 

537,126 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

74,946,432 

 

$

20,358,211 

 

$

110,588,892 

 

$

36,212,051 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Instruments and Fair Value Disclosures (Tables)

 

 

 

 

September 30, 2015

 

March 31, 2015

 

Derivatives not designated as
hedging instruments

 

Balance sheet location

 

Asset
derivatives

 

Liability
derivatives

 

Asset
derivatives

 

Liability
derivatives

 

Interest rate swap agreements

 

Long-term liabilities—Derivative instruments

 

 

16,455,007 

 

 

12,730,462 

 

 

 

 

 

 

Three months ended

 

Derivatives not designated as
hedging instruments

 

Location of gain/(loss) recognized

 

September 30,
2015

 

September 30,
2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

(5,111,430

)

$

1,690,606

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

(1,230,333

)

(1,348,297

)

 

 

 

 

 

 

 

 

Gain/(loss) on derivatives—net

 

 

 

$

(6,341,763

)

$

342,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six months ended

 

Derivatives not designated as
hedging instruments

 

Location of gain/(loss) recognized

 

September 30,
2015

 

September 30,
2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

(3,724,544

)

$

1,657,052

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

(2,474,824

)

(2,702,887

)

 

 

 

 

 

 

 

 

Gain/(loss) on derivatives—net

 

 

 

$

(6,199,368

)

$

(1,045,835

)

 

 

 

 

 

 

 

 

 

 

 

Earnings Per Share ("EPS") (Tables)
Schedule of calculations of basic and diluted EPS

 

 

Three months ended

 

Six months ended

 

(In U.S. dollars except share data)

 

September 30,
2015

 

September 30,
2014

 

September 30,
2015

 

September 30,
2014

 

Numerator:

 

 

 

 

 

 

 

 

 

Net income

 

$

41,213,264 

 

$

3,768,677 

 

$

54,866,147 

 

$

7,435,926 

 

Denominator:

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

57,033,156 

 

57,128,493 

 

57,080,564 

 

55,244,082 

 

Effect of dilutive restricted stock

 

49,040 

 

 

55,932 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted weighted average number of common shares outstanding

 

57,082,196 

 

57,128,493 

 

57,136,496 

 

55,244,082 

 

 

 

 

 

 

 

 

 

 

 

EPS:

 

 

 

 

 

 

 

 

 

Basic

 

$

0.72 

 

$

0.07 

 

$

0.96 

 

$

0.13 

 

Diluted

 

$

0.72 

 

$

0.07 

 

$

0.96 

 

$

0.13 

 

 

Basis of Presentation and General Information (Details)
3 Months Ended 0 Months Ended 0 Months Ended
Sep. 30, 2015
item
Oct. 22, 2015
Subsequent events
item
Sep. 30, 2015
Helios LPG Pool LLC
Apr. 1, 2015
Maximum
Number of VLGCs with minimum 80,000 cbm
 
17 
 
 
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm
 
13 
 
 
Number of VLGCs having 82,000 cbm
 
 
 
Number of PGCs having 5,000 cbm
 
 
 
Number of commitments under shipbuilding contracts and supervision agreements for VLGC newbuildings
 
 
Ownership interest (as a percent)
 
 
50.00% 
 
Operating period of the vessels entered
 
 
 
2 years 
Basis of Presentation and General Information (Details 2)
Sep. 30, 2015
m3
CNML
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
82,000 
CJNP
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
82,000 
CMNL
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
82,000 
Grendon Tanker LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
5,000 
Comet LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Corsair LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Corvette LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Shanghai LPG Transport LLC (Cougar)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Concorde LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Houston LPG Transport LLC (Cobra)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Sao Paulo LPG Transport LLC (Continental)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Ulsan LPG Transport LLC (Constitution)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Amsterdam LPG Transport LLC (Commodore)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Dubai LPG Transport LLC (Cresques)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Constellation LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Monaco LPG Transport LLC (Cheyenne)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Barcelona LPG Transport LLC (Clermont)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Geneva LPG Transport LLC (Cratis)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Cape Town LPG Transport LLC (Chaparral)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Tokyo LPG Transport LLC (Copernicus)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Commander LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Explorer LPG Transport LLC (Challenger)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Dorian Exporter LPG Transport LLC (Caravelle)
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
84,000 
Deferred Charges, Net (Details) (USD $)
6 Months Ended 6 Months Ended
Sep. 30, 2015
Mar. 31, 2015
2015 Debt Facility
Sep. 30, 2015
Financing costs
Sep. 30, 2015
Drydocking costs
Movement in deferred charges, net
 
 
 
 
Balance at the beginning of the period
$ 13,965,921 
 
$ 13,296,216 
$ 669,705 
Additions
7,437,370 
 
7,437,370 
 
Amortization
(759,608)
 
(634,500)
(125,108)
Balance at the end of the period
20,643,683 
 
20,099,086 
544,597 
Other expenses
 
 
 
 
Drydocking expenses
 
 
 
Original loan amount
 
$ 758,000,000 
 
 
Vessels, Net (Details) (USD $)
6 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Cost
 
 
Impairment
$ 0 
 
Accumulated depreciation
 
 
Vessels, net
1,051,578,941 
419,976,053 
Mortgaged VLGC vessels, carrying value
1,047,800,000 
416,000,000 
Vessels
 
 
Cost
 
 
Balance at the beginning of the period
439,180,669 
 
Additions
644,784,354 
 
Disposals
(268,281)
 
Balance at the end of the period
1,083,696,742 
 
Accumulated depreciation
 
 
Balance at the beginning of the period
(19,204,616)
 
Disposals accumulated depreciation
26,060 
 
Depreciation
(12,939,245)
 
Balance at the end of the period
(32,117,801)
 
Vessels, net
1,051,578,941 
419,976,053 
Disposals net book value
$ (242,221)
 
Number of vessels delivered by builder
 
Vessels Under Construction (Details) (USD $)
6 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Sep. 30, 2015
Vessels under commitment
Sep. 30, 2015
Vessels under commitment
Third party vendors
Vessels under construction
 
 
 
 
Balance
$ 234,665,268 
$ 398,175,504 
$ 398,175,504 
 
Installment payments to shipyards
 
 
463,693,929 
 
Other capitalized expenditures
 
 
13,949,868 
11,700,000 
Capitalized interest
 
 
3,630,321 
 
Vessels delivered (transferred to Vessels)
 
 
(644,784,354)
 
Balance
234,665,268 
398,175,504 
234,665,268 
 
LPG coolant cost included in Other capitalized expenditures
 
 
$ 2,200,000 
 
Long-Term Debt (Details) (USD $)
6 Months Ended
Sep. 30, 2015
Mar. 31, 2015
Presented as follows:
 
 
Current portion of long-term debt
$ 42,360,541 
$ 15,677,553 
Long-term debt-net of current portion
485,927,672 
184,665,874 
Total
528,288,213 
200,343,427 
Drawdowns
338,291,681 
 
Fees financed
8,466,998 
 
Royal Bank of Scotland plc (RBS)
 
 
Presented as follows:
 
 
Total
114,300,500 
119,106,500 
Tranche A
 
 
Presented as follows:
 
 
Total
39,100,000 
40,800,000 
Tranche B
 
 
Presented as follows:
 
 
Total
29,405,500 
30,684,000 
Tranche C
 
 
Presented as follows:
 
 
Total
45,795,000 
47,622,500 
2015 Debt Facility
 
 
Presented as follows:
 
 
Total
413,987,713 
81,236,927 
Drawdowns
338,300,000 
 
Fees financed
4,800,000 
 
Balance available to be drawn
338,600,000 
 
Number of tranches in which loan facility is divided
 
Commercial Financing
 
 
Presented as follows:
 
 
Total
136,502,693 
26,695,381 
KEXIM Direct Financing
 
 
Presented as follows:
 
 
Total
111,368,423 
21,890,212 
KEXIM Guaranteed
 
 
Presented as follows:
 
 
Total
110,173,250 
21,655,293 
K-sure Insured
 
 
Presented as follows:
 
 
Total
$ 55,943,347 
$ 10,996,041 
Stock-Based Compensation Plans (Details) (Restricted stock awards, USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Sep. 30, 2015
Sep. 30, 2014
Sep. 30, 2015
Sep. 30, 2014
Stock-Based Compensation Plans
 
 
 
 
Straight-line amortization period
 
 
3 years 11 months 12 days 
 
Unrecognized compensation cost
$ 14.1 
 
$ 14.1 
 
Number of Shares
 
 
 
 
Unvested at the beginning of the period (in shares)
 
 
929,000 
 
Unvested at the end of the period (in shares)
929,000 
 
929,000 
 
Weighted-Average Grant-Date Fair Value
 
 
 
 
Unvested at the beginning of the period (in dollars per share)
 
 
$ 19.70 
 
Unvested at the end of the period (in dollars per share)
$ 19.70 
 
$ 19.70 
 
General and administrative expenses
 
 
 
 
Stock-Based Compensation Plans
 
 
 
 
Stock-based compensation expense
$ 0.9 
$ 0.8