DORIAN LPG LTD., 10-Q filed on 1/29/2016
Quarterly Report
Document and Entity Information
9 Months Ended
Dec. 31, 2015
Jan. 27, 2016
Document and Entity Information
 
 
Entity Registrant Name
DORIAN LPG LTD. 
 
Entity Central Index Key
0001596993 
 
Document Type
10-Q 
 
Document Period End Date
Dec. 31, 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
 
57,225,162 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q3 
 
Condensed Consolidated Balance Sheets (USD $)
Dec. 31, 2015
Mar. 31, 2015
Current assets
 
 
Cash and cash equivalents
$ 22,034,919 
$ 204,821,183 
Trade receivables, net and accrued revenues
12,542,013 
22,847,224 
Prepaid expenses and other receivables
4,033,795 
1,780,548 
Due from related parties
57,519,736 
386,743 
Inventories
2,123,758 
3,375,759 
Total current assets
98,254,221 
233,211,457 
Fixed assets
 
 
Vessels, net
1,604,987,643 
419,976,053 
Vessels under construction
26,523,881 
398,175,504 
Other fixed assets, net
641,880 
464,889 
Total fixed assets
1,632,153,404 
818,616,446 
Other non-current assets
 
 
Other non-current assets
97,454 
97,446 
Deferred charges, net
24,424,739 
13,965,921 
Derivative instruments
1,869,068 
 
Due from related parties—non-current
16,500,000 
 
Restricted cash
49,712,789 
33,210,000 
Total assets
1,823,011,675 
1,099,101,270 
Current liabilities
 
 
Trade accounts payable
9,259,449 
5,224,349 
Accrued expenses
7,791,482 
5,647,702 
Due to related parties
557,297 
525,170 
Deferred income
4,704,350 
1,122,239 
Current portion of long-term debt
65,708,060 
15,677,553 
Total current liabilities
88,020,638 
28,197,013 
Long-term liabilities
 
 
Long-term debt-net of current portion
748,344,288 
184,665,874 
Derivative instruments
10,934,205 
12,730,462 
Other long-term liabilities
357,308 
293,662 
Total long-term liabilities
759,635,801 
197,689,998 
Total liabilities
847,656,439 
225,887,011 
Shareholders' equity
 
 
Preferred stock, $.01 par value, 50,000,000 shares authorized, none issued nor outstanding
   
   
Common stock, $0.01 par value, 450,000,000 shares authorized, 58,057,493 and 58,057,493 shares issued, 57,225,162 and 58,057,493 shares outstanding (net of treasury stock), as of December 31, 2015 and March 31, 2015, respectively
580,575 
580,575 
Additional paid-in-capital
847,223,211 
844,539,059 
Treasury stock, at cost; 832,331 and zero shares as of December 31, 2015 and March 31, 2015, respectively
(10,070,645)
 
Retained earnings
137,622,095 
28,094,625 
Total shareholders' equity
975,355,236 
873,214,259 
Total liabilities and shareholders' equity
$ 1,823,011,675 
$ 1,099,101,270 
Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Dec. 31, 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
57,225,162 
58,057,493 
Treasury stock, shares at cost
832,331 
Condensed Consolidated Statements of Operations (USD $)
3 Months Ended 9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Dec. 31, 2015
Dec. 31, 2014
Revenues.
 
 
 
 
Net pool revenues—related party
$ 66,044,777 
 
$ 130,701,023 
 
Voyage charter revenues
15,567,844 
25,516,971 
46,013,858 
47,444,311 
Time charter revenues
11,237,746 
6,965,705 
26,169,581 
20,713,290 
Other revenues
433,341 
101,314 
988,138 
638,440 
Total revenues
93,283,708 
32,583,990 
203,872,600 
68,796,041 
Expenses
 
 
 
 
Voyage expenses
4,347,222 
7,755,589 
11,411,841 
14,899,147 
Vessel operating expenses
14,265,183 
5,741,206 
30,479,158 
14,412,174 
Management fees-related party
 
 
 
1,125,000 
Depreciation and amortization
13,536,900 
3,966,640 
26,697,882 
9,467,720 
General and administrative expenses
7,506,740 
4,294,965 
20,002,555 
9,389,689 
Loss on disposal of assets
 
 
105,549 
 
Total expenses
39,656,045 
21,758,400 
88,696,985 
49,293,730 
Other income—related party
383,642 
 
1,150,927 
 
Operating income
54,011,305 
10,825,590 
116,326,542 
19,502,311 
Other income/(expenses)
 
 
 
 
Interest and finance costs
(4,633,454)
(34,491)
(5,700,583)
(250,483)
Interest income
22,382 
104,169 
137,226 
345,797 
Gain/(loss) on derivatives, net
5,382,442 
(1,340,747)
(816,926)
(2,386,582)
Foreign currency (loss)/gain, net
(121,352)
(557,916)
(418,789)
(778,512)
Total other expenses, net
650,018 
(1,828,985)
(6,799,072)
(3,069,780)
Net income
$ 54,661,323 
$ 8,996,605 
$ 109,527,470 
$ 16,432,531 
Earnings per common share – basic (in dollars per share)
$ 0.97 
$ 0.16 
$ 1.92 
$ 0.29 
Earnings per common share – diluted (in dollars per share)
$ 0.97 
$ 0.16 
$ 1.92 
$ 0.29 
Condensed Consolidated Statements of Shareholders' Equity (USD $)
Common stock
Treasury stock
Additional paid-in capital
Retained Earnings
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 
 
25,849,437 
 
25,863,564 
Issuance - April 24, 2014 (in shares)
1,412,698 
 
 
 
 
Issuance - May 13, 2014
71,053 
 
123,413,912 
 
123,484,965 
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
 
 
 
16,432,531 
16,432,531 
Stock-based compensation
 
 
1,524,802 
 
1,524,802 
Balance at Dec. 31, 2014
577,835 
 
843,999,441 
19,266,374 
863,843,650 
Balance (in shares) at Dec. 31, 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
 
 
 
109,527,470 
109,527,470 
Stock-based compensation
 
 
2,684,152 
 
2,684,152 
Purchase of treasury stock
 
(10,070,645)
 
 
(10,070,645)
Balance at Dec. 31, 2015
$ 580,575 
$ (10,070,645)
$ 847,223,211 
$ 137,622,095 
$ 975,355,236 
Balance (in shares) at Dec. 31, 2015
58,057,493 
 
 
 
 
Condensed Consolidated Statements of Cash Flows (USD $)
9 Months Ended
Dec. 31, 2015
Dec. 31, 2014
Cash flows from operating activities:
 
 
Net income
$ 109,527,470 
$ 16,432,531 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
Impairment
 
Depreciation and amortization
26,697,882 
9,467,720 
Amortization of financing costs
1,553,730 
693,733 
Unrealized gain on derivatives
(3,665,324)
(1,637,646)
Stock-based compensation expense
3,050,819 
1,524,802 
Loss on disposal of assets
105,549 
 
Unrealized exchange differences
322,455 
954,774 
Other non-cash items
61,323 
731,689 
Changes in operating assets and liabilities
 
 
Trade receivables, net and accrued revenue
10,305,211 
(8,144,265)
Prepaid expenses and other receivables
(2,253,247)
(1,194,116)
Due from related parties
(73,632,993)
1,322,149 
Inventories
1,252,001 
(2,404,584)
Other non-current assets
(8)
(97,439)
Trade accounts payable
3,386,722 
3,177,894 
Accrued expenses and other liabilities
6,241,601 
1,102,233 
Due to related parties
32,127 
403,903 
Payments for drydocking costs
 
(538,941)
Net cash provided by operating activities
82,985,318 
21,794,437 
Cash flows from investing activities:
 
 
Payments for vessels and vessels under construction
(839,065,088)
(294,777,414)
Restricted cash deposits
(16,502,789)
(1,500,000)
Restricted cash released
 
30,938,702 
Proceeds from disposal of assets
136,660 
 
Payments to acquire other fixed assets
(443,417)
(185,336)
Net cash used in investing activities
(855,874,634)
(265,524,048)
Cash flows from financing activities:
 
 
Proceeds from long-term debt borrowings
634,648,196 
 
Repayment of long-term debt borrowings
(20,939,276)
(6,084,500)
Proceeds from common shares issuances
 
155,830,178 
Purchase of treasury stock
(10,070,645)
 
Financing costs paid
(13,210,445)
 
Payments relating to issuance costs
 
(1,388,918)
Net cash provided by financing activities
590,427,830 
148,356,760 
Effects of exchange rates on cash and cash equivalents
(324,778)
(954,774)
Net decrease in cash and cash equivalents
(182,786,264)
(96,327,625)
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
$ 22,034,919 
$ 182,804,170 
Basis of Presentation and General Information
Basis of Presentation and General Information

Dorian LPG Ltd.

Notes to Unaudited Condensed Consolidated Financial Statements

(Expressed in United States Dollars)

1. Basis of Presentation and General Information

 

Dorian LPG Ltd. (“Dorian”) was incorporated on July 1, 2013 under the laws of the Republic of the Marshall Islands, is headquartered in the United States and is engaged in the transportation of liquefied petroleum gas ("LPG") worldwide through the ownership and operation of LPG tankers. Dorian 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. Our fleet consists of twenty-two LPG carriers, including eighteen fuel-efficient 84,000 cbm ECO-design VLGCs, three 82,000 cbm VLGCs and one pressurized 5,000 cbm vessel. In addition, we have a  newbuilding contract for the construction of one new fuel-efficient 84,000 cbm ECO-design VLGC at Hyundai Heavy Industries Co., Ltd. ("Hyundai" or "HHI"), which is scheduled to be delivered to us in February 2016. We refer to this contract along with the VLGCs that were delivered between July 2014 and December 2015 from Hyundai and Daewoo  Shipping and Marine Engineering Ltd. ("Daewoo" or “DSME”), both of which are based in South Korea, as our VLGC Newbuilding Program.

 

On April 1, 2015, Dorian 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 December 31, 2015, which are all wholly-owned and are incorporated in Republic of the Marshall Islands (unless otherwise noted), are listed below.

 

Vessel Owning Subsidiaries

 

 

 

 

 

 

 

 

 

 

 

 

    

Type of

    

 

    

 

    

 

 

Subsidiary

 

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

 

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

 

Dorian Monaco LPG Transport LLC

 

VLGC

 

Cheyenne

 

2015

 

84,000

 

Dorian Barcelona LPG Transport LLC

 

VLGC

 

Clermont

 

2015

 

84,000

 

Dorian Geneva LPG Transport LLC

 

VLGC

 

Cratis

 

2015

 

84,000

 

Dorian Cape Town LPG Transport LLC

 

VLGC

 

Chaparral

 

2015

 

84,000

 

Dorian Tokyo LPG Transport LLC

 

VLGC

 

Copernicus

 

2015

 

84,000

 

Commander LPG Transport LLC

 

VLGC

 

Commander

 

2015

 

84,000

 

Dorian Explorer LPG Transport LLC

 

VLGC

 

Challenger

 

2015

 

84,000

 

 

Newbuilding Vessel Owning Subsidiaries(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

 

    

 

    

Estimated

    

 

 

 

 

Type of

 

Hull

 

 

 

vessel

 

 

 

Subsidiary

 

vessel(2)

 

number

 

Vessel's Name

 

delivery date(4)

 

CBM(1)

 

Dorian Exporter LPG Transport LLC

 

VLGC

 

S758

 

Caravelle

 

Q1 2016

 

84,000

 

 


(1)

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

(2)

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

(3)

Represents the owning subsidiary of a newbuilding vessel that was not yet delivered as of December 31, 2015

(4)

Represents calendar year quarters

 

Management Subsidiaries

 

 

 

 

 

 

 

Incorporation

 

Subsidiary

    

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

 

 

 

 

 

 

 

Incorporation

 

Subsidiary

    

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

 

 

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

 

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 the amount of debt issuance costs that would be classified on our balance sheet as a reduction of debt was $23.9 million as of December 31, 2015 and $13.3 million as of March 31, 2015.

 

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

    

Drydocking

    

Total deferred

 

 

 

costs

 

costs

 

charges, net

 

Balance, April 1, 2015

 

$

13,296,216

 

$

669,705

 

$

13,965,921

 

Additions

 

 

12,200,552

 

 

 —

 

 

12,200,552

 

Amortization

 

 

(1,553,730)

 

 

(188,004)

 

 

(1,741,734)

 

Balance, December 31, 2015

 

$

23,943,038

 

$

481,701

 

$

24,424,739

 

 

Financing costs incurred during the nine months ended December 31, 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 nine months ended December 31, 2015.

Vessels, Net
Vessels, Net

5. Vessels, Net

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Accumulated

    

 

 

 

 

 

Cost

 

depreciation

 

Net book Value

 

Balance, April 1, 2015

 

$

439,180,669

 

$

(19,204,616)

 

$

419,976,053

 

Additions

 

 

1,211,595,756

 

 

 —

 

 

1,211,595,756

 

Disposals

 

 

(268,281)

 

 

26,060

 

 

(242,221)

 

Depreciation

 

 

 —

 

 

(26,341,945)

 

 

(26,341,945)

 

Balance, December 31, 2015

 

$

1,650,508,144

 

$

(45,520,501)

 

$

1,604,987,643

 

 

The additions to Vessels, net represent amounts transferred from Vessels under Construction relating to the cost of our fifteen newbuildings that were delivered to us during the nine months ended December 31, 2015.

 

Vessels, with a total carrying value of $1,601.3 million and $416.0 million as of December 31, 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

 

 

814,098,361

 

Other capitalized expenditures

 

 

21,184,618

 

Capitalized interest

 

 

4,661,154

 

Vessels delivered (transferred to Vessels)

 

 

(1,211,595,756)

 

Balance, December 31, 2015

 

$

26,523,881

 

 

Other capitalized expenditures for the nine months ended December 31, 2015 represent LPG coolant of $4.8 million and fees paid to third party vendors of $16.4 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 nine months ended December 31, 2015, we made drawdowns of $634.6 million, including $9.0 million to pay lender fees, under the 2015 Debt Facility, which was secured by fifteen newbuilding vessels delivered during that period and was comprised of four separate tranches. As of December 31, 2015,  $42.2 million was available to be drawn under the facility on delivery of our final newbuilding.

 

Debt Obligations

 

The table below presents our debt obligations:

 

 

 

 

 

 

 

 

 

RBS secured bank debt

    

December 31, 2015

    

March 31, 2015

 

Tranche A

 

$

39,100,000

 

$

40,800,000

 

Tranche B

 

 

28,127,000

 

 

30,684,000

 

Tranche C

 

 

45,795,000

 

 

47,622,500

 

Total

 

$

113,022,000

 

$

119,106,500

 

 

 

 

 

 

 

 

 

2015 Debt Facility

 

 

 

 

 

 

 

Commercial Financing

 

$

231,599,393

 

$

26,695,381

 

KEXIM Direct Financing

 

 

188,405,793

 

 

21,890,212

 

KEXIM Guaranteed

 

 

186,383,877

 

 

21,655,293

 

K-sure Insured

 

 

94,641,285

 

 

10,996,041

 

Total

 

 

701,030,348

 

 

81,236,927

 

Total debt obligations

 

$

814,052,348

 

$

200,343,427

 

 

 

 

 

 

 

 

 

Presented as follows:

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

65,708,060

 

$

15,677,553

 

Long-term debt—net of current portion

 

 

748,344,288

 

 

184,665,874

 

Total

 

$

814,052,348

 

$

200,343,427

 

 

Stock-Based Compensation Plans
Stock-Based Compensation Plans

8. Stock-Based Compensation Plans

 

Our stock-based compensation expense was $1.3 million and $3.1 million for the three and nine months ended December 31, 2015, respectively, and was $0.8 million and $1.5 million for the three and nine months ended December 31, 2014. Stock-based compensation expense is included within general and administrative expenses in the unaudited condensed consolidated statements of operations. Unrecognized compensation cost was $13.3 million as of December 31, 2015 and will be recognized over the remaining weighted average life of 3.70 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 December 31, 2015 and changes during the nine months then ended, is as follows:

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average

 

 

 

 

 

Grant-Date

 

Restricted Share Awards

 

Numbers of Shares

 

Fair Value

 

Unvested as of March 31, 2015

 

929,000

 

$

19.70

 

Granted

 

 —

 

 

 —

 

Unvested as of December 31, 2015

 

929,000

 

$

19.70

 

 

Revenues
Revenues

9. Revenues

 

Revenues comprise the following:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended 

    

Nine months ended

 

 

 

December 31, 2015

    

December 31, 2014

 

December 31, 2015

    

December 31, 2014

 

Net pool revenues—related party

 

$

66,044,777

 

$

 —

 

$

130,701,023

 

$

 —

 

Voyage charter revenues

 

 

15,567,844

 

 

25,516,971

 

 

46,013,858

 

 

47,444,311

 

Time charter revenues

 

 

11,237,746

 

 

6,965,705

 

 

26,169,581

 

 

20,713,290

 

Other revenues

 

 

433,341

 

 

101,314

 

 

988,138

 

 

638,440

 

Total

 

$

93,283,708

 

$

32,583,990

 

$

203,872,600

 

$

68,796,041

 

 

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 $2.4 million and $7.8 million for the three and nine months ended December 31, 2014, respectively. There was no profit-sharing element of the time charter agreements for the three and nine months ended December 31, 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, including those through the Helios Pool, by performing ongoing credit evaluations of our charterers’ financial condition and generally do not require collateral from our charterers. We limit our credit risk with our cash and cash equivalents 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 a majority of 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 floatingtofixed 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. In October 2015, we entered into interest rate swaps with the Commonwealth Bank of Australia (“CBA”) and Citibank to effectively convert amortizing notional amounts of $85.7 million and $128.6 million, respectively, of debt related to our 2015 Debt Facility from a floating rate to a fixed rate of 1.43% and 1.38%, respectively, with a termination date of March 23, 2022. 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 location on the balance sheet of the financial assets and liabilities that are carried at fair value on a recurring basis, which comprise our financial derivatives all of which are considered Level 2 items in accordance with the fair value hierarchy:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

March 31, 2015

 

 

 

Other non-current assets

 

Long-term liabilities

 

Other non-current assets

 

Long-term liabilities

 

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

 

Interest rate swap agreements

 

$

1,869,068

 

$

10,934,205

 

$

 

$

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

    

December 31, 2015

    

December 31, 2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

7,389,868

 

$

(19,406)

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

 

(2,007,426)

 

 

(1,321,341)

 

Gain/(loss) on derivatives, net

 

 

 

$

5,382,442

 

$

(1,340,747)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Nine months ended

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2015

    

December 31, 2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

3,665,324

 

$

1,637,646

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

 

(4,482,250)

 

 

(4,024,228)

 

Gain/(loss) on derivatives, net

 

 

 

$

(816,926)

 

$

(2,386,582)

 

 

As of December 31, 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 nine months ended December 31, 2015 and 2014.

 

(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 shortterm 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 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended 

 

Nine months ended

 

(In U.S. dollars except share data)

    

December 31, 2015

    

December 31, 2014

    

December 31, 2015

    

December 31, 2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

54,661,323

 

$

8,996,605

 

$

109,527,470

 

$

16,432,531

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

 

56,554,253

 

 

57,128,493

 

 

56,904,489

 

 

55,874,505

 

Effect of dilutive restricted stock

 

 

40,239

 

 

 —

 

 

47,939

 

 

 —

 

Diluted weighted average number of common shares outstanding

 

 

56,594,492

 

 

57,128,493

 

 

56,952,428

 

 

55,874,505

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.97

 

$

0.16

 

$

1.92

 

$

0.29

 

Diluted

 

$

0.97

 

$

0.16

 

$

1.92

 

$

0.29

 

 

For the three months ended December 31, 2015 and December 31, 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 nine months ended December 31, 2015 and December 31, 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 December 31, 2015, we had $53.6 million of commitments under a shipbuilding contract and a  supervision agreement for one newbuilding. We expect to settle these commitments within the twelve months ending December 31, 2016 with borrowings available under the 2015 Debt Facility and available cash on hand.  

 

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.

Shareholder Rights Plan
Shareholder Rights Plan

13. Shareholder Rights Plan

 

On December 21, 2015, our Board of Directors declared a dividend of one preferred share purchase right (a "Right") for each share of our common stock outstanding on December 31, 2015. Each Right is attached to and trades with the associated share of common stock.  The Rights will become exercisable only if a person or group has acquired 15% or more of our outstanding common stock or announces a tender offer or exchange offer which, if consummated, would result in ownership by a person or group of 15% or more of our outstanding common stock (an "Acquiring Person").  If a person becomes an Acquiring Person, each Right will entitle its holder (other than an Acquiring Person and certain related parties) to purchase for $60 a number of shares of our common stock having a market value of twice such price.  In addition, at any time after a person or group acquires 15% or more of our outstanding common stock (unless such person or group acquires 50% or more), our Board of Directors may exchange one share of our common stock for each outstanding Right (other than Rights owned by the Acquiring Person and certain related parties, which would have become void).  Any person who, prior to the time of public announcement of the existence of the Rights, beneficially owned 15% or more of our outstanding common stock is not considered to be an Acquiring Person so long as such person does not acquire additional shares in excess of certain limitations.

 

The Rights will expire on December 20, 2018; provided that if our shareholders have not ratified the shareholder rights plan by December 20, 2016, the shareholder rights plan will expire on December 20, 2016. 

 

Please see our current report on Form 8-K filed with the SEC on December 21, 2015 for a more detailed description of the Rights.

 

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

 

 

 

 

 

 

 

 

 

 

 

 

    

Financing

    

Drydocking

    

Total deferred

 

 

 

costs

 

costs

 

charges, net

 

Balance, April 1, 2015

 

$

13,296,216

 

$

669,705

 

$

13,965,921

 

Additions

 

 

12,200,552

 

 

 —

 

 

12,200,552

 

Amortization

 

 

(1,553,730)

 

 

(188,004)

 

 

(1,741,734)

 

Balance, December 31, 2015

 

$

23,943,038

 

$

481,701

 

$

24,424,739

 

 

Vessels, Net (Tables)
Schedule of vessels, net

 

 

 

 

 

 

 

 

 

 

 

 

    

 

 

    

Accumulated

    

 

 

 

 

 

Cost

 

depreciation

 

Net book Value

 

Balance, April 1, 2015

 

$

439,180,669

 

$

(19,204,616)

 

$

419,976,053

 

Additions

 

 

1,211,595,756

 

 

 —

 

 

1,211,595,756

 

Disposals

 

 

(268,281)

 

 

26,060

 

 

(242,221)

 

Depreciation

 

 

 —

 

 

(26,341,945)

 

 

(26,341,945)

 

Balance, December 31, 2015

 

$

1,650,508,144

 

$

(45,520,501)

 

$

1,604,987,643

 

 

Vessels Under Construction (Tables)
Schedule of vessels under construction

 

 

 

 

 

 

Balance, April 1, 2015

    

$

398,175,504

 

Installment payments to shipyards

 

 

814,098,361

 

Other capitalized expenditures

 

 

21,184,618

 

Capitalized interest

 

 

4,661,154

 

Vessels delivered (transferred to Vessels)

 

 

(1,211,595,756)

 

Balance, December 31, 2015

 

$

26,523,881

 

 

Long-Term Debt (Tables)
Schedule of loans outstanding

 

 

 

 

 

 

 

 

 

RBS secured bank debt

    

December 31, 2015

    

March 31, 2015

 

Tranche A

 

$

39,100,000

 

$

40,800,000

 

Tranche B

 

 

28,127,000

 

 

30,684,000

 

Tranche C

 

 

45,795,000

 

 

47,622,500

 

Total

 

$

113,022,000

 

$

119,106,500

 

 

 

 

 

 

 

 

 

2015 Debt Facility

 

 

 

 

 

 

 

Commercial Financing

 

$

231,599,393

 

$

26,695,381

 

KEXIM Direct Financing

 

 

188,405,793

 

 

21,890,212

 

KEXIM Guaranteed

 

 

186,383,877

 

 

21,655,293

 

K-sure Insured

 

 

94,641,285

 

 

10,996,041

 

Total

 

 

701,030,348

 

 

81,236,927

 

Total debt obligations

 

$

814,052,348

 

$

200,343,427

 

 

 

 

 

 

 

 

 

Presented as follows:

 

 

 

 

 

 

 

Current portion of long-term debt

 

$

65,708,060

 

$

15,677,553

 

Long-term debt—net of current portion

 

 

748,344,288

 

 

184,665,874

 

Total

 

$

814,052,348

 

$

200,343,427

 

 

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

 

 

 

 

 

 

 

 

 

    

 

    

Weighted-Average

 

 

 

 

 

Grant-Date

 

Restricted Share Awards

 

Numbers of Shares

 

Fair Value

 

Unvested as of March 31, 2015

 

929,000

 

$

19.70

 

Granted

 

 —

 

 

 —

 

Unvested as of December 31, 2015

 

929,000

 

$

19.70

 

 

Revenues (Tables)
Schedule of revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

Three months ended 

    

Nine months ended

 

 

 

December 31, 2015

    

December 31, 2014

 

December 31, 2015

    

December 31, 2014

 

Net pool revenues—related party

 

$

66,044,777

 

$

 —

 

$

130,701,023

 

$

 —

 

Voyage charter revenues

 

 

15,567,844

 

 

25,516,971

 

 

46,013,858

 

 

47,444,311

 

Time charter revenues

 

 

11,237,746

 

 

6,965,705

 

 

26,169,581

 

 

20,713,290

 

Other revenues

 

 

433,341

 

 

101,314

 

 

988,138

 

 

638,440

 

Total

 

$

93,283,708

 

$

32,583,990

 

$

203,872,600

 

$

68,796,041

 

 

Financial Instruments and Fair Value Disclosures (Tables)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2015

 

 

March 31, 2015

 

 

 

Other non-current assets

 

Long-term liabilities

 

Other non-current assets

 

Long-term liabilities

 

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

 

Interest rate swap agreements

 

$

1,869,068

 

$

10,934,205

 

$

 

$

12,730,462

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Three months ended 

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2015

    

December 31, 2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

7,389,868

 

$

(19,406)

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

 

(2,007,426)

 

 

(1,321,341)

 

Gain/(loss) on derivatives, net

 

 

 

$

5,382,442

 

$

(1,340,747)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    

 

    

Nine months ended

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

December 31, 2015

    

December 31, 2014

 

Interest Rate Swap—Change in fair value

 

Gain/(loss) on derivatives, net

 

$

3,665,324

 

$

1,637,646

 

Interest Rate Swap—Realized loss

 

Gain/(loss) on derivatives, net

 

 

(4,482,250)

 

 

(4,024,228)

 

Gain/(loss) on derivatives, net

 

 

 

$

(816,926)

 

$

(2,386,582)

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended 

 

Nine months ended

 

(In U.S. dollars except share data)

    

December 31, 2015

    

December 31, 2014

    

December 31, 2015

    

December 31, 2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

54,661,323

 

$

8,996,605

 

$

109,527,470

 

$

16,432,531

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average number of common shares outstanding

 

 

56,554,253

 

 

57,128,493

 

 

56,904,489

 

 

55,874,505

 

Effect of dilutive restricted stock

 

 

40,239

 

 

 —

 

 

47,939

 

 

 —

 

Diluted weighted average number of common shares outstanding

 

 

56,594,492

 

 

57,128,493

 

 

56,952,428

 

 

55,874,505

 

EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.97

 

$

0.16

 

$

1.92

 

$

0.29

 

Diluted

 

$

0.97

 

$

0.16

 

$

1.92

 

$

0.29

 

 

Basis of Presentation and General Information (Details)
9 Months Ended 0 Months Ended
Dec. 31, 2015
item
Dec. 31, 2015
Helios LPG Pool LLC
Apr. 1, 2015
Maximum
Total number of vessels
22 
 
 
Number of fuel-efficient ECO-design VLGCs having 84,000 cbm
18 
 
 
Number of VLGCs having 82,000 cbm
 
 
Number of PGCs having 5,000 cbm
 
 
Ownership interest (as a percent)
 
50.00% 
 
Maximum duration of time charters in pool
 
 
2 years 
Basis of Presentation and General Information (Capacity) (Details)
Dec. 31, 2015
m3
CNML LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
82,000 
CJNP LPG Transport LLC
 
Vessel Owning Subsidiaries
 
Capacity of vessel (in cubic meters)
82,000 
CMNL LPG Transport LLC
 
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)