XML 80 R64.htm IDEA: XBRL DOCUMENT v3.22.1
Long-Term Debt (Other) (Details)
1 Months Ended 12 Months Ended
Mar. 31, 2022
USD ($)
Mar. 29, 2022
USD ($)
Mar. 18, 2022
USD ($)
Jan. 26, 2022
USD ($)
Dec. 29, 2021
USD ($)
Nov. 30, 2021
USD ($)
Apr. 23, 2020
USD ($)
Apr. 21, 2020
USD ($)
Apr. 20, 2020
Jun. 26, 2018
USD ($)
Jun. 25, 2018
USD ($)
Mar. 16, 2018
USD ($)
Jan. 31, 2018
USD ($)
Nov. 07, 2017
USD ($)
Mar. 31, 2015
USD ($)
item
Mar. 31, 2022
USD ($)
Mar. 31, 2021
USD ($)
Mar. 31, 2020
USD ($)
Mar. 31, 2015
USD ($)
Apr. 29, 2020
USD ($)
Long-Term Debt                                        
Financing costs paid                               $ 1,664,252 $ 4,183,321 $ 40,547    
Drawdowns                               298,250,000 55,378,172      
Proceeds from sale of vessel                               90,460,363        
Presented as follows:                                        
Total debt obligations $ 670,020,444                             670,020,444 602,087,981      
Current portion of long-term debt 72,075,571                             72,075,571 51,820,283      
Long-term debt-net of current portion and deferred financing fees 590,687,387                             590,687,387 539,651,761      
Total 662,762,958                             662,762,958 591,472,044      
Long-term Debt, Other Disclosures [Abstract]                                        
Deferred finance fees, beginning                               10,615,937 11,152,985      
Additions                               2,530,589 4,158,312      
Amortization                               (5,889,040) (4,695,360) (2,893,392)    
Deferred finance fees, end 7,257,486                             7,257,486 10,615,937 $ 11,152,985    
Corsair LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred                           $ 65,000,000.0            
Term of Charter Agreement                           12 years            
Period until purchase option exercisable                           2 years            
Proceeds from sale of vessel                           $ 52,000,000.0            
Deposit retained by buyer                           13,000,000.0            
Concorde LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred                         $ 70,000,000.0              
Term of Charter Agreement                         13 years              
Period until purchase option exercisable                         3 years              
Proceeds from sale of vessel                         $ 56,000,000.0              
Deposit retained by buyer                         14,000,000.0              
Corvette LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred                       $ 70,000,000.0                
Term of Charter Agreement                       13 years                
Period until purchase option exercisable                       3 years                
Proceeds from sale of vessel                       $ 56,000,000.0                
Deposit retained by buyer                       14,000,000.0                
CMNL                                        
Long-Term Debt                                        
Value of vessel transferred                     $ 45,800,000                  
Term of Charter Agreement                     7 years                  
Period until purchase option exercisable                     2 years                  
Proceeds from sale of vessel                     $ 20,600,000                  
Deposit retained by buyer                     $ 25,200,000                  
CNML                                        
Long-Term Debt                                        
Value of vessel transferred                   $ 50,800,000                    
Term of Charter Agreement                   7 years                    
Period until purchase option exercisable                   2 years                    
Proceeds from sale of vessel                   $ 22,900,000                    
Deposit retained by buyer                   $ 27,900,000                    
Dorian Dubai LPG Transport LLC (Cresques)                                        
Long-Term Debt                                        
Value of vessel transferred             $ 71,500,000                          
Term of Charter Agreement             12 years                          
Period until purchase option exercisable             3 years                          
Proceeds from sale of vessel             $ 52,500,000                          
Deposit retained by buyer             $ 19,000,000.0                          
Repayment of debt               $ 28,500,000                        
Cratis LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred     $ 70,000,000.0                                  
Term of Charter Agreement     9 years                                  
Period until purchase option exercisable     3 years                                  
Proceeds from sale of vessel     $ 50,000,000.0                                  
Deposit retained by buyer     20,000,000.0                                  
Copernicus LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred     $ 70,000,000.0                                  
Term of Charter Agreement     9 years                                  
Period until purchase option exercisable     3 years                                  
Proceeds from sale of vessel     $ 50,000,000.0                                  
Deposit retained by buyer     $ 20,000,000.0                                  
Chaparral LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred   $ 64,900,000                                    
Term of Charter Agreement   7 years                                    
Period until purchase option exercisable   5 years                                    
Period until purchase option exercisable extension period   3 years                                    
Proceeds from sale of vessel   $ 64,900,000                                    
Principal payment frequency   monthly                                    
Caravelle LPG Transport LLC                                        
Long-Term Debt                                        
Value of vessel transferred $ 71,500,000                             71,500,000        
Term of Charter Agreement 10 years                                      
Period until purchase option exercisable 3 years                                      
Proceeds from sale of vessel $ 50,000,000.0                                      
Deposit retained by buyer 21,500,000                             21,500,000        
2015 Facility                                        
Long-Term Debt                                        
Original loan amount                             $ 758,000,000       $ 758,000,000  
Number of tranches in which loan facility is divided | item                             4          
Number of VLGC newbuildings secured by loan | item                             15          
Repayment of debt                       33,700,000 35,100,000              
The amount of restricted cash released                       $ 1,600,000 $ 1,600,000              
Presented as follows:                                        
Total debt obligations $ 206,381,274                             $ 206,381,274 385,011,186      
2015 Facility | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                               2.40%        
Interest Rate 0.97403%                             0.97403%        
Commercial Financing                                        
Long-Term Debt                                        
Original loan amount                             $ 249,000,000       249,000,000  
Term                             7 years          
Interest Rate 3.37%                             3.37%        
Loan term period                               3 years        
Presented as follows:                                        
Total debt obligations $ 91,651,888                             $ 91,651,888 155,205,698      
Commercial Financing | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                             2.50% 2.40%        
KEXIM Direct Financing                                        
Long-Term Debt                                        
Original loan amount                             $ 204,000,000       $ 204,000,000  
Term                             12 years          
Interest Rate 3.42%                             3.42%        
Presented as follows:                                        
Total debt obligations $ 44,406,733                             $ 44,406,733 89,474,512      
KEXIM Direct Financing | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                                     2.45%  
KEXIM Guaranteed and K-sure Insured                                        
Long-Term Debt                                        
Original loan amount                             $ 305,000,000       $ 305,000,000  
KEXIM Guaranteed                                        
Long-Term Debt                                        
Original loan amount                             $ 202,000,000       $ 202,000,000  
Term                             12 years          
Interest Rate 2.37%                             2.37%        
Presented as follows:                                        
Total debt obligations $ 47,190,358                             $ 47,190,358 93,997,081      
KEXIM Guaranteed | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                                     1.40%  
K-sure Insured                                        
Long-Term Debt                                        
Original loan amount                             $ 103,000,000       $ 103,000,000  
Term                             12 years          
Interest Rate 2.47%                             2.47%        
Presented as follows:                                        
Total debt obligations $ 23,132,295                             $ 23,132,295 46,333,895      
K-sure Insured | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                                     1.50%  
2017 Bridge Loan                                        
Long-Term Debt                                        
Repayment of debt                           $ 30,100,000            
Japanese Financing Agreement [Member]                                        
Presented as follows:                                        
Total debt obligations 382,064,998                             382,064,998 217,076,795      
Corsair Japanese Financing                                        
Long-Term Debt                                        
Term of Charter Agreement                           12 years            
Stated rate (as a percent)                           4.90%            
Financing cost to be incurred                           $ 100,000            
Monthly brokerage commission (as a percent)                           1.25%            
Brokerage commission fee on exercised purchase option (as a percent)                           1.00%            
Periodic principal payment amount                           $ 300,000            
Principal payment frequency                           monthly            
Balloon payment amount                           $ 13,000,000.0            
Presented as follows:                                        
Total debt obligations 37,645,833                             37,645,833 40,895,833      
Concorde Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)                         4.90%              
Financing cost to be incurred                         $ 100,000              
Monthly brokerage commission (as a percent)                         1.25%              
Brokerage commission fee on exercised purchase option (as a percent)                         1.00%              
Periodic principal payment amount                         $ 300,000              
Principal payment frequency                         monthly              
Balloon payment amount                         $ 14,000,000.0              
Presented as follows:                                        
Total debt obligations 42,269,231                             42,269,231 45,500,000      
Corvette Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)                       4.90%                
Financing cost to be incurred                       $ 100,000                
Monthly brokerage commission (as a percent)                       1.25%                
Brokerage commission fee on exercised purchase option (as a percent)                       1.00%                
Periodic principal payment amount                       $ 300,000                
Principal payment frequency                       monthly                
Balloon payment amount                       $ 14,000,000.0                
Presented as follows:                                        
Total debt obligations 42,807,692                             42,807,692 46,038,462      
CJNP Japanese Financing | CMNL                                        
Long-Term Debt                                        
Deposit retained by buyer           $ 25,200,000                            
Vessel purchase price           $ 15,800,000                            
CMNL Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)                     6.00%                  
Financing cost to be incurred                     $ 100,000                  
Monthly brokerage commission (as a percent)                     1.25%                  
Brokerage Commission Fee on delivery Purchase Option (as a percent)                     0.50%                  
Brokerage commission fee on exercised purchase option (as a percent)                     0.50%                  
Periodic principal payment amount                     $ 100,000                  
Principal payment frequency                     monthly                  
Balloon payment amount                     $ 11,000,000.0                  
Presented as follows:                                        
Total debt obligations                                 16,706,845      
CNML Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)                   6.00%                    
Financing cost to be incurred                   $ 100,000                    
Monthly brokerage commission (as a percent)                   1.25%                    
Brokerage Commission Fee on delivery Purchase Option (as a percent)                   0.50%                    
Brokerage commission fee on exercised purchase option (as a percent)                   0.50%                    
Periodic principal payment amount                   $ 100,000                    
Principal payment frequency                   monthly                    
Balloon payment amount                   $ 13,000,000.0                    
Presented as follows:                                        
Total debt obligations                                 18,855,655      
CNML Japanese Financing | CNML                                        
Long-Term Debt                                        
Deposit retained by buyer       $ 27,900,000                                
Vessel purchase price       $ 17,800,000                                
Cresques Japanese Financing                                        
Long-Term Debt                                        
Monthly brokerage commission (as a percent)             1.25%                          
Percentage of broker commission fee payable             0.50%                          
Periodic principal payment amount             $ 300,000                          
Principal payment frequency             monthly                          
Balloon payment amount             $ 11,500,000                          
Presented as follows:                                        
Total debt obligations 45,660,000                             45,660,000 $ 49,080,000      
Cresques Japanese Financing | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)             2.50%                          
Cratis Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)     4.10%                                  
Loan term period     9 years                                  
Estimated financing cost to be incurred     $ 300,000                                  
Brokerage Commission Fee on delivery Purchase Option (as a percent)     1.25%                                  
Brokerage commission fee on exercised purchase option (as a percent)     0.50%                                  
Periodic principal payment amount     $ 300,000                                  
Principal payment frequency     monthly                                  
Balloon payment amount     $ 13,300,000                                  
Presented as follows:                                        
Total debt obligations 49,660,000                             49,660,000        
Cratis Japanese Financing | Cratis LPG Transport LLC                                        
Long-Term Debt                                        
Term of Charter Agreement     9 years                                  
Copernicus Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)     4.10%                                  
Loan term period     9 years                                  
Financing cost to be incurred     $ 300,000                                  
Brokerage Commission Fee on delivery Purchase Option (as a percent)     1.25%                                  
Brokerage commission fee on exercised purchase option (as a percent)     0.50%                                  
Periodic principal payment amount     $ 300,000                                  
Principal payment frequency     monthly                                  
Balloon payment amount     $ 13,300,000                                  
Presented as follows:                                        
Total debt obligations 49,660,000                             49,660,000        
Chaparral Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent)   5.30%                                    
Loan term period   7 years                                    
Financing cost to be incurred   $ 100,000                                    
Periodic principal payment amount   500,000                                    
Vessel purchase price   45,800,000                                    
Presented as follows:                                        
Total debt obligations $ 64,662,242                             $ 64,662,242        
Caravelle Japanese Financing                                        
Long-Term Debt                                        
Stated rate (as a percent) 4.20%                             4.20%        
Loan term period 10 years                                      
Estimated financing cost to be incurred $ 300,000                             $ 300,000        
Brokerage Commission Fee on delivery Purchase Option (as a percent) 1.25%                                      
Brokerage commission fee on exercised purchase option (as a percent) 0.50%                             0.50%        
Periodic principal payment amount $ 300,000                                      
Principal payment frequency monthly                                      
Balloon payment amount $ 14,000,000.0                             $ 14,000,000.0        
Presented as follows:                                        
Total debt obligations 49,700,000                             49,700,000        
Refinancing Of Commercial Tranche Of 2015 Facility                                        
Long-Term Debt                                        
Security leverage ratio                 40.00%                     40.00%
Additional basis points to decrease the margin                 0.10%                     0.10%
Basis points receivable as increase or reduction for changes in Average Efficiency Ratio                 0.10%                     0.10%
Refinancing Of Commercial Tranche Of 2015 Facility | LIBOR                                        
Long-Term Debt                                        
Margin added to LIBOR for interest rate on loan facility (as a percent)                 2.50%                      
Refinancing Of Commercial Tranche Of 2015 Facility | Minimum                                        
Long-Term Debt                                        
Additional basis points to increase the margin                 0.10%                     0.10%
Refinancing Of Commercial Tranche Of 2015 Facility | Maximum                                        
Long-Term Debt                                        
Security leverage ratio                 60.00%                     60.00%
New senior secured term loan facility                                        
Long-Term Debt                                        
Original loan amount                                       $ 155,800,000
New senior secured revolving credit facility | Maximum                                        
Long-Term Debt                                        
Original loan amount                                       $ 25,000,000.0
2015 AR Facility | Cratis LPG Transport LLC                                        
Long-Term Debt                                        
Repayment of debt     25,100,000                                  
2015 AR Facility | Copernicus LPG Transport LLC                                        
Long-Term Debt                                        
Repayment of debt     $ 25,300,000                                  
2015 AR Facility | Chaparral LPG Transport LLC                                        
Long-Term Debt                                        
Repayment of debt   $ 24,000,000.0                                    
2015 AR Facility | Caravelle LPG Transport LLC                                        
Long-Term Debt                                        
Repayment of debt 24,800,000                                      
BALCAP Facility                                        
Long-Term Debt                                        
Original loan amount         $ 83,400,000                              
Drawdowns         $ 34,900,000                              
Stated rate (as a percent)         3.78%                              
Loan term period         5 years                              
Periodic principal payment amount         $ 900,000                              
Principal payment frequency         monthly                              
Balloon payment amount         $ 44,100,000                              
Security leverage ratio         125.00%                              
Presented as follows:                                        
Total debt obligations $ 81,574,172                             $ 81,574,172