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Basis of Presentation and General Information | 9 Months Ended
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Dec. 31, 2019
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. Specifically, Dorian and its subsidiaries (together “we”, “us”, “our”, or the “Company”) are focused on owning and operating very large gas carriers (“VLGCs”), each with a cargo carrying capacity of greater than 80,000 cbm, in the LPG shipping industry. As of December 31, 2019, our fleet consists of twenty-three VLGCs, including nineteen fuel-efficient 84,000 cbm ECO-design VLGCs (“ECO-VLGCs”), three 82,000 cbm VLGCs and one time chartered-in ECO-VLGC. As of December 31, 2019, six of our ECO-VLGCs are equipped with exhaust gas cleaning systems (commonly referred to as “scrubbers”) to reduce sulfur emissions. The installation of scrubbers on four of these VLGCs was completed during the nine months ended December 31, 2019. The installation of scrubbers on an additional two of our VLGCs was in progress as of December 31, 2019, one of which was completed in January 2020 with the other expected to be completed in February 2020. An additional four of our VLGCs are under contract to be equipped with scrubbers as of December 31, 2019, for which we expect installation to be completed during the first half of calendar year 2020. On April 1, 2015, Dorian and Phoenix Tankers Pte. Ltd. (“Phoenix”) began operations of Helios LPG Pool LLC (the “Helios Pool”), which entered into pool participation agreements for the purpose of establishing and operating, as charterer, under variable rate time charters to be entered into with owners or disponent owners of VLGCs, a commercial pool of VLGCs whereby revenues and expenses are shared. Refer to Note 3 below for further description of the Helios Pool. The accompanying unaudited interim condensed consolidated financial statements and related notes have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and related Securities and Exchange Commission (“SEC”) rules for interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In our opinion, all adjustments, consisting of normal recurring items, necessary for a fair presentation of financial position, operating results and cash flows have been included in the accompanying unaudited interim condensed consolidated financial statements and related notes. The accompanying unaudited interim condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements and related notes for the year ended March 31, 2019 included in our Annual Report on Form 10-K filed with the SEC on May 30, 2019. 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, 2019, which are all wholly-owned and are incorporated in the Republic of the Marshall Islands (unless otherwise noted), are listed below. Vessel Subsidiaries
|  | Type of |  |  |  |  |  |  |
Subsidiary |  | vessel |  | Vessel’s name |  | Built |  | CBM(1) |
CMNL LPG Transport LLC |  | VLGC |  | Captain Markos NL(2) |  | 2006 |  | 82,000 |
CJNP LPG Transport LLC |  | VLGC |  | Captain John NP(2) |  | 2007 |  | 82,000 |
CNML LPG Transport LLC |  | VLGC |  | Captain Nicholas ML(2) |  | 2008 |  | 82,000 |
Comet LPG Transport LLC |  | VLGC |  | Comet |  | 2014 |  | 84,000 |
Corsair LPG Transport LLC |  | VLGC |  | Corsair(2) |  | 2014 |  | 84,000 |
Corvette LPG Transport LLC |  | VLGC |  | Corvette(2) |  | 2015 |  | 84,000 |
Dorian Shanghai LPG Transport LLC |  | VLGC |  | Cougar |  | 2015 |  | 84,000 |
Concorde LPG Transport LLC |  | VLGC |  | Concorde(2) |  | 2015 |  | 84,000 |
Dorian Houston LPG Transport LLC |  | VLGC |  | Cobra |  | 2015 |  | 84,000 |
Dorian Sao Paulo LPG Transport LLC |  | VLGC |  | Continental |  | 2015 |  | 84,000 |
Dorian Ulsan LPG Transport LLC |  | VLGC |  | Constitution |  | 2015 |  | 84,000 |
Dorian Amsterdam LPG Transport LLC |  | VLGC |  | Commodore |  | 2015 |  | 84,000 |
Dorian Dubai LPG Transport LLC |  | VLGC |  | Cresques |  | 2015 |  | 84,000 |
Constellation LPG Transport LLC |  | VLGC |  | Constellation |  | 2015 |  | 84,000 |
Dorian Monaco LPG Transport LLC |  | VLGC |  | Cheyenne |  | 2015 |  | 84,000 |
Dorian Barcelona LPG Transport LLC |  | VLGC |  | Clermont |  | 2015 |  | 84,000 |
Dorian Geneva LPG Transport LLC |  | VLGC |  | Cratis |  | 2015 |  | 84,000 |
Dorian Cape Town LPG Transport LLC |  | VLGC |  | Chaparral |  | 2015 |  | 84,000 |
Dorian Tokyo LPG Transport LLC |  | VLGC |  | Copernicus |  | 2015 |  | 84,000 |
Commander LPG Transport LLC |  | VLGC |  | Commander |  | 2015 |  | 84,000 |
Dorian Explorer LPG Transport LLC |  | VLGC |  | Challenger |  | 2015 |  | 84,000 |
Dorian Exporter LPG Transport LLC |  | VLGC |  | Caravelle |  | 2016 |  | 84,000 |
Management Subsidiaries
Subsidiary |
Dorian LPG Management Corp. |
Dorian LPG (USA) LLC (incorporated in USA) |
Dorian LPG (UK) Ltd. (incorporated in UK) |
Dorian LPG Finance LLC |
Occident River Trading Limited (incorporated in UK) |
Dorian LPG (DK) ApS (incorporated in Denmark) |
Dorian LPG Chartering LLC |
Dorian LPG FFAS LLC |
| (1) |  | CBM: Cubic meters, a standard measure for LPG tanker capacity
| (2) |  | Operated pursuant to a bareboat charter agreement. Refer to Note 6 below for further information.

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