Dorian LPG Ltd
(NYSE:LPG)

Dorian LPG Ltd., together with its subsidiaries, engages in the transportation of liquefied petroleum gas (LPG) through its LPG tankers worldwide. The company owns and operates very large gas carriers (VLGCs). As of March 31, 2020, its fleet consisted of twenty-four VLGCs. The company was founded in...

Website: http://www.dorianlpg.com

Founded: 2013

Full Time Employees: 585

Sector: Energy

Industry: Oil & Gas Midstream

Energy

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Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-07-01	2017-06-30	2017-03-31	2016-12-31	2016-09-30	2016-07-01	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2015-02-28	2014-11-30	2014-09-30	2014-06-30	2014-03-31

revenues																																															35,333,108	32,583,990	20,358,211	15,853,840	15,853,840
net pool revenues—related party	18,532,784	118,415,858	120,627,086	83,842,752	265,627,971	78,022,488	79,877,644	109,407,054	-33,612,661	155,922,970	137,851,402	104,386,551	8,991,059	96,558,251	70,585,169	70,171,001	117,939,720	62,856,243	56,721,405	55,162,246	98,766,179	82,659,967	49,723,556	66,929,421	-88,491,421	77,470,478	80,944,577	50,092,137	12,141,838	46,683,295	32,027,042	16,106,401	26,404,410	31,610,427	20,468,380		28,475,359	20,199,552	22,301,512	20,837,311		37,659,385	72,217,209	66,044,777	49,345,687
time charter revenues					17,615,233	2,433,411	2,432,989	3,414,351	3,399,383	6,410,997	6,475,768	6,423,472	4,966,698	5,971,056	5,197,542	6,241,915	3,576,719	5,301,134	5,268,603	5,346,139	20,182,498	4,665,664	4,177,064	5,086,004	8,613,750	7,859,035	10,271,398	10,982,031	21,698,285	8,370,000	8,640,000	11,467,881	12,605,268	12,498,849	12,507,394		12,564,655	9,229,977.5	11,921,875	12,465,684		12,532,351	12,567,591	11,237,746	9,559,631	5,372,203
other revenues	-1,684,024	1,548,429	3,437,195	369,214	20,931	210,880	122,847	1,531,637	636,621	730,536	371,292	752,884	4,149,526	792,949	185,476	410,806	-215,005	442,405	1,096,850	2,442,353	-1,873,304	1,153,393	809,657	1,149,899	-318,071	108,293	408,900	91,378	-138,973	60,000	140,500	70,000	25,000	101,069	20,000		-14,542	211,731.75	214,649	308,238		324,040	370,153	433,341	459,284	95,514
total revenues	25,100,942	119,964,287	124,064,281	84,211,966	283,264,135	80,666,779	82,433,480	114,353,042	-29,576,657	163,064,503	144,698,462	111,562,907	18,107,283	103,322,256	75,968,187	76,823,722	121,301,434	68,599,782	63,086,858	62,950,738	117,075,373	88,479,024	54,710,277	73,165,324	-80,195,742	85,437,806	91,624,875	61,165,546	35,769,641	55,113,295	40,807,542	27,644,282	39,034,678	44,545,589	34,729,021		41,025,472	29,965,499.25	35,734,988	33,611,233		50,515,776	85,335,229	93,283,708	74,946,432	20,331,901
yoy	-91.14%	48.72%	50.50%	-26.36%	-1057.73%	-50.53%	-43.03%	2.50%	-263.34%	57.82%	90.47%	45.22%	-85.07%	50.62%	20.42%	22.04%	3.61%	-22.47%	15.31%	-13.96%	-245.99%	3.56%	-40.29%	19.62%	-324.20%	55.02%	124.53%	121.26%	-8.36%	23.72%	17.50%		-4.85%	48.66%	-2.82%			-40.68%	-58.12%	-63.97%		148.46%
qoq	-79.08%	-3.30%	47.32%	-70.27%	251.15%	-2.14%	-27.91%	-486.63%	-118.14%	12.69%	29.70%	516.12%	-82.47%	36.01%	-1.11%	-36.67%	76.82%	8.74%	0.22%	-46.23%	32.32%	61.72%	-25.22%	-191.23%	-193.86%	-6.75%	49.80%	71.00%	-35.10%	35.06%	47.62%	-29.18%	-12.37%	28.27%			36.91%	-16.15%	6.32%			-40.80%	-8.52%	24.47%	268.61%
expenses
voyage expenses	142,661	1,732,701	1,033,917	1,342,756	165,800	950,842	752,552	804,985	1,318,962	772,879	1,221,228	298,383	1,757,206	424,343	1,367,618	775,545	208,899	779,746	1,064,613	1,356,392	816,405	752,404	858,919	815,195	-674,956	1,178,702	855,023	339,114	1,391,155	287,221	435,224	100,173	312,170	386,637	1,275,521		239,445	550,691	1,193,265	466,218		755,804	652,841	4,347,222	3,541,546	3,523,073	7,182,709	7,755,589	4,357,560	2,785,998	2,785,998
charter hire expenses	-1,228,607	18,186,009	13,714,116	10,721,911	12,591,064	10,586,115	9,851,068	10,645,140	-7,780,325	8,359,808	12,068,419	10,546,810	290,016	5,215,144	5,358,333	5,402,145	7,306,530	4,917,012	2,403,968	3,508,070	-3,764,682	4,392,132	4,518,850	4,715,598	-5,943,681	2,071,206	2,055,000	2,055,000
profit sharing expenses	164,836.5	659,346
vessel operating expenses	22,961,584	19,851,216	20,682,956	21,911,606	19,001,981	21,439,514	19,539,916	20,480,279	11,486,169	19,196,097	20,977,119	19,842,386	21,662,540	17,919,058	17,554,707	17,067,913	21,303,815	18,205,762	18,428,738	20,281,554	13,450,811	19,202,291	21,435,904	17,389,363	14,235,806	19,131,124	17,393,685	16,119,953	13,478,280	16,773,634	17,375,273	16,685,457	15,892,536	15,794,381	15,740,438		16,885,289	16,558,807	17,114,358	16,339,345		16,095,552	16,640,832	14,265,183	9,459,889	6,754,086	6,843,991	5,741,206	5,187,845	3,483,123	3,483,123
depreciation and amortization	15,169,241	18,129,336	17,921,869	18,379,147	16,627,022	17,497,383	17,370,662	17,170,986	12,314,049	17,380,846	17,045,919	16,655,317	18,725,190	15,959,727	15,937,420	15,809,778	17,691,239	16,859,224	16,769,098	17,142,915	14,915,956	17,253,447	17,202,714	16,890,413	15,750,909	16,710,403	16,473,418	16,266,421	16,196,879	16,430,363	16,437,653	16,265,056	16,105,764	16,466,322	16,464,707		16,293,158	16,113,304	16,385,921	16,365,517		16,192,745	15,894,060	13,536,900	8,303,555	4,857,427	4,626,024	3,966,640	3,034,138	2,466,942	2,466,942
general and administrative expenses	2,924,475	10,779,733	12,012,042	16,910,101	4,656,607	7,464,856	16,458,650	10,424,070	1,630,131	7,659,466	13,578,648	9,218,137	5,689,605	6,947,964	8,176,031	9,413,139	10,633,010	5,867,454	9,351,728	8,038,807	591,456	5,548,526	5,912,810	11,302,976	6,765,222	5,037,783	5,895,406	6,735,835	7,417,336	5,156,573	7,462,726	8,403,286	6,694,250	5,536,028	5,421,145		8,534,909	5,751,400	5,166,239	5,203,915		5,611,310	9,833,474	7,506,740	5,281,535	7,214,280	4,755,397	4,294,965	4,302,218	792,506	792,506
total expenses	39,310,008	69,338,341	65,364,900	69,265,521	53,042,474	57,938,710	63,972,848	59,525,460	18,968,986	53,369,096	64,891,333	56,561,033	48,124,557	46,466,236	48,394,109	48,468,520	57,143,493	46,629,198	48,018,145	50,327,738	26,009,946	47,148,800	49,929,197	51,113,545	40,156,047	44,129,218	42,672,532	41,516,323	28,463,214	46,414,638	41,710,876	41,453,972	39,004,720	38,183,368	38,901,811		41,952,801	38,974,202	39,859,783	38,374,995		38,655,411	44,041,053	39,656,045	26,586,525	22,348,866	24,839,939	21,758,400	16,881,761	10,653,569	10,653,569
other income—related parties	606,389	685,009	645,364	645,364	655,529	655,365	635,454	645,943	454,864	645,454	680,950	620,433	580,455	638,055	563,738	591,802	485,791	580,388	580,387	632,888	194,307	545,311	632,680	468,023	1,092,063	450,169	314,084	623,283	705,543	614,633	584,632	644,517	643,489	633,883	638,070		633,883	633,883	670,836	552,922		552,901	794,469	383,642	383,643
operating income	-13,602,677	51,310,955	59,344,745	15,591,809	230,877,190	23,383,434	19,096,086	55,473,525	-48,090,779	110,340,861	80,488,079	55,622,307	-22,179,922	57,494,075	28,137,816	28,947,004	61,177,522	22,550,972	19,115,310	13,255,888	91,259,734	41,875,535	5,413,760	22,519,802	-119,259,726	41,758,757	49,266,427	20,272,506	8,011,970	9,313,290	-318,702	-13,165,173	673,447	6,996,104	-3,534,720		-293,446	9,244,855	-3,453,959	-4,210,840		12,413,266	42,088,645	54,011,305	48,359,907	13,293,594	10,493,169	10,825,590	3,476,450	5,200,271	5,200,271
yoy	-105.89%	119.43%	210.77%	-71.89%	-580.09%	-78.81%	-76.27%	-0.27%	116.82%	91.92%	186.05%	92.15%	-136.26%	154.95%	47.20%	118.37%	-32.96%	-46.15%	253.09%	-41.14%	-176.52%	0.28%	-89.01%	11.09%	-1588.52%	348.38%	-15558.46%	-253.99%	1089.70%	33.12%	-90.98%		-329.50%	-24.32%	2.34%			-25.52%	-108.21%	-107.80%		-6.62%	301.11%	398.92%	1291.07%	155.63%	101.78%
qoq	-126.51%	-13.54%	280.61%	-93.25%	887.35%	22.45%	-65.58%	-215.35%	-143.58%	37.09%	44.70%	-350.78%	-138.58%	104.33%	-2.80%	-52.68%	171.29%	17.97%	44.20%	-85.47%	117.93%	673.50%	-75.96%	-118.88%	-385.59%	-15.24%	143.02%	153.03%	-13.97%	-3022.26%	-97.58%	-2054.89%	-90.37%	-297.93%			-103.17%	-367.66%	-17.97%			-70.51%	-22.07%	11.69%	263.78%	26.69%	-3.07%	211.40%	-33.15%	0.00%
operating margin %	-54.19%	42.77%	47.83%	18.51%	81.51%	28.99%	23.17%	48.51%	162.60%	67.67%	55.62%	49.86%	-122.49%	55.65%	37.04%	37.68%	50.43%	32.87%	30.30%	21.06%	77.95%	47.33%	9.90%	30.78%	148.71%	48.88%	53.77%	33.14%	22.40%	16.90%	-0.78%	-47.62%	1.73%	15.71%	-10.18%	NaN%	-0.72%	30.85%	-9.67%	-12.53%	NaN%	24.57%	49.32%	57.90%	64.53%	65.38%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
other income/
interest and finance costs	-13,432,740	-7,066,278	-7,599,108	-7,714,797	-12,639,226	-8,884,499	-9,438,273	-9,518,430	-7,008,419	-10,076,638	-10,314,881	-10,403,849	1,524,709	-8,636,387	-11,997,163	-7,958,554	-8,976,412	-7,412,231	-5,557,707	-5,649,774	-14,265,968	-6,087,193	-6,665,144	-9,087,236	-12,869,671	-8,778,905	-9,303,373	-9,697,282	-5,131,074	-10,000,018	-10,152,672	-10,374,281	-10,894,624	-8,683,257	-8,602,430		-7,477,734	-7,441,354	-7,332,260	-7,160,119		-7,038,209	-7,056,430	-4,633,454	-931,329	-135,800	-38,607	-34,491	-37,452	-178,540	-178,540
interest income	6,641,908	2,737,490	2,996,777	2,843,446	-2,498,617	3,797,264	4,461,174	3,728,507	-2,815,785	2,903,622	2,030,752	1,690,220	-1,994,003	1,165,596	767,211	408,278	142,269	53,792	39,104	186,299	1,189,344	53,197	91,349	124,835	653,428	394,876	344,919	362,036	-886,383	413,546	451,923	460,973	292,571	103,446	28,226		15,816	56,350	27,711	30,317		23,178	11,134	22,382	49,259	65,585	72,800	104,169	134,273	107,355	107,355
unrealized gain on derivatives	-4,050,314	-170,904			3,144,913	2,865,617	-5,583,238	-421,627	4,416,517	-6,070,320	1,560,594	2,859,274	6,220,806	-700,015	3,092,845	2,454,234	2,997,415	3,056,741	714,998	433,726	-22,159,183	479,534	3,968,686		-2,524,897	1,446,395	-667,110	-6,070,789	12,331,721	-6,669,266	1,051,460	1,707,616	6,368,402	3,771,160	652,160			951,683	24,381,306	6,528,203		-4,369,859
realized gain on derivatives	3,837,077	407,391	528,095	539,429	3,282,972	838,906	1,654,119	1,717,249	-1,920,806	1,916,347	1,928,217	1,847,764	-5,448,258	1,404,004	644,195						6,497,289	-760,991	-2,129,695	-806,229	1,596,706	449,276	709,146	1,032,995	-3,823,718	881,276	830,991	782,565
other gain	-1,875,809	-29,756	493,185	6,055	3,201,108	-638,894	-761,263	308,916	-343,513	959,041	819,904	105,421	-2,611,209	536,437	-333,439	1,047,142	2,525,767	-772,607	704,935	-1,453,321	788,823	265,182	-141,006	-87,361	-957,612	358,513	361,887	175,593	-51,464.5	-157,480
total other expenses	-8,879,878	-4,122,057	-3,962,709	-5,509,708
net income	-22,482,555	47,188,898	55,382,036	10,082,101	225,368,340	21,361,828	9,428,605	51,288,140	-55,762,785	99,972,913	76,512,665	51,721,137	-24,487,877	51,263,710	20,311,465	24,847,720	56,012,865	16,580,885	14,101,803	5,869,100	63,310,039	35,825,264	537,950	12,168,005	-133,361,772	35,628,912	40,711,896	6,075,059	14,591,644	-6,218,652	-8,177,120	-20,596,558	-3,465,995	1,670,415	-11,915,136		-6,689,970	1,955,270	5,039,624	-7,145,588		-1,291,121	20,160,912	54,661,323	41,213,264	13,652,883	8,828,251	8,996,605	3,768,677	3,667,249	3,667,249
yoy	-109.98%	120.90%	487.38%	-80.34%	-504.16%	-78.63%	-87.68%	-0.84%	127.72%	95.02%	276.70%	108.15%	-143.72%	209.17%	44.03%	323.37%	-11.53%	-53.72%	2521.40%	-51.77%	-147.47%	0.55%	-98.68%	100.29%	-1013.96%	-672.94%	-597.88%	-129.50%	-520.99%	-472.28%	-31.37%		-48.19%	-14.57%	-336.43%			-251.44%	-75.00%	-113.07%		-109.46%	128.37%	507.58%	993.57%	272.29%	140.73%
qoq	-147.64%	-14.79%	449.31%	-95.53%	955.00%	126.56%	-81.62%	-191.98%	-155.78%	30.66%	47.93%	-311.21%	-147.77%	152.39%	-18.26%	-55.64%	237.82%	17.58%	140.27%	-90.73%	76.72%	6559.59%	-95.58%	-109.12%	-474.31%	-12.49%	570.15%	-58.37%	-334.64%	-23.95%	-60.30%	494.25%	-307.49%	-114.02%			-442.15%	-61.20%	-170.53%			-106.40%	-63.12%	32.63%	201.86%	54.65%	-1.87%	138.72%	2.77%	0.00%
net income margin %	-89.57%	39.34%	44.64%	11.97%	79.56%	26.48%	11.44%	44.85%	188.54%	61.31%	52.88%	46.36%	-135.24%	49.62%	26.74%	32.34%	46.18%	24.17%	22.35%	9.32%	54.08%	40.49%	0.98%	16.63%	166.30%	41.70%	44.43%	9.93%	40.79%	-11.28%	-20.04%	-74.51%	-8.88%	3.75%	-34.31%	NaN%	-16.31%	6.53%	14.10%	-21.26%	NaN%	-2.56%	23.63%	58.60%	54.99%	67.15%	Infinity%	Infinity%	Infinity%	Infinity%	Infinity%
weighted-average shares outstanding:
basic	42,134,482	42,598,873	42,535,822	42,427,473	40,275,350	42,574,256	42,491,949	40,905,196	40,026,313	40,350,476	40,281,518	40,137,687	40,203,937	40,091,299	40,021,368	39,898,485	49,729,358	39,890,674	40,011,505	40,944,845	53,881,483	50,255,908	50,711,714	50,554,233	54,513,118	53,944,991	54,646,451	54,552,994		54,441,203			54,039,886
diluted	42,232,353	42,598,873	42,639,337	42,488,024	40,450,567	42,595,323	42,600,848	41,115,667	40,211,642	40,507,503	40,405,417	40,378,835	40,365,088	40,254,774	40,159,117	40,124,705	49,826,798	40,025,399	40,114,942	41,165,138	54,115,338	50,368,392	50,754,507	50,679,449	54,513,118	54,176,748	54,763,634	54,881,326		54,441,203			54,039,886
earnings per common share—basic	-0.51	1.11	1.3	0.24	5.68	0.5	0.22	1.25	-1.37	2.48	1.9	1.29	-0.62	1.28	0.51	0.62	0.95	0.42	0.35	0.14	1.12	0.71	0.01	0.24	-2.45	0.66	0.75	0.11	-0.16	-0.11			-0.07	0.03				0.03	0.09	-0.13			0.37	0.97
earnings per common share—diluted	-0.5	1.11	1.3	0.24	5.65	0.5	0.22	1.25	-1.36	2.47	1.89	1.28	-0.62	1.27	0.51	0.62	0.96	0.41	0.35	0.14	1.11	0.71	0.01	0.24	-2.44	0.66	0.74	0.11	-0.16	-0.11			-0.07	0.03				0.03	0.09	-0.13			0.37	0.97
unrealized loss on derivatives			-381,658	-1,183,841																				-495,806													-2,370,191
total other income/(expenses)					-5,508,850	-2,021,606	-9,667,481	-4,185,385	-7,672,006	-10,367,948	-3,975,414	-3,901,170	-2,307,955	-6,230,365	-7,826,351	-4,099,284	-5,164,657	-5,970,087	-5,013,507	-7,386,788	-27,949,695	-6,050,271	-4,875,810	-10,351,797	-14,102,046	-6,129,845	-8,554,531	-14,197,447	6,579,674	-15,531,942	-7,858,418	-7,431,385	-4,139,442	-5,325,689	-8,380,416		-6,396,524	-7,289,585	8,493,583	-2,934,748		-13,704,387	-21,927,733	650,018	-7,146,643	359,289
gain on disposal of vessels
realized loss on derivatives																-50,384	-678,584.25	-895,782	-914,837	-903,718													89,838	-369,941	-435,920		-612,863	-816,761	-8,390,014	-2,333,915		-2,256,788
gain on disposal of vessel																	866,552.5		3,466,210
professional and legal fees related to the bw proposal																													2,505,109	7,766,847
voyage charter revenues																																		335,244	1,733,247			324,238	1,296,952				180,276	15,567,844	15,581,830	14,864,184
gain on early extinguishment of debt																																					4,117,364
foreign currency loss																															-40,120	-8,258	4,371	-147,097	-22,452		-68,916	-63,775.75	-193,160				-104,697.25	-121,352
weighted-average shares outstanding:
basic and diluted																													54,039,886		54,431,820	54,237,237
loss per common share—basic and diluted																															-0.15	-0.38
loss per common share—basic																																			-0.22		-0.12
loss per common share—diluted																																			-0.22		-0.12
loss on disposal of assets																																											1,019,846			-105,549
foreign currency gain																																								766		-62,709			-306,453	9,016	-220,419	-557,916	-146,903	-73,693
earnings per common share—basic and diluted																																										-0.02
management fees—related party																																																		1,125,000	1,125,000
gain on derivatives																																											-204,231.5	5,382,442	-6,341,763	142,395	-1,572,621	-1,340,747	342,309
earnings per common share — basic																																													0.72
earnings per common share — diluted																																													0.72
net pool income																																														15,310,559
other income—related party																																														383,642
earnings per common share, basic and diluted																																														0.24	0.16	0.16	0.07	0.07	0.07
total other income																																															-767,445	-1,828,985	292,227	-1,533,022
weighted-average number of common shares outstanding, basic and diluted																																																	57,128,494	53,346,160	53,346,160
loss on derivatives—net																																																		-1,388,144	-1,388,144
foreign currency gain/(loss)																																																			-73,693
total other income/(loss)																																																			-1,533,022

Balance Sheets:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2016-12-31	2016-09-30	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-02-28	2014-11-30	2014-09-30	2014-06-30	2014-03-31

assets
current assets
cash and cash equivalents	327,409,120	294,492,379	268,302,758	277,921,450	316,877,584	314,532,172	348,628,442	353,286,506	282,507,971	208,460,209	192,044,128	155,548,745	148,797,232	129,816,670	141,286,758	155,518,158	236,758,927	115,807,905	98,105,235	78,254,455	79,330,007	133,593,851	145,059,032	142,933,974	48,389,688	64,691,247	46,419,951	21,717,046	30,838,684	34,947,580	48,244,169	65,291,784	103,505,676	55,633,291	50,844,921	35,363,045	31,839,639	43,581,900	47,321,200	46,411,962	22,034,919	80,344,476	134,715,783	182,804,170	283,013,780	375,149,323	375,149,323	279,131,795
trade receivables, net and accrued revenues	2,037,495	1,634,228	2,425,518	1,550,709	1,356,827	990,655	1,034,492	728,063	659,567	2,782,267	1,010,622	4,373,141	3,282,256	8,290,143		1,517,245	853,060		347,230	293,053	202,221	432	271,105	201,126	820,846	842,495	1,254,285	1,657,026	1,384,118	8,203	8,203	10,537	336,162	239,390	206,942	2,730	1,382,311	25,580	88,835	107,317	12,542,013	11,662,819	7,295,144	9,936,775	8,230,859
due from related parties	97,037,584	71,715,752	89,632,474	74,762,042	48,090,301	73,615,519	60,941,092	79,242,331	52,352,942	110,558,735	65,985,317	67,737,508	73,070,095	77,922,053	55,473,796	60,936,121	57,782,831	47,487,533	29,805,770	43,587,076	56,191,375	75,999,872	55,106,691	48,212,850	66,847,701	69,135,975	67,976,602	63,903,755	44,455,643	56,826,894	42,375,930	32,807,418	26,880,720	31,836,058	26,802,209	37,441,188	24,693,405	32,410,570	44,573,756	54,504,359	57,519,736	40,984,692	20,277,717	317,348	409,259	1,501,397	1,501,397	1,639,497
inventories	2,441,578	2,250,656	2,387,957	2,410,458	2,508,684	2,348,389	2,430,738	2,375,025	2,393,379	2,573,110	2,684,640	2,377,543	2,642,395	2,612,904	2,341,716	2,189,564	2,266,351	2,361,139	1,780,298	1,972,428	2,007,464	2,130,293	2,175,046	2,142,284	1,996,203	2,222,543	2,321,971	2,137,553	2,111,637	2,146,557	2,146,835	2,832,194	2,012,907	2,019,128	2,542,490	2,458,407	2,886,237	2,070,638	2,132,043	2,288,073	2,123,758	3,238,832	2,370,668	3,462,913	3,644,973	1,502,416	1,502,416	1,058,329
prepaid expenses and other current assets	21,324,303	22,193,053	19,118,893	15,015,159	13,523,008	12,716,507	13,781,659	14,417,578	14,297,917	14,955,165	15,684,776	11,425,045	8,507,007	9,415,894	9,145,787	10,073,850	10,232,083	8,384,018	10,933,818	12,518,123	10,296,229	6,462,837	6,373,328	4,530,590	3,266,999	3,721,270	4,563,079	3,458,927	3,798,987	3,632,923
total current assets	450,250,080	392,286,068	381,867,600	371,659,818	382,356,404	415,151,132	439,523,848	465,546,696	368,881,771	339,329,486	277,409,483	241,461,982	236,298,985	228,057,664	208,248,057	230,234,938	307,893,252	217,457,943	146,288,302	180,916,596	153,343,247	218,187,285	209,419,955	216,061,922	139,614,755	143,823,530	124,470,888	92,874,307	82,589,069	97,562,157	95,533,544	103,721,195	135,206,880	92,401,081	82,417,694	77,953,462	62,880,666	80,637,311	96,399,367	105,559,417	98,254,221	138,475,064	166,486,165	198,058,369	296,555,850	415,521,939	415,521,939	315,088,116
fixed assets
vessels	1,215,930,610	1,102,793,855	1,118,135,047	1,134,400,127	1,149,806,782	1,164,143,821	1,178,842,709	1,193,276,988	1,208,588,213	1,224,003,052	1,238,427,422	1,250,577,538	1,263,928,605	1,193,974,225	1,208,077,346	1,223,273,413	1,238,061,690	1,252,405,737	1,311,063,981	1,326,629,701	1,377,028,255	1,393,340,037	1,409,385,592	1,424,522,713	1,437,658,833	1,447,166,072	1,453,476,869	1,463,827,783	1,478,520,314	1,493,150,911	1,507,941,555	1,523,143,231	1,539,111,833	1,555,034,707	1,571,311,420	1,587,588,137	1,619,392,122	1,634,960,132	1,651,418,843	1,667,224,476	1,604,987,643	1,051,578,941	656,434,852	341,708,694	345,611,836	192,397,888	192,397,888	194,834,866
vessel under construction		64,805,270	51,875,781	39,274,822	37,274,863	24,745,465	24,657,708	24,589,655	23,829,678	26,346				26,045,036	25,324,446	24,882,121	16,401,532
total fixed assets	1,215,930,610	1,167,599,125	1,170,010,828	1,173,674,949	1,187,081,645	1,188,889,286	1,203,500,417	1,217,866,643	1,232,417,891	1,224,029,398	1,238,427,422	1,250,625,751	1,263,976,818	1,220,056,502	1,233,455,199	1,248,249,198	1,254,517,323	1,268,658,006	1,319,229,464	1,334,813,978	1,377,177,091	1,393,453,392	1,409,524,383	1,424,679,026	1,437,844,446	1,447,380,203	1,453,747,821	1,464,077,289	1,478,680,597	1,493,275,918	1,508,097,192	1,523,311,164	1,539,315,511	1,555,242,540	1,571,581,283	1,587,834,765	1,619,778,410	1,635,413,456	1,651,940,553	1,667,815,764	1,632,153,404	1,286,812,958	1,020,728,663	805,302,202	698,463,053	577,696,218	577,696,218	518,101,976
other non-current assets	2,991,901	2,982,095	2,806,099	2,806,183	2,799,038	2,795,694	2,588,087	2,584,495	2,585,116	2,536,765	83,418	364,483	469,227	2,134,886	2,182,701	574,078	635,038	94,580	413,528	83,723	82,837	101,454	247,958	438,843	1,573,104	1,729,701	2,171,701	1,665,512	217,097	88,200	89,619	80,349	85,640	82,558	81,616	78,879	93,417	95,284	94,663	95,271	97,454	97,455	97,451	97,439	70,795
deferred charges	24,990,338	25,098,842	23,920,448	21,392,990	17,237,662	13,967,496	12,060,949	11,633,800	12,544,098	12,162,891	12,278,747	11,196,123	8,367,301	8,945,598	8,451,664	9,139,814	9,839,000	10,537,511	10,658,199	11,372,490	10,158,202	10,084,303	9,396,006	7,978,878	7,336,726	6,235,920	3,687,636	2,267,029	2,000,794	1,750,847	1,880,556	1,526,980	1,574,522	1,693,457	1,875,174	1,900,452	1,886,686	343,474	265,015	24,043,051	24,424,739	20,643,683	17,001,656	753,541	1,001,316	943,979	943,979	2,555,674
derivative instruments	2,337,425	1,761,090	1,931,994	2,313,652		946,554	2,025,695	3,872,696	5,139,056	7,628,093	13,698,413	12,137,819	9,278,544	11,359,543	12,059,559	8,966,713	6,512,479	205,869	487,361	776,168	1,100,529		136,633	2,742,980		1,590,000	720,000	1,687,524	6,448,498	10,354,709	17,023,975	15,972,515	14,264,899	7,896,497	4,224,541	3,883,944	4,961,435	19,489,621	26,017,824	21,647,965	1,869,068	16,455,007	11,343,576	12,424,770	12,405,364	14,095,970	14,095,970	14,062,416
due from related parties—non-current	26,400,000	27,500,000	27,500,000	26,400,000	26,400,000	26,400,000	26,400,000	25,300,000	25,300,000	25,300,000	25,300,000	24,200,000	20,900,000	20,900,000	19,800,000	19,800,000	19,800,000	20,900,000	22,000,000	22,000,000	23,100,000	23,100,000	23,100,000	23,100,000	23,100,000	22,000,000	20,900,000	20,900,000	19,800,000	20,900,000	20,900,000	20,900,000	19,800,000	19,800,000	19,800,000	19,800,000	19,800,000	18,700,000	18,700,000	17,600,000	16,500,000
restricted cash—non-current	79,835	81,418	81,427	81,464	76,028	73,466	78,011	75,319	75,798	77,327	74,519	76,220	76,418	75,360	69,853	73,727	77,987	78,946	80,651	82,403	81,241	84,778	81,411	75,035	35,629,261	35,630,353	36,033,743	35,633,962	35,633,962	35,635,252	35,636,008	35,636,500
operating lease right-of-use assets	148,712,528	160,430,695	172,040,379	150,754,249	159,212,010	167,583,682	175,790,541	183,794,058	191,700,338	199,554,138	207,234,723	152,309,717	158,179,398	38,877,468	4,197,294	6,410,060	8,087,014	10,517,796	12,928,782	15,317,897	17,672,227	20,031,892	22,330,097	24,602,683	26,861,551
total assets	1,871,692,717	1,777,739,333	1,780,158,775	1,749,083,305	1,778,660,280	1,820,059,163	1,861,241,722	1,911,790,897	1,837,650,165	1,820,335,618	1,784,024,936	1,703,679,199	1,708,913,529	1,530,407,021	1,488,464,327	1,523,448,528	1,607,362,093	1,528,244,782	1,511,598,926	1,564,587,087	1,581,614,845	1,665,043,104	1,674,099,810	1,696,936,387	1,671,959,843	1,657,833,030	1,642,210,973	1,619,105,623	1,625,370,017	1,659,567,083	1,679,160,894	1,701,148,703	1,736,110,156	1,706,199,091	1,698,062,144	1,709,526,648	1,760,213,403	1,786,002,314	1,818,212,387	1,865,926,292	1,823,011,675	1,488,041,949	1,240,826,724	1,010,221,551	1,000,601,014	998,662,136	998,662,136	840,245,766
liabilities and shareholders’ equity
current liabilities
trade accounts payable	7,990,868	6,690,725	6,640,301	14,070,845	11,549,950	9,250,677	9,962,065	7,993,668	10,185,962	11,435,017	12,451,265	11,267,768	10,807,376	9,965,969	8,663,184	7,927,555	9,541,131	9,271,885	9,432,098	14,150,781	9,831,328	11,274,403	12,113,664	11,627,716	13,552,796	13,761,191	10,227,170	8,114,372	7,212,580	5,312,513	7,721,058	8,137,340	6,329,193	5,957,440	5,922,308	4,451,775	5,699,438	5,056,055	6,018,390	6,826,503	9,259,449	8,025,172	7,787,237	5,512,706	5,358,025	3,450,960	3,450,960	2,401,456
accrued expenses	11,327,406	8,933,011	4,363,434	6,340,991	5,387,465	3,505,020	4,049,030	4,537,580	3,948,420	4,170,170	5,095,067	6,916,466	5,637,725	6,201,359	5,242,403	5,053,515	3,801,448	3,906,423	9,579,112	10,667,824	8,765,264	4,600,415	5,423,768	6,241,676	4,080,952	5,838,090	4,497,239	3,478,456	3,436,116	9,670,170	6,512,098	5,832,861	4,702,808	3,795,365	5,466,683	6,412,584	5,756,643	5,975,359	7,479,144	9,721,477	7,791,482	6,946,187	6,961,617	4,254,301	3,563,556	3,244,216	3,244,216	2,196,386
due to related parties		240,732	1,612,149	277,543	39,339	2,291,072	464,259	7,266	7,283	159,748	17,397	242,778	168,793	6,041,597	25,520	31,535	37,433	360,682	37,434	39,023	117,803	253,463	259,463	2,069,241	436,850	11,162	37,818	11,162	489,644	11,162	11,162	29,712	345,515	55,822	823,486	33,212	556,364	532,788	592,284	708,210	557,297	535,101	618,908	517,368	484,081	330,587	330,587	113,465
deferred income	1,981,719	501,203	560,649	620,097	679,257	695,512	1,545,914	556,427	486,868	417,408	2,316,452	278,128	208,558	117,410	808,417	3,604	813,967	1,628,133	613,266	1,042,433	853,983	70,571	276,493	1,468,205	2,068,205	2,076,493	2,897,204	3,962,288	4,258,683	4,558,683	4,724,985	5,007,120	5,564,557	6,391,801	7,387,890	7,610,612	8,110,293	6,581,476	5,984,104	4,606,540	4,704,350	1,917,239	1,122,239	765,083	788,713	538,577	538,577	554,111
current portion of long-term operating lease liabilities	46,661,757	47,812,434	47,208,465	35,397,877	34,808,203	34,243,891	33,671,870	33,075,348	32,491,122	31,942,176	31,471,560	23,562,139	23,407,555	8,396,020	3,470,816	5,785,527	8,073,364	9,704,781	9,666,997	9,646,563	9,591,447	9,509,871	9,408,049	9,307,708	9,212,589
current portion of long-term debt	100,164,502	97,746,233	54,227,830	54,110,683	54,504,778	53,880,102	53,766,642	53,654,384	53,543,315	53,433,423	53,324,694	53,217,116	53,110,676	52,136,738	52,032,537	51,929,438	72,075,571	69,530,028	66,472,664	51,820,283	51,820,283	51,820,283	70,155,283	53,267,783	53,056,125	63,968,414	63,968,414	63,968,414	63,968,414	63,968,414	63,968,414	63,968,414	65,067,569	126,557,191	126,286,358	45,658,482	65,978,786	65,978,785	65,978,785	66,265,643	65,708,060
dividends payable	700,366	537,458	386,186	1,027,746	915,150	757,516	532,324	1,406,175	1,149,665	893,155	640,770	1,146,934	1,255,861	1,011,126	754,391	919,643	494,180	247,090	230,090
total current liabilities	168,826,618	162,461,796	114,999,014	111,845,782	107,884,142	104,623,790	104,038,324	101,230,848	101,812,635	102,451,097	105,317,205	96,631,329	94,596,544	83,870,219	70,997,268	71,650,817	94,837,094	94,854,891	96,519,022	88,143,075	82,080,637	77,529,006	97,773,353	86,725,309	85,012,959	86,048,873	82,012,691	79,844,505	79,365,437	83,520,942	82,937,717	82,975,447	82,009,642	142,757,619	145,886,725	64,166,665	86,101,524	84,124,463	86,052,707	88,128,373	88,020,638	59,784,240	41,815,630	20,661,458	19,806,375	17,176,340	17,176,340	14,877,418
long-term liabilities
long-term debt—net of current portion and deferred financing fees	460,230,191	415,437,178	472,188,449	485,497,697	498,773,969	512,031,157	525,241,805	538,411,109	551,549,215	564,686,247	578,167,289	591,226,676	604,256,670	577,202,083	589,960,853	605,106,749	590,687,387	506,737,795	500,391,565	527,317,928	539,651,761	552,103,044	564,343,412	594,246,205	581,919,094	586,305,003	601,577,085	616,874,541	632,122,372	647,362,343	662,567,722	677,684,689	694,035,583	600,905,936	592,497,785	674,665,830	700,715,644	715,158,576	731,833,039
long-term operating lease liabilities	102,061,784	112,630,566	124,845,510	115,371,259	124,419,545	133,356,317	142,135,644	150,735,999	159,226,326	167,628,339	175,777,685	128,760,545	134,782,483	30,488,622	732,730	622,769		802,793	3,252,857	5,668,299	8,080,995	10,525,174	12,924,909	15,297,749	17,651,939
other long-term liabilities	1,577,746	1,580,355	1,593,201	1,569,042	1,476,439	1,539,051	1,576,174	1,548,006	1,528,906	1,511,619	1,453,542	1,451,940	1,431,510	1,518,817	1,404,016	1,718,858	1,686,197	1,514,183	1,566,886	1,563,914	1,521,260	1,307,164	1,318,204	1,203,136	1,170,824	1,988,049	2,040,668	1,996,900	1,199,650	1,208,060	1,191,390	1,172,243	651,569	576,192	566,932	532,323	427,008	430,949	433,048	447,988	357,308	348,198	326,581	269,673
total long-term liabilities	563,869,721	529,648,099	598,627,160	602,437,998	624,669,953	646,926,525	668,953,623	690,695,114	712,304,447	733,826,205	755,398,516	721,439,161	740,470,663	609,209,522	592,097,599	607,448,376	592,373,584	509,198,828	508,130,614	537,895,638	552,708,878	571,741,239	586,735,283	620,258,187	609,894,686	589,759,381	605,826,338	620,181,256	633,322,022	648,570,403	663,759,112	678,856,932	694,687,152	601,482,128	593,163,921	675,608,920	701,212,402	735,079,146	758,283,911	792,198,682	759,635,801
total liabilities	732,696,339	692,109,895	713,626,174	714,283,780	732,554,095	751,550,315	772,991,947	791,925,962	814,117,082	836,277,302	860,715,721	818,070,490	835,067,207	693,079,741	663,094,867	679,099,193	687,210,678	604,053,719	604,649,636	626,038,713	634,789,515	649,270,245	684,508,636	706,983,496	694,907,645	675,808,254	687,839,029	700,025,761	712,687,459	732,091,345	746,696,829	761,832,379	776,696,794	744,239,747	739,050,646	739,775,585	787,313,926	819,203,609	844,336,618	880,327,055	847,656,439	562,515,117	353,063,043	146,377,901	146,512,239	149,100,310	149,100,310	148,046,334
commitments and contingencies
shareholders’ equity
preferred stock, 0.01 par value...
common stock, 0.01 par value...	546,478	546,093	546,093	543,244	543,244	542,947	542,947	539,950	519,950	519,554	519,554	516,544	516,306	515,960	515,783	513,375	513,217	512,757	512,757	510,873	510,715	594,651	594,500	594,349	590,833	590,783	590,736	588,904	588,826	588,699	588,595	588,497	586,402	586,304	586,207	586,107	583,350	583,246	583,145	580,575	580,575
additional paid-in-capital	878,549,693	876,275,164	874,240,999	869,281,952	867,524,073	866,076,755	864,375,031	858,357,646	772,714,486	770,720,529	769,336,449	765,159,661	764,383,292	763,547,096	762,502,628	760,764,708	760,105,994	759,390,376	758,711,553	757,423,183	756,776,217	869,673,244	869,143,327	868,736,757	866,809,371	866,429,768	865,778,309	864,889,441	863,583,692	862,295,309	861,065,088	859,740,325	858,109,882	856,948,710	855,671,376	854,495,905	851,827,474	850,666,442	849,598,537	848,179,471	847,223,211
treasury stock	-140,116,177	-140,116,177	-137,834,725	-134,926,737	-133,103,957	-131,096,907	-131,096,907	-126,837,239	-126,837,239	-125,670,534	-125,670,534	-123,249,465	-122,896,838	-122,896,838	-122,896,838	-122,198,003	-121,226,936	-121,226,936	-121,209,001	-114,655,294	-99,862,114	-99,862,114	-89,688,467	-88,382,079	-87,183,865	-52,406,243	-43,778,657	-37,468,143	-36,484,561	-36,356,446	-36,356,446	-36,356,446	-35,223,428	-34,982,171	-34,982,171	-34,982,171	-33,897,269	-33,797,281	-32,797,799	-20,943,816	-10,070,645	-4,315,562
retained earnings	400,016,384	348,924,358	329,580,234	299,901,066	311,142,825	332,986,053	354,428,704	387,804,578	377,135,886	338,488,767	279,123,746	243,181,969	231,843,562	196,161,062	185,247,887	205,269,255	280,759,140	285,514,866	268,933,981	295,269,612	289,400,512	245,367,078	209,541,814	209,003,864	196,835,859	167,410,468	131,781,556	91,069,660	84,994,601	100,948,176	107,166,828	115,343,948	135,940,506	139,406,501	137,736,086	149,651,222	154,385,922	149,346,298	156,491,886	157,783,007	137,622,095	82,960,772	41,747,508	19,266,374	10,269,769	6,501,092	6,501,092	2,833,843
total shareholders’ equity	1,138,996,378	1,085,629,438	1,066,532,601	1,034,799,525	1,046,106,185	1,068,508,848	1,088,249,775	1,119,864,935	1,023,533,083	984,058,316	923,309,215	885,608,709	873,846,322	837,327,280	825,369,460	844,349,335	920,151,415	924,191,063	906,949,290	938,548,374	946,825,330	1,015,772,859	989,591,174	989,952,891	977,052,198	982,024,776	954,371,944	919,079,862	912,682,558	927,475,738	932,464,065	939,316,324	959,413,362	961,959,344	959,011,498	969,751,063	972,899,477	966,798,705	973,875,769	985,599,237	975,355,236
total liabilities and shareholders’ equity	1,871,692,717	1,777,739,333	1,780,158,775	1,749,083,305	1,778,660,280	1,820,059,163	1,861,241,722	1,911,790,897	1,837,650,165	1,820,335,618	1,784,024,936	1,703,679,199	1,708,913,529	1,530,407,021	1,488,464,327	1,523,448,528	1,607,362,093	1,528,244,782	1,511,598,926	1,564,587,087	1,581,614,845	1,665,043,104	1,674,099,810	1,696,936,387	1,671,959,843	1,657,833,030	1,642,210,973	1,619,105,623	1,625,370,017	1,659,567,083	1,679,160,894	1,701,148,703	1,736,110,156	1,706,199,091	1,698,062,144	1,709,526,648	1,760,213,403	1,786,002,314	1,818,212,387	1,865,926,292	1,823,011,675
available-for-sale debt securities						10,001,336	9,893,579	11,624,497	11,530,939
restricted cash—current							788,151												5,315,951	5,315,951	5,315,951		434,753	3,060,568	3,370,178	1,620,000
other fixed assets												48,213	48,213	37,241	53,407	93,664	54,101	84,799	105,735	127,211	148,836	113,355	138,791	156,313	185,613	214,131	270,952	249,506	160,283	125,007	155,637	167,933	203,678	207,833	269,863	246,628	386,288	453,324	521,710	591,288	641,880	568,749	513,615	203,057	142,298	100,298	100,298	60,904
available-for-sale securities										9,717,520	9,518,211	11,307,104	11,366,838
vessel held for sale																		43,417,348		38,975,510
vessels under construction																		16,167,470	8,059,748	8,057,066																					26,523,881	234,665,268	363,780,196	463,390,451	352,708,919	385,198,032	385,198,032	323,206,206
short-term investments																								14,980,530	14,923,140
current portion of long-term operating leases																										393,523	384,846	309,813
restricted cash																											1,215,000						25,862,704	29,082,958	18,081,836	18,075,146	50,812,789	50,812,789	50,812,789	50,812,789	49,712,789	42,012,789	36,512,789			30,948,702	30,948,702	30,948,702
prepaid expenses and other receivables																															2,758,407	2,779,262	2,471,415	2,673,214	2,021,132	2,688,092	2,079,074	2,548,623	2,283,533	2,247,706	4,033,795	2,244,245	1,826,853	1,537,163	1,256,979	592,149	592,149	343,047
long-term debt—net of current portion																																								770,102,729	748,344,288
other non‑current assets
liabilities and shareholders' equity
current portion of long‑term debt																																										42,360,541	25,325,629	9,612,000	9,612,000	9,612,000	9,612,000	9,612,000
long‑term liabilities
long‑term debt—net of current portion																																										485,927,672	299,577,256	113,022,000	114,300,500	117,828,000	117,828,000	119,106,500
total long‑term liabilities																																										502,730,877	311,247,413	125,716,443	126,705,864	131,923,970	131,923,970	133,168,916
shareholders' equity
preferred stock, .01 par value...
common stock, .01 par value...																																										580,575	580,575	577,835	577,835	577,835	577,835	483,650
additional paid‑in‑capital																																										846,301,047	845,435,598	843,999,441	843,241,171	842,482,899	842,482,899	688,881,939
total shareholders' equity																																										925,526,832	887,763,681	863,843,650	854,088,775	849,561,826	849,561,826	692,199,432
total liabilities and shareholders' equity																																										1,488,041,949	1,240,826,724	1,010,221,551	1,000,601,014	998,662,136	998,662,136	840,245,766
trade receivables, net and accrued revenue																																														5,827,952	5,827,952	1,966,746

Cashflow Statements:

Quarterly

Annual

Unit: USD	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30	2024-06-30	2024-03-31	2023-12-31	2023-09-30	2023-06-30	2023-03-31	2022-12-31	2022-09-30	2022-06-30	2022-03-31	2021-12-31	2021-09-30	2021-06-30	2021-03-31	2020-12-31	2020-09-30	2020-06-30	2020-03-31	2019-12-31	2019-09-30	2019-06-30	2019-03-31	2018-12-31	2018-09-30	2018-06-30	2018-03-31	2017-12-31	2017-09-30	2017-06-30	2017-03-31	2016-12-31	2016-06-30	2016-03-31	2015-12-31	2015-09-30	2015-06-30	2015-03-31	2015-02-28	2014-11-30	2014-09-30	2014-06-30

cash flows from operating activities:
net income	81,012,898	47,188,898	55,382,036	10,082,101	8,091,907	21,361,828	9,428,605	51,288,140	79,240,198	99,972,913	76,512,665	51,721,137	76,021,035	51,263,710	20,311,465	24,847,720	35,383,230	16,580,885	14,101,803	5,869,100	44,033,434	35,825,264	537,950	12,168,005	29,425,391	35,628,912	40,711,896	6,075,059									1,955,270	5,039,624	-1,291,121	20,160,912	54,661,323	41,213,264	13,652,883	8,828,251	8,996,605	3,768,677	3,667,249	3,667,249
adjustments to reconcile net income to net cash from operating activities:
depreciation and amortization	17,313,333	18,129,336	17,921,869	18,379,147	17,560,056	17,497,383	17,370,662	17,170,986	17,583,825	17,380,846	17,045,919	16,655,317	15,689,206	15,959,727	15,937,420	15,809,778	15,660,878	16,859,224	16,769,098	17,142,915	17,115,902	17,253,447	17,202,714	16,890,413	16,812,288	16,710,403	16,473,418	16,266,421	16,068,079	16,430,363	16,437,653	16,265,056	16,105,764	16,466,322	16,464,707	16,293,158	16,113,304	16,385,921	16,192,745	15,894,060	13,536,900	8,303,555	4,857,427	4,626,024	3,966,640	3,034,138	2,466,942	2,466,942
non-cash lease expense	11,713,457	11,609,123	8,662,519	8,490,242	8,388,158	8,170,251	8,027,677	7,901,447
amortization of financing costs	277,080	280,083	292,030	295,249	284,892	302,302	314,827	317,511	315,372	300,949	312,485	314,554	389,952	314,836	3,986,658	909,047	2,656,414	1,861,697	681,088	689,841	690,095	739,702	871,053	2,394,510	693,905	720,021	735,195	744,271	752,133	786,704	804,002	793,212	2,920,916	1,687,218	1,799,548	1,098,827	889,014	927,266	948,407	945,455	919,230	410,760	223,740	137,166	188,549	227,753	277,431	277,431
unrealized loss on derivatives	-576,335	170,904	381,658	1,183,841	2,647,469	-2,865,617	5,583,238	421,627												-433,726	-3,250,466	-479,534	-3,968,686	495,806	12,915,265	-1,446,395	667,110	6,070,789	3,906,211	6,669,266	-1,051,460	-1,707,616			-652,160	2,370,191			4,369,859			5,111,431	-1,386,886
stock-based compensation expense	2,274,914	2,034,165	4,961,896	1,757,879	1,447,615	1,701,724	5,998,722	1,275,459	1,994,353	1,384,080	4,179,798	776,607	836,542	1,044,645	1,740,328	658,872	716,078	678,823	1,290,254	647,124	488,508	530,068	406,721	1,930,902	379,653	651,506	890,700	1,305,827	1,288,510	1,230,325	1,324,861	1,632,538	1,161,270	1,277,431	1,175,571	1,524,217	1,146,971	1,161,136	1,009,798	1,001,430	1,288,831	865,449	896,539	786,763	758,279	758,272	8,251	8,251
unrealized foreign currency loss	61,682	34,162	24,646	-241,006	-129,839	90,330	9,175	12,181	67,503	43,097	25,610	149,067	394,261	-489,221	435,104	581,145	-38,406	38,289	162,388	4,602	26,293	-124,381	-22,640	-89,282	243,314	-81,911	156,406	-6,270	17,897	125,722	26,637	133,579	78,142	59,746	-126,507	-75,142
other non-cash items	-538,836	131,379	-574,702	21,610	-132,069	720,020	590,156	-356,408	-266,109	-1,120,005	-1,567,992	-276,465	-2,827,850	-188,882	-22,694	-1,532,311	-75,318	758,084	-801,924	1,386,734	-680,445	-335,962	166,105	-241,523	-189,053	-391,011	-417,256	-202,681	-169,579	74,821	23,206	23,370	67,203	45,422	16,231	15,689	49,144	19,625	20,953	77,265	18,932	21,209	21,182	27,023	49,126
changes in operating assets and liabilities
trade receivables, inventories, prepaid expenses, and other current and non-current assets	832,881	-2,363,272	-4,395,845	-1,574,245	-1,302,320	399,395	-357,767	188,315
due from related parties	-24,221,832	17,916,722	-15,970,432	-26,671,741	25,525,218	-12,674,427	17,201,239	-26,889,389	58,205,793	-44,573,418	652,191	2,032,587	4,851,958	-23,548,257	5,462,325	-3,153,290	-9,250,438	-16,561,763	13,005,838	13,704,299	19,808,497	-20,893,181	-6,893,841	18,634,851	1,188,274	-2,259,373	-4,072,847	-20,548,112	13,471,251	-14,450,964	-9,568,512	-7,026,698	4,955,338	-5,033,849	10,638,979	5,015,812	-17,763,595	6,617,165	8,830,603	1,915,377	-33,035,044	-20,706,975	-19,890,974	-69,395	91,911	1,103,772	126,466	126,466
operating lease liabilities—current and long-term	-11,714,750	-11,610,414	-8,617,217	-8,491,076	-8,388,945	-8,170,625	-8,028,054	-7,901,255	-7,835,080	-7,713,459	-6,797,535	-5,864,274	-1,927,375	-2,283,156	-2,446,355	-2,421,271	-2,431,690	-2,406,682	-2,388,318	-2,363,734	-2,344,303	-2,317,051	-2,292,303	-2,268,125
trade accounts payable	2,107,007	-36,847	-4,288,030	1,147,369	-17,881	699,397	755,105	-1,471,968	-1,151,628	-2,160,724	1,571,107	474,385	968,754	525,229	-2,658	-899,490	237,173	-95,576	-1,397,271	1,140,387	249,461	-811,762	404,137	370,337	144,800	991,063	-466,178	800,984	1,809,431	-2,040,978	-407,350	1,432,822	508,523	-59,262	1,500,653	-2,511,722	2,204,720	-385,441	-212,475	-2,342,127	3,841,910	-961,099	505,911	-446,066	1,122,886	842,479	1,212,529	1,212,529
accrued expenses and other liabilities	6,238,395	1,980,540	-1,593,908	356,959	1,890,253	-1,536,986	546,002	524,776	250,455	-3,116,856	1,805,074	-277,192	105,795	-244,798	2,104,689	532,888	-890,392	-3,706,427	-967,678	675,379	5,172,965	-478,672	-359,041	-26,238	-812,690	397,718	-1,159,484	-503,869	-7,060,572	2,975,327	1,497,858	-412,057	-45,393	-2,745,658	-132,718	516,824	-944,996	938,834	-198,144	2,803,476	3,679,959	1,152,428	1,409,214	1,204,398	-148,921	1,131,905	119,249	119,249
due to related parties	-240,732	-1,371,417	1,334,606	238,204	-2,251,733	1,826,813	456,993	-17	-152,465	142,351	-225,381	73,985	-5,872,804	6,016,077	-6,015	-5,898	-323,249	323,248	-1,589	-78,780	-135,660	-6,000	-1,809,778	1,632,391	425,688	-26,656	26,656	-478,482	478,482	0	-18,550	-315,803	289,693	-767,664	790,274	22,050	-545,202	23,576	-115,926	150,913	22,196	-83,823	93,754	7,802	33,288	153,493	217,122	217,122
payments for drydocking costs	-2,391,469	-3,318,408	-7,114,635	-4,160,059	-3,416,988	-3,262,949	-562,505	-1,256,621	-1,544,111	-1,054,609	-2,956,512	-2,268,317	-869,426	-279,060	-18,718	-6,736	-605,015	-494,811	-1,326,961	-1,306,463	-1,018,688	-1,610,004	-1,572,326	-1,537,775	-2,117,839	-2,004,615	-553,431	-575,737	-24,436	-298,345	-279,961	-1,405	-2	-41,520	-24,769	-395,189	-1,000,139							3	-199,968	-123,655	-215,318	-215,318
net cash from operating activities	82,147,693	80,774,954	46,406,491	814,474	50,195,793	24,258,839	57,334,075	41,224,784	154,237,973	70,641,773	100,301,713	63,265,349	98,016,231	42,769,728	49,179,503	34,094,374	29,923,605	15,081,402	35,618,843	38,071,320	82,999,963	30,891,258	3,738,125	52,966,350	58,660,367	49,571,711	52,110,350	8,693,979	13,281,223	4,850,953	1,310,542	-10,559,285	16,302,853	8,625,331	19,910,601	12,410,318	2,898,918	4,454,998	29,782,059	68,042,182	36,143,626	29,948,885	16,892,807	3,828,783	13,877,327	4,437,200	3,479,910	3,479,910
cash flows from investing activities:
payments for vessel under construction and other capital expenditures for vessels	-64,178,667	-13,352,326	-13,256,180	-3,056,789	-13,276,011	-2,842,533
purchase of investment securities					0				0	-3,972,302							0	0	0	-2,250,681	-4,255,578	-257,390
proceeds from sale of investment securities									0				1,715,523	0	0	2,003,458	0	0							264,604
proceeds from maturity of available-for-sale debt securities					10,000,000	0
net cash from investing activities	-64,178,667	-13,352,326	-13,256,180	-3,056,789	-3,276,011	-3,056,125	221,722	-1,251,982	-24,901,646	-542,385	-7,012,562	-2,344,946	-66,403,496	-864,335	-2,246,132	-6,827,227	46,217,311	-9,653,549	44,250,677	-12,048,241	-4,177,658	-2,241,659	11,098,076	-3,657,669	-22,137,540	-6,730,299	-2,729,961	-1,547,034	-1,316,305	-2,044,416	-1,099,263	-60,320	3,086,056	-10,917,980	-116,275	32,522,604	-218,161	-408,035	-1,241,826	-54,540,207	-369,575,660	-278,864,916	-207,434,058	-46,802,796	-112,206,529	-92,045,219	-61,272,300	-61,272,300
cash flows from financing activities:
proceeds from long-term debt borrowings													56,000,000	0	240,000,000	50,000,000	214,850,000				0	0	0	55,378,172					0	0	0	65,137,500	112,000,000	52,000,000	0	97,000,000				42,171,677
repayment of long-term debt borrowings	-13,542,080	-13,512,951	-13,484,131	-13,965,616	-12,917,404	-13,399,490	-13,371,873	-13,344,548	-13,317,512	-13,290,762	-13,264,294	-13,238,108	-28,067,427	-12,969,406	-255,062,559	-56,358,620	-129,791,328	-74,616,068	-12,955,070	-12,955,071	-12,955,070	-31,290,071	-13,316,946	-41,856,308	-15,992,104	-15,992,103	-15,992,105	-15,992,102	-15,992,104	-15,992,083	-15,992,123	-82,228,759	-83,179,692	-44,692,957	-3,383,393	-120,738,340	-17,619,196	-15,370,197	-15,657,054	-19,855,652
repurchase of common stock	-2,284,218	2,766	-2,907,988	-1,822,780	-2,007,050	0			-1,166,705	-62,857	-2,387,618	-323,221	0	0	-717,652	-952,250	-17,937	-478,128	-6,804,686	-14,064,071
financing costs paid													-240,000	-637,152	-4,592,785	-1,036,330	-306,707	-1,288,941	0	-68,604	-186,306	-301,910	-470,000	-3,225,105	0	-18,044			0	0	-467,533	-160,611	-111,190	-169,379	-291,851	-2,541,005	0	0	-42,047	-780,275	-4,743,447	-4,248,735	-4,218,263
dividends paid	-29,757,964	-27,693,502	-26,344,428	-21,211,264	-29,777,501	-42,579,287	-43,678,330	-40,362,938	-40,336,569	-40,355,507	-41,077,052	-40,491,657	-40,093,800	-40,093,800	-40,498,085	-99,912,142
proceeds from common share issuances					0	0	0	89,000,000
equity offering costs paid					0	0	-128,424	-4,462,214
net cash from financing activities	15,039,712	-41,203,687	-42,736,547	-36,999,660	-44,701,955	-55,978,777	-61,438,295	30,830,300	-55,228,286	-53,709,126	-56,728,964	-54,052,986	-12,401,227	-53,700,358	-60,871,081	-108,259,342	44,862,162	7,013,863	-59,967,100	-27,087,746	-127,742,477	-40,633,998	-15,379,123	9,271,131	-50,821,653	-24,585,990	-22,982,623	-16,261,490	-16,063,526	-15,992,083	-17,236,809	-17,713,359	28,573,485	7,148,374	-4,420,577	-26,629,624	-17,619,196	-15,470,185	-27,553,084	10,662,579	275,265,605	194,821,031	120,341,194	65,337,831	-1,278,500	-4,295,487	153,930,747	153,930,747
effects of exchange rates on cash and cash equivalents	-93,580	-29,329	-32,493	291,277	130,147	-112,903	15,277	-25,046	-61,808	28,627	-66,505	-116,102	-229,888	330,384	-297,564	-252,834	-53,015	-56,702	-53,392	-9,723	-31,258	87,832	48,541	100,638	-253,647	17,484	-80,080	-7,093	-11,578	-111,799	-22,577	-107,132	-90,009	-67,355	108,127	41,195	117,352	-319,039	-77,911	212,489	-143,128	-276,307	94,657	-346,805	-601,908	-232,036	-120,830	-120,830
net increase in cash, cash equivalents, and restricted cash	32,915,158	26,189,612	-9,618,729	-38,950,698	2,347,974	-34,888,966	-3,867,221	70,778,056	74,046,233	16,418,889	36,493,682	6,751,315	18,981,620	-11,464,581			120,950,063	12,385,014	19,849,028	-1,074,390	-48,951,430	-11,896,567	-494,381	58,680,450	-14,552,473	18,272,906			-4,110,186	-13,297,345
cash, cash equivalents, and restricted cash at the beginning of the period	0	0	0	316,953,612	0	0	0	282,583,769	0	0	0	148,873,650	0	0	0	236,836,914	0	0	0	84,727,199	0	0	0	87,389,127	0	0	0	66,472,646	0	0	0	129,368,380
cash, cash equivalents, and restricted cash at the end of the period	32,915,158	26,189,612	-9,618,729	278,002,914	2,347,974	-34,888,966	-3,867,221	353,361,825	74,046,233	16,418,889	36,493,682	155,624,965	18,981,620	-11,464,581	-14,235,274	155,591,885	120,950,063	12,385,014	19,849,028	83,652,809	-48,951,430	-11,896,567	-494,381	146,069,577	-14,552,473	18,272,906	26,317,686	57,351,008	-4,110,186	-13,297,345	-17,048,107	100,928,284
supplemental disclosure of cash flow information
cash paid for interest, net of amounts capitalized	5,949,523	6,527,465	6,956,609	7,565,280
cash paid for operating lease liabilities	13,933,993	13,827,066
right of use assets recognized
unpaid lease liability on initial recognition
capitalized drydocking costs included in liabilities	-1,287,958	-253,377	-2,980,111	5,005,670	1,520,735	-86,256	1,071,404	206,717	444,031	59,659	-912,628	1,588,716
vessel-related capital expenditures included in liabilities	254,138	478,670	-605,500	620,893	808,847	-1,226,426	219,398	1,201,213	-536,264	1,152,671	-1,071,930	1,482,839
unpaid dividends included in liabilities	162,908	151,272	-641,560	1,027,746	157,634	225,192	-873,851	1,406,175	256,510	252,385	-506,164	1,146,934
financing costs included in liabilities	147,692	0	0	663,600	0	0	0	663,600	-449,150	449,150	0	663,600
reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the total amount of such items reported in the statements of cash flows:
cash and cash equivalents	32,916,741	26,189,621	-9,618,692	277,921,450	2,345,412	-34,096,270	-4,658,064	353,286,506	74,047,762	16,416,081	36,495,383	155,548,745
restricted cash—non-current	-1,583	-9	-37	81,464	2,562	-4,545	2,692	75,319	-1,529	2,808	-1,701	76,220
cash and cash equivalents and restricted cash at end of period shown in the statement of cash flows	32,915,158	26,189,612	-9,618,729	278,002,914	2,347,974	-34,888,966	-3,867,221	353,361,825	74,046,233	16,418,889	36,493,682	155,624,965
restricted cash—current
cash paid for operating leases				10,735,854	10,404,920	10,629,915	10,628,010	10,627,185	10,784,079
equity offering costs included in liabilities								150,085
purchase of u.s. treasury notes
payments to acquire other fixed assets																-62,286					-5,975	0			-689	-7,818	-32,408	-100,097	-46,737	14,121			-134,198	83,142			-1,454	-3,934	-606	-18,912	-144,105	-108,058	-191,254	-206,912	-58,635	-47,684	-79,017	-79,017
cash paid for interest excluding interest capitalized to vessels						8,239,770	8,767,129	8,920,873	9,035,578
payments for vessels under construction and vessel capital expenditures								-1,251,982	-24,901,646									-9,512,783	-2,915,539	-9,797,560
unrealized gain on derivatives											-1,560,594	-2,859,274	2,080,999	700,015	-3,092,845	-2,454,234		-3,056,741																										305,692	19,406	-1,690,607	33,555	33,555
gain on disposal of vessel																		0
proceeds from disposal of vessel																		-140,766
amortization of operating lease right-of-use assets										7,715,214	7,699,152	5,866,606	3,670,216	2,284,890	2,463,778	2,447,611	2,428,339	2,405,559	2,382,635	2,360,289	2,341,931	2,316,802
trade receivables, net and accrued revenue										-1,771,645	3,362,519	-1,090,885	5,007,887	-8,290,143	1,517,245	-664,185	-853,060	347,230	-54,177	-90,832	-201,789	270,673	-69,979	619,720	21,649	411,790	402,741	-272,908	-1,375,915	0	2,334	325,625	-96,772	-32,448	-204,212	8,300	1,371,281	-1,356,731	18,482	12,434,696	-879,194	-4,367,675	15,552,080	-12,874,405	-1,747,287
prepaid expenses and other current assets										-895,464	-1,548,386	-2,532,085	-328,846	198,830	768,969	-693,019	-1,647,195	1,812,256	-1,462,442	-1,309,965	562,782	820,592	-1,312,119	-1,263,591	256,872	-189,767	-717,789	428,174	167,283
inventories										111,530	-307,097	264,852	-29,491	-271,188	-152,152	76,787	149,806	-580,841	137,112	35,036	122,829	44,753	-32,762	-146,081	226,340	99,428	-184,418	-25,916	34,920	278	685,359	-819,287	6,221	523,362	-84,083	122,335	305,495	-815,599	156,030	-164,315	1,115,074	-868,165	1,005,092	87,154	182,060	-2,142,556	-444,088	-444,088
other non-current assets										-73,347	2,098,690	104,744	-144,582	56,474	192,959	60,960	-540,458	318,948	-329,805	-886	18,617	146,504	190,885	1,134,261	-950,665	360,598	-382,369	-383,571	-128,897	1,419	-9,270	5,291	-3,082	-942	-2,737	-3,410	17,948	1,867	608					-7	-26,644
payments for vessels and vessel capital expenditures											-5,006,474	-2,344,946
purchase of long-term investments														0
cash paid during the period for interest excluding interest capitalized to vessels											9,719,955	9,693,964
cash paid for amounts included in the measurement of operating lease liabilities											11,041,995	9,710,098
proceeds from maturity of short-term investments																					0	0
payments for vessel under construction and vessel capital expenditures														-864,335	-506,836	-8,768,399
net decrease in cash, cash equivalents, and restricted cash																-81,245,029												-9,121,638				-28,440,096
gain on disposal of vessels
payments for short-term investments
proceeds from disposal of vessels
dividend paid																		-3,000
vessel-related capital expenditures																					-191,498	-1,984,269	-3,659,517	-3,657,669	-7,512,817	-8,225,783	-2,697,553	-1,446,937	-1,269,568	-1,558,847
cash paid during the period for interest
purchase of treasury stock																						-9,042,017	-1,592,177	-1,025,628	-34,829,549	-8,575,843	-6,968,015	-269,388	-71,422	0	-777,153	-461,489	-135,633	0	-734,623	-350,279	0	-99,988	-11,853,983	-10,873,171	-5,755,083
amortization of operating lease right-of-use asset																								2,267,769
gain on early extinguishment of debt																																	0	0	0	-4,117,364
purchases of investment securities																													0
adjustments to reconcile net loss to net cash from operating activities:
net loss																													-15,953,575	-6,218,652	-8,177,120	-20,596,558		1,670,415	-11,915,136	-6,689,970
prepaid expenses and other receivables																															20,855	-291,354	189,429	-652,082	666,960	-784,288	175,270	469,549	-35,827	1,786,089	-1,789,550	-417,392	-46,305	-243,385	-280,184	-664,830	-249,102	-249,102
payments relating to issuance costs																																												0	0	-767,987	-620,931	-620,931
capital expenditures	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-60,320	0	0	-21,138	-276,396	0	0	0	0	0	0	0	0	0	0	0	0
free cash flows	82,147,693	80,774,954	46,406,491	814,474	50,195,793	24,258,839	57,334,075	41,224,784	154,237,973	70,641,773	100,301,713	63,265,349	98,016,231	42,769,728	49,179,503	34,094,374	29,923,605	15,081,402	35,618,843	38,071,320	82,999,963	30,891,258	3,738,125	52,966,350	58,660,367	49,571,711	52,110,350	8,693,979	13,281,223	4,850,953	1,310,542	-10,619,605	16,302,853	8,625,331	19,889,463	12,133,922	2,898,918	4,454,998	29,782,059	68,042,182	36,143,626	29,948,885	16,892,807	3,828,783	13,877,327	4,437,200	3,479,910	3,479,910
loss on disposal of assets																																								1,019,846	0	0	105,549
restricted cash deposits																																	-1,968	-11,001,122	-6,690	-1,000				-1,100,000	-7,700,000	-5,500,000	-3,302,789
restricted cash released																																	3,222,222	0	0	32,800,000
proceeds from disposal of assets																																								2,577,000	0	0	136,660
net increase in cash and cash equivalents																																	47,872,385	4,788,370	15,481,876	18,344,493			909,238			-54,371,307	-70,105,400	22,017,013	-100,209,610	-92,135,542	96,017,527	96,017,527
cash and cash equivalents at the beginning of the period																																	0	0	0	17,018,552	0	0	46,411,962	0	0	0	204,821,183	0	0	0	279,131,795	279,131,795
cash and cash equivalents at the end of the period																																	47,872,385	4,788,370	15,481,876	35,363,045	-14,821,087	-11,742,261	47,321,200	24,377,043	-58,309,557	-54,371,307	134,715,783	22,017,013	-100,209,610	-92,135,542	375,149,322	375,149,322
predelivery costs for vessels and vessels under construction included in liabilities
impairment
payments for vessels and vessels under construction																																					-155,350	-404,101	-1,241,220	-55,998,295	-361,731,555	-273,256,858	-204,076,675	-19,395,884	-110,647,894	-122,936,237	-61,193,283	-61,193,283
cash proceeds from common share issuances
net decrease in cash and cash equivalents																																					-14,821,087	-11,742,261
issuance costs included in liabilities
unrealized exchange differences																																						342,608	88,067	-225,905	152,958	275,896	-106,399
unrealized loss/(gain) on derivatives
net payments to acquire predecessor businesses
net increase/(decrease) in cash and cash equivalents
non cash consideration of shares issued to acquire predecessor businesses and acquisitions of assets
proceeds from long—term debt borrowings																																										210,913,662	127,378,019
repayment of long—term debt borrowings																																										-7,528,334	-2,818,562
proceeds from common shares issuances
proceeds from long‑term debt borrowings
repayment of long‑term debt borrowings
cash proceeds from common shares issuances																																												0	0	0	155,830,178	155,830,178
cash paid during the period for interest including interest capitalized to vessels
unrealized exchange differences on cash and cash equivalents																																													601,908	232,036	120,830	120,830
other long-term liabilities
decrease in restricted cash																																													-1,500,000
repayment of long‑term debt																																													-1,278,500	-3,527,500	-1,278,500	-1,278,500
trade receivables																																															-3,861,206	-3,861,206
adjustments to reconcile net income/ (loss) to net cash from operating activities:
changes in assets and liabilities:
payment for drydocking costs
payments for vessel improvements

Dorian LPG Ltd(NYSE:LPG)

Dorian LPG Ltd
(NYSE:LPG)