DORIAN LPG LTD. Leases Disclosure
11. Leases
Time charter-in contracts
During the year ended March 31, 2025, we did not take delivery of any time chartered-in VLGCs and, as such, no new right-of-use assets or lease liabilities were recognized. As of March 31, 2025, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $158.5 million and were recognized on our balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $56.7 million, $97.5 million, and $38.6 million for the years ended March 31, 2025, 2024 and 2023, respectively.
Charter hire expenses for the VLGCs time chartered in were as follows:
Year ended | ||||||||
March 31, 2025 | March 31, 2024 | March 31, 2023 | ||||||
Charter hire expenses | $ | 41,393,429 |
| $ | 43,673,387 |
| 23,194,712 | |
Office leases
We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the years ended March 31, 2025 and 2024. The term of our Copenhagen, Denmark office expired during the year ended March 31, 2025 and the office lease is now on a month-to-month basis.
Operating lease rent expense related to our office leases was as follows:
Year ended | ||||||||
March 31, 2025 | March 31, 2024 | March 31, 2023 | ||||||
Operating lease rent expense | $ | 554,939 | $ | 558,957 | $ | 569,804 | ||
For our office leases and time charter-in arrangements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.81%. The weighted average remaining lease term on our office leases and a time chartered-in vessel as of March 31, 2025 is 56.4 months.
Our operating lease right-of-use asset and lease liabilities were as follows:
Description | Location on Balance Sheet | March 31, 2025 | March 31, 2024 | |||||
Assets: | ||||||||
Non-current | ||||||||
Office leases | Operating lease right-of-use assets | $ | 749,451 | $ | 1,194,974 | |||
Time charter-in VLGCs | Operating lease right-of-use assets | $ | 158,462,559 | $ | 190,505,364 | |||
Liabilities: | ||||||||
Current | ||||||||
Office Leases | Current portion of long-term operating leases | $ | 380,127 | $ | 448,317 | |||
Time charter-in VLGCs | Current portion of long-term operating leases | $ | 34,428,076 | $ | 32,042,805 | |||
Long-term | ||||||||
Office Leases | Long-term operating leases | $ | 385,062 | $ | 763,767 | |||
Time charter-in VLGCs | Long-term operating leases | $ | 124,034,483 | $ | 158,462,559 | |||
Maturities of operating lease liabilities as of March 31, 2025 were as follows:
Less than one year | $ | 42,970,570 | |
One to three years | 73,406,739 | ||
Three to five years | 62,263,139 | ||
More than five years | 2,941,250 | ||
Total undiscounted lease payments | 181,581,698 | ||
Less: imputed interest | (22,353,951) | ||
Carrying value of operating lease liabilities | $ | 159,227,747 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | May 29, 2025 | Showing above |
| 2020 | Jun 12, 2020 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.