Dorian LPG Q1 revenues $35.3 million
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Four of company's VLGCs operated in the spot market during the period and earned $29.1 million in voyage charter revenues. Two of company's VLGCs earned time charter revenues during the period amounting to $5.4 million. For the three months ended March 31, 2015, the Grendon earned $0.8 million of revenues and had 48 operating days.
Voyage expenses were approximately $7.2 million during the three months ended March 31, 2015. Voyage expenses mainly related to bunkers of $4.6 million, port charges and other related expenses of $1.7 million, brokers' commissions of $0.7 million, security costs of $0.1 million and other voyage expenses of $0.1 million.
Vessel operating expenses were approximately $6.8 million during the three months ended March 31, 2015, or $10,881 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period.
This included approximately $1 million relating to training of additional crew on company's operating VLGC fleet in anticipation of newbuilding deliveries. The Grendon had 48 operating days and $0.6 million of vessel operating expenses for the three months ended March 31, 2015.
In the three months ended March 31, 2015, we recognized an impairment loss of $1.4 million for company's PGC vessel. This impairment loss was triggered by reductions in vessel values reflecting challenging conditions in the PGC market, and represented the difference between the carrying value and recoverable amount, being fair value.
General and administrative expenses were approximately $4.8 million for the three months ended March 31, 2015, which were comprised of $2.5 million of salaries and benefits (inclusive of a $0.1 million accrual for statutory retirement benefits for company's Greece-based employees), $0.8 million for professional, legal, audit and accounting fees, $0.8 million of stock-based compensation and $0.7 million of other general and administrative expenses.
Interest and finance costs amounted to less than $0.1 million for the three months ended March 31, 2015. The interest and finance costs consisted of interest incurred on company's long-term debt of $0.8 million, amortization of financing costs of $0.1 million, and $0.1 million of other financing expenses, less capitalized interest of $1 million.
The average indebtedness during the three months ended March 31, 2015 was $126.4 million and the outstanding balance of company's long‑term debt as of March 31, 2015 was $200.3 million, which included the initial drawdown of $81.2 million under the 2015 Debt Facility.
Gain/(loss) on derivatives, net, amounted to a net loss of approximately $1.6 million for three months ended March 31, 2015. The net loss on derivatives was primarily comprised of a realized loss of $1.3 million, and an unrealized loss of $0.3 million from the changes in the fair value of company's interest rate swaps.
Fiscal Year 2015 Results Summary
Revenues of $104.1 million for the year ended March 31, 2015 represent time charter and voyage charters earned for company's six VLGC vessels and company's pressurized 5,000 cbm vessel.
Four of company's VLGCs operated in the spot market during the period and earned $76.1 million in voyage charter revenues. Three of company's VLGCs earned time charter revenues during the period amounting to $25.5 million, including a VLGC that ended its time charter on July 27, 2014. Time charter revenues included $7.8 million of profit sharing.
For the year ended March 31, 2015, the Grendon, whose time charter expired at the end of May 2014, earned $1.8 million of revenues, had 140 operating days and was in drydock for 10 days.
Voyage expenses were approximately $22.1 million during the year ended March 31, 2015. Voyage expenses mainly related to bunkers of $15.7 million, port charges and other related expenses of $3.6 million, brokers' commissions of $1.7 million, security costs of $0.7 million and other voyage expenses of $0.4 million.
Vessel operating expenses were approximately $21.3 million during the year ended March 31, 2015, or $10,703 per vessel per calendar day, which is calculated by dividing vessel operating expenses by calendar days for the relevant time period.
This included approximately $2.9 million relating to training of additional crew on company's operating VLGC fleet in anticipation of newbuilding deliveries. The Grendon had $2.8 million of vessel operating expenses, inclusive of $0.5 million of expenses related to repairs and maintenance, for the year ended March 31, 2015.
In the year ended March 31, 2015, we recognized an impairment loss of $1.4 million for company's PGC vessel. This impairment loss was triggered by reductions in vessel values reflecting challenging conditions in the PGC market, and represented the difference between the carrying value and recoverable amount, being fair value.
General and administrative expenses were approximately $14.1 million for the year ended March 31, 2015, which were comprised of $6.4 million of salaries and benefits (inclusive of a $0.4 million accrual for statutory retirement benefits for company's Greece-based employees), $2.4 million for professional, legal, audit and accounting fees, $2.3 million of stock-based compensation and $3 million of other general and administrative expenses.
Prior to July 1, 2014, general and administrative expenses were primarily covered under company's management agreement with Dorian (Hellas), which terminated on June 30, 2014. Expenses not covered under the management agreement included, among others, stock-based compensation, audit and accounting fees, professional and legal fees and investor relations.
As of July 1, 2014, vessel management services for company's fleet was transferred from Dorian (Hellas) and are now provided through company's wholly-owned subsidiaries.
Interest and finance costs amounted to approximately $0.3 million for the year ended March 31, 2015. The interest and finance costs consisted of interest incurred on company's long-term debt of $2.7 million, amortization of financing costs of $0.8 million, and $0.3 million of other financing expenses, less capitalized interest of $3.5 million.
The average indebtedness during the year ended March 31, 2015 was $125.9 million and the outstanding balance of company's long‑term debt as of March 31, 2015 was $200.3 million, which included $81.2 million under the 2015 Debt Facility.
Loss on derivatives, net, amounted to a net loss of approximately $4 million for year ended March 31, 2015. The net loss on derivatives was primarily comprised of a realized loss of $5.3 million, partially offset by an unrealized gain of $1.3 million from the changes in the fair value of company's interest rate swaps.
At March 31, 2015, we reported unrestricted cash of $204.8 million, and long-term debt, including the current portion, of $200.3 million, and we had remaining commitments with respect to the construction of 16 VLGC newbuildings scheduled to be delivered by the first quarter of 2016, or, together with three VLGC newbuildings already delivered, company's VLGC Newbuilding Program, of $871.4 million. ■