Vessels Under Construction

3 Months Ended

Jun. 30, 2015

6. Vessels Under Construction

Balance, April 1, 2015	398,175,504
Installment payments to shipyards	198,753,063
Other capitalized expenditures	6,946,531
Capitalized interest	1,355,979
Vessels delivered (transferred to Vessels)	(241,450,881	)
Balance, June 30, 2015	363,780,196

Other capitalized expenditures for the three months ended June 30, 2015 represent fees paid to third party vendors of $6.9 million for supervision and other newbuilding pre-delivery costs including engineering and technical support, liaising with the shipyard, and ensuring key suppliers are integrated into the production planning process.