Vessels Under Construction

6 Months Ended

Sep. 30, 2015

6. Vessels Under Construction

Balance, April 1, 2015	398,175,504
Installment payments to shipyards	463,693,929
Other capitalized expenditures	13,949,868
Capitalized interest	3,630,321
Vessels delivered (transferred to Vessels)	(644,784,354	)

Balance, September 30, 2015	234,665,268

Other capitalized expenditures for the six months ended September 30, 2015 represent LPG coolant of $2.2 million and fees paid to third party vendors of $11.7 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.