Commitments and Contingencies

9 Months Ended

Dec. 31, 2015

Commitments and Contingencies

Commitments and Contingencies

12. Commitments and Contingencies

Commitments under Newbuilding Contracts

As of December 31,2015, we had $53.6 million of commitments under a shipbuilding contract and a  supervision agreement for one newbuilding. We expect to settle these commitments within the twelve months ending December 31, 2016with borrowings available under the 2015 Debt Facility and available cash on hand.  

Other

From time to time we expect to be subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. We are not aware of any claim that is reasonably possible and should be disclosed or probable and for which a provision should be established in the accompanying unaudited interim condensed consolidated financial statements.