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Commitments and Contingencies

3 Months Ended

Jun. 30, 2020

13. Commitments and Contingencies

Commitments under Contracts for Scrubbers Purchases

We had contractual commitments to purchase scrubbers to reduce sulfur emissions as of:


	June 30, 2020
Less than one year	$	3,564,298
Total	$	3,564,298

These amounts only reflect firm commitments for scrubber purchases as of June 30, 2020 and exclude costs related to their installation. The timing of these payments is subject to change as installation times are finalized.

Commitments under Contracts for Ballast Water Management Systems Purchases

We had contractual commitments to purchase ballast water management systems as of:


	June 30, 2020
Less than one year	$	734,380
Total	$	734,380

Operating Leases

We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices:


	June 30, 2020
Less than one year	$	381,788
One to three years		214,689
Total	$	596,477

Time Charter-in

We had the following time charter-in commitments relating to VLGCs currently in our fleet:


	June 30, 2020
Less than one year	$	16,636,000
One to three years		15,257,000
Total	$	31,893,000

Fixed Time Charter Contracts

We had the following future minimum fixed time charter hire receipts based on non-cancelable long-term fixed time charter contracts:


	June 30, 2020
Less than one year	$	19,400,858
One to three years		20,580,000
Total	$	39,980,858

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.