Commitments and Contingencies

9 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Commitments and Contingencies

13.  Commitments and Contingencies

Commitments under Contracts for Scrubbers Purchases

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

	December 31, 2020
Less than one year	$	1,523,768
Total	$	1,523,768

These amounts only reflect firm commitments for scrubber purchases as of December 31, 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:

	December 31, 2020
Less than one year	$	94,820
One to three years		334,180
Total	$	429,000

Operating Leases

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

	December 31, 2020
Less than one year	$	357,432
One to three years		91,318
Total	$	448,750

Time Charter-in

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

	December 31, 2020
Less than one year	$	10,933,000
One to three years		10,439,000
Total	$	21,372,000

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:

	December 31, 2020
Less than one year	$	20,962,500
One to three years		10,035,000
Total	$	30,997,500

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 other than that described in Note 14 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.