Leases

3 Months Ended

Jun. 30, 2024

Leases:

Leases

8. Leases

Time charter-in contracts

During the three months ended June 30, 2024, we did not take delivery of any time chartered-in VLGCs and, as such, no new right-of-use asset or lease liability were recognized during the three months ended June 30, 2024. As of June 30, 2024, right-of-use assets and lease liabilities related to all of our time charter-in VLGCs totaled $182.7 million and were recognized on our balance sheet. Our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $17.7 million and $18.3 million for the three months ended June 30, 2024 and 2023, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:

	Three months ended
	June 30, 2024		June 30, 2023
Charter hire expenses	$	10,645,140	$	10,546,810

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. We did not enter into any new office leases and did not renew any office leases during the three months ended June 30, 2024.

Operating lease rent expense related to our office leases was as follows:

	Three months ended
	June 30, 2024		June 30, 2023
Operating lease rent expense	$	131,537	$	153,022

For our office leases and time charter-in agreements, the discount rate used ranged from 4.92% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.82%. The weighted average remaining lease term of our office leases and time chartered-in vessel as of June 30, 2024 is 64.6 months.

Our operating lease right-of-use asset and lease liabilities as of June 30, 2024 and March 31, 2024 were as follows:

Description	Location on Balance Sheet	June 30, 2024		March 31, 2024
Assets:
Non-current
Office leases	Operating lease right-of-use assets	$	1,085,613	$	1,194,974
Time charter-in VLGCs	Operating lease right-of-use assets	$	182,708,445	$	190,505,364
Liabilities:
Current
Office Leases	Current portion of long-term operating leases	$	434,099	$	448,317
Time charter-in VLGCs	Current portion of long-term operating leases	$	32,641,249	$	32,042,805
Long-term
Office Leases	Long-term operating leases	$	668,803	$	763,767
Time charter-in VLGCs	Long-term operating leases	$	150,067,196	$	158,462,559

Maturities of operating lease liabilities as of June 30, 2024 were as follows:

Less than one year	$	42,700,728
One to three years		81,610,978
Three to five years		64,080,000
More than five years		25,154,389
Total undiscounted lease payments		213,546,095
Less: imputed interest		(29,734,748)
Carrying value of operating lease liabilities	$	183,811,347