Commitments and Contingencies

3 Months Ended

Jun. 30, 2024

Commitments and Contingencies:

Commitments and Contingencies

15.  Commitments and Contingencies

Commitments under Newbuilding Contracts  

On November 24, 2023, we entered into an agreement for a newbuilding VLGC/AC with a cargo carrying capacity of 93,000 cbm that can transport LPG or ammonia, which is expected to be delivered from Hanwha Ocean Co. Ltd. in the second calendar quarter of 2026. As of June 30, 2024, we had the following commitments related to the construction of the newbuilding:

	June 30, 2024
Less than one year	$	24,084,224
One to three years		74,324,763
Total	$	98,408,987

Commitments under Contracts for Scrubbers and Other Vessel Upgrades

We had contractual commitments for contracts to fabricate scrubbers to reduce sulfur emissions and other vessel upgrades as follows:

	June 30, 2024
Less than one year	$	2,364,860
One to three years		171,517
Total	$	2,536,377

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, 2024
Less than one year	$	4,522,986

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 unaudited interim condensed consolidated financial statements. Also, if applicable, we record undiscounted receivables for probable loss

recoveries from insurance or other parties. We are not aware of any material claim that is reasonably possible and should be disclosed in the unaudited interim condensed consolidated financial statements.