Commitments and Contingencies

9 Months Ended

Dec. 31, 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 December 31, 2024, we had the following commitments related to the construction of the newbuilding:

	December 31, 2024
Less than one year	$	36,296,594
One to three years		62,164,393
Total	$	98,460,987

Commitments under Contracts for Scrubbers and Other Vessel Upgrades

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

	December 31, 2024
Less than one year	$	1,512,088
One to three years		166,576
Total	$	1,678,664

Operating Leases

We had the following commitments as a lessee under operating leases relating to our Denmark office:

	December 31, 2024
Less than one year	$	38,590

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.