Vessel Under Construction

12 Months Ended

Mar. 31, 2025

Vessel Under Construction:

Vessel Under Construction

7. Vessel Under Construction

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. The analysis and movement of vessel under construction is presented in the table below:

	Net book Value
Balance, April 1, 2023	$	—
Installment payments		23,800,740
Other capitalized expenditures		28,938
Balance, March 31, 2024	$	23,829,678
Installment payments		11,900,370
Other capitalized expenditures		1,118,209
Capitalized interest		426,606
Balance, March 31, 2025	$	37,274,863