Commitments and Contingencies

12 Months Ended

Mar. 31, 2025

Commitments and Contingencies:

Commitments and Contingencies

20. 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 March 31, 2025, we had the following commitments under the shipbuilding contract and supervision agreement related to the newbuilding:

	March 31, 2025
Less than one year	$	24,424,740
One to three years		61,927,454
Total	$	86,352,194

Commitments under Contracts for Scrubbers and Other Vessel Upgrades

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

	March 31, 2025
Less than one year	$	1,460,710
One to three years		173,407
Total	$	1,634,117

Operating Leases

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

	March 31, 2025
Less than one year	$	39,769

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.