Commitments and Contingencies

3 Months Ended

Jun. 30, 2022

Commitments and Contingencies

Commitments and Contingencies

15.  Commitments and Contingencies

Commitments under Bareboat Charter Header Agreement

On March 31, 2021, we entered into a thirteen-year bareboat charter agreement for a newbuilding dual-fuel VLGC that is expected to be delivered from Kawasaki Heavy Industries in March 2023. The structure of the financing of the newbuilding is analogous to that of our Japanese Financings in which a third party will purchase the vessel and we will bareboat charter such vessel from the third party. As part of the agreement, we control the building of the vessel and the use of the vessel after it is delivered. The vessel will be built to our specifications; we will supervise the building of the vessel to meet these specifications; and we will technically and commercially manage the vessel after its delivery. Under the agreement, we had commitments of $24.0 million of predelivery costs as well as the cost of additional features to meet our specifications and supervision costs for an aggregate total of approximately $25.0 million. As of June 30, 2022, we had approximately $1.0 million of commitments under the agreement outstanding that we expect to settle during the year ending March 31, 2023. Construction of the vessel commenced in December 2021.

Operating Leases

We had the following commitments as a lessee under operating leases relating to our United States, Greece, United Kingdom, and Denmark offices:

	June 30, 2022
Less than one year	$	377,387
One to three years		578,300
Three to five years		333,530
Total	$	1,289,217

Time Charter-in

During the three months ended June 30, 2022, we did not time-charter in any VLGCs. Commitments as of June 30, 2022, relate to (i) three newbuilding dual-fuel Panamax LPG vessels that we previously entered into agreements to time-charter in with purchase options that are scheduled to be delivered in the second and third calendar quarters of 2023 for a period of seven years each; (ii) a one-year time chartered-in VLGC that was delivered to us in October 2021; and (iii) a three-year time chartered-in VLGC that was delivered to us in February 2020. We had the following time charter-in commitments relating to VLGCs:

	June 30, 2022
Less than one year	$	17,961,893
One to three years		64,080,000
Three to five years		64,080,000
Thereafter		85,460,000

Total $ 231,581,893

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, 2022
Less than one year	$	13,255,578
Total	$	13,255,578

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 other than that described below, which 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.