v3.26.1
Leases
3 Months Ended
Jun. 30, 2026
Leases:  
Leases

9. Leases

Time charter-in contracts

We did not time charter-in any new vessels during the three months ended June 30, 2026. All of our time chartered-in VLGCs were deployed in the Helios Pool and earned net pool revenues of $38.5 million and $14.8 million for the three months ended June 30, 2026 and 2025, respectively.

Charter hire expenses for the VLGCs time chartered in were as follows:

Three months ended

June 30, 2026

June 30, 2025

Charter hire expenses

$

22,614,002

$

10,721,911

Office leases

We currently have operating leases for our offices in Stamford, Connecticut, USA; Copenhagen, Denmark; and Athens, Greece, which we determined to be operating leases and record the lease expense as part of general and administrative expenses in our unaudited interim condensed consolidated statements of operations. During the three months ended June 30, 2026 we extended the operating lease for our Athens office for an additional three years with an

option to extend the lease for a further three years that is considered reasonably certain to be exercised. As a result, a right-of-use asset and lease liability of $1.8 million were recognized on our balance sheets as of June 30, 2026.

Operating lease rent expense related to our office leases was as follows:

Three months ended

June 30, 2026

June 30, 2025

Operating lease rent expense

$

207,010

$

126,942

For our office leases and time charter-in agreements included in the balance sheets, the discount rate used ranged from 5.17% to 6.34%. The weighted average discount rate used to calculate the lease liability was 5.73%. The weighted average remaining lease term of our office leases and time chartered-in vessels as of June 30, 2026 is 41.1 months.

Our operating lease right-of-use asset and lease liabilities as of June 30, 2026 and March 31, 2026 were as follows:

Description

Location on Balance Sheet

June 30, 2026

March 31, 2026

Assets:

Non-current

Office leases

Operating lease right-of-use assets

$

2,110,157

$

385,102

Time charter-in VLGCs

Operating lease right-of-use assets

$

136,575,107

$

148,327,426

Liabilities:

Current

Office Leases

Current portion of long-term operating leases

$

333,157

$

380,572

Time charter-in VLGCs

Current portion of long-term operating leases

$

44,243,435

$

46,281,185

Long-term

Office Leases

Long-term operating leases

$

1,785,805

$

15,543

Time charter-in VLGCs

Long-term operating leases

$

92,331,672

$

102,046,241

Maturities of operating lease liabilities as of June 30, 2026 were as follows:

Less than one year

$

51,093,720

One to three years

75,334,338

Three to five years

26,192,639

More than five years

Total undiscounted lease payments

152,620,697

Less: imputed interest

(13,926,628)

Carrying value of operating lease liabilities

$

138,694,069