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Commitments and Contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies

13. Commitments and Contingencies

 

Contingencies

 

Various claims, suits and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Partnership’s vessels.

 

The Partnership accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, the Partnership is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying unaudited condensed consolidated financial statements.

 

Commitments

 

(a) Lease Commitments: Future minimum charter hire receipts, excluding any profit share revenue that may arise, based on non-cancellable time charter contracts, as of June 30, 2024 were: 

 

 

Year ending June 30,   Amount
2025  $ 447,811
2026   389,820
2027   305,380
2028   299,529
2029   273,642
Thereafter   786,617
Total  $ 2,502,799

 

 

(b)  Commitments for the acquisition of vessel owning companies from a related party and vessels under construction: As of June 30, 2024, the Partnership had outstanding commitments relating to acquisitions of vessel owning companies from a related party and vessels under construction amounting to $486,000 and $1,490,121, respectively which will be financed through the issuance of debt and cash at hand (Notes 4, 5).

 

13. Commitments and Contingencies - Continued

 

Commitments - Continued

 

(b) Commitments for the acquisition of vessel owning companies from a related party and vessels under construction - Continued

 

The following table contains details of the commitments for the acquisition of vessel owning companies from a related party and for vessels under construction:

 

 

Year ending June 30,   Acquisition of vessel owning companies from CMTC   Vessels under construction   Total
2025 $ — $ 171,395 $ 171,395
2026   486,000   369,157   855,157
2027   —   913,641   913,641
2028   —   35,928   35,928
Total $ 486,000 $ 1,490,121 $ 1,976,121

 

 

(c)  Supervision Services Commitments: As of June 30, 2024, the Partnership had outstanding commitments relating to supervision services agreements for vessels under construction, amounting to $6,400 (Notes 4, 5b).

 

The following table contains details of supervision services commitments:

 

 

Year ending June 30,   Amount
2025 $ 1,467
2026   2,083
2027   2,717
2028   133
Total $ 6,400