Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2015

Financial Instruments and Fair Value Disclosures

Schedule of principal terms of the interest rate swaps

Subsidiary	Termination Date	Fixed  interest rate		Nominal value  March 31,  2015
CMNL(1)	Nov 2018	5.395	%	20,456,000
CMNL(1)	Nov 2018	4.936	%	10,228,000
CJNP(2)	March 2019	4.772	%	30,523,500
CJNP(2)	March 2019	2.960	%	10,276,500
CNML(3)	July 2020	4.350	%	46,440,000
				117,924,000

(1) reduces semi-annually by $1,278,500 with a final settlement of $21,734,500 due in November 2018.

(2) reduces semi-annually by $1,700,000 with a final settlement of $28,900,000 due in March 2019.

(3) RBS exercised its right to extend the interest rate swap until July 2020 and based on the extension reduces semi-annually by $1,720,000 with a final settlement of $27,520,000 due in July 2020.

Schedule of financial derivatives

		March 31, 2015		March 31, 2014
Derivatives not designated as hedging  instruments	Balance sheet location	Asset derivatives	Liability derivatives	Asset derivatives	Liability derivatives
Interest rate swap agreements	Long-term liabilities—Derivative instruments	—	12,730,462	—	14,062,416

Schedule of effect of derivative instruments on the consolidated statement of operations

Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	Year ended March 31, 2015			July 1, 2013 (inception) to March 31, 2014
Interest Rate Swap—Change in fair value	Gain/(loss) on derivatives, net	$	1,331,954		$	2,623,456
Interest Rate Swap—Realized loss	Gain/(loss) on derivatives, net	(5,291,157		)	(3,727,457		)
Loss on derivatives—net		$	(3,959,203	)	$	(1,104,001	)