5. Vessels, Net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2016	$	1,727,979,929	$	(60,755,453)	$	1,667,224,476
Additions		984,639		—		984,639
Transfers out		(195,273)		—		(195,273)
Depreciation		—		(48,621,720)		(48,621,720)
Balance, December 31, 2016	$	1,728,769,295	$	(109,377,173)	$	1,619,392,122

Additions to vessels, net were largely due to capital improvements made to two of our VLGCs during the nine months ended December 31, 2016. Vessels, with a total carrying value of $1,619.4 million and $1,667.2 million as of December 31, 2016 and March 31, 2016, respectively, are first‑priority mortgaged as collateral for our long-term debt facilities (refer to Note 6 below). No impairment loss was recorded for the periods presented.