5. Vessels, Net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2016	$	1,727,979,929	$	(60,755,453)	$	1,667,224,476
Other additions		984,639		—		984,639
Transfers out		(195,273)		—		(195,273)
Depreciation		—		(64,544,595)		(64,544,595)
Balance, March 31, 2017	$	1,728,769,295	$	(125,300,048)	$	1,603,469,247
Other additions		218,685		—		218,685
Depreciation		—		(64,576,099)		(64,576,099)
Balance, March 31, 2018	$	1,728,987,980	$	(189,876,147)	$	1,539,111,833

Additions to vessels, net were largely due to capital improvements made to one of our VLGCs during the year ended March 31, 2018 and capital improvements made to two of our VLGCs during the year ended March 31, 2017. Our vessels, with a total carrying value of $1,539.1 million and $1,603.5 million as of March 31, 2018 and 2017, respectively, are first‑priority mortgaged as collateral for our long-term debt (refer to Note 9 below). No impairment loss was recorded for the periods presented.