Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2019

Financial Instruments and Fair Value Disclosures

Schedule of principal terms of the interest rate swaps

	Transaction	Termination	Fixed		Nominal value	Nominal value
Interest rate swap	Date	Date	interest rate		March 31, 2019	March 31, 2018
2015 Debt Facility - Citibank(1)	September 2015	March 2022	1.933	%	200,000,000	200,000,000
2015 Debt Facility - ING(2)	September 2015	March 2022	2.002	%	50,000,000	50,000,000
2015 Debt Facility - CBA(3)	October 2015	March 2022	1.428	%	48,800,000	60,025,000
2015 Debt Facility - Citibank(4)	October 2015	March 2022	1.380	%	73,200,000	90,037,500
2015 Debt Facility - Citibank(5)	June 2016	March 2022	1.213	%	51,429,047	59,276,849
2015 Debt Facility - Citibank(6)	June 2016	March 2022	1.161	%	21,133,439	24,358,290
					444,562,486	483,697,639

⁽¹⁾ Non-amortizing with a final settlement of $200 million in March 2022.

⁽²⁾ Non-amortizing with a final settlement of $50 million in March 2022.

⁽³⁾ Reduces quarterly by $2.8 million with a final settlement of $17.9 million due in March 2022.

⁽⁴⁾ Reduces quarterly by $4.2 million with a final settlement of $26.9 million due in March 2022.

⁽⁵⁾ Reduces quarterly by $2.0 million with a final settlement of $29.9 million due in March 2022.

⁽⁶⁾ Reduces quarterly by $0.8 million with a final settlement of $12.3 million due in March 2022.

Schedule of financial derivatives

		March 31, 2019				March 31, 2018
	Other non-current assets		Long-term liabilities		Other non-current assets		Long-term liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Interest rate swap agreements	$	6,448,498	$	—	$	14,264,899	$	—

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

Derivatives not designated as hedging instruments	Location of gain/(loss) recognized	March 31, 2019		March 31, 2018		March 31, 2017
Interest Rate Swap—Change in fair value	Unrealized gain/(loss) on derivatives	$	(7,816,401)	$	8,421,531	$	27,491,333
Interest Rate Swap—Realized gain/(loss)	Realized gain/(loss) on derivatives		3,788,123		(1,328,886)		(13,797,478)
Gain/(loss) on derivatives, net		$	(4,028,278)	$	7,092,645	$	13,693,855

Summary of carrying value and estimated fair value of Japanese Financings

	March 31, 2019				March 31, 2018
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	47,395,833	$	45,901,900	$	50,645,833	$	50,645,833
Concorde Japanese Financing		51,961,538		50,176,288		55,192,308		55,192,308
Corvette Japanese Financing		52,500,000		50,671,689		55,730,769		55,730,769
CJNP Japanese Financing		20,506,250		20,918,881		—		—
CMNL Japanese Financing		19,446,131		19,862,056		—		—
CNML Japanese Financing		21,666,369		22,137,090		—		—