Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2020

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, 2020	March 31, 2019
2015 Facility - Citibank(1)	September 2015	March 2022	1.933	%	200,000,000	200,000,000
2015 Facility - ING(2)	September 2015	March 2022	2.002	%	50,000,000	50,000,000
2015 Facility - CBA(3)	October 2015	March 2022	1.428	%	37,550,000	48,800,000
2015 Facility - Citibank(4)	October 2015	March 2022	1.380	%	56,325,000	73,200,000
2015 Facility - Citibank(5)	June 2016	March 2022	1.213	%	43,598,575	51,429,047
2015 Facility - Citibank(6)	June 2016	March 2022	1.161	%	17,915,709	21,133,439
					405,389,284	444,562,486

⁽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, 2020				March 31, 2019
	Current assets		Current liabilities		Current assets		Current liabilities
Derivatives not designated as hedging instruments	Derivative instruments		Derivative instruments		Derivative instruments		Derivative instruments
Forward freight agreements		—		2,605,442		—		—
		March 31, 2020				March 31, 2019
	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	$	—	$	9,152,829	$	6,448,498	$	—

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, 2020		March 31, 2019		March 31, 2018
Forward freight agreements—change in fair value	Unrealized gain/(loss) on derivatives	$	(2,605,442)	$	—	$	—
Interest rate swap—change in fair value	Unrealized gain/(loss) on derivatives		(15,601,327)		(7,816,401)		8,421,531
Forward freight agreements—realized gain/(loss)	Realized gain on derivatives		396,894		—		—
Interest rate swap—realized gain/(loss)	Realized gain on derivatives		2,403,480		3,788,123		(1,328,886)
Gain/(loss) on derivatives, net		$	(12,800,953)	$	(4,028,278)	$	7,092,645

Summary of carrying value and estimated fair value of Japanese Financings

	March 31, 2020				March 31, 2019
	Carrying Value		Fair Value		Carrying Value		Fair Value
Corsair Japanese Financing	$	44,145,833	$	48,867,762	$	47,395,833	$	45,901,900
Concorde Japanese Financing		48,730,769		54,407,677		51,961,538		50,176,288
Corvette Japanese Financing		49,269,231		55,059,323		52,500,000		50,671,689
CJNP Japanese Financing		19,058,750		21,006,399		20,506,250		20,918,881
CMNL Japanese Financing		18,076,488		20,238,260		19,446,131		19,862,056
CNML Japanese Financing		20,261,012		22,728,984		21,666,369		22,137,090