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Financial Instruments and Fair Value Disclosures (Tables)
3 Months Ended
Jun. 30, 2020
Financial Instruments and Fair Value Disclosures  
Schedule of financial derivatives

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June 30, 2020

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March 31, 2020

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Current assets

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Current liabilities

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Current assets

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Current liabilities

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Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

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Forward freight agreements

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—

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2,742,980

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—

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2,605,442

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June 30, 2020

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March 31, 2020

 

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Other non-current assets

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Long-term liabilities

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Other non-current assets

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Long-term liabilities

 

Derivatives not designated as hedging instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

    

Derivative instruments

 

Interest rate swap agreements

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$

—

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$

9,511,097

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$

—

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$

9,152,829

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

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Three months ended

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Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

June 30, 2020

    

June 30, 2019

 

Forward freight agreements—change in fair value

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Unrealized loss on derivatives

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$

(137,538)

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$

—

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Interest rate swaps—change in fair value

 

Unrealized loss on derivatives

 

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(358,268)

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(6,070,789)

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Forward freight agreements—realized gain/(loss)

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Realized gain/(loss) on derivatives

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(264,524)

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—

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Interest rate swaps—realized gain/(loss)

 

Realized gain/(loss) on derivatives

 

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(541,705)

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1,032,995

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Gain/(loss) on derivatives, net

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$

(1,302,035)

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$

(5,037,794)

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Summary of carrying value and estimated fair value of Japanese Financings

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June 30, 2020

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March 31, 2020

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Carrying Value

    

Fair Value

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Carrying Value

    

Fair Value

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Corsair Japanese Financing

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$

43,333,333

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$

48,385,962

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$

44,145,833

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$

48,867,762

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Concorde Japanese Financing

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47,923,077

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53,983,226

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48,730,769

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54,407,677

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Corvette Japanese Financing

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48,461,538

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54,648,430

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49,269,231

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55,059,323

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CJNP Japanese Financing

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18,696,875

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20,660,143

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19,058,750

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21,006,399

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CMNL Japanese Financing

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17,734,078

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19,935,753

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18,076,488

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20,238,260

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CNML Japanese Financing

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19,909,673

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22,426,002

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20,261,012

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22,728,984

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