Subsequent Events

6 Months Ended

Sep. 30, 2020

Subsequent Events.

Subsequent Events

14. Subsequent Events

Repurchase Notice for the Captain John NP

On October 13, 2020, we exercised the repurchase option under the CJNP Japanese Financing and repurchased the Captain John NP for $18.3 million in cash and the application of the deposit amount of $26.6 million, which had been retained by the buyer in connection with the CJNP Japanese Financing (the “CJNP Deposit”), towards the repurchase of the vessel.

Amendment of the $200 Million Non-amortizing Interest Rate Swap

On October 9, 2020 (with retroactive effect to September 28, 2020), we amended our $200 million non-amortizing interest rate swap with Citibank N.A. Key provisions of the amendment include:

● Reduction in fixed interest rate from 1.933% to 1.0908%;

● Extension of swap maturity from March 2022 to March 2025; and

● Amortization of notional principal amount from $200 million beginning in March 2021 to $95.2 million for the period ending March 2025.