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

September 30, 2020

March 31, 2020

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

$

$

136,633

$

$

2,605,442

September 30, 2020

March 31, 2020

 

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

$

$

8,148,758

$

$

9,152,829

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

The effect of derivative instruments within the unaudited interim condensed consolidated statements of operations for the periods presented is as follows:

Three months ended

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

September 30, 2020

    

September 30, 2019

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

2,606,347

$

945,000

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

1,362,339

(1,612,110)

Forward freight agreements—realized gain/(loss)

Realized gain/(loss) on derivatives

(678,066)

Interest rate swaps—realized gain/(loss)

 

Realized gain/(loss) on derivatives

 

(1,451,629)

709,146

Gain/(loss) on derivatives, net

 

$

1,838,991

$

42,036

    

    

Six months ended

 

Derivatives not designated as hedging instruments

    

Location of gain/(loss) recognized

    

September 30, 2020

    

September 30, 2019

 

Forward freight agreements—change in fair value

Unrealized gain/(loss) on derivatives

$

2,468,809

$

945,000

Interest rate swaps—change in fair value

 

Unrealized gain/(loss) on derivatives

 

1,004,071

(7,682,899)

Forward freight agreements—realized gain/(loss)

Realized gain/(loss) on derivatives

(942,590)

Interest rate swaps—realized gain/(loss)

 

Realized gain/(loss) on derivatives

 

(1,993,334)

1,742,141

Gain/(loss) on derivatives, net

 

$

536,956

$

(4,995,758)

Summary of carrying value and estimated fair value of Japanese Financings

September 30, 2020

March 31, 2020

    

Carrying Value

    

Fair Value

    

Carrying Value

    

Fair Value

Corsair Japanese Financing

$

42,520,833

$

47,342,515

$

44,145,833

$

48,867,762

Concorde Japanese Financing

47,115,385

52,917,381

48,730,769

54,407,677

Corvette Japanese Financing

47,653,846

53,579,174

49,269,231

55,059,323

CJNP Japanese Financing

18,335,000

20,126,203

19,058,750

21,006,399

CMNL Japanese Financing

17,391,667

19,454,148

18,076,488

20,238,260

CNML Japanese Financing

19,558,333

21,918,443

20,261,012

22,728,984