Vessels, Net

6 Months Ended

Sep. 30, 2021

Vessels, Net

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2021	$	1,762,657,830	$	(385,629,575)	$	1,377,028,255
Other additions		5,437,162		—		5,437,162
Disposals		(62,311,861)		23,410,912		(38,900,949)
Depreciation		—		(32,500,487)		(32,500,487)
Balance, September 30, 2021	$	1,705,783,131	$	(394,719,150)	$	1,311,063,981

Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the six months ended September 30, 2021. Our vessels, with a total carrying value of $1,311.1 million and $1,337.4 million as of September 30, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). No impairment loss was recorded for the periods presented.

During the six months ended September 30, 2021, we entered into a memorandum of agreement to sell our 2006-built VLGC Captain Markos NL and completed the sale of the vessel in September 2021. We recognized a gain of $3.5 million during the six months ended September 30, 2021.