Vessels, Net

9 Months Ended

Dec. 31, 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		5,980,471		—		5,980,471
Transfer to vessel held for sale		(68,845,783)		25,652,725		(43,193,058)
Disposals		(62,311,861)		23,410,912		(38,900,949)
Depreciation		—		(48,508,982)		(48,508,982)
Balance, December 31, 2021	$	1,637,480,657	$	(385,074,920)	$	1,252,405,737

Additions to vessels, net mainly consisted of scrubber purchase and installation costs and other capital improvements for certain of our VLGCs during the nine months ended December 31, 2021. Our vessels, with a total carrying value of $1,212.3 million and $1,337.4 million as of December 31, 2021 and March 31, 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of December 31, 2021 and Captain Markos NL was our only VLGC that was not first priority mortgaged as collateral for our long-term debt as of March 31, 2021. No impairment loss was recorded for the periods presented.

In September 2021, we completed the sale of the 2006-built VLGC Captain Markos NL and recognized a gain of $3.5 million during the nine months ended December 31, 2021.