Vessels, Net

12 Months Ended

Mar. 31, 2022

Vessels, Net

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2020	$	1,757,285,233	$	(319,626,400)	$	1,437,658,833
Other additions		5,372,597		—		5,372,597
Depreciation		—		(66,003,175)		(66,003,175)
Balance, March 31, 2021	$	1,762,657,830	$	(385,629,575)	$	1,377,028,255
Other additions		6,575,263		—		6,575,263
Disposals		(131,157,644)		49,063,637		(82,094,007)
Depreciation		—		(63,447,821)		(63,447,821)
Balance, March 31, 2022	$	1,638,075,449	$	(400,013,759)	$	1,238,061,690

Additions to vessels, net mainly consisted of the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs during the years ended March 31, 2022 and 2021. Our vessels, with a total carrying value of $1,198.7 million and $1,337.4 million as of March 31, 2022 and 2021, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 10 below). 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, in February 2022, we completed the sale of the 2008-built VLGC Captain Nicholas ML as part of our normal fleet renewal considerations. We recognized gains of $3.5 million and $3.8 million, respectively, on the vessel sales during the year ended March 31, 2022.