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Financial Instruments and Fair Value Disclosures (Tables)

12 Months Ended

Mar. 31, 2023

Financial Instruments and Fair Value Disclosures:

Schedule of principal terms of the interest rate swaps

The principal terms of our interest rate swaps are as follows:



		Transaction		Termination		Fixed			Nominal value			Nominal value
Interest rate swap		Date		Date		interest rate			March 31, 2023			March 31, 2022
2022 Debt Facility - Citibank⁽¹⁾		September 2015		March 2022		1.0908	%		$	—		$	188,000,000
2022 Debt Facility - ING⁽²⁾		September 2015		March 2025		0.9150	%			36,695,201			47,000,000
2022 Debt Facility - CACIB⁽³⁾		August 2022		March 2025		0.9208	%			73,390,402			—
2022 Debt Facility - BNP⁽⁴⁾		August 2022		March 2025		0.9208	%			73,390,402			—
2022 Debt Facility - ING⁽⁵⁾		January 2023		July 2029		2.8250	%			—			—
									$	183,476,005		$	235,000,000

(1)	Novated to CACIB and BNP with the original amount equally apportioned to each counterparty in August 2022.

(2)	Reduces quarterly with a final settlement of $23.8 million in March 2025.

(3)	Reduces quarterly with a final settlement of $47.6 million in March 2025.

(4)	Reduces quarterly with a final settlement of $47.6 million in March 2025.

(5)	Notional value increases to a high of $148.0 million on March 26, 2025 while other swaps amortize and then decreases with the debt outstanding under the 2022 Debt Facility until final settlement of $80 million in July 2029.

Schedule of financial derivatives


			March 31, 2023						March 31, 2022
		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		$	9,278,544		$	—		$	6,512,479		$	—

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


				Year ended
Derivatives not designated as hedging instruments		Location of gain/(loss) recognized		March 31, 2023			March 31, 2022			March 31, 2021
Forward freight agreements—change in fair value		Unrealized gain on derivatives		$	—		$	—		$	2,605,442
Interest rate swaps—change in fair value		Unrealized gain on derivatives			2,766,065			11,067,870			4,597,438
Forward freight agreements—realized gain/(loss)		Realized loss on derivatives			—			—			(788,670)
Interest rate swaps—realized gain/(loss)		Realized gain/(loss) on derivatives			3,771,522			(3,450,443)			(3,779,363)
Gain/(loss) on derivatives, net				$	6,537,587		$	7,617,427		$	2,634,847

Summary of gains and losses on investment securities


		Year ended
		March 31, 2023			March 31, 2022			March 31, 2021
Unrealized gain/(loss) on investment securities		$	1,443,683		$	(1,587,090)		$	1,317,595
Realized gain on investment securities			987,206			447,255			295
Net gain/(loss) on investment securities		$	2,430,889		$	(1,139,835)		$	1,317,890

Summary of carrying value and estimated fair value of Japanese Financings


		March 31, 2023							March 31, 2022
		Carrying Value			Fair Value				Carrying Value			Fair Value
Corsair Japanese Financing		$	34,395,834		$	33,051,190			$	37,645,833		$	36,904,683
Concorde Japanese Financing			—			—				42,269,231			41,352,417
Corvette Japanese Financing			—			—				42,807,692			41,862,894
Cratis Japanese Financing			45,580,000			42,185,289				49,660,000			46,716,277
Copernicus Japanese Financing			45,580,000			42,185,289				49,660,000			46,716,277
Chaparral Japanese Financing			62,342,859			60,701,217				64,662,242			64,321,963
Caravelle Japanese Financing			46,100,000			42,707,169				49,700,000			46,792,400
BALCAP Facility		$	74,096,125			69,032,167			$	81,574,172		$	77,063,912