Vessels, Net

3 Months Ended

Jun. 30, 2024

Vessels, Net:

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2024	$	1,733,196,909	$	(524,608,696)	$	1,208,588,213
Other additions		665,903		—		665,903
Depreciation		—		(15,977,128)		(15,977,128)
Balance, June 30, 2024	$	1,733,862,812	$	(540,585,824)	$	1,193,276,988

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the three months ended June 30, 2024. Our vessels, with a total carrying value of $1,161.1 million and $1,175.6 million as of June 30, 2024 and March 31, 2024, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 7 below). Captain John NP is our only VLGC that is not first-priority mortgaged as collateral for our long-term debt as of June 30, 2024 and March 31, 2024. As of June 30, 2024, we obtained independent appraisals of the technically managed VLGCs in our fleet and concluded that there were no indicators of impairment in accordance with ASC 360 Property, Plant, and Equipment.