Vessels, Net

6 Months Ended

Sep. 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		2,395,525		—		2,395,525
Depreciation		—		(32,141,029)		(32,141,029)
Balance, September 30, 2024	$	1,735,592,434	$	(556,749,725)	$	1,178,842,709

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the six months ended September 30, 2024. Our vessels, with a total carrying value of $1,147.5 million and $1,175.6 million as of September 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 September 30, 2024 and March 31, 2024. As of September 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.