Vessels, Net

12 Months Ended

Mar. 31, 2025

Vessels, Net:

Vessels, Net

6. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2023	$	1,724,463,634	$	(460,535,029)	$	1,263,928,605
Other additions		8,733,275		—		8,733,275
Depreciation		—		(64,073,667)		(64,073,667)
Balance, March 31, 2024	$	1,733,196,909	$	(524,608,696)	$	1,208,588,213
Other additions		5,479,335		—		5,479,335
Depreciation		—		(64,260,766)		(64,260,766)
Balance, March 31, 2025	$	1,738,676,244	$	(588,869,462)	$	1,149,806,782

Additions to vessels, net, mainly consisted of scrubber purchases and installation costs and other capital improvements for certain of our VLGCs during the years ended March 31, 2025 and 2024. Our vessels, with a total carrying value of $1,120.0 million and $1,175.6 million as of March 31, 2025 and 2024, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 10 below). As of March 31, 2025, and 2024, independent appraisals of the technically managed VLGCs in our fleet had no indicators of impairment in accordance with ASC 360 Property, Plant, and Equipment. No impairment charges were recognized for the years ended March 31, 2025, 2024 and 2023.