Vessels, Net

3 Months Ended

Jun. 30, 2025

Vessels, Net:

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2025	$	1,738,676,244	$	(588,869,462)	$	1,149,806,782
Other additions		674,691		—		674,691
Depreciation		—		(16,081,346)		(16,081,346)
Balance, June 30, 2025	$	1,739,350,935	$	(604,950,808)	$	1,134,400,127

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, 2025. Our vessels, with a total carrying value of $1,105.4 million and $1,120.0 million as of June 30, 2025 and March 31, 2025, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 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, 2025 and March 31, 2025. As of June 30, 2025, 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. No impairment charges were recognized for the three months ended June 30, 2025 and 2024.