Vessels, Net

12 Months Ended

Mar. 31, 2024

Vessels, Net:

Vessels, Net

5. Vessels, Net

			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2022	$	1,638,075,449	$	(400,013,759)	$	1,238,061,690
Vessel delivered		84,432,491		—		84,432,491
Other additions		1,955,694		—		1,955,694
Depreciation		—		(60,521,270)		(60,521,270)
Balance, March 31, 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

For the years ended March 31, 2024 and 2023, other additions mainly relate to the installment payments on the purchase of scrubbers and other capital improvements for certain of our VLGCs. For the year ended March 31, 2023, vessels delivered consisted of amounts transferred from Vessels under Construction relating to the cost of a newbuilding Dual-fuel ECO VLGC, Captain Markos, delivered from Kawasaki Heavy Industries on March 31, 2023. Our vessels, with a total carrying value of $1,175.6 million and $1,227.8 million as of March 31, 2024 and 2023, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 9 below). As of March 31, 2024, and 2023, 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, 2024, 2023 and 2022.