6. Vessels, Net

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Vessel delivered represent amount transferred from Vessels under Construction relating to the cost of our 93,000 cubic meter (cbm) dual-fuel newbuilding VLGC/AC named “Areion” delivered to us in March 2026. 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, 2026 and 2025. Our vessels, with a total carrying value of $1,189.3 million and $1,120.0 million as of March 31, 2026 and 2025, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 10 below). As of March 31, 2026, there were indicators of impairment on one of our vessels. We determined estimated net operating cash flows for this vessel by applying various assumptions regarding future time charter equivalent revenues net of commissions, operating expenses, scheduled drydockings, expected offhire and scrap values and concluded that no impairment charge was necessary because we believe the vessel carrying value is recoverable. No impairment charges were recognized for the years ended March 31, 2026, 2025 and 2024.