Vessels, Net |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Vessels, Net | 6. Vessels, Net
Additions to vessels, net, mainly consisted of capital improvements for certain of our VLGCs during the three months ended June 30, 2026. Our vessels, with a total carrying value of $971.0 million and $1,189.3 million as of June 30, 2026 and March 31, 2026, respectively, are first-priority mortgaged as collateral for our long-term debt (refer to Note 8 below). Captain John NP and Corsair were our only VLGCS that are not first-priority mortgaged as collateral for our long-term debt as of June 30, 2026, with Captain John NP the only one as of March 31, 2026. As of June 30, 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’s carrying value is recoverable. No impairment charges were recognized for the three months ended June 30, 2026 and 2025. On May 6, 2026, we completed the sale of the 2015-built VLGC Cobra and recognized a gain of $30.1 million during the three months ended June 30, 2026. |
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