5. Vessels, Net


			Accumulated
	Cost		depreciation		Net book Value
Balance, April 1, 2016	$	1,727,979,929	$	(60,755,453)	$	1,667,224,476
Additions		287,008		—		287,008
Depreciation		—		(16,092,641)		(16,092,641)
Balance, June 30, 2016	$	1,728,266,937	$	(76,848,094)	$	1,651,418,843

Vessels, with a total carrying value of $1,651.4 million and $1,667.2 million as of June 30, 2016 and March 31, 2016, respectively, are first‑priority mortgaged as collateral for our long-term debt facilities (refer to Note 6 below). No impairment loss was recorded for the periods presented.