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		287,962		—		287,962
Transfers out		(195,273)		—		(195,273)
Depreciation		—		(32,357,033)		(32,357,033)
Balance, September 30, 2016	$	1,728,072,618	$	(93,112,486)	$	1,634,960,132

Vessels, with a total carrying value of $1,635.0 million and $1,667.2 million as of September 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.