Co discloses that the general decline in the drybulk carrier charter market has resulted in lower charter rates for some of its vessels exposed to the spot market and its time charters and bareboat charter linked to the BDI. Specifically, co has 12 vessels trading in the spot market that are currently exposed to the downturn in the drybulk charter rates, five newbuilding drybulk carriers that co expects will operate on spot charters when delivered in 2009 to 2010, as well as two vessels on time charter and one vessel on bareboat charter at rates that adjust with the BDI. The duration of spot charters is between 60 and 90 days. Eleven spot charters expire in the period January 28, 2009 through February 28, 2009. Should drybulk charter rates continue to decline or remain at their current low level, our charter revenue with respect to these vessels will remain low or decline even further.
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