This excerpt taken from the OCNF 6-K filed Jul 23, 2009.
Anthony Kandylidis, Chief Executive Officer of the Company commented:
We are pleased to have acquired a third high quality modern Capesize vessel, putting into good use the equity proceeds that we recently raised. Consistent with our strategy of secured revenues, we have fixed the vessel for a minimum period of five years generating approximately $44 million in gross charter hire over the minimum charter duration. Reflecting the charter agreements for the M/V Richmond and M/V Topeka, our time-charter coverage for 2009 is now 92%, and for 2010, 72%. Moving forward, supported with a strong balance sheet, we continue to look for opportunities to renew and grow our fleet.