QMAR » Topics » Time Charter Renewals and Coverage:

This excerpt taken from the QMAR 8-K filed Nov 9, 2007.

Time Charter Renewals and Coverage:

A 1997 built Panamax ship, Barbara, will commence a charter with Cargill in early November for a period between 5 to 7 months at a net daily rate of approximately $79,000 per day.

The Company has now secured 100% time charter coverage for the remaining part of 2007, and approximately 90%, 80% and 71% for 2008, 2009 and 2010 respectively. As a result, the projected net revenues under fixed time charters for those years will be approximately $238 million, $202 million and $195 million respectively, based on projected fixed time charter revenues and assuming charterers redeliver vessels at the latest date possible under the charters.

Mr. Molaris commented, “We believe that the current size of the fleet together with our significant charter coverage will allow us to optimize our chartering practices in the future, including more aggressive trading of vessels in the spot market or under short term period charters if we determine that market conditions are appropriate. We believe this strategy would allow us to generate additional upside potential during a buoyant market without risking significant revenues in case of a market downturn.”



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