The M/V Hamburg Max is chartered at a rate of $65,000 per day and the M/V African Zebra is chartered at a rate of $36,000 per day both until on or about September 2009 and are chartered to South African Marine Corporation, an affiliate of the Restis family.
Dale Ploughman, the Company's Chief Executive Officer, stated: "Within less than one month since shareholder approval of the Business Combination and well ahead of the contractually contemplated closing dates, we have completed the acquisition and delivery of the initial fleet of the six dry bulk carriers we had agreed to acquire. With the addition of the M/V Hamburg Max and the M/V African Zebra to our fleet we will now benefit from the revenue generation and profitability of our entire fleet of six vessels. Our goal is to take advantage of the appropriate market opportunities for additional acquisitions that will expand our fleet and will be accretive to shareholder value. We believe that with the capital inflow from the exercise of warrants and our available debt capacity we are strategically positioned to pursue our growth objectives."