their net loss was $105,145. They were formed to initially acquire a fleet of seven secondhand drybulk carriers engaged in the seaborne transportation of commodities. They refer to these vessels comprised of six Panamax drybulk carriers and one Capesize drybulk carrier as their Initial Fleet. They have entered into agreements to acquire, subject to the completion of this offering, their Initial Fleet of seven secondhand vessels for an aggregate purchase price of $311.9 million. They expect that the net proceeds of this offering will be $188.5 million. They intend to use a portion of the net proceeds from this offering, estimated at $183.2 million, and approximately $128.7 million in borrowings under their senior secured term loan to purchase their Initial Fleet. The remaining proceeds from this offering will be used for general corporate purposes. Six of the seven vessels in their Initial Fleet will be employed under fixed rate period charters, with expiration dates ranging from March 2008 to May 2011, representing an average remaining charter term of approximately 31.3 months. Period charters refer to both time and bareboat charters. They intend to enter into a fixed rate period charter for the seventh vessel in their Initial Fleet with a minimum term of two years following this offering and prior to its delivery to them. They expect that all of the vessels in their Initial Fleet will be delivered to them prior to August 15, 2007.