Question-and-Answer Session
Operator
(Operator Instruction) Your first question comes from Jonathan Chappell - J.P. Morgan.
Jonathan Chappell - J.P. Morgan
My first question is what most people would think as an enviable position of having eight Panamax up for renewal by the end of the first quarter of 2009, with the market sentiment that Stacy kind of laid out of a stronger fourth quarter, what kind of chartering strategy are you looking at for those eight ships? I mean will you do a mixture of short term and long term charters and also would you start to look to lock in today or do you want to wait until you are closer to the renewal period?
Simeon Palios
Yes, indeed we have seven vessels which are coming open until the end of the first quarter now if you take the average of these seven vessels that are implying today, you will see that the average rate is $51,000 a day. Now, as we are coming closer to the delivery of those vessels, it looks that for the three year period we have in front of us excess of $55,000 from first class charters. Now, you have to come a little bit closer to the redelivery to get 75 today or one year. So, we are going to play it between the three years and one year. That is what the intention is.
Jonathan Chappell - J.P. Morgan
On the growth side, two questions, first of all, no ships scheduled for delivery in 2009 and relative to some other public companies you have been kind of quiet on the acquisition front. Is there just not enough quality tonnage that attracted prices out there or can you not make the returns work given current asset prices and current charter rate?
Simeon Palios
We are, of course, certainly on the lookout for Capes and Panamaxes and there are ships which are accretive to the dividend per share. So, we have very much in mind to do something, provided of course the capital markets are there for the quarters.
Jonathan Chappell - J.P. Morgan
Now actually it did lead into that final question regarding financing. Would any growth in 2009 be reliant on capital market or if the right acquisition came along that the capital market might not be open, would you adjust your debt strategy and take the financing on short term to fund that acquisition?
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