Question-and-Answer Session
Operator
(Operator Instructions) Our first question comes from [Mike Lanier]. You may ask question, please state your company name.
Mike Lanier - AIG
AIG. Can you guys talk about how reliant the model you've laid out in a very nice detailed manner, how much you are reliant upon the capital markets functioning reasonably, I mean, how much new financing you are hoping to be able to line up to do your CapEx plan?
Filipe Menendez
Well, Mike, fortunately as you may see from our CapEx plan, we don't really need the capital markets. It's all from now on to execute on this CapEx plan. Let me run you through the figures in a broad way so you get a better understanding of this. If you go back to slide 24, you will see that the total CapEx plan up to year 2011 is $349 million. But of that, we have already incurred up to the end of the third quarter in 2008, $91.1 million. So the remaining CapEx as from the 30th of September up to the end of the 2011 is only $257.9, call it $258 million.
Now as of the end of September, we had $106 million in cash and to that, we may add $15 million of a new facility that has been finalized. Now we expect to drill down before the end of the year and we have learned from DVB/Natixis to fund our Offshore construction program for another $88 million. So, the cash in hand plus these two facilities which have already been agreed would provide us with $209 million of the $257 million that we need.
Now, as you've seen in broad terms, we are looking at an EBITDA this year, which should be in the region of $50 million more than what we had last year. Because of our Ocean additional contribution, everything else being equal, so we're looking at an EBITDA in the region of $110 million.
As you've seen, there is not enormous variance for 2009 in the earnings of the OBO vessels and in fact, River and Offshore should be contributing more. So, again, out of the $257 million, we already have the resources for 209 and in the next four years, we are looking at EBITDAs that that should easily cover that difference.
There is also one more element that you might want to consider is that, in that CapEx we have for 2009, '10 and '11 allocated for each year construction of new barges to the tune of $84 million. So, if something went wrong and we've thought that the additional demand was not coming on stream, we could always reduce that expenditure and then our CapEx plan would be below our present cash resources and committed credits. The credits that we have committed are not short-term credits that we have to rollover. Both the IFC facility and the DVB/Natixis facility are 12-year facilities.
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