Question-and-Answer Session
Operator
(Operator Instructions). We'll now take our first question from Mr. Jonathan Chappell from JPMorgan. Please go ahead sir you're line is now open.
Jonathan Chappell - JPMorgan
Thank you, good afternoon. Jens, I was hoping you can give a little bit more insight on the thought process and the chartering of the Genmar Phoenix and the Genmar Harriet G. If the numbers that we've seen in the brokerage reports are correct, you basically lost and loss on those ships given the time charter expense you are paying to General Maritime. Was that just a function of just trying to get the best thing you can get right now in the market. You are a little bit concerned about where the spot market might be heading in the second and third quarters?
Jens Martin Jensen
The numbers being reported in the various billboards are (ph) incorrect. We have fixed both ships out in time charter for the remaining period, and the rate is of a floating nature, but it's not as any levels being mentioned.
Jonathan Chappell - JPMorgan
Okay. So it's completely dependent on where the spot is at that time?
Jens Martin Jensen
To some extent.
Jonathan Chappell - JPMorgan
Okay. So you just guaranteed utilization, but basically keep the opportunity to maybe make a profit; got it. Also on the Suezmaxes at the Rongsheng yard, five to nine months delivery delay. Is there any parts of the contract in place, where you could back out of those ships... back out of those contracts if the delay reaches a certain period of time? And would you be interested in potentially backing out of some of those contracts?
Jens Martin Jensen
Every shipbuilding contract has a MX period, where a ship can be delayed. And then of course, it's up to the owner to consider if they want to cancel. But I think it's before we go into that discussion, it's important to remember that while we order these ships, during the last two years, we have actually sold 10 single hull Suezmaxes, and we need replacement. So, we are aware that the ships are being delayed. And we are in a, I will say, constructive discussion with the shipyard. So, to discuss on cancellation is pretty immature.
Jonathan Chappell - JPMorgan
Okay. Final question and then I'll turn it over, regarding the OSG write down. Do you still own the same percentage of OSG shares that you did during the fourth quarter? So, is there a potential for a further write down in 2009?
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