Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of Doug Mavrinac – Jefferies & Co.
Doug Mavrinac – Jefferies & Co.
I just had a few questions for you, first and you touched on it a little bit but I just want a little bit of clarity, over the past couple of weeks, since a competitor announced that two of its counter parties have not performed on a performed on its time charter contracts, there seems to be a resurgence in the equity markets related to worries of contract cancellations as though there’s been this resurgence in contract cancellations and I believe you mentioned this but I just wanted you to confirm it that all of your counter parties with the exception Samsung Logic which you provided an update on a while back, that all the other counter parties are current on their payments and whether or not you’ve even received renegotiation requests from your other counter parties as it relates to the terms of their contracts.
Peter Georgiopoulos
No everything is current and we’ve received no requests for renegotiation and additionally let me just say one other thing because you know we do a lot of credit work and we’re very picky with who we charter our ships to, the Samsung charter was a charter that we inherited when we bought a fleet of ships. It was a charter that someone else had negotiated so it’s a charter that probably if we had done it ourselves would not have put the ship on to, its just when you buy a package you’ve got, the other ships were charter free, this one had a charter on it, we took it with the package.
Doug Mavrinac – Jefferies & Co.
And if I’m not mistaken, is that the one that you mentioned that you may have been a little worried about because you inherited during the third quarter earnings call.
Peter Georgiopoulos
Absolutely so, if you think about it we’ve been telling you for a long time that we’ve been worried about this and we kept our eye on it so, we’re here to keep you informed and as you just said we did it during the third quarter call. If we were concerned about something else we’d be telling you that today and we’re not.
Doug Mavrinac – Jefferies & Co.
The vessels that have yet to be chartered for 2009, you are I think in a good position because you have a significant amount of contracted cash flow, your CapEx is already funded, and you have minimal debt repayment obligations, how do you think about chartering out those ships that have yet to be chartered in terms of the timing given the really, the lack of not needing to do it anytime soon, so the timing, the contract duration, your counter party selection, etc.
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