Question-and-Answer Session
Operator
(Operator Instructions) We'll take our first question from Jon Chappell with JPMorgan.
Jon Chappell - JPMorgan
I want to ask about asset values. I mean you've been pretty consistent in your comments and the press releases and what not about; I'm still being able to fund maybe fleet expansion at the right prices.
There's been a real dearth of transactions taking place. Are the prices that we're seeing in brOkerage reports different from what you're seeing out there? And really the core of the question is, are the things that are being done more distress sales or what do you think real asset prices are vis-à-vis say 6, 9 months ago?
Peter Georgiopoulos
Nine months ago, they are obviously lower, but there really haven't been any transactions in the (inaudible) we haven't even seen many ships put up for sale.
The only sales you do end up seeing over the past few months have been, if someone's got a ship chartered in with a purchase option and the purchase options is very low and they can make some profit, go through a quick flip.
And so those – they are not distressed sales, but they are sales where, there's one try make whatever they can on it, and those were really only kind of sales we've seen recently. We haven't seen much else.
Jon Chappell - JPMorgan
Do you think there's a wide kind of chasm between buyers ideas and sellers ideas right now or are sellers still trying to hold on with the expectation that there might be a recovery sooner rather than later?
Peter Georgiopoulos
I think that's what it is.
Jon Chappell - JPMorgan
Okay. As far as the time charter potential for your ships that are rolling over soon, can you talk about what's out there for the three small vessels that are on the spot pools right now, and then also are you seeing anything of long-term nature for the Capes as they come out of the yards?
John Wobensmith
Yes. I mean, Jon, as far as the ships are trading in the spot market or in the pools, they'll continue to trade. We certainly have the option. If the market does pick up, the lot goes in under long-term and we'll do that at that time.
As far as the Capes, what we're actually seeing, and its not just the Capes, it's all the way down to the vessel classes, we are seeing a lot of inquiry for longer-term charters from charters, but including ourselves, we don't have much of a willingness right now to think long-term in the current rate environment. So, we have been [seeing] short. Now you've seen us being doing 3 to 5-month charters on the ships that are being rolling off.
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