Question-and-Answer Session
Operator
Thank you. (Operator instructions). We'll go first to Doug Mavrinac of Jefferies & Company.
Doug Mavrinac -- Jefferies & Company
Good morning, guys.
Peter Georgiopoulos
Good morning, Doug.
Doug Mavrinac -- Jefferies & Company
Hi. I just had a handful of questions. I guess one of the biggest takeaways that I have from your earnings release, as you mentioned in your comments, you guys have accumulated quite a bit of cash during the quarter, I think almost $230 million as of the end of the quarter, any color on the priority on which you are thinking of spending that cash, if you're thinking of spending that cash?
John Wobensmith
Well, the first thing is, we're going to be using part of that cash to take delivery of the last two Capsize vessels towards the end of the year.
Doug Mavrinac -- Jefferies & Company
Yes.
John Wobensmith
And then between paying down debt, looking at acquisitions, so much if there is a priority, but those two things are definitely going to happen.
Doug Mavrinac -- Jefferies & Company
Okay. Great. Thank you. And then the second thing, looking at your fleet, you guys obviously have a number of ships either being delivered that are currently chartered for you or ships that are being redelivered over the next several months with contracts expiring, and based on your preference of maintaining substantial time charter contract coverage, leaving some spot exposure for upside potential. Is there an asset class that you'd prefer to lock up of those vessels that are coming up with time charter contracts by default, providing spot market exposure to another or do market conditions more or less dictate that you continue to be flexible and opportunistic?
Peter Georgiopoulos
I think what you said the market conditions dictate. You know we'll pick our spots when to charter the ships away some of the ships that we fixed this spring if we fixed them last fall; it's going to be $7,000, $8000 a day.
Doug Mavrinac -- Jefferies & Company
Right.
Peter Georgiopoulos
And you also lock yourself into that so we'll play the spot market until we see a spot then we can fix a ship away at a rate that we can live with for a couple of years.
Doug Mavrinac -- Jefferies & Company
Okay. Perfect. Thank you, Peter and then just final question before I turn it over. How you guys describe the current environment in the sale and purchase market? Is there anything of interest yet and are there any takeaways that you guys have based on who the current market participants are in the S&P market and the type of deals being struck?
- To read the full transcript on Seeking Alpha, click here »
