Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from [Noah Parket] - Cantor Fitzgerald.
Noah Parket - Cantor Fitzgerald
I guess my first question was just on the dividend, can you talk a little bit more about why you decided to reinstate it, why you chose that level and is it a permanent thing going forward?
Akis Tsirigakis
Well, we started out as a dividend paying company. We of course intend to pay this dividend in the future. It is of course subject to our lenders providing their consent, since the waivers are of course still in effect. I do not expect that you will have a problem obtaining such consent going forward.
Most of our investors had expected dividend when they invested in the company and that weighted heavily in our decision, and not to mention that we believe that we did not want to exclude investors that have within their policy, not to invest in companies without a dividend at all. Now, that level of dividend of course allowed us to keep liquidity within the company as well and I think that covers it.
Noah Parket - Cantor Fitzgerald
Then going forward, you still have pretty solid free cash flow and a good balance sheet. I mean how are you thinking about expanding your fleet? Are you still going to stay patient or are you looking at opportunities now?
Akis Tsirigakis
I will reply to that. Let me conclude my reply on the dividend, because I have noted that quite a few research reports, but also websites, report the company without a yield, with a zero yield, and I just wanted to mention that our intention is indeed to pay dividend again.
Now going back to the question, we still believe we are on the prowl for acquisition, there’s no denying that. We do believe there is a little bit of disconnect between the prices and the present state of the market.
We do believe further, that more opportunities will present or better opportunities will present themselves that we have seen to-date and that is one of the reasons that we have not moved yet, but definitely, we understand that we need to replace the Alpha, it was not a move just to sell a vessel, it is our intention to renew the fleet and that was one of the oldest vessels of our fleet. So yes, we are on the lookout.
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