During the 5 years of booming markets from August 2003 until August 2008, Oldendorff Carriers sold 92 ships at prices totalling abt US$ 1.9 billion, as listed in the table below. This includes 10 ships where BB-charterers executed their purchase options, so we sold these ships to them in 2007 and 2008. The 92 ships consist of 11 Panamaxes, 12 Supramaxes, 43 Handies, 23 MPP's and 3 Ro/Ro's. During the same period, we acquired 26 ships from the market plus 16 ships by excercising low-priced purchase options while another 2 Panamaxes were converted to conveyor belt selfunloaders, which means the size of our own fleet effectively shrank net by 48 units during the past few years, whereas we have increased the number of vessels on trip and short period charter.

Our remaining fleet of owned and chartered vessels is fully hedged with Contracts of Affreightment (C.o.A.) as well as Period Timecharter with first class counterparts. We are operating the 7 conveyor belt selfunloaders in the CSL pool, which has full contract coverage for 5 - 10 years. The terms of our 4 Reloader projects run until at least 2016 - 2020. In addition to securing employment for our own and chartered fleet, we are long on cargo for the next several years. Among the ships we have on charter, 14 units are on a floating rate basis, where we pay according to index. We refrained from ordering newbuildings during the past several years, as we felt prices were historically too high. The accumulated war chest will enable us to take advantage of future opportunities. In the meantime we are also interested in offering our commercial and technical services to banks and other financial organisations, where we may be able to give advice how to overcome challenging situations for some of their projects. In case you need an initial evaluation or just an opinion, kindly contact our Sale + Purchase / Projects desk (+49 451 1500-190 s+p@oldendorff.com).