Net revenues during the quarter ended December 31, 2007 were $35,612,521 compared to $28,393,932 in the quarter ended December 31, 2006, an increase of 25% primarily due to the operation of a larger fleet and an increase in daily time charter rates. As of December 31, 2007, our cash balance was $152,903,692 compared to a cash balance of $ 22,275,491 at December 31, 2006. Year Delivered to Vessel Built Dwt Charterer —— —– —— —————- Cardinal 2004 55,408 June 21, 2007 Condor (2) 2001 50,296 March 19, 2007 Falcon (3) 2001 50,296 April 22, 2005 Griffon 1995 46,635 March 18, 2007 Harrier (4) 2001 50,296 June 21, 2007 Hawk I 2001 50,296 April 1, 2007 Heron (5) 2001 52,827 December 11, 2005 Jaeger (6) 2004 52,248 July 12, 2007 Kestrel I (7) 2004 50,326 July 1, 2006 Kite 1997 47,195 August 11, 2007 Merlin(8) 2001 50,296 December 19, 2007 Osprey I (9) 2002 50,206 September 1, 2005 Peregrine 2001 50,913 December 16, 2006 Sparrow (10) 2000 48,225 January 27, 2007 Tern (11) 2003 50,200 July 3, 2006 Shrike (12) 2003 53,343 April 24, 2007 Skua (13) 2003 53,350 June 20, 2007 Kittiwake (14) 2002 53,146 June 27, 2007 Daily Time Charter Hire Vessel Time Charter Expiration (1) Rate —— ————————— ——- Cardinal May 2008 to August 2008 $28,000 Condor (2) May 2009 to August 2009 $20,500 Falcon (3) February 2008 to June 2008 $20,950 Griffon March 2009 to June 2009 $20,075 Harrier (4) June 2009 to September 2009 $24,000 Hawk I April 2009 to June 2009 $22,000 Heron (5) December 2007 to February 2008 $24,000 Jaeger (6) July 2008 to September 2008 $27,500 Kestrel I (7) December 2007 to April 2008 $18,750 Kite September 2009 to January 2010 $21,000 Merlin(8) December 2010 to March 2011 $25,000 Osprey I (9) July 2008 to November 2008 $21,000 Peregrine December 2008 to March 2009 $20,500 Sparrow (10) December 2007 to March 2008 $24,000 Tern (11) December 2007 to April 2008 $19,000 Shrike (12) April 2009 to August 2009 $24,600 Skua (13) May 2009 to August 2009 $24,200 Kittiwake (14) May 2008 to August 2008 $30,400 (1) The date range provided represents the earliest and latest date on which the charterer may redeliver the vessel to the Company upon the termination of the charter. Time Daily Charter Time Year Built Employment Charter - Expected Expira- Hire Vessel Dwt Delivery(1) tion(2) Rate(3) Profit Share ———– —— ———- ——— ——- —————- Crowned 56,000 Nov 2008 Charter Eagle Free — – Crested 56,000 Feb 2009 Charter Eagle Free — – Stellar 56,000 Apr 2009 Charter Eagle Free — – Golden 56,000 Jan 2010 Charter Eagle Free — – Imperial 56,000 Feb 2010 Charter Eagle Free — – Wren 53,100 Aug 2008 Feb 2012 $24,750 — Feb 2012 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Woodstar 53,100 Oct 2008 Jan 2014 $18,300 — Jan 2014 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Thrush 53,100 Sep 2009 Charter Free — – Thrasher 53,100 Nov 2009 Feb 2016 $18,400 — Feb 2016 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Avocet 53,100 Dec 2009 Mar 2016 $18,400 — Mar 2016 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Bittern 58,000 Sep 2009 Dec 2014 $18,850 — Dec 2014 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Canary 58,000 Oct 2009 Jan 2015 $18,850 — Jan 2015 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Crane 58,000 Nov 2009 Feb 2015 $18,850 — Feb 2015 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Egret(4) 58,000 Dec 2009 Sep 2012 to Jan 2013 $17,650 50% over $20,000 Gannet(4) 58,000 Jan 2010 Oct 2012 to Feb 2013 $17,650 50% over $20,000 Grebe(4) 58,000 Feb 2010 Nov 2012 to Mar 2013 $17,650 50% over $20,000 Ibis(4) 58,000 Mar 2010 Dec 2012 to Apr 2013 $17,650 50% over $20,000 Jay 58,000 Apr 2010 Sep 2015 $18,500 50% over $21,500 Sep 2015 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Kingfisher 58,000 May 2010 Oct 2015 $18,500 50% over $21,500 Oct 2015 to Dec 2018 /Apr 2019 $18,000 50% over $22,000 Martin 58,000 Jun 2010 Dec 2016 to Dec 2017 $18,400 — Nighthawk 58,000 Mar 2011 Sep 2017 to Sep 2018 $18,400 — Oriole 58,000 Jul 2011 Jan 2018 to Jan 2019 $18,400 — Owl 58,000 Aug 2011 Feb 2018 to Feb 2019 $18,400 — Petrel(4) 58,000 Sep 2011 Jun 2014 to Oct 2014 $17,650 50% over $20,000 Puffin(4) 58,000 Oct 2011 Jul 2014 to Nov 2014 $17,650 50% over $20,000 Road- runner(4) 58,000 Nov 2011 Aug 2014 to Dec 2014 $17,650 50% over $20,000 Sand- piper(4) 58,000 Dec 2011 Sep 2014 to Jan 2015 $17,650 50% over $20,000 Snipe 58,000 Jan 2012 Charter Free — – Swift 58,000 Feb 2012 Charter Free — – Raptor 58,000 Mar 2012 Charter Free — – Saker 58,000 Apr 2012 Charter Free — – Besra(5) 58,000 Oct 2011 Charter Free — – Cernicalo(5) 58,000 Jan 2011 Charter Free — – Fulmar(5) 58,000 Jul 2011 Charter Free — – Goshawk(5) 58,000 Sep 2011 Charter Free — – ——————————————————————— (1) Vessel build and delivery dates are estimates based on guidance received from shipyard. read more

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