Seaborne transportation of dybulk cargoes is fundamental to international trade as it is often the most practical and cost effective means of transporting large quantities of many essential commodities, including major bulk commodities consisting of iron ore, coal and grains, and minor bulks, consisting of a wide variety of cargoes, such as forest products, iron and steel products, fertilizers, agricultural products, non-ferrous ores, minerals and petcoke, cement, other construction materials and salt.

According to Drewry Shipping Consultants Limited, or Drewry, since the fourth quarter of 2002, the drybulk seaborne transportation sector has experienced historically high charter rates and vessel values due to the favorable imbalance between the supply of drybulk carriers and demand for drybulk transportation resulting principally from the limited supply of newbuilding vessels due to fully booked shipyards and strong demand driven by the expansion of world trade, particularly in China and India.

According to Drewry, the seaborne transportation industry, as a whole, which represents approximately two-thirds of global trade in terms of volume, has grown at a compounded annual rate of approximately 4.4% during the 20-year period through 2005, with approximately 8.0 billion tons of cargo representing 1.3 tons per global capita of approximately 6.5 billion people transported by sea on board vessels in 2005.

By contrast, in 1985, approximately 3.4 billion tons of cargo were transported by sea on board vessels representing 0.7 tons per global capita of approximately 4.8 billion people. During this 20-year period, seaborne trade has grown steadily at an average annual compounded rate of approximately 4.4%, compared with approximately 3.3% annual compounded world economic growth.

The Company has entered into fixed rate period charters for all six of the Panamax drybulk carriers in its Initial Fleet with an average remaining term of approximately 31.3 months. Following the closing of the offering the Company will seek to enter into a fixed rate period charter for its Capesize drybulk carrier, Juneau, with a minimum term of two years.

Period charter contracts may include profit sharing arrangements whereby the Company receives additional charterhire when spot charter rates exceed the fixed daily rate under the period charter.

The Company may also enter into period charters that afford some exposure to the spot market through floating rate period charters where the daily charter rate fluctuates in line with spot rates but cannot fluctuate below a minimum rate, or floor, or above a maximum rate, or ceiling.

The Company may enter into short-term spot charters or place its vessels in pools which enable participating vessels to combine revenues.

The Company intends to further diversify its portfolio of vessels and charters by acquiring vessels with staggered charter maturities or by entering into charters with staggered maturities in order to complement the vessels in its Initial Fleet that are employed on fixed rate period charters with remaining terms ranging from March 2008 to May 2011.

The six vessels in the Company’s Initial Fleet for which it has arranged charters are chartered to five different charterers operating in the drybulk carrier sector.

During the period from September 11, 2006 to December 31, 2006, net cash provided by operating activities was $848, the net cash used in investing activities was $1,450 and the net cash provided by financing activities was $500,000.

The Company’s cash and cash equivalents as of December 31, 2006 amounted to $499,398.