The marine industry is a vital link in international trade, with oceangoing vessels representing the most efficient, and often the only means of transporting large volumes of basic commodities and finished products. Seaborne cargo is categorized as dry cargo or liquid cargo. In 2006, approximately 4.51 billion tons of dry cargo was transported by sea, of which dry bulk cargo accounted for 2.77 billion tonnes.

The demand for dry bulk carriers is determined by the volume and geographical distribution of seaborne dry bulk trade, which in turn is influenced by trends in the global economy. During the 1980s and 1990s seaborne dry bulk trade increased by slightly more than 2% per annum. However, between 2001 and 2006, seaborne dry bulk trade increased from 2.14 to 2.77 billion tons, an increase of 29%.

The international drybulk sector provides seaborne transportation of certain dry commodities in bulk form used in many basic industries and in construction. The most important of these are iron ore, coal and grain (includes wheat, coarse grains and soybeans) which together account for an estimated 61% in 2006 of total drybulk seaborne trade and are referred to as major bulks.

Other key cargoes, referred to as minor bulks, include agricultural products (e.g. fertilizers), steel products, forest products, metals, cement, and a wide range of other minerals such as petcoke, bauxite, alumina and phosphate rock. Shipping companies provide seaborne transportation to customers that include power utilities, steelmakers, grain houses, commodity traders and government agencies. Seaborne drybulk trade growth has increased substantially in recent years.

All of the six vessels in the Company’s initial fleet are currently employed under fixed rate time charters with an average remaining life of 19.6 months as of June 30, 2007.

Voyage expenses for the period from inception (April 26, 2006) through December 31, 2006, amounted to $18,970 and for the three months ended March 31, 2007 were $38,056.

Vessel operating expenses for the period from inception (April 26, 2006) through December 31, 2006 amounted to $559,855 and for the three months ended March 31, 2007 were $1.7 million.

Depreciation of vessels, for the period from inception (April 26, 2006) through December 31, 2006 amounted to $1.1 million and for the three months ended March 31, 2007 including depreciation of vessels and office equipment of $3.1 million.

Net income for the period from inception (April 26, 2006) through December 31, 2006 was $461,764. Net income for the three months ended March 31, 2007 was $5,814,526.