In December 2012, the Company took early redelivery of the Martine, ahead of the contracted earliest redelivery date of January 21, 2014. In connection with this early redelivery, the Company recognized early redelivery income of $8.5 million, consisting of cash compensation paid by the relevant charterer of $8.6 million, net of commissions, less accrued revenue of $0.1 million. The Company employs the Martine in the spot market.
In December 2012, the Company took early redelivery of the Maria, ahead of the contracted earliest redelivery date of February 24, 2014. In connection with this early redelivery, the Company recognized early redelivery income of $3.2 million, consisting of cash compensation paid by the relevant charterer of $3.4 million, net of commissions, less accrued revenue of $0.2 million. The Company employs the Maria in the spot market.
In December 2012, the Company agreed with the charterer of the Maritsa the early termination of a charter party of which the contracted earliest redelivery date was January 29, 2015. The vessel was redelivered to the Company in January 2013, whereupon the Company received cash compensation of $13.1 million. The Company employs the Maritsa with the same charterer in the period time charter market.
In January 2013, the Company acquired and took delivery of the Paraskevi, a second-hand, 74,300 dwt, Japanese, 2003-built, Panamax class vessel, for a purchase price of $13.8 million. The Paraskevi was delivered to the Company with dry-docking and special survey passed.
In January 2013, the Company contracted to acquire the Pedhoulas Commander, a second-hand, 83,700 dwt, Japanese, 2008-built, Kamsarmax class vessel, for a purchase price of $19.4 million. The Company believes that it will take delivery of Pedhoulas Commander sometime in March 2013.
In January 2013, the Company agreed to a new scheduled delivery of Hull 1659, to be in the first half of 2014, instead of the initial scheduled delivery in the second half of 2013.
As of February 15, 2013, the Company's operational fleet, was comprised of 25 drybulk vessels with an average age of 4.8 years and an aggregate carrying capacity of 2.28 million dwt. The 25-vessel fleet consists of seven Panamax class vessels, six Kamsarmax class vessels, 10 Post-Panamax class vessels and two Capesize class vessels, and each such vessel was built post 2003.
As of February 15, 2013, the Company, has contracted to acquire six additional drybulk newbuild vessels and one secondhand vessel, with deliveries scheduled at various times through 2015. The orderbook consists of three newbuild Panamax vessels, two Post-Panamax vessels and one Capesize vessel. The secondhand vessel is Kamsarmax.
Set out below is a table showing the Company's existing and newbuild vessels and their contracted employment as of February 15, 2013:
---------------------------------------------------------------------------- Year Charter Vessel Name Built Country of Rate (2) Charter Duration (3) DWT (1) construction USD/day---------------------------------------------------------------------------- Current Fleet----------------------------------------------------------------------------Panamax----------------------------------------------------------------------------Maria 76,000 2003 Japan 6,250 Feb 2013 - Mar 2013----------------------------------------------------------------------------Koulitsa 76,900 2003 Japan 8,500 Dec 2012 - Feb 2014----------------------------------------------------------------------------Paraskevi 74,300 2003 Japan 8,000 Jan 2013 - Apr 2013----------------------------------------------------------------------------Vassos 76,000 2004 Japan 29,000 Nov 2008 - Oct 2013----------------------------------------------------------------------------Katerina 76,000 2004 Japan 20,000 Feb 2011 - Feb 2014----------------------------------------------------------------------------Maritsa 76,000 2005 Japan 8,000 Jan 2013 - Dec 2014---------------------------------------------------------------------------- 14,800 Nov 2012 - Feb 2013Efrossini 75,000 2012 Japan 9,500 Mar 2013 -May 2013--------------------------------------------------------------------------------------------------------------------------------------------------------Kamsarmax----------------------------------------------------------------------------PedhoulasMerchant 82,300 2006 Japan 18,350 Aug 2011 - Jul 2013---------------------------------------------------------------------------- 41,850Pedhoulas BPI + 6.5% Aug 2008 - Jul 2013Trader 82,300 2006 Japan (4) Aug 2013 - Jul 2015----------------------------------------------------------------------------PedhoulasLeader 82,300 2007 Japan 13,250 Jun 2012 - May 2014----------------------------------------------------------------------------PedhoulasBuilder 81,600 2012 China 8,450 Oct 2012 - Nov 2013----------------------------------------------------------------------------Pedhoulas (BPI+4%)Fighter 81,600 2012 China -1,000(5) Aug 2012 - Sep 2013----------------------------------------------------------------------------PedhoulasFarmer 81,600 2012 China 8,000 Sep 2012 - Sep 2013--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax----------------------------------------------------------------------------Stalo 87,000 2006 Japan 34,160 Mar 2010 - Feb 2015----------------------------------------------------------------------------Marina 87,000 2006 Japan 41,557 Dec 2008 - Dec 2013----------------------------------------------------------------------------Sophia 87,000 2007 Japan 34,720 Oct 2008 - Sep 2013----------------------------------------------------------------------------Eleni 87,000 2008 Japan 41,738 Apr 2010 - Mar 2015----------------------------------------------------------------------------Martine 87,000 2009 Japan 8,500 Jan 2013 - Mar 2013----------------------------------------------------------------------------Andreas K 92,000 2009 South Korea 10,000 Dec 2012 - Feb 2014----------------------------------------------------------------------------Panayiota K 92,000 2010 South Korea 6,000 Dec 2012 - Feb 2013----------------------------------------------------------------------------Venus Heritage 95,800 2010 Japan 7,200 Feb 2013 - Mar 2013----------------------------------------------------------------------------Venus History 95,800 2011 Japan 12,000 Sep 2012 - Jan 2013----------------------------------------------------------------------------Venus Horizon 95,800 2012 Japan 9,500 Feb 2013 - Apr 2013--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize----------------------------------------------------------------------------Kanaris 178,100 2010 China 25,928 Sep 2011 - Jun 2031----------------------------------------------------------------------------Pelopidas 176,000 2011 China 38,000 Feb 2012 - Dec 2021============================================================================Subtotal 2,282,400============================================================================ Orderbook----------------------------------------------------------------------------Newbuilds----------------------------------------------------------------------------Panamax---------------------------------------------------------------------------- 2HHull No. 814 75,000 2013 Japan---------------------------------------------------------------------------- 1HHull No. 1659 76,600 2014 Japan---------------------------------------------------------------------------- 1HHull No. 1660 76,600 2014 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Post-Panamax---------------------------------------------------------------------------- 2HHull No. 2396 84,000 2015 Japan---------------------------------------------------------------------------- 2HHull No. 2397 84,000 2015 Japan--------------------------------------------------------------------------------------------------------------------------------------------------------Capesize---------------------------------------------------------------------------- 1HHull No. 8126 181,000 2014 Japan 24,376 (6) Jan 2014 - Jan 2024--------------------------------------------------------------------------------------------------------------------------------------------------------Second-hand----------------------------------------------------------------------------Kamsarmax----------------------------------------------------------------------------TBN Pedhoulas 2008Commander 83,700 (7) Japan============================================================================Subtotal 660,900----------------------------------------------------------------------------Total 2,943,300----------------------------------------------------------------------------
