1) For newbuilds, the dates shown reflect the expected delivery date.
2) Charter rate represents recognized gross daily charter rate. For charter parties with variable rates among periods or consecutive charter parties with the same charterer, the recognized gross daily charter rates represents the weighted average gross charter rate over the duration of the applicable charter period or series of charter periods, as applicable. Charter agreements may provide for additional payments, namely ballast bonus to compensate for vessel repositioning.
3) The start dates listed reflect either actual start dates or, in the case of contracted charters that had not commenced as of February 15, 2013, scheduled start dates. Actual start dates and redelivery dates may differ from the scheduled start and redelivery dates depending on the terms of the charter and market conditions.
4) A period time charter with a forward delivery date in August of 2013 at a gross daily charter rate linked to the Baltic Panamax Index ("BPI") plus a premium of 6.5%.
5) A period time charter at a gross daily charter rate linked to the BPI plus a premium of 4%. Net daily charter rate payable will be reduced by an amount equal to $1,000 per day.
6) The charter agreement grants the charterer the option to extend the period time charter for an additional twelve months at a time, at a gross daily charter rate of $26,330, less 1.25% total commissions, which option may be exercised by the charterer a maximum of two times. The charter agreement also grants the charterer an option to purchase the vessel at any time beginning at the end of the seventh year of the period time charter period, at a price of $39 million less 1.00% commission, decreasing thereafter on a pro-rated basis by $1.5 million per year. The Company holds a right of first refusal to buy back the vessel in the event that the charterer exercises its option to purchase the vessel and subsequently offers to sell such vessel to a third party.
7) Vessel is scheduled to be delivered to the Company in March 2013.
As of February 15, 2013, the contracted employment of fleet ownership days was:
2013 (remaining) 60% 2013 (full year) 65% 2014 26% 2015 13%
Capital expenditure requirements and liquidity as of February 15, 2013
As of February 15, 2013, the remaining capital expenditure requirements to shipyards or sellers, net of commissions for the delivery of the six newbuild and one secondhand vessel, amounted to $193.5 million, of which $68.1 million is scheduled to be paid in 2013, $74.2 million in 2014 and $51.2 million in 2015. We anticipate satisfying these capital expenditure requirements from existing cash and time deposits, borrowings against our long-term floating rate note investment, cash surplus from operations and existing revolving credit facilities and commitments.
As of February 15, 2013, the Company had $47.0 million in cash and short-term time deposits, $22.8 million in short-term restricted cash, $3.9 million in long-term restricted cash, $68.9 million available under existing revolving credit facilities and $40.0 million undrawn availability against our $50.0 million floating rate note.
Apart from the above loan and credit facilities and commitments, the Company utilizes cash flows from operations generated by its contracted period time charters. The Company has also the ability to borrow additional amounts secured by two existing debt-free vessels, six newbuild vessels and one second-hand vessel, on which additional financing may be contracted, upon delivery of such vessels to the Company as and if required.
