We have paid dividends in August and November of 2006; in February, May, August, and November of 2007; and in February, May and August of 2008 all in the amounts of $0.50 per share to all of our shareholders. Subject to the discretion of our Board of Directors, we intend to continue to declare and pay quarterly dividends to shareholders in amounts that are substantially equal to our available cash from operations during the previous quarter after cash expenses (e.g., operating expenses and debt service), discretionary reserves for (i) further vessel acquisitions, (ii) contingent and other liabilities, such as drydocking and extraordinary vessel maintenance and repair, and (iii) general corporate purposes.

We have paid our first dividend in August 2006, our second dividend in November 2006, our third dividend February 2007, our fourth in May 2007, our fifth in August 2007, our sixth in November 2007, our seventh in February 2008, our eighth on May 2008, and our ninth on August 2008 all in the amounts of $0.50 per share to all of our shareholders.

However, if we do not have sufficient available cash to pay a quarterly dividend to Class A common shareholders in the amount of $0.50 per share, which we call our base dividend, out of operating surplus, the right of Class B common shareholders to receive dividends in respect of those shares will be subordinated to the right of Class A common shareholders to receive dividends during the subordination period. The subordination period commenced upon the issuance of the shares of Class B common stock, which we occurred on March 16, 2006. Declaration and payment of dividends is at the discretion of our board of directors.

There are a number of factors, as outlined in our IPO Prospectus, that can affect our ability to pay dividends and there is no guarantee that we will pay dividends in any quarter.