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Assuming the delivery of the Capesize newbuild in June 2009, the fleet will consist of nine vessels and have an average age of approximately 5.6 years (weighted by dwt) compared to a current industry average age of 15 years. The vessels are chartered out under long-term charters to a strong group of counterparties. We also have an option to acquire an additional Capesize vessel, Navios TBN II, from Navios Maritime upon delivery of such vessel to Navios Maritime, which is expected in October 2009.
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