Our 2012 results, against a back drop of continued market
volatility, particularly in the dry bulk sector, validate our longstanding strategy of maintaining an underlying portfolio of medium to long term Contracts of Affreightment and Time Charters. This strategy enabled us to generate predictable revenues during a challenging year for our industry, and, as we begin 2013, our rm contract revenues represent about 68% of our gross revenues. Our net income for the fourth quarter ended December 31, 2012, was $11,500,000. For the twelve months ended December 31, 2012, we reported net income of $22,000,000. Our earnings per share from continuing operations for 2012 were $3.05. We set our common stock dividend target for 2012 at $1.00 per share, and, basis the quarterly approvals of our Board of Directors, we were able to achieve this dividend target for the full year. Given the current ongoing status of the stressed international nancial markets, we have continued to evaluate and diversify our ability to raise capital in order to strengthen our balance sheet and position our company to respond to accretive growth opportunities. We expect our industry will continue to face many challenges in 2013, and it is our view that it is more important than ever that we adhere to our proven strategic business model as we position our company for future growth. The various segments of the dry bulk market have varying underlying supply and demand dynamics. We continue to believe that the dynamics of the Handysize and Mini Bulk Carrier segments are favorable. We have opined before that there are always opportunities in the face of challenges, and we continue to be optimistic that we will be able to identify accretive future growth opportunities. Looking back at 2012, and as we begin 2013, there were a number of signicant events during 2012 that we should highlight: s 7E CONTINUOUSLY WORK TO IMPROVE THE QUALITY AND COMPETITIVE COST of our vessel operations. To this end, we successfully concluded a strategic alliance reorganization of our international ag ship management. s 4HE -ILITARY 3EALIFT #OMMAND TERMINATED '2%%. 7!6%S 4IME Charter Contract in September. Following this termination, the vessel was reagged from United States Flag to International Flag, and, since reagging, this vessel has been operating voyage to voyage in the spot market. s !N OPTION TO EXTEND 35,0(52 %.4%202)3%S #ONTRACT OF Affreightment for a further period was exercised. s 4O ADD AN ELEMENT OF DIVERSIlCATION TO OUR #'