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Current Fleet

Vessel Name	Sister Vessels1	Year Built	DWT	Type	Duration / Charter Type 2	Expiry of Charter 3	Daily Charter Rate (Net)4	Profit Sharing5	Charterer6	OPEX 7
Atlantas8	A	2006	36,760	Ice Class 1A IMO II/III Chem./Prod	8-year BC	Mar-2014	$15,0009		BP	$250
Aktoras8	A	2006	36,759	Ice Class 1A IMO II/III Chem./Prod	8-year BC	Jun-2014	$15,0009		BP	$250
Aiolos8	A	2007	36,725	Ice Class 1A IMO II/III Chem./Prod	8-year BC	Feb-2015	$15,0009		BP	$250
Agisilaos	A	2006	36,760	Ice Class 1A IMO II/III Chem./Prod	1-year TC	Feb-2011	$11,85010		CMTC	$5,500
Arionas	A	2006	36,725	Ice Class 1A IMO II/III Chem./Prod	3.6-year TC	Jun-2010	$19,750		BP	$5,500
Axios	B	2007	47,872	Ice Class 1A IMO II/III Chem./Prod	1-year TC	Jan-2011	$12,59111		CMTC	$5,500
Avax	B	2007	47,834	Ice Class 1A IMO II/III Chem./Prod	3-year TC	May-2010	$20,500		BP	$5,500
Akeraios	B	2007	47,781	Ice Class 1A IMO II/III Chem./Prod	3-year TC	Jun-2010	$20,000		MS	$5,500
Anemos I	B	2007	47,782	Ice Class 1A IMO II/III Chem./Prod	3-year TC	Aug-2010	$20,000		MS	$5,500
Apostolos	B	2007	47,782	Ice Class 1A IMO II/III Chem./Prod	3-year TC	Aug-2010	$20,000		MS	$5,500
Attikos12	C	2005	12,000	Product	Spot	Spot	---		---	---
Alexandros II13	D	2008	51,258	IMO II/III Chem./Prod.	10-year BC	Dec-201714	$13,000		OSG	$250
Amore Mio II	E	2001	159,982	Crude Oil	3-year TC	Jan-2011	$36,000		BP	$8,500
Aristofanis	C	2005	12,000	Product	2-year TC	Mar-2010	$12,952		Shell	$5,500
Aristotelis II13	D	6/2008	51,226	IMO II/III Chem./Prod.	10-year BC	May-201814	$13,000		OSG	$250
Aris II13	D	8/2008	51,218	IMO II/III Chem./Prod.	10-year BC	Jul-201814	$13,000		OSG	$250
Agamemnon II15	D	2008	51,238	IMO II/III Chem./Prod.	3-year TC	Dec-2011	$22,000		BP	$6,500
Ayrton II15	D	2009	51,260	IMO II/III Chem./Prod.	3-year TC19	Mar-2012	$22,000		BP	$6,500

Optional Sister Vessels

Pursuant to our omnibus agreement with Capital Maritime, Capital Maritime has granted us a right of first offer for any MR tankers in its fleet under charter for two or more years. We are under no obligation to exercise such right.

1. Sister vessels, which are vessels of similar specifications and size typically built at the same shipyard, are denoted in the table by the same letter as follows: (A), (B): these vessels were built by Hyundai MIPO Dockyard Co., Ltd., South Korea, (C): these vessels were built by Baima Shipyard, China, (D): these vessels were built by STX Shipbuilding Co., Ltd., South Korea., (E): these vessels were built by Daewoo Shipbuilding and Marine Engineering Co., Ltd., South Korea
2. TC: Time Charter, BC: Bareboat Charter.
3. Earliest possible redelivery date. The redelivery date for the M/T Aristofanis is the date of expiration. The redelivery period for the M/T Agisilaos is between March 1 and March 29, 2010 and for the M/T Arionas it is between June 3 and June 30, 2010. For all other charters, the redelivery date is +/-30 days at the charterer's option.
4. All rates quoted above are the net daily charter rates after we and/or our charterers have paid commissions on the base charter rate. The BP time and bareboat charters are subject to 1.25% commissions. The Shell time charter is subject to 2.25% commissions. We do not pay any commissions in connection with the MS time charters.
5. Profit Sharing refers to an arrangement between owners and charterers to share at a 50/50 basis voyage profit in excess of the basic hire rate.
6. BP): BP Shipping Limited (MS): Morgan Stanley Capital Group Inc., (OSG): certain subsidiaries of Overseas Shipholding Group Inc., (Shell): Shell International Trading & Shipping Company Ltd., (CMTC): Capital Maritime & Trading Corp.
7. To cover operating expenses (OPEX), we pay Capital Ship Management a fixed daily fee for time chartered vessels, for an initial term of approximately five years from delivery of each vessel. This fee includes crewing costs, repairs and maintenance, insurance and the cost of the next scheduled drydocking or special survey, as applicable. Under our bareboat charters, the sole expense we incur is a daily fee of $250 per vessel payable to Capital Ship Management mainly to cover compliance costs.
8. These vessels are currently under bareboat charter to BP. For the duration of the charter they have been renamed: 'Atlantas' to 'British Ensign', 'Aktoras' to 'British Envoy' and 'Aiolos' to 'British Emissary'.
9. The last 3 years of the BC will be at a net daily charter rate of $13,433.
10. The vessel is chartered with a subsidiary of Capital Maritime at a net daily charter rate of $11,850 ($12,000 gross) and includes 50/50 profit share for voyages outside the Institute Warranty Limits (IWL). The charter duration is for a period of 12 months (+/- 30 days). The performance of the charter is guaranteed by Capital Maritime.
11. The vessel is chartered with a subsidiary of Capital Maritime at a net daily charter rate of $12, 591 ($12,750 gross) and includes 50/50 profit share for voyages outside the IWL. The charter duration is for a period of 12 months (+/- 30 days). The performance of the charter is guaranteed by Capital Maritime.
12. M/T Attikos concluded its 2.3 year time charter with Trafigura Beheer B.V. in October 2009. The vessel is currently trading on the spot market.
13. These vessels are currently under bareboat charter to OSG. For the duration of the charter they have been renamed: 'Alexandros II' to 'Overseas Serifos', 'Aristotelis II' to 'Overseas Sifnos' and 'Aris II' to 'Overseas Kimolos'.
14. OSG has an option to purchase each of the three STX vessels delivered in 2008 at the end of the eighth, ninth or tenth year of the applicable charter, for $38.0 million, $35.5 million and $33.0 million, respectively, which option is exercisable six months before the date of completion of the eighth, ninth or tenth year of the charter. The expiration date above may therefore change depending on whether the charterer exercises its purchase option.
15. The M/T Agamemnon II and the M/T Ayrton II, two of the six vessels for which Capital Maritime had granted us an offer to purchase under the terms of the omnibus agreement, were acquired in exchange for the M/T Assos (which was part of our fleet at the time of the IPO) and the M/T Atrotos (which was acquired from Capital Maritime in May 2007) on April 7 and April 13, 2009, respectively. Profit share element for these vessels applies only to voyages outside the Institute Warranty Limits (IWL).