Since Admission on AIM, the Company has adopted a dividend policy which reflects its long-term net profits and cash flow potential, maintaining an appropriate level of dividend cover taking into account the likely effects of the shipping cycle and the need to retain cash to reinvest in vessel acquisitions. Following the Placing, the Company has adopted an annual dividend payment ratio of in excess of 50% of its net profits. However, we expect that higher payout ratios may occasionally be appropriate in times of cyclically lower net profits, in order to better provide investors with a stable income on invested capital subject to the cap on dividends at 75% of net profits contained in the bank loan agreements.

On May 9, 2008, the Directors recommended and the Shareholders approved the final dividend for the FY 2007, payable to Shareholders on record on April 11 , 2008, in the aggregate amount of US$ 4,126,000 (approximately GB 7.31 pence per Ordinary Share), which was paid on May 9, 2008.

On August 28, 2008, the Directors declared an interim dividend for the FY 2008 in the amount of 26.9 pence per share, amounting to US$14.3 million in total, which was paid on September 19, 2008 to shareholders on record on September 5, 2008. The Company did not pay a final dividend for the FY 2008.

The Company did not pay any dividends for the FY 2009.

On September 9, 2010, the Directors declared an interim dividend for the six months ended June 30, 2010 in the amount of 7.3 pence per share (US 11.29 cents per share), amounting to US$0.8 million in total, which was paid on September 24, 2010 to all shareholders on record on September 17, 2010.