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.

The Company has also adopted an interim dividend policy to pay in or around September of each financial year in respect of the profits arising during the first six months of that financial year, and a final dividend in or around March in respect of the profits arising during the last six months of the prior financial year.

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.