The Company was incorporated and registered on 8 November 2004. The Company is registered in Bermuda and is involved in the ownership and operation of dry bulk ships, with a focus on ships in the capesize, panamax and kamsarmax classes. The Company owns or controls 12 ships, has 23 ships under construction for delivery between 2009 and 2012, and has several chartered-in ships. In addition, the Company has substantial time charter contract coverage.