Dividend Policy

We expect to generate relatively predictable cash flows and net income as a result of our operations and chartering policy. Whilst wishing to retain sufficient cash flow to generate growth in the business and remaining mindful of the cyclical nature of the industry, we consider it appropriate to return a portion of our income to investors by way of dividend.

Accordingly, we intend to pay as dividend, approximately one half of our net income, excluding profits or possible losses (at the discretion of the Board) from vessel acquisitions/disposals.

The dividend shall be paid semi annually commencing from the year end i.e. May 31, 2007. Typically we would expect to declare approximately one third of the annual dividend at the release of our half year financial statements with the balance being declared at the year end.

In line with our commitment to our dividend policy, on 14 March 2008 the Board of Directors proposed a final dividend of GBP 4.33 pence per share or a final payout of GBP 1.7 million in respect of the period from June 1, 2007 to December 31, 2007. The final dividend, pending approval by the Company’s shareholders at the Annual General Meeting to be held on 22 May 2008, will be paid on May 28, 2008 to shareholders on record as of April 11, 2008. The ex-dividend date is April 9, 2008. This is the first dividend proposed by the Company.