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Vessels

3 Months Ended

Mar. 31, 2012

Note 3. Vessels

Vessel and Vessel Improvements

At March 31, 2012, the Company's operating fleet consisted of 45 dry bulk vessels. The Company has completed its newbuilding program in the fourth quarter of 2011.

Vessel and vessel improvements:

Vessels and Vessel Improvements, at December 31, 2011	$	1,789,381,046
Purchase of Vessel Improvements		54,659
Depreciation Expense		(18,680,499	)
Vessels and Vessel Improvements, at March 31, 2012	$	1,770,755,206

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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