At the moment, fixed employment for the fleet for the remainder of the year is 75%. We have almost 50% fixed for 2012, while the equivalent fall coverage numbers are the same as last year, 75% and 35% respectively. Our [unintelligible] goal has been to own and operate a modern fleet of LPGs, and in this respect the average age as of today is 11 years, not including the four tankers, which is rather young compared to the industry average.
Last quarter, the average age of our LPG fleet was 12 years. Including the product tankers, the Aframax tankers, and the newbuilding vessels, we estimate that at the end of 2011, our fleet will have an average age of 10.5 years. We continue to believe that, within our core segment, this gives us a competitive advantage, as younger vessels have less operating expenses, consume less [unintelligible] and are more appealing to blue chip charters and that this fact will be important as we move forward into 2012 and beyond.
Our next objective has been to maintain close customer relations. The quality of our customer relationship is exemplified by the quality of our charters, which also lowers our counterparty risk. Out a fleet of 37 vessels that we previously announced, we had one incident whereby we agreed to a rate reduction of only 10%. Because of the strength of the LPG market and the participation of more established names in it, we don’t expect to have any issues with our counterparties.
Our sixth goal has been to maintain cost efficient operations. I’m pleased to report yet another good performance in the second quarter. Our net income breakeven level per vessel per day, excluding losses on derivatives, was $6,161 per vessel per day, compared to $6,426 in the first quarter and $6,183 per day per vessel in the fourth quarter last year.Read the rest of this transcript for free on seekingalpha.com