On Slide 4, you can see our financial results on a historical basis. We began our operations in 2008, at a time in which the financial crisis and ensuing global recession created tremendous headwinds for the shipping industry. In fact with the exception of March 2010 and early 2011, the container shipping industry has been in a cyclical down turn for most of the global ship leases life. Despite these challenges our business model of operating vessels on long term fixed rate contracts has provided us with consistent and predictable results. Aside from the quarters in which our fleet was expanding and our EBITDA and operating income before impairment charges have been steady. The only significant fluctuations we typically experienced on a quarter-to-quarter basis are due to off-hire days from mandatory dry-dockings. But as I stated previously after 2012, we expect the impact from dry-dockings to be much reduced over the next 3 years.
On Slide 5, we show our fleet overview in charter profile. As you will see, we’ve got very attractive charter coverage for the fleet. The average remaining contract term for our 17 ships is 7.9 years on a weighted basis taking into account the new charters are on the two ships at the top of the page and this represents the total contracted revenue stream of about $1.1 billion. In addition, our fleet is relatively young with an average age of 8.3 years on weighted basis out of the total economic life of 30 years. Of note, and as we announced in July we have recently signed new charter agreements with CMA CGM for our two 4100 TEU vessels whose contracts expire on September 20 and 21 respectively. These new charters offer a period of approximately 8 months from those dates in September at a rate of $9962 per vessel per day.
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