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We expressly disclaim any obligation to update or revise any of these forward-looking statements, whether because of future events, new information, a change in our views or expectations, or otherwise. We make no prediction or statement about the performance of our common shares. I would like to remind you that during this call, we may discuss certain non-GAAP financial measures, including EBITDA, cash available for distribution, normalized net earnings. In regard to such financial measures, please refer to our earnings release, which is available on our website.We will now begin our presentation. Please refer to our webcast presentation slides as provided on our website. In addition, you will find further details regarding our Q3 results in our earnings release issued this morning before market open. I will now pass the call over to Gerry, who will provide details on our highlights for the quarter. Gerry Wang Thanks, Sai. Good morning to everybody from Vancouver. Please turn to slide three on the website. Let me cover financings first. We continue to enter into favorable financing transactions that considerably strengthen our capital structure, while benefiting the long-term interest of our shareholders. For the end of the quarter, we entered into two transactions which we expect will enable Seaspan to fully finance its significant contracted fleet growth and increase its financial flexibility for the future. We have now eliminated our equity overhand requirements one year earlier than our originally stated timeframe of Q3 2011. First, we are pleased to have entered into a sale and leaseback of one of our previously unencumbered 13100 TEU vessels to Credit Agricole, a leading French bank. This transaction is similar to the sale and leaseback transaction with a leading Asian bank, closing February of this year. This transaction demonstrates our continued success in funding our contracted fleet growth and represents up to $150 million of financing. It is worth noting here that Seaspan retains operational rights and it can repay the lease at any time post-delivery.
Second, we're also pleased to announce that we amended our $400 million U.K. Tax Lease Facility with Lloyds Banking Group post quarter-end. Under the terms of the amended lease facility, amount guaranteed by Seaspan Corporation are significantly reduced to a fixed amount of our subsidiary's obligations.The lease facility will continue to provide financing for the five 4500 TEU vessels on time charter to K-Line. The first of these five vessels, the Brotonne Bridge, was delivered to K-Line this week. Let me cover the deliveries. In terms of deliveries in the third quarter, we accepted delivery of one vessel, the COSCO Indonesia. Additionally, we have announced the delivery of the Brotonne Bridge and the COSCO Thailand this week. The Brotonne Bridge is the first of five 4500 TEU sister vessels from Samsung and the third of seven vessels to be chartered by Seaspan's to K-Line. The COSCO Thailand is the sixth of the eight 8500 TEU sister vessels from Hyundai and the eighth of a total of 18 vessles to be chartered by Seaspan through COSCO. Let's go to the utilization coverage. For the third quarter, we continued to maintain our high utilization at 98.7%. The utilization included 52 days of scheduled off-hire for the dry-dockings of the CSCL Melbourne, New Delhi Express, CSCL Brisbane and the Dubai Express. We incurred 10 days of unscheduled off-hire for the quarter due to a combination of small repairs on various ships. All of our operating fleet is performing well. Sai, can you cover the financial aspects of our business, please? Sai Chu Yes. Thanks, Gerry. Please turn to slide four for our Q3 income statement for 2009 and 2010. For revenues, our overall results for the quarter have increased compared to the third quarter of 2009 due to the delivery of 12 ships since then, including one ship this past quarter. Read the rest of this transcript for free on seekingalpha.com