I will now pass the call over to Gerry, who will discuss or highlights for the quarter and our recent development.Gerry Wang Thank you, Sai. Please turn to slide three of the webcast presentation. Good morning, everybody. During the second quarter of 2011, we took important steps to enhance our industry leadership and to position the company to further expand our contracted revenue stream, net earnings and the cash flow available for distribution. First, our fleet remained fully secured, primarily on long-term fixed rate time charters. We continued to achieve strong utilization and all of our customers continue to perform in accordance with our charter agreement. Second, we continue to expand our fully time charter fleet, by talking delivery of four newbuildings secured on long-term contracts with leading liner companies. Third, we paid out first dividend for newly issues. Series C preferred shares and declared our second quarter dividends on both our common and the Series C preferred shares. And fourth, we took additional decisive steps to enhance our capital structure and financial flexibility in preparing for the next phase of our growth. Utilization, Seaspan's business continued to operate as expected with high utilization rates. Our fleet remained fully secured, primarily on long-term fixed-rate time charters. We continue to achieve strong utilization and our high-quality customers continued to perform in accordance with our charter agreements. For the three and six months ended June 30, 2011, we achieved a utilization rate of 98.9%. We had 58 days of scheduled off-hire for the dry dockings of four vessels. In addition to planned off-hire, we had three days of unscheduled off-hire for the second quarter. Redeliveries, Seaspan have four M Class 4,800 TEU vessels on charter to Maersk. Maersk has exercised its first one-year options to extend charters of the Maersk Merritt and Victor to second half 2012.
However, Maersk did not exercise its first one-year options to extend the time charters for the York and the Maersk Moncton. We expect these two vessels will be redelivered to us between October 2011 and March 2012 and we are actively discussing employment for those two vessels with potential charters. Seaspan have no further charter expiries during 2012.Deliveries, we accepted deliveries of four newbuildings in the second quarter, the Berlin Bridge, the COSCO Vietnam, COSCO Glory and the COSCO Pride. All of the vessels delivered under long-term contracts with leading liner companies. The 13,000 TEU COSCO Glory and the COSCO Pride are the largest ships in our fleet and are COSCON's first flagship vessels. Subsequent to the end of the second quarter, we took delivery of 4,500 TEU Budapest Bridge, which has commenced charter to K-Line for 12 years with charter options to extend up to an additional 6 years. We now have 60 fleet vessels in operation, with six, 13,000 TEU vessels under charter to COSCON to be delivered throughout the first half of 2012. Dividends, we declared second quarter dividends of $0.75 per common share and $0.6003 per Series preferred share. We intend to continue to follow a progressive dividend policy, seeking to substantially increase our dividends as we continue to grow our cash flows. Financing, during the second quarter, we also maintained our focus on strengthening the Seaspan's capital structure by completing a second offering of our Series C preferred stock, raising net proceeds of $105.2 million. The offering price was $27.15 per share, a premium over the original $25 issue price. Net proceeds and per share amounts include accrued dividends of approximately $580,000. Please turn to your slide four. I'm pleased to announce the commencement of our next phase of growth where Seaspan will look to capitalize on what we believe is the most attractive newbuilding acquisition environment in over a decade. Read the rest of this transcript for free on seekingalpha.com