Vessel Operating Expenses Vessel operating expenses, which include costs of crew, lubricating oil, spares and insurance, were $11.2 million for the three months ended June 30, 2012. The average cost per ownership day was $7,253 down $161 or 2.2% on $7,414 for the rolling four quarters ended March 31, 2012. Increased spend on repairs, maintenance and supplies have been offset by a benefit during the quarter from exchange rate movements on costs denominated in euros. The second quarter 2012 average daily cost was essentially flat on the comparative period, down $22 or 0.3% from the average daily cost of $7,275 for the second quarter 2011.For the six months ended June 30, 2012 vessel operating expenses were $22.9 million or an average of $7,394 per day compared to $22.3 million in the comparative period or $7,247 per day. The increase of $147 per day, or 2.0%, is mostly for increased spend on repairs, maintenance and supplies offset by benefits from exchange rate movements on costs denominated in euros. Depreciation Depreciation for the three months ended June 30, 2012 was $10.2 million, compared to $10.0 million in the comparative period. Depreciation for the six months ended June 30, 2012 was $20.1 million, compared to $19.9 million in the comparative period. General and Administrative Costs General and administrative costs were $1.3 million in the three months ended June 30, 2012, compared to $1.9 million in the second quarter of 2011 due mainly to lower legal and professional fees. For the six months ended June 30, 2012, general and administrative costs were $2.9 million compared to $3.8 million for 2011. The reduction is due mainly to lower legal and professional fees. Impairment Charge – Second Quarter 2011 On November 8, 2010, the Company signed agreements with the sellers of two 4,250 TEU newbuildings to (i) terminate the Company's obligations under contracts entered into in September 2008 to purchase the vessels on their delivery to the sellers by the builder, which was anticipated to be at the end of 2010 and (ii) grant the Company options to purchase the vessels on the first anniversary of their delivery by the builder to the sellers. Intangible assets totaling $13.6 million relating to these purchase options were recognized at the fair value of the purchase options on the date of the agreement.