Liquidity and FinancingAs of June 30, 2012, GasLog had consolidated cash and cash equivalents of $90.9 million and short term investments in time deposits of $201.3 million. As of June 30, 2012, GasLog had an aggregate of $269.4 million of indebtedness outstanding under two credit agreements, of which $25.3 million is repayable within one year. GasLog’s current commitments for capital expenditures are related to the eight LNG carriers on order, which have a gross aggregate contract price of approximately $1.55 billion. As of June 30, 2012 the total remaining balance of the contract prices of the eight newbuildings on order was $1.4 billion, for which there are $1.13 billion of undrawn credit facilities in addition to the $292.2 million in cash, cash equivalents and short term investments as of June 30, 2012, which includes proceeds from GasLog’s IPO and concurrent private placement completed on April 4, 2012. Interest Rate Swaps As of June 30, 2012, GasLog has entered into fifteen interest rate swap agreements for a total notional amount of $868.5 million. This is in relation to the outstanding indebtedness of $269.4 million and the new loan agreements of $1.13 billion in the aggregate that will be drawn by GasLog through its subsidiaries upon delivery of the respective ships. In total 62.1% of GasLog’s expected floating interest rate exposure has been hedged at a weighted average interest rate of approximately 4.3% (including margin) as of June 30, 2012. During the second quarter of 2012, GasLog recognized a loss of $5.3 million on interest rate swaps, primarily attributable to a $4.1 million loss from the mark-to-market valuation of six interest rate swaps agreements signed in 2012 which do not qualify for hedge accounting and a $1.2 million loss recognized at the inception of three interest rate swaps signed in the second quarter of 2012 and designated as cash flow hedging instruments.