Liquidity and FinancingAs of September 30, 2012, GasLog had cash and cash equivalents of $26.7 million and short-term investments in time deposits of $211.8 million. As of September 30, 2012, GasLog had an aggregate of $262.6 million of indebtedness outstanding under two credit agreements, of which $24.7 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 September 30, 2012, the total remaining balance of the contract prices of the eight newbuildings on order was $1.36 billion, for which there are $1.13 billion of undrawn credit facilities and $238.5 million in cash, cash equivalents and short-term investments as of September 30, 2012, which includes proceeds from GasLog’s IPO and concurrent private placement completed on April 4, 2012. Interest Rate Swaps As of September 30, 2012, GasLog has entered into fifteen interest rate swap agreements for a total notional amount of $865.7 million. This is in relation to the outstanding indebtedness of $262.6 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 newbuildings. In total 62.2% 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 September 30, 2012. During the third quarter of 2012, GasLog recognized a loss of $1.7 million on interest rate swaps, primarily attributable to the loss from the mark-to-market valuation of six interest rate swaps agreements signed in 2012 which do not qualify for hedge accounting. Business Update As of September 30, 2012, the eight ships under construction at Samsung Heavy Industries were on schedule and within budget. Of these eight ships, two were launched during Q2 2012 and they are on schedule for delivery during Q1 2013, and a third ship was launched in Q3 2012 and is scheduled for delivery during Q2 2013. Five of the eight ships that have now progressed to the steel cutting stage or beyond are scheduled for delivery in 2013.