In Q4, EXM will see 11 time charters expire. They will reset IF THEY CAN, 30% lower.
This will drag the TCE to well under $10k per day for the fleet. In the first two quarters of 2013, they will see 11 MORE time charters expire, some at nearly double what they will likely be able to get for a time charter after the 800 newbuilds hit the water between now and then. 2013 may well see EXM wipe out common shareholders in a restructuring.