Athenian Carriers Ltd. for approximately $585 million. these vessels into its current fleet operations. market conditions. environment. newbuilding program into OMI's operations. crude oil and product tanker businesses. little integration risk. delivery in a historically volatile sector. were impaired. newbuilding program. in July and August of 2004. mortgage debt secured by these vessels. that are associated with this acquisition. operations of acquired vessels for which debt has been raised. coverage is likewise strong, with LTM EBIT/interest of about 6.8x. greater longevity than most market upturns. that this strong market should continue at least through 2005. conditions deteriorate in a cyclical downturn. commitments. strong tanker rate environment through 2005. fundamentals.