The origins of our Group go back to 1952 when Mr. T.Y. Chao, the father of George Chao, our current chairman, established his shipping business in Hong Kong. Along with other independent Hong Kong shipowners, our fleet grew to meet the growing post war industrial growth in Japan. In those days our ships were pre-fixed on long term time charters primarily to Japanese charterers with financing secured on the back of the time charters. The use of time charters reduced the exposure to market volatility, and is a chartering methodology that the Group maintains to this day.