Nine of our 14 vessels or almost two-thirds of our fleet are currently locked-in on short-term (1-3 years) time charters. These charters generate fixed-rate cash flows that effectively provide a floor under our dividend payments.

(1) Time-charter commences January 2010. Profit sharing above the minimum rate of $19,500 per day entitles Teekay Tankers to 50 percent of the difference between the average prevailing TD5 BITR rate and the minimum rate.
(2) Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50 percent thereafter vessel's incremental Gemini Pool earnings, settled in the second quarter of each year.