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| The lease maturities in the portfolio are staggered so that the Trust does not have bulk of its leases maturing at the same time. The earliest lease expiry occurs in year 2014. As at 31 December 2011, the average remaining lease term, excluding early buy-out and extension option, is 6.0* years.
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* As at 31 December 2011, based on the 23 ships on long-term bareboat charter and on a dollar-weighted average basis by net book value. Excludes extension and early-buyout options.
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