is in a good position to buy additional vessels or order new vessels at advantageous prices when the time is right. Such acquisitions would increase the dividend capacity of the Company. It is a prerequisite for any expansion of the fleet that our dividend and earnings capacity per share increase. During the first three quarters of 2012 and up to now we have inspected several vessels for possible acquisition purposes. We are in no rush and we continue to exercise caution in this regard. Our primary objective is to enhance total return[1] for our shareholders, including maximizing our quarterly dividend. As of September 30, 2012, the Company has net debt of about $6.4m per vessel. In addition, the Company has in place a new non-amortizing credit facility of $430m, of which $250m has been drawn at this time. Cash on hand is $85m. The credit facility, which matures in the November of 2017, is not subject to reduction by the lenders and there is no obligation to repay principal during the term of the facility. The Company pays interest only on drawn amounts and a commitment fee for undrawn amounts. This means that our cash breakeven rate of about $12,000 per day per vessel is significantly lower than that of companies with a high leverage. The tightened terms of commercial bank financing and higher margins on shipping loans are challenging for shipping companies that are highly leveraged. By having little net debt, NAT is better positioned to navigate the financial