I was trying to figure out that continuing coverage part. From what I recall it is slightlydifferent from the charter default insurance that NM had prior. I noticed that thenumber of Capes with healthy charters was down to 5, so I'm guessing a couple more had chartersdefault. ***********************Dunno if you have ever looked at asset backed or mortgage backed securities, but they have an analogous situation in their pool of charters. It has been long enough since the deals were inked and the market collapse happened that anyone who is likely to default has done so by now. The remaining performing charters are largely to good credits (investment grade), so the remaining insurance looks a lot like gilding the lilly, as far as I can tell.
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