NNA has a Backstop Agreement with NAP that provides rate support for three of its six VLCCs. The average guaranteed rate for the three vessels covered by the Backstop Agreement is $37,141 per day. NNA pays the difference between the average guaranteed rate and the actual rates realized by the three VLCCs during the year. The payment under the Backstop Agreement is made during January after the close of the fiscal year. For fiscal year 2017, the liability recorded by NNA was $16.4 million. VLCC rates during 2018 to date have been meaningfully below 2017, so the final liability under the Backstop Agreement for 2018 will likely range between $20 million and $25 million.