Let us now turn to slide number three of the presentations to discuss the important financial data. On this slide, we’ll present certain key data to illustrate why we continue to believe that while Star Bulk continues to enjoy a very comfortable financial position, it remains substantially undervalued. As of May 12 th our minimum total growth contracted revenue including our two newly, to be acquired capes is approximately $245 million and our market capitalization stands at $146 million.
Our senior debt currently stand at about $225 million and our current cash position is approximately $41 million. I would like to reiterate that Star Bulk has reduced its exposure to interest rate swaps and have therefore taken the full benefit in the prevailing low interest rates. We are also very pleased with the fact that our principal repayment commitments for this year are down substantially compared to last year since our loan repayment schedules were intentionally designed to be front-loaded.
Specifically, during 2010, our loan repayments stood at $68 million, while our repayment commitments for 2011, 2012, and 2013 are $34 million, $32 million, and $31 million respectively. Please note that numbers regarding our principal repayment do not include any loans associated with our two new applications.
Please turn to slide four to discuss our first quarter 2011 financial highlights. For the first quarter, gross revenue amounted to $29.5 million and net income amounted to $1.7 million. Excluding non-cash items, our net income for the first quarter of 2011 amounted to $1.3 million.Adjusted EBITDA for the first quarter of 2011 was $14.2 million, while average daily operating expenses were $5,170 per day per vessel. The Time Charter Equivalent was $23, 252 per day. The adjusted net income of $1.3 million represents $0.02 earnings per share, basic and diluted, which is $0.05 above Bloomberg consensus.