Adjusted EBITDA for third quarter 2011 was $11.9 million, while average daily operating expenses were $5,682 per vessel. The Time Charter equivalent was $18,808 per day. The adjusted net loss of $1.5 million represented $0.02 loss per share basic and diluted, which is above Bloomberg consensus.
For the nine months 2011, gross revenue amounted to $78.4 million and net income amounted to $0.4 million. Excluding non-cash items as well as a loss related to an early time Charter termination, our adjusted net income for the nine months 2011 amounted to $2.1 million. Adjusted EBITDA for nine months 2011 was $41 million while average daily operating expenses were $5,478 per vessel.
The Time Charter equivalent in the nine months 2011 was $20,165 per day. The adjusted net income of $2.1 million represents $0.03 earnings per share basic and diluted.
Slide five illustrates our high quality fleet of drybulk vessels consisting of 14 drybulk carriers with a fully funded Capsize new building on its way to be delivered next week. Once we take delivery of our second new building, we’ll have increased our operating fleet by 75% in terms of cargo carrying capacity from the beginning of 2011.As you can see in the bar graph on the lower left hand side, we have managed to grow our fleets from the beginning of 2011 from 900,000 tons to just above 1.6 million dead weight tons by the end of 2011. Our fleet growth will result in an increase in our ownership days with visible revenue in the volatile freight markets. It is also worth noting that in the process of growing our fleet we have also been renewing it. Since our inception, we have sold three of our older vessels, while acquiring eight younger vessels. As a result, we expect our fleet’s average age to be 10.6 in December of 2011, only two months older than a year ago. So, we have achieved considerable growth while also renewing our fleets. Read the rest of this transcript for free on seekingalpha.com