Even if we exclude the non-cash amortization of stock-based compensation expenses, G&A expenses were reduced by 14% from $2.8 million to $2.4 million. Our net loss for the fourth quarter 2011 amounted to $69.3 million, which includes a $62 million impairment loss related to two of our Capesize vessels namely Star Sigma and Star Ypsilon, the two oldest vessels in our fleet both built in 1991.
Excluding non-cash items, our net loss for the fourth quarter amounted to $3.1 million. Adjusted EBITDA for the fourth quarter 2011 was $12.5 million, while our average daily operating expenses were $6,028 per vessel. In the fourth quarter 2011, the time charter equivalent was $19,561 per day.
The adjusted net loss of $3.1 million represents a $0.04 loss per share, basic and diluted, which is slightly better than analyst consensus of $0.05 loss according to Bloomberg.
Please turn now to slide four, to discuss our year-end December 31, 2011 financial highlights. Gross revenues for the year amounted to $105.2 million versus $121 million in 2010, a reduction of 15%. Our general and administrative expenses for 2011 amounted to $12.5 million versus $15.4 million in 2010, a reduction by a 19%. Even if we exclude the non-recurring severance payments and the non-cash amortization of stock-based compensation, G&A expenses in 2011 amounted to $8.3 million versus $8.9 million in 2010, posting a 7% reduction.2011 net loss amounted to $68.9 million, again this figure includes a $62 million non-cash impairment loss in the fourth quarter of 2011 for the two Capesize vessels. Excluding non-cash items, our adjusted net loss for the full year 2011 amounted to $1.1 million, which represents a loss of $0.02 per share. Adjusted EBITDA for full year 2011 was $53.4 million, while average daily operating expenses were $5,643 per vessel. The time charter equivalent for the full year of 2011 was 19,989 per day verus 26,859 in 2010.
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