Another question we have been receiving recently has to do with our F3 filing. Our previous F3 registration statement expired and in order to continue using it, we had to file a new one with a same terms and conditions. This procedure is considered a standard practice for listed companies within the industry.
Finally, I’d like to underline the Star Bulk Carriers is a Marshall Islands company not a Greek company. It is true that we maintain offices in Greece and our fleet is managed from these offices, but the shipping unit is global even though a potential Greek exit from the euro zone would definitely have ripple effects throughout the global economy, our business is not affected directly. If anything, the current euro weakness works in our favor, since more than 70% G&A expenses are in Euros.
Let us now turn to Slide number three of the presentation to discuss our first quarter 2012 financial highlights in comparisons to last years. In the first quarter of 2012 gross revenues amounted to $28 million representing a 5% reduction versus the same period of 2011.
General and administrative expenses excluding amortization of stock-based compensation were less by 54% to 1.9 million in Q1 2012 versus 4 million in Q1 2011, mainly due to the one off severance payment of 2.3 million during last year’s first quarter. Excluding this item, our recurring G&A expenses were higher by 10%. This was a result of the additional staff the company hired in order to undertake the management of the additional four Capesize and two Supramax vessels during 2011.Our net income for the first quarter 2012 amounted to $100,000 compared to 1.7 million in Q1 2011. Excluding non-cash items our net income for the first quarter amounted to $5.9 million compared to 1.3 in Q1 2011, mainly due to the 6.5 million related to the compensation for the early time charter termination of the Star Sigma.