Adjusted EBITDA for the first quarter was 17.9 million compared to 14.2 million last year. In Q1 2012, the time charter equivalent was $16,841 per day compared to $23,252 last year, representing mainly the expiration of our below market time charter agreements, the lost off-hire due to the grounding of the Star Polaris and the low freight rate environment.Our average daily operating expenses were $5,582 per vessel, 8% higher than the same period last year emanating from the 28% rise in our fleet’s average vessel size from the addition of the four new Capes.
Star Bulk Carriers' CEO Discusses Q1 2012 Results - Earnings Call Transcript
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