Svein Moxnes Harfjeld
Thank you, Eirik. We will now address the financial highlights of the quarter. Following this, we will highlight how we are positioned for these continued tough times.
Our EBITDA came in at $11 million with net income of $2.7 million and earnings per share of $0.02. The earnings per share is calculated based on an average share count during the quarter of about $140 million and before the reverse stock split on a fully-converted basis. Adjusted for the reverse stock split, the earnings per share would have been $0.23.
We will pay a dividend of $0.24 per common share and $3.40 per preferred share for the quarter. The dividend will be payable on August 16 for shareholders of record as of August 9. During the quarter, we have 3 VLCCs in the TI Pool, 2 for the full quarter and 1 from May. Our vessels generated average time charter-equivalent earnings of $25,000 per day. The remainder of the fleet was either on time charters or long-term variable charters during the quarter. We commenced an equity offering in the first quarter that was backstopped by Anchorage Capital. The offering and the concurrent private placement closed on May 2, generating net proceeds of approximately $76.2 million.At our Annual General Meeting, the shareholders voted to authorize a 12-for-1 reverse stock split of our common stock. The reverse stock split became effective after the close of business on July 16. We prepaid $13.6 million under the credit facilities with DVB and DNB combined. These prepayments was equal to all scheduled installments through 2014.Following the fleet appraisal for the second quarter, we repaid $18 million under the RBS facility. Further and following the fleet appraisal for the third quarter conducted in early July, we repaid $3.1 million in July. The next scheduled installment under the RBS facility is on the third quarter of 2015.
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