We continue to have one of the strongest balance sheet in our industry. Our cash position at June 30, 2012 was in excess of US$451 million. The company continues to have solid access to credit. We drew down US$34.65 million on our line with China Exim Bank in connection with the purchase of the Philadelphia and in total drew down US$10,325 million from an increased Nordea Bank term loan facility for the Melia.
We continue to operate with a very manageable degree of leverage. Long-term debt including current portion and net of financial charges was US$461 million at June 30, 2012, compared to stockholder’s equity of $1.2 billion. Our solid financial position helps to ensure stability in a volatile market and this also assures of support for continued growth initiatives.
As the dry bulk shipping industry continues to face a challenging operating environment, we will apply our consistent, prudent strategies to deliver predictable revenues and profitability. We will continue our program of selectively and gradually adding to our fleet as market conditions permit as to acquire vessels at attractive prices. We will operate our fleet according to balanced and prudent chartering policies that promote a predictable revenue stream and enable us to sustain profitable operations. And we will continue to manage our balance sheet to provide financial flexibility, provide the capacity to support growth and maintain an acceptable degree of leverage.
With that, I will now turn the call over to our President, Stacey Margaronis, for a perspective on industrial conditions. He will then be followed by our Chief Financial Officer, Andreas Michalopoulos, who will provide a financial overview. Thank you.Read the rest of this transcript for free on seekingalpha.com
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