Please note on slide three the agenda for today’s call will be as follows: I will review our second quarter 2012 results and highlights. We’ll then proceed with an update of our commercial operations and finally present our current views on the market. Our CFO Adir will then give an overview of our financials before we open the call to questions.
Please turn to slide five for a review of our financial results and highlights. The dry bulk market remained in a depressed state during the second quarter with peak order book deliveries continuing unabated; weaker than expected demand in the period added further to the existing negative sentiment, as did the recently enacted export ban on minerals from Indonesia.
Newbuilding deliveries during the second quarter totaled a record 32 million deadweight tons or almost 390 vessels. This represents an increase of approximately 7% over the first quarter and almost 34% year-over-year.
On the demand side, lower global appetite for steel and in turn iron ore put a damper on the major bulks and overall short-term trade outlook. In May, Indonesia imposed a ban on mineral exports which effectively halted nickel ore and bauxite cargos.Turning to Eagle Bulk, the company reported a net loss of $23.1 million or $1.46 per share for the second quarter of 2012. Earnings for the period were primarily impacted by the depressed spot market. Net revenue for the quarter was $48.5 million and EBITDA for the quarter amounted to $10 million and fleet utilization remained at an impressive level of close to 99.5%. Overall, the second quarter of 2012 remained extremely challenging for the dry bulk market as peak supply growth continued to heavily outweigh demand. Finally, as we previously announced on June 20th, we reached a comprehensive agreement with our lenders which effectively amended the terms of our debt and has provided us with a greatly improved ability to navigate through the trough of the shipping cycle without compromising our ability to benefit when the market does emerge from the cyclical downturn.
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