We do not undertake any duty to update forward looking statements. For reconciliations of the non-GAAP financial measures to which we will refer during this call to the most directly comparable measures calculated and presented in accordance with GAAP you should refer to the earnings release that we issued this morning. And this is also available on our website at www.globalshiplease.com.
I would like to start by reviewing the second quarter highlights and then discuss our charter portfolio, including the two vessels that we’ve recently signed to new charters. After some comments on the industry overall, I’ll turn the call over to Susan for comments on our financials. But finally, after brief concluding remarks we’ll open the call out for questions.
Slide 3, shows the company’s second quarter highlights. During the quarter, our entire fleet of 17 vessels which continued to be secured on the fixed rate charters mostly long term operated as planned enabling the company to once again achieve sizeable stable cash flows and the high utilization in what has been a challenging economic environment. With only one dry-docking in the quarter, our utilization was 98.6%. We generated revenue of $39.2 million and EBITDA of 26.8 million. After 2012, in which we have a total of 7 dry-dockings, our dry-docking schedule is relatively light with only 2 dockings in both 2013 and 2014 and none in 2015. This has significant implications on that cash flow as each dry-docking costs on average around $1.3 million and there is some $300,000 of lost revenue from off-hire.
The reduced number of dry-dockings will have a positive impact on our cash flow and utilization rates in coming years. We’ll come back to the implications of this later. In addition to our financial performance, we continue to pay down our debts further deleveraging the balance sheet. We repaid $12.1 million of outstanding borrowings under our credit facility in the second quarter and have repaid a total of $139.3 million since the fourth quarter of 2009.
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