The considerable growth in EBITDA demonstrates the inherent operating leverage in our integrated supply model. We increased EBITDA approximately 12% from $66 million in 2010 to $74 million in 2011. For the first half of 2012, we have already generated $43.5 million in EBITDA. And $47.7 million in adjusted EBITDA, which excludes the net non-cash effect of the sale of non-core vessels that we spoke about a moment ago. Based on management’s current projections, we intend to further expand annual EBITDA by approximately 20% to 25% over the next year.
Now further highlighting Aegean’s profitability and taking into account the non-core vessel sales, adjusted net income for the second quarter more than doubled to $6.9 million or $.15 basic and diluted earnings per share. We continue to expand our integrated marine fuel logistics chain in order to meet the strong demand for our comprehensive services and increase our long-term earnings potential.
During the second quarter, we completed our full funded new build program, a major milestone for our company. We also extended our global reach to mainland China by entering into a strategic alliance with one of the top supply companies in China.
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