Having said that, the adjusted EBITDA of $144 million does not reflect the full earnings potential of our offshore fleet as the mobilization activity and downtime affected accounting earnings. For the remainder of this presentation, we will be primarily focusing on our shipping segments operations. For additional information on drilling segment please refer to Ocean Rig second quarter presentation available on www.ocean-rig.com.
Slide five; the chart on this slide highlights historical Panamax ship values versus spot earnings. Going forward, we do not expect to see volatility in the short-term as we continue to expect a prolonged (inaudible) period of very low earnings for both drybulk and tanker segments. Panamax spot rates are approximately $7,000 per day today while 2013 and 2014 SFA is approximately $8,500 and $10,500 per day.
To give you some context, DryShips shipping segment had a blended average of $26,000 daily cash breakeven for the second quarter of 2012. These blended averages skew towards our Panamax breakeven as they are largest shipping asset class. Our cash breakeven doesn’t take into consideration equity required for our newbuilding program; suffice it to say, we expect tough road ahead.
On slide six; our capital structure end of June is robust as evidenced by a modest 42% net debt to cap; only other thing to say is we have close to $750 million of cash in our balance sheet of which only de minimus balance is held in Greece.Slide seven; here we present our drybulk newbuilding program which is more or more less unfinanced; while we have been bullish in previous quarters about our ability to finance remaining vessels of bank debt, recent developments including the action of common stock in shipping have given a second thought; still we are in discussions with certain institutions to finance the remain vessels including Chinese ECA’s and leasing companies.