The Company's revenues were earned from time and voyage charters. Gross time and voyage charter revenues in the quarter ended June 30, 2012 were $50,537,281, compared with $81,135,090 recorded in the comparable quarter in 2011. The decrease in gross revenues is attributable primarily to lower charter rates and a decrease in voyage charter revenues in the quarter ended June 30, 2012. Gross revenues recorded in the quarter ended June 30, 2012 and 2011, include an amount of $1,205,276 and $1,271,810, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the quarter ended June 30, 2012 and 2011 were $2,000,048 and $4,729,702, respectively. Net revenues during the quarter ended June 30, 2012 and 2011, were $48,537,233 and $76,405,388, respectively.
Total operating expenses for the quarter ended June 30, 2012 were $59,605,359 compared with $66,123,996 recorded in the second quarter of 2011. The Company operated 45 vessels in the second quarter of 2012 compared with 41 vessels in the corresponding quarter in 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days and lower voyage expenses offset by the increase in operating a larger fleet size which includes increases in vessels crew cost, insurances and vessel depreciation expense. The increase in General and Administrative expenses is primarily attributable to the increase in allowance for bad debts.
EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, decreased by 65% to $9,969,683 for the second quarter of 2012, compared with $28,804,803 for the second quarter of 2011. (Please see below for a reconciliation of EBITDA to net loss).
Results of Operations for the six-month period ended June 30, 2012 and 2011For the six months ended June 30, 2012, the Company reported net loss of $40,539,768 or $2.56 per share, based on a weighted average of 15,815,594 diluted shares outstanding. In the comparable period of 2011, the Company reported net loss of $7,248,559 or $0.46 per share, based on a weighted average of 15,641,477 diluted shares outstanding.