The Company's revenues were earned from time and voyage charters. Gross revenues for the six-month period ended June 30, 2012 were $105,360,411, compared with $171,518,078 recorded in the comparable period in 2011. The decrease in gross revenues is attributable to lower time charter rates and a decrease in voyage revenues in the period, offset marginally by operating a larger fleet. Gross revenues recorded in the six-month period ended June 30, 2012 and 2011, include an amount of $2,434,040 and $2,566,329, 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 six-month periods ended June 30, 2012 and 2011 were $4,206,778 and $8,419,914, respectively. Net revenues during the six-month period ended June 30, 2012, decreased 38% to $101,153,633 from $163,098,163 in the comparable period in 2011.Total operating expenses were $119,723,715 in the six-month period ended June 30, 2012 compared to $148,398,858 recorded in the same period of 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 decrease in General and Administrative expenses is primarily attributable to lower allowance for bad debts being booked in the six-month period ended June 30, 2012 compared with 2011.
Eagle Bulk Shipping Inc. Reports Second Quarter 2012 Results
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