Our net revenue from the second quarter of 2012 was $11.9 million, down from $23.6 million in the year ago period, due to the renewal of several of our time charters at lower rates.
Our EBITDA for the quarter was $6.3 million, while we reported net income of $0.2 million. When these results are adjusted for non-cash items, our adjusted EBITDA was $6.6 million and our adjusted net income was $0.5 million or about $0.01 per share.
Slide five provides an overview of the length of the remaining charter period for each of our vessels. Full details of the charter for our fleet can be found under the Appendix section of this presentation, based on latest delivery dates, our fixed revenue days currently stand at 97% in 2012, 69% in 2013 and 35% in 2013 -- ‘14. Overall, the average remaining term of our charters is 1.9 years.
As of June 30th, after taking into consideration, all recent developments and based on latest delivery dates, while excluding of holidays due to second scheduled drydockings, we have secured time charter revenues of approximately $58 million, out of which $24 million is scheduled for the current year 2012.On slide six, we present some remarks on our leverage. Currently, our total debt stands at $207 million, while our cash position stands at $23 million. This translates into net debt of $184 million, representing a moderate 58% net debt to total capitalization.The continue market downturn, which has been more severe than anticipated has further depressed vessel prices and has impacted our rechartering rates. As of June 30, 2012, we are not in compliance with the EBITDA coverage ratio covenant contained in one of our loan agreements and the security cover ratio contained in four of our loan agreements.Read the rest of this transcript for free on seekingalpha.com
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV