Going down to the time charter equivalent rates, as you can see there, there is an increase of approximately 8% from Q1 of 90,464 a day to Q2 level of 97,118 a day. The utilization is slightly down from Q1 to Q2 as a result of idle time for Hilli and the Gandria. Also as announced, we increased our dividend by $0.05 from $0.35 in Q1 to $0.40 in Q2 representing approximately 14% increase.
Going over to page six, this basically highlights the three main metrics that we look at as far as performance is concerned. So from Q1 2011, as you can see the bar graph show that our net revenue as well as our EBITDA have been increasing steadily and as a result of that the Board has been quite confident in increasing the dividend levels to follow those trends. So obviously the increase from Q1 level to Q2 level is a much deeper increase from previous quarters.
We will now turn over the page to page seven to quickly go through our balance sheet. On the asset side, there are only two main movements really that we can point to. Cash and cash equivalents have declined from 31st March level and now simply because we paid a few installments as far as newbuilds are concerned as well as the completion of the Khannur conversion during Q2. That is obviously offset by the increase in vessels and equipments and again, main contribution there is the installments for newbuildings and the Khannur conversion.
Going over the page to the liability side of our balance sheet, one point to note there really just long-term a lot of numbers are pretty stable and really the main decrease there is a result of repayments during the quarter. At the bottomline of the presentation page, we have a fixed interest debt of approximately 83% and we’re averaging approximately 3.15% in weighted average interest.Read the rest of this transcript for free on seekingalpha.com