Our company has emerged from the challenging times of the past 18 months stronger and leaner with significant achievements, which include the sale of its costliest tonnage, the acquisition of three modern Capesize vessels without diluting the shareholder base, having repaid organically a major portion of its debt, being in full compliance with its original loan covenants and its in-house vessel management producing stellar results.

Our commitment towards enhancing our operations on all fronts is on course. And we are keeping focus on reducing our operating costs further. We are also pleased to be able to declare our fifth consecutive quarterly dividend for the second quarter of 2010 of $0.05 per share.

Turning to Slide 3 of the presentation, we will discuss our second quarter and first half ended June 30, 2010, financial highlights. For the second quarter of 2010, gross revenues amounted to $30 million and net income amounted to $6 million. Excluding non-cash items, our net income for the second quarter 2010 as adjusted amounted to $7.2 million.

Adjusted EBITDA for the second quarter 2010 was $20 million, while average daily operating expenses were $5,269 per day per vessel. The Time Charter Equivalent for the second quarter of 2010 was $28,640 per day. The adjusted net income of $7.2 million represents $0.12 earnings per share basic and diluted, which is above Bloomberg consensus of $0.06 per share.

For the first six months ended June 30, 2010, gross revenues amounted to $59.3 million, and net loss amounted to $27 million which includes a non-cash impairment charge of $33 million due to the sale of the Star Beta. Excluding non-cash items, our net income for the first half of 2010 as adjusted amounted to $8 million.

Adjusted EBITDA for the first half of 2010 was $33.8 million, while the average daily operating expenses were $5,473 per day per vessel. The Time Charter Equivalent for the first half of 2010 was $27,291 per day. The adjusted net income of $8 million represents $0.13 earnings per share basic and diluted.

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