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Our remarks today will be followed by a question-and-answer session. For those of you who want to follow our slide presentation, please go to the TBS website, which again is www.tbsship.com, and click on the webcast link. Note that the slides are user controlled. For those of you who want to follow the webcast, please click on the arrow at the bottom of the webcast screen to make the slides turn. Also, please note that the webcast will be archived on our website.Now, I would like you to please turn to slide number one. This slide refers to forward-looking statements. During the course of this conference call, we may make forward-looking statements. Such statements are just predictions and involve risks and uncertainties such that actual results may differ materially. I'd like to refer you to our filings with the Securities and Exchange Commission, in particular our quarterly reports on Form 10-Q and our annual reports on Form 10-K. These documents contain and identify important factors that could cause the actual results to differ materially from those expressed in these forward-looking statements. And with that, I'd like to introduce Joseph Royce, our Chairman, CEO and President. Joseph E. Royce Thank you, Fred. Good morning, everybody, and welcome to TBS International's conference call for the results of the fourth quarter and year ended December 31, 2010. I'd like to begin with our presentation with slide number two, the Baltic Indices. TBS results for the fourth quarter 2010 reflect the ongoing downward pressure on dry cargo freight rates that have continued into the first quarter of this year, as evidenced by the Baltic Dry Indices. The Baltic Dry Index or BDI, which was at 2,446 on September 30, 2010 descended to 1,773 on December 24, the last reporting date in 2010, and was at 1,559 on March 14, 2011.
Correspondingly, the Baltic Handysize Index or BHSI, which was at 1,039 on September 30, 2010 descended to 829 on December 24th and was at 736 on March 14, 2011. A number of factors have contributed to these circumstances. Of most importance is the continued drumbeat of the delivery of new-built vessels in all four of the major vessel sizes, Capesize, Panamax, Supramax and Handysize.While cargo demand generally increased during most of 2010, numerous events over the last several months have interrupted the availability of cargo contributing to both the supply-demand imbalance and the Asia-Americas imbalance. There has been severe flooding in Australia that has interrupted shipments of coal, iron ore and wheat, along with Government imposed restrictions of the export of coal from Indonesia and iron ore from India, thereby causing the deviation of vessels that traditionally carried these cargoes from that region into the Atlantic. As a consequence, TBS is operating at freight and charter rates that would cause us to fail to comply with certain financial covenants in our credit facilities, even as recently modified, as soon as June 30, 2011. We are well aware of the terrible disaster that has affected Japan. I am pleased to announce that all of TBS’ staff members are safe. We had two vessels in the area that were affected by the earthquake, in which one was slightly damaged. Japan is important part of our Pacific service, where we both lowered and discharged cargos. It is too soon to evaluate the impact of the recent tragic events in Japan. Now I’d like to turn the floor over to Fred Lepere, our Senior Executive Vice President and Chief Financial Officer. Ferdinand V. Lepere Thank you, Joe. We should now all be on slide number three. This slide summarizes our fourth quarter 2010 operating and financial highlights.
For the fourth quarter ended December 31, 2010, total revenues were $100.8 million, an increase of 19% over the same period in 2009. Voyage revenues for the three months ended December 31, 2010, were $75.6 million, an increase of 14% from the $66.6 million during the same period in 2009. Time charter revenues for the fourth quarter 2010 increased by $5.7 million or 34% to $22.6 million from $16.9 million for the three months ended December 31, 2009.Read the rest of this transcript for free on seekingalpha.com