Now I'd like to introduce Mr. John Tavlarios, President and Chief Executive Officer of General Maritime Corporation.John Tavlarios Good morning, and welcome to General Maritime's Second Quarter and 6 months 2011 Earnings Conference Call. With me today are Peter Georgiopoulos, Chairman; Jeff Pribor, Chief Financial Officer; and John Georgiopoulos, Executive Vice President. As outlined on Slide 3 of the presentation, I'll begin today's call by discussing the highlights of the 3 and 6 moths ended June 30, 2011. Jeff will then review our financial results. Following this, I'll provide some remarks on our company outlook and an overview of the industry. We'll then be happy to take your questions. I'll begin on Slide 4 with a brief review of our second quarter and 6 months financial highlights. We recorded a net loss of $24 million for the second quarter or $0.21 basic and diluted loss per share. The net loss of $55.5 million for the 6 months ending June 30, 2011 or up $0.56 basic and diluted loss per share. Excluding certain non-cash items, we recorded a net loss of $36.8 million or $0.33 basic and diluted loss per share for the quarter and a net loss of $63.3 million or $0.64 basic and diluted loss per share for the 6-month period. Adjusted EBITDA for the second quarter and 6 months ending June 30, 2011, was $15.9 million and $37.2 million respectively. For the past few months, General Maritime has taken important steps to strengthen its balance sheet and capital structure, which has enhanced the company's ability to operate in a challenging market environment and improve its future prospects. To the successful completion of a number of important transactions, we've increased the company's liquidity and financial flexibility, while reducing its near-term cash requirements. Specifically, we have raised over $250 million in capital, reduced the company's senior bank debt by $188 million, eliminating over $12 million of dried out costs through the execution of our fleet renewal program and amended and extended our credit facilities under favorable terms.
On Slide 5, we detailed our ongoing progress. First, during the second quarter, we completed our previously announced refinancing initiatives, including the $200 million Oaktree credit agreement, the amended and extended $550 million credit facility and the amended and restated $372 million credit facility.Second, we completed a $26.5 million share of common stock offering and utilized a portion of the $50 million product proceeds combined with borrowings under 2010 credit facility to fund the purchase of the 7th and final Metrostar vessel. Third, we completed the sale of the Genmar Progress, a 1991-built vessel, and in doing so further improved the fleet's age profile and reduce debt under our 2005 facility by an additional $7.8 million. Fourth, in the second quarter, we sold over 5.4 million shares as part of our at-the-market equity program, which is intended to provide the company with the flexibility to efficiently access the equity markets as needed, in order to further strengthen the company's financial position. Turning to Slide 6, we highlight 2 additional transactions that we entered into following the close of the second quarter. During the current third quarter, we agreed to enter our 7 VLCC into Seawolf Tanker, commercial pool of VLCC managed by Heidmar, one of the world's leading commercial operators of tankers. By entering the pool, we believe that General Maritime will achieve the following financial and operational benefits: First, bunkers on board vessel are purchased upon delivering into the pool and since the pool pays bunker and port cost, General Maritime expects to improve and reduce its near-term working capital needs; second, entering the pool complements our flexible deployment strategy by enhancing our ability to maximize earnings, while maintaining a level of stability in our results; third, the pool provides the opportunity to realize that economy scale and a benefit from high margin extensive global network; finally, as a founding member, General Maritime will have voting rights with respect to the pool and will work with Heidmar to set and implement the pool strategy in order to optimize results. Read the rest of this transcript for free on seekingalpha.com