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Let us now turn to slide number three of the presentation to first discuss our balance sheet, which we’d like to highlight, because we believe it is one of the healthiest in the drybulk industry.As of today, our senior debt stands at $268 million, including the full withdraw able amount from the Credit Agricole facility for the financing of Star Polaris that is going to be delivered next week. Important to mention is that we have zero CapEx commitments from now on. Our current cash position stands at $39 million, Star Bulk has resisted exposure to interest rate swaps and we’re taking the full benefit of the prevailing low interest rates as all of our loans are based on floating rates. According to analyst consensus estimates on Bloomberg, our 2012 EBITDA is expected to be around $52 million. Our net debt amounts to around $230 million. And so, our net debt stands at around 4.4 times consensus 2012 EBITDA. Our principal repayment commitments for this year are down substantially compared to last year since our loan repayment schedules were intentionally designed to be front-loaded. Specifically, as you can see in the bar graph, during 2010, our principal repayments stood at $68 million, while our 2011 repayment commitments stand at $37 million out of which the remaining amount till year end stands at only $1.5 million. Our principal repayment commitments amount to $35 million for each of 2012 and 2013. We believe that these characteristics make Star Bulk one of the most financially solid players in the drybulk industry today. Please turn to slide four to discuss our third and nine months 2011 financial highlights. In the third quarter 2011, gross revenue amounted to $26.3 million and our net loss amounted to $3 million. Excluding non-cash items, such as amortization differed revenue and stock based compensation, our net loss for the third quarter amounted to $1.5 million.
Adjusted EBITDA for third quarter 2011 was $11.9 million, while average daily operating expenses were $5,682 per vessel. The Time Charter equivalent was $18,808 per day. The adjusted net loss of $1.5 million represented $0.02 loss per share basic and diluted, which is above Bloomberg consensus.For the nine months 2011, gross revenue amounted to $78.4 million and net income amounted to $0.4 million. Excluding non-cash items as well as a loss related to an early time Charter termination, our adjusted net income for the nine months 2011 amounted to $2.1 million. Adjusted EBITDA for nine months 2011 was $41 million while average daily operating expenses were $5,478 per vessel. The Time Charter equivalent in the nine months 2011 was $20,165 per day. The adjusted net income of $2.1 million represents $0.03 earnings per share basic and diluted. Slide five illustrates our high quality fleet of drybulk vessels consisting of 14 drybulk carriers with a fully funded Capsize new building on its way to be delivered next week. Once we take delivery of our second new building, we’ll have increased our operating fleet by 75% in terms of cargo carrying capacity from the beginning of 2011. As you can see in the bar graph on the lower left hand side, we have managed to grow our fleets from the beginning of 2011 from 900,000 tons to just above 1.6 million dead weight tons by the end of 2011. Our fleet growth will result in an increase in our ownership days with visible revenue in the volatile freight markets. It is also worth noting that in the process of growing our fleet we have also been renewing it. Since our inception, we have sold three of our older vessels, while acquiring eight younger vessels. As a result, we expect our fleet’s average age to be 10.6 in December of 2011, only two months older than a year ago. So, we have achieved considerable growth while also renewing our fleets. Read the rest of this transcript for free on seekingalpha.com