Even if we exclude the non-cash amortization of stock-based compensation expenses, G&A expenses were reduced by 14% from $2.8 million to $2.4 million. Our net loss for the fourth quarter 2011 amounted to $69.3 million, which includes a $62 million impairment loss related to two of our Capesize vessels namely Star Sigma and Star Ypsilon, the two oldest vessels in our fleet both built in 1991.

Excluding non-cash items, our net loss for the fourth quarter amounted to $3.1 million. Adjusted EBITDA for the fourth quarter 2011 was $12.5 million, while our average daily operating expenses were $6,028 per vessel. In the fourth quarter 2011, the time charter equivalent was $19,561 per day.

The adjusted net loss of $3.1 million represents a $0.04 loss per share, basic and diluted, which is slightly better than analyst consensus of $0.05 loss according to Bloomberg.

Please turn now to slide four, to discuss our year-end December 31, 2011 financial highlights. Gross revenues for the year amounted to $105.2 million versus $121 million in 2010, a reduction of 15%. Our general and administrative expenses for 2011 amounted to $12.5 million versus $15.4 million in 2010, a reduction by a 19%. Even if we exclude the non-recurring severance payments and the non-cash amortization of stock-based compensation, G&A expenses in 2011 amounted to $8.3 million versus $8.9 million in 2010, posting a 7% reduction.

2011 net loss amounted to $68.9 million, again this figure includes a $62 million non-cash impairment loss in the fourth quarter of 2011 for the two Capesize vessels. Excluding non-cash items, our adjusted net loss for the full year 2011 amounted to $1.1 million, which represents a loss of $0.02 per share.

Adjusted EBITDA for full year 2011 was $53.4 million, while average daily operating expenses were $5,643 per vessel. The time charter equivalent for the full year of 2011 was 19,989 per day verus 26,859 in 2010.

If you liked this article you might like

Rev's Forum: Keep Your Motor Idling, but Wait to Gun That Engine

Traders Are Focused on the Big-Caps

Dry Bulk Shippers Upgraded at Morgan Stanley, Stocks Surge

It's Called a Watch List for a Reason

Market Taking a Break, but Probably Not for Long