Adjusted EBITDA for the first quarter was 17.9 million compared to 14.2 million last year. In Q1 2012, the time charter equivalent was $16,841 per day compared to $23,252 last year, representing mainly the expiration of our below market time charter agreements, the lost off-hire due to the grounding of the Star Polaris and the low freight rate environment.

Our average daily operating expenses were $5,582 per vessel, 8% higher than the same period last year emanating from the 28% rise in our fleet’s average vessel size from the addition of the four new Capes.

The adjusted net income of 5.9 million represent $0.07 earnings per share basic and diluted which is significantly higher than analyst consensus of $0.025 loss according to Bloomberg.

Please turn now to Slide four to discuss our balance sheet profile which we believe is one of the healthiest in the dry bulk industry. First of all, I’d like to point out the we currently have zero capital expense commitments as well as no exposure to interest rate swaps, so we are able to take advantage of the prevailing low interest rate environment as all our loans are based on floating rate.

As of today, total debt stands at 243.1 million and our current cash position stands at $41.9 million. Our net debt stands at around 4.4 times 2012 EBITDA. For this calculation we have annualized a Q1 2012 EBITDA and we have adjusted each for non-recurring and non-cash items.

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