At this time, I would like to introduce Gerry Buchanan, the President of Genco Shipping & Trading.

Robert Gerald Buchanan

Good morning, and welcome to Genco's second quarter 2012 Conference Call. And with me today is Peter Georgiopoulos, our Chairman; and John Wobensmith, our Chief Financial Officer. I'll begin today's call by discussing our second quarter highlights as outlined on Slide 3 of the presentation. I will then turn the call over to John to review our financial results for the 3-month period ended June 30, 2012. Following this, I will discuss the industry current fundamentals. John, Peter and I will then be happy to take the questions.

During the second quarter and year-to-date, Genco has maintained an opportunistic time charter approach while taking proactive measures to preserve a strong financial platform in a challenging drybulk market. By maintaining the ability to benefit from future rate increases, and strengthening the company's financial flexibility, we have enhanced our position to drive future performance when market conditions improve.

Turning to Slide 5, Genco recorded a net loss of $27.7 million or $0.65 basic and diluted loss per share for the 3 months ended June 30, 2012. Genco's cash position excluding Baltic Trading Limited was $251.4 million, which reflects the cash flows generated by a large high-quality fleet. During the second quarter, we maintained our focus on signing vessels to short-term or spot-market-related contracts with reputable, multinational companies, preserving the company's ability to generate significant operating leverage and a rising freight rate environment. Additionally, we continue to take proactive measures to increase our financial strength and flexibility. Specifically, we recently amended each of our 3 credit facilities under favorable terms, which John will discuss in more detail later in the call.

Moving to Slide 6, we provide a summary of our fleet. Genco's modern and diversed fleet positions the company well to continue to provide service, adheres to the highest operational standards and take advantage of the positive long-term demand for the global transportation of iron ore, steel and other core commodities. Excluding bulky trading fleet, we currently own a fleet of 53 drybulk vessels, consisting of 9 Capesize, 8 Panamax, 17 Supramax, 6 Handymax and 13 Handysize vessels with a total carrying capacity of approximately 3,810,000 deadweight. Importantly, the average change of our fleet is 7.2 years, well below the industry average of approximately 11 years.

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