The Company's revenues were earned from time and voyage charters. Gross revenues for the six-month period ended June 30, 2012 were $105,360,411, compared with $171,518,078 recorded in the comparable period in 2011. The decrease in gross revenues is attributable to lower time charter rates and a decrease in voyage revenues in the period, offset marginally by operating a larger fleet. Gross revenues recorded in the six-month period ended June 30, 2012 and 2011, include an amount of $2,434,040 and $2,566,329, respectively, relating to the non-cash amortization of fair value below contract value of time charters acquired. Brokerage commissions incurred on revenues earned in the six-month periods ended June 30, 2012 and 2011 were $4,206,778 and $8,419,914, respectively. Net revenues during the six-month period ended June 30, 2012, decreased 38% to $101,153,633 from $163,098,163 in the comparable period in 2011.

Total operating expenses were $119,723,715 in the six-month period ended June 30, 2012 compared to $148,398,858 recorded in the same period of 2011. The decrease in operating expenses was primarily due to a reduction in chartered-in days and lower voyage expenses offset by the increase in operating a larger fleet size which includes increases in vessels crew cost, insurances and vessel depreciation expense. The decrease in General and Administrative expenses is primarily attributable to lower allowance for bad debts being booked in the six-month period ended June 30, 2012 compared with 2011.

EBITDA, adjusted for exceptional items under the terms of the Company's credit agreement, decreased by 55% to $23,783,682 for the six months ended June 30, 2012 from $52,932,372 for the same period in 2011. (Please see below for a reconciliation of EBITDA to net loss).

Liquidity and Capital Resources

Net cash used in operating activities during the six-month period ended June 30, 2012, was $1,463,360, compared with net cash provided by operating activities of $26,445,490 during the corresponding six-month period ended June 30, 2011. The decrease was primarily due to lower rates on charter renewals and from the operation of a larger fleet offset by a reduction in charter hire expenses and related voyages expenses.

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