Our net revenue from the second quarter of 2012 was $11.9 million, down from $23.6 million in the year ago period, due to the renewal of several of our time charters at lower rates.

Our EBITDA for the quarter was $6.3 million, while we reported net income of $0.2 million. When these results are adjusted for non-cash items, our adjusted EBITDA was $6.6 million and our adjusted net income was $0.5 million or about $0.01 per share.

Slide five provides an overview of the length of the remaining charter period for each of our vessels. Full details of the charter for our fleet can be found under the Appendix section of this presentation, based on latest delivery dates, our fixed revenue days currently stand at 97% in 2012, 69% in 2013 and 35% in 2013 -- ‘14. Overall, the average remaining term of our charters is 1.9 years.

As of June 30th, after taking into consideration, all recent developments and based on latest delivery dates, while excluding of holidays due to second scheduled drydockings, we have secured time charter revenues of approximately $58 million, out of which $24 million is scheduled for the current year 2012.

On slide six, we present some remarks on our leverage. Currently, our total debt stands at $207 million, while our cash position stands at $23 million. This translates into net debt of $184 million, representing a moderate 58% net debt to total capitalization.

The continue market downturn, which has been more severe than anticipated has further depressed vessel prices and has impacted our rechartering rates. As of June 30, 2012, we are not in compliance with the EBITDA coverage ratio covenant contained in one of our loan agreements and the security cover ratio contained in four of our loan agreements.

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