Twelve Months 2012 Results:

  • Net income for the twelve months ended December 31, 2012 was $29.0 million, or $1.41 per share, compared to a net income of $8.5 million, or $0.41 per share, for the twelve months ended December 31, 2011. The $20.5 million, or 241.2%, increase in net income was mainly due to the following factors:
  • Revenues for the twelve months ended December 31, 2012, amounted to $119.2 million, an increase of $0.9 million, or 0.8%, compared to revenues of $118.3 million for the twelve months ended December 31, 2011. The increase in revenues, despite the lower average number of vessels in our fleet, was firstly due to the higher chartering rates achieved due to improving freight markets and secondly due to higher earnings of the new vessels added to our fleet versus the older vessels that were sold.
  • Voyage expenses and vessels' operating expenses for the twelve months ended December 31, 2012 were $12.7 million and $30.6 million, respectively, compared to $17.8 million and $36.6 million, respectively, for the twelve months ended December 31, 2011. The $5.1 million, or 28.6%, decrease in voyage expenses was due primarily to the lower number of vessels under spot charters in 2012. The $6.0 million, or 16.4%, decrease in vessels' operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2012 period.
  • Drydocking Costs for the twelve months ended December 31, 2012 were $2.1 million compared to $3.4 million for the twelve months ended December 31, 2011. During 2012 five vessels were drydocked compared to nine vessels during 2011.
  • Included in the twelve months 2012 results are net losses from interest rate derivative instruments of $1.1 million. This amount includes $4.6 million, or $0.22 per share, of interest paid on interest rate swap arrangements. The Company also realized a $1.4 million gain on sale of vessels compared to a $5.7 million loss for the same period last year. Adjusted net income was $24.2 million or $1.18 per share for the twelve months ended December 31, 2012 compared to $11.6 million or $0.56 per share for the same period last year.
  • EBITDA for the twelve months ended December 31, 2012 amounted to $66.9 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.

An average of 36.9 vessels were owned by the Company in the twelve months ended December 31, 2012, compared to 37.6 vessels for the same period of 2011.

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