In order to preserve our existing liquidity position while we discuss certain modifications with our lenders, the Board of Directors has decided to suspend the payment of dividend, on the Company's common stock until a mutually agreeable solution can be reached with our lenders and the general freight rate environment improves.
Recent Developments
Effective as of the opening of trading on October 15, 2012, the Company affected a one-for-fifteen reverse stock split of its common shares. The reverse stock split was approved by shareholders at the Company's 2012 Annual General Meeting of Shareholders held on September 7, 2012. The reverse stock split reduced the number of the Company's common shares from 81,012,403 to 5,400,810 and affected all issued and outstanding common shares. No fractional shares were issued in connection to the reverse split. Shareholders who would otherwise hold a fractional share of the Company's common stock received a cash payment in lieu of such fractional share. The share and per share information for all periods presented in this press release has been adjusted to reflect the reverse stock split.
Summary of Selected Data
(TCE rates expressed in U.S. dollars) 3 months ended 3 months ended September 30, September 30, 2012 2011 -------------- --------------Average number of vessels (1) 14.0 12.5 -------------- --------------Number of vessels (as of the last day of the periods reported) 14 14 -------------- --------------Average age of operational fleet (in years) (2) 10.6 11.0 -------------- --------------Ownership days (3) 1,288 1,148 -------------- --------------Available days (4) 1,157 1,122 -------------- --------------Voyage days for fleet (5) 1,087 1,117 -------------- --------------Fleet utilization (6) 93.9% 99.6% -------------- --------------Average per-day TCE rate (7) $ 15,201 $ 18,817 -------------- --------------Average per day OPEX per vessel $ 4,878 $ 5,682 -------------- -------------- 9 months ended 9 months ended September 30, September 30, 2012 2011 -------------- --------------Average number of vessels (1) 14.2 11.5 -------------- --------------Number of vessels (as of the last day of the periods reported) 14 14 -------------- --------------Average age of operational fleet (in years) (2) 10.6 11.0 -------------- --------------Ownership days (3) 3,904 3,139 -------------- --------------Available days (4) 3,704 3,089 -------------- --------------Voyage days for fleet (5) 3,556 3,074 -------------- --------------Fleet utilization (6) 96.0% 99.5% -------------- --------------Average per-day TCE rate (7) $ 15,560 $ 20,166 -------------- --------------Average per day OPEX per vessel $ 5,239 $ 5,478 -------------- --------------
