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As of December 31, 2012, we recorded an impairment loss of $129.6 million for thirteen of our older vessels. The indicators of potential impairment of these vessels included volatility in the spot market and decline in the vessels' market values, as well as the potential impact the current charter marketplace may have on the future operation of the older vessels in our fleet, which are either laid up, or on short-term charters.
Operating Revenue
Operating revenue increased 18.3%, or $23.5 million, to $151.8 million in the three months ended December 31, 2012, from $128.3 million in the three months ended December 31, 2011. The increase was primarily attributable to the addition of six vessels to our fleet, as follows:
Vessel Name Vessel Size (TEU) Date Delivered------------------------ ------------------------ ------------------------HyundaiTogether 13,100 February 16, 2012CMA CGM Melisande 8,530 February 28, 2012Hyundai Tenacity 13,100 March 8, 2012Hyundai Smart 13,100 May 3, 2012Hyundai Speed 13,100 June 7, 2012Hyundai Ambition 13,100 June 29, 2012
These additions to our fleet contributed revenues of $31.8 million during the three months ended December 31, 2012 (552 operating days in total).
Furthermore, operating revenues for the three months ended December 31, 2012, reflect:
•$4.5 million of incremental revenues in the three months ended December 31, 2012 compared to the same period of 2011, related to two 8,530 TEU containerships (the CMA CGM Bianca and the CMA CGM Samson, which were added to our fleet on October 26, 2011 and December 15, 2011, respectively).
•$1.2 million decrease in revenues in the three months ended December 31, 2012 compared to the same period of 2011, related to the sale of one 2,130 TEU containership, the Montreal, on April 27, 2012.
•$11.6 million decrease in revenues in the three months ended December 31, 2012 compared to the same period of 2011. This was mainly attributable to an increase in off-hire days of 398 days, to 565 days in the three months ended December 31, 2012, from 167 days in the three months ended December 31, 2011 ($6.3 million reduction in revenue in relation to the vessels that were off-charter and laid up for 501 days during the fourth quarter of 2012 compared to 138 days during the fourth quarter of 2011), as well as re-chartering of certain vessels in 2012 at lower charter rates compared to what these vessels were earning during the 4th quarter of 2011.
Vessel Operating Expenses
Vessel operating expenses decreased 3.8%, or $1.2 million, to $30.5 million in the three months ended December 31, 2012, from $31.7 million in the three months ended December 31, 2011. The reduction is mainly attributable to the reduced costs of 5.3 vessels on average which were on lay-up during the fourth quarter of 2012 compared to 1.4 vessels on average during the fourth quarter of 2011. The overall decrease in vessel operating expenses was offset in part by the increased average number of vessels in our fleet during the three months ended December 31, 2012 compared to the same period of 2011.
The average daily operating cost per vessel was reduced to $5,857 for the three months ended December 31, 2012, from $6,318 for the three months ended December 31, 2011 (excluding those vessels on lay-up).
