Years ended December 31, 2012 and 2011 Results
Total comprehensive loss for the year ended December 31, 2012 amounted to $82.8 million or $8.22 basic loss per share based on 10,142,979 weight average number of shares. If adjusted for the impairment loss of $80.2 million, total adjusted comprehensive loss for the period becomes $2.6 million or $0.30 basic loss per share. Total comprehensive income for the year ended December 31, 2011 was $6.9 million or $0.80 basic earnings per share based on 8,688,543 weighted average number of shares.
Revenue
Revenue decreased by $3.4 million, or 10%, to $32.2 million in 2012, compared to $35.6 million in 2011. Net revenues decreased by $4.6 million, or 14%, to $27.7 million in 2012, from $32.3 million in 2011. The decrease is primarily attributable to a decrease in average TCE rates due to the unfavorable average shipping rates achieved by the vessels in our fleet in 2012 compared to 2011. In 2012, we had total operating days of 2,471 and fleet utilization of 98.9%, compared to 2,083 operating days and a fleet utilization of 98.7% in 2011.
Voyage expenses
Voyage expenses increased by $1.2 million, or 36%, to $4.5 million in 2012, compared to $3.3 million in 2011. This increase is primarily attributable to the one time charge of about $1.5 million relevant to the non-performance by Allied of its' obligations under the charter of m/v Star Globe.
Vessel operating expenses
Vessel operating expenses increased by $2.4 million, or 30%, to $10.4 million in 2012, compared to $8.0 million in 2011. The increase in operating expenses is primarily attributable to the 21% increase in ownership days resulting from the increase of the average number of vessels in our fleet from 5.8 vessels in 2011 to 7.0 vessels in 2012. The breakdown of our operating expenses for the year 2012 was as follows:
Year 2012 Year 2011 Crew expenses 50% 52% Repairs and spares 21% 17% Insurance 9% 11% Stores 11% 12% Lubricants 7% 6% Other 2% 2%
Daily vessel operating expenses were $4,736 in 2012 compared to $4,527 in 2011, representing an increase of 5%.
Depreciation
Depreciation increased by $1.1 million, or 11%, to $11.3 million in 2012, compared to $10.2 million in 2011. This increase is directly the result of the increase in the average number of vessels in our fleet.
Amortization of fair value of time charter attached to vessels
Amortization amounted to $1.8 million in 2012 compared to $0.8 million in 2011. Amortization refers to the fair value of above market time charters attached to the two vessels the m/v Moon Globe and m/v Sun Globe acquired during the second half of 2011 which is amortized on a straight line basis over the remaining period of the time charters.
Administrative expenses
Administrative expenses decreased by $0.2 million, or 10%, to $1.9 million in 2012, compared to $2.1 million in 2011. This decrease is primarily a result of our efforts to control administrative expenses and thus becoming more efficient.
