Thursday, September 14, 2017 11:18:15 AM
Now, I will pass the floor to Mr. Tsantanis. Please go ahead, sir.
Stamatis Tsantanis
Thank you, Judy. Good morning, everyone and thank you for joining us today.
I'd like to open this call with a statement about the improved dry bulk market conditions, which contributed to our first positive EBITDA since our fleet renewal took place in 2015. Our EBITDA for the second quarter of 2017 was $3.5 million compared to negative $0.6 million in the same period last year.
In the first part of 2017 the dry bulk market improved considerably compared to the historical lows in 2016 and the Baltic Capesize index picked around $20,000 a day in March, while the value of five-year-old Capesize vessels exceeded $32 million.
Despite this recovery, the time charter equivalent rate is still well below the 20-year average, so is the relevant Capesize value. As a result, we would like to express our confidence in our ability to further improve our operating income in this environment as the positive trend continues.
The improved market conditions and our larger fleet led to a 125% increase over our net revenues in the second quarter as compared with the second period last year. Apart from this, the first half of 2017 has been very constructive towards the execution of our business plan.
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