Operator
Thank you for standing by, ladies and gentlemen, and welcome to the Star Bulk Conference Call on the Second Quarter 2012 Financial Results. We have with us Mr. Spyros Capralos, President and Chief Executive Officer; and Mr. Simos Spyrou, Chief Financial Officer of the company.
At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session. (Operator Instructions) I must advise you that this conference is being recorded today, Wednesday, August 29, 2012.
We now pass the floor to one of our speaker today Mr. Spyros Capralos. Please go ahead sir.
Spyros Capralos - President and Chief Executive Officer
Thank you, operator. I’m Spyros Capralos, President and Chief Executive Officer of Star Bulk Carriers, and I would like to welcome you to the Star Bulk Carriers’ first half and second quarter 2012 financial results conference call. Along with me today to discuss our financial results is our CFO, Mr. Simos Spyrou.
Before we begin, I kindly ask you to take a moment to read the Safe Harbor statement on slide number two of our presentation.
Let us now turn to slide number three of the presentation for a preview of our second quarter 2012 financial highlights in comparison to last year. In the three months ended June 30, 2012, gross revenues amounted to $21.8 million, representing a 4% reduction versus the same period of 2011. General and administrative expenses were reduced by 25% to $2.1 million in Q2 2012 versus $2.9 million in Q2 2011.
Overall, during the second quarter of 2012, the company had a net loss of $4.6 million compared to a net income of $1.7 million in Q2 2011. Excluding non-cash items, our net loss for the second quarter amounted to $2.9 million compared to an adjusted net income of $2.3 million in Q2 2011.
Adjusted EBITDA for the second quarter of 2012 was $8.4 million compared to $15.1 million last year. Our time charter equivalent during this quarter was $14,628 per day compared to $18,664 last year, representing mainly the low freight rate environment and as well as the lost off-hire due to the grounding of the Star Polaris.
Our average daily operating expenses were $5,241 per vessel, 11% lower than the same period last year despite the fact that our average vessel size increased by 39% due to the higher number of Capes in our fleet.
The adjusted net loss of $2.7 million represents $0.04 loss per share basic and diluted.
Please turn to slide number four of the presentation for a preview of our first half 2012 highlights. In the six months ended June 30, 2012, gross revenues amounted to $49.8 million representing a 5% reduction versus the same period of 2011. G&A expenses amounted to $5.3 million and overall during the first half of 2012 the company had a net loss of $4.5 million.
Excluding non-cash items, our net income for the first half amounted to $3.2 million while our adjusted EBITDA stood at $26.4 million. Our time charter equivalent during this period was $15,724 per day, while our average daily operating expenses amounted to $5,416 per vessel. The adjusted net income of $3.2 million represents $0.04 earnings per share basic and diluted.
Please turn now to slide five to discuss our balance sheet profile. First of all, I’d like to point out that we currently have zero capital expense commitments related to the newbuilding as well as no exposure to interest rate swaps. So we continue to take advantage of the prevailing low interest rate environment.
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