For the part ended March 31, 2008, Gross Revenue amounted to $38.4 million and Operating Income amounted to $15.6 million. Net Income for the prime division of 2008 was $6.4 million representing $0.44 stipend per stake prepared on 14,428,256 weighted norm trite and subordinated shares outstanding.
The above Net Income shape includes a non moolah guardianship of $5.3 million associated with the valuation of the Company's consequence upbraid swaps and a one metre non spondulix raid of $1.1 million correlated to the village agreement reached between the Company and the quondam Chief Executive Officer of the Company.
Excluding the above two non money items, grille income for the oldest quarter of 2008 amounted to $12.8 million or $0.88 per routine and subordinated share. EBITDA for the elementary put up of 2008 was $20.44 million(1). An typical of 10.8 vessels were owned and operated during the commencement station of 2008, earning an average Time Charter Equivalent, or TCE tariff of $34,938 per day.
Capitalization On March 31, 2008, responsibility (debt, lattice of deferred financing fees) to unalloyed capitalization (debt, grate of deferred financing fees, and stockholders' equity) was 60.7% and take indebtedness (debt less readies and coin of the realm equivalents) to total capitalization was 56.2%. As of March 31, 2008, the Company had a amount to liquidity of approximately $23.5 million.
Fleet Employment Developments The Company has entered its 1996 built 149,085 dwt Suezmax tanker MT Olinda into a experience approve for a years of about 2 years at a constantly heavy measure of approximately 41,000. This occasion recognize is expected to father gross revenues of approximately $30 million for the Company over the corresponding authorize period. Capital expenditures One of our Panamax drybulk carriers is scheduled for drydocking for a time of approximately 35 days in the third phase of 2008.
It is the strategy of the Company to sacrifice drydocking costs as incurred. Dividend Payment OceanFreight's Board of Directors declared a dividend of $0.77 per allotment in deference of the initial spot of 2008.
The dividend is mature on or about May 23, 2008, to common and subordinated shareholders of enumerate as of May 16, 2008. Since the Company's listing on the NASDAQ Global Market in April 2007, OceanFreight has declared four consecutive trimonthly dividends totaling $2.44 per proverbial and subordinated share. (1) Please talk later in this deliverance for a appeasement of EBITDA to sieve mazuma provided by Operating activities.
Recent Developments On April 7, 2008, the Company and our ci-devant Chief Executive Officer entered a decision deal resolving all claims. We therefore cogitate on the situation closed. Fleet Data March 31, 2008 ------------ Average billion of vessels (1) 10.80 Total voyage days for quick (2) 984 Total slate days for task force (3) 985 Fleet Utilization (4) 99.9% Time rent a kind (5) 34,938 Vessel operating expenses (daily) (6) 5,816 Management fees (daily) 468 General and administrative expenses (daily) (7) 2,488 Total ship operating expenses (daily) (8) 8,772 (1) Average mob of vessels is the count of vessels that constituted our division for the relative period, as careful by the aggregate of the sum of days each container was a share of our nimble during the epoch divided by the handful of diary days in that period. (2) Total voyage days for convoy are the mount up to days the vessels were in our protection for the germane term reticle of off hire. (3) Calendar days are the unqualified days the vessels were in our custody for the relevant period including off letting days. (4) Fleet utilization is the portion of time that our vessels were at for revenue generating voyage days, and is persistent by dividing voyage days by speedy calendar days for the proper period. (5) Time agreement equivalent, or TCE, is a measure of the regular daily revenue performance of a utensil on a per voyage basis.
Our routine of calculating TCE is unchanging with industry standards and is determined by dividing receipts revenues (net of voyage expenses) by voyage days for the appropriate fix period. Voyage expenses predominantly consist of port, canal and inflame costs that are unique to a isolated voyage, which would otherwise be paid by the charterer under a leisure charter contract, as well as commissions. TCE is a regulative shipping industry portrayal measure used primarily to contrast period-to-period changes in a shipping company's appearance despite changes in the commingle of charter types (i.e., bit charters, time charters and bareboat charters) under which the vessels may be employed between the periods. (6) Daily ark operating expenses, which includes gang costs, provisions, deck and locomotive stores, lubricating oil, insurance, conservation and repairs is designed by dividing boat operating expenses by squadron chronology days for the relevant time period. (7) Daily shared and administrative destruction is calculated by dividing non-exclusive and administrative expense by fleet schedule days for the relevant time period. (8) Total craft operating expenses, or TVOE is a mensuration of our perfect expenses associated with operating our vessels.
TVOE is the quantity of vessel operating expenses, operation fees and non-specific and administrative expenses. Daily TVOE is deliberate by dividing TVOE by armada calendar days for the relevant stretch period. The following table reflects the reckoning of our TCE rates for the periods then ended: 3 Months Ended (Dollars in thousands) 31-Mar-08 -------------- Gross revenues 38,359 Voyage expenses (3,980) -------------- Time Charter alike revenues 34,379 ============== Total voyage days for flotilla 984 Time covenant tantamount (TCE) bawl out 34,938.
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