Danaos Corporation

and fleet utilization given the softer market conditions and a 5.3 million decrease in revenues due to lower non-cash revenue recognition US GAAP accounting. Vessel operating expenses increased by 1.3 million to 28.6 million in the current quarter from 27.3 million in the second quarter of 2019. And that was a result of the increase in the average number of vessels in our fleet while at the same time the average daily vessel operating cost decreased to $5,787 per day for the current quarter from $5,884 per day in the second quarter of 2019 and remains as one of the most competitive in the industry. G&A expenses decreased by half a million to $6 million in the current quarter compared to $6.5 million in the second quarter of 2019, mainly due to decreased non-cash recognition of stock-based compensation. Interest expense, excluding finance cost amortization and accruals, decreased by $5.1 million to $9.8 million in the current quarter, compared to $14.9 million in the second quarter of 2019. This improvement is attributed to a $95.8 million decrease in our average indebtedness and the reduction of US dollar LIBOR by 155 basis points between the two periods. Finally, adjusted EBITDA increased by 6% or 4.5 million to 80.1 million in the current quarter from 75.6 million in the second quarter of 2019 for the reasons outlined earlier on this call. With that, I would like to thank you for listening to this first part of our call. Operator, we are now ready to open the call to Q&A.

Thank you. We will now begin the question and answer session. To ask a question, you may press star, then 1 on your touchtone phone. If you are using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star, then 2. At this time, we will pause momentarily to assemble our roster. Our first question comes from Randy Gibbons with Jefferies LLC. Please go ahead.

Howdy, gentlemen. How's it going? First and foremost, obviously, great to see the new $10 million repurchase authorization. As I've been saying, the current equity valuation is pretty cheap here. And although I've kind of advocated for dividends earlier this year, share repurchases at these levels certainly make the most sense. So with that said, you know, authorization is one thing, implementation is another. So based on the current trading volumes, it would probably take a while to repurchase $10 million worth of shares, right? But do you expect to do a tender offer or a privately negotiated transaction here during 3Q?