DHT Holdings reported revenues for the period from July 1 to September 30, 2011 of $26.6 million, compared to revenues of $23.3 million for the prior-year period. For the quarter there was no profit sharing under our profit-sharing arrangements.
Our vessels were on-hire 99.7% for the quarter. This does not include planned off-hire during the quarter related to the DHT Chris completing its special survey and dry-dock. The next scheduled class surveys are special surveys and dry-docks for two VLCCs; one each in the fourth quarter 2011 and first quarter 2012. In addition, two Aframax vessels are scheduled for interim surveys in the fourth quarter of 2011.
Vessel expenses for the quarter were $8.2 million which included costs related to the transfer of one vessels to a new technical manager compared to $6.8 million during the third quarter of 2010. The increase is a direct reflection of fleet expansion during the first half of 2011. Charter hire expense for the quarter was $2.5 million related to the charter in of the Venture Spirit. There was no charter hire expense during the third quarter of 2010.
Depreciation and amortization, including depreciation of capitalized dry docking costs, was $8.4 million for the quarter compared with $7.2 million for the same period of 2010. The increase was due to depreciation on the two vessels acquired during 2011 which was partially offset by impact on depreciation of increasing the residual value of our other vessels as of January 1, 2011.
Due to the weak tanker markets and decline in values for second hand tankers, the Company has recorded an impairment charge of $56.0 million in the third quarter. The impairment charge is a non-cash item. There was no impairment charge for the same period in 2010.
G&A for the quarter was $2.3 million including non-cash charge related to restricted share agreements for our management and board of directors. G&A for the quarter include $0.3 million related to the offer to acquire Saga Tankers. G&A for the third quarter of 2010 was $2.1 million.
Net financial expenses of $1.9 million for the quarter included a net non-cash gain on interest rate swaps of $0.7 million compared with $3.7 million in net financial expenses for the same quarter of 2010. The decline in net financial expense is mainly due to the expiry of an interest rate swap in October 2010.
We had a net loss for the quarter of $52.8 million or $0.82 per diluted share. Adjusted for the non-cash impairment charge, net income for the quarter was $3.3 million, or $0.05 per share compared to net income of $3.6 million or $0.07 per diluted share, for the third quarter of 2010. After adjusting for the non-cash impairment charge and non-cash financial items related to interest rate swaps, net income for the quarter was $2.9 million or $0.5 per diluted share compared to $3.5 million or $0.07 per diluted share, for the third quarter of 2010. Operating cash flow after debt service(1) was a negative $13.9 million as a result of the $24 million voluntary prepayment under the RBS credit agreement or $(0.22) per share compared to a positive $10.6 million or $0.22 per diluted share, for the third quarter of 2010. Operating cash flow in the third quarter of 2011 excluding the $24 million voluntary debt prepayment was $10.1 million, or $0.16 per share.
For the third quarter of 2011, net cash flows provided by operating activities were $5.6 million, compared to $8.9 million for the prior-year period. Lower net income and use of cash for operating assets mainly related to the difference in the recording date for prepaid charter hire during the third quarter of 2011 compared with the same period of 2010 was partially offset by the non-cash impairment charge and higher depreciation during the third quarter of 2011.
Cash used in investing activities was $1.8 million for the third quarter of 2011 mainly due to the DHT Chris completing its special survey and dry-dock during the period. There were no investments during the same period of 2010.
Cash flows used in financing activities was $31.7 million mainly related to voluntary prepayment of $24 million in long term debt and the payment of dividends. This compared to net cash flows used in financing activities of $4.9 million for the third quarter of 2010 which related to the payment of dividends.
At the end of the third quarter of 2011, our cash balance was $45.4 million compared with $58.6 million at December 31, 2010. As of the date of our most recent compliance certificates submitted for the third quarter, we remain in compliance with our financial covenants.
For the nine month period ending September 30, 2011, our company had revenues of $74.8 million, compared to revenues of $66.8 million for the prior-year period. For the nine month periods ending September 30, 2011 and 2010 there was no profit sharing under our profit-sharing arrangements. The increase in revenues was mainly due to the addition of three vessels to our fleet during the first half of 2011. The DHT Phoenix was delivered to us on March 2, 2011 and entered the Tankers International Pool on April 14, 2011. The DHT Eagle was delivered to us on May 27, 2011 and is employed on a two year time charter at $32,300 net per day. The Venture Spirit was delivered on May 16, 2011 and is employed in the Tankers International Pool.
Our vessels were on-hire 99.6 % for the nine month period. This does not include planned off-hire during the period related to the DHT Ann and DHT Chris completing their special surveys and dry-docks.
Voyage expenses of $1.3 million in the nine months of 2011 relate to bunker consumption to reposition the newly acquired DHT Phoenix to enter the Tankers International Pool. There were no similar expenses during the corresponding period of 2010.
Vessel expenses for the nine month period ending September 30, 2011 were $23.2 million compared to $22.9 million for the prior-year period. The increase is a direct reflection of fleet expansion during the first half of 2011. Charter hire expense for the 2011 period was $3.7 million related to the charter in of the Venture Spirit. There was no charter hire expense during the corresponding period in 2010.
Depreciation and amortization expenses, including depreciation of capitalized dry docking costs, were $23.0 million for the nine month period ending September 30, 2011 compared with $21.2 million for the same period of 2010. The increase was due to depreciation on the two vessels acquired during 2011 which was partially offset by impact on depreciation of increasing the residual value of our other vessels as of January 1, 2011.
Due to the weak tanker markets and decline in values for second hand tankers, the Company has recorded an impairment charge of $56.0 million in the third quarter. The impairment charge is a non-cash item. There was no impairment charge for the same period in 2010.
G&A for the first nine months of 2011 was $7.0 million including non-cash cost related to restricted share agreements for our management and board of directors, compared to $6.3 million for the prior year period. G&A for the first nine month period of 2011 includes a high level of activity including vessel inspections, equity offering, contemplated Saga Tankers acquisition, and fleet expansion.
Net financial expenses were $5.0 million for the first nine months of 2011 compared to $17.1 million in the prior year period. Net financial expenses for the period included a net non-cash gain on interest rate swaps of $0.5 million. The decline in net financial expense is mainly due to the expiry of an interest swap in October 2010, a $3.7 million cost related to the early termination of $35 million of interest rate swaps as well as higher non-cash swap expenses in the same period in 2010.
We had a net loss for the nine month period ending September 30, 2011 of $44.5 million or $0.72 per diluted share. Adjusted for the non-cash impairment charge, we had a net income of $11.5 or $0.19 per share for the period compared to net loss of $0.1 million or $(0.01) per diluted share for the prior year period. After adjusting for non-cash the impairment charge and non-cash financial items related to interest rate swaps, net income for the nine month period ending September 30, 2011 was $11.0 million or $0.18 per diluted share compared to $1.2 million or $0.02 per diluted share, for the prior year period. Operating cash flow after debt service(1) was $8.2 million as a result of the $24 million voluntary prepayment under the RBS credit agreement or $0.13 per share compared to $22.5 million or $0.46 per diluted share, for the prior year period. Operating cash flow for the nine month period excluding the $24 million voluntary debt prepayment was $32.2 million, or $0.52 per share.
For the nine month period ended September 30, 2011, net cash flows provided by operating activities was $24.0 million, compared to $23.2 million for the prior-year period. Lower net income in the nine months of 2011 compared with the same period of 2010 was a result of the non cash impairment charge in the 2011 period and use of cash for operating assets and liabilities during the first nine months of 2011 mainly related to working capital requirements related to the two vessels which commenced their employment in the Tankers International Pool and lower prepaid charter hire.
Cash used in investing activities was $121.3 million for the first nine months of 2011 mainly due to the acquisitions of vessels during the period. There were no investments during the same period of 2010.
Cash flows provided from financing activities for the nine month period ended September 30, 2011 was $84.1 million mainly due to issuance of common stock and long term debt, partially offset by the repayment of $25.8 million in long term debt and $17.8 million in dividends. For the first nine months of 2010, net cash flows used in financing activities was $37.8 million which related to the payment of dividends and repayment of long term debt. Working capital, defined as total current assets less total current liabilities, was $39.1 million as of September 30, 2011 compared with $46.1 million at December 31, 2010. As of September 30, 2011 we have no commitments for capital expenditures other than for maintenance such as mandatory interim and special surveys.
