Time charter revenues were $46.1 million for the fourth quarter of 2014, compared to $39.5 million for the same quarter of 2013. This increase was mainly due to the increase in ownership days resulting from the enlargement of our fleet and was partly offset by decreased time charter rates.
Net loss and net loss available to common stockholders for 2014 amounted to $10.3 million and $15.3 million, respectively, compared to net loss and net loss available to common stockholders of $21.2 million for 2013. Time charter revenues were $175.6 million for 2014, compared to $164.0 million for 2013.
Share Repurchase Plan
As previously announced, on May 23, 2014, the Company’s Board of Directors authorized a share repurchase plan, under which, during the second half of 2014, the Company repurchased and retired 2,845,549 shares for the aggregate cost of about $25.3 million, decreasing the Company’s issued and outstanding shares as of December 31, 2014 to 81,859,821.
Appointment of Additional Directors
Effective March 4, 2015, the Board of Directors of the Company has increased its size from seven to nine members and has appointed Mr. Kyriacos Riris and Mrs. Semiramis Paliou to fill the resulting vacancies. The Board has determined that Mr. Riris will serve as an independent director. Mrs. Paliou will not be deemed to be an independent director. Mr. Riris will serve as a Class II director with an initial term expiring at the Company’s 2016 annual meeting of shareholders, and Mrs. Paliou will serve as a Class III director with an initial term expiring at the 2017 annual meeting of shareholders…