In the first quarter of 2021, we made $19,000 per day our VLCC fleet, $15,000 per day on our Suezmax fleet, and $12,000 per day on our LR2/Aframax fleet.
So far in Q1, we have booked 70% of our VLCC days at $18,100 per day, 63% of our Suezmax days have $13,600 per day, and 59% of LR2/Aframax days have $14,200 per day.
Front Fusion and Front Future in March and April respectively, bringing our number of LR2s on the water to 20.
As I said, we are happy to report numbers in black, and Frontline achieved total operating revenues and work expenses of $107 million in the first quarter.
We also have an adjusted EBITDA of $59 million and net income of $28.9 nine million, or $0.15 per share.
Further, we have an adjusted net income of $8.8 million or $0.04 cents per share.
The adjustments consist of a $15.7 million gain on derivatives, a $3.1 million unrealized gain on marketable securities, a $1.2 million on amortization on acquired time charters, and $0.1 million results of associated companies.
The adjusted net income in the first quarter has increased by $21 million compared with the previous quarter.
The increase was driven by a decrease in ship operating expenses of $11 million, mainly as a result of $6.4 million lower dry-docking fund.
We also had an increase of cash and cash equivalents of $6.4 million and that was due to the prior TCE rates, as well as we had a $11.2 million decrease in other costs.
The total balance sheet numbers have increased by $10 million in the first quarter.
As of March 31, 2021, Frontline had $318 million in cash and cash equivalents including undrawn amounts under our senior unsecured loan facility, marketable securities, and minimal cash requirements.
We estimate that risk cash costs break-even rate will remain for 2021 of approximately $21,500 per day for VLCC, $17,700 for days for the Suezmax tankers, and $15,900 per day for LR2 tankers.
This gave a fleet average of about $18,100 per day.
These rates, they are all-in day rates.
In the quarter, we recorded opex expenses of $7,300 per day for the VLCCs, $7,100 a day for the Suezmax tankers, and $7,200 for the LR2 tankers.
Assuming $10,00, $20,000, $30,000, or $40,000 per day achieve rates in excess of all the cash breakeven rates.
And then looking at the period of 365 days from April 1, 2021.
So in this graph, as an example, with a fleet average cash possibly breakeven rates of $18,100 per day and assuming $30,000 on top of the average fleet earnings, then the TCE rate would be $48,100 one per day.
A strong fund would then generate a cash flow per share of the debt service of $3.45.
So total world oil consumption rose by 4.3 million barrels from January to March and reached to 96.5 million barrels per day.
On the other hand, supply fell by 0.5 million barrels.
This was mostly fueled by the actions from Saudi Arabia and their volunteer cuts to -- turn it up at 93.5 million barrels per day at the end of the quarter.
Recycling prices are up 30% year to date and are now count being negotiated around %550 per long ton or $23 million for a VLCC.
The overall tanker order book has shrunk year to date by approximately 4%.
We've seen on the VLCC's 20 new -- 28 new orders placed, but as 25 vessels are delivered at the same time, the order book remains to be fairly flat.
The VLCC order book stands at around 9% of the existing fleet, and the overall order book for tankers is up to around 7% of the existing fleet.
We have, over the last six months, see more -- seen more than 170 new orders for containerships.
The fundamentals of the tanker market suggest a tightening of capacity over the coming years.
From where we are now, according to EIA, oil supply is expected to grow by 6 million barrels by year-end.
The key to the demand bounces in 2021, you can find on the right-hand side.
We know that gasoline demand fell by 3.3 million barrels per day in 2020.
And it's now expected to grow by 1.8 million barrels per day in 2021.
For jet, it's affected the crude oil balances by 3.2 million barrels per day and negative in 2020 and about 1.3 million barrels per day is expected to return this year.
For diesel, we're actually adding more than we lost, 1.2 million barrels per day.
Other kind of uses of oil is also linked to this at 0.7 million barrels per day.
And global GDP is expected up 6% this year.
I've just mentioned, global oil supply is expected to grow by 6 million barrels by the end of 2021.

Summary:
In the first quarter of 2021, we made $19,000 per day our VLCC fleet, $15,000 per day on our Suezmax fleet, and $12,000 per day on our LR2/Aframax fleet.
We also have an adjusted EBITDA of $59 million and net income of $28.9 nine million, or $0.15 per share.
The increase was driven by a decrease in ship operating expenses of $11 million, mainly as a result of $6.4 million lower dry-docking fund.
These rates, they are all-in day rates.
The fundamentals of the tanker market suggest a tightening of capacity over the coming years.
The key to the demand bounces in 2021, you can find on the right-hand side.