In the third quarter, Frontline achieved $10,500 per day on our VLCC fleet; $7,900 per day on our Suezmax fleet; and $10,700 per day on our LR2/Aframax fleet.
So far in the fourth quarter, we have booked 79% of our VLCC days at $21,600 per day; 72% of our Suezmax days at $17,900 per day; and 64% of our LR2/Aframax days at $16,000 per day.
And in the third and the fourth quarter, we have entered into term loan facilities and obtained financing commitments for a total amount of up to $507 million to partially financed the acquisition on the two 2019 built VLCCs and also the six new building contracts.
These facilities will finance 65% of market value.
They will carry an interest rate of LIBOR plus a margin of 170 basis points.
And they will have an amortization profile of mostly 20 years but also 18, commencing from the delivery date from yard.
When we factor in 33.4 million available under the term loan facility entered into November 2020 to partially finance the delivery of the last LR2 tanker, we have established bank debt of up to $540.4 million.
The company has also raised gross proceeds of 51.2 million under the equity distribution agreement and also net cash proceeds of approximately 67 million through the sale of four LR2 tankers.
Frontline has also extended the terms of the senior unsecured revolving credit facility of up to $275 million by 12 months to May 2023, leaving Frontline with no loan maturities until 2023.
Frontline achieved total operating revenues net of voyage expenses of $69 million and adjusted EBITDA of $17 million in the third quarter of 2021.
We reported net loss of 33.2 million or $0.17 per share and adjusted net loss of 35.9 million or $0.18 per share in the third quarter.
The adjustments consist of a 1.2 million gain on derivatives and 0.2 million gain on marketable securities, and a 1.3 million amortization of acquired time charters.
The adjusted net loss in the third quarter increased by 12.7 million compared with the second quarter.
And this increase in loss was driven by a decrease in our time charter equivalent earnings due to lower TCE rates and the recognition of a gain on the marketable securities sold in the second quarter of 4 million.
This was partly offset by a decrease in ship operating expenses of 3.2 million, primarily as a result of lower dry-docking costs.
The total balance sheet numbers have increased with 6 million in the third quarter.
As of September 30th, 2021, Frontline has 190 million in cash and cash equivalents including undrawn amounts under our senior unsecured loan facility, marketable securities, and minimum cash requirements.
Frontline's remaining new building and this acquisition capex of 659.4 million as per September 30th, 2021 is fully funded by a 540.4 million in estimated debt capacity and also the 118.2 million in cash raised with the ATM and the sale of the four LR2 tankers, which I mentioned.
We estimate average cash cost breakeven base for the remainder of 2021 of approximately $21,400 per day for the VLCCs, $17,800 per day for the Suezmax tankers, and $14,100 per day for the LR2 tankers.
And the fleet average estimate is about $17,600 per day.
We recorded opex expenses in the third quarter of $8,200 per day for the VLCCs, $7,200 per day for the Suezmax tankers, and $8,800 per day for the LR2 tankers.
Let's take an example, if we assume historic Clarkson TCE rates for non-ECO vessels in the period 2000 to 2021, November 2021, adjusted them for Frontline fleet scrubber and ECO vessels, Frontline will have a free cash flow yield of 38%.
So global oil consumption averaged 98.6 million barrels per day.
That's up 1.9 million barrels from the second quarter.
Supply averaged 96.8 million, also increasing by close to 2 million barrels per day.
But we continue to grow then kind of very close to 1.8 million barrels per day of inventories.
OPEC plus supply rose an average of 1.4 million barrels per day.
And in December, we're actually -- some market commentators actually arguing for us to end up in or at 100 million barrels per day.
2023 is destined to show very few VLCC and Suezmax deliveries.
And basically, the considerations that shipowners need to make now, if you are to go into the market and order a VLCC, say at 110 or 115 or $120 million depending on who you speak to, you're actually making a bet on steel prices come 2023.
The VLCC order book is now at 71 units, that's a little bit north of 8% of the existing fleet.
But we still have this situation where 113 VLCCs will be above or past the 20-year mark during that period as the current order book delivers.
For Suezmax, there are 41 units in the order book and 116 will be passing 20 years using the same metrics.
20 -- as you see on the chart at the top there, so 2017 and 2018 were the last big periods for vessel retirement.
And now in Q3 alone, we saw close to 0.76% of the global tanker fleet sold for recycling.
So basically, year to date, we've seen 15 VLCCs, 11 Suezmaxes, 18 Aframax, and eight LR2s that are reported sold for demolition.
And broadly speaking, this amounts to actually close to 2% of the existing fleet.
have released volumes from their SPR on a few occasions over the last 18 months.
So whether it be released -- whether it's oil will be released at all from the SPR now after having a $10 drop in oil prices is obviously the question.
And we do see that for tankers, it's actually showing a growth of 3.8% year on year in October compared to October 2020.

Summary:
In the third quarter, Frontline achieved $10,500 per day on our VLCC fleet; $7,900 per day on our Suezmax fleet; and $10,700 per day on our LR2/Aframax fleet.
So far in the fourth quarter, we have booked 79% of our VLCC days at $21,600 per day; 72% of our Suezmax days at $17,900 per day; and 64% of our LR2/Aframax days at $16,000 per day.
Frontline achieved total operating revenues net of voyage expenses of $69 million and adjusted EBITDA of $17 million in the third quarter of 2021.
We reported net loss of 33.2 million or $0.17 per share and adjusted net loss of 35.9 million or $0.18 per share in the third quarter.
2023 is destined to show very few VLCC and Suezmax deliveries.