To put this in perspective, an average weighted earnings index I checked recently for oil tankers came in just over $6,000 per day in Q2 '21, the lowest print in more than 20 years.
Anyway, at Frontline, we do the hard work and managed to achieve $15,000 per day on our VLCC fleet; $11,000 per day on our Suezmax fleet; and $10,600 per day on our LR2/Aframax fleet in the second quarter of this year.
So far in Q3, we have booked 70% of our VLCC days at $14,000 per day; 64% of our Suezmax days at $9,800 per day; and 63% of our LR2/Aframax days at $11,800 per day.
They are in a total amount of just $247 million.
All facilities will finance 65% of the 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 20 years, starting from delivery date from the yard.
Frontline achieved total operating revenues, net of voyage expenses, of $80 million and adjusted EBITDA of $28 million in this quarter.
And we report a net loss of $26.6 million or $0.13 per share and an adjusted net loss of $23.2 million or $0.12 per share.
The adjustments this quarter consist of a $4.7 million loss on derivatives; a $0.8 million gain on marketable securities; and a $1.3 million amortization of acquired time charters; and lastly, a $0.8 million share of losses of associated companies.
The adjusted net loss in the second quarter decreased $32 million compared with the first quarter.
And the decrease was driven by a decrease in our time charter equivalent earnings due to the lower TCE rates, as Lars mentioned; an increase in ship operating expenses of $9.3 million, mainly as a result of higher dry-docking costs; offset by a gain on marketable securities sold in the quarter of $4 million.
The total balance sheet numbers have increased with $64 million in this quarter.
The balance sheet movements in the quarter are primarily related to taking delivery of the LR2 tanker from Future and the acquisition of 6 VLCC newbuilding contracts in addition to ordinary debt repayments and depreciation.
As of June 30, Frontline has $257 million in cash and cash equivalents, including undrawn amounts under our senior unsecured loan facilities, marketable securities, and minimum cash requirements.
We estimate risk cash cost per daily rate for the remainder of 2021 of approximately $21,800 per day for the VLCCs; $7,500 per day for the Suezmax tankers; and $15,400 per day for the LR2 tankers.
And the fleet average estimate is about $18,000 per day.
The highly attractive terms on the updated financing commitments on four of the acquired VLCCs, which I mentioned earlier, decreases the daily cash breakeven rates with approximately $1,400 per vessel per day compared to existing financing terms of similar vessels.
In the quarter, we recorded opex expenses of $7,600 per day for VLCCs; $8,500 per day for Suezmax; and $9,000 per day for LR2.
The graph on the right-hand side of this slide shows that if we assume $30,000 on top of the daily fleet average cash cost per daily rate of $18,000, Frontline will generate a cash flow per share after the service cost of $3.51 per year.
So global oil consumption averaged 96.7 million barrels per day in Q2 '21.
That's up 2.1 million barrels per day from Q1 '21.
Production averaged 94.9 million barrels per day.
Hence, the world continued to draw about 1.8 million barrels from inventories.
And as a rule of thumb on tanker utilization, you need about 30 VLCC equivalents in order to transport 1 million barrel of oil per day.
So this kind of draw represents a loss of 30 to 35 VLCC equivalents in demand.
OPEC+ did increase supply by more than 1 million barrels per day during Q2 '21.
U.S. and Brazil added another 900,000 barrels per day.
The overall tanker order book for VLCCs, Suezmax, and LR2 has shrunk 10% year to date.
The overall order book for tankers above 10,000 deadweight tons stands at 8% of the existing fleet.
And this is, in fact, comparable to levels seen in Q1 1997.
In absolute deadweight terms, we are at a 20 years low.
Twenty years ago, the global oil consumption was around or at 76 million barrels per day.
A normalized market now is closer to 100 million, if not above.
So it means that the oil market is 30% larger now than in early 2000 and the order book is just about the same size.
The VLCC order book is now at 81 units, give or take.
At the same time, 124 VLCCs will be above or past 20 years in the same period.
For Suezmax, we are at 41 units and 123 passing 20 years on the same metrics.
As an example of this, EIA are currently estimating us to build 1 million barrels of oil per day for September.
That gives you a delta of 1.5 million barrels, which then needs to be transported.
That's equivalent to the demand for 45 to 48 VLCC equivalents.
And mind you, 51 vessels are above 20 years as we speak.
The average recycling price in Asia has risen 70% in the same period and is now close to $25.5 million for a VLCC.
So far this year, we've seen three VLCC spot fixtures reported on a vessel that's either 20 years or older than that.
And this is out of the 660 VLCC fixtures we recorded.
OPEC+ plan to add about 400,000 -- no.
400,000 barrels per day each month until the end of the year.
This means in total 2 million barrels per day of increased supply.
And go back to the math for -- we then would need 60 to 65 VLCC equivalents by the end of the year.

Summary:
And we report a net loss of $26.6 million or $0.13 per share and an adjusted net loss of $23.2 million or $0.12 per share.