There are over 50,000 ships around the world of all different types and today an estimated 200,000 plus mariners are stranded on vessels and in need of repatriation.
Shipping moves 80% of the global commerce and as an essential part of keeping the global economic recovery going.
We stated last quarter that our revised estimated revenue for 2020 was $395 million and the estimated cash operating margin would be 35%.
We now anticipate full year revenue to be approximately $390 million, which is down $5 million from what we estimated as the full-year revenue on the last call.
We still anticipate cash operating margins of 35%, which would result in cash from core operations of $136 million for the year.
Further, we budgeted $20 million for frictional costs associated with the pandemic, and we still see this as the annual impact of the crisis.
This $20 million of cost gets us down to cash flow of $117 million.
General and administrative expense is now anticipated to be $77 million for the year, a $4 million improvement from $81 million we forecasted on the earlier call and that gets us to $40 million of cash flow.
Vessel disposals of $40 million less dry-dock expenditures of $36 million gets us another positive $4 million.
We are still anticipating a liquidation of working capital, net of taxes and other costs of $21 million for the year.
So our current 2020 outlook compared to the outlook on the last call has cash operating margin down approximately $2 million, dry-dock expenditures are up $3 million, and general and administrative expenses are down $4 million, down $1 million overall to $64 million of free cash flow for the year and consistent with what we laid out on the first quarter call.
This reassessment resulted in impairments and other charges that totaled $111.5 million for the quarter.
The vessel impairments of $55.5 million reflects two components.
The first relates to moving into the asset held for sale category 22 additional vessels were the revised forecasted day rates and utilization, resulted in a present value from continuing to operate those vessels that was lower than their current disposal value.
Further, in addition to the adjustment in book value for those 22 vessels, the second component is a similar mark-to-market adjustment on the 24 vessels that were already classified as assets held for sale.
So we currently have a total of 46 vessels in this category, valued at $29 million and our intention is to dispose of these vessels over the next 12 months.
Our activity levels in West Africa are down over 80% and our operations in East Africa for the time being, have been completely shut down.
Other areas of the continent were negatively impacted although more in line with the roughly 25% global average decline, we noted on the first quarter call.
The balance was in excess of $400 million in 2014 and 2015 and although the balance has been substantially reduced during the intervening years, the current pullback in activity has resulted in us reassessing the collectability of the remaining balance.
As a result of that assessment we recognized an impairment of $42 million.
That resulted in the receipt by Tidewater of $17.1 million of cash in the quarter and dividend income of the same amount.
Also on the continent of Africa, as a result of the steep decline in the business and the outlook in Nigeria, we recognized an impairment on the $12 million owed to Tidewater by our joint venture there and we established a liability for a $2 million loan guarantee, Tidewater provided to the joint venture, back in 2013.
Right now we have $40 million forecasted for proceeds from vessel disposals and we remain on track with 25 vessels sold for $21 million in the first half of 2020.
In the second quarter, we generated revenue of $102.3 million, which is a decrease of 19% from the same quarter in the prior year.
This was principally driven by decreases in vessel activity in our West Africa segment, which had a fewer active vessels in the second quarter and our Europe Mediterranean segment, which had 14 fewer active vessels.
Overall, we had 26 fewer average active vessels in the second quarter of 2020 then in the second quarter of 2019.
In addition, active utilization decreased from 79% in the same period in 2019 compared to 75% in the second quarter of 2020, which is result of vessels going off hire and into layup.
Consolidated vessel operating costs for the quarters ended June 30, 2020 and 2019 were $64.8 million and $80.4 million respectively.
The decrease year-over-year is driven by the decrease in the number of active vessels, but also a 5% decrease in operating cost per active day.
Our general and administrative expense for the quarters ended June 30, 2020 and 2019 were $17.6 million and $23.7 million respectively, which is down 23% year-over-year.
The significant restructuring of our executive management and corporate administrative functions in 2019 and ongoing cost measures resulted in this 12% decrease in G&A expense per active day, down from $1,587 million in the prior year to $1,401 million in the second quarter of this year.
Depreciation expense for the quarter ended June 30, 2020 and 2019 were $28.1 million and $25 million respectively.
The decrease in depreciation is due to the sale in 2019 of over 40 vessels and the reclassification of the aforementioned 46 vessels to assets held for sale.
Looking at our results of the segment level, despite the industry downturn our average day rates across the company improved to approximately $10,800 for the quarter, up approximately 3% from the same quarter last year.
Our Americas segment saw revenue decreases of 3% or $1.2 million during the quarter ended June 30, 2020, compared to the quarter ended June 30, 2019.
Vessel operating profit for the Americas segment for the second quarter was $5.4 million, excuse me, $4.5 million, $1.6 million higher than the prior year quarter.
The higher operating profit was due to a $3.5 million decrease in operating expenses, resulting from fewer dry-docks and better vessel uptime in the second quarter of this year.
Vessel revenues increased 17% or $3.5 million during the quarter ended June 30, 2020 as compared to the quarter ended June 30, 2019.
Activity utilization for the quarter increased to 76% from 75% average, day rate increased almost 10% and average active vessels in the segment increased by 2%.
The Middle East Asia Pacific segment reported an operating profit of $600,000 for the quarter compared to an operating loss of $2.1 million for the same quarter of the prior year.
For our Europe and Mediterranean region our vessel revenues decreased 41% or $14.4 million compared to the year ago quarter.
The lower revenue was driven by 14 fewer active vessels and lower average day rates, which were down 2%.
However, active utilization increased 2 percentage points during the quarter.
The segment reported an operating loss of $1.8 million for the quarter ended June 30, 2020 compared to an operating profit of $2.8 million for the prior year quarter due to decreased revenue, partially offset by $7.9 million of decreased operating cost, which was primarily due to lower personnel and lower repair and maintenance costs associated with the drop in active vessels.
Finally to West Africa where vessel revenues in the segment decreased 32% or $10.6 million during the quarter compared to the same quarter of the prior year.
The active vessel count was lower by -- inactive utilization decreased from 76% during the second quarter of 2019 to 55% during the second quarter of this year.
Average day rates increased 13% due to the vessel mix of remaining contract, similar to what I mentioned earlier.
Vessel operating profit for the segment decreased from $3.1 million for the quarter ended June 30, 2019 to an operating loss of $4 million in the current quarter due to the decrease in active utilization.
Operating cost per active day are down 10% from the previous quarter and down 4% from the year ago quarter.

Summary:
In the second quarter, we generated revenue of $102.3 million, which is a decrease of 19% from the same quarter in the prior year.