For the second quarter, we generated consolidated adjusted EBITDA of $1.023 billion and distributable cash flow of approximately $340 million on revenue of over $3 billion.
We generated a net loss of approximately $329 million, due primarily to the unrealized derivative accounting treatment required on our hedges and on our Integrated Production Marketing, or IPM transactions, which Zach will discuss in more detail in a few minutes.
We now forecast 2021 consolidated adjusted EBITDA of $4.6 billion to $4.9 billion and distributable cash flow of $1.8 billion to $2.1 billion.
Just after the quarter ended, we signed our third IPM agreement in support of Corpus Christi Stage 3, this time, with Tourmaline, the largest natural gas producer in Canada.
So far in 2021, we've entered into fixed fee sales agreements for portfolio volumes with multiple counterparties aggregating approximately 12 million tons of LNG volume between this year and 2032, in addition to the IPM deal with Tourmaline.
On the production side, the record we set in the first quarter for LNG exports didn't stand very long as we broke that record in the second quarter with 139 cargoes of LNG exported from our two facilities.
Year-to-date, Asia is the top destination of Cheniere cargoes with approximately 45% of our cargoes exported having landed in Asia, followed by Europe with roughly 35%, and Latin America with about 20%.
South Korea and China are the top two countries importing our LNG so far this year, and those two alone account for over 1/4 of all cargo deliveries.
Speaking of Train 6, a significant milestone was met last month with the introduction of fuel gas into the train, signaling the start of early commissioning activities.
At the site, 17 systems were turned over to the start-up team in June, another 12 in July.
With the project approximately 90% complete Bechtel continues to progress this project against an accelerated schedule.
As a reminder, our Stage three project at Corpus Christi is fully permitted, and if fully constructed, would have over 10 million tons of LNG capacity per year.
Our excitement around the potential investment opportunities at the Corpus Christi site doesn't end with Stage 3.
As you may recall, we have acquired approximately 500 acres adjacent to our existing site, which provides us with a platform for major future development potential.
As you can see from the aerial view of the land position at Corpus Christi, the site possesses a substantial running room for growth well beyond Stage 3.
As reflected by the historically high LNG prices in both Europe and Asia, markets remain tight through this past winter, with global LNG demand growing by 9% year-over-year in the second quarter, slightly surpassing the fourth quarter demand levels despite the second quarter historically being a shoulder period in the market.
Global LNG production rebounded 8% year-over-year in Q2, primarily on U.S. volume growing 80% compared to last year when customers were exercising their cargo cancellation rights.
Through the first half of the year, U.S. LNG production is up 43% year-over-year approximately 35 million tons.
Overall, U.S. LNG flows to Asia increased over 10% in the first half of '21 to 48% of total U.S. exports compared to 38% in the first half of 2020.
Meanwhile, flows to Europe dropped over 15 percentage points from 51% to 34% year-over-year, coinciding with natural gas storage inventories again at multiyear lows.
LNG flows into Europe were 9% or roughly 2.1 million tons lower year-on-year in Q2 as a result of tight global LNG supply balances.
European inventories currently stand at record low levels, with a 16 BCM deficit to the five year average, which is equivalent to roughly 170 LNG cargoes.
These supply and demand dynamics were reflected in European gas prices during the second quarter, with Dutch TTF settlement averages increasing by over $6 an MMBtu to $7.82 in MMBtu and almost 350% increase year-over-year.
Jack mentioned a moment ago that Korea and China alone imported over 25% of all our LNG production year-to-date.
Asia imported 65 million tons of LNG in the second quarter, an increase of eight million tons or 14% year-on-year.
The JKT region contributed over 20% of that growth despite higher nuclear availability in Japan.
10 nuclear units have restarted in Japan as of July 21, the highest number of operating units since the Fukushima disaster over a decade ago.
A particular note, Taiwan retired 25% of its nuclear fleet in the second quarter and has a stated goal to become nuclear-free by 2025.
Imports in China surged 22% to 20 million tons in the second quarter, making China the largest LNG importer on a global basis surpassing Japan.
Latin America's imports increased more than 70% year-on-year in the second quarter, with Cheniere-produced cargoes making up nearly 40% of total imports.
Flows into Latin America represented 17% of total U.S. exports, increasing over 5% from the comparable 2020 period.
In the European Union, carbon prices reached all-time highs in the second quarter, reaching over EUR55 per ton during the quarter and continuing higher to nearly EUR60 per ton, or roughly $3.50 an MMBtu equivalent in early July.
While this market is nascent today, as of mid-July, there were 12 carbon-neutral LNG cargoes in 2021 globally.
For the second quarter, we generated revenue of approximately $3 billion, consolidated adjusted EBITDA of approximately $1 billion and distributable cash flow of approximately $340 million and a net loss of $329 million.
The unfavorable pre-tax impact from changes in the fair value of our commodity and FX derivatives during second quarter 2021 was approximately $672 million, most of which was noncash, but was the primary driver of our recognized net loss for the second quarter.
For the second quarter, we recognized in income 522 TBtu of physical LNG, including 508 TBtu from our projects and 14 TBtu from third parties.
Approximately 80% of these LNG volumes recognized in income were sold under long-term SPAs or from volumes procured under our IPM agreement.
We received $36 million related to sales of commissioning cargoes in the second quarter from LNG, which was in transit at the end of the first quarter, corresponding to six TBtu of LNG.
As you may recall, we established an initial debt reduction for 2021 to pay down at least $500 million of outstanding debt.
During the second quarter, we fully repaid the remaining outstanding borrowings under Cheniere's term loan and fully repaid Cheniere's convertible notes due May 2021, with $500 million of cash-on-hand and the remainder about $130 million from borrowings under the CEI revolver.
So as of June 30, we have already achieved our minimum full year goal of $500 million in debt reduction.
Continuing with the balance sheet management, since our last call, we have locked in a further $200 million of long-term amortizing fixed rate notes at SPL on a private placement basis, with multiple counterparties.
Year-to-date, we have locked in approximately $347 million of such notes, which will fund on a delayed draw basis in late 2021 and will economically refinance a portion of SBL's outstanding 6.25% notes due 2022.
S&P cited the EBITDA and cash flow growth resulting from the successful completion of eight trains, accelerated schedule of Train 6, and the expectation of significant improvement in leverage levels over the next two years as we execute on our stated deleveraging plan.
Jack and Anatol have both discussed the success we've had so far in 2021 on marketing and origination, with 12 million tons of midterm deals done as well as the recent 15-year Tourmaline IPM transaction.
Aggregating the midterm and IPM transactions we've completed year-to-date, we have sold approximately 25 million tons of LNG which will generate over $3 billion in fixed fees into the next decade, which clearly has derisked our cash flows further.
As previously mentioned, today, we are increasing our guidance ranges for full year 2021 consolidated adjusted EBITDA and distributable cash flow by $300 million and $200 million, respectively, bringing total increases to $700 million and $600 million, respectively, above the original ranges we provided in November of last year.
Our revised guidance ranges are $4.6 billion to $4.9 billion in consolidated adjusted EBITDA and $1.8 billion to $2.1 billion in distributable cash flow.
When we updated guidance on the last call, one of the primary drivers was an improvement in market margins from approximately $2 in February to approximately $3 in May.
Since then, that margin has gone up by another over $3, and our production forecast has increased as well.
We currently forecast that the dollar change in market margin would impact EBITDA by less than $25 million for the rest of the full year 2021.
Entering 2021, we forecasted free cash flow at around $1 billion for the year.
As Bcf guidance has moved up $600 million in the subsequent six months, it's reasonable to think our FCF forecast has moved up largely in lockstep with DCF.
So over $1.5 billion.

Summary:
We received $36 million related to sales of commissioning cargoes in the second quarter from LNG, which was in transit at the end of the first quarter, corresponding to six TBtu of LNG.