9 - REVENUE FROM SPOT MARKET-RELATED TIME CHARTERS
Total revenue earned on spot market-related time charters and the short-term time charter for the Baltic Leopard for the three and six months ended June 30, 2011 was $9,914,090 and $19,457,578, respectively. Total revenue earned on spot market-related time charters and the short-term time charter for the Baltic Cougar for the three and six months ended June 30, 2010 was $6,990,763 for both periods. Future minimum time charter revenue for the Company’s vessels cannot be estimated as the vessels are currently on spot market-related time charters, and future spot rates cannot be estimated. The spot market-related time charters that the Company’s vessels are currently employed on have estimated expiration dates that range from September 2011 to July 2014.