13 - 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 year ended December 31, 2011 was $43,492,085. Total revenue earned on spot market-related time charters and the short-term time charter for the Baltic Cougar for the year ended December 31, 2010 was $32,558,648. Future minimum time charter revenue cannot be estimated as the Company’s 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 contracted expiration dates that range from March 2012 to July 2014.