12 - REVENUE FROM SPOT MARKET-RELATED TIME CHARTERS
Total revenue earned on spot market-related time charters and the short-term time charters for the Baltic Leopard and Baltic Jaguar for the three and six months ended June 30, 2012 was $7,603 and $13,897, respectively. 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 and $19,458, respectively. Future minimum time charter revenue based on the Baltic Leopard and Baltic Jaguar, which are committed to a noncancelable short-term time charters as of June 30, 2012, is expected to be $788 for the remainder of 2012. Future minimum time charter revenue for the remaining vessels cannot be estimated as these 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 August 2012 to July 2014.