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REVENUE FROM TIME CHARTERS | 9 Months Ended
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Sep. 30, 2013
REVENUE FROM TIME CHARTERS [Abstract] |
REVENUE FROM TIME CHARTERS | 18 - REVENUE FROM TIME CHARTERS Total voyage revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters, for the three months ended September 30, 2013 and 2012 was $58,605 and $53,603, respectively, and for the nine months ended September 30, 2013 and 2012 was $143,222 and $174,740, respectively. There was no profit sharing revenue earned during the three and nine months ended September 30, 2013 and 2012. Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of November 1, 2013 is expected to be $9,676 for the remainder of 2013 and $7,068 during 2014, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred. For drydockings, the Company assumes twenty days of offhire. Future minimum revenue excludes revenue earned for the vessels currently in pool arrangements, vessels that are currently on or will be on spot market-related time charters as spot rates cannot be estimated, as well as profit sharing revenue.

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- Definition Description of the revenue earned under time charters. + References No definition available. + Details
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