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VOYAGE REVENUES | 12 Months Ended
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Dec. 31, 2018
VOYAGE REVENUES [Abstract] |
VOYAGE REVENUES |
16. | VOYAGE REVENUES
Our voyage revenues for the year ended December 31, 2018 consist of timecharter revenues and spot charter revenues with the following split:
All amounts in USD ‘000 |  | 2018 |  |  | 2017 |  |  | 2016 |
Spot charter revenues* |  |  | 259,978 |  |  |  | 257,978 |  |  |  | 325,314 |
Time charter revenues |  |  | 29,038 |  |  |  | 39,646 |  |  |  | 32,137 |
Total Voyage Revenues |  |  | 289,016 |  |  |  | 297,141 |  |  |  | 357,451 |
*Spot charter revenues for 2018 is presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information has not been restated. The future minimum revenues as at December 31, 2018 related to timecharter revenues are as follows:
All amounts in USD ‘000 |  | Amount |
2019 |  |  | 18,315 |
2020 |  |  | 7,686 |
2021 |  |  | 7,315 |
Future minimum revenues |  |  | 33,316 |
Time-charter agreements with profit-sharing mechanisms have been included with the minimum rates agreed in the contracts.

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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