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VOYAGE REVENUES | 12 Months Ended
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Dec. 31, 2019
VOYAGE REVENUES [Abstract] |
VOYAGE REVENUES |
3. | VOYAGE REVENUES
Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:
All amounts in USD ‘000 |  | 2019 |  |  | 2018 |  |  | 2017 |
Spot charter revenues* |  |  | 283,007 |  |  |  | 259,978 |  |  |  | 257,495 |
Time charter revenues |  |  | 34,213 |  |  |  | 29,038 |  |  |  | 39,646 |
Total Voyage Revenues |  |  | 317,220 |  |  |  | 289,016 |  |  |  | 297,141 |
*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated. The future minimum revenues as at December 31, 2019 related to time charter revenues are as follows:
All amounts in USD ‘000 |  | Amount |
2020 |  |  | 27,932 |
2021 |  |  | 7,317 |
2022 |  |  | - |
Future minimum revenues |  |  | 35,249 |
Our voyage contracts have a duration of one year or less and we applied the exemption related to excluding the disclosure of remaining performance obligations. As of December 31, 2019 and December 31, 2018, the Company has capitalized fulfilment cost of $1.0 million and $1.1 million, respectively.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
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