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VOYAGE REVENUES
 6 Months Ended
Jun. 30, 2022
VOYAGE REVENUES [Abstract]  
VOYAGE REVENUES
3. VOYAGE REVENUES

Our voyage revenues consist of time charter revenues and spot charter revenues with the following split for the six-month periods ended June 30, 2022 and June 30, 2021:

All amounts in USD ‘000
  
2022
    
2021
  
Spot charter revenues
    
100,170
      
92,012
  
Time charter revenues
    
24,009
      
8,381
  
Total Voyage Revenues
    
124,179
      
100,393
  

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 June 30, 2022, and December 31, 2021, the Company has capitalized fulfilment cost of $3.6 million and $0.1 million, respectively.

The future minimum revenues as of June 30, 2022 related to time charter revenues are as follows:

All amounts in USD ‘000
  
Amount
  
2022
    
11,394
  
2023
    
17,155
  
2024
     17,202  
2025
     17,155  
2026     17,155  
Thereafter
     24,561  
Future minimum revenues
    
104,622
  

The Company has three vessels on long-term time charter contracts. The Company took delivery of two newbuildings from Samsung shipyard in May and June 2022. Both vessels have been chartered out on six-year time charter agreements, which commenced directly after delivery from the shipyard. There are no options included in the time charter agreements to extend the charter period. Subsequent to June 30, 2022, the charter period for the third vessel has been extended for twelve months after expiry in the fourth quarter of 2022 of the current contract period. The revenue from this contract extension is not included in the above table.