XML 18 R10.htm IDEA: XBRL DOCUMENT v3.24.3
VOYAGE REVENUES
 6 Months Ended
Jun. 30, 2024
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, 2024 and June 30, 2023:

All amounts in USD ‘000
  
2024
    
2023
  
Spot Charter Revenues
    
155,014
      
196,803
  
Time Charter Revenues
    
38,082
      
23,731
  
Total Voyage Revenues
    
193,096
      
220,534
  

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, 2024, and December 31, 2023, the Company has capitalized fulfilment cost of $0.6 million and $0.1 million, respectively.

The future minimum revenues as of June 30, 2024, related to time charter revenues are as follows:

All amounts in USD ‘000
  
Amount
  
2024
    
24,787
  
2025
     17,155  
2026
     17,155  
2027     17,155  
2028
    7,405  
Thereafter
     -  
Future minimum revenues
    
83,657
  

As of June 30, 2024, the Company has seven vessels on time charter contracts, where two of the vessels are on long-term time charter contracts for a six-year period that commenced in 2022. There are no options included in the long-term time charter agreements to extend the charter periods.