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.