REVENUES

12 Months Ended

Dec. 31, 2021

REVENUES [Abstract]

REVENUES

3. REVENUES

Our voyage revenues consist of time charter revenues and spot charter revenues with the following split:

All figures in USD ‘000	2021		2020		2019
Spot Charter Revenues		170,242		274,217		283,007
Time Charter Revenues		20,833		80,402		34,213
Total Voyage Revenues		191,075		354,619		317,220

The future minimum revenues as at December 31, 2021 related to time charter revenues are as follows:

All figures in USD ‘000	Amount
2022		12,495
2023		-
2024		-
Total Future Minimum Revenues		12,495

The table does not include future revenues related to concluded time charter contracts for the two newbuildings to be delivered in 2022.

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, 2021 and December 31, 2020, the Company has capitalized fulfilment cost of $1.1 million and $0.4 million, respectively.

The Company has recorded a net distribution received of $4.7 million from an insurance association as Other Income in 2021.