REVENUES

12 Months Ended

Dec. 31, 2022

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	2022		2021		2020
Spot Charter Revenues		296,810		170,242		274,217
Time Charter Revenues		42,530		20,833		80,402
Total Voyage Revenues		339,340		191,075		354,619

The future minimum revenues as at December 31, 2022 related to time charter revenues are as follows:

All figures in USD ‘000	Amount
2023		35,653
2024		17,202
2025		17,155
2026		17,155
2027 and thereafter		24,561
Total Future Minimum Revenues		111,726

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, 2022 and December 31, 2021, the Company has capitalized fulfilment cost of $1.3 million and $1.1 million, respectively.