REVENUES

12 Months Ended

Dec. 31, 2023

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	2023		2022		2021
Spot Charter Revenues		346,409		296,810		170,242
Time Charter Revenues		45,278		42,530		20,833
Total Voyage Revenues		391,687		339,340		191,075

The future minimum revenues as at December 31, 2023 related to time charter revenues are as follows:

All figures in USD ‘000	Amount
2024		47,783
2025		17,155
2026		17,155
2027		17,155
2028 and thereafter		7,406
Total Future Minimum Revenues		106,654

Time charter revenues specified in the table above include revenues from six vessels in 2024 and two vessels in the following years.

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, 2023, and December 31, 2022, the Company has capitalized fulfilment cost of $0.1 million and $1.3 million, respectively.