REVENUES

12 Months Ended

Dec. 31, 2024

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	2024		2023		2022
Spot Charter Revenues		273,633		346,409		296,810
Time Charter Revenues		76,109		45,278		42,530
Total Voyage Revenues		349,742		391,687		339,340

The future minimum revenues as at December 31, 2024, related to time charter agreements are as follows:

All figures in USD ‘000	Amount
2025		68,887
2026		47,747
2027		32,935
2028		20,763
2029 and thereafter		12,167
Total Future Minimum Revenues		182,499

Time charter revenues specified in the table above include revenues from five vessels in 2026, four vessels in 2027, three vessels in 2028 and one vessel in 2029.

Our spot 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, 2024, and 2023, the Company has capitalized fulfilment costs of $1.5 million and $0.1 million, respectively. Revenues from two customers amounted to 22.5%, from one customer 11.3% and from one customer 12.6% of the Company consolidated revenues for the twelve months ended December 31, 2024, 2023 and 2022, respectively.