REVENUE FROM TIME CHARTERS

12 Months Ended

Dec. 31, 2016

REVENUE FROM TIME CHARTERS

REVENUE FROM TIME CHARTERS

19 - REVENUE FROM TIME CHARTERS

Total voyage revenue includes revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, as well as the sale of bunkers consumed during short-term time charters. For the years ended December 31, 2016 and 2015 and for the period from July 9 to December 31, 2014, the Successor Company earned $133,246,  $150,784 and $98,817 of voyage revenue, respectively.  For the period from January 1 to July 9, 2014, the Predecessor Company earned $118,759 of voyage revenue. Included in voyage revenue for the year ended December 31, 2016 was $3,415 of net profit sharing revenue earned by the Successor Company.  There was no profit sharing revenue earned during the years ended December 31, 2015 and 2014.  Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of February 14, 2017, is expected to be $12,161 during 2017, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred.  For drydockings, the Company assumes twenty days of offhire.  Future minimum revenue excludes revenue earned for the vessels currently in pool arrangements and vessels that are currently on or will be on spot market-related time charters, as spot rates cannot be estimated, as well as profit sharing revenue.