Business Segments

6 Months Ended

Jun. 30, 2011

Business Segments

Business Segments

Note 14 — Business Segments

The Company is managed as a single business unit that provides worldwide ocean transportation of dry cargo to its customers through the use of owned and chartered vessels.  The vessels are operated as one fleet and when making resource allocation decisions, our chief operating decision maker evaluates voyage profitability data, which considers vessel type and route economics, but gives no weight to the financial impact of the resource allocation decision on an individual vessel basis.  The Company's objective in making resource allocation decisions is to maximize its consolidated financial results, not the individual results of the respective vessels or routes.

The Company transports cargo throughout the world.  Voyage revenue was generated in the following geographic areas based on the loading port location. Time charter revenue cannot be allocated to geographic region as the Company does not control the itinerary of the vessel.

Voyage revenue generated by country consists of the following (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
Country	2011		2010		2011		2010
Brazil	$	7,921	$	14,181	$	20,690	$	30,154
United Arab Emirates		12,608		8,808		23,331		16,978
Japan		10,888		11,785		20,781		25,178
Chile		5,806		7,064		14,913		14,244
USA		10,234		5,535		16,105		13,549
Peru		3,593		5,186		8,380		9,694
China		3,285		8,766		5,442		13,753
Venezuela		1,499		825		2,910		1,532
Korea		2,020		1,934		3,389		5,277
Argentina		2,565		1,320		3,046		1,310
Others		15,438		5,236		26,328		13,329
	$	75,857	$	70,640	$	145,315	$	144,998

For the three and six months ended June 30, 2011, no customer accounted for 10% or more of voyage and time charter revenue while for the three and six months ended June 30, 2010, one customer accounted for more than 10% of time charter revenue.  No customer accounted for