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As of today, the Company has secured employment for 77% of its ownership days for 2012 and 23% for 2013.
Fleet Data:---------------------------------------------------------------------------- Three Months Ended March Three Months Ended March 31, 2012 31, 2011----------------------------------------------------------------------------Fleet Data----------------------------------------------------------------------------Average number of vessels (1) 19.5 20----------------------------------------------------------------------------Ownership days (2) 1,770 1,800----------------------------------------------------------------------------Available days (3) 1,758 1,724----------------------------------------------------------------------------Operating days (4) 1,626 1,678----------------------------------------------------------------------------Fleet utilization (5) 91.9% 93.2%----------------------------------------------------------------------------Fleet utilization excludingdrydocking off hire days (6) 92.5% 97.3%----------------------------------------------------------------------------Average Daily Results----------------------------------------------------------------------------TCE rate (7) $9,546 $14,563----------------------------------------------------------------------------Vessel operating expenses (8) $4,701 $4,776----------------------------------------------------------------------------Management fee (9) $337 $424----------------------------------------------------------------------------Total vessel operating expenses (10) $5,038 $5,200----------------------------------------------------------------------------
(1) Average number of vessels is the number of vessels that constituted the Company's fleet for the relevant period, as measured by the sum of the number of days each vessel was a part of the Company's fleet during the relevant period divided by the number of calendar days in the relevant period.
(2) Ownership days are the total number of days in a period during which the vessels in a fleet have been owned. Ownership days are an indicator of the size of the Company's fleet over a period and affect both the amount of revenues and the amount of expenses that the Company recorded during a period.
(3) Available days are the number of ownership days less the aggregate number of days that vessels are off-hire due to major repairs, dry dockings or special or intermediate surveys. The shipping industry uses available days to measure the number of ownership days in a period during which vessels should be capable of generating revenues. During the quarter ended March 31, 2012, the Company incurred 12 off hire days for vessel scheduled drydocking.
(4) Operating days are the number of available days in a period less the aggregate number of days that vessels are off-hire due to any reason, including unforeseen circumstances. The shipping industry uses operating days to measure the aggregate number of days in a period during which vessels actually generate revenues.
