(5) Fleet utilization is the percentage of time that our vessels were generating revenue, and is determined by dividing operating days by ownership days for the relevant period.
(6) Fleet utilization excluding drydocking off hire days is calculated by dividing the number of the fleet's operating days during a period by the number of available days during that period. The shipping industry uses fleet utilization excluding drydocking off hire days to measure a Company's efficiency in finding suitable employment for its vessels and excluding the amount of days that its vessels are off hire for reasons such as scheduled repairs, vessel upgrades, or dry dockings or special or intermediate surveys.
(7) TCE rates are defined as our net revenues less voyage expenses during a period divided by the number of our operating days during the period, which is consistent with industry standards. Voyage expenses include port charges, bunker (fuel oil and diesel oil) expenses, canal charges and other commissions.
(In thousands of US Dollars, except operating days and daily time charter equivalent rate)
Three Months Ended March 31, ------------------------------- 2012 2011 --------------- ---------------Net revenues from vessels 17,414 25,236Voyage expenses (1,892) (800) --------------- ---------------Net operating revenues 15,522 24,436 =============== ===============Operating days 1,626 1,678Daily time charter equivalent rate 9,546 14,563
(8) Average daily vessel operating expenses, which include crew costs, provisions, deck and engine stores, lubricating oil, insurance, maintenance and repairs, are calculated by dividing vessel operating expenses by ownership days for the relevant time periods:
(In thousands of US Dollars, except ownership days and daily vessel operating expenses)
Three Months Ended March 31, ------------------------------- 2012 2011 --------------- ---------------Operating expenses 8,321 8,597Ownership days 1,770 1,800Daily vessel operating expenses 4,701 4,776
(9) Daily management fees are calculated by dividing total management fees by ownership days for the relevant time period.
(10) Total Vessel Operating Expenses ("TVOE") is a measurement of total expenses associated with operating the vessels. TVOE is the sum of vessel operating expenses and management fees. Daily TVOE is calculated by dividing TVOE by fleet ownership days for the relevant time period.
Fleet Profile and Employment:Fleet Profile as of May 29, 2012---------------------------------------------------------------------------- Capacity ---------- Vessel Year Charter Rate Charter Expiry Vessel Name Class (DWT) Built ($) (latest)----------------------------------------------------------------------------M/V Bremen Max Spot Panamax 73,503 1993 positioning Jun. 2012----------------------------------------------------------------------------M/V Hamburg Max (1) Panamax 73,498 1994 21,500 Oct. 2012----------------------------------------------------------------------------M/V Davakis G. Supramax 54,051 2008 14,500 Jan. 2013----------------------------------------------------------------------------M/V Delos Spot Ranger Supramax 54,057 2008 positioning Jul. 2012----------------------------------------------------------------------------M/V African Oryx (2) Handysize 24,112 1997 7,000 Jun. 2013----------------------------------------------------------------------------M/V BET Spot Commander Capesize 149,507 1991 positioning Jul. 2012----------------------------------------------------------------------------M/V BET Fighter Floating, BCI (3) Capesize 173,149 1992 linked Aug. 2012----------------------------------------------------------------------------M/V BET Prince Floating, BCI (3) Capesize 163,554 1995 linked Dec. 2012----------------------------------------------------------------------------M/V BET Scouter Floating, BCI (3) Capesize 172,173 1995 linked Jul. 2012----------------------------------------------------------------------------M/V BET Intruder Panamax 69,235 1993 12,250 Oct. 2012----------------------------------------------------------------------------M/V Fiesta (4) Floating, BHSI Handysize 29,519 1997 linked Nov. 2013----------------------------------------------------------------------------M/V Pacific Floating, BHSI Fantasy (4) Handysize 29,538 1996 linked Jan. 2014----------------------------------------------------------------------------M/V Pacific Floating, BHSI Fighter (4) Handysize 29,538 1998 linked Nov. 2013----------------------------------------------------------------------------M/V Clipper Floating, BHSI Freeway (4) Handysize 29,538 1998 linked Jan. 2014----------------------------------------------------------------------------M/V African Joy Floating, BHSI (5) Handysize 26,482 1996 linked Feb. 2013----------------------------------------------------------------------------M/V African Glory (6) Handysize 24,252 1998 7,000 Nov. 2012----------------------------------------------------------------------------M/V Asian Grace (7) Handysize 20,412 1999 7,000 Sep. 2012----------------------------------------------------------------------------M/V Clipper Glory Handysize 30,570 2007 25,000 Aug. 2012----------------------------------------------------------------------------M/V Clipper Grace Handysize 30,548 2007 25,000 Aug. 2012----------------------------------------------------------------------------Total 1,257,236----------------------------------------------------------------------------
