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(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 June 30, Six Months Ended June 30, --------------------------- --------------------------- 2012 2011 2012 2011 ------------- ------------- ------------- -------------Operating expenses 6,956 8,294 15,277 16,891Ownership days 1,711 1,820 3,481 3,620Daily vessel operating expenses 4,065 4,557 4,389 4,666
(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 September 20, 2012
---------------------------------------------------------------------------- Capacity Charter Vessel -------- Year Expiry Vessel Name Class (DWT) Built Charter Rate ($) (latest)----------------------------------------------------------------------------M/V Bremen Max Panamax 73,503 1993 Spot positioning Oct. 2012----------------------------------------------------------------------------M/V Hamburg Max Panamax 73,498 1994 Spot positioning Oct. 2012----------------------------------------------------------------------------M/V Davakis G. Supramax 54,051 2008 Spot positioning Oct. 2012----------------------------------------------------------------------------M/V Delos Ranger Supramax 54,057 2008 Spot positioning Oct. 2012----------------------------------------------------------------------------M/V African Oryx (1) Handysize 24,112 1997 7,000 Jun. 2013----------------------------------------------------------------------------M/V BET Commander Capesize 149,507 1991 Spot positioning Oct. 2012----------------------------------------------------------------------------M/V BET Prince (2) Capesize 163,554 1995 Floating, BCI linked Dec. 2012----------------------------------------------------------------------------M/V BET Intruder Panamax 69,235 1993 Spot Positioning -----------------------------------------------------------------------------M/V Fiesta (3) Handysize 29,519 1997 Floating, BHSI linked Nov. 2013----------------------------------------------------------------------------M/V Pacific Fantasy (3) Handysize 29,538 1996 Floating, BHSI linked Jan. 2014----------------------------------------------------------------------------M/V Pacific Fighter (3) Handysize 29,538 1998 Floating, BHSI linked Nov. 2013----------------------------------------------------------------------------M/V Clipper Freeway (3) Handysize 29,538 1998 Floating, BHSI linked Jan. 2014----------------------------------------------------------------------------M/V African Joy (4) Handysize 26,482 1996 Floating, BHSI linked Feb. 2013----------------------------------------------------------------------------M/V African Glory (5) Handysize 24,252 1998 7,000 May. 2013----------------------------------------------------------------------------M/V Asian Grace (6) Handysize 20,412 1999 7,000 Mar. 2013----------------------------------------------------------------------------M/V Clipper Glory Handysize 30,570 2007 BHSI linked (7) Jul. 2013----------------------------------------------------------------------------M/V Clipper Grace Handysize 30,548 2007 Spot positioning Oct. 2012----------------------------------------------------------------------------Total 911,914----------------------------------------------------------------------------
