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Year ended December 31, --------------------(Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- ---------Voyage revenue $ 382.2 $ 386.2 $ 4.0 1.0%Voyage expenses (4.2) (5.5) 1.3 31.0%Voyage expenses - related parties (2.9) (2.9) - -Vessels operating expenses (110.4) (112.5) 2.1 1.9%General and administrative expenses (5.0) (4.0) (1.0) (20.0%)Management fees - related parties (15.3) (15.2) (0.1) (0.7%)Amortization of dry-docking and special survey costs (8.1) (8.2) 0.1 1.2%Depreciation (78.8) (80.3) 1.5 1.9%Gain/ (Loss) on sale/disposal of vessels 13.1 (2.8) (15.9) (121.4%)Foreign exchange gains/ (losses) 0.1 0.1 - -Interest income 0.5 1.5 1.0 200.0%Interest and finance costs (75.4) (74.7) (0.7) (0.9%)Other 0.5 (0.1) (0.6) (120.0%)Gain/ (Loss) on derivative instruments (8.7) (0.5) (8.2) (94.3%) --------- ---------Net Income $ 87.6 $ 81.1 $ ========= ========= Year ended December 31, ------------------- (Expressed in millions of U.S. Percentage dollars, except percentages) 2011 2012 Change Change --------- ---------Voyage revenue $ 382.2 $ 386.2 $ 4.0 1.0%Accrued charter revenue 30.3 6.2 (24.1) (79.5%) --------- ---------Voyage revenue adjusted on a cash basis $ 412.5 $ 392.4 $ ========= ========= Year ended December 31, ----------------- PercentageFleet operational data 2011 2012 Change Change -------- --------Average number of vessels 47.8 46.8 (1.0) (2.1%)Ownership days 17,437 17,113 (324) (1.9%)Number of vessels underwent dry- dock and special survey during the years 8 9 1 -
Voyage Revenue
Voyage revenue increased by 1.0%, or $4.0 million, to $386.2 million during the year ended December 31, 2012, from $382.2 million during the year ended December 31, 2011. Ownership days decreased by 1.9% or 324 days to 17,113 days during the year ended December 31, 2012, from 17,437 days during the year ended December 31, 2011. The increase in Voyage revenue is mainly due to the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the year ended December 31, 2012, compared to the year ended December 31, 2011. Voyage revenue adjusted on a cash basis (which eliminates non-cash "Accrued charter revenue"), decreased by 4.9%, or $20.1 million, to $392.4 million during the year ended December 31, 2012, from $412.5 million during the year ended December 31, 2011. The decrease is attributable to decreased charter hire received in accordance with certain escalation clauses of our charters during the year ended December 31, 2012, compared to the year ended December 31, 2011; partly offset by the fact that larger vessels, chartered on average at higher rates, were employed by the Company during the year ended December 31, 2012, compared to the year ended December 31, 2011.
