REVENUE FROM TIME CHARTERS

9 Months Ended

Sep. 30, 2011

REVENUE FROM TIME CHARTERS

REVENUE FROM TIME CHARTERS

16 - REVENUE FROM TIME CHARTERS

Total voyage revenue earned on time charters, including revenue earned in vessel pools and spot market-related time charters, for the three months ended September 30, 2011 and 2010 was $93,484 and $117,558, respectively, and for the nine months ended September 30, 2011 and 2010 was $292,614 and $317,576, respectively.  Included in revenues for the three months ended September 30, 2011 and 2010 was profit sharing revenue of $1 and $244, respectively.  Additionally, included in revenues for the nine months ended September 30, 2011 and 2010 was profit sharing revenue of $121 and $309, respectively.  Future minimum time charter revenue, based on vessels committed to noncancelable time charter contracts as of October 28, 2011 is expected to be $27,815 for the remainder of 2011, $53,481 during 2012, $4,790 during 2013 and $748 during 2014, assuming off-hire due to any scheduled drydocking and that no additional off-hire time is incurred.  For most drydockings, the Company assumes twenty days of offhire.  Future minimum revenue excludes revenue earned for the five vessels currently in pool arrangements and vessels that are currently on or will be on spot market-related time charters as spot rates cannot be estimated.