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Thursday, December 28, 2017 3:34:41 PM
Our net revenues are also net of the amortization of above/below market time charters, which decreased our revenues and net income for the third quarter of 2015 and 2014 by $0.3 million and $1.2 million, respectively, or $0.01 and $0.04 per common share, respectively. Our average time charter equivalent rate, or TCE rate, for the third quarter of 2015 was $13,184 per vessel per day, which was 1% below our average TCE rate of $13,352 per vessel per day during the third quarter of 2014, mainly due to the reasons outlined above. Our adjusted TCE rate was $13,579 per vessel per day in the third quarter of 2015, 8% lower than our adjusted TCE of $14,748 for the third quarter of 2014. TCE rate is not a recognized measurement under GAAP. Please see the table at the back of this release for a reconciliation of TCE rates to time charter revenues, the most directly comparable financial measure calculated and presented in accordance with U.S. GAAP
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