Currently, all vessels in our fleet are employed under fixed rate time charters, having an average weighted remaining charter duration of three months (weighted by aggregate contracted charter hire). Our net revenues for the third quarter of 2015 of $11.4 million were relatively unchanged year over year compared to $11.5 million in the third quarter of 2014. The improved average daily rates and increased revenues for six of our vessels in the third quarter of 2015 were offset by the decreased revenues of Box Hong Kong and Box China due to the termination of their charters with OOCL in May and June 2015, respectively, under which the vessels were earning a gross daily rate of $26,800 while their current charters with MSC are at a gross daily rate of $13,000.
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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