| Gross Profit | Derived directly from the income statement by deducting cost of sales (vessel voyage expenditures, ship management fees, vessel operating expenditures and commissions) from the operating revenues. |
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| EBITDA | Earnings before interest, tax, depreciation and amortization. Derived directly from the income statement by adding back depreciation to the operating result (“EBIT”). |
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| Equity Ratio | Total book equity divided by total assets. |
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| Leverage Ratio | Total interest-bearing debt divided by total assets. |
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| OPEX per day | Operating expenses divided by the number of ownership days of consolidated vessels during the reporting period. |
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| TCE | Time charter equivalent, represents time charter revenue and pool revenue divided by the number of trading days for the consolidated vessels during the reporting period. Trading days are ownership days minus days without revenue, including commercial, uninsured technical and dry-dock related off-hire days. |
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| Utilization | Total trading days including off-hire days related to dry-docks divided by the total number of ownership days during the period. |
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