We provide chartering services of vessels under freight charter and time charter arrangements.
For freight charter contracts, we transport a specific amount and type of cargo from one destination to another designated by our customers for a fee which is usually calculated by reference to the quantity and type of cargo and the distance of the voyage.
For time charter contracts, we charter our vessels to customers for fixed periods of time at a negotiated time charter fee that is generally fixed.
Besides long-term freight charter contracts, we also engage in the provision of spot freight charter contracts. While spot charter contracts may increase our risks related to short-term market fluctuations, these contracts allow us to take advantage of any short-term increase in charter rates to increase our revenue and profitability