Al-Jasser, attributed the main reason for the decrease in the net profit in comparison to the corresponding quarter in 2012 is due to lower average time charter equivalent (TCE) rates achieved in the spot market for crude oil VLCC (Very Large Crude Carrier) transportation.
What does TCE stand for?
TCE stands for Time Charter Equivalent (oil tankers' pricing units)
This definition appears very frequently and is found in the following Acronym Finder categories:
- Business, finance, etc.
See other definitions of TCE
We have 232 other meanings of TCE in our Acronym Attic
- The Chemical Engineer (journal of the Institute of Chemical Engineers)
- The Chemistry Experiment (band; UK)
- The Common Enterprise (San Antonio, TX)
- The Creative Exchange
- Thermal Canister Experiment (US NASA)
- Thermal Coefficient of Expansion
- Thermal Conditioning Electronics
- Thermal Control Electronics
- Thomson Consumer Electronics
- Threshold-Crossing Event (US NASA)
- Tokyo College of Environment (Tokyo, Japan)
- Tonne of Coal Equivalent
- Total Customer Experience
- Total Cutaneous Examination
- Tous Corps d'Etat
- Toxic Carpet Emissions
- Traditional Church of England
- Traditional Cultural Expression
- Training Center Evaluator
- Traité Constitutionnel Européen (French: European Constitutional Treaty)
Samples in periodicals archive:
The reasons of the increase the net profit during 2012 compared to 2011 are: Improvement in Oil & Gas Sector due to the increase of average time charter equivalent rates in VLCC spot market of crude oil transportation during the first half of the year.
Time charter equivalent revenue - voyage revenue less expenses - more than tripled to $14.
During the fourth quarter of 2004, the Company's Suezmax fleet operated in the spot market, earning on average approximately US$74,925 per vessel per day on a time charter equivalent (TCE) basis.
The rating previously recognised SCF's balanced chartering strategy with around 60% of its Time Charter Equivalent (TCE) revenues being derived from time-charters.
Saleh Nasser Al-Jasser traced the increase in the net profit during the second quarter and the 6-months period compared to the same corresponding periods of the year 2011 to the increase in the average time charter equivalent (TCE) rates in Very Large Crude Carrier (VLCC) spot market as well as increased profit of Petredec (30.
9% AVERAGE DAILY RESULTS Time Charter equivalent (6) $ 19,109 $ 28,077 $ 21,915 $ 28,830 Direct vessel operating expenses per vessel (7) 8,486 7,923 8,590 8,172 General and administrative expense per vessel (8) 3,011 3,323 3,270 3,649 Total vessel operating expenses (9) 11,497 11,246 11,860 11,821 EBITDA (10) 6,690 15,689 9,160 15,408 Three months ended Nine months ended September-10 September-09 September-10 September-09 EBITDA Reconciliation Net Income $ (26,033) $ 14,755 $ (49,421) $ 40,930 + Net interest (income) expense 21,379 7,734 59,228 23,432 + Depreciation and amortization 25,413 22,255 70,014 66,040 EBITDA $ 20,759 $ 44,744 $ 79,821 $ 130,402 (1) EBITDA represents net income plus net interest expense and depreciation and amortization.
Dry bulk was the main driver on the back of the Chinese demand for raw materials, and the average time charter equivalent of TTA's fleet grew from US$9,827 to US$13,180.