| 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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| Adj. EBITDA | EBITDA excluding one-time, irregular, and non-recurring items, such as gain (loss) from vessel sales. |
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| Adj. Profit (Loss) for the Period | Profit (loss) for the perios excluding one-time, irregular, and non-recurring items, such as gain (loss) from vessel sales. |
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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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| Adj. Operating Expense ("OPEX") per day | Adj. OPEX per day is calculated as operating expenses excluding tonnage taxes and operating expenses reimbursed by the charterers divided by the number of ownership days for consolidated vessels during the reporting period. |
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| Average Time Charter Equivalent ("TCE") | The 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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| Adj. Average Time Charter Equivalent | Adjusted average TCE is the average TCE for the period excluding one-time, irregular, and non-recurring items, such as
gain (loss) from sale of vessels. |
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| Net Debt | Calculated as cash and cash equivalent less borrowings (current and non-current). The measure may exclude lease liabilities (current and non-current) or include them. |
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