Securities Repurchase Program
The Company recently repurchased 641,654 of its common shares in the open market at an average price of $78.26 per share under the 2023 Securities Repurchase Program. There is $199.8 million available under the 2023 Securities Repurchase Program as of June 14, 2024.
Second Quarter of 2024 Daily Time Charter Equivalent (“TCE”) Revenues
Below is a summary of the estimated average daily Time Charter Equivalent (“TCE”) revenue and duration of contracted voyages and time charters for the Company’s vessels (both in the pools and outside of the pools) thus far in the second quarter of 2024 as of the date hereof:
| Pool and Spot Market | Time Charters Out of the Pool | |||||||||
| Average Daily | Expected | % of | Average Daily | Expected | % of | |||||
| Vessel Class | TCE Revenue (1) | Revenue Days (2) | Days | TCE Revenue (1) | Revenue Days (2) | Days | ||||
| LR2 | $ | 55,000 | 2,575 | 81 | % | $ | 30,750 | 900 | 100 | % |
| MR | $ | 37,000 | 4,380 | 88 | % | $ | 21,750 | 450 | 100 | % |
| Handymax | $ | 28,000 | 1,225 | 80 | % | n/a | n/a | n/a | ||
