Odfjell SE Annual Report 2012

odfjell group
Note 19 Voyage expenses
Voyage expenses are expenses directly related to the ship voyage.
(USD 1 000) 2012 2011
Port expenses 93 159 91 014
Canal expenses 23 092 19 913
Bunkers expenses 1) 318 361 308 455
Transhipment expenses 24 197 24 610
Commission expenses 23 342 24 120
Other voyage related expenses 50 240 64 093
Total voyage expenses 532 391 532 205
1)
Includes bunkers hedging
Note 20 Time charter expenses
Time charter expenses consist of expenses for operating leases, see note 16 for future obligations.
(USD 1 000) 2012 2011
Floating time charter expenses 49 136 51 725
Other time charter expenses 124 021 115 900
Total time charter expenses 173 157 167 625
Time charter is an arrangement for hire of a ship. These arrangements vary in form and way of payment and period of hire may differ from
time to time. Bare-boat arrangements are also included in this note. See Glossary in Annual Report for additional comments.
Note 21 Operating expenses
Operating expenses consist of expenses for operating ships and terminals (for example wages and remunerations for crew and operational
personnel and materials and equipment for ships and terminals).
(USD 1 000) 2012 2011
Salary expenses (note 23) 128 296 110 035
Cost of operations terminals 48 716 21 769
Cost of operations ships 108 485 109 893
Cost of operations LPG/Ethylene 1 916 –
Tonnage tax 127 122
Currency hedging (2 262) (3 821)
Total operating expenses 285 278 237 998
Note 22 General and administrative expenses
General and administrative expenses consist of expenses for headquarter’s activity, activities outside Bergen for brokerage, agency and
general administration in tank terminals.
(USD 1 000) 2012 2011
Salary expenses (note 23) 86 650 75 405
Other expenses 43 130 31 636
Currency hedging (1 204) (3 310)
Total general and administrative expenses 128 576 103 731
Including in the above is auditor’s remuneration for:
(USD 1 000 exclusive VAT) 2012 2011
Statutory auditing 798 996
Other assurance services 168 88
Tax advisory services 220 212
Other non-audit services 306 73
Total remuneration 1 492 1 367
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odfjell annual report 2012