At any given time, a portion of our fleet generally operates under short-term (1-3 years) time-charters. These charters generate fixed-rate cash flows that effectively provide a floor under our dividend payments.
(1) Profit share above $30,500 per day entitles Teekay Tankers to the first $3,000 per day plus 50% thereafter of vessel's Incremental Gemini Pool earnings, settled in the second quarter of each year.
(2) Includes profit share paying 49% of earnings in excess of $18,700 generated December 1 through March 20.
(3) Profit share above the applicable minimum time-charter rate entitles Teekay Tankers to the first 50% of the difference between the average TD5 BITR rate and the minimum rate.
(4) Charter rate covers incremental Australian crewing expenses of approximately $14,000 per day above international crewing costs.