Table:
|  |  | Years Ended December 31, |  |
| --- | --- | --- | --- |
| All figures in USD ‘000 | 2019 | 2018 | Variance |
| Voyage Revenue | 317,220 | 289,016 | 9.8% |
| Voyage Expenses | (141,770) | (165,012) | (14.1%) |
| Vessel Operating Expenses | (66,033) | (80,411) | (17.9%) |
| Impairment Loss on Vessels | - | (2,168) | N/A |
| Impairment Loss on Goodwill | - | - | N/A |
| Loss from Disposal of Vessels | - | (6,619) | N/A |
| General and Administrative Expenses | (13,481) | (12,727) | 5.9% |
| Depreciation Expenses | (63,965) | (60,695) | 5.4% |
| Net Operating (Loss) Income | 31,971 | (38,616) | (182.8%) |
| Interest Income | 298 | 334 | (10.8%) |
| Interest Expenses | (38,390) | (34,549) | 11.1% |
| Other Financial Expenses | (4,231) | (14,808) | (71.4%) |
| Equity Loss from Associate | - | (7,667) | N/A |
| Net (Loss) Income | (10,352) | (95,306) | (89.1%) |
Paragraphs:
A. Operating Results
YEAR ENDED DECEMBER 31, 2019 COMPARED TO YEAR ENDED DECEMBER 31, 2018
Management believes that net voyage revenue, a non-GAAP financial measure, provides additional meaningful information because it enables us to compare the profitability of our vessels which are employed under bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the number of days on the charter provides the Time Charter Equivalent (TCE) Rate. Net voyage revenues and TCE rates are widely used by investors and analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry standards. The table below reconciles our net voyage revenues to voyage revenues.
Question:
What is the percentage change in the voyage expenses between 2018 and 2019?
Answer: (141770 - 165012)/165012  = -14.09