Table:
| USDm | 2019 | 2018 | 2017 |
| --- | --- | --- | --- |
| Reconciliation to revenue |  |  |  |
| Revenue | 692.6 | 635.4 | 657.0 |
| Port expenses, bunkers and commissions | -267.7 | -283.0 | -259.9 |
| TCE earnings | 424.9 | 352.4 | 397.1 |
Paragraphs:
ALTERNATIVE PERFORMANCE MEASURES
Time Charter Equivalent (TCE) earnings:
TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives. The Company reports TCE earnings because we believe it provides additional meaningful information to investors in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company’s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from Revenue to TCE earnings:
Question:
How is TCE earnings defined?
Answer: TORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives