Table:
|  |  |  | Years Ended December 31, |  |  |
| --- | --- | --- | --- | --- | --- |
|  | 2019 | 2018 | 2017 | 2016 | 2015 |
|  |  |  | (in thousands of U.S.$, except number of shares, per common share data, fleet and other financial data) |  |  |
| Total operating revenues | 448,750 | 430,604 | 143,537 | 80,257 | 102,674 |
| Less: Liquefaction services revenue | (218,096) | (127,625) | — | — | — |
| Less: Vessel and other management fees | (21,888) | (24,209) | (26,576) | (14,225) | (12,547) |
| Net time and voyage charter revenues | 208,766 | 278,770 | 116,961 | 66,032 | 90,127 |
| Voyage and commission expenses (i) | (38,381) | (104,463) | (48,933) | (25,291) | (23,434) |
|  | 170,385 | 174,307 | 68,028 | 40,741 | 66,693 |
| Calendar days less scheduled off-hire days | 3,840 | 3,987 | 3,885 | 4,034 | 4,481 |
| Average daily TCE rate (to the closest $100) | 44,400 | 43,700 | 17,500 | 10,100 | 14,900 |
Paragraphs:
Our calculation of TCE may not be comparable to that reported by other entities. The following table reconciles our total operating revenues to average daily TCE:
(i) "Voyage and commission expenses" is derived from the caption "Voyage, charterhire and commission expenses" and "Voyage, charterhire and commission expenses - collaborative arrangement" less (i) charterhire expenses (net of the effect of the related guarantee obligation) of $nil, $nil and $12.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, which arose on the charter-back of the Golar Grand from Golar Partners, and (ii) voyage and commission expenses in relation to the Hilli Episeyo of $0.5 million, $1.4 million and $nil for the years ended December 31, 2019, 2018 and 2017, respectively.
(5) We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days. Calendar days exclude those from vessels chartered in where the vessel operating costs are borne by the legal owner, and those of vessels undergoing conversion.
Question:
In which year was the net time and voyage charter revenues the highest?
Answer: Because 278,770 >208,766 > 116,961> 90,127> 66,032, the answer is: 2018.