OSG primarily charters its vessels to customers for voyages for specific periods of time at fixed daily amounts through time charters. The Company also charters its vessels for specific voyages at spot rates. Spot market rates are highly volatile, while time charter rates provide more predictable streams of time charter equivalent ("TCE") revenues because they are fixed for specific periods of time. For a more detailed discussion on factors influencing spot and time charter markets, see "Fleet Operations-Commercial Management" below.
In August 2014, OSG emerged from Chapter 11 bankruptcy pursuant to a plan of reorganization approved by the U.S. Bankruptcy Court for the District of Delaware. See Note 2 to our Financial Statements for further information regarding our bankruptcy proceedings.
We seek to maximize stockholder value by generating strong cash flows through the combination of contracted time charter revenues and opportunistically trading vessels in the spot market; actively managing the size and composition of our fleet over the course of market cycles to increase investment returns and available capital; and entering into value-creating transactions, including acquisitions of competitive or adjacent businesses. The key elements of our strategy are to: