As much as possible, we give our staff a chance to step up and take more responsibility through internal rotations, internal progression and career development. We are also constantly trialing new data and technology solutions. Focus is on bottom-line impact, making sure that our commercial team have the best decision-making tools at hand at all times. It is not about buzz. Therefore, we are quite selective in terms of what technology we are eventually onboarding. Slide 23. Summarizing key pillars of our commercial strategy, and I could speak for an hour now to unpack all this. Some of it will have to remain a bit of a black box because it is commercially sensitive, but to highlight a few. Voyage combinations, finding creative and more profitable voyage combinations is key within petroleum markets and beyond.
It is about creating access to the right trading options and it is also about having the organization capability to execute them, especially when we trade in the overlap between petroleum products and chemical cargoes. Voyage execution. How well integrated are we across the whole chain that makes up one voyage? There are myriads of factors affecting voyage performance. For us, it’s a bit like in Formula 1, where every lap is analyzed and every voyage is debriefed extensively. Perfect lap, perfect pit-stop, it’s what makes the perfect race and the perfect season. Just like in Formula 1, we do our own lap analysis too after every voyage, no matter how close we get to the perfect voyage, we always look for ways to do it better, then having a constant life feedback loop across our teams.
Commercial philosophy, I touched on briefly. It is about being nimble and embracing the volatility in all markets, but at the same time being very methodical, very diligent, targeting exactly the right voyage at the right time. Trading book here on the right, we will provide an example on the next slide of how we use time charter in and time charter out to dynamically manage our exposure throughout the cycle and options. How can we increase options for Ardmore? And by that, I don’t just mean voyage options. New markets is a new, dedicated and focused function within the company. Freight derivatives supplement our ability to increase or decrease our exposure. So Slide 24 makes the point I just mentioned. Allow me to explain what we are looking at here.
The green line is the spot market. The bars in blue are the number of ships we had on time chartered out. The bars in gray are the number of ships we have time chartered in. As you can see here, looking at the green line, markets were low in 2021. The work was still affected by restricted mobility due to the COVID pandemic. Then markets started to recover last winter and continue to accelerate as of last spring. 2021, when markets were weak, as you can see here, bars in blue, we had a very meaningful amount of TC cover. Starting last winter, we started to take redelivery of those ships, and we put them back in the spot market. At the same time, we extended and expanded our time charter-in position, so we increased our market exposure. Our average TCN rate at the moment is just above $13,000 a day, and we calculated that over a two-year period, TC versus spot created about $30 million in value.
