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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2009
Revenues:      
Voyage revenues $ 106,912 $ 121,042 $ 142,351
Management fee income 153 0 0
Total revenues 107,065 121,042 142,351
Expenses      
Voyage expenses (Note 18) 22,429 16,839 15,374
Vessel operating expenses (Note 18) 25,247 22,349 30,168
Dry docking expenses 3,096 6,576 6,122
Depreciation 50,224 46,937 58,298
Management fees 54 164 771
Loss on derivative instruments, net (Note 19) 390 2,083 2,154
General and administrative expenses 12,455 15,404 8,742
Bad debt expense (Note 16 and 17) 3,139 2,131 0
Vessel impairment loss (Note 6 and Note 19) 62,020 34,947 75,208
Gain on time charter agreement termination (Note 7) (2,010) 0 (16,219)
Loss on time charter agreement termination (Note 7) 0 0 11,040
Other operational loss (Note 11) 4,050 0 0
Other operational gain (Note 10) (9,260) (26,648) 0
Total Operating Expenses 171,834 120,782 191,658
Operating income/(loss) (64,769) 260 (49,307)
Other Income (Expenses):      
Interest and finance costs (Note 8) (5,227) (5,916) (9,914)
Interest and other income 744 525 806
Loss on debt extinguishment (Note 8) (307) 0 0
Total other expenses, net (4,790) (5,391) (9,108)
Net loss $ (69,559) $ (5,131) $ (58,415)
Loss per share, basic and diluted (Note 12) $ (0.98) $ (0.08) $ (0.96)
Weighted average number of shares outstanding, basic and diluted (Note 12) 71,047,277 61,489,162 60,873,421