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Consolidated Statements of Operations (USD $)
In Thousands, except Share data, unless otherwise specified
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:      
Voyage revenues $ 85,684 $ 106,912 $ 121,042
Management fee income (Note 3) 478 153 0
Total revenues 86,162 107,065 121,042
Expenses      
Voyage expenses (Note 17) 19,598 22,429 16,839
Vessel operating expenses (Note 17) 27,832 25,247 22,349
Dry docking expenses 5,663 3,096 6,576
Depreciation 33,045 50,224 46,937
Management fees 0 54 164
Loss/(gain) on derivative instruments, net (Note 18) (41) 390 2,083
General and administrative expenses 9,320 12,455 15,404
Bad debt expense (Note 15 and 16) 0 3,139 2,131
Vessel impairment loss (Note 5 and Note 18) 303,219 62,020 34,947
Gain on time charter agreement termination (Note 6) (6,454) (2,010) 0
Other operational loss (Note 10) 1,226 4,050 0
Other operational gain (Note 9) (3,507) (9,260) (26,648)
Loss on sale of vessel (Note 5) 3,190 0 0
Total Operating Expenses 393,091 171,834 120,782
Operating income/(loss) (306,929) (64,769) 260
Other Income/ (Expenses):      
Interest and finance costs (Note 7) (7,838) (5,227) (5,916)
Interest and other income 246 744 525
Loss on debt extinguishment (Note 7) 0 (307) 0
Total other expenses, net (7,592) (4,790) (5,391)
Net loss $ (314,521) $ (69,559) $ (5,131)
Loss per share, basic and diluted (Note 11) $ (58.32) $ (14.69) $ (1.25)
Weighted average number of shares outstanding, basic and diluted (Note 11) 5,393,131 4,736,485 4,099,277