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OTHER ASSETS, NET
 6 Months Ended
Jun. 30, 2011
OTHER ASSETS, NET  
OTHER ASSETS, NET

14 - OTHER ASSETS, NET

 

Other assets consist of deferred financing costs, which include fees, commissions and legal expenses associated with securing loan facilities and other debt offerings.  Total net deferred financing costs consist of the following as of June 30, 2011 and December 31, 2010:

 

 

 

June 30, 2011

 

December
31, 2010

 

 

 

 

 

 

 

2007 Credit Facility

 

$

10,074

 

$

10,074

 

$100 Million Term Loan Facility

 

1,318

 

1,318

 

$253 Million Term Loan Facility

 

3,567

 

3,529

 

2010 Notes

 

3,637

 

3,637

 

2010 Baltic Trading Credit Facility

 

3,027

 

2,940

 

Total deferred financing costs

 

21,623

 

21,498

 

Less: accumulated amortization

 

6,133

 

4,561

 

Total

 

$

15,490

 

$

16,937

 

 

Amortization expense for deferred financing costs for the three months ended June 30, 2011 and 2010 was $793 and $338, respectively.  Amortization expense for deferred financing costs for the six months ended June 30, 2011 and 2010 was $1,572 and $602, respectively.  This amortization expense is recorded as a component of interest expense in the Condensed Consolidated Statements of Operations.