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INVESTMENTS | 12 Months Ended
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Dec. 31, 2013
INVESTMENTS [Abstract] |
INVESTMENTS | 6 —INVESTMENTS The Company holds an investment in the capital stock of Jinhui and the stock of KLC. Jinhui is a drybulk shipping owner and operator focused on the Supramax segment of drybulk shipping. KLC is a marine transportation service company which operates a fleet of carriers which includes carriers for iron ore, liquefied natural gas and tankers for oil and petroleum products. These investments are designated as AFS and are reported at fair value, with unrealized gains and losses recorded in equity as a component of AOCI. At December 31, 2013 and 2012, the Company held 16,335,100 shares of Jinhui capital stock which is recorded at its fair value of $77,488 and $20,988, respectively, based on the closing price on December 30, 2013 and December 28, 2012, respectively. At December 31, 2013 and 2012, the Company held 3,355 and 0 shares, respectively, of KLC stock which is recorded at its fair value of $82 and $0, respectively. The fair value at December 31, 2013 of the investment in KLC shares is based on the closing price on December 30, 2013. The Company reviews the investment in Jinhui and KLC for impairment on a quarterly basis. There were no impairment charges recognized during the years ended December 31, 2013, 2012 and 2011. The unrealized gains (losses) for the Jinhui capital stock and KLC stock are a component of AOCI since this investment is designated as an AFS security. Refer to Note 12 — Accumulated Other Comprehensive Income (Loss) for a breakdown of the components of AOCI.

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