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OTHER NON-CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2011
OTHER NON-CURRENT ASSETS [Abstract] |
OTHER NON-CURRENT ASSETS |
10. | OTHER NON-CURRENT ASSETS
All figures in USD ‘000 |  | 2011 |  |  | 2010 |
Working Capital, cooperative arrangements |  |  | - |  |  |  | 22,034 |
Financial Charges |  |  | 490 |  |  |  | 1,143 |
Total as of December 31, |  |  | 490 |  |  |  | 23,177 |
As of December 31, 2010, the working capital of $22.0 million represents the value of bunkers on board our vessels at the time of vessel delivery to the cooperative arrangement Gemini Tankers LLC, including payment of initial funding of $0.2 million per vessel. The working capital is according to the Gemini Tankers agreement to be repaid to the Company within six months after the date of the withdrawal from the agreement. In November, 2011, the Company exited the cooperative arrangement with Gemini Tankers LLC and entered into cooperative arrangement with Orion Tankers Pool. As a result of the withdrawal from the Gemini Tankers LLC agreement, the outstanding working capital as of December 31, 2011 is transferred from other non-current assets, to prepaid expenses and other current assets, see Note 5 of our audited financial statements.

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