XML 71 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.6

VESSELS, NET | 12 Months Ended
--- | ---
Dec. 31, 2011
VESSELS, NET [Abstract] |
VESSELS, NET |
8. | VESSELS, NET
Vessels, net, consist of the carrying value of 20 vessels including drydocking costs. During 2011 and 2010, we did not impair any of our vessels' carrying value, as we believe the future undiscounted cash flows expected to be earned by such vessels over their operating lives would exceed the vessels' carrying amounts.
All figures in USD ‘000 |  | Vessels |  |  | Drydocking |  |  | Total |
Carrying Value December 31, 2010 |  |  | 971,018 |  |  |  | 17,245 |  |  |  | 988,263 |
Accumulated depreciation December 31, 2010 |  |  | 275,744 |  |  |  | 19,782 |  |  |  | 295,526 |
Depreciation expense 2010 |  |  | 53,181 |  |  |  | 9,364 |  |  |  | 62,545 |
Carrying Value December 31, 2011 |  |  | 1,005,147 |  |  |  | 17,646 |  |  |  | 1,022,793 |
Accumulated depreciation December 31, 2011 |  |  | 334,846 |  |  |  | 9,398 |  |  |  | 344,244 |
Depreciation expense 2011 |  |  | 59,102 |  |  |  | 5,524 |  |  |  | 64,626 |
During 2011, our fleet has increased by three vessels, including two newbuilding vessels that we entered into agreements with Samsung Heavy Industries Co., Ltd. in April 2010. Newbuilding Deliveries. In April 2010, the Company entered into agreements with Samsung Heavy Industries Co. Ltd. to acquire two Suezmax newbuildings and the first vessel, the Nordic Breeze was delivered to the Company in August 2011 and the Nordic Zenith was delivered to the Company in November 2011. The Company took ownership of the vessels upon delivery from the shipyard at which time the title was transferred from the seller. The agreed total prices at delivery were $64.7 million and $64.7 million, respectively with 55% of the purchase prices paid when we signed the contracts and the balance paid on delivery. The table below shows total capitalized costs related to the two newbuildings delivered in 2011:
All figures in USD ‘000 |  | 2011 |  |  | 2010 |
Newbuilding – Nordic Breeze |  |  |  |  |  |
Instalment |  |  | 64,750 |  |  |  | 35,700 |
Capitalized interest |  |  | 417 |  |  |  | 191 |
Capitalized cost *) |  |  | 2,091 |  |  |  | 183 |
Total Newbuilding – Nordic Breeze as of December 31, |  |  | 67,258 |  |  |  | 36,074 |
All figures in USD ‘000 |  | 2011 |  |  | 2010 |
Newbuilding – Nordic Zenith |  |  |  |  |  |
Instalment |  |  | 64,750 |  |  |  | 35,700 |
Capitalized interest |  |  | 501 |  |  |  | 191 |
Capitalized cost *) |  |  | 2,035 |  |  |  | 160 |
Total Newbuilding – Nordic Breeze as of December 31, |  |  | 67,286 |  |  |  | 36,051 |
Total as of December 31, |  |  | 134,544 |  |  |  | 72,125 |
*) | Capitalized cost consists of direct expenses incurred upon acquisition, such as supervision expenses incurred during the construction period, commission paid and legal fees.

X
- Details
Name: | nat_VesselsNetAbstract
Namespace Prefix: | nat_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Vessels that are used in the normal conduct of business and not intended for resale. This disclosure may include vessels equipment accounting policies, a schedule of vessels and equipment gross, additions, deletions, transfers and other changes, depreciation, and amortization expense, net, accumulated depreciation and amortization expense and useful lives. + References No definition available. + Details
Name: | nat_VesselsNetTextBlock
Namespace Prefix: | nat_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration