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PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2011
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] |
PREPAID EXPENSES AND OTHER CURRENT ASSETS |
5. | PREPAID EXPENSES AND OTHER CURRENT ASSETS
All figures in USD ‘000 |  | 2011 |  |  | 2010 |
Prepaid expenses |  |  | 2,714 |  |  |  | 1,894 |
Deposit on Contracts, Nordic Galaxy |  |  | 9,000 |  |  |  | 9,000 |
Loans to seller, Nordic Galaxy |  |  | – |  |  |  | 26,809 |
Deferred Financing Costs |  |  | 653 |  |  |  | 653 |
Voyage in Progress – temporarily spot charters |  |  | 5,233 |  |  |  | – |
Working Capital, cooperative arrangements |  |  | 12,779 |  |  |  | - |
Other |  |  | 1,389 |  |  |  | 1,416 |
Total as of December 31, |  |  | 31,768 |  |  |  | 39,772 |
As of December 31, 2011, the prepaid expenses and other current assets were $31.8 million compared to $39.8 million as of December 31, 2010, a decrease of $8 million. The decrease is primarily due to a settlement of the loan from the seller related to Nordic Galaxy of $26.8 million (see Note 9), offset by an increase related to gross presentation of accrued income of $5.2 million for vessels temporarily operated as spot charters (see Note 4) and an increase of $12.8 million in working capital balance against Gemini Tankers LLC which were presented as part of other non-current assets as per December 31, 2010.

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- Definition The entire disclosure of claims held for amounts due a company. Examples include trade accounts receivables, notes receivables, loans receivables, and so forth. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.17) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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