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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $) | 12 Months Ended |
--- | --- | ---
Dec. 31, 2011 | Dec. 31, 2010
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract] |  |
Prepaid expenses | $ 2,714,000 | $ 1,894,000
Deposit on Contracts, Nordic Galaxy | 9,000,000 | 9,000,000
Loans to seller, Nordic Galaxy | 0 | 26,809,000
Deferred Financing Costs | 653,000 | 653,000
Voyage in Progress, temporarily spot charters | 5,233,000 | 0
Working Capital, cooperative arrangements | 12,779,000 | 0
Other | 1,389,000 | 1,416,000
Total at year end | 31,768,000 | 39,772,000
Decrease in prepaid expenses | $ 8,000,000 |

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- Definition Sum of the amounts paid in advance for capitalized costs that will be expensed with the passage of time or the occurrence of a triggering event, and will be charged against earnings within one year or the normal operating cycle, if longer. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 1 -Subparagraph (g) -URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 340 -SubTopic 10 -Section 05 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6386993&loc=d3e5879-108316 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 43 -Section A -Paragraph 4 -Chapter 3 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Current Assets -URI http://asc.fasb.org/extlink&oid=6509628 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6787-107765 + Details
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