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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