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ACCRUED LIABILITIES | 12 Months Ended
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Dec. 31, 2012
ACCRUED LIABILITIES [Abstract] |
ACCRUED LIABILITIES | 14. ACCRUED LIABILITIES
All figures in USD '000 |  | 2012 |  |  | 2011 |
Accrued Interest |  |  | 1,730 |  |  |  | 184 |
Accrued Expenses |  |  | 8,613 |  |  |  | 4,624 |
Accrued voyage expenses *) |  |  | – |  |  |  | 7,834 |
Total as of December 31, |  |  | 10,343 |  |  |  | 12,642 |
The increase of accrued interest as of December 31, 2012 to $1.7 million from $0.2 million as of December 31, 2011, is primarily a result of changes to timing of interest payment in connection with the 2012 Credit Facility that the Company entered into in October 2012. The increase of accrued expenses as of December 31, 2012 to $8.6 million from $4.6 million as of December 31, 2011, is related to unpaid drydocking costs of $4.0 million that were capitalized in 2012, but are due for payment in 2013, compared to $0.3 million related to unpaid drydocking costs that were capitalized in 2011, but due for payment in 2012.
*) | As of December 31, 2011, we temporarily operated three vessels in the spot market, by the pool manager through cooperative arrangements. The accrued voyage expenses of $7.8 million represents accrued port costs, bunkers expenses and other voyage related expenses. No vessels were operated under similar arrangements as of December 31, 2012.

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- Definition The entire disclosure for accounts payable and accrued liabilities at the end of the reporting period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 19 -Subparagraph a -Article 5 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 02 -Paragraph 20, 24 -Article 5 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a),20,24) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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