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PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended
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Dec. 31, 2012
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 |  | 2012 |  |  | 2011 |
Prepaid expenses |  |  | 3,137 |  |  |  | 2,714 |
Deposit on Contracts, Nordic Galaxy |  |  | - |  |  |  | 9,000 |
Deferred Financing Costs |  |  | 1,228 |  |  |  | 653 |
Voyage in Progress – temporarily spot charters |  |  | - |  |  |  | 5,233 |
Working Capital, cooperative arrangements |  |  | - |  |  |  | 12,779 |
Other |  |  | 1,184 |  |  |  | 1,389 |
Total as of December 31, |  |  | 5,549 |  |  |  | 31,768 |
As of December 31, 2012, the prepaid expenses and other current assets were $5.5 million compared to $31.8 million as of December 31, 2011, a decrease of $26.3 million. The decrease of $26.3 million is primarily due to repayment of $12.8 million from Gemini Tankers LLC and due to repayment of the deposit of Nordic Galaxy of $9.0 million from the seller. As of December 31, 2012, voyage in progress were $0.0 compared to $5.2 million as of December 31, 2011. As of December 31, 2012, deferred financing costs increased to $1.2 million from $0.7 million as of December 31, 2011. The increase in deferred financing costs is a result of an increase in capitalized finance costs related to the 2012 Credit Facility as compared to the 2005 Credit Facility. For further details on our credit facilities, see note 12.

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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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