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GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended
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Dec. 31, 2012
GENERAL AND ADMINISTRATIVE EXPENSES [Abstract] |
General and administrative expenses |
All figures in USD '000 |  | 2012 |  |  | 2011 |  |  | 2010 |
Management fee to related party |  |  | 500 |  |  |  | 363 |  |  |  | 307 |
Directors and officers insurance |  |  | 74 |  |  |  | 86 |  |  |  | 80 |
Salary and wages |  |  | 3,282 |  |  |  | 2,904 |  |  |  | 2,859 |
Audit, legal and consultants |  |  | 1,007 |  |  |  | 1,099 |  |  |  | 624 |
Legal fees – Nordic Galaxy |  |  | - |  |  |  | 2,362 |  |  |  | 1,500 |
Administrative services provided by related party |  |  | 3,930 |  |  |  | 3,821 |  |  |  | 3,686 |
Other fees and expenses |  |  | 1,718 |  |  |  | 1,631 |  |  |  | 1,576 |
Total General and Administration expense with cash effect |  |  | 10,511 |  |  |  | 12,266 |  |  |  | 10,632 |
Compensation – Restricted shares to Manager |  |  | 1,540 |  |  |  | 67 |  |  |  | 2,838 |
Share-based compensation |  |  | 1,258 |  |  |  | 1,320 |  |  |  | 60 |
Deferred compensation plan |  |  | 1,391 |  |  |  | 1,741 |  |  |  | 2,450 |
Total General and Administrative expense without cash effect |  |  | 4,189 |  |  |  | 3,128 |  |  |  | 5,348 |
Total for year ended December 31, |  |  | 14,700 |  |  |  | 15,394 |  |  |  | 15,980 |

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