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GENERAL AND ADMINISTRATIVE EXPENSES (Tables)
12 Months Ended
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