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SHAREHOLDERS' EQUITY (Details) (USD $)
 12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2007
Authorized Shares [Roll forward]        
Balance at beginning of period (in shares) 90,000,000      
Balance at end of period (in shares) 90,000,000 90,000,000    
Issued and Outstanding Shares [Roll forward]        
Balance at beginning of period, issued (in shares) 47,303,394      
Balance at beginning of period, outstanding (in shares) 47,303,394      
Balance at end of period, issued (in shares) 52,915,639 47,303,394    
Balance at end of period, outstanding (in shares) 52,915,639 47,303,394    
Common Stock [Roll forward]        
Common Shares Issued in Follow-on Offering $ 75,582,000   $ 136,510,000  
Compensation - Restricted Shares 1,541,000 67,000 2,838,000  
Common Stock [Abstract]        
Net proceeds from underwritten public offering of common shares 75,582,000 4,000 136,510,000  
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01    
Number of employees who had resigned 2      
Additional Paid in Capital [Abstract]        
Share Premium Fund 0 0    
Reduction of Share Premium 75,600,000   136,400,000  
Contributed Surplus Account [Abstract]        
Net Income (Loss) 73,192,000 72,298,000 809,000  
Shareholders' Rights Plan [Abstract]        
Preferred stock purchase right       one preferred stock purchase right to purchase one one-thousandth of a share of our Series A Participating Preferred Stock for each outstanding share of our common stock, par value $0.01 per share
Stockholders rights, exercise price       $ 115
Percentage of common stock ownership (in hundredths)       15.00%
Restricted Stock Awards [Member] | Scandic American Shipping Ltd. [Member]
        
Issued and Outstanding Shares [Roll forward]        
Compensation - Restricted Shares (in shares) 112,245 4,612    
Common Stock [Abstract]        
Restricted shares issued and outstanding (in shares) 690,551 578,306    
Restricted Stock Awards [Member] | Employees and Non-Employees [Member] | Stock Incentive Plan 2011 [Member]
        
Common Stock [Abstract]        
Shares held in treasury (in shares) 8,500      
Restricted shares issued and outstanding (in shares) 217,500 226,000    
Common Stock [Member]
        
Authorized Shares [Roll forward]        
Balance at beginning of period (in shares) 90,000,000 51,200,000 51,200,000  
Increased authorized share capital (in shares)   38,800,000    
Balance at end of period (in shares) 90,000,000 90,000,000 51,200,000  
Issued and Outstanding Shares [Roll forward]        
Balance at beginning of period, issued (in shares) 47,303,394 46,898,782 42,204,904  
Balance at beginning of period, outstanding (in shares) 47,303,394 46,898,782 42,204,904  
Common Shares Issued in Follow-on Offering (in shares) 5,500,000   4,600,000  
Compensation - Restricted Shares (in shares) 112,245 4,612 93,878  
Common Shares Issued, 2011 Equity Incentive Plan (in shares)   400,000    
Balance at end of period, issued (in shares) 52,915,639 47,303,394 46,898,782  
Balance at end of period, outstanding (in shares) 52,915,639 47,303,394 46,898,782  
Common Stock [Roll forward]        
Balance at beginning of period 473,000 469,000 422,000  
Common Shares Issued in Follow-on Offering 55,000   46,000  
Compensation - Restricted Shares 1,000 0 1,000  
Common Shares Issued, 2011 Equity Incentive Plan   4,000    
Balance at end of period 529,000 473,000 469,000  
Common Stock [Abstract]        
Shares held in treasury (in shares) 8,500      
Contributed Surplus Account [Abstract]        
Net Income (Loss) $ 0 $ 0 $ 0