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CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) (USD $)
In Thousands, unless otherwise specified
 6 Months Ended
Jun. 30, 2013
Jun. 30, 2012
Cash Flows from Operating Activities    
Net Loss $ (64,088) $ (17,313)
Reconciliation of Net Loss to Net Cash (Used in) Provided by Operating Activities    
Depreciation Expense 36,632 34,172
Settlement of contract 5,000 0
Dry-dock Expenditures (4,773) (5,904)
Amortization of Deferred Finance Costs 614 326
Deferred Compensation Liability (355) 1,089
Compensation- Restricted Shares 1,504 2,389
Gain in Marketable Securities 34 (24)
Other, net 3 0
Changes in Operating Assets and Liabilities:    
Accounts Receivables 3,911 387
Accounts Payable and Accrued Liabilities (10,419) (10,052)
Prepaid and Other Current Assets 752 12,228
Voyages in Progress 6,228 5,233
Other Non-current Assets 47 (13,481)
Net Cash (Used in) Provided by Operating Activities (24,910) 9,050
Cash Flows from Investing Activities    
Proceeds from Marketable Securities 600 0
Investment in Vessels (5,475) (1,503)
Investment in other fixed assets (1,722) 0
Repayment of Deposit 5,475 9,000
Acquisition of Orion Tankers Ltd (271) 0
Cash arising from obtaining control of Orion Tankers Ltd 6,544 0
Acquisition of Scandic American Shipping Ltd, net of cash acquired (7,641) 0
Acquisition of Scandic Assets Held for Sale (5,467) 0
Proceeds from Sale of Scandic Assets held for Sale 5,467 0
Other, net 444 (128)
Net Cash (Used in) Provided by Investing Activities (2,046) 7,369
Cash Flows from Financing Activities    
Proceeds from Issuance of Common Stock 101,831 75,583
Proceeds from Use of Credit Facility 0 20,000
Repayment towards Credit Facility (40,000) 0
Dividends Paid (19,331) (31,749)
Net Cash Provided by Financing Activities 42,500 63,834
Net Increase in Cash and Cash Equivalents 15,544 80,253
Effect of exchange rate changes on cash and cash equivalents 70 0
Cash and Cash Equivalents at the Beginning of Year 55,511 24,006
Cash and Cash Equivalents at the End of Period $ 71,125 $ 104,259