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VESSELS, NET | 12 Months Ended
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Dec. 31, 2013
VESSELS, NET [Abstract] |
VESSELS, NET |
7. | VESSELS, NET
Vessels, net, consist of the carrying value of 20 vessels including drydocking costs.
All figures in USD '000 |  | Vessels |  |  | Drydocking |  |  | Total |
Carrying Value December 31, 2012 |  |  | 933,424 |  |  |  | 31,431 |  |  |  | 964,855 |
Accumulated depreciation December 31, 2012 |  |  | 397,641 |  |  |  | 15,822 |  |  |  | 413,463 |
Impairment Loss on Vessel 2012 |  |  | 12,030 |  |  |  | - |  |  |  | 12,030 |
Depreciation expense 2012 |  |  | 62,795 |  |  |  | 6,424 |  |  |  | 69,219 |
Carrying Value December 31, 2013 |  |  | 872,846 |  |  |  | 38,583 |  |  |  | 911,429 |
Accumulated depreciation December 31, 2013 |  |  | 460,422 |  |  |  | 27,063 |  |  |  | 487,485 |
Depreciation expense 2013 |  |  | 62,781 |  |  |  | 11,241 |  |  |  | 74,022 |
Impairment Loss on Vessels The Company recorded impairment loss on vessels of $nil, $12.0 million and $nil for the years ended December 31, 2013, 2012 and 2011, respectively. The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of each of its vessels may not be recoverable. For the year ended December 31, 2013 the Company performed impairment tests at each quarter end. Impairment tests performed did not result in carrying value for any of the Company's vessels exceeding future undiscounted cash flows. During the fourth quarter of 2012, the Company identified one vessel where the Company believed that future undiscounted cash flow was less than the carrying value and therefore not fully recoverable. The impairment loss recorded is equal to the difference between the asset's carrying value and estimated fair value.

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- Definition Vessels that are used in the normal conduct of business and not intended for resale. This disclosure may include vessels equipment accounting policies, a schedule of vessels and equipment gross, additions, deletions, transfers and other changes, depreciation, and amortization expense, net, accumulated depreciation and amortization expense and useful lives. + References No definition available. + Details
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