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GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended
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Dec. 31, 2013
GENERAL AND ADMINISTRATIVE EXPENSES [Abstract] |
GENERAL AND ADMINISTRATIVE EXPENSES | 5. GENERAL AND ADMINISTRATIVE EXPENSES
All figures in USD '000 |  | 2013 |  |  | 2012 |  |  | 2011 |
Management fee to related party |  |  | - |  |  |  | 500 |  |  |  | 363 |
Directors and officers insurance |  |  | 80 |  |  |  | 74 |  |  |  | 86 |
Salaries and wages |  |  | 6,560 |  |  |  | 3,282 |  |  |  | 2,904 |
Audit, legal and consultants |  |  | 5,575 |  |  |  | 1,007 |  |  |  | 1,099 |
Legal fees – Nordic Galaxy |  |  | - |  |  |  | - |  |  |  | 2,362 |
Administrative services provided by related party |  |  | - |  |  |  | 3,930 |  |  |  | 3,821 |
Other fees and expenses |  |  | 4,213 |  |  |  | 1,718 |  |  |  | 1,631 |
Compensation – Restricted shares to Manager |  |  | - |  |  |  | 1,540 |  |  |  | 67 |
Share-based compensation |  |  | 2,093 |  |  |  | 1,258 |  |  |  | 1,320 |
Deferred compensation plan |  |  | 1,033 |  |  |  | 1,391 |  |  |  | 1,741 |
Total for year ended December 31, |  |  | 19,555 |  |  |  | 14,700 |  |  |  | 15,394 |
General and administrative expenses for the year ended December 31, 2013 also include those of Scandic and Orion. Accordingly, the administrative services provided by related party are eliminated, and the expenses in the subsidiaries are presented under the remaining items. Expenses for "Audit, legal and consultants" include one-time charges related to the acquisition of Scandic of $2.5 million and legal fees related to the Gulf Navigation Holding PSJ arbitration of $1.0 million. Expenses for "Other fees and expenses" include one- time charges related to the acquisition of Scandic of $1.1 million, and $2.2 million in General and Administrative expenses incurred in the subsidiaries. The subsidiaries employees have a deferred group benefit plan. The deferred liability for the employees as of December 31, 2013 is $0.1 million, and recognized cost in the statement of operations for the year ended December 31, 2013 is $0.3 million.

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