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VESSELS, NET (Tables)
 12 Months Ended
Dec. 31, 2018
VESSELS, NET [Abstract]  
Vessels, Net
The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.

All figures in USD ‘000
 
2018
  
2017
 
Vessels as of January 1
  
1,769,967
   
1,700,040
 
Additions Vessels
  
169,446
   
69,927
 
Disposals Vessels
  
(632,326
)
  
-
 
Drydocking as of January 1
  
119,303
   
99,153
 
Additions Drydocking
  
8,210
   
20,150
 
Disposals Drydocking
  
(75,182
)
  
-
 
Total Vessels and Drydocking
  
1,359,418
   
1,889,270
 
Less Accumulated Depreciation
  
(405,660
)*
  
(842,977
)
Less Accumulated Impairment Loss on Vessels
  
-
**
  
(110,480
)
Vessels, net
  
953,758
   
935,813
 

*
Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded

**
Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded