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FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES (Tables)
 12 Months Ended
Dec. 31, 2018
FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES [Abstract]  
Carrying Value of Estimated Fair Value of Financial Instruments
The carrying value and estimated fair value of the Company`s financial instruments at December 31, 2018 and 2017, are as follows:

 
All figures in USD ‘000
 
Fair Value
Hierarchy
Level
  
2018
Fair
Value
  
2018
Carrying
Value
  
2017
Fair
Value
  
2017
Carrying
Value
 
Recurring:
               
Cash and Cash Equivalents
  
1
   
49,327
   
49,327
   
58,359
   
58,359
 
Credit Facility***
  
2
   
(313,400
)
  
(313,400
)
  
(391,641
)
  
(391,641
)
Investment in Associate
  
1
   
-
   
-
   
11,992
   
12,164
 
Investment Securities
  
1
   
4,197
   
4,197
   
-
   
-
 
Vessel financing Newbuildings***
  
2
   
(127,140
)
  
(127,140
)
  
-
   
-
 
                     
Non-recurring:
                    
Vessels* (note 3)
  
2
   
-
   
-
   
100,000
   
100,000
 
Goodwill**
  
3
   
-
   
-
   
0
   
0
 

*Vessels measured at fair value were includes as part of the Vessels balance of $935.8 million in our consolidated balance sheet as of December 31, 2017
**Goodwill was written down to zero as of December 31, 2017. The most important assumptions and estimates applied by us in the goodwill impairment assessment included estimated future cash flows from our vessel operations, which is mainly driven by estimated daily time charter equivalents (TCE), operating expenses and the discount rate. The estimated future cash flows for revenues and operating expenses applied in the goodwill impairment model were aligned with the cash flows applied in the vessel impairment model.
*** The Credit Facility and Vessel financing Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.