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VESSELS (Tables)
 12 Months Ended
Dec. 31, 2019
VESSELS [Abstract]  
Vessels
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
 
2019
  
2018
 
Vessels as of January 1
  
1,307,087
   
1,769,967
 
Additions Vessels
  
2,531
   
169,446
 
Disposals Vessels
  
-
   
(632,326
)
Drydocking as of January 1
  
52,331
   
119,303
 
Additions Drydocking
  
7,618
   
8,210
 
Disposals Drydocking
  
-
   
(75,182
)
Total Vessels and Drydocking
  
1,369,567
   
1,359,418
 
Less Accumulated Depreciation
  
(469,570
)
  
(405,660
)*
Less Accumulated Impairment Loss on Vessels
  
-
   
-
**
Vessels
  
899,997
   
953,758
 
 
*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