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VESSELS | 12 Months Ended
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Dec. 31, 2023
VESSELS [Abstract] |
VESSELS |
4. | VESSELS
Vessels consists of the carrying value of 20 and 19 vessels for the year ended December 31, 2023, and December 31, 2022, respectively. Vessels includes capitalized drydocking costs.
All figures in USD ‘000 |  | 2023 |  |  | 2022 |
Vessels Cost as of January 1 |  |  | 1,078,996 |  |  |  | 1,244,148 |
Additions Vessels |  |  | 73,526 |  |  |  | 117,677 |
Disposals Vessels |  |  | - |  |  |  | (282,829 | )
Drydocking Cost as of January 1 |  |  | 68,324 |  |  |  | 80,047 |
Additions Drydocking |  |  | 11,275 |  |  |  | 12,774 |
Disposals Drydocking |  |  | - |  |  |  | (24,497 | )
Total Cost Vessels and Drydocking |  |  | 1,232,121 |  |  |  | 1,147,320 |
Less Accumulated Depreciation |  |  | (449,464 | ) |  |  | (398,113 | )
Less Accumulated Impairment Loss on Vessels |  |  | (14,073 | ) |  |  | (14,073 | )
Net Book Value Vessels as of December 31 |  |  | 768,584 |  |  |  | 735,134 |
Impairment and Gain on Disposal of Vessels The Company has recorded impairment losses on vessels of $nil, $0.3 million and $60.3 million for the years ended December 31, 2023, December 31, 2022, and December 31, 2021, respectively. If events or change in circumstances indicate that carrying amounts may not be recoverable, the Company reviews its vessels for impairment on an asset-by-asset basis by comparing the carrying value of its vessels to estimated undiscounted cash flows for the remaining useful life of its vessels. If applicable, the Company develops undiscounted future cash flows for the remaining useful life of the vessels with assumptions and estimates made based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated charter rates. Charter rates are volatile, and the analysis have in prior periods been based on market rates obtained from third parties, in combination with historical achieved rates by the Company. No events or change in circumstances were identified as of December 31, 2023, that indicated that the carrying values may not be recoverable. The impairment charge of $60.3 million recorded in 2021 was related to six vessels built in the period from 2002 to 2003. In 2022, five of these vessels were sold with an accumulated gain of $6.0 million. The gain relates in all material respects to the last vessel sold in October 2022, as a result of increasing second-hand vessel prices throughout 2022. No vessels have been disposed of in 2023.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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