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VESSELS
 6 Months Ended
Jun. 30, 2024
VESSELS [Abstract]  
VESSELS
5. VESSELS

Vessels, net, consist of the carrying value of 20 vessels as of June 30, 2024, and December 31, 2023. The book value of vessels includes capitalized drydocking costs.

The vessels held and used by the Company are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of a particular vessel may not reflect its recoverable amount. If impairment indicators are present, the Company compares the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value when determining whether the assets are recoverable.

All figures in USD ‘000
  
June 30,
2024
    
December 31,
2023
  
Vessels and Drydocking Cost
    
1,232,383
      
1,232,121
  
Less Accumulated Depreciation and Impairment Loss on Vessels
    
(491,581
)
    
(463,537
)
Net Book Value Vessels
     740,802       768,584