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Note 6 - Vessels, Net and Vessels Held for Sale (Tables)

9 Months Ended

Sep. 30, 2012

Property, Plant and Equipment [Table Text Block]


	Vessel cost			Accumulated Depreciation			Net Book Value
Balance, December 31, 2011		729,452,091			(115,619,118	)		613,832,973
Additions / transfers from vessels under construction		65,661,576			—			65,661,576
Vessel disposal		(18,811,000	)		2,727,787			(16,083,213	)
Depreciation for the period		—			(21,442,465	)		(21,442,465	)
Balance, September 30, 2012		776,302,667			(134,333,796	)		641,968,871

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

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