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NEWBUILDINGS | 12 Months Ended
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Dec. 31, 2014
NEWBUILDINGS [Abstract] |
NEWBUILDINGS |
16. | NEWBUILDINGS
The carrying value of newbuildings represents the accumulated costs which the Company has paid by way of purchase installments and other capital expenditures together with capitalized loan interest. Movements in the three years ended December 31, 2014 may be summarized as follows:
(in thousands of $) |
Balance at December 31, 2011 | 13,049 |
Installments and newbuilding supervision fees paid | 12,936 |
Interest capitalized | 928 |
Balance at December 31, 2012 | 26,913 |
Installments and newbuilding supervision fees paid | 572 |
Interest capitalized | 2,183 |
Balance at December 31, 2013 | 29,668 |
Installments and newbuilding supervision fees paid | 42,130 |
Interest capitalized | 411 |
Transfers to Vessels and Equipment | (56,740 | )
Balance at December 31, 2014 | 15,469 |
In April 2014, the Company agreed with Rongsheng shipyard to swap its two Suezmax newbuildings on order with two similar Suezmax vessels from the same shipyard at a lower contract price. Installments paid to date have been allocated to the new vessels. On May 19, 2014, the Company took delivery of the first Suezmax newbuildings, Front Ull.

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- Definition Disclosures of newbuildings and accumulated costs which the Company has paid by way of purchase installments and other capital expenditures together with capitalized loan interest and acquisition of new contracts. + References No definition available. + Details
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