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VESSELS AND EQUIPMENT | 12 Months Ended
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Dec. 31, 2014
Property, Plant and Equipment [Abstract] |
VESSELS AND EQUIPMENT. NET |
17. | VESSELS AND EQUIPMENT
Movements in the three years ended December 31, 2014 may be summarized as follows:
(in thousands of $) | Cost |  |  | Accumulated Depreciation |  |  | Net Carrying Value |
Balance at December 31, 2011 | 459,312 |  |  | (147,020 | ) |  | 312,292 |
Purchase of vessels and equipment | 730 |  |  | — |  |  |  |
Disposal of vessels and equipment | (51,960 | ) |  | 40,290 |  |  |
Other movements | 443 |  |  | (341 | ) |  |
Depreciation | — |  |  | (18,508 | ) |  |
Balance at December 31, 2012 | 408,525 |  |  | (125,579 | ) |  | 282,946 |
Purchase of vessels and equipment | 374 |  |  | — |  |  |  |
Other movements | (531 | ) |  | 449 |  |  |  |
Depreciation | — |  |  | (18,434 | ) |  |  |
Balance at December 31, 2013 | 408,368 |  |  | (143,564 | ) |  | 264,804 |
Purchase of vessels and equipment | 542 |  |  | — |  |  |  |
Transfers from Newbuildings | 56,740 |  |  | — |  |  |
Effect of de-consolidation of subsidiaries | (224,602 | ) |  | 49,803 |  |  |
Other movements | (936 | ) |  | 854 |  |  |  |
Depreciation | — |  |  | (11,082 | ) |  |  |
Impairment loss | (62,153 | ) |  | 49,728 |  |  |
Disposals | (117,297 | ) |  | 50,223 |  |  |
Balance at December 31, 2014 | 60,662 |  |  | (4,038 | ) |  | 56,624 |
At December 31, 2014, the Company owned one vessel (2013: nine vessels, including three vessels owned by subsidiaries accounted for under the equity method). In March 2014, a subsidiary of ITCL entered into an agreement to sell the VLCC Ulysses (ex-Phoenix Voyager) to an unrelated third party. The vessel was delivered to the buyer on March 11, 2014 and we recorded a loss of $15.7 million in the first quarter of 2014. In May 2014, the Company took delivery of its first Suezmax newbuilding, Front Ull. On July 15, 2014, several of the subsidiaries and related entities in the Windsor group, which owned four VLCCs, filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court in Wilmington, Delaware. The Company had been consolidating the Windsor group under the variable interest entity model and de-consolidated the group on July 15, 2014 as it lost control of the group as a consequence of the Chapter 11 filing. In September 2014, the Company agreed to sell the VLCC Ulriken (ex Antares Voyager) to an unrelated third party and recorded an impairment loss of $12.4 million in the third quarter. The vessel was delivered to the new owners in October 2014. Pursuant to an early termination agreement between three of the Company's subsidiaries, which were accounted for under the equity method: (i) the bareboat charters for the Altair Voyager, Cygnus Voyager and Sirius Voyager were terminated as of October 1, 2014; (ii) the charter hire payments paid in connection with the early termination agreement were used to redeem the remaining outstanding debt related to these vessels; and (iii) the three vessels were sold. In March 2012, the Company sold its 1993-built double hull Suezmax tanker, Front Alfa, to an unrelated third party and recognized a loss of $2.1 million in the first quarter of 2012. An impairment loss for this vessel of $24.8 million was recorded in the third quarter of 2011.

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- Definition The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6391110&loc=d3e2921-110230 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6360339&loc=d3e1361-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.13-14) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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