GENERAL AND ADMINISTRATIVE EXPENSES

12 Months Ended

Dec. 31, 2011

GENERAL AND ADMINISTRATIVE EXPENSES [Abstract]

GENERAL AND ADMINISTRATIVE EXPENSES

6. GENERAL AND ADMINISTRATIVE EXPENSES

All figures in USD ‘000	2011		2010		2009
Management fee to related party		363		307		245
Directors and officers insurance		86		80		82
Salary and wages		2,904		2,859		2,202
Audit, legal and consultants		1,099		624		954
Legal fees –  Nordic Galaxy		2,362		1,500		–
Administrative services provided by related party		3,821		3,686		2,514
Other fees and expenses		1,631		1,576		1,670
Total General and Administration expense with cash effect		12,266		10,632		7,667
Compensation – Restricted shares to Manager		67		2,838		5,366
Share-based compensation		1,320		60		180
Deferred compensation plan		1,741		2,450		1,606
Total General and Administrative expense without cash effect		3,128		5,348		7,152
Total for year ended December 31,		15,394		15,980		14,819

At the end of 2009 the Company owned 15 vessels; at the end of 2010 the Company owned 17 vessels; and at the end of 2011 the Company owned 20 vessels.