PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2011

PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]

Prepaid expenses and other current assets

All figures in USD ‘000	2011		2010
Prepaid expenses		2,714		1,894
Deposit on Contracts, Nordic Galaxy		9,000		9,000
Loans to seller, Nordic Galaxy		-		26,809
Deferred Financing Charges		653		653
Voyage in Progress - temporarily spot chargers		5,233		-
Working Capital, cooperative arrangements		12,779		-
Other		1,389		1,416
Total as per December 31,		31,768		39,772