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SHARE-BASED COMPENSATION PLAN (Details) (USD $)
In Millions, except Share data, unless otherwise specified
12 Months Ended 12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2011
Dec. 31, 2010
Dec. 31, 2011
Equity Incentive Plan 2011 [Member]
Dec. 31, 2010
Equity Incentive Plan 2011 [Member]
Dec. 31, 2011
Restricted Stock Awards [Member]
Scandic American Shipping Ltd. [Member]
Dec. 31, 2010
Restricted Stock Awards [Member]
Scandic American Shipping Ltd. [Member]
Dec. 31, 2011
Restricted Stock Awards [Member]
Employees [Member]
Equity Incentive Plan 2011 [Member]
Dec. 31, 2010
Restricted Stock Awards [Member]
Employees [Member]
Stock Incentive Plan 2004 [Member]
Dec. 31, 2011
Restricted Stock Awards [Member]
Non-Employees [Member]
Equity Incentive Plan 2011 [Member]
Dec. 31, 2010
Restricted Stock Awards [Member]
Non-Employees [Member]
Stock Incentive Plan 2004 [Member]
Dec. 31, 2010
Restricted Stock Awards [Member]
Employees and Non-Employees [Member]
Stock Incentive Plan 2004 [Member]
Dec. 31, 2006
Restricted Stock Awards [Member]
Employees and Non-Employees [Member]
Stock Incentive Plan 2004 [Member]
Dec. 31, 2009
Restricted Stock Awards [Member]
Employees and Non-Employees [Member]
Stock Incentive Plan 2004 [Member]
Dec. 31, 2011
Restricted Stock Awards [Member]
Employees and Directors and Non-Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]                            
Manager's right to ownership of company's total outstanding shares (in hundredths)         2.00%                  
Common Stock, par value (in dollars per share) $ 0.01 $ 0.01                        
Compensation - Restricted Shares (in shares)         4,612 93,878                
Fair value of shares issued to manager (in dollars per share)         $ 14.45 $ 30.24                
Individuals in management and Board members participating in incentive plan 23                          
Number of years after grant before restricted shares can be transferred (in years)         3Y                  
Shares non-transferable for longer period (in shares)         149,183                  
Longer period for non-transferable restricted shares (in years)         6Y                  
Total compensation cost for the period     $ 1.30               $ 0.06      
Restricted shares authorized (in shares) 400,000     400,000                    
Share-based compensation arrangement shares cliff vesting period, first range (in years)     4Y                      
Share-based compensation arrangement shares authorized and issued, first range (in shares)     326,000                      
Share-based compensation arrangement shares cliff vesting period, second range (in years)     5Y                      
Share-based compensation arrangement shares authorized and issued, second range (in shares)     74,000                      
Intrinsic value of restricted shares outstanding                           4.7
Unrecognized compensation cost related to unvested restricted stock                         $ 0.1 $ 6.7
Weighted average period to recognize the unrecognized compensation cost (in years)                           $ 3.42
Restricted shares -Employees and Non-Employees [Roll Forward]                            
Non-vested at beginning of period (in shares)             0 2,425 0 1,750        
Granted during the year (in shares)         578,306 399,694 163,000 0 237,000 0   16,700   226,000
Vested during the year (in shares)             0 2,425 0 1,750        
Forfeited during the year (in shares)             0 0 0 0        
Non-vested at end of period (in shares)             163,000 0 237,000 0        
Weighted-average grant-date fair value [Abstract]                            
Non-vested at beginning of period (in dollars per share)             $ 0 $ 31.99 $ 0 $ 31.99        
Granted during the year (in dollars per share)             $ 23.88 $ 0 $ 22.06 $ 0        
Vested during the year (in dollars per share)             $ 0 $ 0 $ 0 $ 0        
Forfeited during the year (in dollars per share)             $ 0 $ 0 $ 0 $ 0        
Non-vested at end of period (in dollars per share)             $ 23.88 $ 0 $ 22.06 $ 0        
Restricted shares vested and outstanding to employees and non-employees (in shares)                     16,700