GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

12 Months Ended

Dec. 31, 2013

GENERAL AND ADMINISTRATIVE EXPENSES [Abstract]

General and administrative expenses

All figures in USD '000	2013		2012		2011
Management fee to related party		-		500		363
Directors and officers insurance		80		74		86
Salaries and wages		6,560		3,282		2,904
Audit, legal and consultants		5,575		1,007		1,099
Legal fees –  Nordic Galaxy		-		-		2,362
Administrative services provided by related party		-		3,930		3,821
Other fees and expenses		4,213		1,718		1,631
Compensation – Restricted shares to Manager		-		1,540		67
Share-based compensation		2,093		1,258		1,320
Deferred compensation plan		1,033		1,391		1,741
Total for year ended December 31,		19,555		14,700		15,394