XML 25 R42.htm IDEA: XBRL DOCUMENT v2.4.0.8
RELATED PARTY TRANSACTIONS (Details) (USD $)
0 Months Ended 12 Months Ended
Jan. 10, 2013
Dec. 31, 2013
Person
Dec. 31, 2012
Dec. 31, 2011
Person
Related Party Transaction [Line Items]        
Costs and expenses, related party   $ 0 $ 3,930,000 $ 3,821,000
Number of tankers withdrawn from pool     9  
Private equity placement issued amount   172,611,000 75,582,000  
Investment in Nordic American Offshore Ltd   64,128,000 0  
Warrants received (in shares)   833,333    
Warrants exercise price (n dollars per share)   $ 15.00    
Percentage of warrants vesting increments (in hundredths)   20.00%    
Percentages of increase in volume weighted average price (in hundredths)   10.00%    
Minimum business days required for exercise level of VWAP   10 days    
VWAP minimum trading volume of exercise levels   2,000,000    
Minimum [Member]
       
Related Party Transaction [Line Items]        
Percentage of common shares increase (in hundredths)   25.00%    
Maximum [Member]
       
Related Party Transaction [Line Items]        
Percentage of common shares increase (in hundredths)   65.00%    
Percentage of NAO's common shares increases, maximum (in hundredths)   65.00%    
Scandic American Shipping Ltd [Member]
       
Related Party Transaction [Line Items]        
Manager's right to ownership of company's total outstanding shares (in hundredths)     2.00%  
Acquisition of shares in percentage (in hundredths) 100.00%      
New amount of management fee due to decrease/increase in the period   150,000   500,000
Previous amount of management fee before decrease/increase in the period   500,000   350,000
Accounts payable     1,500,000  
Restricted shares authorized (in shares)       400,000
Individuals in management and board members participating in incentive plan   17   23
Allocated restricted common shares subject to vesting (in shares)   203,000    
Restricted shares issued to the Manager (in shares) 174,000      
Share-based compensation expense 1,100,000      
Former Director [Member]
       
Related Party Transaction [Line Items]        
Accounts payable   5,000 0  
Costs and expenses, related party   100,000 100,000 100,000
Advisor to the Chairman [Member]
       
Related Party Transaction [Line Items]        
Accounts payable   10,000 0  
Costs and expenses, related party   100,000 100,000 100,000
Orion Tankers Pool [Member]
       
Related Party Transaction [Line Items]        
Number of tankers withdrawn from pool     9  
Related party receivable     37,000,000  
Initial funding per vessel     200,000  
Accounts receivable, net related party     12,900,000  
Nordic American Offshore Limited [Member] | Private Placement [Member]
       
Related Party Transaction [Line Items]        
Private equity placement issued amount   250,000,000    
Investment in Nordic American Offshore Ltd   $ 65,000,000    
Private equity placement participation (in hundredths)   26.00%