GENERAL AND ADMINISTRATIVE EXPENSES (Tables)

12 Months Ended

Dec. 31, 2014

GENERAL AND ADMINISTRATIVE EXPENSES [Abstract]

General and administrative expenses

All figures in USD ‘000	2014		2013		2012
Management fee to related party		-		-		500
Directors and officers insurance		86		80		74
Salaries and wages		7,734		6,560		3,282
Audit, legal and consultants		1,431		5,575		1,007
Administrative services provided by related party		-		-		3,930
Other fees and expenses		4,076		4,213		1,718
Compensation – Restricted shares to Manager		-		-		1,540
Share-based compensation		1,096		2,093		1,258
Deferred compensation plan		440		1,033		1,391
Total for year ended December 31,		14,863		19,555		14,700