INTEREST EXPENSE

12 Months Ended

Dec. 31, 2016

INTEREST EXPENSE [Abstract]

INTEREST EXPENSE

11. INTEREST EXPENSE

Interest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 10.

All amounts in USD ‘000	2016		2015		2014
Interest Expenses, net of capitalized interest		8,811		7,590		8,686
Commitment Fee		937		2,025		2,330
Amortization of Deferred Financing Costs		1,422		1,240		1,228
Other financial costs		40		-		-
Total Interest Expenses		11,170		10,855		12,244

For the years ended December 31, 2016, 2015 and 2014, $1.6 million, $1.0 million and $0.0 million of interest expenses were capitalized, respectively.