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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2013
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]  
Schedule of Fair Value By Balance Sheet Grouping
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
June 30, 2013
 
  
December 31, 2012
 
 
  
Book Value
 
  
Fair Value
 
  
Book Value
 
  
Fair Value
 
Cash and cash equivalents
  
$
107,800
  
  
$
107,800
  
  
$
42,846
  
  
$
42,846
  
Restricted cash
  
$
12,849
  
  
$
12,849
  
  
$
21,163
  
  
$
21,163
  
Accounts receivable
  
$
6,098
  
  
$
6,098
  
  
$
5,103
  
  
$
5,103
  
Accounts payable
  
$
825
  
  
$
825
  
  
$
1,277
  
  
$
1,277
  
Due to related parties, short term
  
$
561
  
  
$
561
  
  
$
27,815
  
  
$
27,815
  
Ship mortgage notes and premium
  
$
506,413
  
  
$
511,439
  
  
$
506,593
  
  
$
482,275
  
Other Long-term debt
  
$
509,743
  
  
$
509,743
  
  
$
487,493
  
  
$
487,493
  
Loans due to related party
  
$
—  
  
  
$
—  
  
  
$
35,000
  
  
$
35,000
  
Due to related parties, long term
  
$
35,290
  
  
$
35,290
  
  
$
57,701
  
  
$
57,701
  
Schedule of Fair Value Measurements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Fair Value Measurements at June 30, 2013 Using
 
 
  
Total
 
 
Level I
 
 
Level II
 
 
Level III
 
Cash and cash equivalents
  
$
107,800
  
  
$
107,800
  
  
$
—  
  
 
$
—  
 
Restricted cash
  
$
12,849
  
  
$
12,849
  
  
$
—  
  
 
$
—  
 
Ship mortgage notes and premium
  
$
511,439
  
  
$
511,439
  
  
$
—  
  
 
$
—  
 
Other Long-term debt(1)
  
$
509,743
  
  
$
—  
 
  
$
509,743
(1)
 
$
—  
 
Due to related parties, long term(1)
  
$
35,290
  
  
$
—  
 
  
$
35,290
(1)
 
$
—  
 
 
(1) The fair value of the Company's other long term debt and due to related parties, long term is estimated based on currently available debt with similar contract terms, interest rate and remaining maturities as well as taking into account the Company's creditworthiness.