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Fixed Assets

9 Months Ended

Sep. 30, 2011

Fixed Assets [Abstract]

Note 5 — Fixed Assets

Fixed assets consist of the following (in thousands):

Description		September 30, 2011				December 31, 2010
Vessels		$	709,480			$	594,718
Vessel improvements and other equipment			197,970				190,744
Deferred drydocking costs			33,438				30,530
Vessel construction in process							92,600
Other fixed assets			19,930				19,390
			960,818				927,982
Less accumulated depreciation and amortization			(406,291	)			(351,720	)
		$	554,527			$	576,262

The Company had individual contracts, with China Communications Construction Company Ltd. and Nantong Yahua Shipbuilding Group Co., Ltd. ("Shipyard"), to build six multipurpose vessels with retractable tweendecks. In January and February 2011, the fourth and fifth vessels, named Omaha Belle and Comanche Maiden, respectively, were delivered. The final vessel, Maya Princess, was delivered in May 2011.

The Company capitalized interest, including loan origination fees, of $0.2 million and $0.8 million for the three and nine months ended September 30, 2011, respectively, and $2.0 million and $6.1 million for the three and nine months ended September 30, 2010, respectively. Capitalized interest and deferred finance costs are added to the cost of each vessel and are amortized over the estimated useful life of the respective vessel commencing on the date the vessel is placed into service.

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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