GOODWILL

12 Months Ended

Dec. 31, 2012

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill Disclosure [Text Block]

NOTE 10 — GOODWILL:

Goodwill as of December 31, 2012 and 2011 is summarized as follows:

In thousands	Crude Segment and Total
Balance at January 1 and December 31, 2012 and 2011
Goodwill	$	9,589
Accumulated impairment losses		-
	$	9,589

Refer to Note 4, “Summary of Significant Accounting Policies,” for a description of the Company’s accounting policy for Goodwill and the results of the annual and interim impairment tests performed on the goodwill balance relating to the International Crude Tankers lightering business acquired in 2007.