BUSINESS AND SEGMENT REPORTING (Tables)

12 Months Ended

Dec. 31, 2012

Schedule of Segment Reporting Information, by Segment [Table Text Block]

Information about the Company’s reportable segments as of and for the three years ended December 31, 2012 follows:

	International
	Crude		Product
	Tankers		Carriers		Other		U.S.		Totals
2012
Shipping revenues	$	343,541	$	331,634	$	10,156	$	451,803	$	1,137,134
Time charter equivalent revenues		256,843		171,881		10,071		402,051		840,846
Depreciation and amortization		83,558		43,239		5,392		69,095		201,284
Gain/(loss) on disposal of vessels, including impairments		(102,242)		(160,706)		8,085		(16,496)		(271,359)
Income/(loss) from vessel operations		(70,909)		(59,111)		(4,243)		118,397		(15,866)
Equity in income of affiliated companies		18,658		-		11,378		3,450		33,486
Investments in affiliated companies at December 31, 2012		241,198		6,000		1,700		3,500		252,398
Total assets at December 31, 2012		1,739,740		620,731		2,333		1,123,368		3,486,172
Expenditures for vessels		33,488		18,563		6		547		52,604
Payments for drydockings		20,063		7,166		-		18,761		45,990
2011 (As Restated)
Shipping revenues		337,137		321,322		13,285		377,787		1,049,531
Time charter equivalent revenues		266,429		178,823		13,228		331,721		790,201
Depreciation and amortization		74,392		35,385		5,809		64,135		179,721
Gain/(loss) on disposal of vessels		673		(71)		(29)		1,487		2,060
Income/(loss) from vessel operations		(71,033)		(42,021)		(828)		52,812		(61,070)
Equity in income of affiliated companies		8,985		-		7,157		4,413		20,555
Investments in affiliated companies at December 31, 2011		211,406		3,855		12,669		4,440		232,370
Total assets at December 31, 2011		1,848,531		878,885		22,395		1,125,634		3,875,445
Expenditures for vessels		45,654		79,492		-		62,364		187,510
Payments for drydockings		16,600		14,166		-		16,594		47,360
2010 (As Restated)
Shipping revenues		497,367		247,779		12,215		288,249		1,045,610
Time charter equivalent revenues		422,970		167,543		12,215		250,550		853,278
Depreciation and amortization		73,399		30,386		6,152		60,733		170,670
Shipyard contract termination recoveries		-		-		-		2,061		2,061
Gain/(loss) on disposal of vessels		1,351		21		(2,287)		1,076		161
Loss on write-down of vessels		12,730		-		-		16,053		28,783
Income/(loss) from vessel operations		62,283		(24,698)		(562)		10,667		47,690
Equity in income/(loss) of affiliated companies		(7,881)		-		7,091		4,383		3,593
Investments in affiliated companies at December 31, 2010		214,099		1,800		44,771		4,426		265,096
Total assets at December 31, 2010		1,876,643		790,962		53,727		1,132,905		3,854,237
Expenditures for vessels		55,810		151,110		-		214,443		421,363
Payments for drydockings		9,203		1,079		1,000		8,733		20,015

Reconciliation of Revenue from Segments to Consolidated [Table Text Block]

Reconciliations of time charter equivalent revenues of the segments to shipping revenues as reported in the consolidated statements of operations follow:

For the year ended December 31,	2012		2011		2010
Time charter equivalent revenues	$	840,846	$	790,201	$	853,278
Add: Voyage expenses		296,288		259,330		192,332
Shipping revenues	$	1,137,134	$	1,049,531	$	1,045,610

Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block]

Reconciliations of income/(loss) from vessel operations of the segments to loss before reorganization items and income taxes, as reported in the consolidated statements of operations follow:

For the year ended December 31,	2012		2011 (As Restated)		2010
Total (loss)/income from vessel operations of all segments	$	(15,866)	$	(61,070)	$	47,690
General and administrative expenses		(88,845)		(83,178)		(100,424)
Severance and relocation costs		(3,163)		-		-
Shipyard contract termination recoveries		-		-		2,061
Gain/(loss) on disposal of vessels, including impairments		(271,359)		2,060		(28,622)
Consolidated loss from vessel operations		(379,233)		(142,188)		(79,295)
Equity in income of affiliated companies		33,486		20,555		3,593
Other (expense)/income		(1,314)		2,154		1,047
Interest expense		(93,421)		(79,898)		(67,044)
Loss before reorganization items and income taxes	$	(440,482)	$	(199,377)	$	(141,699)

Reconciliation of Assets from Segment to Consolidated [Table Text Block]

Reconciliations of total assets of the segments to amounts included in the consolidated balance sheets follow:

At December 31,	2012		2011
			(As Restated)
Total assets of all segments	$	3,486,172	$	3,875,445
Corporate cash and securities		507,342		54,877
Other unallocated amounts		50,021		63,223
Consolidated total assets	$	4,043,535	$	3,993,545

Schedule of summary results of operations [Table Text Block]

Certain additional information about the Company’s operations for the three years ended December 31, 2012 follows:

			International
	Consolidated		Flag		U.S. Flag
2012
Shipping revenues	$	1,137,134	$	685,331	$	451,803
Total vessels, deferred drydock and other property at December 31, 2012		2,911,706		1,902,728		1,008,978
2011
Shipping revenues		1,049,531		671,744		377,787
Total vessels, deferred drydock and other property at December 31, 2011		3,292,946		2,293,011		999,935
2010
Shipping revenues		1,045,610		757,361		288,249
Total vessels, deferred drydock and other property at December 31, 2010		3,245,515		2,246,433		999,082

- Definition

Tabular disclosure of all significant reconciling items in the reconciliation of total profit or loss from reportable segments, to the entity's consolidated income before income taxes, extraordinary items, and discontinued operations.

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

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