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FAIR VALUE OF FINANCIAL INSTRUMENTS, DERIVATIVES AND FAIR VALUE DISCLOSURES (Tables)

12 Months Ended

Dec. 31, 2012

Fair Value, By Balance Sheet Grouping [Table Text Block]

The estimated fair values of the Company’s financial instruments, other than derivatives and marketable securities that are not measured at fair value on a recurring basis, categorized based upon the fair value hierarchy, at December 31, 2012 and 2011, are as follows:

			Level 1:
			Quoted prices in
			active markets for		Level 2:
			identical assets		Significant other
	Fair Value		or liabilities		observable inputs
December 31, 2012:
Cash and cash equivalents	$	507,342	$	507,342	$	-
Unsecured Senior Notes	$	(181,504)	$	-	$	(181,504)

December 31, 2011:
Cash and cash equivalents	$	54,877	$	54,877	$	-
Debt	$	(1,801,681)	$	-	$	(1,801,681)

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value [Table Text Block]

Fair Values of Derivative Instruments:

	Asset Derivatives				Liability Derivatives
December 31, 2011	Balance Sheet Location		Amount		Balance Sheet Location		Amount
Derivatives designated as hedging instruments:

Interest rate swaps:

Current portion		Prepaid expenses and other current assets	$	-		Accounts payable, accrued expenses and other current liabilities	$	(6,109)

Long-term portion		Other assets		-		Other liabilities		(1,109)

Foreign currency contracts:
		Prepaid expenses and other current assets		-		Accounts payable, accrued expenses and other current liabilities		-

Total derivatives designated as hedging instruments			$	-			$	(7,218)

Derivatives not designated as hedging instruments:

Bunker swaps:

Current portion		Prepaid expenses and other current assets	$	165		Accounts payable, accrued expenses and other current liabilities	$	-

Long-term portion		Other assets		-		Other liabilities		(321)

Foreign Currency Contracts:
		Prepaid expenses and other current assets		-		Accounts payable, accrued expenses and other current liabilities		(57)

Total derivatives not designated as hedging instruments			$	165			$	(378)
Total derivatives			$	165			$	(7,596)

Schedule Of Cash Flow Hedges Included In Accumulated Other Comprehensive Income (Loss) [Table Text Block]

The amount reported for December 31, 2011 in the table below reflects the correction of an error described in Note 2, “Company Inquiry and Restatement.” The effects of cash flow hedging relationships on the statements of operations for the three years ended December 31, 2012 are shown below:

	Amount of Derivative Gain or (Loss)
	Recognized in Accumulated Other
	Comprehensive Loss
	(Effective Portion)
	December 31, 2012		December 31, 2011		December 31, 2010
	(As Restated)
Interest rate swaps	$	(330)	$	(42,819)	$	(25,851)
Total	$	(330)	$	(42,819)	$	(25,851)

Statement of Operations

Effective Portion of Gain/(Loss)

Reclassified from

Accumulated Other Comprehensive

Loss

Ineffective Portion

For the year ended

Amount of

December 31, 2012

Location

Gain/(Loss)

Location

Gain/(Loss)

Interest rate swaps

Interest expense

(6,096)

Interest expense

Total

(6,096)

Statement of Operations

Effective Portion of Gain/(Loss)

Reclassified from

Accumulated Other Comprehensive

Loss

Ineffective Portion

For the year ended

Amount of

December 31, 2011

Location

Gain/(Loss)

Location

Gain/(Loss)

Interest rate swaps

Interest expense

(8,796)

Interest expense

Foreign currency contracts

General and administrative
expenses

602

General and administrative
expenses

Total

(8,194)

Schedule Of Fair Value, Assets and Liabilities Measured On Recurring Basis [Table Text Block]

The following tables present the fair values, which are pre tax, for assets and liabilities measured on a recurring basis (excluding investments in affiliated companies):

			Level 1:
			Quoted prices in active			Level 2:
			markets for identical			Significant other
In thousands	Fair Value		assets or liabilities			observable inputs ⁽¹⁾
Assets/(Liabilities) at December 31, 2012:
Available-for-sale marketable securities	$	181	$	181		$	-
Assets/(Liabilities) at December 31, 2011:
Trading marketable securities	$	12,346	$	12,346	⁽²⁾	$	-
Available-for-sale marketable securities	$	1,038	$	1,038		$	-
Derivative Assets	$	165	$	165	⁽³⁾	$	-
Derivative Liabilities	$	(7,596)	$	(321)	⁽³⁾	$	(7,275)	⁽⁴⁾

⁽¹⁾	Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. For foreign currency contracts and interest rate swaps, fair values are derived using valuation models that utilize the income valuation approach. These valuation models take into account contract terms such as maturity, as well as other inputs such as exchange rates, interest rate yield curves and creditworthiness of the counterparty and the Company
⁽²⁾	Included in other assets in the accompanying balance sheet
⁽³⁾	Bunker swaps
⁽⁴⁾	Standard interest rate swaps (liability of $7,218) and foreign currency contracts (liability of $57)

Fair Value Measurements, Nonrecurring [Table Text Block]

The following table summarizes the fair values of items measured at fair value on a nonrecurring basis for the year ended December 31, 2012 :

			Level 2: Significant Other		Total Impairment
Description	Fair Value		Observable Inputs		Charges
Assets:
International Crude Tankers impairment – Vessels held for use⁽¹⁾	$	106,400	$	106,400	$	(101,589)
International Product Carriers impairment – Vessels held for use⁽¹⁾	$	139,000	$	139,000	$	(176,756)

⁽¹⁾

Aggregate pre-tax impairment charges of $278,345 were recorded in the fourth quarter of 2012, related to 15 vessels held for use in the International Crude Tanker and International Product Carriers segments. The fair value measurement used to determine the impairment for the vessels held for use was based upon a market approach, which utilized the expected sales prices of the vessels obtained from third party appraisals. Because sales of vessels occur somewhat infrequently, the expected sales prices are considered to be Level 2.

Designated As Hedging Instrument [Member]

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value [Table Text Block]

The effect of the gain/(loss) recognized on derivatives not designated as hedging instruments on the statements of operations for the years ended December 31, 2012, 2011 and 2010 are as follows:

		Year Ended
		December 31,
	Location	2012		2011		2010
FFAs and bunker swaps	Other income/(expense)	$	1,376	$	840	$	276
Foreign currency contracts	General and administrative expenses		-		(57)		-
		$	1,376	$	783	$	276

Cash Flow Hedging [Member]

Schedule Of Derivative Instruments In Statement Of Financial Position, Fair Value [Table Text Block]

Statement of Operations

Effective Portion of Gain/(Loss)

Reclassified from

Accumulated Other Comprehensive

Loss

Ineffective Portion

For the year ended

Amount of

December 31, 2010

Location

Gain/(Loss)

Location

Gain/(Loss)

FFAs and bunker swaps

Shipping revenues

970

Shipping revenues

Interest rate swaps

Interest expense

(10,666)

Interest expense

Foreign currency contracts

General and administrative
expenses

(2,318)

General and administrative
expenses

Total

(12,014)

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References+ Details

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 15

-Subparagraph b-d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 18

-Subparagraph c(2), d, e, f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 157

-Paragraph 32

-Subparagraph a, c(1), c(2), c(3), d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 820

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7578670&loc=d3e19207-110258

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 10

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13433-108611

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13467-108611

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=7491637&loc=d3e13476-108611

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 50

-Paragraph 30

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6957238&loc=d3e14172-108612

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 107

-Paragraph 14

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 825

-SubTopic 10

-Section 45

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6447952&loc=d3e13220-108610

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 159

-Paragraph 19

-Subparagraph a, b, c(1), d(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges.

+ References+ Details

- Definition

Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

+ References+ Details