LEASES (Tables)

12 Months Ended

Dec. 31, 2012

Charter In Contracts [Member]

Operating Leases of Lessee Disclosure [Table Text Block]

As of December 31, 2012, the Company had commitments to charter-in 39 vessels. All of the charter-ins are accounted for as operating leases, of which 19 are bareboat charters and 20 are time charters. The future minimum commitments and related number of operating days under these operating leases before taking account of rejections described in Note 3, “Bankruptcy Filing and Going Concern,” above are as follows:

Bareboat Charters-in:
At December 31, 2012	Amount		Operating Days
2013	$	112,887		5,537
2014		116,389		5,475
2015		119,917		5,475
2016		121,200		5,490
2017		120,520		5,475
Thereafter		266,013		10,750
Net minimum lease payments	$	856,926		38,202

Time Charters-in:
At December 31, 2012	Amount		Operating Days
2013	$	112,169		8,314
2014		86,136		5,580
2015		67,388		4,212
2016		51,782		3,163
2017		36,237		2,226
Thereafter		25,652		1,561
Net minimum lease payments	$	379,364		25,056

Charter Out [Member]

Operating Leases of Lessor [Table Text Block]

The future minimum revenues, before reduction for brokerage commissions, expected to be received on noncancelable time charters and certain COAs for which minimum annual revenues can be reasonably estimated and the related revenue days (revenue days represent calendar days, less days that vessels are not available for employment due to repairs, drydock or lay-up) are as follows:

			Revenue
At December 31, 2012	Amount		Days
2013	$	327,544		8,547
2014		200,275		4,140
2015		86,400		1,428
2016		28,783		373
2017		22,347		269
Thereafter		52,085		612
Net minimum lease payments	$	717,434		15,369

Office Space [Member]

Operating Leases of Lessee Disclosure [Table Text Block]

The future minimum commitments under lease obligations for office space are as follows: 

At December 31, 2012
2013	$	4,648
2014		4,160
2015		3,564
2016		3,704
2017		3,599
Thereafter		9,286
Net minimum lease payments	$	28,961