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VESSELS AND EQUIPMENT
 12 Months Ended
Dec. 31, 2013
Property, Plant and Equipment [Abstract]  
VESSELS AND EQUIPMENT. NET
17.
VESSELS AND EQUIPMENT

Movements in the three years ended December 31, 2013 may be summarized as follows:

(in thousands of $)
Cost

 
Accumulated Depreciation

 
Net Carrying Value

Balance at December 31, 2010
1,608,840

 
(178,716
)
 
1,430,124

Purchase of vessels and equipment
56,591

 
—

 
 

Transfers from vessels under capital lease
53,733

 
—

 
 

Disposal of vessels to Frontline 2012
(927,009
)
 
62,144

 
 

Disposal of vessels and equipment (excluding to Frontline 2012)
(332,495
)
 
156,560

 
 
Other movements
(348
)
 
179

 
 
Depreciation
—

 
(65,744
)
 
 
Impairment loss
—

 
(121,443
)
 
 

Balance at December 31, 2011
459,312

 
(147,020
)
 
312,292

Purchase of vessels and equipment
730

 
—

 
 

Disposal of vessels and equipment
(51,960
)
 
40,290

 
 
Other movements
443

 
(341
)
 
 

Depreciation
—

 
(18,508
)
 
 

Balance at December 31, 2012
408,525

 
(125,579
)
 
282,946

Purchase of vessels and equipment
374

 
—

 
 

Other movements
(531
)
 
449

 
 

Depreciation
—

 
(18,434
)
 
 

Balance at December 31, 2013
408,368

 
(143,564
)
 
264,804



At December 31, 2013, the Company owned nine vessels, including three vessels owned by subsidiaries accounted for under the equity method (2012: nine vessels, including three vessels owned by subsidiaries accounted for under the equity method).

In March 2012 the Company sold its 1993-built double hull Suezmax tanker, Front Alfa.

During 2011, the Company sold ten subsidiaries, each holding one vessel, to Frontline 2012. Additionally, the Company recorded an impairment loss of $121.4 million during 2011 in respect of five double hull Suezmax tankers of which four had been sold by December 31, 2011. The Company also sold one vessel and chartered in the vessel from the new owners for two years at a rate of $35,000 per day. One VLCC double hull vessel, which had previously been accounted for as vessel under capital lease was purchased during 2011 for $56.1 million and concurrently sold and chartered back from the new owners at a rate of per $32,500 day. One VLCC double hull vessel, which had previously been accounted for as vessel under capital lease was purchased during 2011.