EQUITY METHOD INVESTMENTS (Tables)

12 Months Ended

Dec. 31, 2011

EQUITY METHOD INVESTMENTS [Abstract]

Schedule of participation in investments recorded using the equity method

As of December 31, the Company had the following participation in investments that are recorded using the equity method:

	2011			2010
Front Tobago Shipping Corporation		-			40	%
CalPetro Tankers (Bahamas I) Limited		100	%		100	%
CalPetro Tankers (Bahamas II) Limited		100	%		100	%
CalPetro Tankers (IOM) Limited		100	%		100	%
Orion Tankers Ltd.		50	%		-
Frontline 2012 Ltd.		8.8	%		-

Summarized balance sheet information of equity method investees

Summarized financial statements of investees of which the Company has determined it is not the primary beneficiary and accounts for under the equity method as of December 31, is as follows:

(in thousands of $)	2011		2010
Current assets		16,142		17,792
Non current assets		25,038		34,975
Current liabilities		10,438		10,611
Non current liabilities		28,577		38,103

Summarized statement of operations information of equity method investees

(in thousands of $)	2011			2010			2009
Net operating revenues		3,295			4,115			5,047
Net operating income		2,912			3,811			4,694
Net loss		(600	)		(515	)		(544	)