Marketable securities:

12 Months Ended

Dec. 31, 2011

Investments, Debt and Equity Securities [Abstract]

Marketable Securities [Text Block]

7. Marketable securities:

Marketable securities are classified as available-for-sale securities and are recorded at fair market value. Unrealized gains and losses are recorded as other comprehensive income in shareholder’s equity, net of income tax effects.

For the year ended December 31, 2009, 2010 and 2011 marketable securities amounted respectively to $35,353,000, $23,160,000 and $21,035,000.

As of December 31, 2009, December 31, 2010 and December 31, 2011 there were no unrealized gains or losses.

(in thousands of U.S dollars)	Fair value				Value at  cost				Unrealized Gains. (Losses)
	2010		2011		2010		2011		2010		2011
Credit Agricole securities		16,234		17,802		16,234		17,802		-		-
Credit Lyonnais securities		-		-		-		-		-		-
HSBC securities		6,926		3,234		6,926		3,234		-		-
Total		23,160		21,036		23,160		21,036		-		-

Gross realized gains on sales of these available-for-sale securities amounted to $153,000, $74,000 and $40,000 for the years ended December 31, 2009, 2010 and 2011 respectively.

(in thousands of U.S dollars)	Proceeds from sales				Purchase of securities				Gross gains
	2010		2011		2010		2011		2010		2011
Credit Agricole securities		18,328		5,775		27,435		8,062		17		10
Credit Lyonnais securities		90		-		45		-		-		-
HSBC securities		64,710		20,607		46,152		16,953		57		31
Total		83,128		26,382		73,632		25,015		74		41