Marketable securities

12 Months Ended

Dec. 31, 2012

Investments, Debt and Equity Securities [Abstract]

Cash Cash Equivalents And Marketable Securities [Text Block]

8. 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, 2010, 2011 and 2012 marketable securities amounted respectively to $23,160,000, $21,036,000 and $6,413,000.

As of December 31, 2010, December 31, 2011 and December 31, 2012 there were no unrealized gains or losses.

(in thousands of U.S dollars)	Fair value				Value at  cost				Unrealized Gains (Losses)
	2011		2012		2011		2012		2011		2012
Credit Agricole securities		17,802		6,413		17,802		6,413		-		-
HSBC securities		3,233		-		3,233		-		-		-
Total		21,035		6,413		21,035		6,413		-		-

Gross realized gains on sales of these available-for-sale securities amounted to $74,000, $41,000 and $6,000 for the years ended December 31, 2010, 2011 and 2012 respectively.

(in thousands of U.S dollars)	Proceeds from sales				Purchase of securities				Gross gains (Losses)
	2011		2012		2011		2012		2011		2012
Credit Agricole securities		5,775		15,143		8,062		3,573		10		3
HSBC securities		20,607		3,216		16,953		-		31		3
Total		26,382		18,359		25,015		3,573		41		6