PROPERTY, PLANT & EQUIPMENT

12 Months Ended

Dec. 31, 2011

PROPERTY, PLANT & EQUIPMENT [Abstract]

NOTE C – PROPERTY, PLANT & EQUIPMENT

Property, plant and equipment consisted of the following:

	December 31,
(Amounts in thousands)	2011	2010
Pure Car/Truck Carriers	$ 290,830	$ 227,947
Special Purpose vessels	59,479	37,070
Coal Carrier	92,771	92,771
Tanker	8,009	8,009
Bulk Carriers	130,616	-
Non-vessel related property, plant and equipment	35,500	33,991
	617,205	399,788
Less: Accumulated depreciation	(171,820)	(143,667)
	445,385	256,121
Construction-in-progress (vessel and non-vessel)	20,729	78,355
	$ 466,114	$ 334,476

Total depreciation expense attributed to our Property, Plant and Equipment was $28,153,000, $20,550,000 and $24,020,000 for the years ended December 31, 2011, 2010 and 2009, respectively. Depreciation on non-vessel items such as office equipment, furniture, etc. is recorded in Administrative and General Expenses. Included in the Construction-in-Progress amount is approximately $20.0 million related to the final installment payment on the Handymax Bulk Carrier delivered in January, 2012.

- Definition

The entire disclosure for long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software. This disclosure may include property plant and equipment accounting policies and methodology, a schedule of property, plant and equipment gross, additions, deletions, transfers and other changes, depreciation, depletion and amortization expense, net, accumulated depreciation, depletion and amortization expense and useful lives, income statement disclosures, assets held for sale and public utility disclosures.

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