DEFERRED CHARGES AND INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2011

DEFERRED CHARGES AND INTANGIBLE ASSETS [Abstract]

DEFERRED CHARGES AND INTANGIBLE ASSETS

NOTE K - DEFERRED CHARGES AND INTANGIBLE ASSETS

Deferred charges and intangible assets are comprised of the following:

	December 31,		December 31,
(Amounts in thousands)	2011		2010
Drydocking Costs, net	$	13,248	$	12,338
Financing Charges and Other, net		3,298		2,144
Deferred Assets, net		16,546		14,482
Intangible Assets, net		3,219		-
	$	19,765	$	14,482

Included in the transaction for Dry Bulk was an intangible asset reflecting the difference between the existing value of the time charter contracts in place as compared to the current market rates for similar vessels under short-term contracts, discounted back to present value. Based on the income approach, the fair value of the intangible asset was calculated to be $5.2 million and will be amortized over the remaining life of the charter contract, each of which is set to expire on January 7, 2013.