EMPLOYEE BENEFIT PLANS (Tables)

12 Months Ended

Dec. 31, 2012

EMPLOYEE BENEFIT PLANS [Abstract]

Assets Measured at Fair Value on a Recurring Basis

The following tables summarize our financial assets measured at fair value on a recurring basis as of December 31, 2012 and 2011, respectively, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value, as defined in Note X.

December 31, 2012

(Amounts in thousands)

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Cash Equivalents
Money Market Funds	$	236	$	-	$	-	$	236
Equities
Domestic Equity Mutual Funds	$	17,631	$	-	$	-	$	17,631
International  Equity Mutual Funds	$	2,614	$	-	$	-	$	2,614
Fixed Income
Taxable Fixed Income Funds	$	8,432	$	-	$	-	$	8,432
Total Assets at Fair Value	$	28,913	$	-	$	-	$	28,913

`           December 31, 2011

(Amounts in thousands)

	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Cash Equivalents
Money Market Funds	$	418	$	-	$	-	$	418
Equities
Domestic Equity Mutual Funds	$	12,372	$	-	$	-	$	12,372
International  Equity Mutual Funds	$	3,053	$	-	$	-	$	3,053
Fixed Income
Taxable Fixed Income Funds	$	9,802	$	-	$	-	$	9,802
Total Assets at Fair Value	$	25,645	$	-	$	-	$	25,645

Changes in Benefit Obligations and Fair Value of Assets

The following table sets forth the two plans' changes in the benefit obligations and fair value of assets and a statement of the funded status:

(Amounts in thousands)

	Retirement Plan						Postretirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
Change in Benefit Obligation
Benefit Obligation at Beginning of Year	$	32,496		$	27,473		$	11,898		$	10,729
Service Cost (Credit)		649			542			(6	)		41
Interest Cost		1,426			1,496			471			565
Plan Amendments								1,318
Actuarial Loss (Gain)		3,371			4,304			(133	)		1,060
Benefits Paid and Expected Expenses		(1,325	)		(1,319	)		(506	)		(534	)
Medicare Part D Reimbursements		-			-			41			37
Benefit Obligation at End of Year	$	36,617		$	32,496		$	13,083		$	11,898
Change in Plan Assets
Fair Value of Plan Assets at Beginning of Year	$	25,645		$	25,007		$	-		$	-
Actual Return on Plan Assets		2,994			731			-			-
Employer Contribution		1,600			1,226			464			497
Benefits Paid and Actual Expenses		(1,326	)		(1,319	)		(505	)		(534	)
Medicare Part D reimbursements		-			-			41			37
Fair Value of Plan Assets at End of Year	$	28,913		$	25,645		$	-		$	-
Funded Status	$	(7,704	)	$	(6,851	)	$	(13,083	)	$	(11,898	)
Key Assumptions
Discount Rate		3.75	%		4.50	%		3.75	%		5.50	%
Rate of Compensation Increase		4.50	%		4.50	%		N/A			N/A

Amounts Recognized in Accumulated Other Comprehensive Income (Loss)

The following table shows amounts recognized in accumulated other comprehensive income (loss):

(Amounts in thousands)	Retirement Plan						Postretirement Benefits
	Year Ended December 31,						Year Ended December 31,
	2012			2011			2012			2011
Prior Service Credit (Cost)	$	19		$	22		$	(1.288	)	$	43
Net Loss		(13,054	)		(11,467	)		(4,253	)		(4,587	)
Change in Other Comprehensive Loss	$	(13,035	)	$	(11,445	)	$	(5,541	)	$	(4,544	)

Components of Net Periodic Benefit Cost

The following table provides the components of net periodic benefit cost for the plans:

(Amounts in thousands)

	Retirement Plan									Postretirement Benefits
	Year Ended December 31									Year Ended December 31
	2012			2011			2010			2012			2011			2010
Components of Net Periodic Benefit Cost
Service Cost (Credit)	$	649		$	542		$	477		$	(6	)	$	41		$	76
Interest Cost		1,426			1,496			1,470			471			565			586
Expected Return on Plan Assets		(1,987	)		(1,907	)		(1,706	)		-			-			-
Amortization of Prior Service Credit		(3	)		(3	)		(3	)		(12	)		(11	)		(11	)
Amortization of Net Actuarial Loss		778			380			342			201			213			198
Net Periodic Benefit Cost	$	863		$	508		$	580		$	654		$	808		$	849
The assumptions used in the measurement of net pension cost are shown in the following table:
Key Assumptions		2012			2011			2010			2012			2011			2010
Discount Rate		4.50	%		5.50	%		6.00	%		3.75	%		5.50	%		6.00	%
Expected Return on Plan Assets		7.75	%		7.75	%		7.75	%		N/A			N/A			N/A
Rate of Compensation Increase		4.50	%		4.50	%		4.50	%		N/A			N/A			N/A

One Percent Change in Assumed Health Care Cost Trend Rates

For measurement purposes, the health cost trend was assumed to be 9.6% and the dental care cost trend rate was assumed to be 5.0% in 2012-2036. The health care cost trend will decrease by 1.8% in 2013, 1.4% in 2014, 0.2% in 2015-2016, and 0.1% in 2017-2023. The health cost and dental care cost trends above are the same for employees over 65.  A one percent change in the assumed health care cost trend rates would have the following effects:

(Amounts in thousands)	1% Increase		1% Decrease
Change in total service and interest cost components
for the year ended December 31, 2012	$	48	$	(40	)
Change in postretirement benefit obligation as of December 31, 2012	$	1,741	$	(1,440	)

Expected Future Benefit Payments

The following table provides the expected future benefit payments as of December 31, 2012:

(Amounts in thousands)
Fiscal Year Beginning	Retirement Plan		Postretirement Benefits
2013	$	1,561	$	638
2014	$	1,657	$	656
2015	$	1,669	$	654
2016	$	1,761	$	661
2017	$	1,798	$	678
2018-2022	$	10,605	$	3,616

Multi-employer Pension and Other Postretirement Benefit Plans

Crew members on our U.S. Flag vessels belong to union-sponsored, multi-employer pension plans.  We contributed approximately $3,195,000, $3,548,000, and $3,526,000 to these plans for the years ended December 31, 2012, 2011, and 2010, respectively.  These contributions are in accordance with provisions of negotiated labor contracts and generally are based on the amount of straight pay received by the union members. As of December 31, 2012, all plans pension protection act zone status is green. Being in the Green Zone means that the Fund is at least 80% funded with a Funding Standard account credit balance that is projected to be positive for more than seven years. Information from the plans' administrators can be found in the table below:

Plan		Company	EIN		Pension Protection Act Zone Status	FIP/RP Status Pending/Implemented (5)	Contribution Amount (In Thousands)						Surcharge Imposed	Expiration Date
							2012		2011		2010
MM&P	(1)	WSC		13-100310	Green	Yes	$	996	$	1,297	$	1,299	No	9/30/2025 & 9/30/2025
		SCI					$	298	$	280	$	279		6/30/2027
		CGL					$	1,039	$	1,029	$	1,004		9/30/2025 & 6/30/2020
MEBA	(2)	WSC		51-029896	Green	No	$	311	$	408	$	413	No	9/30/2020
		SCI					$	68	$	62	$	61		6/30/2017
		CGL					$	242	$	237	$	230		9/30/2020 & 6/30/2020
ARA	(3)	WSC		13-161999	Green	No	$	2	$	20	$	29	No	*
		CGL					$	52	$	51	$	49		9/30/15 & 6/30/17
SPP	(4)	WSC		13-100329	Green	No	$	81	$	61	$	60	No	9/30/2017 & 12/31/2016
		SCI					$	20	$	18	$	17		6/30/2017
		CGL					$	86	$	85	$	85		12/31/2016 & 6/30/2017
		Total Contributions					$	3,195	$	3,548	$	3,526

(1	)	Masters, Mates & Pilots Pension Plan
(2	)	MEBA Pension Trust
(3	)	American Radio Association Pension Trust
(4	)	Seafarers Pension Plan
(5	)	Financial Improvement Plan/Rehabilitation Plan
		*In full force and effect until otherwise noted