Subsequent Events	6 Months Ended
Jun. 30, 2013
SUBSEQUENT EVENTS [Abstract]
SUBSEQUENT EVENTS	Note 22. Subsequent Events Preferred Stock Issuance On August 1, 2013, we received $30.2 million, net of underwriter fees (but excluding our other transaction expenses), from the public issuance of 275,000 shares of our Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Shares”) and the sale of 41,250 shares of the same Series B Preferred Shares pursuant to the full exercise of the over-allotment option granted to the underwriters for the offering. Dividends on the Series B Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2013, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefore at an initial rate equal to 9.0% per annum per $100.00 of stated liquidation preference per share. Commencing on October 30, 2018, we may redeem, at our option, the Series B Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control,” occurs, we will have the option to redeem the Series B Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series B Preferred Shares have no stated maturity, will not be subject to any sinking fund or other mandatory redemption, and will not be convertible into or exchangeable for any of our other securities. Holders of the Series B Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series B Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances. Early Debt Pay-off On August 2, 2013 we repaid the outstanding principal and interest on one of our PCTC vessels. This Facility was originally entered into in September 2005 and carried a maturity of September 2015. Settlement for all amounts due was $11.4 million. This Facility also included two effective Interest Rate Swap agreements that each covered 50% of the outstanding principal. The settlements due for the unwinding of these instruments were $800,000 in total for both Swaps. This vessel is intended to be included in a collateral pool for a new Corporate Sr Facility which will include all domestic subsidiaries of ISC. Vessel Investment We have paid a deposit of approximately $1.9 million on a handysize bulk carrier newbuilding that we expect to be delivered in the first quarter of 2015. We have orally agreed in principal to acquire minority shareholding interests in two newly-built chemical tankers scheduled to be delivered in the first quarter of 2014. Assuming these transactions are finalized, we currently anticipate investing approximately $8.5 million in these vessels, with $3.0 million expected to be due in the third quarter of 2013 and the remaining $5.5 million upon delivery of the vessels.

Note 22. Subsequent Events

Preferred Stock Issuance

On August 1, 2013, we received $30.2 million, net of underwriter fees (but excluding our other transaction expenses), from the public issuance of 275,000 shares of our Series B Cumulative Redeemable Perpetual Preferred Stock (the “Series B Preferred Shares”) and the sale of 41,250 shares of the same Series B Preferred Shares pursuant to the full exercise of the over-allotment option granted to the underwriters for the offering.

Dividends on the Series B Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2013, when, as and if declared by our board of directors. Dividends will be payable out of amounts legally available therefore at an initial rate equal to 9.0% per annum per $100.00 of stated liquidation preference per share.

Commencing on October 30, 2018, we may redeem, at our option, the Series B Preferred Shares, in whole or in part, at a cash redemption price of $100.00 per share, plus any accrued and unpaid dividends to, but not including, the redemption date. If at any time a “Change of Control,” occurs, we will have the option to redeem the Series B Preferred Shares, in whole, within 120 days after the date of the Change of Control at the same cash redemption price. The Series B Preferred Shares have no stated maturity, will not be subject to any sinking fund or other mandatory redemption, and will not be convertible into or exchangeable for any of our other securities.

Holders of the Series B Preferred Shares generally have no voting rights except for limited voting rights if dividends payable on the outstanding Series B Preferred Shares are in arrears for six or more consecutive or non-consecutive quarters, and under certain other limited circumstances.

Early Debt Pay-off

On August 2, 2013 we repaid the outstanding principal and interest on one of our PCTC vessels. This Facility was originally entered into in September 2005 and carried a maturity of September 2015. Settlement for all amounts due was $11.4 million. This Facility also included two effective Interest Rate Swap agreements that each covered 50% of the outstanding principal. The settlements due for the unwinding of these instruments were $800,000 in total for both Swaps. This vessel is intended to be included in a collateral pool for a new Corporate Sr Facility which will include all domestic subsidiaries of ISC.

Vessel Investment

We have paid a deposit of approximately $1.9 million on a handysize bulk carrier newbuilding that we expect to be delivered in the first quarter of 2015.

We have orally agreed in principal to acquire minority shareholding interests in two newly-built chemical tankers scheduled to be delivered in the first quarter of 2014. Assuming these transactions are finalized, we currently anticipate investing approximately $8.5 million in these vessels, with $3.0 million expected to be due in the third quarter of 2013 and the remaining $5.5 million upon delivery of the vessels.