Impairment Of Long Lived Assets

12 Months Ended

Dec. 31, 2013

Impairment Of Long Lived Assets [Abstract]

Impairment Of Long Lived Assets

NOTE Y - Impairment Of Long lived Assets

The Company reviews property, plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets is measured by a comparison of the carrying amount of an asset or asset group to future net undiscounted cash flows expected to be generated by the asset or asset group. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets.

In 2012 a triggering event occurred regarding our 2000-built Multi-Purpose Ice Strengthened vessel, as a result we tested the asset for impairment.  We believe that no impairment existed at December 31, 2013 and 2012.  The vessel is currently employed under a spot market basis.