Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Golden Ocean Group Ltd |
Entity Central Index Key | 0001029145 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 144,272,697 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating revenues | |||
Operating revenues | $ 656,070 | $ 460,023 | $ 256,863 |
Gain (loss) on sale of assets and amortization of deferred gains | 260 | (312) | 300 |
Other operating income (expenses), net | 2,991 | 3,881 | 945 |
Operating expenses | |||
Voyage expenses and commission | 162,037 | 118,929 | 89,886 |
Ship operating expenses | 151,626 | 132,198 | 105,843 |
Charter hire expenses | 92,712 | 70,673 | 53,691 |
Administrative expenses | 14,705 | 12,558 | 12,728 |
Provision for uncollectible receivables | 0 | 0 | 1,800 |
Impairment loss on vessels | 1,080 | 1,066 | 985 |
Depreciation | 92,148 | 78,093 | 63,433 |
Total operating expenses | 514,308 | 413,517 | 328,366 |
Net operating income (loss) | 145,013 | 50,075 | (70,258) |
Other income (expenses) | |||
Interest income | 7,576 | 2,207 | 1,666 |
Interest expense | (75,108) | (59,840) | (45,511) |
Share of results of associated companies, including impairment | 512 | 4,620 | (2,523) |
Available-for-sale Securities, Gross Realized Gain (Loss) | 0 | 0 | (10,050) |
Gain (loss) on derivatives | 11,165 | 145 | (675) |
Gain (loss) on marketable equity securities | (4,043) | 0 | 0 |
Other financial items | (348) | 501 | (515) |
Net other income (expenses) | (60,246) | (52,367) | (57,608) |
Net income (loss) before income taxes | 84,767 | (2,292) | (127,866) |
Income tax expense (credit) | 232 | 56 | (155) |
Net income (loss) | $ 84,535 | $ (2,348) | $ (127,711) |
Per share information: | |||
Earnings (loss) per share: basic and diluted (in dollars per share) | $ 0.59 | $ (0.02) | $ (1.34) |
Time charter revenues | |||
Operating revenues | |||
Operating revenues | $ 331,469 | $ 233,007 | $ 91,407 |
Voyage charter revenues | |||
Operating revenues | |||
Operating revenues | 322,804 | 225,769 | 159,108 |
Bareboat charter revenues | |||
Operating revenues | |||
Operating revenues | 0 | 0 | 2,399 |
Other revenues | |||
Operating revenues | |||
Operating revenues | $ 1,797 | $ 1,247 | $ 3,949 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Comprehensive income (loss), net | |||
Net income (loss) | $ 84,535 | $ (2,348) | $ (127,711) |
Unrealized gain (loss) | 0 | 3,036 | (7,763) |
Reclassification of loss to net income | 0 | 0 | 10,050 |
Other comprehensive income | 0 | 3,036 | 2,287 |
Comprehensive income (loss), net | $ 84,535 | $ 688 | $ (125,424) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 305,352 | $ 309,029 |
Restricted cash | 20,272 | 8,110 |
Marketable securities | 12,033 | 16,300 |
Trade accounts receivable, net | 27,650 | 23,363 |
Other current assets | 26,667 | 25,437 |
Related party receivables | 3,990 | 1,990 |
Derivative instruments receivables | 9,449 | 3,748 |
Inventories | 28,154 | 20,142 |
Prepaid expenses | 6,127 | 8,587 |
Voyages in progress | 2,808 | 9,062 |
Favorable charter party contracts | 18,732 | 18,732 |
Total current assets | 461,234 | 444,500 |
Restricted cash | 46,981 | 54,845 |
Vessels and equipment, net | 2,406,456 | 2,215,003 |
Vessels under capital leases, net | 1,165 | 2,061 |
Newbuildings | 0 | 105,727 |
Favorable charter party contracts | 16,221 | 34,954 |
Investments in associated companies | 1,658 | 2,287 |
Other long term assets | 17,639 | 10,681 |
Total assets | 2,951,354 | 2,870,058 |
Current liabilities | ||
Current portion of long-term debt | 471,764 | 109,671 |
Current portion of obligations under capital leases | 5,649 | 5,239 |
Derivative instruments payables | 1,294 | 2,293 |
Related party payables | 0 | 2,730 |
Trade accounts payables | 7,752 | 5,401 |
Accrued expenses | 26,643 | 24,304 |
Other current liabilities | 28,398 | 32,089 |
Total current liabilities | 541,500 | 181,727 |
Long-term liabilities | ||
Long-term debt | 877,278 | 1,134,788 |
Long-term related party debt | 0 | 44,000 |
Obligations under capital leases | 1,786 | 7,435 |
Other long term liabilities | 7,278 | 8,059 |
Total liabilities | 1,427,842 | 1,376,009 |
Commitments and contingencies | ||
Equity | ||
Share capital (2018:144,272,697 shares. 2017: 142,197,697 shares. All shares are issued and outstanding at par value $0.05) | 7,215 | 7,111 |
Treasury shares | (2,643) | 0 |
Additional paid in capital | 233 | 454,694 |
Contributed capital surplus | 1,786,451 | 1,378,824 |
Accumulated other comprehensive income | 0 | 5,323 |
Retained deficit | (267,744) | (351,903) |
Total equity | 1,523,512 | 1,494,049 |
Total liabilities and equity | $ 2,951,354 | $ 2,870,058 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Equity | ||
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Share capital, shares outstanding (in shares) | 144,272,697 | 142,197,697 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement of Cash Flows [Abstract] | |||
Equity Method Investment, Dividends | $ 45 | $ 7,300 | $ 0 |
Net income (loss) | 84,535 | (2,348) | (127,711) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation | 92,148 | 78,093 | 63,433 |
Amortization of deferred charges | 1,501 | 1,415 | 1,345 |
(Gain) loss on sale of assets and amortization of deferred gains | (260) | 312 | (300) |
Loss on sale of marketable securities | 0 | 0 | 203 |
Impairment loss on vessels and newbuildings | 1,080 | 1,066 | 985 |
Equity award expenses (gain) | 537 | 576 | 86 |
Equity results of associated companies, including impairment | (512) | (4,620) | 381 |
Dividends received from associated companies | 1,096 | 256 | 256 |
Impairment of associated companies | 0 | 0 | 2,142 |
Gain on purchase of associated companies | 0 | 0 | (24) |
Amortization of charter party-out contracts | 18,733 | 19,333 | 27,277 |
Amortization of charter party-in contracts | (672) | (672) | (674) |
Amortization of other fair value adjustments, net, arising on the Merger | 10,019 | 10,360 | 9,434 |
Mark to market (gain) loss on derivatives | (6,700) | (1,851) | (3,363) |
Mark to market (gain) loss on marketable securities | 4,043 | 0 | 0 |
Provision for onerous contracts | 299 | 29 | (2,370) |
Provision for uncollectible receivables | 0 | 0 | 1,800 |
Impairment loss on marketable securities | 0 | 0 | 10,050 |
Other | 958 | (1,020) | 199 |
Changes in operating assets and liabilities, net: | |||
Trade accounts receivable | (4,760) | (8,608) | (5,323) |
Related party balances | (4,730) | 1,281 | 1,883 |
Other receivables | (2,553) | (14,034) | 5,255 |
Inventories | (8,012) | (2,188) | (2,797) |
Voyages in progress | 6,254 | (5,064) | (2,308) |
Prepaid expenses | 2,226 | (2,063) | (837) |
Other long term assets | (3,040) | (3,634) | (5,365) |
Trade accounts payables | 2,352 | 2,519 | 348 |
Accrued expenses | 2,289 | 6,543 | (11) |
Other current liabilities | (10,435) | 17,336 | 2,715 |
Other long term liabilities | 150 | 778 | 494 |
Net cash (used in) provided by operating activities | 186,546 | 93,795 | (22,797) |
Investing activities | |||
Dividends received from marketable equity securities | 101 | 1,606 | 0 |
Payments received from seller credit receivable | 1,875 | 0 | 0 |
Purchase of investment in associated companies | 0 | (1,000) | (754) |
Additions to newbuildings | (147,855) | (152,130) | (267,341) |
Purchase of vessels and equipment | (10,381) | (7,418) | (194) |
Proceeds from sale of vessels | 14,357 | 134,190 | 97,837 |
Proceeds from sale of marketable securities | 663 | 0 | 125 |
Net cash provided by (used in) investing activities | (141,195) | (17,452) | (170,327) |
Financing activities | |||
Proceeds from long-term debt | 270,000 | 75,000 | 142,200 |
Repayment of long-term debt | (241,789) | (163,770) | (22,219) |
Repayment of capital leases | (5,239) | (4,858) | (15,749) |
Debt fees paid | (1,200) | (308) | (898) |
Net proceeds from share issuance | 304 | 122,523 | 205,355 |
Share repurchases | (1,894) | 0 | 0 |
Distributions to shareholders | (64,912) | 0 | 0 |
Net cash provided by (used in) financing activities | (44,730) | 28,587 | 308,689 |
Net change in cash, cash equivalents and restricted cash | 621 | 104,930 | 115,565 |
Cash, cash equivalents and restricted cash at beginning of year | 371,984 | 267,054 | 151,489 |
Cash, cash equivalents and restricted cash at end of year | 305,352 | 309,029 | 212,942 |
Supplemental disclosure of cash flow information: | |||
Interest expenses paid | 73,068 | 55,920 | 38,075 |
Income taxes paid | $ 10 | $ 4 | $ 6 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid in Capital [Member] | Contributed Capital Surplus [Member] | Other Comprehensive Income [Member] | Retained Deficit [Member] |
Increase (decrease) in Equity [Roll Forward] | |||||||
Adjustment on adoption of changes | Accounting Standards Update 2016-01 [Member] | $ 0 | $ 0 | |||||
Adjustment on adoption of changes | Accounting Standards Update 2014-09 [Member] | 0 | ||||||
Balance at beginning of year (in shares) at Dec. 31, 2015 | 34,535,128 | ||||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued (in shares) | 71,430,612 | ||||||
Shares canceled (in shares) | (548) | ||||||
Balance at end of year (in shares) at Dec. 31, 2016 | 105,965,192 | ||||||
Balance at beginning of year at Dec. 31, 2015 | $ 1,727 | $ 0 | $ 0 | $ 1,378,766 | 0 | (221,844) | |
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | 3,572 | 201,783 | |||||
Shares repurchased | 0 | ||||||
Stock option expense | 81 | 53 | |||||
Transferred to contributed surplus | 0 | ||||||
Distributions to shareholders | 0 | ||||||
Restricted stock unit expense (income) | 5 | ||||||
Transferred from additional paid in capital | 0 | ||||||
Other comprehensive income, net | $ 2,287 | 2,287 | |||||
Net (loss) income | (127,711) | ||||||
Balance at end of year at Dec. 31, 2016 | $ 1,238,719 | $ 5,299 | 0 | 201,864 | 1,378,824 | 2,287 | (349,555) |
Increase (decrease) in Equity [Roll Forward] | |||||||
Adjustment on adoption of changes | Accounting Standards Update 2016-01 [Member] | 0 | 0 | |||||
Adjustment on adoption of changes | Accounting Standards Update 2014-09 [Member] | 0 | ||||||
Shares issued (in shares) | 16,372,505 | 36,232,505 | |||||
Shares canceled (in shares) | 0 | ||||||
Balance at end of year (in shares) at Dec. 31, 2017 | 142,197,697 | 142,197,697 | |||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | $ 1,812 | 252,254 | |||||
Shares repurchased | 0 | ||||||
Stock option expense | 576 | 0 | |||||
Transferred to contributed surplus | 0 | ||||||
Distributions to shareholders | 0 | ||||||
Restricted stock unit expense (income) | 0 | ||||||
Transferred from additional paid in capital | 0 | ||||||
Other comprehensive income, net | $ 3,036 | 3,036 | |||||
Net (loss) income | (2,348) | ||||||
Balance at end of year at Dec. 31, 2017 | $ 1,494,049 | $ 7,111 | 0 | 454,694 | 1,378,824 | 5,323 | (351,903) |
Increase (decrease) in Equity [Roll Forward] | |||||||
Adjustment on adoption of changes | Accounting Standards Update 2016-01 [Member] | (5,323) | 5,323 | |||||
Adjustment on adoption of changes | Accounting Standards Update 2014-09 [Member] | (5,698) | ||||||
Shares issued (in shares) | 0 | 2,075,000 | |||||
Shares canceled (in shares) | 0 | ||||||
Balance at end of year (in shares) at Dec. 31, 2018 | 144,272,697 | 144,272,697 | |||||
Increase (decrease) in Equity [Roll Forward] | |||||||
Shares issued | $ 104 | 17,540 | |||||
Shares repurchased | (2,643) | ||||||
Stock option expense | 537 | 0 | |||||
Transferred to contributed surplus | (472,538) | ||||||
Distributions to shareholders | (64,912) | ||||||
Restricted stock unit expense (income) | 0 | ||||||
Transferred from additional paid in capital | 472,538 | ||||||
Other comprehensive income, net | $ 0 | 0 | |||||
Net (loss) income | 84,535 | ||||||
Balance at end of year at Dec. 31, 2018 | $ 1,523,512 | $ 7,215 | $ (2,643) | $ 233 | $ 1,786,451 | $ 0 | $ (267,744) |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION AND BUSINESS | ORGANIZATION AND BUSINESS Historical Structure of the Company We were incorporated as Knightsbridge Tankers Limited in Bermuda as an exempted company under the Bermuda Companies Act of 1981 on September 18, 1996. We were originally established for the purpose of owning and operating very large crude oil carriers, or VLCCs. Between 2007 and 2013, we sold our VLCCs and subsequently discontinued our crude oil tanker operations to expand the scope of our activities within dry bulk shipping by acquiring Capesize vessels delivered to us between 2009 and 2014. On October 7, 2014, we entered into an agreement and plan of merger, or the Merger Agreement, with Golden Ocean Group Limited, or the Former Golden Ocean, a dry bulk shipping company based in Bermuda and listed on the Oslo Stock Exchange, or the OSE, pursuant to which the two companies agreed to merge, with us as the surviving company, or the Merger. The Merger was completed on March 31, 2015. Prior to entering into the Merger Agreement, we changed our name to Knightsbridge Shipping Limited and we subsequently changed our name to Golden Ocean Group Limited following completion of the Merger. Our common shares commenced trading on the NASDAQ Global Select Market in February 1997 and currently trade under the symbol "GOGL". We obtained a secondary listing on the OSE in April 2015. In 2017, we acquired 16 dry bulk vessels in transactions where we issued in aggregate 17.8 million consideration shares and assumed bank debt and seller credit loans of $285.2 million . Of the 16 acquired vessels, 14 were acquired from subsidiaries of Quintana Shipping Ltd., or Quintana, and two Panamax vessels were acquired from affiliates of Hemen Holding Limited, or Hemen. Also in 2017, we entered into agreements to acquire two Capesize vessels from Hemen at an aggregated purchase price of $86.0 million . As settlement of the purchase price for the vessels, we issued in aggregate 4.0 million consideration shares, paid $9.0 million in cash and assumed seller's credit loans of $43.0 million with an affiliate of Hemen. Business We own and operate dry bulk carriers of primarily four sizes: Newcastlemax vessels, which are between 200,000 and 210,000 dwt, Capesize vessels, which are between 100,000 and 200,000 dwt, Panamax vessels, which are vessels between 65,000 and 100,000 dwt, and Ultramax vessels, which are between 55,000 and 65,000 dwt. We operate through subsidiaries located in Bermuda, Liberia, Norway and Singapore. We are also involved in the charter, purchase and sale of vessels. As of December 31, 2018, we owned 67 dry bulk vessels. In addition, we had ten vessels chartered-in (of which eight are chartered in on operating leases from Ship Finance, one chartered in on an operating lease from an unrelated third party and one chartered in on a capital lease from an unrelated third party). Each vessel is owned and operated by one of our subsidiaries and is flagged either in the Marshall Islands, Hong Kong or Panama. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Reverse stock split On August 1, 2016, we effected a one-for-five reverse stock split. All share and per share information has been retroactively adjusted to reflect the reverse stock split. The common share par value was adjusted as a result of the reverse stock split as disclosed in Note 25 of these consolidated financial statements. Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: impairment of assets and other than temporary impairments of uncollectible securities, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of our newbuildings and the lives of our vessels. Actual results could differ from those estimates. Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets acquired and liabilities assumed in a business combination requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels held under capital lease and the operating costs (including dry docking costs) of those vessels and the discount rate used in cash flow based valuations, The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tools during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter charter revenues are recorded over the term of the charter as a service is provided. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 / 95% freight paid within three to five days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as demurrage revenue. Conversely, the charterer may be given credit if the loading/discharging activities happen within a shorter period than the allowed laytime, which is despatch and results in a reduction in revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. For our vessels operating under revenue sharing agreements, or in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent income (“TCE”) basis in accordance with an agreed-upon formula. Revenues generated through revenue sharing agreements are presented gross when we are considered the principal under the charter parties with the net income allocated under the revenue sharing agreement presented as other operating income, net. For revenue sharing agreements that meet the definition of a lease, we account for such contracts as variable rate operating leases and recognize revenue for the applicable period based on the actual net revenue distributed by the pool. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. With reference to Note 3, we adopted the provisions of ASC 606 Revenue from Contracts with Customers on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Prior to the adoption of ASC 606 Revenue from Contracts with Customers, voyage revenues were recognized ratably over the estimated length of each voyage and, therefore, were allocated between reporting periods based on the relative transit time in each period. Voyage expenses were recognized as incurred. We used a discharge-to-discharge basis in determining percentage of completion for all voyage charters whereby we recognize revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. However, we did not recognize revenue if a charter was not contractually committed to by a customer and us, even if the vessel discharged its cargo and was sailing to the anticipated load port on its next voyage. Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments, are recognized when the contingent conditions have materialized. Gain (loss) on sale of assets and amortization of deferred gains Gain (loss) on sale of assets and amortization of deferred gains include losses from the sale of vessels and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. A deferred gain arises when we enter into a sale-leaseback transaction regarding a vessel and we do not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. Impairment of vessels and newbuildings The carrying values of our long-lived assets and newbuildings under construction are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's or newbuildings carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations. In addition, vessels to be disposed of by sale are reported at the lower of their carrying amount or fair value less estimated costs to sell. Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense incurred in the period. Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Restricted cash Restricted cash comprises collateral deposits for derivative trading, and the minimum balance that must be maintained at all times in accordance with our loan agreements with various banks. Marketable securities Our marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations. Prior to the adoption of ASU 2016-01 Financial instruments in 2018, our marketable securities were considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses were recorded as a separate component of other comprehensive income in equity unless the securities were considered to be other than temporarily impaired, in which case unrealized losses were recorded in the consolidated statement of operations as impairment loss on marketable securities. The cost of available for sale securities was calculated on an average cost basis. Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Receivables Trade receivables, other receivables and long term receivables are presented net of allowances for doubtful balances. If trade accounts receivable become uncollectible, they are charged as an operating expense. Losses from uncollectible receivables are accrued when collection of the invoiced revenues is not assured. We make a judgment with regards to whether or not this should be recognized as income and if collection is not reasonably assured, no revenue will be recognized until cash has been received. These conditions are considered in relation to individual receivables or in relation to groups of similar types of receivables. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates. Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Vessels and depreciation Vessels are stated at cost less accumulated depreciation. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10 year historical average up to the date we take ownership of the vessel, across the three main recycling markets (Far East, Indian sub-continent and Bangladesh). Residual values are reviewed annually. Vessels and equipment under capital lease We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where we have substantially all the risks and rewards of ownership, are classified as capital leases. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the Consolidated Statement of Operations over the lease period. Our one outstanding capital lease was acquired as a result of the Merger and recorded at fair value. Depreciation of vessels and equipment under capital lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under capital lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a capital lease. Newbuildings The carrying value of the vessels under construction ("Newbuildings") represents the accumulated costs to the balance sheet date which we have had to pay by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. No charge for depreciation is made until the vessel is available for use. Value of long term charter contracts We account for the fair value of acquired long term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The amortization of time charter out contracts is recorded and presented under time charter revenues and the amortization of time charter in contracts is amortized and presented under charter hire expenses in the consolidated statement of operations. Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Convertible bond In January 2014, the Former Golden Ocean issued a $200 million convertible bond, which we assumed at the time of the Merger. It includes a loan component and an option to convert the loan to shares, which has not been bifurcated from the loan component and accounted for separately as it is indexed to our shares and would be classified as shareholders equity if it were a free standing derivative. The fair value of the convertible bond was determined to be $161.2 million at the time of the Merger based on the quoted price of 80.6% . The difference of $38.8 million is being amortized over the remaining life of the bond, and recorded as interest expense. A reacquisition of our outstanding debt securities is considered an extinguishment and the difference between the reacquisition price of debt and the net carrying amount of the extinguished debt is recognized in the consolidated statements of operations. Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt. Distributions to shareholders Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account. Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. Other comprehensive income (loss): The statement of other comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income/(loss), items of other comprehensive income/(loss) (“OCI”) and total comprehensive income/(loss) in two separate and consecutive statements. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has since modified the standard with several ASUs (collectively, the new lease standard). The standard is effective for us, and we will adopt the standard from January 1, 2019. The new lease standard requires most lessees to report a right-of-use asset and a lease liability. The income statement recognition is similar to existing lease accounting and is based on lease classification. The new lease standard requires lessees and lessors to classify most leases using principles similar to existing lease accounting. For lessors, the new lease standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The new lease standard provides entities two options for applying the modified retrospective approach, either (1) retrospectively to each prior reporting period presented in the financial statements with the cumulative-effect adjustment recognized at the beginning of the earliest comparative period presented or (2) retrospectively at the beginning of the period of adoption (January 1, 2019) through a cumulative-effect adjustment. We plan to adopt the standard by recognizing and measuring leases at the adoption date with a cumulative effect of initially applying the guidance recognized at the date of initial application. The new standard provides for a number of optional practical expedients in transition. We expect to elect the “package of practical expedients” and as a result we would not be required to reassess under the new standard our prior accounting conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use of hindsight for determining the reasonably certain lease term. We do not expect to elect the practical expedient pertaining to land easements as it is not applicable to us. We expect the most significant judgments and impacts upon adoption of the standard to include the following items: • Upon adoption on January 1, 2019, we will recognize right-of-use assets and lease liabilities that have not previously been recorded. The lease liability for operating leases is based on the net present value of future minimum lease payments. The right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as deferred rent and prepaid rent. In addition, a liability of $4.1 million related to an unfavorable contract previously recognized as part of a business combination is expected to be derecognized and the right-of-use asset adjusted correspondingly. A deferred gain of $2.5 million from a sale and leaseback transaction in 2015 is expected to be recognized as a cumulative-effect adjustment to equity. Deferred and prepaid rent will not be presented separately after the adoption of the new lease standard. • The cumulative effects of initially applying the new lease standard on January 1, 2019 and for fiscal year 2019 is expected to be as follows: • The cumulative effect of initially applying the new lease standard on January 1, 2019 is estimated to be an increase in total assets of $170 million to $220 million and increase in total liabilities of $170 million to $220 million . The adoption of the standard is expected to have limited impact on total equity. • The aggregate impact is expected to result in an increase in Total operating expenses of $1 million to $10 million and a decrease in Net income of $1 million to $10 million in fiscal year 2019. The new lease standard provides practical expedients and policy elections for an entity’s ongoing accounting. We do not expect to elect the practical expedient to not separate lease and non-lease components for all of our leases where we are the lessee. We will elect the short-term lease recognition exemption, which includes the recognition of right-of-use assets and lease liabilities for existing short-term leases at transition. For arrangements where we are the lessor, we do not expect the adoption of the new lease standard to have a material impact on our financial statements as all of our leases are operating leases. The new lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we will elect this expedient for our time charter contracts and thus not separate the non-lease component, or service element, from the lease. The adoption of the standard is also expected to impact the calculation of our value adjusted equity over value adjusted total assets financial covenants and our positive working capital financial covenants, as defined in the loan agreements of our loan facilities, as total assets and liabilities will increase with the adoption of the standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging , which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are currently not expecting any material impact as a result of the adoption of this accounting standard on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging, which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. The standard requires a modified retrospective transition method in which we will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. We are currently not expecting any material impact as a result of adoption of this accounting standard on our consolidated financial statements as we do not apply hedge accounting of our derivatives. In August 2018, the FASB issued ASU No. 2018-13, Fair value measurement (Topic 820), which is intended to streamline the disclosures requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. The accounting update also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. Accounting Standards Updates, recently adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. Under ASC 606, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations of the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfied a performance obligation. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. We adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, we recognized the cumulative effect of adopting this standard as a net adjustment amounting to $5.7 million to increase the opening balance of Accumulated Deficit as of January 1, 2018. The time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter contracts continue to be accounted as operating leases in accordance with ASC 840 Leases and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts. The new guidance also specifies revised treatment for certain contract related costs, being either incremental costs to obtain a contract, or cost to fulfill a contract. Under the new guidance, an entity shall recognize as an asset the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs. The guidance also provides a practical expedient whereby an entity may recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Cost to fulfill a contract must be capitalized if they meet certain criteria. Contract assets with regards to voyage revenues are reported as "Voyages in progress" as the performance obligation is satisfied over time. When voyage revenues become billable, the receivable is recognized as "Trade accounts receivable, net". If at the reporting period the billable amount under the charter party exceeds the accrued revenue for a specific ongoing voyage, such an amount, or contract liability, would be recognized as deferred charter revenue under other current liabilities. ASC 606 has been applied to those contracts that were not completed at the date of initial application. The cumulative effect of the adjustments made to our consolidated statement position at January 1, 2018 from the adoption of ASC 606 was as follows: Consolidated Balance Sheet (in thousands of $) December 31, 2017 Adjustments for ASC 606 January 1, 2018 Assets Voyages in progress 9,062 (3,584 ) 5,478 Other current assets (1) 25,437 2,554 27,991 Total assets 2,870,058 (1,030 ) 2,869,028 Liabilities Other current liabilities (2) 32,089 4,668 36,757 Total liabilities 1,376,009 4,668 1,380,677 Stockholders' equity Accumulated deficit (351,903 ) (5,698 ) (357,601 ) Total stockholder's equity 1,494,049 (5,698 ) 1,488,351 (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets consists of primarily bunker expenses incurred to arrive at the load port for the voyages in progress as of January 1, 2018, and which were expensed in the first quarter of 2018. (2) Under ASC 606, the adjustment under other current liabilities represents deferred charter revenue for consideration received or billed for undelivered performance obligations. As of January 1, 2018, we recorded a total adjustment of $8.3 million as unearned revenue related to ongoing voyages at period end, whereof $3.6 million and $4.7 million were credited to voyages in progress and other current liabilities, respectively. We recognized this revenue in the first quarter of 2018 as the performance obligations were met. The impact of the adoption of ASC 606 on our consolidated balance sheets, consolidated income statements of operations and consolidated statements of cash flow for 2018 were as follows: Consolidated Balance Sheet As of December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Assets Voyages in progress 2,808 3,695 6,503 Other current assets 26,667 (2,289 ) 24,378 Total assets 2,951,354 1,406 2,952,760 Liabilities Other current liabilities 28,398 (3,647 ) 24,751 Total liabilities 1,427,842 (3,647 ) 1,424,195 Stockholders' equity Accumulated deficit (267,744 ) 5,053 (262,691 ) Total stockholder's equity 1,523,512 5,053 1,528,565 Consolidated Statements of Operations For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Voyage charter revenues 322,804 (911 ) 321,893 Voyage expenses and commission 162,037 265 162,302 Net income (loss) 84,535 (646 ) 83,889 Basic and diluted income (loss) per share $ 0.59 $ — $ 0.59 Consolidated Statements of Cash Flows For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Net income (loss) 84,535 (646 ) 83,889 Change in operating assets and liabilities, other 102,011 646 102,657 Net cash provided by operating activities 186,546 — 186,546 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. In 2018, we amortized an aggregate of $21.3 million of capitalized voyage expenses, or contract assets classified as other current assets. No impairment losses were recognized in the period. In accordance with ASC 606, we have applied the practical expedient not to disclose the remaining performance obligations of a contract given that the original expected contract duration is less than one year. In accordance with ASC 606, we have applied the available exemptions not to disclose the nature of performance obligations and the remaining duration of performance obligations. In January 2016, the FASB issued ASU 2016-01 Financial instruments, Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. As a result of the adoption of the standard, we present the change in the fair value of our marketable equity securities in our consolidated statements of operations. In our opening balance at January 1, 2018, we recognized a decrease of $5.3 million in accumulated deficit with a corresponding change in other comprehensive income. In 2018, we recognized a mark to market loss of $4.0 million of these equity securities. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update were applied using a retrospective transition method to each period presented. Other than presentation of certain distributions from equity method investments, previously presented as cash provided by investing activities, of $0.3 million and $0.3 million in 2017 and 2016, respectively, and currently presented as cash provided by operating activities, the adoption of this Update did not have a significant impact on these consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update were applied using a retrospective transition method to each period presented. As a result of the adoption of the standard, we have classified restricted cash as a component of cash, cash equivalents and restricted cash in the consolidated statements of cash flows for all periods presented. In our beginning of period 2018, 2017 and 2016 balances, restricted cash of $63.0 million , $54.1 million and and $48.9 million , respectively, have been aggregated with cash and cash equivalents in the beginning of period line items at the bottom of the statements of cash flows for each period presented. Also as a result of the updated presentation requirements for previous years, net cash used in investing activities in 2017 and 2016 decreased by $8.8 million and $5.2 million , respectively. Refer also to "Note 10 Cash, cash equivalents and restricted cash" for the reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update did not have a material impact on our consolidated financial statements and related disclosures upon adoption. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Bermuda We were incorporated in Bermuda. Under current Bermuda law, we are not required to pay taxes in Bermuda on either income or capital gains. We have received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, we will be exempted from taxation until March 31, 2035 . United States We do not accrue U.S. income taxes as we are not engaged in a U.S. trade or business and are exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. A reconciliation between the income tax expense resulting from applying the U.S. Federal statutory income tax rate and the reported income tax expense has not been presented herein as it would not provide additional useful information to users of the financial statements as our net income is subject to neither Bermuda nor U.S. tax. Singapore We are eligible and participate under the Maritime Sector Incentive-Approved International Shipping Enterprise (MSI- AIS) award in Singapore. All qualified shipping income derived from the shipping activity in our Singapore subsidiary is exempt from taxation for the duration of our MSI-AIS approval. The MSI-AIS approval was in June 2015 for a period of ten years. Other Jurisdictions Our subsidiary in Norway is subject to income tax. The tax paid by our subsidiary in Norway is not material. We do not have any unrecognized tax benefits, material accrued interest or penalties relating to income taxes. Based upon review of applicable laws and regulations, and after consultation with counsel, we do not believe we are subject to material income taxes in any jurisdiction. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION Our chief operating decision maker, or the CODM, measures performance based on our overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment. Our vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful. For the year ended December 31, 2018 , one customer accounted for 10 percent or more of our consolidated revenues in the amounts of $65.8 million . For the year ended December 31, 2017 , one customer accounted for 10 percent or more of our consolidated revenues in the amounts of $59.7 million . For the year ended December 31, 2016 , two customers each accounted for 10 percent or more of our consolidated revenues in the amount of $34.5 million and $27.1 million , respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows: (in thousands of $) 2018 2017 2016 Net income (loss) 84,535 (2,348 ) (127,711 ) (in thousands) 2018 2017 2016 Weighted average number of shares outstanding - basic 144,132 125,019 95,238 Impact of stock options 302 — — Weighted average number of shares outstanding - diluted 144,434 125,019 95,238 The exercise of share options using the treasury stock method was dilutive in 2018, however they were anti-dilutive in 2017 and 2016. As a result, in 2017 and 2016, 324,338 and 84,000 shares, respectively, were excluded from the denominator in each calculation. The conversion of the convertible bonds using the if-converted method was anti-dilutive as of December 31, 2018, 2017 and 2016. As of December 31, 2018, 2017 and 2016, 2,345,216 , 2,264,173 and 2,268,860 shares, respectively, were convertible under the convertible bond loan. In 2018, we acquired a total of 445,000 own shares which have been weighted for the portion of the period they were outstanding. As a result, the treasury shares reduced the weighted average number of shares outstanding by 10,466 shares in 2018. In 2018, we paid $64.9 million in dividends, corresponding to a dividend per share of $0.45 . |
GAIN (LOSS) ON SALE OF ASSETS A
GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | 12 Months Ended |
Dec. 31, 2018 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (in thousands of $) 2018 2017 2016 Net gain (loss) on sale of vessels 2 (570 ) 72 Amortization of deferred gains 258 258 228 260 (312 ) 300 In 2018, we entered into an agreement to sell the Golden Eminence , a Panamax vessel, to an unrelated third party for $14.7 million , gross, and we recognized an insignificant gain subsequent of a previous impairment loss in connection with the sale. In September 2017, we entered into agreements to sell six Ultramax vessels ( Golden Libra, Golden Virgo, Golden Taurus, Golden Gemini, Golden Aries and Golden Leo ). In the fourth quarter of 2017, we agreed to a partial settlement for one of these vessels in the form of consideration shares in the buyer. In the aggregate, the consideration received consisted of $135.1 million in cash and 910,802 consideration shares in the buyer. The value of the consideration shares in the buyer was $7.4 per share at the date of completion of the sale. The six vessels were delivered in the fourth quarter of 2017 and the Company recorded a net loss of $0.6 million upon completion of the sales. In August 2016, we sold Golden Lyderhorn , a 1999-built Panamax classified as a vessel held under capital lease, and a loss on the sale of $9.0 thousand was recorded subsequent of a previous impairment loss in connection with the sale. In February 2016 and October 2016, we completed the sale of Front Caribbean and Front Mediterranean and gains of $68.0 thousand and $13.0 thousand were recorded, respectively. |
IMPAIRMENT OF VESSELS
IMPAIRMENT OF VESSELS | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT OF VESSELS | IMPAIRMENT OF VESSELS In 2018, we entered into an agreement to sell the Golden Eminence , a Panamax vessel, to an unrelated third party for $14.7 million , gross. We recognized a $1.1 million impairment loss in connection with the sale and classified the vessel as held for sale as of June 30, 2018. The vessel was delivered to its new owner in August 2018. In 2017, we entered into agreements to sell six Ultramax vessels for a gross sale price of $142.5 million , consisting of $135.1 million in cash and 910,802 consideration shares in the buyer. We recorded an impairment loss of $1.1 million , corresponding to the difference between the carrying value and estimated fair value of the vessels based on the sales agreements. In 2016, we entered into an agreement to sell the Golden Lyderhorn, a vessel held under capital lease, and recorded an impairment loss of $1.0 million thereon. The loss corresponded to the difference between the carrying value and estimated fair value of the vessel as at June 30, 2016 following an impairment review that was triggered by the likelihood to dispose the vessel prior to the end of its useful life. The sale was subsequently concluded and the vessel was delivered to its new owner in August 2016. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
LEASES | LEASES As of December 31, 2018 , we leased in eight ( 2017 : eight vessels) from Ship Finance and one vessel ( 2017 : one vessel) from third parties. All of these vessels are leased under long-term time charters which are classified as operating leases. Charter hire and office rent expense The future minimum operating lease expense payments under our non-cancelable operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 35,613 2020 35,709 2021 35,613 2022 32,590 2023 28,177 Thereafter 110,357 278,059 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis, net of amortization of unfavorable time charter contracts. As of December 31, 2018 , the future minimum rental payments include $3.6 million ( 2017 : $2.3 million ) in relation to office rent expenses and $274.5 million ( 2017 : $311.2 million ) in relation to charter hire expenses for leased in vessels. During 2018 , 2017 and 2016 , the charter hire expense under operating leases, net of amortization of unfavorable time charter contracts-in were as follows: (in thousands of $) 2018 2017 2016 Charter hire expenses, operating leases 93,384 71,345 54,365 Amortization of unfavorable time charter contracts-in (672 ) (672 ) (674 ) Charter hire expenses 92,712 70,673 53,691 With reference to Note 27, in April 2015 we agreed to a sale and leaseback transaction with Ship Finance for eight Capesize vessels that were time chartered-in by one of our subsidiaries for a period of ten years . The daily time charter rate is $17,600 during the first seven years and $14,900 in the remaining three years , of which $7,000 is for operating expenses (including dry docking costs). In addition, 33% of our profit from revenues above the daily time charter rate for all eight vessels aggregated will be calculated and paid on a quarterly basis to Ship Finance. In addition, the daily hire payments will be adjusted if the actual three month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years . We have a purchase option of $112 million en-bloc after 10 years and, if such option is not exercised, Ship Finance has the option to extend the charters by three years at $14,900 per day. The minimum lease period has been assessed to 13 years. Contingent rental income (expense) was recorded in 2018, 2017 and 2016 as a reduction (increase) in charter hire expense of ($2.61) million , ($1.15) million and $0.41 million , respectively. In addition we recognized $244 thousand and $162 thousand in profit share expense in 2018 and 2017, respectively. In February 2016, we and the lessor of the chartered-in vessel, Golden Hawk , agreed to reduce the daily rate to $11,200 from $13,200 for two years from February 20, 2016. We also agreed that we will reimburse the lessor when the 6-T/C Baltic Exchange Supramax Index exceeds the reduced daily rate in any day during the two-year period. The maximum reimbursed amount is capped at $1.75 million and on February 20, 2022 we will pay to the lessor the difference between the amount reimbursed and $1.75 million . As of December 31, 2018 the accumulated amount to be reimbursed under the contract is $1.75 million . Rental income As of December 31, 2018 , we leased out 17 vessels on fixed time charter rates ( 2017 : 10 vessels) and 13 vessels ( 2017 : 15 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years . All of these leases are classified as operating leases. The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 62,339 2020 28,424 2021 8,208 2022 — 2023 — Thereafter — 98,971 The future minimum operating lease revenue receipts are based on the contractual cash inflows under non-cancelable contracts. The charter hire revenue recognition is based upon the straight-line basis, net of amortization of favorable time charter contracts. As of December 31, 2018 , the cost and accumulated depreciation of the 30 vessels which were leased out to third parties, were $1,375.7 million and $134.4 million , respectively. As of December 31, 2017 , the cost and accumulated depreciation of the 25 vessels which were leased out to third parties, were $1,254.8 million and $103.3 million , respectively. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of December 31, 2018, 2017 and 2016, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2018 2017 2016 Cash and cash equivalents 305,352 309,029 212,942 Short term restricted cash 20,272 8,110 315 Long term restricted cash 46,981 54,845 53,797 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 372,605 371,984 267,054 Amounts included in short-term and long-term restricted cash include primarily cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our recourse debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. Under our non-recourse debt facilities, we need to maintain free cash of $10 million . In addition, short-term restricted cash includes amounts required to be set aside by our margin calls on derivative positions and minor amounts secured for tax payments or for claims processes. |
MARKETABLE EQUITY SECURITIES
MARKETABLE EQUITY SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
MARKETABLE EQUITY SECURITIES | MARKETABLE EQUITY SECURITIES Our marketable securities are equity securities recognized at fair value. (in thousands of $) 2018 2017 Balance at start of year 16,300 6,524 Disposals during the year (224 ) — Additions during the year — 6,740 Unrealized gain (loss), net (4,043 ) 3,036 Balance at end of year 12,033 16,300 Our marketable equity securities consist of an investment in Scorpio Bulkers Inc., a dry bulk shipping company listed on the New York Stock Exchange. In 2018, we sold 26,700 shares in our investment for an aggregate of $0.2 million . As of December 31, 2018, the fair value of our total investments in this company was $12.0 million . In 2017, we entered into agreements to sell six Ultramax vessels to Scorpio Bulkers Inc. For one of the vessels we agreed to a partial settlement in the form of 910,802 consideration shares in the buyer. In 2018 we received a one-time cash compensation from the buyer of $0.4 million . This related to an agreement linked to the price development of the consideration shares. The cost price and fair value as of December 31, 2017 was $6.7 million for these shares. As of December 31, 2017, the fair value of our total investments in this company was $16.3 million . |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2018 | |
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |
TRADE ACCOUNTS RECEIVABLE, NET | TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivables are stated net of a provision for doubtful accounts. Movements in the provision for doubtful accounts in the three years ended December 31, 2018 are summarized as follows: (in thousands of $) Balance at December 31, 2015 7,946 Additions charged to income 199 Deductions credited to trade receivables (7,193 ) Balance at December 31, 2016 952 Additions charged to income 462 Deductions credited to trade receivables (768 ) Balance at December 31, 2017 646 Additions charged to income 81 Deductions credited to trade receivables (390 ) Balance at December 31, 2018 337 In June 2016, we received $1.7 million and $0.7 million as full settlement of claims for unpaid charter hire and damages for Mayfair and Camden , respectively; the two VLCC vessels that had their charters were terminated in 2012. The settlement related to unrecognized bareboat charter revenue in respect to services rendered in the year ended December 31, 2011 and the aggregate $2.4 million was presented as such on the statement of operations. Trade accounts receivable of $7.0 million and a provision for doubtful accounts in the same amount were written off. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Other Receivables [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS (in thousands of $) 2018 2017 Agent receivables 4,383 4,794 Advances 1,055 664 Claims receivables 579 1,819 Other receivables 20,650 18,160 26,667 25,437 Other receivables are presented net of allowances for doubtful accounts amounting to nil and nil as of December 31, 2018 and December 31, 2017 . |
VALUE OF CHARTER PARTY CONTRACT
VALUE OF CHARTER PARTY CONTRACTS | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
VALUE OF CHARTER PARTY CONTRACTS | VALUE OF CHARTER PARTY CONTRACTS The value of charter-out contracts is summarized as follows: (in thousands of $) 2018 2017 2016 Opening balance 53,686 76,099 103,376 Acquired time charter contracts from Quintana — (3,080 ) — Amortization charge (18,733 ) (19,333 ) (27,277 ) Total 34,953 53,686 76,099 Less: current portion (18,732 ) (18,732 ) (22,413 ) Non-current portion 16,221 34,954 53,686 In connection with the acquisition of vessels from Quintana in 2017, we acquired certain time charter-out contracts. The contracts were valued to net negative $3.1 million and were fully amortized as of December 31, 2017. Time charter revenues in 2018 , 2017 and 2016 have been reduced by $18.7 million , $19.3 million and $27.3 million , respectively, as a result of the amortization of charter-out contracts. The value of charter-out contracts will be amortized as follows: (in thousands of $) 2019 18,732 2020 12,148 2021 4,073 Thereafter — 34,953 The value of charter-in contracts is summarized as follows: (in thousands of $) 2018 2017 2016 Opening balance 4,798 5,470 6,144 Amortization charge (672 ) (672 ) (674 ) Total 4,126 4,798 5,470 Less: current portion (672 ) (672 ) (672 ) Non-current portion 3,454 4,126 4,798 The current and non-current portion of the value of unfavorable charter-in contracts is recorded in other current liabilities and long term liabilities, respectively. Charter hire expenses in 2018 , 2017 , and 2016 , have been reduced by $0.7 million , $0.7 million and $0.7 million , respectively, as a result of the amortization of unfavorable charter-in contracts. The value of unfavorable charter-in contracts will be amortized as follows: (in thousands of $) 2019 672 2020 674 2021 672 2022 672 2023 672 Thereafter 764 4,126 |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 Additions 447,497 — 447,497 Disposals (148,908 ) 8,403 (140,505 ) Transfer from newbuildings 227,336 — 227,336 Impairment loss (1,066 ) — (1,066 ) Depreciation — (77,198 ) (77,198 ) Balance at December 31, 2017 2,398,654 (183,651 ) 2,215,003 Additions 44,562 — 44,562 Disposals (16,170 ) 1,813 (14,357 ) Transfer from newbuildings 253,581 — 253,581 Impairment loss (1,080 ) — (1,080 ) Depreciation — (91,253 ) (91,253 ) Balance at December 31, 2018 2,679,547 (273,091 ) 2,406,456 At December 31, 2018 , we owned three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes (at December 31, 2017 : three Newcastlemaxes, 29 Capesizes, 28 Panamaxes and two Ultramaxes). In April 2018, we entered into an agreement to sell the Golden Eminence, a Panamax vessel, for $14.7 million with delivery in August 2018. An impairment loss of $1.1 million was recognized related to the sale of the vessel. Refer also to Note 8 Impairment of vessels. I n October 2017 and with reference to Note 27, we agreed to acquire two modern Capesize vessels from Hemen, our largest shareholder, with a purchase price of $43.0 million for each vessel. As settlement of the purchase price for each vessel, we entered into seller's credit loans with an affiliate of Hemen for $21.5 million , respectively. The remaining part of the purchase price consisted of $4.5 million of cash and 2,000,000 of newly-issued common shares of the Company. In November 2017, one of the vessels was delivered to us and $40.7 million was capitalized in purchase price for the vessel. The second vessel was delivered to us in January 2018 and we capitalized $43.4 million in purchase price for the vessel. In September 2017, we entered into agreements to sell six Ultramax vessels, Golden Libra, Golden Virgo, Golden Taurus, Golden Gemini, Golden Aries and Golden Leo , for a gross sale price of $142.5 million . For one of the vessels we agreed to a partial settlement in the form of consideration shares in the buyer. In the aggregate, the consideration received consisted of $135.1 million in cash and 910,802 consideration shares in the buyer, with a market value of $7.4 per share upon completion of the sale. In the third quarter of 2017, we recorded an impairment loss of $1.1 million in connection with the sale. The vessels were delivered in the fourth quarter of 2017 and we recorded a net loss of $0.6 million upon completion of the sales. In September 2017, we took delivery of the Golden Nimbus , a Capesize newbuilding. The total construction cost transferred from newbuildings amounts to $50.7 million . In March 2017, we entered into agreements to acquire 16 dry bulk vessels in transactions where we would issue in aggregate 17.8 million consideration shares and assume debt of $285.2 million . Of the 16 acquired vessels, 14 were acquired from subsidiaries of Quintana and two Panamax vessels were acquired from affiliates of Hemen. The vessels acquired from Quintana consisted of one Newcastlemax, five Capesizes and eight Panamaxes. The 14 vessels acquired from Quintana were subsequently renamed Golden Gayle, Golden Houston, Golden Kaki, Golden Amreen, Golden Anastasia, Golden Myrtalia, Golden Deb, Golden Sue, Golden Kennedy, Golden Jake, Golden Arion, Golden Ioanari, Golden Keen and Golden Shea were delivered between April and July 2017. In exchange for the 14 vessels acquired from Quintana, we issued an aggregate of 14.5 million shares as consideration to Quintana and associated companies. We also assumed $262.7 million in debt and prepaid $17.4 million in installments of this debt. In aggregate, we capitalized $363.4 million in the purchase price for the 14 vessels. In connection with the acquisition of vessels from Quintana in 2017, we acquired certain time charter-out contracts. The contracts were valued to net negative $3.1 million and were fully amortized as of December 31, 2017. In exchange for the two Panamax vessels acquired from affiliates of Hemen, subsequently renamed Golden Amber and Golden Opal and delivered in June 2017, we issued an aggregate of 3.3 million shares as consideration to Hemen and assumed seller's credits of an aggregate of $22.5 million . In the aggregate, we capitalized $43.1 million in the purchase price for the two vessels. In February 2017, we took delivery of the Golden Surabaya and Golden Savannah , two Capesize dry bulk newbuildings. The total construction cost transferred from newbuildings was $128.1 million . In January 2017, we took delivery of the Golden Virgo and Golden Libra , two Ultramax dry bulk newbuildings. The total construction cost transferred from newbuildings was $48.5 million . Total depreciation expense was $92.1 million , $78.1 million and $62.5 million in 2018 , 2017 and 2016 , respectively. |
VESSELS UNDER CAPITAL LEASES, N
VESSELS UNDER CAPITAL LEASES, NET | 12 Months Ended |
Dec. 31, 2018 | |
Vessels Under Capital Leases [Abstract] | |
VESSELS UNDER CAPITAL LEASES, NET | VESSELS UNDER CAPITAL LEASE, NET (in thousands of $) Balance at December 31, 2016 2,956 Depreciation (895 ) Balance at December 31, 2017 2,061 Depreciation (896 ) Balance at December 31, 2018 1,165 The outstanding obligations under capital leases at December 31, 2018 are payable as follows: (in thousands of $) 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 7,735 Less: imputed interest (300 ) Present value of obligations under capital leases 7,435 As of December 31, 2018 , we held one vessel under capital lease ( December 31, 2017 : one vessel). The lease is for an initial term of 10 years . The remaining period of the lease at December 31, 2018 is two years ( December 31, 2017 : three years ). As of December 31, 2018 , we had the following purchase options for the one vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse April 2019 36,250 Golden Eclipse April 2020 33,550 Our lease obligation is secured by the lessor's title to the leased asset and by a guarantee issued to the lessor ( Golden Eclipse ). |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2018 | |
Newbuildings [Abstract] | |
NEWBUILDINGS | NEWBUILDINGS The carrying value of newbuildings represents the accumulated costs we have paid by way of purchase installments and other capital expenditures together with capitalized loan interest. The carrying value of newbuildings is nil at December 31, 2018 ( December 31, 2017 : five Capesize dry bulk newbuildings). Movements in the two years ended December 31, 2018 are summarized as follows: Balance at December 31, 2016 180,562 Installments and newbuilding supervision fees paid 152,501 Transfers to Vessels and Equipment (227,336 ) Balance at December 31, 2017 105,727 Installments and newbuilding supervision fees paid 147,855 Transfers to Vessels and Equipment (253,582 ) Balance at December 31, 2018 — In January and February 2018, we took delivery of the Golden Arcus , Golden Cirrus , Golden Cumulus , Golden Incus and Golden Calvus , five Capesize dry bulk newbuildings, and paid in total final installments of $144.6 million and other capitalized costs of $3.2 million . In September 2017, we took delivery of the Golden Nimbus , a Capesize newbuilding, and paid a final installment and other capitalized costs of $29.3 million . In February, 2017, we took delivery of the Golden Surabaya and Golden Savannah, two Capesize dry bulk newbuildings, and paid final installments and other capitalized costs of $67.7 million in total. In January 2017, we took delivery of the Golden Virgo and Golden Libra, two Ultramax dry bulk newbuildings, and paid final installments and other capitalized costs of $31.3 million in total. During 2017, we also paid and capitalized in aggregate pre-delivery installments of $19.5 million and other capitalized costs of $4.7 million . |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS As at December 31, the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2018 2017 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") — 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 22.19 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % Movements in equity method investments for the years ended December 31, 2018 and 2017 are summarized as follows: (in thousands of $) G. Opus UFC Seateam CCL Total At December 31, 2016 2,872 621 731 — 4,224 Distributions received from associated companies (7,300 ) — (257 ) — (7,557 ) Share of income / (loss) 3,473 827 320 — 4,620 Equity contribution 1,000 — — — 1,000 At December 31, 2017 45 1,448 794 — 2,287 Distributions received from associated companies (45 ) (825 ) (271 ) — (1,141 ) Share of income / (loss) — 149 363 — 512 At December 31, 2018 — 772 886 — 1,658 The following tables include summarized financial information provided by the equity investees including information for significant equity affiliates and the reconciliation of such information to the consolidated financial statements shown below: (in thousands of $) G. Opus UFC Others Total 2018 2017 2018 2017 2018 2017 2018 2017 Current assets — 119 1,785 4,125 13,233 9,867 15,018 14,111 Non current assets — — — — 412 389 412 389 Total assets — 119 1,785 4,125 13,645 10,256 15,430 14,500 Current liabilities — 29 239 1,227 9,631 6,521 9,870 7,777 Long-term liabilities — — — — 24 35 24 35 Stockholders' equity — 90 1,544 2,898 3,990 3,700 5,534 6,688 Percentage of ownership in equity investees 50% 50% * Equity investment of associated companies — 45 772 1,448 886 821 1,658 2,314 Consolidation and reconciling adjustments: Other — — — — — (27 ) — (27 ) Investment in equity investees — 45 772 1,448 886 794 1,658 2,287 (in thousands of $) G. Opus UFC Others 2018 2017 2016 2018 2017 2016 2018 2017 2016 Total operating revenue — 3,817 4,262 10,956 7,413 9,591 9,536 8,815 8,391 Gain sale of vessel — 7,166 — — — — — — — Total operating expense — (3,324 ) (4,905 ) (10,589) (5,914 ) (9,885 ) (7,886 ) (7,063 ) (6,576 ) Net operating (loss) income — 7,659 (643 ) 367 1,499 (294 ) 1,650 1,752 1,815 Net (loss) income — 6,945 (1,299 ) 297 1,654 (297 ) 1,626 1,633 1,611 Percentage of ownership in investees 50% 50% * Equity in net income (loss) of associated companies — 3,473 (650 ) 149 827 (149 ) 363 362 357 Consolidation and reconciling adjustments: Other — — (44 ) — — — — (42 ) 105 Equity in net income (loss) of associated companies — 3,473 (694 ) 149 827 (149 ) 363 320 462 Impairment loss on investment — — (2,142 ) — — — — — — Total equity in net income (loss) of associated companies including impairment losses — 3,473 (2,836 ) 149 827 (149 ) 363 320 462 Total 2018 2017 2016 Total operating revenue 20,492 20,045 22,244 Gain sale of vessel — 7,166 — Total operating expense (18,475 ) (16,301 ) (21,366 ) Net operating (loss) income 2,017 10,910 878 Net (loss) income 1,923 10,232 15 Equity in net income (loss) of associated companies 512 4,662 (442 ) Consolidation and reconciling adjustments: Other — (42 ) 61 Equity in net income (loss) of associated companies 512 4,620 (381 ) Impairment loss on investment — — (2,142 ) Total equity in net income (loss) of associated companies including impairment losses 512 4,620 (2,523 ) *Calculation based on a percentage range between 22.19% and 25% In 2017, Golden Opus Inc. sold its only asset (the vessel MV Golden Opus) to an unrelated third party and repaid its outstanding bank debt. Following these transactions, Golden Opus Inc. distributed $7.3 million in cash to each of the two joint venture partners, respectively. In 2018 Golden Opus Inc. was dissolved. In 2018, cash dividends received from equity method investees amounted to $1.1 million (2017: $7.6 million , 2016: $0.3 million ). In April 2016, we purchased an additional 5,156 ordinary shares at par value of S $1 in Seateam. The purchase increased the stake of the Company from 21.25% to 22.19% . The net asset value per share at the date of the purchase was $5.47 and resulted in a gain on purchase of $24 thousand recognized in other financial items. In March 2016, we contributed $0.8 million additional capital to Golden Opus Inc. As of March 31, 2016, we recorded an impairment loss of $2.2 million of the investment in Golden Opus Inc. following an impairment review triggered by the continuing fall in rates in the Baltic Dry Index. The loss recorded corresponded to the difference between the carrying value prior to the impairment of $5.3 million and its estimated fair value of $3.1 million . |
OTHER LONG TERM ASSETS
OTHER LONG TERM ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER LONG TERM ASSETS | OTHER LONG TERM ASSETS (in thousands of $) 2018 2017 Seller's credit receivable long-term portion — 1,500 Deferred tax asset 119 294 Prepaid charter hire expenses (straight-lining of lease expense) 12,588 8,887 Capitalized project costs 4,932 — Other long term assets 17,639 10,681 With reference to Note 27, in the third quarter of 2015 eight vessels were sold and leased back from Ship Finance for a period of 10 years . The daily time charter rate is $17,600 during the first seven years and $14,900 in the remaining six years , including the three years optional period of the vessel owner. We have straight lined the total charter hire expense over the lease term of 13 years . An amount of $3.7 million was credited to charter hire expenses in 2018 (2017: $3.7 million ), with the corresponding asset presented as part of other long term assets. The seller's credit receivable originates from a sale of a vessel in 2009. In November 2018, we agreed to a settlement of the remaining outstanding amount of $1.5 million . A $125 thousand discount was provided and a loss of the same amount was recorded. In 2018 we capitalized costs of $4.9 million related to installation costs for scrubber and ballast water treatment systems. In 2018, 2017 and 2016, we recognized total interest income on the seller's credit of $15.8 thousand , $21.1 thousand and $0.2 million , respectively. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT (in thousands of $) 2018 2017 $33.9 million term loan — 24,317 $82.5 million term loan — 35,733 $284.0 million term loan 168,320 190,870 $420.0 million term loan 331,795 352,432 $425.0 million term loan 347,154 220,868 $102.7 million term loan 94,225 102,765 $73.4 million term loan 60,199 67,739 $80.2 million term loan 67,669 74,814 $120.0 million term loan 115,932 — Total U.S. dollar denominated floating rate debt 1,185,294 1,069,538 U.S. dollar denominated fixed rate debt 167,382 178,856 Deferred charges (3,634 ) (3,935 ) Total debt 1,349,042 1,244,459 Less: current portion (471,764 ) (109,671 ) 877,278 1,134,788 Movements in 2018 and 2017 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2016 886,468 177,300 (5,350 ) 1,058,418 Loan repayments (154,666 ) (9,104 ) — (163,770 ) Loan draw downs 337,736 — — 337,736 Amortization of purchase price adjustment — 10,360 — 10,360 Convertible bond loss on extinguishment — 300 — 300 Amortization of capitalized fees and expenses — — 1,415 1,415 Balance at December 31, 2017 1,069,538 178,856 (3,935 ) 1,244,459 Loan repayments (154,244 ) (22,049 ) — (176,293 ) Loan draw downs 270,000 — — 270,000 Amortization of purchase price adjustment — 10,019 — 10,019 Convertible bond loss on extinguishment — 556 — 556 Capitalization of debt issuance cost, net of amortization — — 301 301 Balance at December 31, 2018 1,185,294 167,382 (3,634 ) 1,349,042 $120.0 million credit facility In May 2018, we entered into a $120.0 million term loan facility to refinance 10 vessels and repay $58.3 million due under the $34.0 million term loan facility and the $82.5 million term loan facilities with maturity in 2018 and prepay the full outstanding amounts under our related party seller credit loans of $65.5 million . This facility bears interest of LIBOR plus a margin of 2.25% . Repayments are made on a quarterly basis from third quarter of 2018 onward. All tranches under the facility mature in April 2025, with a balloon payment of in total $65.1 million . In 2017, we acquired 14 vessels from Quintana. The vessels were acquired by a newly-established wholly-owned non-recourse subsidiary. In connection with the acquisition we assumed obligations under the three non-recourse loan facilities; $102.7 million credit facility, $73.4 million credit facility and $80.2 million credit facility. $102.7 million credit facility We assumed this debt of $102.7 million , net of a $6.4 million prepayment, as a result of the acquisition of five vessels from Quintana in 2017. This facility financed five vessels and bears interest of LIBOR plus a margin of 3.0% . Repayments are made on a quarterly basis from the third quarter of 2019 onward. Two of the tranches under the facility mature in January 2020, with a balloon payment of in total $25.4 million . The remaining three tranches mature in October 2021 with balloon payments of in total $54.2 million . As of December 31, 2018, $94.2 million was outstanding under this facility and there was no available, undrawn amount. As of December 31, 2018, this facility was secured by two of our Capesize vessels and three Panamax vessels. $73.4 million credit facility We assumed this debt of $73.4 million as a result of the acquisition of five vessels from Quintana in 2017. This facility financed five vessels and bears interest of LIBOR plus a margin in the range between 2.75% - 3.25% depending on the vessel. Repayments are made on a quarterly basis from the third quarter of 2019 onward. Four of the tranches under the facility mature in December 2019, with an aggregated balloon payment of $34.0 million and the fifth tranche matures in January 2022 with a balloon payment of $19.4 million . During 2018, $7.5 million was repaid under this facility. As of December 31, 2018, $60.2 million was outstanding under this facility and there was no available, undrawn amount. As of December 31, 2018, this facility was secured by one of our Capesize vessels and four Panamax vessels. $80.2 million credit facility We assumed this debt of $80.2 million as a result of the acquisition of four vessels from Quintana in 2017. This facility financed four vessels and bears interest of LIBOR plus a margin in the range between 2.75% - 3.35% depending on the vessel. Repayments are made on a quarterly basis from the third quarter of 2019 onward. One of the tranches under the facility matures in October 2019, with a balloon payment of $9.9 million , two of the tranches mature in November 2019 with an aggregated balloon payment of $29.7 million and the fourth tranche matures in November 2021 with a balloon payment of $21.7 million . During 2018, $7.1 million was repaid under the facility. As of December 31, 2018, $67.7 million was outstanding under this facility and there was no available, undrawn amount. As of December 31, 2018, this facility was secured by one of our Newcastlemax vessels, two Capesize vessels and one Panamax vessel. $284.0 million credit facility This facility initially financed 19 vessels and bears interest of LIBOR plus a margin of 2.0% . Repayments are made on a quarterly basis, each in an amount $3.2 million , with a balloon payment of $158.6 million on the final maturity date on December 31, 2019. During 2018 , $22.6 million ( 2017 : $67.7 million ) was repaid and there have been no draw downs ( 2017 : nil ). As of December 31, 2018 , $168.3 million ( 2017 : $190.9 million ) was outstanding under this facility and there was no available, undrawn amount. As of December 31, 2018 , this facility was secured by two ( 2017 : two ) of our Capesize vessels, 11 ( 2017 : 12 ) Panamax vessels and two ( 2017 : two ) Ultramax vessels. $420.0 million term loan facility In June 2014, we entered into a term loan facility of up to $420.0 million , dependent on the market values of the vessels at the time of draw down, consisting of 14 tranches of up to $30.0 million to finance, in part, 14 newbuilding vessels. Each tranche is repayable by quarterly installments based on a 20 -years profile from the delivery date of each vessel and all amounts outstanding shall be repaid on June 30, 2020. The facility has an interest rate of LIBOR plus a margin of 2.5% . In January 2016, following an accelerated repayment to comply with the minimum value covenant as of December 31, 2015, the quarterly repayment schedule was amended to $5.2 million , in total, for all 14 tranches. During 2018 , $20.6 million ( 2017 : $36.1 million ) was repaid and there have been no draw downs ( 2017 : nil ). As of December 31, 2018 , $331.8 million ( 2017 : $352.4 million ) was outstanding under this facility and there was no available, undrawn amount. The facility is secured by 14 ( 2017 : 14 ) of our Capesize vessels. With reference to Note 31, in February 2019, we extended our $420 million term loan facility for 14 vessels by three years from June 2020 to June 2023 at LIBOR plus a margin of 2.5% and upsized the facility to partially finance the installation of scrubbers on up to 11 vessels. Each scrubber installation may be financed with up to $3 million in a separate tranche to be repaid over three years, commencing January 1, 2020. $425.0 million senior secured post-delivery term loan facility In February 2015, we entered into a senior secured post-delivery term loan facility of up to $425.0 million , depending on the market values of the vessels at the time of draw down, to partially finance 14 newbuilding vessels. The facility was initially divided into 12 tranches of $30.0 million and two tranches of $32.5 million . Each tranche was originally repayable in quarterly payments of 1/80 of the drawn down amount and all amounts outstanding are to be repaid on the final maturity date of March 31, 2021. The loan bore interest at LIBOR plus a margin of 2.0% . In December 2015, the loan agreement was amended and the minimum l evel of the loan to value was increased from 55% to 70% . The margin was also amended to 2.20% plus LIBOR and the quarterly repayments changed from 1/80 to 1/64 of the drawn down amount. The amendment also allowed us to substitute the optional additional borrowers with another of our wholly owned subsidiaries. The terms of the loan were further amended on March 31, 2016, as described below. During 2018 , $23.7 million ( 2017 : $20.9 million ) was repaid and we have drawn down a total of $150.0 million (2017: $75.0 million ) on delivery of five Capesize bulk carriers ( 2017 : three Capesize vessels). As of December 31, 2018 , $347.2 million ( 2017 : $220.9 million ) was outstanding under this facility and there was no available, undrawn amount. As of December 31, 2017 and 2018, there were no deferred repayments under this facility following the termination of amended terms in October 2017, as discussed below. At December 31, 2018 , this facility was secured by 14 ( 2017 : nine ) of our Capesize vessels. $33.9 million credit facility This facility financed two vessels and had interest of LIBOR plus a margin of 2.75% . Repayments were made on a quarterly basis, each in an amount $0.6 million , with a balloon payment of $23.8 million on the final maturity date of May 27, 2018. In June 2018, we repaid the balloon payment in full. $82.5 million credit facility This facility financed six vessels and beared interest of LIBOR plus a margin of 2.75% . Repayments was made on a quarterly basis, each in an amount $1.2 million , with a balloon payment of $34.5 million on the final maturity date on October 31, 2018. In June 2018, we repaid the balloon payment in full. Financial covenants Our loan agreements contain loan-to-value clauses, which could require us to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital as defined in the loan agreement and a value adjusted equity covenant. Under our recourse debt facilities, the aggregate value of the collateral vessels shall not fall below 125% or 135% of the loan outstanding, depending on the facility. We need to maintain free cash of at least $20 million or 5% of total interest bearing debt, maintain positive working capital and maintain a value adjusted equity of at least 25% of value adjusted total assets. With regards to free cash, we have covenanted to retain at least $66.7 million of cash and cash equivalents as at December 31, 2018 ( December 31, 2017 : $60.6 million ) and this is classified under restricted cash. In addition, none of our vessel owning subsidiaries may sell, transfer or otherwise dispose of their interests in the vessels they own without the prior written consent of the applicable lenders unless, in the case of a vessel sale, the outstanding borrowings under the credit facility applicable to that vessel are repaid in full. Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, we might not have sufficient funds or other resources to satisfy our obligations. Pursuant to the loan agreements, our wholly-owned non-recourse subsidiary, which owns the vessels acquired from Quintana in 2017 is prohibited from paying dividends to us. During the repayment holiday period through June 2019, we are required under the loan agreements to satisfy financial covenants including $10 million minimum cash and 105% minimum value covenant. Thereafter, the financial covenants under these loans will include 25% market adjusted equity, $10 million minimum cash and 125 - 135% minimum value covenant. Further, according to the agreements with the lenders of the acquired vessels from Quintana in 2017, we made a $17.4 million pre-payment of the debt in exchange for no mandatory debt repayment until July 2019. In the period prior to July 2019, a cash sweep mechanism is put in place whereby if certain conditions are met, we will pay down on the deferred repayment amount of $40.6 million . The cash sweep is calculated semi-annually with first potential payment following the end of the first quarter of 2018. In 2018 , we prepaid in aggregate $23.2 million of deferred repayments based on the cash sweep mechanism under these facilities. As of December 31, 2018 and December 31, 2017 , we were in compliance with our covenants. U.S. Dollar Denominated Fixed Rate Debt 3.07% Convertible Bonds due 2019 In January 2014, the Former Golden Ocean issued a $200 million convertible bond with a 5 year tenor and coupon of 3.07% per year, payable bi-annually in arrears. The convertible bond has no regular repayments, matured and was repaid in full on January 30, 2019. There are no financial covenants in the convertible bond agreement. At the time of the Merger, we assumed the convertible bond and the conversion price was adjusted based on the exchange ratio in the Merger. The conversion price at December 31, 2018 was $83.52 ( December 31, 2017 : $88.15 ) per share. The fair value of the convertible bond was determined to be $161.2 million at the time of the Merger based on the quoted price of 80.6% . The difference of $38.8 million , adjusted for any bond repurchases, is amortized over the remaining life of the bond so as to maintain a constant effective rate so that the convertible bond will have a value of $200 million on maturity, adjusted for any bond repurchases. As of December 31, 2018 , 2,394,636 ( December 31, 2017 : 2,268,860 ) new shares would be issued if the bonds were converted at the current price of $83.52 ( December 31, 2017 : $88.15 ). In 2018, we acquired a total of $22.4 million (2017: $9.4 million ) in nominal value of our outstanding convertible bond at an average price of 97.96% of par value, reducing the outstanding convertible debt balance with an aggregate amount of $31.8 million as of December 31, 2018. As a result of these transactions we recognized a loss of $0.6 million in 2018, presented under other financial items. During 2018 , $10.0 million ( 2017 : $10.4 million , 2016: $9.5 million ) was amortized and recorded as interest expense. Seller's credit See Note 27 for a discussion of related party seller credits entered into in 2017 and 2018 in relation to vessels acquisitions from affiliates of Hemen. Deferred charges Debt issuance costs of $3.6 million at December 31, 2018 ( 2017 : $3.9 million ) are presented as a deduction from the carrying amount of our debt. The outstanding debt as of December 31, 2018 is repayable as follows: (in thousands of $) 2019 472,582 2020 379,677 2021 390,269 2022 27,576 2023 8,136 Thereafter 75,255 1,353,495 Purchase price adjustment of Convertible bond, and deferred charges (4,453 ) 1,349,042 Current portion of long-term debt As of December 31, 2018, our current portion of long-term debt was $471.8 million . This amount included $167.4 million in carrying value of our convertible bond which was fully repaid on maturity in January 2019, $168.3 million related to our $284.0 million facility with maturity on December 31, 2019, $76.1 million related to financing of seven vessels under two of the non-recourse loans with maturity in the fourth quarter of 2019 and $60.0 million in ordinary debt repayments. As a result of our current portion of long-term debt of $471.8 million , total current assets less total current liabilities were negative by $80.3 million as of December 31, 2018. In addition, we have $41.3 million in debt due for repayment during the first quarter of 2020. U.S. GAAP requires management to evaluate whether there are conditions or events that indicate substantial doubt about our ability to meet our financial obligations as they become due within one year after the date these financial statements are issued. Maturity of current portion of long-term debt and repayments due during the first quarter of 2020 are conditions that could raise such doubt. Management's evaluation does initially not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. Although we do not currently have the liquidity to fund all current portion of long-term debt and repayments due during the first quarter of 2020, this debt is secured by certain of our vessels and we expect to access the bank lending market to refinance the loans maturing in 2019 with our current banks. At the date of this annual report, we are in the process of refinancing our three non-recourse loan facilities and plan to refinance our $284.0 million credit facility prior to its maturity in December 2019. We believe it is probable that we will be able to implement our refinancing plan, based on the existing level of collateral of the assets and we have a long proven history of refinancing our debt, most recently illustrated by the new $120.0 million loan facility described above. Assets pledged As of December 31, 2018 , sixty-seven vessels ( 2017 : fifty-nine vessels) with an aggregate carrying value of $2,404.5 million ( 2017 : $2,130.0 million ) were pledged as security for our floating rate debt. Weighted average interest The weighted average interest rate related our floating rate debt (margin excluding LIBOR) as of December 31, 2018 and 2017 was 2.43% , and 2.69% respectively. Our fixed rate debt bears interest of 3.07% per annum. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES (in thousands of $) 2018 2017 Voyage expenses 10,223 7,388 Ship operating expenses 7,546 6,937 Administrative expenses 1,200 1,510 Tax expenses 76 9 Interest expenses 7,598 8,460 26,643 24,304 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2018 2017 Deferred charter revenue 20,011 21,704 Deferred gain on sale and leaseback 258 258 Unfavorable charter party-in contracts 672 672 Payroll and Employee Tax accruals 548 488 Other current liabilities 6,909 8,967 28,398 32,089 OTHER LONG TERM LIABILITIES (in thousands of $) 2018 2017 Deferred gain on sale and leaseback 2,227 2,485 Other long term liabilities 5,051 5,574 7,278 8,059 |
DERIVATIVE INSTRUMENTS PAYABLE
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and are summarized as follows: (in thousands of $) 2018 2017 Interest rate swaps 5,424 2,864 Foreign currency swaps — 83 Bunker derivatives 433 801 Forward freight agreements 3,592 — Asset Derivatives - Fair Value 9,449 3,748 (in thousands of $) 2018 2017 Interest rate swaps — 1,914 Foreign currency swaps 536 66 Bunker derivatives 758 313 Liability Derivatives - Fair Value 1,294 2,293 During 2018 , 2017 and 2016 , the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2018 2017 2016 Interest rate swaps Interest income (expense) 1,089 (1,705 ) (1,807 ) Unrealized fair value gain (loss) 4,474 1,225 (38 ) Foreign currency swaps Realized gain (loss) (494 ) 204 (3 ) Unrealized fair value gain (loss) (59 ) 25 (27 ) Forward freight agreements Realized gain (loss) 1,687 (517 ) 42 Options 3,592 — — Bunker derivatives Realized gain (loss) 1,584 622 (1,518 ) Unrealized fair value gain (loss) (708 ) 291 2,676 11,165 145 (675 ) |
OTHER LONG TERM LIABILITIES
OTHER LONG TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG TERM LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2018 2017 Deferred charter revenue 20,011 21,704 Deferred gain on sale and leaseback 258 258 Unfavorable charter party-in contracts 672 672 Payroll and Employee Tax accruals 548 488 Other current liabilities 6,909 8,967 28,398 32,089 OTHER LONG TERM LIABILITIES (in thousands of $) 2018 2017 Deferred gain on sale and leaseback 2,227 2,485 Other long term liabilities 5,051 5,574 7,278 8,059 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL Authorized share capital: (in thousands of $ except per share amount) 2018 2017 200 million common shares of $0.05 par value 10,000 7,500 In September 2018, at our Annual General Meeting, the shareholders approved to increase our authorized share capital from $7,500,000 divided into 150,000,000 common shares of $0.05 par value to $10,000,000 divided into 200,000,000 common shares of $0.05 par value. Issued and fully paid share capital: (number of shares of $0.05 each) 2018 2017 Balance at start of year 142,197,697 105,965,192 Shares issued: - equity offerings — 16,372,505 - issue of consideration shares to Quintana — 14,500,000 - issue of consideration shares to Hemen 2,000,000 5,300,000 - settlement of options 75,000 60,000 Balance at end of year 144,272,697 142,197,697 With reference to Note 15 and Note 27, and in relation to the 14 vessels acquired from Quintana and three vessels acquired from affiliates of Hemen in 2017, we issued, in the aggregate, 14,500,000 and 5,300,000 consideration shares, respectively. In 2018, we issued an additional 2,000,000 considerations shares in relation to delivery of one vessel delivered in January 2018. In 2018, we issued in total 75,000 shares and received $0.3 million in proceeds respectively in relation to our 2016 share option plan. In December 2017, we issued 60,000 shares and received $0.3 million in proceeds in relation to our 2016 share option plan. In October 2017, we completed an equity offering raising gross proceeds of approximately $66 million through the issuance of 7,764,705 shares. In March 2017, we completed an equity offering raising gross proceeds of approximately $60 million through the issuance of 8,607,800 shares. As at December 31, 2018 , 144,272,697 common shares were outstanding ( December 31, 2017 : 142,197,697 common shares). |
SHARE OPTIONS
SHARE OPTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE OPTIONS | SHARE OPTIONS 2016 Share Option Plan: In November 2016, the Board approved the adoption of the 2016 Share Option Plan, or the "2016 Plan". The 2016 Plan permits share options to be granted to directors, officers and employees, or the Option holders, of the Company and its subsidiaries. The plan has a 10 year term effective November 2016, unless otherwise determined by the Board. The share options entitle the Option holders to subscribe for common shares at a price per share equal to the exercise price as determined by the Board on the date the share options are granted. The share options have no voting or other shareholder rights. On November 10, 2016, the Board approved the issue of 700,000 share options to senior management in accordance with the terms of the 2016 Plan at an exercise price of $4.20 , adjusted for any distribution of dividends made before the relevant options are exercised. The share options have a five years term and vest over a three years period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to provide services to the Company from the grant date through the applicable vesting date. The fair value of the share options granted on November 10, 2016 under the 2016 Scheme was calculated on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below: • Grant Date: November 10, 2016. • Expected Term: Given the absence of expected dividend payments and that the exercise price is adjustable for any distribution of dividends made before the relevant options are exercised, we expect that it is reasonable for holders of the granted options to avoid early exercise of the options. As a result, we assumed that the expected term of the options is their contractual term. • Expected Volatility: We used the historical volatility of the common shares to estimate the volatility of the prices of the shares underlying the share options. The final expected volatility estimate, which is based on historical share price volatility for the period from the Merger on March 31, 2015 to the grant date on November 10, 2016, was 71% . • Expected Dividends: The share options exercise price is adjustable for distribution of dividend before the share options are exercised. We assumed that the expected dividend is nil based on the dividend restrictions in the loan agreements. • Dilution Adjustment: The number of share options is considered immaterial as compared to the number of shares outstanding and no dilution adjustment was incorporated in the valuation model. • Risk-free Rate: We used the five-year US Government bond risk-free yield-to-maturity rate of 1.55% as of November 10, 2016 as an estimate for the risk-free rate to match the expected five year term of the share options. • Expected Forfeitures: We expect that there will be no forfeitures of non-vested shares options during the terms. The following table summarizes the unvested option activity for the year ended December 31, 2018 and 2017: Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Outstanding as of December 31, 2016 - Unvested 700,000 700,000 $4.20 $2.47 Granted — — Exercised 60,000 60,000 $4.20 $2.47 Exercisable 173,333 173,333 $4.20 $2.47 Forfeited — — — — Outstanding as of December 31, 2017 - Unvested 466,667 466,667 $4.20 $2.47 Granted — — Exercised 75,000 75,000 $4.02 $2.47 Exercisable 158,334 158,334 $3.75 $2.47 Forfeited 20,000 20,000 $3.75 $2.47 Outstanding as of December 31, 2018 - Unvested 213,333 213,333 $3.75 $2.47 The following table summarizes certain information about the options outstanding as of December 31, 2018 and 2017: Options Outstanding and Unvested, December 31, 2018 Options Outstanding and Exercisable, December 31, 2018 Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $3.75 213,333 $3.75 0.86 158,334 $3.75 0.86 Options Outstanding and Unvested, December 31, 2017 Options Outstanding and Exercisable, December 31, 2017 Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $4.20 466,667 $4.20 1.86 173,333 $4.20 1.86 For the year ended December 31 2018 and 2017 the share based compensation was $0.5 million and $0.6 million , respectively, and is included in "Administrative expenses" in the consolidated statement of operations. With reference to Note 25, we issued 75,000 shares in 2018 following the exercise of share options in 2018. As at December 31, 2018 and 2017 , the estimated cost relating to non-vested share options not yet recognized was $0.5 million and $1.1 million , respectively. With reference to Note 31 and declaration of dividends in February 2019, the exercise price will be adjusted to $3.70 per share. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We transact business with the following related parties, consisting of companies in which Hemen and companies associated with Hemen have a significant interest: Frontline Ltd and its subsidiaries (referred to as "Frontline"), Ship Finance International Ltd (referred to as "Ship Finance") and Seatankers Management Co. Ltd and companies affiliated with it (referred to as "Seatankers"). We may also transact business with our associated companies. Ship Finance In April 2015, we agreed to a sale and leaseback transaction with Ship Finance for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million . The vessels were delivered to Ship Finance in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate is $17,600 during the first seven years and $14,900 in the remaining three years, of which $7,000 is for operating expenses (including dry docking costs). In addition, 33% of our profit from revenues above the daily time charter rate for all eight vessels aggregated will be calculated and paid on a quarterly basis to Ship Finance and the daily hire payments will be adjusted if the actual three month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day. We are the commercial manager for 14 ( 2017 : 14 ) dry bulk and 14 ( 2017 : eight ) container vessels owned and operated by Ship Finance. Pursuant to the management agreements, we receive $125 per day per vessel for managing seven of the 14 dry bulk vessels and $75 per day per vessel for managing the remaining seven dry bulk vessels ( 2017 : $125 per day per vessel for managing the seven dry bulk vessels, 2016 : $125 per day per vessel for managing the seven dry bulk vessels) and $75 per day per vessel for managing the fourteen container vessels ( 2017 : $75 per day per vessel for managing the eight container vessels, 2016 : $75 per day per vessel for managing the nine container vessels). Seatankers We are the commercial manager of 14 ( 2017 : 20 ) dry bulk vessel owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 ( 2017 : $125 , 2016 : $125 ) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessel owned by Seatankers on short term time charters. Capesize Chartering In February 2015, Capesize Chartering Ltd, or CCL, a joint venture company was incorporated and in January 2016, the joint venture partners, Golden Ocean, Bocimar International NV, C Transport Holding Ltd and Star Bulk Carriers Corp, entered into a revenue sharing agreement. The purpose of the joint venture is to combine and coordinate the chartering services of all the parties for their participating Capesize dry bulk vessels that are intended to trade on the spot market and ultimately achieve improved scheduling ability and with the overall aim of enhancing economic efficiencies. Each participating vessel owner continues to be responsible for the operating, accounting and technical management of its respective vessels. As of December 31, 2018, 22 of our Capesize vessels were under the revenue sharing agreement. United Freight Carriers United Freight Carriers LLC, or UFC, is a dry cargo vessel operator and logistics service provider that primarily focuses its activity around smaller bulk carriers with deadweight of up to 50,000 tonnes. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management. Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $30,336 per vessel ( 2017 : $30,555 per vessel). This fee is subject to annual review. Frontline Management also manages our newbuilding supervision and charges us for the costs incurred in relation to the supervision. Ship Management The ship management of our vessels is provided by external ship managers, except for twenty-one ( 2017 : twenty ) vessels, which is provided by SeaTeam Management Pte. Ltd, a company in which we own 22.2% and is a subsidiary of Frontline. Other Management Services We aim to operate efficiently through utilizing Frontline or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. We receive certain services in relation to management of our Sarbanes Oxley compliance. We receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. We may also provide certain financial management services to companies with the same main shareholder. Acquisition of vessels from affiliates of Hemen I n October 2017, we agreed to acquire two Capesize vessels from affiliates of Hemen, our largest shareholder, at an aggregated purchase price of $86.0 million . As settlement of the purchase price for each vessel, the Company entered into a seller's credit loan with an affiliate of Hemen for 50% of the purchase price of each vessel. The remaining part of the purchase price was to be settled with an aggregate of $9.0 million of cash and 4,000,000 of newly-issued common shares of the Company; 2,000,000 shares was to be issued upon the delivery of each vessel. In November 2017, one of the vessels, Golden Behike , was delivered to us and 2,000,000 shares were issued to satisfy the purchase price. The second vessel, Golden Monterrey , was delivered to us in January 2018 and 2,000,000 shares were issued to satisfy the purchase price. In March 2017, we entered into agreements to acquire two Panamax vessels from affiliates of Hemen. In exchange for the two Panamax vessels acquired from affiliates of Hemen, subsequently renamed Golden Amber and Golden Opal and delivered in June 2017, we issued an aggregate of 3.3 million shares as consideration to Hemen and assumed seller's credits of an aggregate of $22.5 million . Seller's credits from affiliates of Hemen In connection with the acquisition of the two Panamax vessels from affiliates of Hemen in 2017, we assumed an aggregate of $22.5 million in debt under seller's credit agreements, non-amortizing until June 2019 and with an interest rate of LIBOR plus a margin of 3.0% . In connection with the agreements to acquire two Capesize vessels from affiliates of Hemen in October 2017, we entered into non-amortizing seller's credit loans with an affiliate of Hemen for 50% of the purchase price of each vessel. Each loan bears interest at LIBOR plus a margin of 3.00% per annum and matures three years after delivery of each vessel. Following the delivery of Golden Behike in 2017 and Golden Monterrey in 2018, we assumed a total of $43.0 million in a seller's credit loans related to the vessels. In 2018, we repaid the full outstanding amount of $65.5 million under the seller's credit loans in connection with the new $120.0 million loan facility agreed in May 2018. Refer also to in Note 20 for additional information. A summary of long-term balances owed to related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Hemen — 44,000 — 44,000 A summary of net amounts charged by related parties in 2018 , 2017 and 2016 is as follows: (in thousands of $) 2018 2017 2016 Frontline Ltd 3,687 4,210 6,521 Ship Finance International Limited 29,484 27,977 25,564 Seateam Management Pte Ltd 3,783 3,103 2,638 Seatankers Management Co Ltd 12,325 9,696 4,216 Golden Opus Inc — 1,286 1,114 Capesize Chartering Ltd 62 57 98 Affiliates of Hemen 1,338 634 — 50,679 46,963 40,151 Net amounts charged by related parties comprise general management and commercial management fees, charter hire , newbuilding supervision fees, interest costs and newbuilding commission fees. A summary of net amounts charged to related parties in 2018 , 2017 and 2016 is as follows: (in thousands of $) 2018 2017 2016 Ship Finance International Limited 793 738 795 Seatankers Management Co Ltd 681 933 957 United Freight Carriers LLC — — 150 Northern Drilling Ltd 28 — — Capesize Chartering Ltd 2,557 3,368 945 4,059 5,039 2,847 Net amounts charged to related parties mainly comprise commercial management fees. A summary of balances due from related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Capesize Chartering Ltd 6 — Frontline Ltd 3,192 1,095 United Freight Carriers 163 — Ship Finance International Ltd 91 60 Seatankers Management Co Ltd 538 825 Golden Opus Inc — 10 3,990 1,990 A summary of short-term balances owed to related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Capesize Chartering Ltd — 879 Frontline Ltd — 1,822 Seatankers Management Co Ltd — — Golden Opus Inc — 29 — 2,730 As at December 31, 2018 and December 31, 2017 , receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In February 2016, Hemen was allocated 31.6 million shares at NOK 25.00 per share in connection with a private placement share offering of 68.7 million new shares. Hemen also owns $124.4 million of the Convertible Bond, which is convertible into 1,489,463 of our common shares at an exercise price of $83.52 per share. In 2018 and 2017, we issued an aggregate of 2,000,000 and 5,300,000 shares, respectively, to Hemen in connection with vessel acquisitions. We have periodically issued share options as disclosed in Notes 26 of these consolidated financial statements. |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES | FINANCIAL ASSETS AND LIABILITIES Interest rate risk management Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates payments. As of December 31, 2018, we have interest rate swaps whereby the floating rate on a notional principal amount of $500 million ( December 31, 2017 : $500 million ) are swapped to fixed rate. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks, which may also participate in loan facilities to which the interest rate swaps are related. Our interest rate swap contracts as at December 31, 2018 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional Amount Inception Date Maturity Date Fixed Interest Rate Receiving floating, pay fixed 50,000 October 2012 October 2019 1.22 % Receiving floating, pay fixed 50,000 February 2015 February 2020 1.93 % Receiving floating, pay fixed 100,000 October 2019 October 2025 2.51 % Receiving floating, pay fixed 50,000 October 2012 October 2019 1.22 % Receiving floating, pay fixed 50,000 February 2015 February 2020 1.92 % Receiving floating, pay fixed 50,000 August 2017 August 2025 2.41 % Receiving floating, pay fixed 50,000 August 2017 August 2025 2.58 % Receiving floating, pay fixed 50,000 February 2017 February 2022 1.90 % Receiving floating, pay fixed 50,000 April 2017 April 2022 1.86 % 500,000 Forward freight agreements We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are cleared through reputable clearing houses. Credit risk exists to the extent that our counterparties are unable to perform under the contracts but this risk is considered remote as well as participants post collateral security for their positions. As of December 31, 2018, we had short positions through Capesize FFA of net 720 days at an average rate of $20,098 per day and long Panamax FFA positions of net 220 days at an average rate of $11,899 per day with maturity in 2019. As of December 31, 2018 we also had FFA options structured as zero cost collars covering an equivalent of four Capesize vessels in 2019 with an average ceiling of $29,250 per day and a floor of $14,125 per day and an equivalent of two Capesize vessels in 2020 with an average ceiling of $30,500 per day and a floor of $15,250 per day. Bunker derivatives We enter into cargo contracts from time to time. We are then exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are usually well established banks or other well renowned institutions in the market. As of December 31, 2018 and December 31, 2017, we had outstanding bunker swap agreements for about 14.0 thousand metric tonnes and 36.0 thousand metric tonnes, respectively. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect of the value of our cash flows. We are then exposed to currency fluctuations and we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks. As of December 31, 2018, we had contracts to swap USD to NOK for a notional amount of $5.1 million in addition to contracts to swap USD to EUR for a notional of $23.9 million . As of December 31, 2017, we had contracts to swap USD to NOK for a notional amount of $7.0 million . Fair values The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “ Derivatives and Hedging ” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at December 31, 2018 and December 31, 2017 are as follows: 2018 2018 2017 2017 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 305,352 305,352 309,029 309,029 Restricted cash 67,252 67,252 62,955 62,955 Marketable securities 12,033 12,033 16,300 16,300 Derivative assets 9,449 9,449 3,748 3,748 Liabilities Long term debt - floating 1,185,294 1,185,294 1,069,538 1,069,538 Long term debt - convertible bond — — 185,835 178,856 Long term debt - sellers credit — — 44,000 44,000 Short term debt - convertible bond 167,359 167,382 — — Derivative liabilities 1,294 1,294 2,293 2,293 The fair value hierarchy of our financial instruments is as follows: (in thousands of $) 2018 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 305,352 305,352 — — Restricted cash 67,252 67,252 — — Marketable equity securities 12,033 12,033 — — Derivative assets 9,449 — 9,449 — Liabilities Long term debt - floating 1,185,294 — 1,185,294 — Short term debt - convertible bond 167,359 — 167,359 — Derivative liabilities 1,294 — 1,294 — (in thousands of $) 2017 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 309,029 309,029 — — Restricted cash 62,955 62,955 — — Marketable equity securities 16,300 16,300 — — Derivative assets 3,748 — 3,748 — Liabilities Long term debt - floating 1,069,538 — 1,069,538 — Long term debt - convertible bond 185,835 — 185,835 — Long term debt - sellers credit 44,000 — 44,000 — Derivative liabilities 2,293 — 2,293 — There have been no transfers between different levels in the fair value hierarchy in 2018 and 2017 . The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. • Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. • Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. • Convertible bond - quoted market prices are not available, however the bonds are traded "over the counter" and the fair value of bonds is based on the market price on offer at the year end. • Sellers credit - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. • Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. • Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date. Assets Measured at Fair Value on a Nonrecurring Basis During the year ended December 31, 2018, the following assets were measured at fair value on a nonrecurring basis: • The value of the Golden Eminence , a Panamax vessel, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. During the year ended December 31, 2017, the following assets were measured at fair value on a nonrecurring basis: • The value of six Ultramax vessels classified as held for sale in the third quarter of 2017, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in Scorpio Bulkers Inc. and for which the fair value as at the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with Skandinaviska Enskilda Banken and DnB ASA. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. We have one vessel held under capital lease, the Golden Eclipse, which is leased for a period of ten years . We have the right to purchase the vessel at the dates and amounts as disclosed in Note 16. We sold eight vessels to Ship Finance in the third quarter of 2015 and leased them back on charters for an initial period of ten years . We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day. As of December 31, 2018, we had committed to install scrubbers on 20 vessels with an estimated remaining financial commitment of $28.5 million , excluding installation costs. Refer also to Note 31 for additional information related to financing of these commitments. As of December 31, 2018, we had committed to install ballast water treatment systems on ten of our vessels with an estimated financial commitment, excluding installation costs, of $3.4 million due in 2019. To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated. |
SUPPLEMENTAL INFORMATION
SUPPLEMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTAL INFORMATION | SUPPLEMENTAL INFORMATION In 2017, we agreed to acquire two Capesize vessels from affiliates of Hemen at an aggregated purchase price of $86.0 million . As settlement of the purchase price for each vessel, we entered into a seller's credit loan with an affiliate of Hemen for 50% of the purchase price of each vessel. The remaining part of the purchase price was to be settled with an aggregate of $9.0 million of cash and 4,000,000 of newly-issued common shares of the Company; 2,000,000 shares was to be issued upon the delivery of each vessel. In November 2017, one of the vessels was delivered to us and 2,000,000 shares were issued, a seller's credit of $21.5 million assumed and $4.5 million in cash was paid to satisfy the purchase price. In January 2018, we took delivery of the second Capesize vessel and issued 2,000,000 common shares to Hemen to satisfy the purchase price. We also assumed a $21.5 million seller's credit and paid $4.5 million in cash as part of the consideration for the vessel. In 2017, we entered into an agreement with Quintana to acquire 14 vessels. As consideration, we issued an aggregate of 14.5 million common shares to Quintana and assumed the vessels' corresponding debt of approximately $262.7 million . The aggregate of 14.5 million common shares issued in consideration for the acquired vessels were issued gradually upon delivery of each of the vessels. All vessels were delivered in 2017. In 2017, we also entered into an agreement with affiliates of Hemen to acquire two Panamax vessels. As consideration, we issued an aggregate of 3.3 million common shares to Hemen and assumed seller's credits of an aggregate of $22.5 million with an affiliate of Hemen. The aggregate of 3.3 million common shares issued in consideration for the acquired vessels were issued gradually upon delivery of each of the vessels. The two vessels were delivered in 2017. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2019, we acquired an aggregate of 125,000 of our own common shares and as a result we currently hold 570,000 shares, in total. In February 2019, we extended our $420 million term loan facility for 14 vessels by three years from June 2020 to June 2023 at LIBOR plus a margin of 2.5% and upsized the facility to partially finance the installation of scrubbers on up to 11 vessels. Each scrubber installation may be financed with up to $3 million in a separate tranche to be repaid over three years, commencing January 1, 2020. In February 2019, our Board of Directors declared a cash dividend to our shareholders of $0.05 per share. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: impairment of assets and other than temporary impairments of uncollectible securities, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of our newbuildings and the lives of our vessels. Actual results could differ from those estimates. |
Fair values | Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets acquired and liabilities assumed in a business combination requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels held under capital lease and the operating costs (including dry docking costs) of those vessels and the discount rate used in cash flow based valuations, The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. |
Reporting and functional currency and Foreign currency | Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. |
Revenue and expense recognition | Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter voyage, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non hazardous cargo. In a time charter contract, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tools during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter charter revenues are recorded over the term of the charter as a service is provided. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 / 95% freight paid within three to five days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as demurrage revenue. Conversely, the charterer may be given credit if the loading/discharging activities happen within a shorter period than the allowed laytime, which is despatch and results in a reduction in revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. For our vessels operating under revenue sharing agreements, or in pools, revenues and voyage expenses are pooled and allocated to each pool’s participants on a time charter equivalent income (“TCE”) basis in accordance with an agreed-upon formula. Revenues generated through revenue sharing agreements are presented gross when we are considered the principal under the charter parties with the net income allocated under the revenue sharing agreement presented as other operating income, net. For revenue sharing agreements that meet the definition of a lease, we account for such contracts as variable rate operating leases and recognize revenue for the applicable period based on the actual net revenue distributed by the pool. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. With reference to Note 3, we adopted the provisions of ASC 606 Revenue from Contracts with Customers on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Prior to the adoption of ASC 606 Revenue from Contracts with Customers, voyage revenues were recognized ratably over the estimated length of each voyage and, therefore, were allocated between reporting periods based on the relative transit time in each period. Voyage expenses were recognized as incurred. We used a discharge-to-discharge basis in determining percentage of completion for all voyage charters whereby we recognize revenue ratably from when product is discharged (unloaded) at the end of one voyage to when it is discharged after the next voyage. However, we did not recognize revenue if a charter was not contractually committed to by a customer and us, even if the vessel discharged its cargo and was sailing to the anticipated load port on its next voyage. |
Charterhire expense and Contingent rental expense (income) | Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments, are recognized when the contingent conditions have materialized. |
Gain (loss) on sale of assets and amortization of deferred gains | Gain (loss) on sale of assets and amortization of deferred gains Gain (loss) on sale of assets and amortization of deferred gains include losses from the sale of vessels and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. A deferred gain arises when we enter into a sale-leaseback transaction regarding a vessel and we do not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. |
Drydocking | Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. |
Impairment of vessels and newbuildings | Impairment of vessels and newbuildings The carrying values of our long-lived assets and newbuildings under construction are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's or newbuildings carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations. In addition, vessels to be disposed of by sale are reported at the lower of their carrying amount or fair value less estimated costs to sell. |
Interest expense | Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense incurred in the period. |
Earnings per share | Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. |
Cash and cash equivalents | Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. |
Restricted cash | Restricted cash Restricted cash comprises collateral deposits for derivative trading, and the minimum balance that must be maintained at all times in accordance with our loan agreements with various banks. |
Marketable securities | Marketable securities Our marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations. Prior to the adoption of ASU 2016-01 Financial instruments in 2018, our marketable securities were considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses were recorded as a separate component of other comprehensive income in equity unless the securities were considered to be other than temporarily impaired, in which case unrealized losses were recorded in the consolidated statement of operations as impairment loss on marketable securities. The cost of available for sale securities was calculated on an average cost basis. |
Derivatives | Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. |
Financial instruments | Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. |
Receivables | Receivables Trade receivables, other receivables and long term receivables are presented net of allowances for doubtful balances. If trade accounts receivable become uncollectible, they are charged as an operating expense. Losses from uncollectible receivables are accrued when collection of the invoiced revenues is not assured. We make a judgment with regards to whether or not this should be recognized as income and if collection is not reasonably assured, no revenue will be recognized until cash has been received. These conditions are considered in relation to individual receivables or in relation to groups of similar types of receivables. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates. |
Losses from uncollectable receivables | Receivables Trade receivables, other receivables and long term receivables are presented net of allowances for doubtful balances. If trade accounts receivable become uncollectible, they are charged as an operating expense. Losses from uncollectible receivables are accrued when collection of the invoiced revenues is not assured. We make a judgment with regards to whether or not this should be recognized as income and if collection is not reasonably assured, no revenue will be recognized until cash has been received. These conditions are considered in relation to individual receivables or in relation to groups of similar types of receivables. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates. |
Inventories | Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. |
Vessels and depreciation | Vessels and depreciation Vessels are stated at cost less accumulated depreciation. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10 year historical average up to the date we take ownership of the vessel, across the three main recycling markets (Far East, Indian sub-continent and Bangladesh). Residual values are reviewed annually. |
Vessels and equipment under capital lease | Vessels and equipment under capital lease We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment, where we have substantially all the risks and rewards of ownership, are classified as capital leases. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the capital balance outstanding. The interest element of the capital cost is charged to the Consolidated Statement of Operations over the lease period. Our one outstanding capital lease was acquired as a result of the Merger and recorded at fair value. Depreciation of vessels and equipment under capital lease is included within "Depreciation" in the consolidated statement of operations. Vessels and equipment under capital lease are depreciated on a straight-line basis over the vessels' remaining economic useful lives or on a straight-line basis over the term of the lease. The method applied is determined by the criteria by which the lease has been assessed to be a capital lease. |
Newbuildings | Newbuildings The carrying value of the vessels under construction ("Newbuildings") represents the accumulated costs to the balance sheet date which we have had to pay by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. No charge for depreciation is made until the vessel is available for use. |
Value of long term charter contracts | Value of long term charter contracts We account for the fair value of acquired long term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The amortization of time charter out contracts is recorded and presented under time charter revenues and the amortization of time charter in contracts is amortized and presented under charter hire expenses in the consolidated statement of operations. |
Equity method investments | Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. |
Convertible bond | Convertible bond In January 2014, the Former Golden Ocean issued a $200 million convertible bond, which we assumed at the time of the Merger. It includes a loan component and an option to convert the loan to shares, which has not been bifurcated from the loan component and accounted for separately as it is indexed to our shares and would be classified as shareholders equity if it were a free standing derivative. The fair value of the convertible bond was determined to be $161.2 million at the time of the Merger based on the quoted price of 80.6% . The difference of $38.8 million is being amortized over the remaining life of the bond, and recorded as interest expense. A reacquisition of our outstanding debt securities is considered an extinguishment and the difference between the reacquisition price of debt and the net carrying amount of the extinguished debt is recognized in the consolidated statements of operations. |
Deferred charges | Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt. |
Distributions to shareholders | Distributions to shareholders Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account. |
Stock-based compensation | Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. |
Other comprehensive income (loss) | Other comprehensive income (loss): The statement of other comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income/(loss), items of other comprehensive income/(loss) (“OCI”) and total comprehensive income/(loss) in two separate and consecutive statements. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), and has since modified the standard with several ASUs (collectively, the new lease standard). The standard is effective for us, and we will adopt the standard from January 1, 2019. The new lease standard requires most lessees to report a right-of-use asset and a lease liability. The income statement recognition is similar to existing lease accounting and is based on lease classification. The new lease standard requires lessees and lessors to classify most leases using principles similar to existing lease accounting. For lessors, the new lease standard modifies the classification criteria and the accounting for sales-type and direct financing leases. The new lease standard provides entities two options for applying the modified retrospective approach, either (1) retrospectively to each prior reporting period presented in the financial statements with the cumulative-effect adjustment recognized at the beginning of the earliest comparative period presented or (2) retrospectively at the beginning of the period of adoption (January 1, 2019) through a cumulative-effect adjustment. We plan to adopt the standard by recognizing and measuring leases at the adoption date with a cumulative effect of initially applying the guidance recognized at the date of initial application. The new standard provides for a number of optional practical expedients in transition. We expect to elect the “package of practical expedients” and as a result we would not be required to reassess under the new standard our prior accounting conclusions about lease identification, lease classification and initial direct costs. We do not expect to elect the use of hindsight for determining the reasonably certain lease term. We do not expect to elect the practical expedient pertaining to land easements as it is not applicable to us. We expect the most significant judgments and impacts upon adoption of the standard to include the following items: • Upon adoption on January 1, 2019, we will recognize right-of-use assets and lease liabilities that have not previously been recorded. The lease liability for operating leases is based on the net present value of future minimum lease payments. The right-of-use asset for operating leases is based on the lease liability adjusted for the reclassification of certain balance sheet amounts such as deferred rent and prepaid rent. In addition, a liability of $4.1 million related to an unfavorable contract previously recognized as part of a business combination is expected to be derecognized and the right-of-use asset adjusted correspondingly. A deferred gain of $2.5 million from a sale and leaseback transaction in 2015 is expected to be recognized as a cumulative-effect adjustment to equity. Deferred and prepaid rent will not be presented separately after the adoption of the new lease standard. • The cumulative effects of initially applying the new lease standard on January 1, 2019 and for fiscal year 2019 is expected to be as follows: • The cumulative effect of initially applying the new lease standard on January 1, 2019 is estimated to be an increase in total assets of $170 million to $220 million and increase in total liabilities of $170 million to $220 million . The adoption of the standard is expected to have limited impact on total equity. • The aggregate impact is expected to result in an increase in Total operating expenses of $1 million to $10 million and a decrease in Net income of $1 million to $10 million in fiscal year 2019. The new lease standard provides practical expedients and policy elections for an entity’s ongoing accounting. We do not expect to elect the practical expedient to not separate lease and non-lease components for all of our leases where we are the lessee. We will elect the short-term lease recognition exemption, which includes the recognition of right-of-use assets and lease liabilities for existing short-term leases at transition. For arrangements where we are the lessor, we do not expect the adoption of the new lease standard to have a material impact on our financial statements as all of our leases are operating leases. The new lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we will elect this expedient for our time charter contracts and thus not separate the non-lease component, or service element, from the lease. The adoption of the standard is also expected to impact the calculation of our value adjusted equity over value adjusted total assets financial covenants and our positive working capital financial covenants, as defined in the loan agreements of our loan facilities, as total assets and liabilities will increase with the adoption of the standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging , which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The standard is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2018. We are currently not expecting any material impact as a result of the adoption of this accounting standard on our consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging, which is intended to align the results of the cash flow and fair value hedge accounting with the risk management activities of an entity. The amendments expand the hedge accounting for both financial and non-financial risk components and they reduce the operational burden of applying hedge accounting. The amendment enables the financial statements to reflect accurately the intent and outcome of its hedging strategies. The standard requires a modified retrospective transition method in which we will recognize the cumulative effect of the change on the opening balance of each affected component of equity in the consolidated balance sheet as of the date of adoption. The Standard is effective for fiscal years beginning after December 15, 2018, and interim periods with those fiscal years. We are currently not expecting any material impact as a result of adoption of this accounting standard on our consolidated financial statements as we do not apply hedge accounting of our derivatives. In August 2018, the FASB issued ASU No. 2018-13, Fair value measurement (Topic 820), which is intended to streamline the disclosures requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. The accounting update also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. Accounting Standards Updates, recently adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers ("ASC 606"), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. Under ASC 606, an entity is required to perform the following five steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations of the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the entity satisfied a performance obligation. Additionally, the guidance requires improved disclosures as to the nature, amount, timing and uncertainty of revenue that is recognized. We adopted the provisions of ASC 606 on January 1, 2018 using the modified retrospective approach. As such, the comparative information has not been restated and continues to be reported under the accounting standards in effect for periods prior to January 1, 2018. Under the modified retrospective approach, we recognized the cumulative effect of adopting this standard as a net adjustment amounting to $5.7 million to increase the opening balance of Accumulated Deficit as of January 1, 2018. The time charter contracts are considered operating leases and therefore do not fall under the scope of ASC 606 because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter contracts continue to be accounted as operating leases in accordance with ASC 840 Leases and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts. The new guidance also specifies revised treatment for certain contract related costs, being either incremental costs to obtain a contract, or cost to fulfill a contract. Under the new guidance, an entity shall recognize as an asset the incremental costs of obtaining a contract with a customer if the entity expects to recover those costs. The guidance also provides a practical expedient whereby an entity may recognize the incremental costs of obtaining a contract as an expense when incurred if the amortization period of the asset that the entity otherwise would have recognized is one year or less. Cost to fulfill a contract must be capitalized if they meet certain criteria. Contract assets with regards to voyage revenues are reported as "Voyages in progress" as the performance obligation is satisfied over time. When voyage revenues become billable, the receivable is recognized as "Trade accounts receivable, net". If at the reporting period the billable amount under the charter party exceeds the accrued revenue for a specific ongoing voyage, such an amount, or contract liability, would be recognized as deferred charter revenue under other current liabilities. ASC 606 has been applied to those contracts that were not completed at the date of initial application. The cumulative effect of the adjustments made to our consolidated statement position at January 1, 2018 from the adoption of ASC 606 was as follows: Consolidated Balance Sheet (in thousands of $) December 31, 2017 Adjustments for ASC 606 January 1, 2018 Assets Voyages in progress 9,062 (3,584 ) 5,478 Other current assets (1) 25,437 2,554 27,991 Total assets 2,870,058 (1,030 ) 2,869,028 Liabilities Other current liabilities (2) 32,089 4,668 36,757 Total liabilities 1,376,009 4,668 1,380,677 Stockholders' equity Accumulated deficit (351,903 ) (5,698 ) (357,601 ) Total stockholder's equity 1,494,049 (5,698 ) 1,488,351 (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets consists of primarily bunker expenses incurred to arrive at the load port for the voyages in progress as of January 1, 2018, and which were expensed in the first quarter of 2018. (2) Under ASC 606, the adjustment under other current liabilities represents deferred charter revenue for consideration received or billed for undelivered performance obligations. As of January 1, 2018, we recorded a total adjustment of $8.3 million as unearned revenue related to ongoing voyages at period end, whereof $3.6 million and $4.7 million were credited to voyages in progress and other current liabilities, respectively. We recognized this revenue in the first quarter of 2018 as the performance obligations were met. The impact of the adoption of ASC 606 on our consolidated balance sheets, consolidated income statements of operations and consolidated statements of cash flow for 2018 were as follows: Consolidated Balance Sheet As of December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Assets Voyages in progress 2,808 3,695 6,503 Other current assets 26,667 (2,289 ) 24,378 Total assets 2,951,354 1,406 2,952,760 Liabilities Other current liabilities 28,398 (3,647 ) 24,751 Total liabilities 1,427,842 (3,647 ) 1,424,195 Stockholders' equity Accumulated deficit (267,744 ) 5,053 (262,691 ) Total stockholder's equity 1,523,512 5,053 1,528,565 Consolidated Statements of Operations For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Voyage charter revenues 322,804 (911 ) 321,893 Voyage expenses and commission 162,037 265 162,302 Net income (loss) 84,535 (646 ) 83,889 Basic and diluted income (loss) per share $ 0.59 $ — $ 0.59 Consolidated Statements of Cash Flows For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Net income (loss) 84,535 (646 ) 83,889 Change in operating assets and liabilities, other 102,011 646 102,657 Net cash provided by operating activities 186,546 — 186,546 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. In 2018, we amortized an aggregate of $21.3 million of capitalized voyage expenses, or contract assets classified as other current assets. No impairment losses were recognized in the period. In accordance with ASC 606, we have applied the practical expedient not to disclose the remaining performance obligations of a contract given that the original expected contract duration is less than one year. In accordance with ASC 606, we have applied the available exemptions not to disclose the nature of performance obligations and the remaining duration of performance obligations. In January 2016, the FASB issued ASU 2016-01 Financial instruments, Overall (Subtopic 825-10), Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. As a result of the adoption of the standard, we present the change in the fair value of our marketable equity securities in our consolidated statements of operations. In our opening balance at January 1, 2018, we recognized a decrease of $5.3 million in accumulated deficit with a corresponding change in other comprehensive income. In 2018, we recognized a mark to market loss of $4.0 million of these equity securities. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update were applied using a retrospective transition method to each period presented. Other than presentation of certain distributions from equity method investments, previously presented as cash provided by investing activities, of $0.3 million and $0.3 million in 2017 and 2016, respectively, and currently presented as cash provided by operating activities, the adoption of this Update did not have a significant impact on these consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update were applied using a retrospective transition method to each period presented. As a result of the adoption of the standard, we have classified restricted cash as a component of cash, cash equivalents and restricted cash in the consolidated statements of cash flows for all periods presented. In our beginning of period 2018, 2017 and 2016 balances, restricted cash of $63.0 million , $54.1 million and and $48.9 million , respectively, have been aggregated with cash and cash equivalents in the beginning of period line items at the bottom of the statements of cash flows for each period presented. Also as a result of the updated presentation requirements for previous years, net cash used in investing activities in 2017 and 2016 decreased by $8.8 million and $5.2 million , respectively. Refer also to "Note 10 Cash, cash equivalents and restricted cash" for the reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. In May 2017, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update did not have a material impact on our consolidated financial statements and related disclosures upon adoption. |
RECENTLY ISSUED ACCOUNTING ST_2
RECENTLY ISSUED ACCOUNTING STANDARDS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | The cumulative effect of the adjustments made to our consolidated statement position at January 1, 2018 from the adoption of ASC 606 was as follows: Consolidated Balance Sheet (in thousands of $) December 31, 2017 Adjustments for ASC 606 January 1, 2018 Assets Voyages in progress 9,062 (3,584 ) 5,478 Other current assets (1) 25,437 2,554 27,991 Total assets 2,870,058 (1,030 ) 2,869,028 Liabilities Other current liabilities (2) 32,089 4,668 36,757 Total liabilities 1,376,009 4,668 1,380,677 Stockholders' equity Accumulated deficit (351,903 ) (5,698 ) (357,601 ) Total stockholder's equity 1,494,049 (5,698 ) 1,488,351 (1) Under ASC 606, the contract fulfillment costs are deferred as a current asset and amortized as the related performance obligations are satisfied. The adjustment to other current assets consists of primarily bunker expenses incurred to arrive at the load port for the voyages in progress as of January 1, 2018, and which were expensed in the first quarter of 2018. (2) Under ASC 606, the adjustment under other current liabilities represents deferred charter revenue for consideration received or billed for undelivered performance obligations. As of January 1, 2018, we recorded a total adjustment of $8.3 million as unearned revenue related to ongoing voyages at period end, whereof $3.6 million and $4.7 million were credited to voyages in progress and other current liabilities, respectively. We recognized this revenue in the first quarter of 2018 as the performance obligations were met. The impact of the adoption of ASC 606 on our consolidated balance sheets, consolidated income statements of operations and consolidated statements of cash flow for 2018 were as follows: Consolidated Balance Sheet As of December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Assets Voyages in progress 2,808 3,695 6,503 Other current assets 26,667 (2,289 ) 24,378 Total assets 2,951,354 1,406 2,952,760 Liabilities Other current liabilities 28,398 (3,647 ) 24,751 Total liabilities 1,427,842 (3,647 ) 1,424,195 Stockholders' equity Accumulated deficit (267,744 ) 5,053 (262,691 ) Total stockholder's equity 1,523,512 5,053 1,528,565 Consolidated Statements of Operations For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Voyage charter revenues 322,804 (911 ) 321,893 Voyage expenses and commission 162,037 265 162,302 Net income (loss) 84,535 (646 ) 83,889 Basic and diluted income (loss) per share $ 0.59 $ — $ 0.59 Consolidated Statements of Cash Flows For the year ended December 31, 2018 (in thousands of $) As Reported Adjustments for ASC 606 Balance without ASC 606 Net income (loss) 84,535 (646 ) 83,889 Change in operating assets and liabilities, other 102,011 646 102,657 Net cash provided by operating activities 186,546 — 186,546 |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows: (in thousands of $) 2018 2017 2016 Net income (loss) 84,535 (2,348 ) (127,711 ) (in thousands) 2018 2017 2016 Weighted average number of shares outstanding - basic 144,132 125,019 95,238 Impact of stock options 302 — — Weighted average number of shares outstanding - diluted 144,434 125,019 95,238 |
GAIN (LOSS) ON SALE OF ASSETS_2
GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
Gain (loss) on sale of assets and deferred gains | (in thousands of $) 2018 2017 2016 Net gain (loss) on sale of vessels 2 (570 ) 72 Amortization of deferred gains 258 258 228 260 (312 ) 300 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 62,339 2020 28,424 2021 8,208 2022 — 2023 — Thereafter — 98,971 The future minimum operating lease expense payments under our non-cancelable operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 35,613 2020 35,709 2021 35,613 2022 32,590 2023 28,177 Thereafter 110,357 278,059 |
Schedule of Charter Hire Expense Under Operating Leases | During 2018 , 2017 and 2016 , the charter hire expense under operating leases, net of amortization of unfavorable time charter contracts-in were as follows: (in thousands of $) 2018 2017 2016 Charter hire expenses, operating leases 93,384 71,345 54,365 Amortization of unfavorable time charter contracts-in (672 ) (672 ) (674 ) Charter hire expenses 92,712 70,673 53,691 |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash, cash equivalents and restricted cash | As of December 31, 2018, 2017 and 2016, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2018 2017 2016 Cash and cash equivalents 305,352 309,029 212,942 Short term restricted cash 20,272 8,110 315 Long term restricted cash 46,981 54,845 53,797 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 372,605 371,984 267,054 |
MARKETABLE EQUITY SECURITIES (T
MARKETABLE EQUITY SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Our marketable securities are equity securities recognized at fair value. (in thousands of $) 2018 2017 Balance at start of year 16,300 6,524 Disposals during the year (224 ) — Additions during the year — 6,740 Unrealized gain (loss), net (4,043 ) 3,036 Balance at end of year 12,033 16,300 |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |
Schedule of Changes in Allowance For Doubtful Accounts | Movements in the provision for doubtful accounts in the three years ended December 31, 2018 are summarized as follows: (in thousands of $) Balance at December 31, 2015 7,946 Additions charged to income 199 Deductions credited to trade receivables (7,193 ) Balance at December 31, 2016 952 Additions charged to income 462 Deductions credited to trade receivables (768 ) Balance at December 31, 2017 646 Additions charged to income 81 Deductions credited to trade receivables (390 ) Balance at December 31, 2018 337 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Receivables [Abstract] | |
Other receivables | (in thousands of $) 2018 2017 Agent receivables 4,383 4,794 Advances 1,055 664 Claims receivables 579 1,819 Other receivables 20,650 18,160 26,667 25,437 |
VALUE OF CHARTER PARTY CONTRA_2
VALUE OF CHARTER PARTY CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Value of favorable charter party contracts | The value of charter-out contracts is summarized as follows: (in thousands of $) 2018 2017 2016 Opening balance 53,686 76,099 103,376 Acquired time charter contracts from Quintana — (3,080 ) — Amortization charge (18,733 ) (19,333 ) (27,277 ) Total 34,953 53,686 76,099 Less: current portion (18,732 ) (18,732 ) (22,413 ) Non-current portion 16,221 34,954 53,686 |
Schedule of amortization of favorable charter party contracts | The value of charter-out contracts will be amortized as follows: (in thousands of $) 2019 18,732 2020 12,148 2021 4,073 Thereafter — 34,953 |
Value of unfavorable charter party contracts | The value of charter-in contracts is summarized as follows: (in thousands of $) 2018 2017 2016 Opening balance 4,798 5,470 6,144 Amortization charge (672 ) (672 ) (674 ) Total 4,126 4,798 5,470 Less: current portion (672 ) (672 ) (672 ) Non-current portion 3,454 4,126 4,798 |
Schedule of amortization of unfavorable charter party contracts | The value of unfavorable charter-in contracts will be amortized as follows: (in thousands of $) 2019 672 2020 674 2021 672 2022 672 2023 672 Thereafter 764 4,126 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Table) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and equipment | (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 Additions 447,497 — 447,497 Disposals (148,908 ) 8,403 (140,505 ) Transfer from newbuildings 227,336 — 227,336 Impairment loss (1,066 ) — (1,066 ) Depreciation — (77,198 ) (77,198 ) Balance at December 31, 2017 2,398,654 (183,651 ) 2,215,003 Additions 44,562 — 44,562 Disposals (16,170 ) 1,813 (14,357 ) Transfer from newbuildings 253,581 — 253,581 Impairment loss (1,080 ) — (1,080 ) Depreciation — (91,253 ) (91,253 ) Balance at December 31, 2018 2,679,547 (273,091 ) 2,406,456 |
VESSELS UNDER CAPITAL LEASES,_2
VESSELS UNDER CAPITAL LEASES, NET (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Vessels Under Capital Leases [Abstract] | |
Schedule of book value of vessels under capital lease | (in thousands of $) Balance at December 31, 2016 2,956 Depreciation (895 ) Balance at December 31, 2017 2,061 Depreciation (896 ) Balance at December 31, 2018 1,165 |
Schedule of outstanding obligations under capital leases | The outstanding obligations under capital leases at December 31, 2018 are payable as follows: (in thousands of $) 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 7,735 Less: imputed interest (300 ) Present value of obligations under capital leases 7,435 |
Schedule of purchase options | As of December 31, 2018 , we had the following purchase options for the one vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse April 2019 36,250 Golden Eclipse April 2020 33,550 |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Newbuildings [Abstract] | |
Newbuilings | Movements in the two years ended December 31, 2018 are summarized as follows: Balance at December 31, 2016 180,562 Installments and newbuilding supervision fees paid 152,501 Transfers to Vessels and Equipment (227,336 ) Balance at December 31, 2017 105,727 Installments and newbuilding supervision fees paid 147,855 Transfers to Vessels and Equipment (253,582 ) Balance at December 31, 2018 — |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | As at December 31, the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2018 2017 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") — 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 22.19 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % Movements in equity method investments for the years ended December 31, 2018 and 2017 are summarized as follows: (in thousands of $) G. Opus UFC Seateam CCL Total At December 31, 2016 2,872 621 731 — 4,224 Distributions received from associated companies (7,300 ) — (257 ) — (7,557 ) Share of income / (loss) 3,473 827 320 — 4,620 Equity contribution 1,000 — — — 1,000 At December 31, 2017 45 1,448 794 — 2,287 Distributions received from associated companies (45 ) (825 ) (271 ) — (1,141 ) Share of income / (loss) — 149 363 — 512 At December 31, 2018 — 772 886 — 1,658 The following tables include summarized financial information provided by the equity investees including information for significant equity affiliates and the reconciliation of such information to the consolidated financial statements shown below: (in thousands of $) G. Opus UFC Others Total 2018 2017 2018 2017 2018 2017 2018 2017 Current assets — 119 1,785 4,125 13,233 9,867 15,018 14,111 Non current assets — — — — 412 389 412 389 Total assets — 119 1,785 4,125 13,645 10,256 15,430 14,500 Current liabilities — 29 239 1,227 9,631 6,521 9,870 7,777 Long-term liabilities — — — — 24 35 24 35 Stockholders' equity — 90 1,544 2,898 3,990 3,700 5,534 6,688 Percentage of ownership in equity investees 50% 50% * Equity investment of associated companies — 45 772 1,448 886 821 1,658 2,314 Consolidation and reconciling adjustments: Other — — — — — (27 ) — (27 ) Investment in equity investees — 45 772 1,448 886 794 1,658 2,287 (in thousands of $) G. Opus UFC Others 2018 2017 2016 2018 2017 2016 2018 2017 2016 Total operating revenue — 3,817 4,262 10,956 7,413 9,591 9,536 8,815 8,391 Gain sale of vessel — 7,166 — — — — — — — Total operating expense — (3,324 ) (4,905 ) (10,589) (5,914 ) (9,885 ) (7,886 ) (7,063 ) (6,576 ) Net operating (loss) income — 7,659 (643 ) 367 1,499 (294 ) 1,650 1,752 1,815 Net (loss) income — 6,945 (1,299 ) 297 1,654 (297 ) 1,626 1,633 1,611 Percentage of ownership in investees 50% 50% * Equity in net income (loss) of associated companies — 3,473 (650 ) 149 827 (149 ) 363 362 357 Consolidation and reconciling adjustments: Other — — (44 ) — — — — (42 ) 105 Equity in net income (loss) of associated companies — 3,473 (694 ) 149 827 (149 ) 363 320 462 Impairment loss on investment — — (2,142 ) — — — — — — Total equity in net income (loss) of associated companies including impairment losses — 3,473 (2,836 ) 149 827 (149 ) 363 320 462 Total 2018 2017 2016 Total operating revenue 20,492 20,045 22,244 Gain sale of vessel — 7,166 — Total operating expense (18,475 ) (16,301 ) (21,366 ) Net operating (loss) income 2,017 10,910 878 Net (loss) income 1,923 10,232 15 Equity in net income (loss) of associated companies 512 4,662 (442 ) Consolidation and reconciling adjustments: Other — (42 ) 61 Equity in net income (loss) of associated companies 512 4,620 (381 ) Impairment loss on investment — — (2,142 ) Total equity in net income (loss) of associated companies including impairment losses 512 4,620 (2,523 ) *Calculation based on a percentage range between 22.19% and 25% |
OTHER LONG TERM ASSETS (Tables)
OTHER LONG TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Long Term Assets | (in thousands of $) 2018 2017 Seller's credit receivable long-term portion — 1,500 Deferred tax asset 119 294 Prepaid charter hire expenses (straight-lining of lease expense) 12,588 8,887 Capitalized project costs 4,932 — Other long term assets 17,639 10,681 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands of $) 2018 2017 $33.9 million term loan — 24,317 $82.5 million term loan — 35,733 $284.0 million term loan 168,320 190,870 $420.0 million term loan 331,795 352,432 $425.0 million term loan 347,154 220,868 $102.7 million term loan 94,225 102,765 $73.4 million term loan 60,199 67,739 $80.2 million term loan 67,669 74,814 $120.0 million term loan 115,932 — Total U.S. dollar denominated floating rate debt 1,185,294 1,069,538 U.S. dollar denominated fixed rate debt 167,382 178,856 Deferred charges (3,634 ) (3,935 ) Total debt 1,349,042 1,244,459 Less: current portion (471,764 ) (109,671 ) 877,278 1,134,788 |
Schedule of Debt | Movements in 2018 and 2017 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2016 886,468 177,300 (5,350 ) 1,058,418 Loan repayments (154,666 ) (9,104 ) — (163,770 ) Loan draw downs 337,736 — — 337,736 Amortization of purchase price adjustment — 10,360 — 10,360 Convertible bond loss on extinguishment — 300 — 300 Amortization of capitalized fees and expenses — — 1,415 1,415 Balance at December 31, 2017 1,069,538 178,856 (3,935 ) 1,244,459 Loan repayments (154,244 ) (22,049 ) — (176,293 ) Loan draw downs 270,000 — — 270,000 Amortization of purchase price adjustment — 10,019 — 10,019 Convertible bond loss on extinguishment — 556 — 556 Capitalization of debt issuance cost, net of amortization — — 301 301 Balance at December 31, 2018 1,185,294 167,382 (3,634 ) 1,349,042 |
Schedule of Maturities of Long-term Debt | The outstanding debt as of December 31, 2018 is repayable as follows: (in thousands of $) 2019 472,582 2020 379,677 2021 390,269 2022 27,576 2023 8,136 Thereafter 75,255 1,353,495 Purchase price adjustment of Convertible bond, and deferred charges (4,453 ) 1,349,042 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Accrued expenses | (in thousands of $) 2018 2017 Voyage expenses 10,223 7,388 Ship operating expenses 7,546 6,937 Administrative expenses 1,200 1,510 Tax expenses 76 9 Interest expenses 7,598 8,460 26,643 24,304 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (in thousands of $) 2018 2017 Deferred charter revenue 20,011 21,704 Deferred gain on sale and leaseback 258 258 Unfavorable charter party-in contracts 672 672 Payroll and Employee Tax accruals 548 488 Other current liabilities 6,909 8,967 28,398 32,089 |
DERIVATIVE INSTRUMENTS PAYABL_2
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | Our derivative instruments are not designated as hedging instruments and are summarized as follows: (in thousands of $) 2018 2017 Interest rate swaps 5,424 2,864 Foreign currency swaps — 83 Bunker derivatives 433 801 Forward freight agreements 3,592 — Asset Derivatives - Fair Value 9,449 3,748 (in thousands of $) 2018 2017 Interest rate swaps — 1,914 Foreign currency swaps 536 66 Bunker derivatives 758 313 Liability Derivatives - Fair Value 1,294 2,293 |
Derivative Instruments, Gain (Loss) | During 2018 , 2017 and 2016 , the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2018 2017 2016 Interest rate swaps Interest income (expense) 1,089 (1,705 ) (1,807 ) Unrealized fair value gain (loss) 4,474 1,225 (38 ) Foreign currency swaps Realized gain (loss) (494 ) 204 (3 ) Unrealized fair value gain (loss) (59 ) 25 (27 ) Forward freight agreements Realized gain (loss) 1,687 (517 ) 42 Options 3,592 — — Bunker derivatives Realized gain (loss) 1,584 622 (1,518 ) Unrealized fair value gain (loss) (708 ) 291 2,676 11,165 145 (675 ) |
OTHER LONG TERM LIABILITIES (Ta
OTHER LONG TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | (in thousands of $) 2018 2017 Deferred gain on sale and leaseback 2,227 2,485 Other long term liabilities 5,051 5,574 7,278 8,059 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of stock by class | Issued and fully paid share capital: (number of shares of $0.05 each) 2018 2017 Balance at start of year 142,197,697 105,965,192 Shares issued: - equity offerings — 16,372,505 - issue of consideration shares to Quintana — 14,500,000 - issue of consideration shares to Hemen 2,000,000 5,300,000 - settlement of options 75,000 60,000 Balance at end of year 144,272,697 142,197,697 Authorized share capital: (in thousands of $ except per share amount) 2018 2017 200 million common shares of $0.05 par value 10,000 7,500 |
SHARE OPTIONS (Tables)
SHARE OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Number of Share Options Outstanding and Share Option Transactions | The following table summarizes the unvested option activity for the year ended December 31, 2018 and 2017: Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Outstanding as of December 31, 2016 - Unvested 700,000 700,000 $4.20 $2.47 Granted — — Exercised 60,000 60,000 $4.20 $2.47 Exercisable 173,333 173,333 $4.20 $2.47 Forfeited — — — — Outstanding as of December 31, 2017 - Unvested 466,667 466,667 $4.20 $2.47 Granted — — Exercised 75,000 75,000 $4.02 $2.47 Exercisable 158,334 158,334 $3.75 $2.47 Forfeited 20,000 20,000 $3.75 $2.47 Outstanding as of December 31, 2018 - Unvested 213,333 213,333 $3.75 $2.47 The following table summarizes certain information about the options outstanding as of December 31, 2018 and 2017: Options Outstanding and Unvested, December 31, 2018 Options Outstanding and Exercisable, December 31, 2018 Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $3.75 213,333 $3.75 0.86 158,334 $3.75 0.86 Options Outstanding and Unvested, December 31, 2017 Options Outstanding and Exercisable, December 31, 2017 Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $4.20 466,667 $4.20 1.86 173,333 $4.20 1.86 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | A summary of long-term balances owed to related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Hemen — 44,000 — 44,000 A summary of net amounts charged by related parties in 2018 , 2017 and 2016 is as follows: (in thousands of $) 2018 2017 2016 Frontline Ltd 3,687 4,210 6,521 Ship Finance International Limited 29,484 27,977 25,564 Seateam Management Pte Ltd 3,783 3,103 2,638 Seatankers Management Co Ltd 12,325 9,696 4,216 Golden Opus Inc — 1,286 1,114 Capesize Chartering Ltd 62 57 98 Affiliates of Hemen 1,338 634 — 50,679 46,963 40,151 Net amounts charged by related parties comprise general management and commercial management fees, charter hire , newbuilding supervision fees, interest costs and newbuilding commission fees. A summary of net amounts charged to related parties in 2018 , 2017 and 2016 is as follows: (in thousands of $) 2018 2017 2016 Ship Finance International Limited 793 738 795 Seatankers Management Co Ltd 681 933 957 United Freight Carriers LLC — — 150 Northern Drilling Ltd 28 — — Capesize Chartering Ltd 2,557 3,368 945 4,059 5,039 2,847 A summary of balances due from related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Capesize Chartering Ltd 6 — Frontline Ltd 3,192 1,095 United Freight Carriers 163 — Ship Finance International Ltd 91 60 Seatankers Management Co Ltd 538 825 Golden Opus Inc — 10 3,990 1,990 A summary of short-term balances owed to related parties as of December 31, 2018 and 2017 is as follows: (in thousands of $) 2018 2017 Capesize Chartering Ltd — 879 Frontline Ltd — 1,822 Seatankers Management Co Ltd — — Golden Opus Inc — 29 — 2,730 |
FINANCIAL ASSETS AND LIABILIT_2
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Our interest rate swap contracts as at December 31, 2018 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional Amount Inception Date Maturity Date Fixed Interest Rate Receiving floating, pay fixed 50,000 October 2012 October 2019 1.22 % Receiving floating, pay fixed 50,000 February 2015 February 2020 1.93 % Receiving floating, pay fixed 100,000 October 2019 October 2025 2.51 % Receiving floating, pay fixed 50,000 October 2012 October 2019 1.22 % Receiving floating, pay fixed 50,000 February 2015 February 2020 1.92 % Receiving floating, pay fixed 50,000 August 2017 August 2025 2.41 % Receiving floating, pay fixed 50,000 August 2017 August 2025 2.58 % Receiving floating, pay fixed 50,000 February 2017 February 2022 1.90 % Receiving floating, pay fixed 50,000 April 2017 April 2022 1.86 % 500,000 |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of our financial instruments at December 31, 2018 and December 31, 2017 are as follows: 2018 2018 2017 2017 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 305,352 305,352 309,029 309,029 Restricted cash 67,252 67,252 62,955 62,955 Marketable securities 12,033 12,033 16,300 16,300 Derivative assets 9,449 9,449 3,748 3,748 Liabilities Long term debt - floating 1,185,294 1,185,294 1,069,538 1,069,538 Long term debt - convertible bond — — 185,835 178,856 Long term debt - sellers credit — — 44,000 44,000 Short term debt - convertible bond 167,359 167,382 — — Derivative liabilities 1,294 1,294 2,293 2,293 |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The fair value hierarchy of our financial instruments is as follows: (in thousands of $) 2018 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 305,352 305,352 — — Restricted cash 67,252 67,252 — — Marketable equity securities 12,033 12,033 — — Derivative assets 9,449 — 9,449 — Liabilities Long term debt - floating 1,185,294 — 1,185,294 — Short term debt - convertible bond 167,359 — 167,359 — Derivative liabilities 1,294 — 1,294 — (in thousands of $) 2017 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 309,029 309,029 — — Restricted cash 62,955 62,955 — — Marketable equity securities 16,300 16,300 — — Derivative assets 3,748 — 3,748 — Liabilities Long term debt - floating 1,069,538 — 1,069,538 — Long term debt - convertible bond 185,835 — 185,835 — Long term debt - sellers credit 44,000 — 44,000 — Derivative liabilities 2,293 — 2,293 — |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2017USD ($)vesselshares | Mar. 31, 2017USD ($)vesselshares | Dec. 31, 2018USD ($)subsidiaryvessel | Dec. 31, 2017USD ($)vesselshares | Dec. 31, 2016USD ($) | Mar. 31, 2015company | |
Business background [Line Items] | ||||||
Number of companies involved in the merger | company | 2 | |||||
Number of vessels acquired | 16 | 16 | ||||
Consideration shares issued (in shares) | shares | 17,800,000 | 17,800,000 | ||||
Debt assumed | $ | $ 285,200 | $ 285,200 | ||||
Consideration paid | $ | $ 10,381 | $ 7,418 | $ 194 | |||
Number of vessel types | 4 | |||||
Number of owned vessels | 67 | |||||
Number of vessels chartered-In | 10 | |||||
Number of vessels under operating lease from third parties | 1 | 1 | ||||
Number of vessels leased out under capital leases to third parties | 1 | 1 | ||||
Number of subsidiaries | subsidiary | 1 | |||||
Quintana Vessels [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | 14 | |||||
Hemen Holdings Ltd [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | 1 | 3 | ||||
Ship Finance International Ltd [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels under operating lease from third parties | 8 | 8 | ||||
Panamax Vessel [Member] | Hemen Holdings Ltd [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | 2 | |||||
Quintana Vessels [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | 14 | |||||
Capesize Vessels [Member] | Hemen Holdings Ltd [Member] | ||||||
Business background [Line Items] | ||||||
Number of vessels acquired | 2 | 2 | ||||
Consideration shares issued (in shares) | shares | 4,000,000 | 4,000,000 | ||||
Debt assumed | $ | $ 43,000 | |||||
Consideration | $ | $ 86,000 | 86,000 | ||||
Consideration paid | $ | $ 9,000 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | Aug. 01, 2016 | Dec. 31, 2018marketvessel | Sep. 30, 2015vessel | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Jan. 31, 2014USD ($) |
Property, Plant and Equipment [Line Items] | ||||||
Reverse stock split | 0.2 | |||||
Useful life | 25 years | |||||
Average years used in market price scrap per ton calculation | 10 years | |||||
Number of recycling markets | market | 3 | |||||
Number of vessels under capital lease | vessel | 1 | 8 | ||||
Merger with former Golden Ocean [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Long-term Debt assumed upon the Merger | $ 161,200,000 | |||||
Quoted price, percentage | 80.60% | |||||
Purchase price adjustment | $ 38,800,000 | |||||
Convertible Debt [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Principal amount | $ 200,000,000 | $ 200,000,000 | ||||
Former Golden Ocean [Member] | Convertible Debt [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Principal amount | $ 200,000,000 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Standard payment terms, percent | 90.00% | |||||
Days freight paid after completion of loading | 3 days | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Standard payment terms, percent | 95.00% | |||||
Days freight paid after completion of loading | 5 days |
RECENTLY ISSUED ACCOUNTING ST_3
RECENTLY ISSUED ACCOUNTING STANDARDS - Additional Information (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2019 | Jan. 01, 2018 | |
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total assets | $ 2,951,354,000 | $ 2,870,058,000 | $ 2,869,028,000 | |||
Total liabilities | 1,427,842,000 | 1,376,009,000 | 1,380,677,000 | |||
Net income (loss) | (84,535,000) | 2,348,000 | $ 127,711,000 | |||
Capitalized voyage expense during the period | 21,300,000 | |||||
Capitalized contract cost, impairment loss | 0 | |||||
Gain (loss) on marketable equity securities | (4,043,000) | 0 | 0 | |||
Decrease (increase) in cash provided by (used in) investing activities | 141,195,000 | 17,452,000 | 170,327,000 | |||
Restricted cash | 63,000,000 | 54,100,000 | 48,900,000 | |||
Accounting Standards Update 2014-09 [Member] | Adjustments for ASC 606 | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total assets | 1,406,000 | (1,030,000) | ||||
Total liabilities | (3,647,000) | 4,668,000 | ||||
Net income (loss) | $ 646,000 | |||||
Accounting Standards Update 2016-01 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Adjustment on adoption of changes | $ 5,300,000 | |||||
Accounting Standards Update 2016-15 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Decrease (increase) in cash provided by (used in) investing activities | 300,000 | 300,000 | ||||
Accounting Standards Update 2016-18 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Decrease (increase) in cash provided by (used in) investing activities | $ (8,800,000) | $ (5,200,000) | ||||
Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Lease liability | $ 4,100,000 | |||||
Right-of-use asset | 4,100,000 | |||||
Deferred gain from a sale of leaseback transaction | 2,500,000 | |||||
Minimum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total assets | 170,000,000 | |||||
Total liabilities | 170,000,000 | |||||
Operating expenses | $ 1,000,000 | |||||
Net income (loss) | 1,000,000 | |||||
Maximum [Member] | Scenario, Forecast [Member] | Accounting Standards Update 2016-02 [Member] | ||||||
Revenue, Initial Application Period Cumulative Effect Transition [Line Items] | ||||||
Total assets | 220,000,000 | |||||
Total liabilities | $ 220,000,000 | |||||
Operating expenses | 10,000,000 | |||||
Net income (loss) | $ 10,000,000 |
RECENTLY ISSUED ACCOUNTING ST_4
RECENTLY ISSUED ACCOUNTING STANDARDS - Impact of 606 (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | |
Assets | ||||
Voyages in progress | $ 2,808 | $ 9,062 | $ 5,478 | |
Other current assets | 26,667 | 25,437 | 27,991 | |
Total assets | 2,951,354 | 2,870,058 | 2,869,028 | |
Liabilities | ||||
Other current liabilities | 28,398 | 32,089 | 36,757 | |
Total liabilities | 1,427,842 | 1,376,009 | 1,380,677 | |
Stockholders' equity | ||||
Retained deficit | (267,744) | (351,903) | (357,601) | |
Total stockholder's equity | 1,523,512 | 1,494,049 | $ 1,238,719 | 1,488,351 |
Voyage charter revenues | 656,070 | 460,023 | 256,863 | |
Voyage expenses and commission | 162,037 | 118,929 | 89,886 | |
Net income (loss) | $ 84,535 | $ (2,348) | $ (127,711) | |
Basic and diluted (loss) earnings per share (in dollars per share) | $ 0.59 | $ (0.02) | $ (1.34) | |
Change in operating assets and liabilities, other | $ 102,011 | |||
Net cash (used in) provided by operating activities | 186,546 | $ 93,795 | $ (22,797) | |
Adjustments for ASC 606 | Accounting Standards Update 2014-09 [Member] | ||||
Assets | ||||
Voyages in progress | 3,695 | (3,584) | ||
Other current assets | (2,289) | 2,554 | ||
Total assets | 1,406 | (1,030) | ||
Liabilities | ||||
Other current liabilities | (3,647) | 4,668 | ||
Total liabilities | (3,647) | 4,668 | ||
Stockholders' equity | ||||
Retained deficit | 5,053 | (5,698) | ||
Total stockholder's equity | 5,053 | (5,698) | ||
Voyage expenses and commission | 265 | |||
Net income (loss) | $ (646) | |||
Basic and diluted (loss) earnings per share (in dollars per share) | $ 0 | |||
Change in operating assets and liabilities, other | $ 646 | |||
Net cash (used in) provided by operating activities | 0 | |||
Balance without ASC 606 | ||||
Assets | ||||
Voyages in progress | 6,503 | |||
Other current assets | 24,378 | |||
Total assets | 2,952,760 | |||
Liabilities | ||||
Other current liabilities | 24,751 | |||
Total liabilities | 1,424,195 | |||
Stockholders' equity | ||||
Retained deficit | (262,691) | |||
Total stockholder's equity | 1,528,565 | |||
Voyage expenses and commission | 162,302 | |||
Net income (loss) | $ 83,889 | |||
Basic and diluted (loss) earnings per share (in dollars per share) | $ 0.59 | |||
Change in operating assets and liabilities, other | $ 102,657 | |||
Net cash (used in) provided by operating activities | 186,546 | |||
Voyage charter revenues | ||||
Stockholders' equity | ||||
Voyage charter revenues | 322,804 | $ 225,769 | $ 159,108 | |
Voyage charter revenues | Adjustments for ASC 606 | Accounting Standards Update 2014-09 [Member] | ||||
Stockholders' equity | ||||
Voyage charter revenues | (911) | |||
Voyage charter revenues | Balance without ASC 606 | ||||
Stockholders' equity | ||||
Voyage charter revenues | $ 321,893 | |||
Contract with Customer, Liability [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Stockholders' equity | ||||
Adjustment on adoption of changes | 8,300 | |||
Contract with Customer, Asset, Net, Current [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Stockholders' equity | ||||
Adjustment on adoption of changes | 3,600 | |||
Other Current Liabilities [Member] | Accounting Standards Update 2014-09 [Member] | ||||
Stockholders' equity | ||||
Adjustment on adoption of changes | $ 4,700 |
INCOME TAXES (Details)
INCOME TAXES (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Foreign Tax exemption expiration date | Mar. 31, 2035 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)reportable_segmentcustomer | Dec. 31, 2017USD ($)customer | Dec. 31, 2016USD ($)customer | |
Revenue from External Customer [Line Items] | |||
Number of reportable segments | reportable_segment | 1 | ||
Number Of major customers | customer | 1 | 1 | 2 |
Voyage charter revenues | $ 656,070 | $ 460,023 | $ 256,863 |
Name of Major Customer 1 [Member] | |||
Revenue from External Customer [Line Items] | |||
Voyage charter revenues | $ 65,800 | $ 59,700 | 34,500 |
Name of Major Customer 2 [Member] | |||
Revenue from External Customer [Line Items] | |||
Voyage charter revenues | $ 27,100 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net income (loss) | $ 84,535 | $ (2,348) | $ (127,711) |
Weighted average number of shares outstanding - basic (in shares) | 144,132,000 | 125,019,000 | 95,238,000 |
Impact of stock options and restricted stock units (in shares) | 302,000 | 0 | 0 |
Weighted average number of shares outstanding - diluted (in shares) | 144,434,000 | 125,019,000 | 95,238,000 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Treasury shares acquired (in shares) | 445,000 | ||
Reduction to weighted average number of shares outstanding (in shares) | 10,466 | ||
Dividends | $ 64,900 | ||
Dividends per share (in usd per share) | $ 0.45 | ||
Stock Compensation Plan [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from EPS (in shares) | 324,338 | 84,000 | |
Convertible Debt [Member] | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from EPS (in shares) | 2,345,216 | 2,264,173 | 2,268,860 |
GAIN (LOSS) ON SALE OF ASSETS_3
GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2017USD ($)vessel$ / sharesshares | Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)vessel$ / shares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)vessel$ / sharesshares | Dec. 31, 2016USD ($) | |
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 260,000 | $ (312,000) | $ 300,000 | ||||||
Golden Lyderhorn [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ (9,000) | ||||||||
Front Caribbean [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 68,000 | ||||||||
Front Mediterranean [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 13,000 | ||||||||
Capesize Vessels [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 258,000 | 258,000 | 228,000 | ||||||
Capesize Vessels [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 2,000 | $ (570,000) | $ 72,000 | ||||||
Panamax Vessel [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Cash consideration | $ 14,700,000 | ||||||||
Supramax Vessels [Member] | |||||||||
gain/loss on sale of assets and deferred gains [Line Items] | |||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ (600,000) | ||||||||
Number of vessels sold | vessel | 6 | 6 | 6 | ||||||
Number of vessels sold under partial share consideration | vessel | 1 | 1 | 1 | ||||||
Cash consideration | $ 135,100,000 | $ 135,100,000 | |||||||
Consideration shares received (in shares) | shares | 910,802 | 910,802 | |||||||
Share Price (in dollars per share) | $ / shares | $ 7.4 | $ 7.4 | $ 7.4 |
IMPAIRMENT OF VESSELS (Details)
IMPAIRMENT OF VESSELS (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($)vesselshares | Dec. 31, 2018USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)vesselshares | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Impairment losses on vessels and equipment | $ 1,080 | $ 1,066 | $ 985 | |||
Golden Lydernhorn [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Impairment losses on vessels and equipment | $ 1,000 | |||||
Panamax Vessel [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash consideration | $ 14,700 | |||||
Impairment losses on vessels and equipment | $ 1,100 | |||||
Supramax Vessels [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Cash consideration | $ 135,100 | 135,100 | ||||
Impairment losses on vessels and equipment | $ 1,100 | $ 1,100 | ||||
Number of vessels sold | vessel | 6 | 6 | ||||
Total consideration | $ 142,500 | $ 142,500 | ||||
Consideration shares received (in shares) | shares | 910,802 | 910,802 |
LEASES - Additional Information
LEASES - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Apr. 30, 2015USD ($)vessel | Sep. 30, 2016USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | Sep. 30, 2015USD ($) | |
Operating Leased Assets [Line Items] | ||||||||
Number of vessels under operating lease from third parties | vessel | 1 | 1 | ||||||
Future minimum rental payments | $ 3,600,000 | $ 2,300,000 | ||||||
Charter hire expense minimum rentals | 274,500,000 | 311,200,000 | ||||||
Total minimum lease period | 13 years | 13 years | ||||||
Contingent rental income | (2,610,000) | (1,150,000) | $ 410,000 | |||||
Profit share expense | $ 244,000 | $ 162,000 | ||||||
Number of vessels chartered-out on fixed rate time charters | vessel | 17 | 10 | ||||||
Number of vessels leased out index linked time charters | vessel | 13 | 15 | ||||||
Number of owned vessels | vessel | 30 | 25 | ||||||
Number of vessels leased out under capital leases to third parties | vessel | 1 | 1 | ||||||
Vessels leased to third parties [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Cost of vessels | $ 1,375,700,000 | $ 1,254,800,000 | ||||||
Accumulated depreciation | $ 134,400,000 | $ 103,300,000 | ||||||
Minimum [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Lease term | 1 year | |||||||
Maximum [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Lease term | 10 years | |||||||
Ship Finance International Ltd [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Number of vessels under operating lease from third parties | vessel | 8 | 8 | ||||||
Profit share percentage | 33.00% | |||||||
Base rate | 0.40% | |||||||
Variable interest rate level | 0.10% | |||||||
Ship Finance International Ltd [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Number of vessels sold and leased back | vessel | 8 | 8 | ||||||
Charter contract term | 10 years | 10 years | ||||||
Daily time charter rate, period 1 | $ 17,600 | $ 17,600 | ||||||
Contractual charter term, period 1 | 7 years | 7 years | ||||||
Daily time charter rate, period 2 | $ 14,900 | $ 14,900 | ||||||
Contractual charter term, period 2 | 3 years | 6 years | ||||||
Daily operating expense rate | $ 7,000 | |||||||
Adjusted daily time charter rate, period 1 | 50 | |||||||
Adjusted daily time charter rate, period 2 | 25 | |||||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | ||||||
Charter term extension | 3 years | 3 years | ||||||
Daily time charter rate extension | $ 14,900 | |||||||
Golden Hawk [Member] | ||||||||
Operating Leased Assets [Line Items] | ||||||||
Daily time charter rate, period 1 | $ 11,200 | $ 13,200 | ||||||
Contractual charter term, period 1 | 2 years | |||||||
Maximum amount of reimbursement payable | $ 1,750,000 | |||||||
Current reimbursement payable | $ 1,750,000 |
LEASES - Future Minimum Operati
LEASES - Future Minimum Operating Lease Expense Payments (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 35,613 |
2020 | 35,709 |
2021 | 35,613 |
2022 | 32,590 |
2023 | 28,177 |
Thereafter | 110,357 |
Total | $ 278,059 |
LEASES - Summary of Charter Hir
LEASES - Summary of Charter Hire Expense under Operating Leases, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Leased Assets [Line Items] | |||
Charter hire expenses | $ 92,712 | $ 70,673 | $ 53,691 |
Charter hire expenses, operating leases | |||
Operating Leased Assets [Line Items] | |||
Charter hire expenses | 93,384 | 71,345 | 54,365 |
Amortization of unfavorable time charter contracts-in | |||
Operating Leased Assets [Line Items] | |||
Charter hire expenses | $ (672) | $ (672) | $ (674) |
LEASES - Future Minimum Opera_2
LEASES - Future Minimum Operating Lease Revenue Receipts (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 62,339 |
2020 | 28,424 |
2021 | 8,208 |
2022 | 0 |
2023 | 0 |
Thereafter | 0 |
Total | $ 98,971 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Cash and cash equivalents | $ 305,352,000 | $ 309,029,000 | $ 212,942,000 | |
Short term restricted cash | 20,272,000 | 8,110,000 | 315,000 | |
Long term restricted cash | 46,981,000 | 54,845,000 | 53,797,000 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 372,605,000 | $ 371,984,000 | $ 267,054,000 | $ 151,489,000 |
Minimum cash requirement | $ 20,000,000 | |||
Minimum cash requirement percentage | 5.00% | |||
Recourse Debt [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Minimum cash requirement | $ 20,000,000 | |||
Minimum cash requirement percentage | 5.00% | |||
Non Recourse Debt [Member] | ||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||
Minimum cash requirement | $ 10,000,000 |
MARKETABLE EQUITY SECURITIES -
MARKETABLE EQUITY SECURITIES - Summary of Available-For-Sale Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Available-for-sale Securities [Roll Forward] | |||
Balance at start of year | $ 16,300 | $ 6,524 | |
Disposals during the year | (224) | 0 | |
Additions during the year | 0 | 6,740 | |
Unrealized gain (loss), net | (4,043) | 0 | $ 0 |
Unrealized gain (loss), net | 3,036 | ||
Balance at end of year | $ 12,033 | $ 16,300 | $ 6,524 |
MARKETABLE EQUITY SECURITIES _2
MARKETABLE EQUITY SECURITIES - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017vesselshares | Dec. 31, 2017USD ($)vessel | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)vesselshares | Dec. 31, 2016USD ($) | |
Debt and Equity Securities, FV-NI [Line Items] | |||||
Equity securities sold (in shares) | shares | 26,700 | ||||
Proceeds from sale of marketable securities | $ 224 | $ 0 | |||
Cash compensation | 400 | ||||
Additions during the year | 0 | 6,740 | |||
Fair value of investment | $ 16,300 | $ 12,033 | $ 16,300 | $ 6,524 | |
Supramax Vessels [Member] | |||||
Debt and Equity Securities, FV-NI [Line Items] | |||||
Number of vessels sold | vessel | 6 | 6 | 6 | ||
Number of vessels sold under partial share consideration | vessel | 1 | 1 | 1 | ||
Consideration shares received (in shares) | shares | 910,802 | 910,802 |
TRADE ACCOUNTS RECEIVABLE, NE_2
TRADE ACCOUNTS RECEIVABLE, NET (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 30, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2012vessel | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Allowance for doubtful accounts balance, beginning balance | $ 646 | $ 952 | $ 7,946 | ||
Additions charged to income | 81 | 462 | 199 | ||
Deductions credited to trade receivables | (390) | (768) | (7,193) | ||
Allowance for doubtful accounts balance, ending balance | $ 337 | $ 646 | 952 | ||
Bad debt write off | 7,000 | ||||
VLCC Mayfair and VLCC Camden [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Proceeds from settlement of claims | $ 2,400 | ||||
Number of vessels disposed of | vessel | 2 | ||||
VLCC Mayfair [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Proceeds from settlement of claims | $ 1,700 | ||||
VLCC Camden [Member] | |||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||
Proceeds from settlement of claims | $ 700 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
Other Receivables [Abstract] | |||
Agent receivables | $ 4,383 | $ 4,794 | |
Advances | 1,055 | 664 | |
Claims receivables | 579 | 1,819 | |
Other receivables | 20,650 | 18,160 | |
Total other receivables | 26,667 | $ 27,991 | 25,437 |
Allowance for doubtful accounts | $ 0 | $ 0 |
VALUE OF CHARTER PARTY CONTRA_3
VALUE OF CHARTER PARTY CONTRACTS - Movement in Favorable Charter Party Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) In Favorable Charter Party Contracts [Roll Forward] | |||
Opening balance | $ 53,686 | $ 76,099 | $ 103,376 |
Acquired time charter contracts from Quintana | 0 | (3,080) | 0 |
Amortization charge | (18,733) | (19,333) | (27,277) |
Total | 34,953 | 53,686 | 76,099 |
Less: current portion | (18,732) | (18,732) | (22,413) |
Non-current portion | $ 16,221 | $ 34,954 | $ 53,686 |
VALUE OF CHARTER PARTY CONTRA_4
VALUE OF CHARTER PARTY CONTRACTS - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Acquired time charter contracts from Quintana | $ 0 | $ 3,080 | $ 0 |
Amortization of charter party-out contracts | 18,733 | 19,333 | 27,277 |
Amortization of charter party-in contracts | $ 672 | $ 672 | $ 674 |
VALUE OF CHARTER PARTY CONTRA_5
VALUE OF CHARTER PARTY CONTRACTS - Summary of Favorable Charter Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
2019 | $ 18,732 | |||
2020 | 12,148 | |||
2021 | 4,073 | |||
Thereafter | 0 | |||
Total | $ 34,953 | $ 53,686 | $ 76,099 | $ 103,376 |
VALUE OF CHARTER PARTY CONTRA_6
VALUE OF CHARTER PARTY CONTRACTS - Movement in Unfavorable Charter Party Contracts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) In Unfavorable Charter Party Contracts [Roll Forward] | |||
Opening balance | $ 4,798 | $ 5,470 | $ 6,144 |
Amortization charge | 672 | 672 | 674 |
Total | 4,126 | 4,798 | 5,470 |
Less: current portion | (672) | (672) | (672) |
Non-current portion | $ 3,454 | $ 4,126 | $ 4,798 |
VALUE OF CHARTER PARTY CONTRA_7
VALUE OF CHARTER PARTY CONTRACTS - Summary of Unfavorable Charter Party Contracts (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
2019 | $ 672 | |||
2020 | 674 | |||
2021 | 672 | |||
2022 | 672 | |||
2023 | 672 | |||
Thereafter | 764 | |||
Total | $ 4,126 | $ 4,798 | $ 5,470 | $ 6,144 |
VESSELS AND EQUIPMENT, NET - Su
VESSELS AND EQUIPMENT, NET - Summary of Changes in Vessels and Equipment, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Vessels and equipment [Roll Forward] | |||
Transfer from newbuildings | $ 253,582 | $ 227,336 | |
Impairment loss | (1,080) | (1,066) | $ (985) |
Depreciation | (92,148) | (78,093) | (63,433) |
Vessels and Equipment | |||
Vessels and equipment [Roll Forward] | |||
Cost, beginning of period | 2,398,654 | 1,873,795 | |
Accumulated depreciation beginning balance | (183,651) | (114,856) | |
Vessels and equipment, net, beginning period | 2,215,003 | 1,758,939 | |
Additions | 44,562 | 447,497 | |
Disposals | (16,170) | (148,908) | |
Disposals depreciation | 1,813 | 8,403 | |
Property, plant and equipment, disposals, net | (14,357) | (140,505) | |
Transfer from newbuildings | 253,581 | 227,336 | |
Impairment loss | (1,080) | (1,066) | |
Depreciation | (91,253) | (77,198) | |
Balance, end of period | 2,679,547 | 2,398,654 | 1,873,795 |
Accumulated depreciation ending balance | (273,091) | (183,651) | (114,856) |
Vessels and equipment, net, ending period | $ 2,406,456 | $ 2,215,003 | $ 1,758,939 |
VESSELS AND EQUIPMENT, NET - Ad
VESSELS AND EQUIPMENT, NET - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Aug. 31, 2018USD ($) | Jan. 31, 2018USD ($)shares | Nov. 30, 2017USD ($)vesselshares | Oct. 31, 2017USD ($)vesselshares | Sep. 30, 2017USD ($)vessel$ / sharesshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)vesselshares | Feb. 28, 2017USD ($)vessel | Jan. 31, 2017USD ($)vessel | Dec. 31, 2017USD ($)vessel$ / shares | Dec. 31, 2018USD ($)vesselshares | Dec. 31, 2017USD ($)vessel$ / sharesshares | Dec. 31, 2016USD ($) | |
Property, Plant and Equipment [Line Items] | |||||||||||||
Impairment loss on vessels | $ 1,080 | $ 1,066 | $ 985 | ||||||||||
Number of vessels acquired | vessel | 16 | 16 | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 260 | $ (312) | 300 | ||||||||||
Transfer from newbuildings | 253,582 | $ 227,336 | |||||||||||
Consideration shares issued (in shares) | shares | 17,800,000 | 17,800,000 | |||||||||||
Debt assumed | $ 285,200 | $ 285,200 | |||||||||||
Acquired time charter contracts from Quintana | 0 | 3,080 | 0 | ||||||||||
Depreciation | $ 92,100 | $ 78,100 | $ 62,500 | ||||||||||
Golden Libra & Golden Virgo [Domain] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of newbuildings delivered | vessel | 2 | ||||||||||||
Golden Surabaya And Golden Savannah [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of newbuildings delivered | vessel | 2 | ||||||||||||
Capesize Newbuilding [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Transfer from newbuildings | $ 50,700 | $ 128,100 | |||||||||||
Supramax Newbuildings [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Transfer from newbuildings | $ 48,500 | ||||||||||||
Quintana Shipping Ltd [Domain] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 14 | ||||||||||||
Shares issued for consideration (in shares) | shares | 0 | 14,500,000 | |||||||||||
Hemen Holdings Ltd [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 1 | 3 | |||||||||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 5,300,000 | |||||||||||
Newcastlemax Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels at year end | vessel | 3 | 3 | 3 | ||||||||||
Newcastlemax Vessels [Member] | Quintana Shipping Ltd [Domain] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 1 | ||||||||||||
Capesize Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels at year end | vessel | 29 | 35 | 29 | ||||||||||
Capesize Vessels [Member] | Quintana Shipping Ltd [Domain] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 5 | ||||||||||||
Capesize Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 2 | 2 | |||||||||||
Consideration per vessel | $ 43,000 | ||||||||||||
Seller's credit loan per vessel | $ 21,500 | $ 21,500 | 21,500 | $ 43,000 | |||||||||
Cash payment for vessel purchase | $ 4,500 | $ 4,500 | $ 4,500 | ||||||||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 2,000,000 | 2,000,000 | ||||||||||
Number of vessels delivered | vessel | 1 | ||||||||||||
Additions | $ 40,700 | ||||||||||||
Consideration shares issued (in shares) | shares | 4,000,000 | 4,000,000 | |||||||||||
Debt assumed | $ 43,000 | ||||||||||||
Panamax Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels at year end | vessel | 28 | 27 | 28 | ||||||||||
Proceeds from sale of vessels | $ 14,700 | ||||||||||||
Impairment loss on vessels | $ 1,100 | ||||||||||||
Number of vessels acquired | vessel | 8 | ||||||||||||
Panamax Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 2 | 2 | |||||||||||
Seller's credit loan per vessel | $ 22,500 | $ 22,500 | $ 22,500 | ||||||||||
Number of vessels delivered | vessel | 2 | ||||||||||||
Additions | $ 43,400 | $ 43,100 | |||||||||||
Consideration shares issued (in shares) | shares | 3,300,000 | 3,300,000 | 3,300,000 | ||||||||||
Supramax Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels at year end | vessel | 2 | 2 | 2 | ||||||||||
Proceeds from sale of vessels | 135,100 | $ 135,100 | |||||||||||
Impairment loss on vessels | $ 1,100 | $ 1,100 | |||||||||||
Number of vessels sold | vessel | 6 | 6 | 6 | ||||||||||
Total consideration | $ 142,500 | $ 142,500 | |||||||||||
Number of vessels sold under partial share consideration | vessel | 1 | 1 | 1 | ||||||||||
Consideration shares received (in shares) | shares | 910,802 | 910,802 | |||||||||||
Share Price (in dollars per share) | $ / shares | $ 7.4 | $ 7.4 | $ 7.4 | ||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ (600) | ||||||||||||
Quintana Vessels [Member] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 14 | ||||||||||||
Quintana Vessels [Member] | Quintana Shipping Ltd [Domain] | |||||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||||
Number of vessels acquired | vessel | 14 | 14 | |||||||||||
Additions | $ 363,400 | ||||||||||||
Consideration shares issued (in shares) | shares | 14,500,000 | 14,500,000 | |||||||||||
Debt assumed | $ 262,700 | $ 262,700 | |||||||||||
Prepayment of debt installments | $ 17,400 | $ 23,200 | |||||||||||
Acquired time charter contracts from Quintana | $ 3,100 |
VESSELS UNDER CAPITAL LEASES,_3
VESSELS UNDER CAPITAL LEASES, NET - Summary of Book Value of Vessels Under Capital Lease (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Capital Leased Assets [Roll Forward] | ||
Vessel under capital leases, beginning balance | $ 2,061 | $ 2,956 |
Depreciation | (896) | (895) |
Vessel under capital leases, ending balance | $ 1,165 | $ 2,061 |
VESSELS UNDER CAPITAL LEASES,_4
VESSELS UNDER CAPITAL LEASES, NET - Summary of Outstanding Obligations Under Capital Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Vessels Under Capital Leases [Abstract] | |
2019 | $ 5,944 |
2020 | 1,791 |
Thereafter | 0 |
Minimum lease payments | 7,735 |
Less: imputed interest | (300) |
Present value of obligations under capital leases | $ 7,435 |
VESSELS UNDER CAPITAL LEASES,_5
VESSELS UNDER CAPITAL LEASES, NET - Additional Information (Details) - vessel | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Vessels Under Capital Leases [Abstract] | ||
Number of vessels leased out under capital leases to third parties | 1 | 1 |
Lease term | 10 years | |
Remaining lease term | 2 years | 3 years |
VESSELS UNDER CAPITAL LEASES,_6
VESSELS UNDER CAPITAL LEASES, NET - Summary of Purchase Options (Details) - Golden Eclipse [Member] $ in Thousands | Dec. 31, 2018USD ($) |
Capital Leased Assets [Line Items] | |
April 2019 | $ 36,250 |
April 2020 | $ 33,550 |
NEWBUILDINGS - Additional Infor
NEWBUILDINGS - Additional Information (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Sep. 30, 2017USD ($) | Feb. 28, 2017USD ($)vessel | Jan. 31, 2017USD ($)vessel | Dec. 31, 2017USD ($)newbuilding | Dec. 31, 2018USD ($)newbuilding | Dec. 31, 2016USD ($) | |
Summary of Newbuildings [Line Items] | ||||||
Newbuilding balance | $ 105,727 | $ 0 | $ 180,562 | |||
Other capitalized costs | 4,700 | |||||
Pre-delivery installments | $ 19,500 | |||||
Golden Libra & Golden Virgo [Domain] | ||||||
Summary of Newbuildings [Line Items] | ||||||
Payments to acquire newbuildings, agreed extras | $ 31,300 | |||||
Number of newbuildings delivered | vessel | 2 | |||||
Golden Arcus, Golden Cirrus, Golden Cumulus, Golden Incus and Golden Calvus [Member] | ||||||
Summary of Newbuildings [Line Items] | ||||||
Payments to acquire newbuildings, agreed extras | $ 144,600 | |||||
Other capitalized costs | 3,200 | |||||
Golden Nimbus [Member] | ||||||
Summary of Newbuildings [Line Items] | ||||||
Payments to acquire newbuildings, agreed extras | $ 29,300 | |||||
Golden Surabaya And Golden Savannah [Member] | ||||||
Summary of Newbuildings [Line Items] | ||||||
Payments to acquire newbuildings, agreed extras | $ 67,700 | |||||
Number of newbuildings delivered | vessel | 2 | |||||
Capesize Newbuildings [Member] | ||||||
Summary of Newbuildings [Line Items] | ||||||
Number of newbuilding contracts | newbuilding | 5 | 5 |
NEWBUILDINGS - Movement in Newb
NEWBUILDINGS - Movement in Newbuilding Balance (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Movement In Newbuilding Balance [Roll Forward] | ||
New building installments, beginning balance | $ 105,727 | $ 180,562 |
Installments and newbuilding supervision fees paid | 147,855 | 152,501 |
Transfers to Vessels and Equipment | (253,582) | (227,336) |
New building installments, ending balance | $ 0 | $ 105,727 |
EQUITY METHOD INVESTMENTS - Mov
EQUITY METHOD INVESTMENTS - Movement in Equity Method Investments (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 30, 2016 | |
Equity Method Investment [Roll Forward] | |||||
Beginning balance | $ 2,287 | ||||
Distributions received from associated companies | (1,096) | $ (256) | $ (256) | ||
Share of income / (loss) | 512 | 4,620 | $ (381) | ||
Ending Balance | $ 1,658 | $ 2,287 | |||
United Freight Carriers [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 50.00% | 50.00% | 50.00% | ||
Equity Method Investment [Roll Forward] | |||||
Beginning balance | $ 1,448 | $ 621 | |||
Distributions received from associated companies | (825) | 0 | |||
Share of income / (loss) | 149 | 827 | $ (149) | ||
Equity contribution | 0 | ||||
Ending Balance | $ 772 | $ 1,448 | $ 621 | ||
Golden Opus Inc. [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 0.00% | 50.00% | 50.00% | ||
Equity Method Investment [Roll Forward] | |||||
Beginning balance | $ 45 | $ 2,872 | |||
Distributions received from associated companies | (45) | (7,300) | |||
Share of income / (loss) | 0 | 3,473 | $ (694) | ||
Equity contribution | $ 800 | 1,000 | |||
Ending Balance | $ 0 | $ 45 | 2,872 | ||
Seateam Management Pte Ltd [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 21.25% | 22.19% | 22.19% | 22.19% | |
Equity Method Investment [Roll Forward] | |||||
Beginning balance | $ 794 | $ 731 | |||
Distributions received from associated companies | (271) | (257) | |||
Share of income / (loss) | 363 | 320 | |||
Equity contribution | 0 | ||||
Ending Balance | $ 886 | $ 794 | 731 | ||
Capesize Chartering Ltd [Member] | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 25.00% | 25.00% | |||
Equity Method Investment [Roll Forward] | |||||
Beginning balance | $ 0 | $ 0 | |||
Distributions received from associated companies | 0 | 0 | |||
Share of income / (loss) | 0 | 0 | |||
Equity contribution | 0 | ||||
Ending Balance | 0 | 0 | 0 | ||
Total [Member] | |||||
Equity Method Investment [Roll Forward] | |||||
Beginning balance | 2,287 | 4,224 | |||
Distributions received from associated companies | (1,141) | (7,557) | |||
Share of income / (loss) | 512 | 4,620 | |||
Equity contribution | 1,000 | ||||
Ending Balance | $ 1,658 | $ 2,287 | $ 4,224 |
EQUITY METHOD INVESTMENTS - Sum
EQUITY METHOD INVESTMENTS - Summary of Financial Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Current assets | $ 15,018 | $ 14,111 | ||
Non current assets | 412 | 389 | ||
Total assets | 15,430 | 14,500 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Current liabilities | 9,870 | 7,777 | ||
Long-term liabilities | 24 | 35 | ||
Stockholders' equity | 5,534 | 6,688 | ||
Equity investment of associated companies | 1,658 | 2,314 | ||
Other | 0 | (27) | ||
Investment in equity investees | 1,658 | 2,287 | ||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||
Total operating revenue | 20,492 | 20,045 | $ 22,244 | |
Gain sale of vessel | 0 | 7,166 | 0 | |
Total operating expense | (18,475) | (16,301) | (21,366) | |
Net operating (loss) income | 2,017 | 10,910 | 878 | |
Net (loss) income | 1,923 | 10,232 | 15 | |
Equity in net income (loss) of associated companies | 512 | 4,662 | (442) | |
Other | 0 | (42) | 61 | |
Total equity in net income (loss) of associated companies including impairment losses | 512 | 4,620 | (381) | |
Impairment loss on investment | 0 | 0 | (2,142) | |
Total equity in net income (loss) of associated companies including impairment losses | 512 | 4,620 | $ (2,523) | |
Golden Opus Inc. [Member] | ||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Current assets | 0 | 119 | ||
Non current assets | 0 | 0 | ||
Total assets | 0 | 119 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Current liabilities | 0 | 29 | ||
Long-term liabilities | 0 | 0 | ||
Stockholders' equity | $ 0 | $ 90 | ||
Percentage of ownership in equity investees | 0.00% | 50.00% | 50.00% | |
Equity investment of associated companies | $ 0 | $ 45 | ||
Other | 0 | 0 | ||
Investment in equity investees | 0 | 45 | $ 2,872 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||
Total operating revenue | 0 | 3,817 | 4,262 | |
Gain sale of vessel | 0 | 7,166 | 0 | |
Total operating expense | 0 | (3,324) | (4,905) | |
Net operating (loss) income | 0 | 7,659 | (643) | |
Net (loss) income | 0 | 6,945 | (1,299) | |
Equity in net income (loss) of associated companies | 0 | 3,473 | (650) | |
Other | 0 | 0 | (44) | |
Total equity in net income (loss) of associated companies including impairment losses | 0 | 3,473 | (694) | |
Impairment loss on investment | $ (2,200) | 0 | 0 | (2,142) |
Total equity in net income (loss) of associated companies including impairment losses | 0 | 3,473 | $ (2,836) | |
United Freight Carriers [Member] | ||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Current assets | 1,785 | 4,125 | ||
Non current assets | 0 | 0 | ||
Total assets | 1,785 | 4,125 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Current liabilities | 239 | 1,227 | ||
Long-term liabilities | 0 | 0 | ||
Stockholders' equity | $ 1,544 | $ 2,898 | ||
Percentage of ownership in equity investees | 50.00% | 50.00% | 50.00% | |
Equity investment of associated companies | $ 772 | $ 1,448 | ||
Other | 0 | 0 | ||
Investment in equity investees | 772 | 1,448 | $ 621 | |
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||
Total operating revenue | 10,956 | 7,413 | 9,591 | |
Gain sale of vessel | 0 | 0 | 0 | |
Total operating expense | (10,589) | (5,914) | (9,885) | |
Net operating (loss) income | 367 | 1,499 | (294) | |
Net (loss) income | 297 | 1,654 | (297) | |
Equity in net income (loss) of associated companies | 149 | 827 | (149) | |
Other | 0 | 0 | 0 | |
Total equity in net income (loss) of associated companies including impairment losses | 149 | 827 | (149) | |
Impairment loss on investment | 0 | 0 | 0 | |
Total equity in net income (loss) of associated companies including impairment losses | 149 | 827 | (149) | |
Other [Member] | ||||
Equity Method Investment, Summarized Financial Information, Assets [Abstract] | ||||
Current assets | 13,233 | 9,867 | ||
Non current assets | 412 | 389 | ||
Total assets | 13,645 | 10,256 | ||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Current liabilities | 9,631 | 6,521 | ||
Long-term liabilities | 24 | 35 | ||
Stockholders' equity | 3,990 | 3,700 | ||
Equity investment of associated companies | 886 | 821 | ||
Other | 0 | (27) | ||
Investment in equity investees | 886 | 794 | ||
Equity Method Investment, Summarized Financial Information, Income Statement [Abstract] | ||||
Total operating revenue | 9,536 | 8,815 | 8,391 | |
Gain sale of vessel | 0 | 0 | 0 | |
Total operating expense | (7,886) | (7,063) | (6,576) | |
Net operating (loss) income | 1,650 | 1,752 | 1,815 | |
Net (loss) income | 1,626 | 1,633 | 1,611 | |
Equity in net income (loss) of associated companies | 363 | 362 | 357 | |
Other | 0 | (42) | 105 | |
Total equity in net income (loss) of associated companies including impairment losses | 363 | 320 | 462 | |
Impairment loss on investment | 0 | 0 | 0 | |
Total equity in net income (loss) of associated companies including impairment losses | $ 363 | $ 320 | $ 462 | |
Other [Member] | Minimum [Member] | ||||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Percentage of ownership in equity investees | 22.19% | 21.25% | 21.25% | |
Other [Member] | Maximum [Member] | ||||
Equity Method Investment, Summarized Financial Information, Liabilities and Equity [Abstract] | ||||
Percentage of ownership in equity investees | 25.00% | 25.00% | 25.00% |
EQUITY METHOD INVESTMENTS - Add
EQUITY METHOD INVESTMENTS - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($)joint_venture_partner | Dec. 31, 2016USD ($) | Apr. 30, 2016$ / shares | |
Schedule of Equity Method Investments [Line Items] | |||||||
Dividends received from associated companies | $ 1,096 | $ 256 | $ 256 | ||||
Proceeds from Equity Method Investment, Distribution, Dividends and Return of Capital | 1,100 | 7,600 | 300 | ||||
Gain on purchase | 0 | 0 | 24 | ||||
Impairment loss | 0 | 0 | $ 2,142 | ||||
Golden Opus Inc. [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Dividends received from associated companies | $ 45 | $ 7,300 | |||||
Number of joint venture partners | joint_venture_partner | 2 | ||||||
Ownership percentage | 0.00% | 50.00% | 50.00% | ||||
Equity contribution | $ 800 | $ 1,000 | |||||
Impairment loss | $ 2,200 | $ 0 | 0 | $ 2,142 | |||
Carrying value | 5,300 | 5,300 | |||||
Fair value of equity method investments | $ 3,100 | $ 3,100 | |||||
Seateam Management Pte Ltd [Member] | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Dividends received from associated companies | $ 271 | $ 257 | |||||
Shares acquired (in shares) | shares | 5,156 | ||||||
Share price (in SGD per share) | $ / shares | $ 1 | ||||||
Ownership percentage | 21.25% | 21.25% | 22.19% | 22.19% | 22.19% | ||
Net asset value (in dollars per share) | $ / shares | $ 5.47 | ||||||
Gain on purchase | $ 24 | ||||||
Equity contribution | $ 0 |
OTHER LONG TERM ASSETS - Summar
OTHER LONG TERM ASSETS - Summary of Other Long Term Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Other long term assets [Line Items] | ||
Other long term assets | $ 17,639 | $ 10,681 |
Deferred tax asset | 119 | 294 |
Capitalized project costs | 4,932 | 0 |
Ship Finance International Ltd [Member] | ||
Other long term assets [Line Items] | ||
Prepaid charter hire expenses (straight-lining of lease expense) | 3,700 | 3,700 |
Other Long Term Assets [Member] | ||
Other long term assets [Line Items] | ||
Other long term assets | 0 | 1,500 |
Prepaid Charter Hire Expenses [Member] | Ship Finance International Ltd [Member] | ||
Other long term assets [Line Items] | ||
Prepaid charter hire expenses (straight-lining of lease expense) | $ 12,588 | $ 8,887 |
OTHER LONG TERM ASSETS - Additi
OTHER LONG TERM ASSETS - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015USD ($)vessel | Sep. 30, 2016USD ($)vessel | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 30, 2018USD ($) | |
Other long term assets [Line Items] | ||||||
Total minimum lease period | 13 years | 13 years | ||||
Other long term assets | $ 17,639,000 | $ 10,681,000 | ||||
Write off of Deferred Debt Issuance Cost | $ 125,000 | |||||
Capitalized costs | 4,932,000 | 0 | ||||
Ship Finance International Ltd [Member] | ||||||
Other long term assets [Line Items] | ||||||
Prepaid charter hire expenses (straight-lining of lease expense) | 3,700,000 | 3,700,000 | ||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | ||||||
Other long term assets [Line Items] | ||||||
Number of vessels sold and leased back | vessel | 8 | 8 | ||||
Charter contract term | 10 years | 10 years | ||||
Daily time charter rate, period 1 | $ 17,600 | $ 17,600 | ||||
Contractual charter term, period 1 | 7 years | 7 years | ||||
Daily time charter rate, period 2 | $ 14,900 | $ 14,900 | ||||
Contractual charter term, period 2 | 3 years | 6 years | ||||
Charter term extension | 3 years | 3 years | ||||
Other Long Term Assets [Member] | ||||||
Other long term assets [Line Items] | ||||||
Other long term assets | 0 | 1,500,000 | ||||
Interest income | $ 15,800 | $ 21,100 | $ 200,000 |
DEBT - Summary of Debt (Details
DEBT - Summary of Debt (Details) - USD ($) | Dec. 31, 2018 | May 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 28, 2015 | Jun. 30, 2014 |
Debt Instrument [Line Items] | ||||||
Deferred charges | $ (3,634,000) | $ (3,935,000) | $ (5,350,000) | |||
Total debt | 1,349,042,000 | 1,244,459,000 | $ 1,058,418,000 | |||
Less: current portion | (471,764,000) | (109,671,000) | ||||
Noncurrent portion | 877,278,000 | 1,134,788,000 | ||||
Secured Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 1,185,294,000 | 1,069,538,000 | ||||
Term Loan Facility of $33.9 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 33,900,000 | $ 34,000,000 | 33,900,000 | |||
Long-term debt | 0 | 24,317,000 | ||||
Term Loan Facility of $82.5 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 82,500,000 | 82,500,000 | 82,500,000 | |||
Long-term debt | 0 | 35,733,000 | ||||
Term Loan Facility of $284 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 284,000,000 | |||||
Long-term debt | 168,320,000 | 190,870,000 | ||||
Total debt | 168,300,000 | 190,900,000 | ||||
Less: current portion | (168,300,000) | |||||
Term Loan Facility of $420 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 420,000,000 | $ 420,000,000 | ||||
Long-term debt | 331,795,000 | 352,432,000 | ||||
Total debt | 331,800,000 | 352,400,000 | ||||
Term Loan Facility of $425 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 425,000,000 | $ 425,000,000 | ||||
Long-term debt | 347,154,000 | 220,868,000 | ||||
Total debt | 347,200,000 | 220,900,000 | ||||
Term Loan Facility Of $102.7 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 102,700,000 | 102,700,000 | ||||
Long-term debt | 94,225,000 | 102,765,000 | ||||
Total debt | 94,200,000 | |||||
Term Loan Facility of $73.4 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 73,400,000 | 73,400,000 | ||||
Long-term debt | 60,199,000 | 67,739,000 | ||||
Total debt | 60,200,000 | |||||
Term Loan Facility of $80.2 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 80,200,000 | 80,200,000 | ||||
Long-term debt | 67,669,000 | 74,814,000 | ||||
Total debt | 67,700,000 | |||||
Term Loan Facility of $120.0 Million [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Principal amount | 120,000,000 | $ 120,000,000 | ||||
Long-term debt | 115,932,000 | 0 | ||||
Convertible Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 167,382,000 | $ 178,856,000 | ||||
Less: current portion | $ (167,382,000) |
DEBT - Summary of Movements in
DEBT - Summary of Movements in Debt (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
May 31, 2018 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement In Debt Balance [Roll Forward] | |||||
Deferred charges, beginning balance | $ (3,935) | $ (5,350) | |||
Total, beginning balance | 1,244,459 | 1,058,418 | |||
Loan repayments | $ (58,300) | (176,293) | (163,770) | ||
Loan draw downs | 270,000 | 337,736 | |||
Amortization of purchase price adjustment | 10,019 | 10,360 | |||
Convertible bond loss on extinguishment | $ 600 | 556 | 300 | ||
Amortization of capitalized fees and expenses | 1,501 | 1,415 | $ 1,345 | ||
Capitalization of debt issuance cost, net of amortization | 301 | ||||
Deferred charges, ending balance | (3,935) | (3,634) | (3,935) | (5,350) | |
Total, ending balance | 1,244,459 | 1,349,042 | 1,244,459 | 1,058,418 | |
Secured Debt [Member] | |||||
Movement In Debt Balance [Roll Forward] | |||||
Long term debt, beginning balance | 1,069,538 | 886,468 | |||
Loan repayments | (154,244) | (154,666) | |||
Loan draw downs | 270,000 | 337,736 | |||
Long term debt, ending balance | 1,069,538 | 1,185,294 | 1,069,538 | 886,468 | |
Convertible Debt [Member] | |||||
Movement In Debt Balance [Roll Forward] | |||||
Long term debt, beginning balance | 178,856 | 177,300 | |||
Loan repayments | (22,049) | (9,104) | |||
Loan draw downs | 0 | 0 | |||
Amortization of purchase price adjustment | 10,019 | 10,360 | 9,500 | ||
Convertible bond loss on extinguishment | 556 | 300 | |||
Long term debt, ending balance | $ 178,856 | 167,382 | $ 178,856 | $ 177,300 | |
Total, ending balance | $ 31,800 |
DEBT - Loan Facilities Addition
DEBT - Loan Facilities Additional Information (Details) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 28, 2019USD ($)vessel | May 31, 2018USD ($)vessel | Mar. 31, 2017vessel | Mar. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015 | Jun. 30, 2014USD ($)vesseltranch | Nov. 30, 2015 | Dec. 31, 2018USD ($)vesseltranch | Dec. 31, 2017USD ($)vessel | Jan. 31, 2022USD ($) | Nov. 30, 2021USD ($) | Oct. 31, 2021USD ($) | Jan. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) | Oct. 31, 2019USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2015 | Feb. 28, 2015USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels financed | vessel | 7 | |||||||||||||||||||
Loan repayments | $ 58,300,000 | $ 176,293,000 | $ 163,770,000 | |||||||||||||||||
Number of vessels acquired | vessel | 16 | 16 | ||||||||||||||||||
Long term debt | 1,349,042,000 | $ 1,244,459,000 | $ 1,058,418,000 | |||||||||||||||||
Current portion of long-term debt | $ 471,764,000 | $ 109,671,000 | ||||||||||||||||||
Number of vessels serving as security | vessel | 67 | 59 | ||||||||||||||||||
Quintana Shipping Ltd [Domain] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels acquired | vessel | 14 | |||||||||||||||||||
Current portion of long-term debt | $ 76,100,000 | |||||||||||||||||||
Term Loan Facility of $120.0 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 120,000,000 | 120,000,000 | ||||||||||||||||||
Number of vessels financed | vessel | 10 | |||||||||||||||||||
Variable interest rate | 2.25% | |||||||||||||||||||
Balloon payment | $ 65,100,000 | |||||||||||||||||||
Term Loan Facility of $33.9 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | 34,000,000 | $ 33,900,000 | $ 33,900,000 | |||||||||||||||||
Number of vessels financed | vessel | 2 | |||||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||||||
Balloon payment | $ 23,800,000 | |||||||||||||||||||
Periodic payments | 600,000 | |||||||||||||||||||
Term Loan Facility of $82.5 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | 82,500,000 | $ 82,500,000 | 82,500,000 | |||||||||||||||||
Number of vessels financed | vessel | 6 | |||||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||||||
Balloon payment | $ 34,500,000 | |||||||||||||||||||
Periodic payments | 1,200,000 | |||||||||||||||||||
Other Debt Obligations [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 65,500,000 | |||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | 102,700,000 | 102,700,000 | ||||||||||||||||||
Loan repayments | $ 6,400,000 | |||||||||||||||||||
Long term debt | $ 94,200,000 | |||||||||||||||||||
Number of tranches | tranch | 5 | |||||||||||||||||||
Term loan facility, amount available, undrawn | $ 0 | |||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | Capesize Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 2 | |||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | Panamax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 3 | |||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Balloon payment | $ 54,200,000 | $ 25,400,000 | ||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 3.00% | |||||||||||||||||||
Term Loan Facility Of $102.7 Million [Member] | Quintana Shipping Ltd [Domain] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels acquired | vessel | 5 | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 73,400,000 | $ 73,400,000 | ||||||||||||||||||
Loan repayments | 7,500,000 | |||||||||||||||||||
Long term debt | $ 60,200,000 | |||||||||||||||||||
Number of tranches | tranch | 5 | |||||||||||||||||||
Term loan facility, amount available, undrawn | $ 0 | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | Capesize Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 1 | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | Panamax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 4 | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Balloon payment | $ 19,400,000 | $ 34,000,000 | ||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 3.25% | |||||||||||||||||||
Term Loan Facility of $73.4 Million [Member] | Quintana Shipping Ltd [Domain] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels acquired | vessel | 5 | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 80,200,000 | $ 80,200,000 | ||||||||||||||||||
Loan repayments | 7,100,000 | |||||||||||||||||||
Long term debt | $ 67,700,000 | |||||||||||||||||||
Number of tranches | tranch | 4 | |||||||||||||||||||
Term loan facility, amount available, undrawn | $ 0 | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | Capesize Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 2 | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | Panamax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 1 | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | Newcastlemax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 1 | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | Scenario, Forecast [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Balloon payment | $ 21,700,000 | $ 29,700,000 | $ 9,900,000 | |||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 2.75% | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Variable interest rate | 3.35% | |||||||||||||||||||
Term Loan Facility of $80.2 Million [Member] | Quintana Shipping Ltd [Domain] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels acquired | vessel | 4 | |||||||||||||||||||
Term Loan Facility of $284 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 284,000,000 | |||||||||||||||||||
Number of vessels financed | vessel | 19 | |||||||||||||||||||
Loan repayments | $ 22,600,000 | $ 67,700,000 | ||||||||||||||||||
Variable interest rate | 2.00% | |||||||||||||||||||
Balloon payment | $ 158,600,000 | |||||||||||||||||||
Long term debt | 168,300,000 | 190,900,000 | ||||||||||||||||||
Current portion of long-term debt | 168,300,000 | |||||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||||
Periodic payments | 3,200,000 | |||||||||||||||||||
Loan drawdowns | $ 0 | $ 0 | ||||||||||||||||||
Term Loan Facility of $284 Million [Member] | Capesize Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 2 | 2 | ||||||||||||||||||
Term Loan Facility of $284 Million [Member] | Panamax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 11 | 12 | ||||||||||||||||||
Term Loan Facility of $284 Million [Member] | Supramax Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 2 | 2 | ||||||||||||||||||
Term Loan Facility of $420 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 420,000,000 | $ 420,000,000 | ||||||||||||||||||
Number of vessels financed | vessel | 14 | 14 | 14 | |||||||||||||||||
Loan repayments | $ 20,600,000 | $ 36,100,000 | ||||||||||||||||||
Variable interest rate | 2.50% | |||||||||||||||||||
Long term debt | 331,800,000 | 352,400,000 | ||||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||||
Periodic payments | $ 5,200,000 | |||||||||||||||||||
Loan drawdowns | 0 | 0 | ||||||||||||||||||
Number of Tranches, Value 1 | tranch | 14 | |||||||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | |||||||||||||||||||
Payment terms | 20 years | |||||||||||||||||||
Term Loan Facility of $425 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Principal amount | $ 425,000,000 | $ 425,000,000 | ||||||||||||||||||
Number of vessels financed | vessel | 14 | |||||||||||||||||||
Loan repayments | $ 23,700,000 | 20,900,000 | ||||||||||||||||||
Variable interest rate | 2.20% | 2.00% | ||||||||||||||||||
Long term debt | 347,200,000 | 220,900,000 | ||||||||||||||||||
Term loan facility, amount available, undrawn | 0 | |||||||||||||||||||
Loan drawdowns | $ 150,000,000 | $ 75,000,000 | ||||||||||||||||||
Number of Tranches, Value 1 | tranch | 12 | |||||||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | |||||||||||||||||||
Number of Tranches, Value 2 | tranch | 2 | |||||||||||||||||||
Debt Instrument, Value Per Tranche, Value 2 | $ 32,500,000 | |||||||||||||||||||
Minimum value covenant | 70.00% | 55.00% | ||||||||||||||||||
Quarterly repayment to principal borrowed ratio | 1.5625% | 1.25% | ||||||||||||||||||
Number of vessels delivered | vessel | 5 | 3 | ||||||||||||||||||
Term Loan Facility of $425 Million [Member] | Capesize Vessels [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels serving as security | vessel | 14 | 9 | ||||||||||||||||||
Subsequent Event [Member] | Term Loan Facility of $420 Million [Member] | ||||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||||
Number of vessels financed | vessel | 11 | |||||||||||||||||||
Variable interest rate | 2.50% | |||||||||||||||||||
Debt refinance extension term | 3 years | |||||||||||||||||||
Scrubber installation finance cost | $ 3,000,000 | |||||||||||||||||||
Scrubber installation repayment period | 3 years |
DEBT - Financial Covenants Addi
DEBT - Financial Covenants Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Sep. 30, 2019 | Dec. 31, 2018 | Jul. 01, 2019 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||||
Minimum cash requirement | $ 20,000,000 | ||||
Minimum cash requirement percentage | 5.00% | ||||
Market adjusted equity | 25.00% | ||||
Restricted cash | $ 66,700,000 | $ 60,600,000 | |||
Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum value percentage | 125.00% | ||||
Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum value percentage | 135.00% | ||||
Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum cash requirement | $ 10,000,000 | ||||
Minimum value covenant | 105.00% | ||||
Scenario, Forecast [Member] | Subsidiaries [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum cash requirement | $ 10,000,000 | ||||
Market adjusted equity | 25.00% | ||||
Scenario, Forecast [Member] | Subsidiaries [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum value covenant | 125.00% | ||||
Scenario, Forecast [Member] | Subsidiaries [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Minimum value covenant | 135.00% | ||||
Quintana Vessels [Member] | Quintana Shipping Ltd [Domain] | |||||
Debt Instrument [Line Items] | |||||
Prepayment of debt installments | $ 17,400,000 | $ 23,200,000 | |||
Term Loan Facilities of $102.7 Million, $73.4 Million & $80.2 Million [Member] | |||||
Debt Instrument [Line Items] | |||||
Cash sweep mechanism, deferred repayment amount | $ 40,600,000 |
DEBT - US Dollar Denominated Fi
DEBT - US Dollar Denominated Fixed Rate Debt Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 29, 2016 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | |||||||
Long term debt | $ 1,244,459 | $ 1,349,042 | $ 1,244,459 | $ 1,058,418 | |||
Convertible bond loss on extinguishment | $ 600 | 556 | 300 | ||||
Amortization of purchase price adjustment | $ 10,019 | $ 10,360 | |||||
Convertible Debt [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Stated interest rate | 3.07% | 3.07% | |||||
Principal amount | $ 200,000 | $ 200,000 | |||||
Payment terms | 5 years | ||||||
Convertible conversion price (in dollars per share) | $ 88.15 | $ 83.52 | $ 88.15 | $ 83.52 | |||
Long-term Debt assumed upon the Merger | $ 161,200 | ||||||
Convertible Bond Fair Value Price Upon Merger | 80.60% | ||||||
Purchase price adjustment | $ 38,800 | ||||||
Redemption price | 97.96% | ||||||
Long term debt | $ 31,800 | ||||||
Shares issued (in shares) | 2,394,636 | 2,268,860 | |||||
Debt repurchase | $ 9,400 | $ 22,400 | $ 9,400 | ||||
Convertible bond loss on extinguishment | 556 | 300 | |||||
Amortization of purchase price adjustment | $ 10,019 | $ 10,360 | $ 9,500 |
DEBT - Deferred Charges Additio
DEBT - Deferred Charges Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Deferred charges | $ 3.6 | $ 3.9 |
DEBT - Summary of Debt Maturiti
DEBT - Summary of Debt Maturities (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
2019 | $ 472,582 |
2020 | 379,677 |
2021 | 390,269 |
2022 | 27,576 |
2023 | 8,136 |
Thereafter | 75,255 |
Total | 1,353,495 |
Purchase price adjustment of Convertible bond, and deferred charges | (4,453) |
Long-term Debt | $ 1,349,042 |
DEBT - Current portion of long-
DEBT - Current portion of long-term debt (Details) | 1 Months Ended | 12 Months Ended | |
May 31, 2018USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | |||
Current portion of long-term debt | $ 471,764,000 | $ 109,671,000 | |
Number of vessels financed | vessel | 7 | ||
Total current assets less total current liabilities | $ 80,300,000 | ||
Debt repayment during the first quarter of 2020 | 41,300,000 | ||
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Current portion of long-term debt | 167,382,000 | ||
Term Loan Facility of $284 Million [Member] | |||
Debt Instrument [Line Items] | |||
Current portion of long-term debt | 168,300,000 | ||
Principal amount | $ 284,000,000 | ||
Number of vessels financed | vessel | 19 | ||
Term Loan Facility of $120.0 Million [Member] | |||
Debt Instrument [Line Items] | |||
Principal amount | $ 120,000,000 | $ 120,000,000 | |
Number of vessels financed | vessel | 10 | ||
Quintana Shipping Ltd [Domain] | |||
Debt Instrument [Line Items] | |||
Current portion of long-term debt | 76,100,000 | ||
Unsecured Debt [Member] | |||
Debt Instrument [Line Items] | |||
Current portion of long-term debt | $ 60,000,000 |
DEBT - Assets Pledged and Weigh
DEBT - Assets Pledged and Weighted Average Interest Rate Additional Information (Details) $ in Thousands | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Mar. 31, 2014 |
Debt Instrument [Line Items] | |||
Number of vessels serving as security | vessel | 67 | 59 | |
Vessels and equipment, net | $ 2,406,456 | $ 2,215,003 | |
Weighted average interest rate | 2.43% | 2.69% | |
Convertible Debt [Member] | |||
Debt Instrument [Line Items] | |||
Stated interest rate | 3.07% | 3.07% | |
Collateral Pledged [Member] | |||
Debt Instrument [Line Items] | |||
Vessels and equipment, net | $ 2,404,500 | $ 2,130,000 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Voyage expenses | $ 10,223 | $ 7,388 |
Ship operating expenses | 7,546 | 6,937 |
Administrative expenses | 1,200 | 1,510 |
Tax expenses | 76 | 9 |
Interest expenses | 7,598 | 8,460 |
Accrued expenses | $ 26,643 | $ 24,304 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Liabilities Disclosure [Abstract] | ||||
Deferred charter revenue | $ 20,011 | $ 21,704 | ||
Deferred gain on sale and leaseback | 258 | 258 | ||
Unfavorable charter party-in contracts | 672 | 672 | $ 672 | |
Payroll and Employee Tax accruals | 548 | 488 | ||
Other current liabilities | 6,909 | 8,967 | ||
Total other current liabilities | $ 28,398 | $ 36,757 | $ 32,089 |
DERIVATIVE INSTRUMENTS PAYABL_3
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | $ 9,449 | $ 3,748 | |
Liability Derivatives - Fair Value | 1,294 | 2,293 | |
Interest expense | (75,108) | (59,840) | $ (45,511) |
Realized gain (loss) | 6,700 | 1,851 | 3,363 |
Gain (loss) on derivatives | 11,165 | 145 | (675) |
Interest Rate Swap [Member] | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 5,424 | 2,864 | |
Liability Derivatives - Fair Value | 0 | 1,914 | |
Interest expense | (1,089) | (1,705) | (1,807) |
Unrealized fair value gain (loss) | 4,474 | 1,225 | (38) |
Currency Swap [Member] | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 0 | 83 | |
Liability Derivatives - Fair Value | 536 | 66 | |
Unrealized fair value gain (loss) | (59) | 25 | (27) |
Realized gain (loss) | (494) | 204 | (3) |
Bunker derivatives [Member] | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 433 | 801 | |
Liability Derivatives - Fair Value | 758 | 313 | |
Unrealized fair value gain (loss) | (708) | 291 | 2,676 |
Realized gain (loss) | 1,584 | 622 | (1,518) |
Forward Freight Agreements [Member] | |||
Derivative [Line Items] | |||
Asset Derivatives - Fair Value | 3,592 | 0 | 0 |
Realized gain (loss) | $ 1,687 | $ (517) | $ 42 |
OTHER LONG TERM LIABILITIES (De
OTHER LONG TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Disclosure [Abstract] | ||
Deferred gain on sale and leaseback | $ 2,227 | $ 2,485 |
Other long term liabilities | 5,051 | 5,574 |
Total other long term liabilities | $ 7,278 | $ 8,059 |
SHARE CAPITAL - Summary of Auth
SHARE CAPITAL - Summary of Authorized Capital (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Equity [Abstract] | ||
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock, shares, authorized (in shares) | 200,000,000 | 150,000,000 |
Common Stock, value, authorized | $ 10,000,000 | $ 7,500,000 |
SHARE CAPITAL - Additional Info
SHARE CAPITAL - Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2017USD ($)$ / sharesshares | Oct. 31, 2017USD ($)shares | Mar. 31, 2017USD ($)vesselshares | Feb. 29, 2016shares | Dec. 31, 2018USD ($)vessel$ / sharesshares | Dec. 31, 2017USD ($)vessel$ / sharesshares | Dec. 31, 2016shares | Dec. 31, 2015shares | |
Class of Stock [Line Items] | ||||||||
Common Stock, value, authorized | $ | $ 7,500,000 | $ 10,000,000 | $ 7,500,000 | |||||
Common stock, shares, authorized (in shares) | 150,000,000 | 200,000,000 | 150,000,000 | |||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | |||||
Number of vessels acquired | vessel | 16 | 16 | ||||||
Shares issued (in shares) | 68,700,000 | 0 | 16,372,505 | |||||
Entity Common Stock, Shares Outstanding | 144,272,697 | |||||||
Share capital, shares outstanding (in shares) | 142,197,697 | 144,272,697 | 142,197,697 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued (in shares) | 2,075,000 | 36,232,505 | 71,430,612 | |||||
Share capital, shares outstanding (in shares) | 142,197,697 | 144,272,697 | 142,197,697 | 105,965,192 | 34,535,128 | |||
Common Stock [Member] | Equity Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of shares | $ | $ 66,000,000 | $ 60,000,000 | ||||||
Common Stock [Member] | Private Placement [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued (in shares) | 7,764,705 | 8,607,800 | ||||||
2016 Share Option Scheme [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for Equity Incentive Plan (in shares) | 60,000 | 75,000 | 60,000 | |||||
Proceeds from issuance of shares | $ | $ 300,000 | $ 300,000 | ||||||
Hemen Holdings Ltd [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of vessels acquired | vessel | 1 | 3 | ||||||
Shares issued for consideration (in shares) | 2,000,000 | 5,300,000 | ||||||
Quintana Vessels [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of vessels acquired | vessel | 14 | |||||||
Quintana Shipping Ltd [Domain] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of vessels acquired | vessel | 14 | |||||||
Shares issued for consideration (in shares) | 0 | 14,500,000 | ||||||
Quintana Shipping Ltd [Domain] | Quintana Vessels [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of vessels acquired | vessel | 14 | 14 |
SHARE CAPITAL - Summary of Shar
SHARE CAPITAL - Summary of Share Capital (Details) - shares | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Feb. 29, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Increase (Decrease) In Share Capital [Roll Forward] | |||||
Balance at beginning of year (in shares) | 142,197,697 | ||||
Shares issued (in shares) | 68,700,000 | 0 | 16,372,505 | ||
Balance at end of year (in shares) | 142,197,697 | 144,272,697 | 142,197,697 | ||
2016 Share Option Scheme [Member] | |||||
Increase (Decrease) In Share Capital [Roll Forward] | |||||
Shares issued for Equity Incentive Plan (in shares) | 60,000 | 75,000 | 60,000 | ||
Quintana Shipping Ltd [Domain] | |||||
Increase (Decrease) In Share Capital [Roll Forward] | |||||
Consideration shares issued (in shares) | 0 | 14,500,000 | |||
Hemen Holdings Ltd [Member] | |||||
Increase (Decrease) In Share Capital [Roll Forward] | |||||
Consideration shares issued (in shares) | 2,000,000 | 5,300,000 | |||
Common Stock [Member] | |||||
Increase (Decrease) In Share Capital [Roll Forward] | |||||
Balance at beginning of year (in shares) | 142,197,697 | 105,965,192 | 34,535,128 | ||
Shares issued (in shares) | 2,075,000 | 36,232,505 | 71,430,612 | ||
Balance at end of year (in shares) | 142,197,697 | 144,272,697 | 142,197,697 | 105,965,192 |
SHARE OPTIONS - Additional Info
SHARE OPTIONS - Additional Information (Details) - USD ($) | Nov. 10, 2016 | Dec. 31, 2017 | Nov. 30, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 28, 2019 | Dec. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected volatility | 71.00% | ||||||
Expected dividends | $ 0 | ||||||
Risk-free rate | 1.55% | ||||||
Expected term of share options | 5 years | ||||||
Share based compensation cost | $ 500,000 | $ 600,000 | |||||
Compensation costs not yet recognized | $ 1,100,000 | $ 500,000 | $ 1,100,000 | ||||
Options Outstanding and Unvested, Weighted average exercise price (in dollars per share) | $ 4.20 | $ 3.75 | $ 4.20 | $ 4.20 | |||
Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options Outstanding and Unvested, Weighted average exercise price (in dollars per share) | $ 3.70 | ||||||
2016 Share Option Scheme [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares issued for Equity Incentive Plan (in shares) | 60,000 | 75,000 | 60,000 | ||||
2016 Share Option Scheme [Member] | Share options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Term of scheme | 10 years | ||||||
Term of share options | 5 years | ||||||
Vesting period | 3 years | ||||||
2016 Share Option Scheme [Member] | Share options | Vesting on first anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate | 33.33% | ||||||
2016 Share Option Scheme [Member] | Share options | Vesting on second anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate | 33.33% | ||||||
2016 Share Option Scheme [Member] | Share options | Vesting on third anniversary | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting rate | 33.33% | ||||||
Share options | Senior management | 2016 Share Option Scheme [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of share options approved for issuance to senior management (in shares) | 700,000 | ||||||
Exercise price (in dollars per share) | $ 4.20 |
SHARE OPTIONS - Summary of Numb
SHARE OPTIONS - Summary of Number of Share Options Outstanding (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Options | ||
Options outstanding at beginning of period (in shares) | 466,667 | 700,000 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 75,000 | 60,000 |
Exercisable (in shares) | 158,334 | 173,333 |
Forfeited (in shares) | 20,000 | 0 |
Options outstanding at end of period (in shares) | 213,333 | 466,667 |
Weighted Average Exercise Price | ||
Options outstanding at beginning of period (in dollars per share) | $ 4.20 | $ 4.20 |
Exercised (in dollars per share) | 4.02 | 4.20 |
Exercisable (in dollars per share) | 3.75 | 4.20 |
Forfeited (in dollars per share) | 3.75 | 0 |
Options outstanding at end of period (in dollars per share) | 3.75 | 4.20 |
Weighted Average Grant date Fair Value | ||
Outstanding at beginning of period (in dollars per share) | 2.47 | 2.47 |
Exercised (in dollars per share) | 2.47 | 2.47 |
Exercisable (in dollars per share) | 2.47 | 2.47 |
Forfeited (in dollars per share) | 2.47 | 0 |
Outstanding at end of period (in dollars per share) | $ 2.47 | $ 2.47 |
Management [Member] | ||
Number of Options | ||
Options outstanding at beginning of period (in shares) | 466,667 | 700,000 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 75,000 | 60,000 |
Exercisable (in shares) | 158,334 | 173,333 |
Forfeited (in shares) | 20,000 | 0 |
Options outstanding at end of period (in shares) | 213,333 | 466,667 |
SHARE OPTIONS - Summary of Shar
SHARE OPTIONS - Summary of Share Option Outstanding (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Options Outstanding and Unvested, Weighted average exercise price (in dollars per share) | $ 3.75 | $ 4.20 | $ 4.20 |
Options Outstanding and Unvested, Number of options (in shares) | 213,333 | 466,667 | 700,000 |
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life | 10 months 10 days | 1 year 10 months 10 days | |
Options Outstanding and Exercisable, Number of options (in shares) | 158,334 | 173,333 | |
Options Outstanding and Exercisable, Weighted average exercise price (in dollars per share) | $ 3.75 | $ 4.20 | |
Options Outstanding and Exercisable, Weighted Average Remaining Contractual Life | 10 months 10 days | 1 year 10 months 10 days |
RELATED PARTY TRANSACTIONS - Sh
RELATED PARTY TRANSACTIONS - Ship Finance Additional Information (Details) - Ship Finance International Ltd [Member] | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Apr. 30, 2015USD ($)vessel | Sep. 30, 2016USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)vessel | Sep. 30, 2015USD ($) | |
Related Party Transaction [Line Items] | ||||||
Profit share percentage | 33.00% | |||||
Base rate | 0.40% | |||||
Variable interest rate level | 0.10% | |||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of vessels sold and leased back | vessel | 8 | 8 | ||||
Historical cost | $ 272,000,000 | |||||
Charter contract term | 10 years | 10 years | ||||
Daily time charter rate, period 1 | $ 17,600 | $ 17,600 | ||||
Contractual charter term, period 1 | 7 years | 7 years | ||||
Daily time charter rate, period 2 | $ 14,900 | $ 14,900 | ||||
Contractual charter term, period 2 | 3 years | 6 years | ||||
Daily operating expense rate | $ 7,000 | |||||
Adjusted daily time charter rate, period 1 | 50 | |||||
Adjusted daily time charter rate, period 2 | 25 | |||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | ||||
Charter term extension | 3 years | 3 years | ||||
Daily time charter rate extension | $ 14,900 | |||||
Dry Bulk Carriers [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of Vessels Under Commercial Management | vessel | 14 | 14 | ||||
Commercial management fee revenue per day for first seven dry bulk vessels | $ 125 | |||||
Number of vessels for which management fee is $125 dollars per day | vessel | 7 | 7 | 7 | |||
Commercial management fee revenue, rate 2 | $ 75 | |||||
Number of vessels for which management fee is $75 dollars per day | vessel | 7 | |||||
Commercial management fee revenue per day for managing vessels | $ 125 | $ 125 | ||||
Container Carriers [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Number of Vessels Under Commercial Management | vessel | 14 | 8 | 9 | |||
Commercial management fee revenue per day for managing vessels | $ 75 | $ 75 | $ 75 |
RELATED PARTY TRANSACTIONS - Se
RELATED PARTY TRANSACTIONS - Seatankers, Capesize Chartering, and United Freight Carriers Additional Information (Details) | 12 Months Ended | ||
Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($) | |
Capesize Chartering Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Number Of vessels participate in revenue sharing agreement | 22 | ||
Dry Bulk Carriers [Member] | Seatankers Management Co, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Number of Vessels Under Commercial Management | 14 | 20 | |
Commercial management fee revenue per day for managing vessels | $ | $ 125 | $ 125 | $ 125 |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management Agreements Additional Information (Details) | 12 Months Ended | |
Dec. 31, 2018vessel$ / vessel | Dec. 31, 2017vessel$ / vessel | |
Frontline Management (Bermuda) Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Management Fee to be Paid Per Annum | $ / vessel | 30,336 | 30,555 |
Seateam Management Pte Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Number of Vessels Under Ship Management | vessel | 21 | 20 |
Seateam Management Pte Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 22.20% |
RELATED PARTY TRANSACTIONS - Ac
RELATED PARTY TRANSACTIONS - Acquisition of vessels from affiliates of Hemen Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2018USD ($)shares | Nov. 30, 2017USD ($)vesselshares | Oct. 31, 2017USD ($)vesselshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)vesselshares | Dec. 31, 2018USD ($)vesselshares | Dec. 31, 2017USD ($)vesselshares | |
Related Party Transaction [Line Items] | |||||||
Number of vessels acquired | 16 | 16 | |||||
Consideration shares issued (in shares) | shares | 17,800,000 | 17,800,000 | |||||
Hemen Holdings Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels acquired | 1 | 3 | |||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 5,300,000 | |||||
Capesize Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels acquired | 2 | 2 | |||||
Consideration | $ | $ 86 | $ 86 | |||||
Seller's credit, percentage of price | 50.00% | 50.00% | |||||
Consideration, cash portion | $ | $ 9 | $ 9 | |||||
Consideration shares issued (in shares) | shares | 4,000,000 | 4,000,000 | |||||
Consideration shares issued per vessel (in shares) | shares | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Number of vessels delivered | 1 | ||||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Seller's credit loan per vessel | $ | $ 21.5 | $ 21.5 | $ 21.5 | $ 43 | |||
Panamax Vessels [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels acquired | 8 | ||||||
Panamax Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Number of vessels acquired | 2 | 2 | |||||
Consideration shares issued (in shares) | shares | 3,300,000 | 3,300,000 | 3,300,000 | ||||
Number of vessels delivered | 2 | ||||||
Seller's credit loan per vessel | $ | $ 22.5 | $ 22.5 | $ 22.5 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Seller's Credits From Affiliates of Hemen Additional Information (Details) | 1 Months Ended | 12 Months Ended | ||||||
May 31, 2018USD ($) | Jan. 31, 2018USD ($) | Nov. 30, 2017USD ($) | Oct. 31, 2017USD ($)vessel | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($)vessel | Dec. 31, 2018USD ($)vessel | Dec. 31, 2017USD ($)vessel | |
Related Party Transaction [Line Items] | ||||||||
Number of vessels acquired | vessel | 16 | 16 | ||||||
Hemen Holdings Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels acquired | vessel | 1 | 3 | ||||||
Panamax Vessels [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels acquired | vessel | 8 | |||||||
Panamax Vessels [Member] | Hemen Holdings Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels acquired | vessel | 2 | 2 | ||||||
Seller's credit loan per vessel | $ 22,500,000 | $ 22,500,000 | $ 22,500,000 | |||||
Capesize Vessels [Member] | Hemen Holdings Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Number of vessels acquired | vessel | 2 | 2 | ||||||
Seller's credit, percentage of price | 50.00% | 50.00% | ||||||
Seller's credit loan per vessel | $ 21,500,000 | $ 21,500,000 | $ 21,500,000 | $ 43,000,000 | ||||
Seller's Credit [Member] | Hemen Holdings Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Long-term debt | $ 22,500,000 | |||||||
Debt term | 3 years | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Seller's Credit [Member] | Hemen Holdings Ltd [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Variable interest rate | 3.00% | 3.00% | ||||||
Other Debt Obligations [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Principal amount | $ 65,500,000 | |||||||
Term Loan Facility of $120.0 Million [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Long-term debt | 115,932,000 | $ 0 | ||||||
Variable interest rate | 2.25% | |||||||
Principal amount | $ 120,000,000 | $ 120,000,000 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of Long-Term Balances Owed to Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Long-term related party debt | $ 0 | $ 44,000 |
Hemen Holdings Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Long-term related party debt | $ 0 | $ 44,000 |
RELATED PARTY TRANSACTIONS - _3
RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged By Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | $ 50,679 | $ 46,963 | $ 40,151 |
Frontline Management (Bermuda) Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 3,687 | 4,210 | 6,521 |
Ship Finance International Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 29,484 | 27,977 | 25,564 |
Seateam Management Pte Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 3,783 | 3,103 | 2,638 |
Seatankers Management Co, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 12,325 | 9,696 | 4,216 |
Golden Opus Inc. [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 0 | 1,286 | 1,114 |
Capesize Chartering Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | 62 | 57 | 98 |
Hemen Holdings Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged by related party | $ 1,338 | $ 634 | $ 0 |
RELATED PARTY TRANSACTIONS - _4
RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged To Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | $ 4,059 | $ 5,039 | $ 2,847 |
Ship Finance International Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | 793 | 738 | 795 |
Seatankers Management Co, Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | 681 | 933 | 957 |
United Freight Carriers [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | 0 | 0 | 150 |
Northern Drilling Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | 28 | 0 | 0 |
Capesize Chartering Ltd [Member] | |||
Related Party Transaction [Line Items] | |||
Net amounts charged to related party | $ 2,557 | $ 3,368 | $ 945 |
RELATED PARTY TRANSACTIONS - _5
RELATED PARTY TRANSACTIONS - Summary of Balances Due from Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 3,990 | $ 1,990 |
Capesize Chartering Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 6 | 0 |
Frontline Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 3,192 | 1,095 |
United Freight Carriers [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 163 | 0 |
Ship Finance International Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 91 | 60 |
Seatankers Management Co, Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 538 | 825 |
Golden Opus Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | $ 0 | $ 10 |
RELATED PARTY TRANSACTIONS - _6
RELATED PARTY TRANSACTIONS - Summary of Short-Term Balance Due to Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related Party Transaction [Line Items] | ||
Short-term balances due to related party | $ 0 | $ 2,730 |
Capesize Chartering Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related party | 0 | 879 |
Frontline Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related party | 0 | 1,822 |
Seatankers Management Co, Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related party | 0 | 0 |
Golden Opus Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Short-term balances due to related party | $ 0 | $ 29 |
RELATED PARTY TRANSACTIONS - Ad
RELATED PARTY TRANSACTIONS - Additional Information (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Feb. 29, 2016USD ($)$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016shares | Feb. 29, 2016kr / shares | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | |
Related Party Transaction [Line Items] | |||||||
Shares issued (in shares) | 68,700,000 | 0 | 16,372,505 | ||||
Convertible Debt [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Antidilutive securities excluded from EPS (in shares) | 2,345,216 | 2,264,173 | 2,268,860 | ||||
Convertible Debt [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Principal amount | $ | $ 200 | $ 200 | |||||
Convertible conversion price (in dollars per share) | $ / shares | $ 83.52 | $ 83.52 | $ 88.15 | ||||
Hemen Holdings Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Shares issued for consideration (in shares) | 2,000,000 | 5,300,000 | |||||
Hemen Holdings Ltd [Member] | Convertible Debt [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Antidilutive securities excluded from EPS (in shares) | 1,489,463 | ||||||
Hemen Holdings Ltd [Member] | Convertible Debt [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Principal amount | $ | $ 124.4 | ||||||
Hemen Holdings Ltd [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Shares issued (in shares) | 31,600,000 | ||||||
Share price ( in NOK per share) | kr / shares | kr 25 |
FINANCIAL ASSETS AND LIABILIT_3
FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Interest Rate Swap [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000 | $ 500,000 |
Interest Rate Swap 1 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.22% | |
Interest Rate Swap 2 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.93% | |
Interest Rate Swap 3 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 100,000 | |
Fixed Interest Rate | 2.512% | |
Interest Rate Swap 4 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.215% | |
Interest Rate Swap 5 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.919% | |
Interest Rate Swap 6 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 2.405% | |
Interest Rate Swap 7 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 2.5752% | |
Interest Rate Swap 8 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.898% | |
Interest Rate Swap 9 [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 50,000 | |
Fixed Interest Rate | 1.8625% | |
Total [Member] | ||
Derivative [Line Items] | ||
Notional amount | $ 500,000 |
FINANCIAL ASSETS AND LIABILIT_4
FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) | 12 Months Ended |
Dec. 31, 2018vessel$ / d | |
Derivative [Line Items] | |
Number of owned vessels | vessel | 67 |
Capesize, Forward Freight Agreements, Maturing in 2019 [Member] | |
Derivative [Line Items] | |
Aggregate maturity period | 720 days |
Average rate | 20,098 |
Number of owned vessels | vessel | 4 |
Average ceiling | 29,250 |
Average floor | 14,125 |
Capesize, Forward Freight Agreements, Maturing in 2020 [Member] | |
Derivative [Line Items] | |
Number of owned vessels | vessel | 2 |
Average ceiling | 30,500 |
Average floor | 15,250 |
Panamax Vessels [Member] | Capesize, Forward Freight Agreements, Maturing in 2019 [Member] | |
Derivative [Line Items] | |
Aggregate maturity period | 220 days |
Average rate | 11,899 |
FINANCIAL ASSETS AND LIABILIT_5
FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) - t | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Bunker derivatives [Member] | ||
Derivative [Line Items] | ||
Outstanding amount | 14,000 | 36,000 |
FINANCIAL ASSETS AND LIABILIT_6
FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) - Currency Swap [Member] - USD ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
NOK | ||
Derivative [Line Items] | ||
Notional amount | $ 5.1 | $ 7 |
EUR | ||
Derivative [Line Items] | ||
Notional amount | $ 23.9 |
FINANCIAL ASSETS AND LIABILIT_7
FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Cash and cash equivalents | $ 305,352 | $ 309,029 |
Restricted cash | 67,252 | 62,955 |
Marketable securities | 12,033 | 16,300 |
Derivative assets | 9,449 | 3,748 |
Liabilities | ||
Derivative liabilities | 1,294 | 2,293 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 305,352 | 309,029 |
Restricted cash | 67,252 | 62,955 |
Marketable securities | 12,033 | 16,300 |
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Derivative assets | 9,449 | 3,748 |
Liabilities | ||
Derivative liabilities | 1,294 | 2,293 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Marketable securities | 0 | 0 |
Derivative assets | 0 | 0 |
Liabilities | ||
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 1,185,294 | 1,069,538 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 1,185,294 | 1,069,538 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 167,359 | 185,835 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 167,359 | 185,835 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 44,000 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 44,000 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | 0 | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 305,352 | 309,029 |
Restricted cash | 67,252 | 62,955 |
Marketable securities | 12,033 | 16,300 |
Derivative assets | 9,449 | 3,748 |
Liabilities | ||
Derivative liabilities | 1,294 | 2,293 |
Estimate of Fair Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 167,359 | 0 |
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 1,185,294 | 1,069,538 |
Estimate of Fair Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 0 | 185,835 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 0 | 44,000 |
Reported Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 305,352 | 309,029 |
Restricted cash | 67,252 | 62,955 |
Marketable securities | 12,033 | 16,300 |
Derivative assets | 9,449 | 3,748 |
Liabilities | ||
Derivative liabilities | 1,294 | 2,293 |
Reported Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 167,382 | 0 |
Reported Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 1,185,294 | 1,069,538 |
Reported Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 0 | 178,856 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | $ 0 | $ 44,000 |
FINANCIAL ASSETS AND LIABILIT_8
FINANCIAL ASSETS AND LIABILITIES - Assets Measured at Fair Value on a Nonrecurring Basis (Details) | 3 Months Ended |
Sep. 30, 2017vessel | |
Supramax Vessels [Member] | |
Derivative [Line Items] | |
Number of vessels classified as held for sale | 6 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2015USD ($) | Sep. 30, 2016USD ($) | Dec. 31, 2008 | Dec. 31, 2018USD ($)vessel | Sep. 30, 2015USD ($)vessel | |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Charter term, total | 10 years | ||||
Number of vessels under capital lease | vessel | 1 | 8 | |||
Committed To Install Scrubbers | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Number of vessels at year end | vessel | 20 | ||||
Remaining financial commitment | $ | $ 28,500,000 | ||||
Commitment To Install Ballast Water Treatment System | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Number of vessels at year end | vessel | 10 | ||||
Remaining financial commitment | $ | $ 3,410,500 | ||||
Ship Finance International Ltd [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Purchase option net of sellers credit | $ | $ 112,000,000 | $ 112,000,000 | |||
Charter contract term | 10 years | 10 years | |||
Charter term extension | 3 years | 3 years | |||
Daily time charter rate, period 2 | $ | $ 14,900 | $ 14,900 | |||
Golden Eclipse [Member] | |||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||
Number of vessels acquired upon the merger | vessel | 1 | ||||
Charter term, total | 10 years |
SUPPLEMENTAL INFORMATION - Addi
SUPPLEMENTAL INFORMATION - Additional Information (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2018USD ($)shares | Nov. 30, 2017USD ($)vesselshares | Oct. 31, 2017USD ($)vesselshares | Jun. 30, 2017USD ($)shares | Mar. 31, 2017USD ($)vesselshares | Dec. 31, 2018USD ($)vesselshares | Dec. 31, 2017USD ($)vesselshares | |
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 16 | 16 | |||||
Consideration shares issued (in shares) | shares | 17,800,000 | 17,800,000 | |||||
Debt assumed | $ | $ 285.2 | $ 285.2 | |||||
Hemen Holdings Ltd [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 1 | 3 | |||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 5,300,000 | |||||
Capesize Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 2 | 2 | |||||
Consideration | $ | $ 86 | $ 86 | |||||
Seller's credit, percentage of price | 50.00% | 50.00% | |||||
Consideration, cash portion | $ | $ 9 | $ 9 | |||||
Consideration shares issued (in shares) | shares | 4,000,000 | 4,000,000 | |||||
Consideration shares issued per vessel (in shares) | shares | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Number of vessels delivered | 1 | ||||||
Shares issued for consideration (in shares) | shares | 2,000,000 | 2,000,000 | 2,000,000 | ||||
Seller's credit loan per vessel | $ | $ 21.5 | $ 21.5 | $ 21.5 | $ 43 | |||
Cash payment for vessel purchase | $ | $ 4.5 | $ 4.5 | $ 4.5 | ||||
Debt assumed | $ | $ 43 | ||||||
Quintana Vessels [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 14 | ||||||
Panamax Vessels [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 8 | ||||||
Panamax Vessels [Member] | Hemen Holdings Ltd [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 2 | 2 | |||||
Consideration shares issued (in shares) | shares | 3,300,000 | 3,300,000 | 3,300,000 | ||||
Number of vessels delivered | 2 | ||||||
Seller's credit loan per vessel | $ | $ 22.5 | $ 22.5 | $ 22.5 | ||||
Quintana Shipping Ltd [Domain] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 14 | ||||||
Shares issued for consideration (in shares) | shares | 0 | 14,500,000 | |||||
Quintana Shipping Ltd [Domain] | Capesize Vessels [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 5 | ||||||
Quintana Shipping Ltd [Domain] | Quintana Vessels [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of vessels acquired | 14 | 14 | |||||
Consideration shares issued (in shares) | shares | 14,500,000 | 14,500,000 | |||||
Debt assumed | $ | $ 262.7 | $ 262.7 |
SUBSEQUENT EVENTS - Additional
SUBSEQUENT EVENTS - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2019USD ($)vessel$ / sharesshares | Jun. 30, 2014USD ($)vessel | Dec. 31, 2018USD ($)vesselshares | Dec. 31, 2017vessel | Jan. 31, 2019shares | |
Subsequent Event [Line Items] | |||||
Treasury shares acquired (in shares) | shares | 445,000 | ||||
Number of vessels financed | vessel | 7 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Treasury shares acquired (in shares) | shares | 125,000 | ||||
Treasury shares held | shares | 570,000 | ||||
Cash dividends | $ / shares | $ 0.05 | ||||
Term Loan Facility of $420 Million [Member] | |||||
Subsequent Event [Line Items] | |||||
Principal amount | $ | $ 420,000,000 | $ 420,000,000 | |||
Number of vessels financed | vessel | 14 | 14 | 14 | ||
Variable interest rate | 2.50% | ||||
Term Loan Facility of $420 Million [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of vessels financed | vessel | 11 | ||||
Debt refinance extension term | 3 years | ||||
Variable interest rate | 2.50% | ||||
Scrubber installation finance cost | $ | $ 3,000,000 | ||||
Scrubber installation repayment period | 3 years |