Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Entity Information [Line Items] | |
Entity Registrant Name | Golden Ocean Group Ltd |
Entity Central Index Key | 1,029,145 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2015 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 172,675,637 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating revenues | |||
Time charter revenues | $ 85,960,000 | $ 22,656,000 | $ 27,677,000 |
Voyage charter revenues | 102,972,000 | 53,706,000 | 9,869,000 |
Other operating income | 1,306,000 | 20,353,000 | 0 |
Total operating revenues | 190,238,000 | 96,715,000 | 37,546,000 |
Loss on sale of assets and amortization of deferred gains | (10,788,000) | 0 | 0 |
Operating expenses | |||
Voyage expenses and commission | 78,099,000 | 33,955,000 | 6,809,000 |
Ship operating expenses | 83,022,000 | 18,676,000 | 7,897,000 |
Charter hire expenses | 30,719,000 | 0 | 0 |
Administrative expenses | 12,469,000 | 5,037,000 | 4,937,000 |
Provision for uncollectible receivables | 4,729,000 | 0 | 0 |
Provision for uncollectible receivables | 152,597,000 | 0 | 0 |
Depreciation | 52,728,000 | 19,561,000 | 11,079,000 |
Total operating expenses | 414,363,000 | 77,229,000 | 30,722,000 |
Net operating income (loss) | (234,913,000) | 19,486,000 | 6,824,000 |
Other income (expenses) | |||
Interest income | 849,000 | 29,000 | 41,000 |
Interest expense | (28,270,000) | (2,525,000) | (2,827,000) |
Equity Method Investment, Income (Loss) & Other than Temporary Impairment | (5,033,000) | 0 | 0 |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 23,323,000 | 0 | 0 |
Loss on derivatives | (6,939,000) | 0 | 0 |
Bargain purchase gain arising on consolidation | 78,876,000 | 0 | 0 |
Other financial items | (1,897,000) | (737,000) | (508,000) |
Net other income (expenses) | 14,263,000 | (3,233,000) | (3,294,000) |
Net (loss) income before income taxes | (220,650,000) | 16,253,000 | 3,530,000 |
Income tax expense | (189,000) | 0 | 0 |
Net (loss) income from continuing operations | (220,839,000) | 16,253,000 | 3,530,000 |
Net loss from discontinued operations | 0 | (258,000) | (7,433,000) |
Net (loss) income from continuing operations | $ (220,839,000) | $ 15,995,000 | $ (3,903,000) |
Per share information: | |||
(Loss) earnings per share from continuing operations: basic and diluted (in dollars per share) | $ (1.46) | $ 0.31 | $ 0.14 |
Loss per share from discontinued operations: basic and diluted (in dollars per share) | 0 | 0 | (0.29) |
(Loss) earnings per share: basic and diluted (in dollars per share) | (1.46) | 0.30 | (0.15) |
Cash distributions per share declared (in dollars per share) | $ 0 | $ 0.63 | $ 0.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | $ 102,617 | $ 42,221 |
Restricted cash | 351 | 0 |
Marketable securities | 14,615 | 0 |
Trade accounts receivable, net | 9,631 | 2,770 |
Other receivables | 14,992 | 3,430 |
Related party receivables | 8,451 | 449 |
Derivative instruments receivable | 1,641 | 0 |
Inventories | 15,156 | 13,243 |
Prepaid expenses and accrued income | 5,687 | 844 |
Voyages in progress | 1,690 | 1,322 |
Favorable charter party contracts | 28,829 | 0 |
Total current assets | 203,660 | 64,279 |
Restricted cash | 48,521 | 18,923 |
Vessels and equipment, net | 1,488,205 | 852,665 |
Vessels under capital leases, net | 8,354 | 0 |
Newbuildings | 338,614 | 323,340 |
Favorable charter party contracts | 74,547 | 0 |
Deferred charges | 5,797 | 3,533 |
Investments in associated companies | 6,225 | 0 |
Other long term assets | 4,744 | 0 |
Total assets | 2,178,667 | 1,262,740 |
Current liabilities | ||
Current portion of long-term debt | 20,380 | 19,812 |
Current portion of obligations under capital leases | 15,749 | 0 |
Derivative instruments payable | 5,400 | 0 |
Related party payables | 4,101 | 2,555 |
Trade accounts payables | 2,533 | 4,937 |
Accrued expenses | 17,878 | 4,190 |
Other current liabilities | 13,993 | 3,285 |
Total current liabilities | 80,034 | 34,779 |
Long-term liabilities | ||
Long-term debt | 913,913 | 343,688 |
Obligations under capital leases | 17,531 | 0 |
Other long term liabilities | 8,540 | 0 |
Total liabilities | $ 1,020,018 | $ 378,467 |
Commitments and contingencies | ||
Equity | ||
Share capital (172,675,637 shares. 2014: 80,121,550 shares. All shares are issued and outstanding at par value $0.01.) | $ 1,727 | $ 801 |
Additional paid in capital | 0 | 772,863 |
Contributed capital surplus | 1,378,766 | 111,614 |
Retained deficit | (221,844) | (1,005) |
Total equity | 1,158,649 | 884,273 |
Total liabilities and equity | $ 2,178,667 | $ 1,262,740 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | May. 31, 2014 |
Equity | |||||
Share capital, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |
Share capital, shares outstanding (in shares) | 172,675,637 | 111,231,678 | 80,121,550 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Net (loss) income | $ (220,839,000) | $ 16,253,000 | $ 3,530,000 |
Net loss from discontinued operations | 0 | (258,000) | (7,433,000) |
Net (loss) income from continuing operations | (220,839,000) | 15,995,000 | (3,903,000) |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Depreciation | 52,728,000 | 19,561,000 | 11,079,000 |
Amortization of deferred charges | 1,562,000 | 685,000 | 558,000 |
Loss on sale of assets and amortization of deferred gains | 10,788,000 | 0 | 0 |
Impairment loss on vessels | (152,597,000) | 0 | 0 |
Restricted stock unit expense | (10,000) | 242,000 | 919,000 |
Bargain purchase gain arising on consolidation | (78,876,000) | 0 | 0 |
Equity results of associated companies | 433,000 | 0 | 0 |
Impairment of associated companies | 4,600,000 | 0 | 0 |
Amortization of favorable charter party contracts | 23,714,000 | 0 | 0 |
Amortization of unfavorable charter party contracts | (1,399,000) | 0 | 0 |
Amortization of other fair value adjustments, net, arising on the Merger | 6,479,000 | 0 | 0 |
Mark to market loss on derivatives | 2,429,000 | 0 | 0 |
Provision for onerous contracts | 2,370,000 | 0 | 0 |
Provision of doubtful debts | (512,000) | 0 | 0 |
Provision for uncollectible receivables | 4,729,000 | 0 | 0 |
Impairment loss on marketable securities | 23,323,000 | 0 | 0 |
Changes in operating assets and liabilities, net of acquisition: | |||
Trade accounts receivable, net | (5,039,000) | 528,000 | (2,309,000) |
Related party balances | (5,080,000) | 622,000 | 0 |
Other receivables | (3,321,000) | (2,487,000) | 1,431,000 |
Inventories | 7,705,000 | (11,514,000) | (1,294,000) |
Voyages in progress | (367,000) | (1,322,000) | 0 |
Prepaid expenses and accrued income | 11,627,000 | (323,000) | (14,000) |
Trade accounts payable | (5,445,000) | 1,862,000 | 231,000 |
Accrued expenses | (6,597,000) | 1,096,000 | 724,000 |
Other current liabilities | 6,647,000 | (339,000) | (647,000) |
Other long term liabilities | (97,000) | 0 | 0 |
Cash provided by operating activities of discontinued operations | 0 | 258,000 | 5,538,000 |
Net cash (used in) provided by operating activities | (14,827,000) | 24,864,000 | 12,313,000 |
Investing activities | |||
Changes in restricted cash | 4,052,000 | (3,924,000) | 0 |
Dividends from associated companies | 88,000 | 0 | 0 |
Purchase of marketable securities | (32,159,000) | 0 | 0 |
Additions to newbuildings | (518,989,000) | (357,402,000) | (26,706,000) |
Refund of newbuilding installments | 40,148,000 | 0 | 0 |
Cash acquired upon purchase of SPC's | 108,645,000 | 68,560,000 | 0 |
Cash acquired upon merger with Former Golden Ocean | 129,084,000 | 0 | 0 |
Purchase of vessels and equipment | (24,000) | (24,085,000) | 0 |
Proceeds from sale of vessels | 381,723,000 | 0 | 0 |
Cash provided by investing activities of discontinued operations | 0 | 0 | 17,075,000 |
Net cash provided by (used in) by investing activities | 112,568,000 | (316,851,000) | (9,631,000) |
Financing activities | |||
Proceeds from long-term debt | 215,975,000 | 270,000,000 | 0 |
Repayment of long-term debt | (244,338,000) | (1,500,000) | (4,508,000) |
Repayment of capital leases | (5,157,000) | 0 | 0 |
Debt fees paid | (3,825,000) | (3,555,000) | 0 |
Net proceeds from share issuance | 0 | 0 | 51,167,000 |
Distributions to shareholders | 0 | (28,987,000) | (18,180,000) |
Cash used in financing activities of discontinued operations | 0 | 0 | (12,170,000) |
Net cash provided by (used in) financing activities | (37,345,000) | 235,958,000 | 16,309,000 |
Net change in cash and cash equivalents | 60,396,000 | (56,029,000) | 18,991,000 |
Cash and cash equivalents at beginning of year | 42,221,000 | 98,250,000 | 79,259,000 |
Cash and cash equivalents at end of year | 102,617,000 | 42,221,000 | 98,250,000 |
Supplemental disclosure of cash flow information: | |||
Interest paid, net of capitalized interest | 26,358,000 | 5,848,000 | 2,851,000 |
Income taxes paid | $ 266,000 | $ 0 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share Capital [Member] | Additional Paid in Capital [Member] | Contributed Capital Surplus [Member] | Retained (Deficit) Earnings [Member] |
Balance at beginning of year at Dec. 31, 2012 | 24,437,000 | ||||
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | (6,035,061) | ||||
Balance at end of year at Dec. 31, 2013 | 30,472,061 | ||||
Balance at beginning of year at Dec. 31, 2012 | $ 244 | $ 131,766 | $ 149,700 | $ (4,016) | |
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | 61 | 51,106 | |||
Net (loss) income | $ (3,903) | (3,903) | |||
Contributions from shareholder | 0 | ||||
Distributions to shareholders | (18,180) | 0 | |||
Restricted stock unit expense (income) | $ 663 | 0 | |||
Stock option expense | 0 | ||||
Transfer to contributed surplus | $ 0 | ||||
Transfer from additional paid in capital | 0 | ||||
Balance at end of year at Dec. 31, 2013 | $ 307,441 | $ 305 | 183,535 | 131,520 | (7,919) |
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | (49,649,489) | ||||
Balance at end of year at Dec. 31, 2014 | 80,121,550 | 80,121,550 | |||
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | $ 496 | 589,557 | |||
Net (loss) income | $ 15,995 | 15,995 | |||
Contributions from shareholder | 0 | ||||
Distributions to shareholders | (19,906) | (9,081) | |||
Restricted stock unit expense (income) | $ (229) | 0 | |||
Stock option expense | 0 | ||||
Transfer to contributed surplus | $ 0 | ||||
Transfer from additional paid in capital | 0 | ||||
Balance at end of year at Dec. 31, 2014 | $ 884,273 | $ 801 | 772,863 | 111,614 | (1,005) |
Balance at end of year at Mar. 31, 2015 | 111,231,678 | ||||
Balance at beginning of year at Dec. 31, 2014 | 80,121,550 | 80,121,550 | |||
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | (92,554,087) | ||||
Balance at end of year at Dec. 31, 2015 | 172,675,637 | 172,675,637 | |||
Balance at beginning of year at Dec. 31, 2014 | $ 884,273 | $ 801 | 772,863 | 111,614 | (1,005) |
Increase (decrease) in Equity [Roll Forward] | |||||
Shares issued | 926 | 433,526 | |||
Net (loss) income | (220,839) | (220,839) | |||
Contributions from shareholder | 59,746 | ||||
Distributions to shareholders | 0 | 0 | |||
Restricted stock unit expense (income) | 92 | 102 | |||
Stock option expense | 41 | 60 | |||
Transfer to contributed surplus | (1,207,448) | ||||
Transfer from additional paid in capital | 1,207,448 | ||||
Balance at end of year at Dec. 31, 2015 | 1,158,649 | $ 1,727 | 0 | $ 1,378,766 | $ (221,844) |
Increase (decrease) in Equity [Roll Forward] | |||||
Value of vested options in Former Golden Ocean | $ 926 | $ 926 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2015 | |
GENERAL [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 five very large crude oil carriers, or VLCCs. In December 2007, one of these vessels was sold and we subsequently expanded the scope of our activities and acquired two Capesize newbuilding dry bulk vessels in 2009 and two 2010-built Capesize dry bulk vessels in 2010. In 2012, three VLCCs were sold and the last remaining VLCC was sold in March 2013. 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, mainly operating in the Capesize and Panamax market segments, 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 and we issued 61,443,959 shares (net of cancellations) as consideration to the shareholders of Former Golden Ocean. At the same time, we obtained a secondary listing on the OSE. At the time of the Merger, the Former Golden Ocean owned 29 vessels and had at the same time four Supramax vessels under construction and had several chartered-in vessels both on short term and longer term duration. In October 2014, we changed our name to Knightsbridge Shipping Limited and we 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. Business In April and September 2014, we acquired five and thirteen special purpose companies, or SPCs, respectively, from Frontline 2012 Ltd, or Frontline 2012, each owning a 180,000 dwt Capesize dry bulk newbuilding. These transactions were accounted for as a purchase of assets. In April 2014, we issued 15.5 million shares as consideration for this transaction and cash of $43.4 million was acquired. In September 2014, we issued 31.0 million shares as consideration for this transaction and cash of $25.1 million was acquired. As of December 31, 2014, we owned thirteen Capesize dry bulk vessels and had 26 Capesize dry bulk vessels under construction. In March 2015, we purchased the 12 remaining SPCs, from Frontline 2012. In April 2015, we issued 31.0 million shares as consideration for this transaction and cash of $108.6 million was acquired. Upon completion of the Merger, we had a fleet of 72 vessels and four vessels chartered-in long term on bareboat charter or time charter and one owned in a joint venture. Up to completion of the Merger on March 31, 2015, our dry bulk carriers were managed by Golden Ocean Management (Bermuda) Ltd., or the Dry Bulk Manager, a wholly-owned subsidiary of the Former Golden Ocean. Our tankers were managed by ICB Shipping (Bermuda) Limited, or the General Manager, a wholly-owned subsidiary of Frontline Ltd., or Frontline, a Bermuda based shipping company whose shares are listed on the New York Stock Exchange and the OSE under the symbol “FRO”. The Former Golden Ocean, Frontline, Frontline 2012 are affiliates of, or associated with Hemen, a company indirectly controlled by trusts established for the benefit of Mr. Fredriksen’s immediate family, and together with a number of other large publicly traded companies involved in various sectors of the shipping and oil services industries, in which Hemen is a principal shareholder, are referred to collectively as the Hemen Related Companies. In April 2015, we agreed to a sale and leaseback transaction with Ship Finance International Limited, or Ship Finance, for eight Capesize vessels. These vessels were built in Korea and China between 2009 and 2013 and were sold en-bloc for an aggregate price of $272.0 million . The vessels were time chartered-in by one of our subsidiaries for a period of 10 years . As of December 31, 2015, we owned forty dry bulk carriers and had contracts for eighteen newbuildings. In addition, we have thirteen vessels chartered-in (of which eight are chartered in on operating leases from Ship Finance and five are chartered in from third parties) and one vessel chartered-in through a joint venture 50% owned by us. Each of the vessels is (or, in the case of newbuildings, are expected to be) owned and operated by one of our subsidiaries and is (or expected to be) flagged either in the Marshall Islands, Hong Kong or Panama. Six of the vessels are chartered out on fixed rate time charters and the remainder operate in the spot market or are fixed on index-linked time charter contracts. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
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. Business combinations We accounted for our acquisition of the Former Golden Ocean on March 31, 2015 as a business combination and have measured the identifiable assets acquired and the liabilities assumed at their acquisition date fair values. The consideration transferred has been measured at fair value based on the closing price of our shares on the date of acquisition and the fair value of the vested share options in the Former Golden Ocean. The surplus of the fair value of the net assets acquired over the fair value of the consideration transferred is recognized as a bargain purchase gain. Acquisition related costs are expensed as incurred. 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. Discontinued operations We believe that the disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. In 2013, we determined that an individual vessel within a vessel class was not a component as defined by the then accounting standard as we did not believe that the operations of an individual vessel within a vessel class could be clearly distinguished. Generally, we believed that all of the vessels in a vessel class represented a component as defined for the purpose of discontinued operations and presented the operations of the VLCCs as discontinued operations since three of those vessels were sold during 2012 and the remaining VLCC met the criteria for held for sale at December 31, 2012. The remaining VLCC was sold during 2013. 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 Revenues and expenses are recognized on the accruals basis. Revenues are generated from voyage charters and time charters. Voyage revenues are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Time charter and bareboat 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. We use 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. Demurrage is a form of damages for breaching the period allowed to load and unload cargo in a voyage charter, or the laytime, and is recognized as income according to the terms of the voyage charter contract when the charterer remains in possession of the vessel after the agreed laytime. Claims for unpaid charter hire and damages for early termination of time charters are recorded upon receipt of cash when collectability is not reasonably assured. Such amounts related to services previously rendered are recorded as time charter revenue. Amounts in excess of services previously rendered are classified as other operating 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. Loss on sale of assets and amortization of deferred gains Loss on sale of assets and amortization of deferred gains includes 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 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 shall be 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. 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 Short term restricted cash comprises collateral deposits for derivative trading. Long term restricted cash is 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 considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses, net of deferred taxes if any, are recorded as a separate component of other comprehensive income in equity unless the securities are considered to be other than temporarily impaired, in which case unrealized losses are recorded in the consolidated statement of operations as impairment loss on shares Derivatives Our derivative instruments include interest-rate swap agreements, foreign currency swaps, forward freight agreements and bunker hedges. 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 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. 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 market value. Cost is determined on a first-in, first-out basis. Vessels and depreciation Vessels are stated at cost less accumulated deprecation. 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 average, up to the date of delivery 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. Two capital leases were acquired as a result of the Merger, and the leasehold interest in these capital leased assets has been recorded at fair value. The obligations under these capital leases have been recorded at fair value based on the value of the contractual lease payments that is expected to accrue over the terms of the 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 income statement over the lease period. 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. 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 other financial items. Value of long term charter contracts We account for the fair value of long term charter contracts, which were attached to vessels acquired as a result of the Merger as 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 has been recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The favorable contracts had remaining terms of ten months to 7.5 years at the time of the merger and the unfavorable contracts had remaining terms of three months to ten years. The fair value is amortized over the period of the contract on a straight line basis, except for a the value of a contract of affreightment, which is amortized to reflect the timing of the expected economic benefit. The amortization of favorable contracts is recorded as a reduction of time charter revenues and the amortization of unfavorable contracts is recorded as a reduction of 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 does 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 its 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. Borrowings - loan amendments We exclude from current liabilities at the balance sheet date any short term obligations that we intend to refinance the obligation on a long term basis and the intent to refinance the short-term obligation on a long-term basis is supported by the ability to consummate the refinancing. This is demonstrated by either by a post balance sheet issuance of a long term obligation before the balance sheet is issued or when we enter into a financing agreement which clearly permits us to refinance the obligation on a long term basis, on terms that are readily determinable. If the Company enters into a financing agreement, the agreement must not expire within one year of the balance sheet date, no violations of any provisions of the financing agreement should have occurred at the balance sheet date or before the balance sheet is issued and the prospective lender or investor who has entered into the financing agreement should be to be financially capable of honoring the agreement. 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, so as to maintain a constant effective rate so that the convertible bond will have a value of $200 million on maturity. 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 We account for 50% of the RSUs issued to the directors as equity classified awards and we account for the remaining 50% as liability classified awards. We account for the RSUs issued to the management companies as liability classified awards. The RSU expense has been recognized in the consolidated statement of operations based on the straight-line method. The fair value of an equity instrument issued to a nonemployee is measured by using the stock price and other measurement assumptions as of the date at which either (i) a commitment for performance by the counterparty has been reached; or (ii) the counterparty's performance is complete. This criterion is not considered to be met in the absence of considerable evidence, and liability accounting is applied with a re-measurement at each period end date. We have obtained a right to receive future services in exchange for unvested, forfeitable equity instruments, and the fair value of the equity instruments does not create equity until the future services are received (i.e. the instruments are not considered issued until they vest). We expense the fair value of stock options issued to employees on a straight line basis over the period the options vest. No compensation cost is recognized for stock options for which employees do not render the requisite service. Transactions subject to common control and affect of acquisition from shareholder The acquisition of twelve special purpose companies, each owning one newbuilding contract, from Frontline 2012 in March 2015 is recorded at historical carrying values as it was determined to be between entities under common control and the difference of $59.7 million between the aggregate consideration paid by us and the historic carrying values recognized by Frontline 2012 has been recorded as additional contributed capital surplus. 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 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. Other comprehensive income For 2013 and 2014, we have no other comprehensive income. During 2015, a loss of $10.8 million related to marketable securities was recognized in other comprehensive loss and this amount was fully recycled and recognized as part of the other than temporary impairment loss recognized in the consolidated statement of operations as of December 31, 2015. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 - Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive revenue recognition model that supersedes the current revenue recognition requirements and most industry-specific guidance. The underlying core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. ASU 2014-09 will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and allows adoption either under a full retrospective or a modified retrospective approach. Early adoption is permitted, but no earlier than annual reporting periods beginning after December 15, 2016. We are currently considering the impact of these amendments on our consolidated financial statements. In August 2014, FASB Issued ASU 2014-15 - Presentation of Financial Statements-Going Concern. The amendments in this Update provide guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures and are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently considering the impact of these amendments on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt rather than as an asset. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and must be applied on a retrospective basis to all prior periods presented in the financial statements. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We had debt issuance costs of $5.8 million at December 31, 2015 (December 31, 2014: $3.5 million ), which would be required to be presented as a deduction from the carrying amount of our debt. In July 2015, the FASB issued ASU 2015-11-Inventory (Topic 330)-Simplifying the Measurement of Inventory, which applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The amendments in this Update will affect us for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-15 Interest-Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015. This Update made certain amendments to Subtopic 835-30 concerning Interest-Imputation of Interest and Other Presentation Matters. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 Business combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments. The amendments in the Update require that the acquirer recognize adjustments to provisional amounts recognized in a business combination that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. 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. The amendments in this Update will affect us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842). The amendments in this update require that lessees recognize a right-of-use asset and a lease liability for all leases except those that meet the definition of a short-term lease. A dual model was retained for income statement purposes, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). The amendments in this Update are effective for us for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. |
MERGER WITH THE FORMER GOLDEN O
MERGER WITH THE FORMER GOLDEN OCEAN | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
MERGER WITH THE FORMER GOLDEN OCEAN | MERGER WITH THE FORMER GOLDEN OCEAN Background After we completed the purchase of five SPCs and thirteen SPCs, each owning a dry bulk newbuilding, from Frontline 2012 in April 2014 and September 2014, respectively, Hemen became a majority shareholder in us. Prior to the Merger, Hemen owned or controlled approximately 72.5% of our shares, principally by being the majority shareholder of Frontline 2012 and Frontline. At the same time, Hemen also owned or controlled approximately 41% of the outstanding shares of the Former Golden Ocean. The rationale for the Merger was that both companies operate in the dry bulk market and although we operated exclusively in the Capesize segment while the Former Golden Ocean operated in the Capesize and Panamax segments, and had newbuildings in the Supramax segment, both companies were exposed to the same market dynamics. Approval of the Merger required that a minimum of 75% of the voting shareholders of both us and the Former Golden Ocean voted in favor of the Merger. In connection with the special general meetings of us and the Former Golden Ocean, Hemen entered into voting agreements to vote all of their respective shares in favor of the Merger. Following completion of the Merger, Hemen and Frontline 2012, owned or controlled 62% of our outstanding shares. The Transaction On March 31, 2015, we merged with the Former Golden Ocean, a dry bulk shipping company based in Bermuda and listed on the Oslo Stock Exchange, mainly operating in the Capesize and Panamax market segments, whereby we acquired 100% of the Former Golden Ocean's outstanding shares and our name was changed to Golden Ocean Group Limited. Shareholders in the Former Golden Ocean received our shares as merger consideration. Pursuant to the Merger Agreement, one share in the Former Golden Ocean gave the right to receive 0.13749 of our shares, and we issued a total of 61,443,959 shares (net of cancellations) to shareholders in the Former Golden Ocean as merger consideration. Prior to completion of the Merger, we had 111,231,678 common shares outstanding. Following completion of the Merger, and pursuant to the merger agreement, the cancellation of 51,498 common shares (which were held by the Former Golden Ocean) and the cancellation of 4,543 common shares (which account for fractional shares that we will not be distributed to the Former Golden Ocean shareholders as merger consideration), we had 172,675,637 common shares outstanding. Trading in our shares commenced on the OSE on April 1, 2015 under the ticker code "VLCCF". Commencing on April 7, 2015, our shares traded on the OSE under the ticker code "GOGL". Our common shares began trading under its new name and ticker symbol "GOGL" on the Nasdaq Global Select Market on April 1, 2015. Accounting for the Merger The Merger has been accounted for as a business combination using the acquisition method of accounting under the provisions of ASC 805, with us selected as the accounting acquirer under this guidance. The factors that were considered in determining that we should be treated as the accounting acquirer were the relative voting rights in the combined company, the composition of the board of directors in the combined company, the relative sizes of us and the Former Golden Ocean, the composition of senior management of the combined company and the name of the combined company. Management believes that the relative voting rights in the combined company and the composition of the board of directors in the combined company were the most significant factors in determining us as the accounting acquirer. The value of the consideration paid is calculated as follows: (in thousands of $) Fair value of shares issued (61,443,959 shares at $5.00 per share) 307,220 Fair value of vested stock options in the Former Golden Ocean 926 Total value of consideration 308,146 The following represents the calculation of the bargain purchase gain arising on consolidation based on management's final allocation of the total purchase price to the assets acquired and liabilities assumed: (in thousands of $) Assets Cash and cash equivalents 129,084 Restricted cash 2,448 Marketable securities 5,779 Other current assets 78,457 Favorable contracts 30,417 Current assets 246,185 Restricted cash 31,552 Newbuildings 12,030 Vessels, net 632,997 Vessels under capital lease, net 14,029 Investment in associated companies 11,346 Favorable contracts 96,673 Other non current assets 9,116 Total assets 1,053,928 Liabilities Current portion of long term debt 39,395 Current portion of capital lease obligations 7,032 Other current liabilities 28,180 Unfavorable contracts 1,567 Current liabilities 76,174 Long term debt 391,717 Convertible bond debt 161,200 Long term capital lease obligations 31,405 Other long term liabilities 434 Unfavorable contracts 5,976 Total liabilities 666,906 Fair value of net assets acquired and liabilities assumed 387,022 Total value of consideration 308,146 Bargain purchase gain arising on consolidation 78,876 As the fair value of the net assets acquired and liabilities assumed exceeded the total value of consideration paid, a bargain purchase gain of $78.9 million was recorded in the consolidated statement of operations. We believe that the bargain purchase gain is primarily attributable to the fall in our share price from the date we and the Former Golden Ocean entered into the agreement and plan of merger until the date the Merger was completed. On October 7, 2014, our closing share price was $7.85 and would have resulted in a fair value of shares issued of $482.3 million as compared to $307.2 million on March 31, 2015. Vessels and equipment, net The 29 vessels acquired have been valued at fair value separately from the attached time charter contracts. Vessels have been valued at fair value (level 2) based on the average of broker valuations from two different ship broker companies The brokers assess each vessel based on age, yard, deadweight capacity etc. and compare this to market transactions. The brokers assess a large number of vessels each quarter and are, therefore, applying more general valuations than specifically looking into the quality etc of each vessel. For vessels we agreed to sell in April 2015 ( Channel Alliance, Channel Navigator, Golden Zhoushan, Golden Beijing and Golden Magnum ) the sales price is used. The fair value of the vessels less estimated residual value is depreciated on a straight-line basis over the vessels' estimated remaining economic useful lives in accordance with Company's existing policy. Vessels acquired with existing time charters The value of a time charter acquired with a vessel is recognized separately to the value if the vessel. These contracts has been fair valued (level 3) using an 'excess earnings' technique where the terms of the contract are assessed relative to current market conditions. The values of the contract related intangibles were determined by means of calculating the incremental or decremental cash flows arising over the life of the contracts compared with contracts with terms at prevailing market rates. This gave rise to a favorable contract asset in respect of vessels chartered out and an unfavorable contract liability in respect of the vessels chartered in. These balances will be amortized over the remaining contract periods for each lease. Newbuildings The four newbuildings have been valued at fair value (level 2) by estimating the market values for newbuilding contracts, this is the same process as for assessing the value of vessels. The valuation is based on the sales price for the completed vessel, not for the shipbuilding contract. The fair value is calculated as the estimated fair value of a completed vessel less the remaining committed capital expenditure for the vessel. Vessels under capital lease Leases of vessels, where we have substantially all the risks and rewards of ownership, are classified as capital leases. We acquired two vessels under capital lease as a result of the Merger, both of which are leased from third parties. The leasehold interest in these capital leased assets has been recorded at fair value (level 3) based on the discounted value of the expected cash flows for the leasehold interest. Capital lease obligations The obligations under these capital leases have been recorded at fair value (level 3) based on the net present value of the contractual lease payments. Equity method investments The fair value of the investment in associated companies equated to book value with the exception of the investment in Golden Opus Inc. As Golden Opus Inc owns one vessel, the fair value of the company included a fair value adjustment based on broker values following the same process for assessing the value of owned vessels. This would be considered a level 3 assessment. Convertible bond While quoted market prices are not always available, the bonds are traded "over the counter" and the fair value of the bonds is based on the market price on offer at the merger date (level 2). In April 2015, we received $40.1 million being the final outstanding amount in relation to the cancellation of newbuilding contracts by the Former Golden Ocean at Jinhaiwan. This amount was included in 'other current assets' in the purchase price allocation on March 31, 2015 and so had no impact on the consolidated statement of operations. The consolidated statement of operations for 2015 includes revenues of $ 113.9 million and a net loss of $ 96.7 million , which are attributable to the Former Golden Ocean. Unaudited Pro Forma Results The following unaudited pro forma financial information presents the combined results of operations of the Company and the Former Golden Ocean as if the Merger had occurred as of the beginning of the years presented. The pro forma financial information is not intended to represent or be indicative of the consolidated results of operations or financial condition of the Company that would have been reported had the acquisition been completed as of the dates presented, and should not be taken as representative of the future consolidated results of operations or financial condition of the Company. (in thousands $, except per share data) 2015 2014 Total operating revenues 225,013 318,722 Net (loss) income from continuing operations (318,975 ) 41,138 Loss from discontinued operations — (258 ) Net (loss) income (318,975 ) 40,880 Basic and diluted earnings per share: Basic and diluted (loss) earnings per share from continuing operations $ (1.85 ) $ 0.24 Basic and diluted loss per share from discontinued operations $ — $ — Basic and diluted (loss) earnings per share $ (1.85 ) $ 0.24 The bargain purchase gain of $78.9 million has been included in the 2014 pro forma results in the table above and is considered to be a non-recurring gain. |
TAXATION
TAXATION | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
TAXATION | TAXATION 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. Other Jurisdictions Certain of our subsidiaries in Singapore and Norway are subject to income tax in their respective jurisdictions. The tax paid by our subsidiaries that are subject to income tax 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. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS In April 2013, we sold the VLCC Mayfair for scrap for net proceeds of $16.9 million . We recorded an impairment loss of $5.3 million in the first quarter of 2013 with respect to this vessel and there was no gain or loss on its sale. We recorded a gain of $0.2 million in 2013 from the sale of equipment for cash proceeds of $0.2 million . Net loss from discontinued operations in 2014 comprised primarily of legal fees incurred in connection with claims for unpaid charter hire and damages following early termination of charters. Amounts recorded with respect to discontinued operations in 2015, 2014 and 2013 are as follows: (in thousands of $) 2015 2014 2013 Operating revenues — — (226 ) Net gain on sale of assets — — 254 Impairment loss on vessels — — (5,342 ) Net loss — (258 ) (7,433 ) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
SEGMENT INFORMATION [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. Revenues from one customer in 2015 which accounts for 10 percent or more of our consolidated revenues from discontinued and continuing operations is $28.0 million . Revenues from three customers in 2014 each accounted for 10 percent or more of our consolidated revenues from discontinued and continuing operations, are $8.2 million , $8.0 million , and $7.9 million , respectively. Revenues from three customers in 2013 each accounted for 10 percent or more of our consolidated revenues from discontinued and continuing operations, are $17.0 million , $5.0 million and $4.3 million , respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2015 | |
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 $) 2015 2014 2013 Net (loss) income from continuing operations (220,839 ) 16,253 3,530 Net loss from discontinued operations — (258 ) (7,433 ) Net (loss) income (220,839 ) 15,995 (3,903 ) (in thousands) 2015 2014 2013 Weighted average number of shares outstanding - basic 151,217 52,445 25,620 Impact of restricted stock units 133 149 176 Weighted average number of shares outstanding - diluted 151,350 52,594 25,796 The exercise of stock options using the treasury stock method was anti-dilutive in 2015 as the exercise price was higher than the share price at December 31, 2015, therefore, 381,000 shares were excluded from the denominator in each calculation. The convertible bonds using the if-converted method were anti dilutive in 2015, therefore, 10,035,123 shares were excluded from the denominator in each calculation. In February and March 2016, we issued 343,684,000 and 13,369,291 new shares, respectively, which is considered a material change to the number of shares had this issue occurred prior to the year end. |
LOSS ON SALE OF ASSETS AND AMOR
LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | 12 Months Ended |
Dec. 31, 2015 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (in thousands of $) 2015 2014 2013 Net loss on sale of vessels 2,062 — — Loss on sale of newbuilding contracts 8,858 — — Amortization of deferred gains (132 ) — — 10,788 — — In April 2015, we agreed to the sale of four newbuilding Capesize vessels, two of the vessels Front Atlantic and Front Baltic were sold in August and November, respectively, and a loss of $2.2 million and a gain of $0.1 million , respectively were recorded. In November 2015, we entered into an agreement with New Times Shipbuilding Co. Ltd in China to convert two Capesize dry bulk newbuildings to Suezmax oil tanker newbuildings, with expected delivery in the first quarter of 2017. On November 23, 2015, we agreed to sell these newbuilding contracts to Frontline for $1.9 million . The sale was completed on December 31, 2015 and we recognized a loss of $8.9 million . |
IMPAIRMENT OF VESSELS AND NEWBU
IMPAIRMENT OF VESSELS AND NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT OF VESSELS AND NEWBUILDINGS | IMPAIRMENT OF VESSELS AND NEWBUILDINGS During the first quarter of 2015, we recorded an impairment loss of $141.0 million on five Capesize vessels, relating to KSL China ( $20.5 million ), Battersea ( $38.3 million ), Belgravia ( $34.2 million ), Golden Future ( $27.5 million ) and Golden Zhejiang ( $20.5 million ). The loss recorded is equal to the difference between the carrying value and estimated fair value of the vessels. In April 2015, we agreed to sell and lease back these vessels. Delivery of the vessels took place in the third quarter of 2015. During the third quarter of 2015, we recorded an impairment loss of $7.1 million on three Capesize newbuildings ( Front Baltic, Front Caribbean and Front Mediterranean ), which we agreed to sell, together with Front Atlantic , to a third party upon their completion and delivery to us. The loss recorded is equal to the difference between the carrying value plus expected costs to complete the three newbuildings and estimated fair value. In April 2015, we agreed to the sale of four newbuilding Capesize vessels, two of vessels Front Atlantic and Front Baltic were sold in August and November 2015 respectively and a loss of $2.2 million and a gain of $0.1 million respectively were recorded. Front Atlantic was chartered in by us for a period of 6 months at $14,000 per day. Front Baltic was chartered in by us for a period of 12 months at $14,000 per day. The remaining two vessels will be delivered in 2016. During the fourth quarter of 2015, we identified the Golden Lyderhorn, a vessel held under capital lease, as an asset for which the carrying value was not fully recoverable. This impairment review was triggered by a significant fall in rates in the Baltic Dry Index. We recorded an impairment loss of $4.5 million , being the difference between the carrying value and estimated fair value of our leasehold interest based on the discounted expected future cash flows from the leased vessel. During the first quarter of 2013, one VLCC, which was classified in the balance sheet as held for sale at December 31, 2012 and had been recorded at its estimated fair value less costs to sell based on its sale as a trading vessel, was identified as being impaired as it was believed that the vessel would have to be sold at a lower value for scrap. The loss recorded was equal to the difference between the carrying value and estimated fair value based on a sale for scrap less costs to sell. The impairment loss in 2013 is included in discontinued operations. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
LEASES | LEASES As of December 31, 2015 , we leased in eight vessels (2014: nil vessels) from Ship Finance and five vessels (2014: nil vessels) from third parties. All of these vessels are leased under long-term time charters which are classified as operating leases. Charterhire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of December 31, 2015 , net of future amortization of unfavorable time charters-in, are as follows: (in thousands of $) 2016 40,129 2017 34,437 2018 34,397 2019 34,397 2020 34,488 Thereafter 200,403 378,251 During 2015, 2014 and 2013, the charter hire expense under operating leases was $30.7 million (net of credit of $1.4 million in respect of the amortization of unfavorable time charter contracts-in), nil and nil , respectively. As at December 31, 2015 , the minimum rental payments include $0.2 million in relation to office rent expenses and $378.1 million in relation to charter hire expenses for leased in vessels. We acquired two long term chartered in vessel, accounted for as operating leases, as a result of the Merger. One vessel was redelivered in June 2015. In April 2015, we agreed to a sale and leaseback transaction with Ship Finance for eight Capesize vessels for an 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 7 years and $14,900 in the remaining 3 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. A profit share payment (contingent rental expense) of 33% above the daily hire rates 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 7 years and $25 per day in the remaining 3 years. We have a purchase option of $112 million en-bloc after 10 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, the minimum lease period has been assessed as thirteen years. Contingent rental income recorded in 2015, 2014 and 2013 as a reduction in charter hire expense was $0.02 million , nil and nil , respectively. Rental income As of December 31, 2015 , we leased out six vessel on fixed rate charters (2014 : nil vessels) and nine vessels (2014 : three vessels) on index-linked time charter rates to third parties on time charters with initial periods ranging between 1 year and 10 years. All of these leases are classified as operating leases. The minimum future revenues, net of future amortization of favorable time charter contracts-out to be received from the fixed rate charters as of December 31, 2015 are as follows: (in thousands of $) 2016 21,071 2017 18,364 2018 16,673 2019 16,673 2020 11,669 Thereafter 4,091 88,541 As of December 31, 2015 , the cost and accumulated depreciation of the thirteen owned vessels and one vessel held under capital lease, which were leased out to third parties, were $639.1 million and $26.7 million , respectively. As of December 31, 2014 , the cost and accumulated depreciation of the three owned vessels leased out to third parties were $222.9 million and $38.0 million , respectively. In addition, one vessel (2014: no vessels) is leased out to a third party under an operating lease. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Our marketable securities are equity securities considered to be available-for-sale securities. (in thousands of $) 2015 2014 Acquired as a result of the Merger 5,779 — Purchased during the year 32,159 — Impairment loss (23,323 ) — 14,615 — During 2015, we made a $32.2 million investment in a company listed on a U.S. stock exchange. An other-than-temporary impairment loss of $19.1 million was recorded in 2015. The fair value of this investment at December 31, 2015 was $13.1 million (December 31, 2014: nil ). We acquired an investment of $5.7 million in a company listed on the Norwegian 'over the counter' market as a result of the Merger. An other-than-temporary impairment loss of $4.2 million was recorded in 2015. The fair value of this investment at December 31, 2015 was $1.5 million (December 31, 2014: nil ). The other-than-temporary impairment losses were recorded in "Impairment loss on marketable securities". The cost of available for sale securities is calculated on an average cost basis. |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET | 12 Months Ended |
Dec. 31, 2015 | |
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |
TRADE ACCOUNTS RECEIVABLE, NET | TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivable are stated net of a provision for doubtful accounts. Movements in the provision for doubtful accounts in the three years ended December 31, 2015 may be summarized as follows: (in thousands of $) Balance at December 31, 2012 12,081 Additions charged to income 226 Deductions credited to income (2,990 ) Balance at December 31, 2013 9,317 Deductions credited to income (1,883 ) Balance at December 31, 2014 7,434 Additions charged to income 512 Balance at December 31, 2015 7,946 Of the provision for doubtful accounts at December 31, 2015 , $7.4 million relates to two VLCC charters, which were terminated in 2012. In March, June, October and December 2014, we received $9.7 million , $3.2 million , $3.3 million and $3.1 million , respectively, as full settlement of claims for unpaid charter hire and damages for Golden Zhejiang. $1.9 million of the amount received in March 2014 related to unrecognized time charter revenue in respect of services previously rendered and the corresponding provision for doubtful accounts was credited income. The balance of the amount received in March and the remaining amounts were recorded as other operating income. In December 2013, we received $756,000 from Sanko Steamship Co. Ltd., or Sanko, as a partial settlement for a $17 million claim for unpaid charter hire and claims of the Battersea. This amount was recorded as time charter income in the fourth quarter of 2013. Trade accounts receivable of $3.0 million and a provision for doubtful accounts in the same amount were written off. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2015 | |
Other Receivables [Abstract] | |
OTHER RECEIVABLES | OTHER RECEIVABLES (in thousands of $) 2015 2014 Agent receivables 2,496 423 Advances 282 45 Claims receivables 927 222 Other receivables 11,287 2,740 14,992 3,430 Other receivables are presented net of allowances for doubtful accounts amounting to nil and nil as of December 31, 2015 and December 31, 2014 . |
VALUE OF CHARTER PARTY CONTRACT
VALUE OF CHARTER PARTY CONTRACTS | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
VALUE OF CHARTER PARTY CONTRACTS | VALUE OF CHARTER PARTY CONTRACTS The value of favorable charter-out contracts maybe summarized as follows: (in thousands of $) 2015 2014 Acquired as a result of the Merger 127,090 — Accumulated amortization (23,714 ) — Total 103,376 — Less: current portion (28,829 ) — Non current portion 74,547 — Time charter revenues in 2015, 2014 and 2013 have been reduced by $23.7 million , nil and nil , respectively, as a result of the amortization of favorable charter-out contracts. The value of favorable charter-out contracts will be amortized as follows: (in thousands of $) 2016 28,829 2017 20,861 2018 18,732 2019 18,732 2020 12,148 Thereafter 4,074 103,376 The value of unfavorable charter-in contracts, which are included within other current liabilities and other long term liabilities, maybe summarized as follows: (in thousands of $) 2015 2014 Acquired as a result of the Merger 7,543 — Accumulated amortization (1,399 ) — Total 6,144 — Less: current portion (674 ) — Non current portion 5,470 — Charter hire expenses in 2015, 2014, and 2013, have been reduced by $1.4 million , nil and nil , respectively, as a result of the amortization of unfavorable charter-in contracts. The non current portion of value of unfavorable charter-in contracts is recorded in long term liabilities. The value of unfavorable charter-in contracts will be amortized as follows: (in thousands of $) 2016 674 2017 672 2018 672 2019 672 2020 674 Thereafter 2,780 6,144 |
VESSELS
VESSELS | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
VESSELS | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2012 305,581 (31,755 ) 273,826 Depreciation — (11,079 ) — Balance at December 31, 2013 305,581 (42,834 ) 262,747 Purchase of vessels 24,085 — Value of share consideration paid in connection with purchase of vessel 38,874 — Transfer from newbuildings 546,520 — Depreciation — (19,561 ) Balance at December 31, 2014 915,060 (62,395 ) 852,665 Additions 24 — Disposals (382,855 ) 3,391 Transfer from newbuildings 574,523 — Acquired as a result of the Merger 632,997 — Impairment loss (199,190 ) 58,228 Depreciation — (51,578 ) Balance at December 31, 2015 1,540,559 (52,354 ) 1,488,205 At December 31, 2015 , we owned seventeen Capesizes, eight Kamsarmaxes, ten Panamaxes and five Supramaxes (2014: thirteen Capesize vessels). In April 2014, one of our subsidiaries acquired a 2013-built Capesize dry bulk carrier, Bulk China (renamed KSL China ), from Karpasia. The consideration consisted of the issuance of 3.1 million shares, which were recorded at a price of $12.54 per share or $38.9 million in aggregate, and a cash payment of $24.0 million . We took delivery in the second quarter of 2014 of three of the five Capesize newbuildings purchased from Frontline 2012 in April 2014. KSL Seattle and KSL Singapore were delivered in May 2014 and KSL Sapporo was delivered in June 2014. During the third quarter of 2014, the remaining two Capesize newbuildings were delivered. KSL Sydney was delivered in July 2014 and KSL Salvador was delivered in September 2014. In April 2014, we agreed to acquire 25 SPCs, each owning a dry bulk newbuilding, from Frontline 2012. Thirteen of these SPC's were acquired in September 2014 and three of the newbuildings were subsequently delivered to us in 2014. KSL Santiago was delivered in September 2014 and KSL San Francisco and KSL Santos were delivered in October 2014. We acquired 29 vessels as a result of the Merger with a fair value of $633.0 million . We took delivery of five Capesize dry bulk newbuildings in the first quarter of 2015 ( KSL Sakura, KSL Seville, KSL Seoul, KSL Stockholm and Golden Kathrine), all of which were purchased from Frontline 2012 . We took delivery one Capesize dry bulk newbuilding in the second quarter of 2015, Golden Aso, which was purchased from Frontline 2012 and one Supramax newbuilding dry bulk, Golden Taurus, w hich was acquired as a result of the Merger. In April 2015, we agreed to a sale and leaseback transaction with Ship Finance for eight Capesize vessels. Five of these vessels ( KSL China, Battersea, Belgravia, Golden Future and Golden Zhejiang ) were owned by us prior to the completion of the Merger and three vessels ( Golden Zhoushan, Golden Beijing and Golden Magnum ) were acquired as a result of the Merger. These vessels were sold en-bloc for an aggregate price of $272.0 million or $34.0 million per vessel and we recognized an impairment loss of $141.0 million in respect of the five vessels owned by us prior to the Merger. The vessels were delivered in the third quarter of 2015. We have a purchase option of $112.0 million en-bloc after 10 years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years. The transaction is accounted for as a sale and leaseback transaction. A gain of $3.6 million has been deferred and is being amortized over the remaining period of the charter. In April 2015, we agreed to the sale of two vessels, Channel Alliance and Channel Navigator, which were acquired as a result of the Merger, to an unrelated third party. The vessels were sold for cash proceeds of $16.8 million , of which $14.3 million was used to repay debt. We took delivery of two vessels in the third quarter, the Golden Finsbury, a Capesize dry bulk newbuilding and Front Atlantic, a Capesize dry bulk newbuilding. The Front Atlantic was simultaneously sold and we recognized a loss of $2.2 million . We took delivery of Front Baltic, a Capesize dry bulk newbuilding, in the fourth quarter of 2015. This vessel was simultaneously sold and we recognized a gain of $0.1 million . Total depreciation expense was $51.6 million , $19.6 million and $11.1 million in 2015 , 2014 and 2013 , respectively. |
VESSELS UNDER CAPITAL LEASES, N
VESSELS UNDER CAPITAL LEASES, NET | 12 Months Ended |
Dec. 31, 2015 | |
Vessels Under Capital Leases [Abstract] | |
VESSELS UNDER CAPITAL LEASES, NET | VESSELS UNDER CAPITAL LEASE, NET Movements in 2015 may be summarized as follows: (in thousands of $) Balance at December 31, 2014 — Acquired as a result of the Merger 14,029 Impairment loss (4,525 ) Depreciation (1,150 ) Balance at December 31, 2015 8,354 In 2015, we recorded an impairment loss of $4.5 million in respect of the Golden Lyderhorn following an impairment review that was triggered by a significant fall in rates in the Baltic Dry Index. The fair value of Golden Lyderhorn, was determined using discounted expected future cash flows from the leased vessel. The outstanding obligations under capital leases at December 31, 2015 are payable as follows: (in thousands of $) 2016 17,692 2017 5,944 2018 5,944 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 37,315 Less: imputed interest (4,035 ) Present value of obligations under capital leases 33,280 As of December 31, 2015 , we held two vessels under capital lease ( December 31, 2014 : no vessels). The leases are for initial term of 10 years . The remaining periods on these leases at December 31, 2015 range from one to 5 years . As of December 31, 2015, we had the following purchase options for these two vessels: (in thousands of $) Purchase option exercise date Purchase option amount Golden Lyderhorn April 2016 11,500 Golden Eclipse December 2015 41,360 Golden Eclipse December 2016 39,935 Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550 Our lease obligations are secured by the lessors' title to the leased assets and by a guarantee issued to one of the lessors ( Golden Eclipse ). A put option held by the lessor of the Golden Lyderhorn of $9.5 million , which is exercisable in August 2016, has been recorded as part of the minimum lease payments. Lease liabilities are amortized so that the remaining balance at the date the put option becomes exercisable is equal to the put option amount. |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2015 | |
Newbuildings [Abstract] | |
Newbuildings | EWBUILDINGS 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 at December 31, 2015 relates to thirteen Capesize, two Newcastlemax and three Supramax dry bulk newbuildings (2014: fourteen Capesize dry bulk newbuildings). Movements in the three years ended December 31, 2015 may be summarized as follows: (in thousands of $) Balance at December 31, 2012 — Installments and newbuilding supervision fees paid 26,298 Interest capitalized 408 Balance at December 31, 2013 26,706 Installments and newbuilding supervision fees paid and accrued 356,355 Value of share consideration paid in connection with purchase of SPCs, net of cash acquired: - in April 2014 150,959 - in September 2014 331,661 Interest capitalized 4,179 Transfers to Vessels and Equipment (546,520 ) Balance at December 31, 2014 323,340 Acquired as a result of the Merger 12,030 Value of share consideration paid in connection with purchase of SPCs, net of cash acquired; 78,201 Installments and newbuilding supervision fees paid 508,482 Interest capitalized 8,979 Disposals (10,785 ) Impairment loss (7,110 ) Transfers to Vessels and Equipment (574,523 ) Balance at December 31, 2015 338,614 In April 2014, we acquired five SPCs from Frontline 2012, each owning a 180,000 dwt Capesize dry bulk newbuilding. The consideration consisted of the issuance of 15.5 million shares, which were recorded at a price per share of $12.54 or $194.4 million in aggregate, and $150.0 million was assumed in remaining newbuilding installments. Cash of $43.4 million was acquired with the SPCs and so $151.0 million of the consideration was allocated to the cost of the newbuilding contracts. Two of the five Capesize newbuildings were delivered to us in May 2014 and the remaining three were delivered in June, July and September 2014. In April 2014, we also agreed to acquire 25 SPCs, each owning a dry bulk newbuilding, from Frontline 2012. Thirteen of these SPC's were acquired in September 2014. The consideration consisted of the issuance of 31.0 million shares, which were recorded at a price per share of $11.51 or $356.8 million in aggregate, and $490.0 million was assumed in remaining newbuilding installments. Cash of $25.1 million was acquired with the SPCs and so $331.7 million of the consideration was allocated to the cost of the newbuilding contracts. Three of the thirteen newbuildings were subsequently delivered to us in 2014. KSL Santiago was delivered in September 2014 and KSL San Francisco and KSL Santos were delivered in October 2014. As at December 31, 2014 , the difference between (i) the aggregate of installments and newbuilding supervision fees paid and interest capitalized of $360.5 million , and (ii) additions to newbuildings per the consolidated statement of cash flows of $357.4 million is attributable to accrued expenses not paid of $3.1 million . We took delivery of five Capesize dry bulk newbuildings in the first quarter of 2015 ( KSL Sakura, KSL Seville, KSL Seoul, Golden Kathrine and KSL Stockholm ), all of which were purchased from Frontline 2012 in September 2014 . In March 2015, we acquired twelve SPCs, each owning a Capesize dry bulk newbuilding, from Frontline 2012. The consideration for the twelve SPCs was settled by the issuance of 31.0 million shares, which were recorded at a price per share of $4.10 or $127.1 million in aggregate, and $404.0 million were assumed in remaining newbuilding commitments. Cash of $108.6 million and cost of newbuildings of $78.2 million were acquired with the SPCs. No other working capital balances were acquired. This purchase has been accounted for a ‘common control’ transaction and the twelve SPCs have been recorded at Frontline 2012’s historical carrying value and a contribution from shareholder of $59.7 million has been recorded in Contributed capital surplus In March 2015, we acquired four Supramax dry bulk newbuildings as a result of the Merger, of which the Golden Taurus, was delivered in May 2015. In April 2015, we agreed to the sale of four newbuilding Capesize vessels which had been purchased from Frontline 2012 in March 2015. We agreed to time charter-in three of the vessels for periods between six and twelve months upon completion of their sale. We do not expect to fund these newbuildings with any debt prior to delivery to the new owners. We completed the construction and sale of Front Atlantic and Front Baltic in August and November 2015, respectively. two newbuildings will be completed and sold in 2016. A loss on sale of $2.2 million was recorded on the sale of Front Atlantic . As a result of the loss on the sale of Front Atlantic, we expected the remaining costs to delivery for each of the three remaining newbuilding to exceed the agreed sale price and an impairment loss of $7.1 million was recorded. In November 2015, we took delivery of the Capesize dry bulk newbuilding, Front Baltic, and a gain on sale of $0.1 million was recorded. A cash deposit of $9.4 million per vessel was transferred by the buyer into an escrow account in the joint names of ourselves and the buyer. All interest on this deposit accrues to the buyer. This escrow account has not been recorded on the balance sheet at December 31, 2015 . The deposit for the Front Caribbean was released on delivery of this vessel in 2016 and formed part of the sale proceeds received of $46.2 million . We took delivery of two Capesize dry bulk newbuildings in the second and third quarter of 2015; the Golden Aso, w hich was purchased from Frontline 2012 was delivered in June 2015, and the Golden Finsbury was delivered in September 2015 . In November 2015, we entered into an agreement with New Times Shipbuilding Co. Ltd in China to convert two Capesize dry bulk newbuildings to Suezmax oil tanker newbuildings, with expected delivery in the first quarter of 2017. On November 23, 2015, we agreed to sell these newbuilding contracts to Frontline for $1.9 million . The transaction with Frontline was completed on December 31, 2015 and reduced our newbuilding commitments by $95.0 million . We recognized a loss on sale of the newbuilding contracts of $8.9 million . As at December 31, 2015 , the difference between (i) the aggregate of installments and newbuilding supervision fees paid and interest capitalized of $517.5 million , and (ii) additions to newbuildings per the consolidated statement of cash flows of $519.0 relates to accrued newbuilding costs as at December 31, 2014 of $2.0 million settled in 2015 and reimbursements of newbuilding costs of $0.5 million by the new owners of Front Baltic in 2016. |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS (in thousands of $) UFC Golden Opus Inc. Seateam Total Ownership 50 % 50 % 21.25 % At December 31, 2014 — — — — Acquired as a result of the Merger 630 10,379 337 11,346 Dividends received from associated companies — — (88 ) (88 ) Share of income 140 (821 ) 248 (433 ) Impairment loss — (4,600 ) — (4,600 ) At December 31, 2015 770 4,958 497 6,225 In February 2015, the Former Golden Ocean, Bocimar International NV, CTM, Golden Union Shipping Co S.A., and Star Bulk Carriers Corp. announced the formation of a new joint venture company, Capesize Chartering Ltd, or Capesize Chartering. The new company combined and coordinated the chartering services of all the parties. Capesize Chartering commenced operations in the second half of February 2015 from the existing offices of each of the five parties involved. We acquired the Former Golden Ocean's 20% interest in Capesize Chartering upon completion of the Merger and allocated nil value to this shareholding. Cash dividends of $0.1 million were received from equity method investees in 2015 (2014 and 2013: nil ). During the fourth quarter of 2015, we recorded an impairment loss of $4.6 million in respect of our investment in Golden Opus Inc following an impairment review that was triggered by the significant fall in rates in the Baltic Dry Index. The loss recorded is equal to the difference between our carrying value of $9.6 million and its estimated fair value of $5.0 million . |
OTHER LONG TERM ASSETS
OTHER LONG TERM ASSETS | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER LONG TERM ASSETS | OTHER LONG TERM ASSETS (in thousands of $) 2015 2014 Acquired as a result of the Merger 9,116 — Accreted interest 357 — Provision for uncollectible receivables (4,729 ) — 4,744 — This asset was acquired as a result of the Merger and is the fair value of the amount owed following the sale of a vessel by the Former Golden Ocean in 2009. The balance falls due on March 31, 2017 and was valued at $9.1 million based on the actual amount of $10.0 million that is owed and a 7% discount rate. The amount owed bears interest of 2% . In 2015, $0.6 million was recorded as interest income in respect of this asset, $0.2 million was in respect of interest income received and $0.4 million was in respect of the amortized of the fair value adjustment. The provision for uncollectible receivables was recorded following an impairment review that was triggered by a significant fall in rates in the Baltic Dry Index. |
DEFERRED CHARGES
DEFERRED CHARGES | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
DEFERRED CHARGES | DEFERRED CHARGES (in thousands of $) 2015 2014 Capitalized financing fees and expenses 7,218 6,253 Accumulated amortization (1,421 ) (2,720 ) 5,797 3,533 During 2015, an arrangement fee of $3.8 million was paid and capitalized in connection with the $425.0 million term loan facility that was entered into in January 2015. The $175.0 million term loan facility was fully repaid and fully amortized deferred charges of $2.3 million were removed from cost and accumulated amortization. During 2014, an arrangement fee of $3.4 million was paid and capitalized in connection with the $420.0 million term loan facility that was entered into in June 2014. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT (in thousands of $) 2015 2014 $33.93 million term loan 28,841 — $82.5 million term loan 47,597 — $175.0 million term loan — 125,000 $284.0 million term loan 262,541 — $420.0 million term loan 395,875 238,500 $425.0 million term loan 26,885 — Total U.S. dollar denominated floating rate debt 761,739 363,500 U.S. dollar denominated fixed rate debt 167,815 — Sellers credit 4,739 — Total debt 934,293 363,500 Less: current portion (20,380 ) (19,812 ) 913,913 343,688 Movements in 2015 and 2014 may be summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Sellers credit Total Balance at December 31, 2013 95,000 — — 95,000 Loan repayments (1,500 ) — — (1,500 ) Loan draw downs 270,000 — — 270,000 Balance at December 31, 2014 363,500 — — 363,500 Debt assumed as a result of the Merger 426,602 161,200 4,511 592,313 Loan repayments (244,338 ) — — (244,338 ) Loan draw downs 215,975 — — 215,975 Amortization of purchase price adjustment — 6,615 228 6,843 Balance at December 31, 2015 761,739 167,815 4,739 934,293 $33.93 million credit facility We assumed this debt of $30.5 million as a result of the Merger. This facility finances two vessels and bears interest of LIBOR plus a margin of 2.75% . Repayments are made on a quarterly basis, each in an amount $0.6 million , with a balloon payment of $22.6 million on the final maturity date of May 25, 2018. As of December 31, 2015, $28.8 million was outstanding under this facility and there was no available, undrawn amount. At December 31, 2015, this facility was secured by two of our Panamax bulk carriers. This loan was amended on March 31, 2016. See Note 33. $82.5 million credit facility We assumed this debt of $67.8 million as a result of the Merger. This facility financed six vessels and bears interest of LIBOR plus a margin of 2.75% . In May 2015, we repaid $17.7 million following the sale of Channel Alliance and Channel Navigator . Repayments are made on a quarterly basis, each in an amount $1.2 million , with a balloon payment on the final maturity date on October 31, 2018. As of December 31, 2015, $47.6 million was outstanding under this facility and there was no available, undrawn amount. At December 31, 2015, this facility was secured by four of our Panamax bulk carriers. Following the vessel valuations at December 31, 2015 , we paid down $2.0 million in January 2016 to be in compliance with the minimum value covenant under this facility. This loan was amended on March 31, 2016. See Note 33. $175.0 million term loan facility This facility bore interest of LIBOR plus a margin of 2.5% and was expected to mature in May 2016. In the third quarter of 2015, we repaid the outstanding balance on this facility of $122.4 million in full following the sale of KSL China, Battersea, Belgravia, Golden Future and Golden Zheijang. $284.0 million credit facility We assumed this debt of $260.5 million as a result of the Merger. This facility finances 19 vessels and bears interest of LIBOR plus a margin of 2.0% . Repayments are made on a quarterly basis, each in an amount $4.0 million , with a balloon payment on the final maturity date on December 31, 2019. As of December 31, 2015 , $262.5 million was outstanding under this facility and there was no available, undrawn amount. At December 31, 2015, this facility was secured by two of our Capesize bulk carriers, four Panamax vessels, five Supramax vessels and four Ice class Panamax vessels. This loan was amended on March 31, 2016. See Note 33. $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 fourteen tranches of up to $30.0 million to finance, in part, fourteen of our newbuildings. 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 loan has an interest rate of LIBOR plus a margin of 2.5% . During 2015, $175.0 million was drawn down on delivery of six Capesize bulk carriers and $17.6 million was repaid. As of December 31, 2015 and 2014, the outstanding balance under this facility was $395.9 million and $238.5 million , respectively, and the facility has been drawn down in full. Following the vessel valuations at December 31, 2015, we paid down $2.2 million in January 2016 to be in compliance with the minimum value covenant under this facility and the quarterly repayment schedule was amended to $5.2 million , in total, for all fourteen tranches. The facility is secured by fourteen of our Capesize bulk carriers. This loan was amended on March 31, 2016. See Note 33. $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 fourteen newbuilding vessels. The facility was initially divided into twelve 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. As of December 31, 2015 , the outstanding balance under this facility was $26.9 million following the delivery of Golden Finsbury . This loan was amended on March 31, 2016. See Note 33. $201.0 million credit facility We assumed this debt of $45.4 million as a result of the Merger. This facility financed two vessels and bore interest of LIBOR plus a margin of 2.75% . In the third quarter of 2015, we repaid the outstanding balance on this facility of $44.4 million in full following the sale of Golden Beijing and Golden Zhoushan. $23.8 million credit facility We assumed this debt of $22.4 million as a result of the Merger. This facility financed one vessel and bore interest of LIBOR plus a margin of 2.65% . In the third quarter of 2015, we repaid the outstanding balance on this facility of $22.1 million in full following the sale of Golden Magnum. Loan Amendments In February 2016, we agreed with our lenders to amend certain of the terms on certain of our facilities. See Note 33, Subsequent Events.The amendments to the loan agreements resulted in re-classification of $34.1 million as long term at December 31, 2015. 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 and a value adjusted equity covenant. With regards to free cash, we have covenanted to retain at least $48.5 million of cash and cash equivalents as at December 31, 2015 (December 31 2014: $18.9 million ) and this is classified as Restricted cash, non current assets. 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. In January 2016, we prepaid $4.2 million , in aggregate, on two loan facilities in order to comply with year end minimum value covenant requirements. This amount was classified as short term debt as of December 31, 2015. All other agreements were in compliance with this covenant and other covenants at December 31, 2015. 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 and matures 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, 2015 was $19.93 per share and was subject to adjustment for any dividend payments in the future. 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 so as to maintain a constant effective rate so that the convertible bond will have a value of $200 million on maturity. The bonds will be redeemed at 100% of their principal amount and will, unless previously redeemed, converted or purchased and cancelled, mature on January 30, 2019. We have a right to redeem the bonds at par plus accrued interest at any time during the term, provided that 90% or more of the bonds issued shall have been redeemed or converted to shares. 10,035,123 new shares would be issued if the bonds were converted at the current price of $19.93 . During 2015, $6.6 million has been amortized and recorded as interest expense. Seller's credit In 2013, the Former Golden Ocean purchased two vessels at which time the seller provided a 30% seller’s credit towards the cost of the vessel. The fair value of the sellers credit at the time of the Merger was $4.5 million based on the discounted value. The difference of $0.3 million is being amortized over the remaining life of the seller's credit so as to maintain a constant effective rate so that the seller's credit will have a value of $4.8 million on maturity in 2016. During 2015, $0.2 million has been amortized and recorded interest expense. The outstanding debt as of December 31, 2015 is repayable as follows: (in thousands of $) 2016 20,380 2017 — 2018 82,230 2019 476,872 2020 364,451 Thereafter 22,545 966,478 Amortization of purchase price adjustment (32,185 ) 934,293 Assets pledged As of December 31, 2015 , forty vessels (2014: thirteen vessels) with an aggregate carrying value of $1,488.2 million (2014: $852.7 million ) were pledged as security for our floating rate debt. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES (in thousands of $) 2015 2014 Voyage expenses 3,229 871 Ship operating expenses 6,496 1,112 Administrative expenses 1,207 1,162 Tax expenses 189 — Interest expenses 6,757 1,045 17,878 4,190 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2015 2014 Deferred charter revenue 4,120 3,285 Deferred gain on sale and leaseback 337 — Unfavorable charter party contracts 674 — Other current liabilities 8,862 — 13,993 3,285 ONG TERM LIABILITIES (in thousands of $) 2015 2014 Deferred gain on sale and leaseback 2,893 — Other long term liabilities 5,647 — 8,540 — |
DERIVATIVE INSTRUMENTS PAYABLE
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
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 $) 2015 2014 Interest rate swaps 1,641 — Asset Derivatives - Fair Value 1,641 — (in thousands of $) 2015 2014 Interest rate swaps 1,879 — Currency swaps 183 — Bunker derivatives 3,338 — Liability Derivatives - Fair Value 5,400 — $0.2 million asset derivatives/interest rate swaps and $1.5 million liability derivatives/bunker derivatives were assumed by us as a result of the Merger. During 2015, 2014 and 2013, the following were recognized in the consolidated statement of operations: (in thousands of $) 2015 2014 2013 Interest rate swaps Interest expense 2,127 — — Unrealized fair value loss 394 — — Foreign currency swaps Unrealized fair value loss 183 — — Forward freight agreements Realized loss 606 — — Bunker derivatives Realized loss 1,776 — — Unrealized fair value loss 1,853 — — 6,939 — — |
OTHER LONG TERM LIABILITIES
OTHER LONG TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG TERM LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2015 2014 Deferred charter revenue 4,120 3,285 Deferred gain on sale and leaseback 337 — Unfavorable charter party contracts 674 — Other current liabilities 8,862 — 13,993 3,285 ONG TERM LIABILITIES (in thousands of $) 2015 2014 Deferred gain on sale and leaseback 2,893 — Other long term liabilities 5,647 — 8,540 — |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2015 | |
SHARE CAPITAL [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL Authorized share capital: (in thousands of $ except per share amount) 2015 2014 500 million common shares of $0.01 par value (2014: 200 million common shares) 5,000 2,000 Issued and fully paid share capital: (number of shares of $0.01 each) 2015 2014 Balance at start of year 80,121,550 30,472,061 Shares issued re: - purchase of five SPCs in April 2014 — 15,500,000 - purchase of Capesize vessel in April 2014 — 3,100,000 - purchase of thirteen SPCs in September 2014 — 31,000,000 - settlement of RSUs 110,128 49,489 - purchase of twelve SPCs in March 2015 31,000,000 — - merger with the Former Golden Ocean (net shares issued) 61,443,959 — Balance at end of year 172,675,637 80,121,550 Our common shares are listed on the NASDAQ Global Select Market and the OSE. In February 2014, 49,489 common shares were issued as settlement of the third, second and first tranches of the RSUs granted in December 2010, December 2011 and January 2013, respectively. In April 2014, 15,500,000 and 3,100,000 common shares were issued to Frontline 2012 and Hemen (on behalf of Karpasia), respectively, in connection with the acquisition of five Capesize dry bulk newbuildings and one 2013-built Capesize dry bulk carrier, Bulk China (renamed KSL China ). These shares were recorded at a price of $12.54 per share being the closing share price on the date of issuance. In September 2014, 31,000,000 common shares were issued to Frontline 2012 in connection with the acquisition of thirteen Capesize dry bulk newbuildings. These shares were recorded at a price of $11.51 per share being the closing share price on the date of issuance. In June 2014, at a special general meeting of the shareholders, our authorized share capital was increased from $500,000 divided into 50,000,000 common shares of $0.01 par value to $2,000,000 divided into 200,000,000 common shares of $0.01 par value. In March 2015, we issued 110,128 common shares in settlement of the first, second and third tranches of the RSUs granted in January 2014, January 2013, December 2011, respectively. In March 2015, 31,000,000 common shares were issued to Frontline 2012 in connection with the acquisition of 12 Capesize dry bulk newbuildings. The shares were recorded at a price per share of $4.10 or $127.1 million in aggregate. Cash of $108.6 million and cost of newbuildings of $78.2 million were acquired with the SPCs. As this purchase has been accounted for a ‘common control’ transaction the twelve SPCs have been recorded at Frontline 2012’s historical carrying value and a contribution from shareholder of $59.7 million has been recorded in Contributed capital surplus. Prior to completion of the Merger, we had 111,231,678 common shares outstanding. Following completion of the Merger and the issuance of 61.5 million shares to the Former Golden Ocean shareholders, and pursuant to the merger agreement, the cancellation of 51,498 common shares (which were held by the Former Golden Ocean) and the cancellation of 4,543 common shares (which account for fractional shares that we will not be distributed to the Former Golden Ocean shareholders as merger consideration), we had has 172,675,637 common shares outstanding at December 31, 2015 (December 31, 2014: 80,121,550 ). In September 2015, at the annual general meeting of the shareholders, our authorized share capital was increased from 200,000,000 common shares of $0.01 par value to 500,000,000 common shares of $0.01 par value and it was resolved that the share premium account be reduced to nil and that the amount resulting from the reduction be credited to the contributed capital surplus account. A transfer of $1,207.4 million was made in the third quarter of 2015 in this respect. |
RESTRICTED STOCK UNITS
RESTRICTED STOCK UNITS | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Stock Units [Abstract] | |
RESTICTED STOCK UNITS | RESTRICTED STOCK UNITS In September 2010, the Board of Directors (the "Board") approved the adoption of the 2010 Equity Incentive Plan (the "Plan") and reserved 800,000 common shares of the Company for issuance pursuant to the Plan. The Plan permits RSUs to be granted to our directors, officers, employees affiliates, consultants and service providers. The RSUs will vest over three years at a rate of 1/3 of the number of RSUs granted on each annual anniversary of the date of grant, subject to the participant continuing to provide services to us from the grant date through the applicable vesting date. Payment upon vesting of RSUs may be in cash, in shares of common stock or a combination of both as determined by the Board. They must be valued in an amount equal to the fair market value of a share of common stock on the date of vesting. The participant shall receive a 'cash distribution equivalent right' with respect to each RSU entitling the participant to receive amounts equal to the ordinary dividends that would be paid during the time the RSU is outstanding and unvested on the shares of common stock underlying the RSU as if such shares were outstanding from the date of grant through the applicable vesting date of the RSU. Such payments shall be paid to the participant at the same time at which the RSUs vesting event occurs, conditioned upon the occurrence of the vesting event. The following table summarizes restricted stock unit transactions in 2015, 2014 and 2013 : Number of units Directors Management companies Total Fair value Units outstanding as of December 31, 2012 66,307 66,311 132,618 $5.25 Granted 47,238 47,238 94,476 $6.74 Settled (25,388 ) (25,388 ) (50,776 ) $9.65 Units outstanding as of December 31, 2013 88,157 88,161 176,318 $9.19 Granted 27,555 27,556 55,111 $9.48 Settled (41,134 ) (41,136 ) (82,270 ) $9.32 Units outstanding as of December 31, 2014 74,578 74,581 149,159 $4.53 Granted 24,602 24,604 49,206 $4.30 Settled (40,462 ) (40,463 ) (80,925 ) $4.44 Units outstanding as of December 31, 2015 58,718 58,722 117,440 $1.07 The fair values in the table above are the closing share prices on December 31, the share prices on the date of grant or the share prices on the date of vesting, as appropriate. The RSU expense in 2015, 2014 and 2013 was $0.01 million , $0.2 million and $0.9 million , respectively. In January 2013, we issued 35,061 common shares and paid $181,610 to members of the Board and to the General Manager and the Dry Bulk Manager in settlement of the first and second tranches of the RSUs granted in December 2011 and December 2010, respectively, which vested in December 2012. These settlements represent 50% of the value in common shares and 50% of the value in cash for each of the directors and each of the two management companies. In January 2013, our Board granted a total of 94,476 RSUs pursuant to the 2010 Equity Plan to members of the Board and the two management companies. These RSUs will vest over 3 years at a rate of 1/3 of the number of RSUs granted on each anniversary of the date of grant. In February 2014, we issued 49,489 common shares and paid $464,630 to members of the Board and to the General and the Dry Bulk Manager in settlement of the first, second and third tranches of the RSU's granted in January 2013, December 2011 and December 2010, respectively, which vested in January 2014 and December 2013, respectively. These settlements represent 50% of the value in common shares and 50% of the value in cash for each of the directors and each of the two management companies. In January 2014, our Board granted a total of 55,111 RSUs pursuant to the 2010 Equity Plan to members of the Board and the two management companies. These RSU's will vest over three years at a rate of 1/3 of the number of RSUs granted on each anniversary of the date of grant. On January 6, 2015, our Board granted a total of 49,206 RSUs pursuant to the 2010 Equity plan to members of the Board and the two management companies. These RSUs will vest over three years at a rate of 1/3 of the number of RSUs granted on each anniversary of the date of grant. In March 2015, we issued 110,128 common shares in settlement of the first, second and third tranches of RSUs granted in January 2014, January 2013 and December 2011, respectively. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We transact business with the following related parties, being companies in which Hemen and companies associated with Hemen have a significant interest: Frontline and its subsidiaries (the General Manager, Frontline Management (Bermuda) Limited, Seateam Management Pte Ltd and Frontline 2012), Karpasia, Ship Finance and Seatankers Management Co, Ltd and companies affiliated with it, or Seatankers. The Former Golden Ocean was considered a related party since September 2014 when we became a majority-owned subsidiary of Frontline 2012 following the acquisition of thirteen of our SPCs by Frontline 2012. Frontline In April 2014, we acquired five SPCs from Frontline 2012, each owning a 180,000 dwt Capesize dry bulk newbuilding and our subsidiary acquired a 2013-built Capesize dry bulk carrier, Bulk China (renamed KSL China ), from Karpasia. The consideration was settled by the issuance of 15.5 million shares and 3.1 million shares to Frontline 2012 and Hemen (on behalf of Karpasia), respectively, which were recorded at a price of $12.54 per share, $150.0 million was assumed in remaining newbuilding installments in connection with the SPCs acquired from Frontline 2012 and $24.0 million was paid in cash to Karpasia. Cash of $43.4 million was acquired on the purchase of the five SPCs. No other working capital balances were acquired. In April 2014, we agreed to acquire 25 SPCs from Frontline 2012, each owning a dry bulk newbuilding. In September 2014, we acquired 13 of these SPCs. The consideration for the 13 SPCs was settled by the issuance of 31.0 million of our common shares as consideration to Frontline 2012. The issuance of the 31.0 million shares was recorded at an aggregate value of $356.8 million based on the closing price of $11.51 per share on September 15, 2014, the closing date of the transaction. $490.0 million was assumed in remaining newbuilding installments and cash of $25.1 million was acquired on the purchase of the thirteen SPCs. We acquired the remaining twelve SPCs in March 2015. The consideration for the 12 SPCs was settled by the issuance of 31.0 million of our common shares as consideration to Frontline 2012. The shares were recorded at a price per share of $4.10 or $127.1 million in aggregate. Cash of $108.6 million and cost of newbuildings of $78.2 million were acquired with the SPCs. In November 2015, in a merger transaction by and among Frontline, Frontline 2012 and Frontline Acquisition Ltd., a wholly-owned subsidiary of Frontline, Frontline Acquisition Ltd. merged with and into Frontline 2012, with the result that Frontline 2012 became a wholly-owned subsidiary of Frontline. Also in November 2015, we entered into an agreement with New Times Shipbuilding Co. Ltd in China to convert two Capesize dry bulk newbuildings to Suezmax oil tanker newbuildings, with expected delivery in the first quarter of 2017. On November 23, 2015, we agreed to sell these newbuilding contracts to Frontline for $1.9 million . The sale was completed on December 31, 2015 and we recognized a loss of $8.9 million . Ship Finance In April 2015, we agreed to a sale and leaseback transaction with Ship Finance for eight Capesize vessels. Five of these vessels ( KSL China, Battersea, Belgravia, Golden Future and Golden Zhejiang ) were owned by us prior to the completion of the Merger and three vessels ( Golden Zhoushan, Golden Beijing and Golden Magnum ) were acquired as a result of the Merger. These vessels were built in Korea and China between 2009 and 2013 and were sold en-bloc for an aggregate price of $272.0 million or $34.0 million per vessel on average. 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 incurred $12.1 million of charter hire expenses in 2015 (2014: nil ) in respect of the eight vessels. In 2013, United Freight Carriers LLC, the joint venture acquired in the Merger and of which we own 50% , entered into charter contracts with Ship Finance for four dry bulk carriers. The charter contracts include profit sharing and the joint venture has paid $2.5 million to Ship Finance related to these vessels since April 1, 2015. We are the commercial manager for twelve dry bulk and eleven container vessel owned and operated by Ship Finance. Pursuant to the management agreements, we receive $125 a day for managing the dry bulk vessels and $65 a day for managing the container vessels. Seatankers We are the commercial manager of 21 dry bulk vessel owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 a day for managing the dry bulk vessels. Management Agreements General Management Agreement Up to March 31, 2015, we were provided with general administrative services by the General Manager. Pursuant to the terms of the Amended General Management Agreement, the General Manager was entitled to a management fee of $2.3 million per annum from January 1, 2010, which was subject to annual adjustments, plus a commission of 1.25% on gross freight revenues from our vessels, 1% of proceeds on the sale of any of our vessels, and 1% of the cost of the purchase of our vessels. In addition, we, in our discretion, awarded equity incentives to the General Manager based upon its performance. Such awards were subject to the approval of the Board. We were responsible for paying all out-of-pocket expenses incurred by the General Manager from third parties in connection with the services provided under the Amended General Management Agreement, such as audit, legal and other professional fees, registration fees and directors' and officers' fees and expenses. The Amended General Management Agreement was terminated on March 31, 2015. Technical Management We receive technical management services from the General Manager. Pursuant to the terms of the agreement, Frontline received a management fee of $33,000 per vessel in 2015. This fee is subject to annual review. Frontline 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 ship managers subcontracted by the General Manager. Technical management for fourteen vessels (2014: three vessels) is provided by SeaTeam Management Pte. Ltd, a majority owned subsidiary of Frontline. Other Management Services We aim to operate efficiently through utilizing competence from Frontline or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. Specifically, we receive assistance in relation to consolidation and reporting as well as management of its Sarbanes Oxley compliance from Frontline. We currently pay a fee of $115,000 per quarter for this service. A summary of net amounts charged by related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 ICB Shipping (Bermuda) Ltd 579 2,315 2,315 Frontline Management (Bermuda) Ltd 13,192 2,962 154 The Former Golden Ocean 134 1,034 408 Ship Finance International Limited 12,060 — — Seateam Management Pte Ltd 1,932 562 228 Net amounts charged by related parties comprise of general management and commercial management fees, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 Ship Finance International Limited 560 — — Seatankers Management Co Ltd 310 — — Net amounts charged to related parties comprise of commercial management fees from April 1, 2015. Such fees were charged by the Former Golden Ocean prior to that. While comparatives have been given for the year ended December 31, 2013 in the table above, these companies were not considered to be related parties in 2013. A summary of balances due from related parties as of December 31, 2015 and 2014 is as follows: (in thousands of $) 2015 2014 Frontline 2012 Ltd — 38 Seateam Management Pte Ltd — 411 Frontline Ltd 4,455 — Ship Finance International Ltd 36 — United Freight Carriers LLC 2 — Seatankers Management Co Ltd 1,139 — Golden Opus Inc 2,534 — Management 285 — 8,451 449 A summary of balances owed to related parties as of December 31, 2015 and 2014 is as follows: (in thousands of $) 2015 2014 Former Golden Ocean — 356 Frontline Management (Bermuda) Ltd 3,924 1,558 ICB Shipping (Bermuda) Ltd — 579 Frontline Ltd 176 62 Seateam Management Pte Ltd 1 — 4,101 2,555 Receivables and payables with related parties mainly comprise unpaid commercial management fees, newbuilding supervision fees and the amount owed by Frontline in connection with the sale of the two Suezmax newbuilding contracts in December 2015. In addition certain payables and receivables arise when we pay an invoice on behalf of a related party and vice versa. We periodically issue RSUs to the board of directors and management companies. |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES | FINANCIAL ASSETS AND LIABILITIES Interest rate risk management During 2015, we assumed four interest rate swaps as a result of the Merger and have subsequently entered into three interest rate swaps. These swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rate on an original principal amount of $400 million of the then anticipated debt was switched to fixed rate. During 2014, we were not party to any interest rate swaps transactions. 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 banks, which participate in loan facilities to which the interest rate swaps are related. Our interest rate swap transactions as at December 31, 2015 , which are not 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 2015 October 2019 1.22 % Receiving floating, pay fixed 50,000 November 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 % 400,000 Changes in the fair value of the interest rate swap transactions are recorded in "Loss on derivatives" in the consolidated statement of operations. 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. 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. During 2015, we assumed one contract as a result of the Merger. During 2014, we did not have any such contracts. As of December 31, 2015 and December 31, 2014 , we had one a nd nil contracts outstanding, respectively. The losses on freight forward agreements are recorded in "Loss on derivatives" in the consolidated statement of operations. 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 well established banks. We assumed three contracts as a result of the Merger, of which two matured during 2015 and have subsequently entered into another nine contracts. During 2014, we did not have any such contracts. As of December 31, 2015 and December 31, 2014 , we had ten and nil contracts outstanding, respectively. Losses on bunker derivatives are recorded in "Loss on derivatives" in the consolidated statement of operations. 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 enters 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. During 2015, we entered into thirty foreign currency swaps. During 2014, we did not have any such contracts. As of December 31, 2015 and December 31, 2014 , we had twenty-four and nil contracts outstanding, respectively. Changes in the fair value of foreign currency swaps are recorded in "Loss on derivatives" in the consolidated statement of operations. Fair values The carrying value and estimated fair value of our financial instruments at December 31, 2015 and December 31, 2014 are as follows: 2015 2015 2014 2014 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 102,617 102,617 42,221 42,221 Restricted cash 48,872 48,872 18,923 18,923 Liabilities Long term debt - floating 761,739 761,739 363,500 363,500 Long term debt - convertible bond 165,500 167,815 — — Long term debt - sellers credit 4,739 4,739 — — The fair value hierarchy of our financial instruments is as follows: (in thousands of $) 2015 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 102,617 102,617 — — Restricted cash 48,872 48,872 — — Liabilities Long term debt - floating 761,739 — 761,739 — Long term debt - convertible bond 165,500 — 165,500 — Long term debt - sellers credit 4,739 — — 4,739 (in thousands of $) 2014 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 42,221 42,221 — — Restricted cash 18,923 18,923 — — Liabilities Long term debt - floating 363,500 — 363,500 — There have been no transfers between different levels in the fair value hierarchy in 2015. 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 fair value was determined by discounting the expected future cash outflow of $4.7 million , which is payable upon maturity in 2016, by 7.0% . Assets Measured at Fair Value on a Nonrecurring Basis See Note 4 for a summary of the estimated fair values of the assets acquired and liabilities assumed as a result of the Merger. At December 31, 2015 the investment in Golden Opus Inc was measured at fair value, the fair value was based level three inputs, the expected market values of the underlying assets and liabilities. At December 31, 2015 the Golden Lyderhorn, a vessel held under capital lease was measured at fair value, the fair value was based level three inputs, was determined using discounted expected future cash flows for the vessel. At December 31, 2015 , the newbuildings Front Caribbean and Front Mediterranean newbuildings were measured at fair value of $17.7 million ( December 31, 2014 : nil ). This was determined using level three inputs being the expected cash flows from the sale of the completed vessels at September 2015 of $7.9 million , plus subsequent expenditure on the newbuildings. Assets Measured at Fair Value on a Recurring Basis Marketable securities are listed equity securities considered to be available-for-sale securities for which the fair value as at the balance sheet date is their aggregate market value based on quoted market prices (level 1) for the investment in a company listed on a U.S. stock exchange and level two for the investment in the company listed on the Norwegian 'over the counter' market. The fair value (level 2) of interest rate, currency swap and bunker swap 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, DnB and Nordea Bank Norge 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, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The General Manager insures 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 Lyderhorn, that was sold by the Former Golden Ocean in 2006 and leased back for a period of ten years . At the time of the sale a sellers credit for $2.7 million was given to lessor and becomes payable on redelivery and sale of the vessel. We have the right to purchase the vessel for $14.2 million less the sellers credit in August 2016, if this is not exercised the lessor has the option to put the vessel on us at the end of the lease terms for $12.2 million less the sellers credit. The total amount that we would be required to pay in 2016 under this put options is $9.5 million (2014: nil ). As of December 31, 2015 , the joint venture that owns the Golden Opus had total bank debt outstanding of $18.3 million and we had guaranteed 50% of this amount. Consequently, our maximum potential liability was $9.15 million as of this date. We have not recorded any liability in respect of this arrangement. 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 3 years at $14,900 per day. As of December 31, 2015 , we had eighteen vessels under construction, of which two have been sold and will be delivered to the new owners on delivery from the yard in 2016. We will receive net sales proceeds of $46.2 million per vessel at time of delivery. Our outstanding commitments for our eighteen remaining newbuildings amount to $570.1 million with expected payments of $502.8 million in 2016 and $67.3 million in 2017 for expected delivery of sixteen vessels in 2016 and two vessels in 2017. We have claims for unpaid charter hire owed by Titan Petrochemicals Limited with respect to its bareboat charters of the VLCCs Titan Venus and Mayfair . We is also seeking recovery of damages for the remaining periods of these charter contracts. The aggregate amount of these claims is approximately $2.4 million . We are unable to predict the outcome of this case at this time. In 2014, we received $17.5 million in respect of a claim for unpaid charter hire and damages for early termination of the time charter for the Golden Zhejiang and recorded this amount as other operating income. We also received $1.9 million in this respect and this amount was recorded as time charter revenue as it related to unrecognized time charter revenue in respect of services previously rendered. These amounts were received as full and final settlement in connection with a claim that was lodged jointly with another claimant's claim against the same defendant. In February and April 2014, we received $0.2 million and $0.1 million , respectively, as final settlements for unpaid charter hire for Battersea and recorded these amounts as other operating income. Except as described above, 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 SUPPLE
SUPPLEMENTAL INFORMATION SUPPLEMENTAL INFORMATION | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
SUPPLEMENTAL INFORMATION | SUPPLEMENTAL INFORMATION In April 2014, we acquired five SPCs from Frontline 2012, each owning a Capesize dry bulk newbuilding and one of our subsidiaries acquired a 2013-built Capesize bulk carrier, Bulk China (renamed KSL China ), from Karpasia. The consideration was settled partly by the issuance of shares. In September 2014, we acquired thirteen SPCs, each owning a Capesize dry bulk newbuilding, from Frontline 2012. The consideration for the thirteen SPCs was settled by the issuance of 31.0 million shares. In March 2015, we acquired twelve SPCs, each owning a Capesize dry bulk newbuilding, from Frontline 2012. The consideration for the twelve SPCs was settled by the issuance of 31.0 million shares. On March 31, 2015, we and the Former Golden Ocean merged. The shareholders of the Former Golden Ocean received our shares as merger consideration. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In January 2016, we took delivery of Golden Barnet , Golden Bexley , Golden Scape and Golden Swift . Final installments of $112.6 million , in aggregate, were paid and $117.2 million was drawn down in debt. In February 2016, we took delivery of, and simultaneously sold (further to a prior agreement), the Front Caribbean and chartered the vessel in for a period of twelve months. The final installment of $33.4 million was paid upon delivery and sales proceeds of $46.2 million were received at the same time. There was no related debt. In January 2016, we prepaid $4.2 million , in aggregate, on two loan facilities in order to comply with year end minimum value covenant requirements. All other agreements were in compliance with this covenant and other covenants at December 31, 2015. In February 2016, we agreed with our lenders to amend certain of the terms on the $420.0 million term loan facility, $425.0 million senior secured post-delivery term facility, $33.93 million credit facility, $82.5 million credit facility and the $284.0 million credit facility, or the Loan Facilities. For the period from April 1, 2016 to September 30, 2018 there will be no repayments on these facilities, the minimum value covenant is set at 100% with a subsequent increase to 125% or 135% (depending on the facility) on October 1, 2018 and anytime thereafter and the market adjusted equity ratio is waived. We have also agreed that for the nine remaining newbuilding contracts where we have financing in the $425.0 million term loan facility, there will be a fixed draw down of $25.0 million per vessel subject to compliance with the minimum value covenant of 100% for the period. The margins on the loans are unchanged and average 2.3% , however, we will pay an increased margin of 4.25% for the deferred repayments under the loan facilities. We will resume repayment of each loan on October 1, 2018 based on the repayment model as if October 1, 2018 was April 1, 2016 regardless of any repayment made during the period in accordance with the cash sweep mechanism described below and without affecting the final maturity date. A cash sweep mechanism will be put in place whereby we will pay down on the deferred repayment amount should our cash position improve. We will furnish our lenders at the end of each first and third quarter a calculation of free projected cash anticipated at September 30, 2018, or the Free Projected Cash. All Free Projected Cash above a threshold of $25 million will be used to repay the loans on the cash sweep repayment date, which is when the compliance certificates fall due. The first cash sweep repayment date will fall due at the end of the third quarter of 2016. The cash sweep that we will pay to each lender will be based on a percentage of the excess cash as calculated as per end of that half year period equal to: • the installments that had fallen due and payable under the agreements during that period had not such installments been suspended in accordance; over • all regular installments that had fallen due and payable under all existing credit facilities during that period had not such installments been suspended. Existing credit facilities include the Loan Facilities and the $22 million senior secured term loan agreement made between Golden Opus Inc, and us as guarantor of 50% of the facility. Any repayments made under the cash sweep will be applied against balloon payments due on the loans. Due to the operation of the cash sweep mechanism, we will not be permitted to make any cash dividend payments without the prior approval of our lenders in the period to September 30, 2018. The agreement with the lenders was subject to us raising $200 million in equity. We announced in February 2016 that we had successfully completed a private placement that raised $200 million in equity. The impact of these loan amendments was to defer $113.9 million of loan repayments due in the period from April, 1 2016 to September 30, 2018 and to postpone repayments on future drawings on the delivery of newbuilding vessels and Golden Opus in this period. Also in February 2016, we announced a private placement of 343,684,000 new shares, or the Private Placement Shares, at NOK 5.00 per share, generating gross proceeds of NOK 1.7 billion (approximately $200 million ), thereby fulfilling the equity condition in our amended financing terms, as described above. Our existing unused authorized share capital was not sufficient to issue all the Private Placement Shares and an increase in our authorized share capital was subsequently approved. The Private Placement Shares are restricted shares in the U.S. and are subject to a six month holding period during which they cannot be traded in the U.S. As such, the Private Placement Shares were delivered and registered on a separate ISIN BMG396371145 and listed on the OSE only under a separate trading symbol "GOGL R". The conversion price on the $200 million convertible bond, or the Convertible Bond, was adjusted in accordance with clause 14.6 of the Bond Agreement from $19.93 to $17.63 per share effective from February 23, 2016 as a result of the private placement. On February 22, 2016, our shareholders approved the increase of our authorized share capital to $6,000,000.00 divided into 600,000,000 common shares of $0.01 par value each. In February 2016, we announced a subsequent offering, or the Subsequent Offering, of up to 34,368,400 new common shares for gross proceeds of up to NOK 171,842,000 (approximately $20 million ). Ultimately, 13,369,291 new common shares, or the Subsequent Offering Shares, were issued in connection with the Subsequent Offering for gross proceeds of NOK 66,846,455 (approximately $7.8 million ). As with the Private Placement Shares, the Subsequent Offering Shares issued as part of the Subsequent Offering are restricted shares in the U.S. and were listed on the OSE only under a separate trading symbol "GOGL R", on March 18, 2016. In February 2016, we and the lessor of the chartered-in vessel, Golden Hawk , agreed that the daily rate be reduced to $11,200 from $13,200 for two years from February 20, 2016. We also agreed that we will reimburse the lessor when the reduced daily rate exceeds the 6-T/C Baltic Exchange Supramax Index in any day during the two year period with the maximum reimbursed amount capped at $1.75 million and that on February 20, 2022 we will pay to the lessor the difference between the amount reimbursed and $1.75 million. In February 2016, Golden Union Shipping Co S.A. equally transferred its 20% stake in Capesize Chartering to the remaining four joint venture partners (Bocimar International NV, C Transport Holding Ltd, Star Bulk Carrier Corp and the Company). Capesize Chartering was established in 2015 to provide chartering services in respect of the Capesize tonnage for all of the initial five dry bulk shipowning groups. In March 2016, we agreed a delay in the delivery of two Capesize vessels from the original delivery dates in February and March 2016 to the end of October 2016. |
SUMMARY OF SIGNIFICANT ACCOUN40
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
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. |
Business combinations | Business combinations We accounted for our acquisition of the Former Golden Ocean on March 31, 2015 as a business combination and have measured the identifiable assets acquired and the liabilities assumed at their acquisition date fair values. The consideration transferred has been measured at fair value based on the closing price of our shares on the date of acquisition and the fair value of the vested share options in the Former Golden Ocean. The surplus of the fair value of the net assets acquired over the fair value of the consideration transferred is recognized as a bargain purchase gain. Acquisition related costs are expensed as incurred. |
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. |
Discontinued operations | Discontinued operations We believe that the disposal of a component of an entity or a group of components of an entity shall be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity's operations and financial results. In 2013, we determined that an individual vessel within a vessel class was not a component as defined by the then accounting standard as we did not believe that the operations of an individual vessel within a vessel class could be clearly distinguished. Generally, we believed that all of the vessels in a vessel class represented a component as defined for the purpose of discontinued operations and presented the operations of the VLCCs as discontinued operations since three of those vessels were sold during 2012 and the remaining VLCC met the criteria for held for sale at December 31, 2012. The remaining VLCC was sold during 2013. |
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 Revenues and expenses are recognized on the accruals basis. Revenues are generated from voyage charters and time charters. Voyage revenues are recognized ratably over the estimated length of each voyage and, therefore, are allocated between reporting periods based on the relative transit time in each period. Voyage expenses are recognized as incurred. Probable losses on voyages are provided for in full at the time such losses can be estimated. Time charter and bareboat 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. We use 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. Demurrage is a form of damages for breaching the period allowed to load and unload cargo in a voyage charter, or the laytime, and is recognized as income according to the terms of the voyage charter contract when the charterer remains in possession of the vessel after the agreed laytime. Claims for unpaid charter hire and damages for early termination of time charters are recorded upon receipt of cash when collectability is not reasonably assured. Such amounts related to services previously rendered are recorded as time charter revenue. Amounts in excess of services previously rendered are classified as other operating income. |
Contingent rental expense (income) | 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. |
Loss on sale of assets and amortization of deferred gains | Loss on sale of assets and amortization of deferred gains Loss on sale of assets and amortization of deferred gains includes 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 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 shall be 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. 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 Short term restricted cash comprises collateral deposits for derivative trading. Long term restricted cash is 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 considered to be available-for-sale securities and as such are carried at fair value. Any resulting unrealized gains and losses, net of deferred taxes if any, are recorded as a separate component of other comprehensive income in equity unless the securities are considered to be other than temporarily impaired, in which case unrealized losses are recorded in the consolidated statement of operations as impairment loss on shares |
Derivatives | Derivatives Our derivative instruments include interest-rate swap agreements, foreign currency swaps, forward freight agreements and bunker hedges. 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 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. |
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 market value. Cost is determined on a first-in, first-out basis. |
Vessels and depreciation | Vessels and depreciation Vessels are stated at cost less accumulated deprecation. 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 average, up to the date of delivery 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. Two capital leases were acquired as a result of the Merger, and the leasehold interest in these capital leased assets has been recorded at fair value. The obligations under these capital leases have been recorded at fair value based on the value of the contractual lease payments that is expected to accrue over the terms of the 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 income statement over the lease period. 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. |
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 other financial items. |
Value of long term charter contracts | Value of long term charter contracts We account for the fair value of long term charter contracts, which were attached to vessels acquired as a result of the Merger as 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 has been recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The favorable contracts had remaining terms of ten months to 7.5 years at the time of the merger and the unfavorable contracts had remaining terms of three months to ten years. The fair value is amortized over the period of the contract on a straight line basis, except for a the value of a contract of affreightment, which is amortized to reflect the timing of the expected economic benefit. The amortization of favorable contracts is recorded as a reduction of time charter revenues and the amortization of unfavorable contracts is recorded as a reduction of 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 does 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 its 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. |
Debt | Borrowings - loan amendments We exclude from current liabilities at the balance sheet date any short term obligations that we intend to refinance the obligation on a long term basis and the intent to refinance the short-term obligation on a long-term basis is supported by the ability to consummate the refinancing. This is demonstrated by either by a post balance sheet issuance of a long term obligation before the balance sheet is issued or when we enter into a financing agreement which clearly permits us to refinance the obligation on a long term basis, on terms that are readily determinable. If the Company enters into a financing agreement, the agreement must not expire within one year of the balance sheet date, no violations of any provisions of the financing agreement should have occurred at the balance sheet date or before the balance sheet is issued and the prospective lender or investor who has entered into the financing agreement should be to be financially capable of honoring the agreement. 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, so as to maintain a constant effective rate so that the convertible bond will have a value of $200 million on maturity. |
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. |
Share-based compensation | Stock-based compensation We account for 50% of the RSUs issued to the directors as equity classified awards and we account for the remaining 50% as liability classified awards. We account for the RSUs issued to the management companies as liability classified awards. The RSU expense has been recognized in the consolidated statement of operations based on the straight-line method. The fair value of an equity instrument issued to a nonemployee is measured by using the stock price and other measurement assumptions as of the date at which either (i) a commitment for performance by the counterparty has been reached; or (ii) the counterparty's performance is complete. This criterion is not considered to be met in the absence of considerable evidence, and liability accounting is applied with a re-measurement at each period end date. We have obtained a right to receive future services in exchange for unvested, forfeitable equity instruments, and the fair value of the equity instruments does not create equity until the future services are received (i.e. the instruments are not considered issued until they vest). We expense the fair value of stock options issued to employees on a straight line basis over the period the options vest. No compensation cost is recognized for stock options for which employees do not render the requisite service. |
Transactions subject to common control and affect of acquisition from shareholder | Transactions subject to common control and affect of acquisition from shareholder The acquisition of twelve special purpose companies, each owning one newbuilding contract, from Frontline 2012 in March 2015 is recorded at historical carrying values as it was determined to be between entities under common control and the difference of $59.7 million between the aggregate consideration paid by us and the historic carrying values recognized by Frontline 2012 has been recorded as additional contributed capital surplus. |
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 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. |
Other comprehensive income | Other comprehensive income For 2013 and 2014, we have no other comprehensive income. During 2015, a loss of $10.8 million related to marketable securities was recognized in other comprehensive loss and this amount was fully recycled and recognized as part of the other than temporary impairment loss recognized in the consolidated statement of operations as of December 31, 2015. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-09 - Revenue from Contracts with Customers (“ASU 2014-09”), a comprehensive revenue recognition model that supersedes the current revenue recognition requirements and most industry-specific guidance. The underlying core principle of ASU 2014-09 is that a company should recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration it expects to be entitled to in exchange for those goods or services. ASU 2014-09 will be effective for the first interim period within annual reporting periods beginning after December 15, 2017, and allows adoption either under a full retrospective or a modified retrospective approach. Early adoption is permitted, but no earlier than annual reporting periods beginning after December 15, 2016. We are currently considering the impact of these amendments on our consolidated financial statements. In August 2014, FASB Issued ASU 2014-15 - Presentation of Financial Statements-Going Concern. The amendments in this Update provide guidance in U.S. GAAP about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures and are effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. We are currently considering the impact of these amendments on our consolidated financial statements. In April 2015, the FASB issued ASU 2015-03, which changes the presentation of debt issuance costs in the balance sheet as a direct deduction from the carrying amount of the related debt rather than as an asset. The guidance is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted, and must be applied on a retrospective basis to all prior periods presented in the financial statements. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We had debt issuance costs of $5.8 million at December 31, 2015 (December 31, 2014: $3.5 million ), which would be required to be presented as a deduction from the carrying amount of our debt. In July 2015, the FASB issued ASU 2015-11-Inventory (Topic 330)-Simplifying the Measurement of Inventory, which applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this Update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this Update more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The amendments in this Update will affect us for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. In August 2015, the FASB issued ASU 2015-15 Interest-Imputation of Interest (Subtopic 835-30) Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements. Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015. This Update made certain amendments to Subtopic 835-30 concerning Interest-Imputation of Interest and Other Presentation Matters. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. In September 2015, the FASB issued ASU 2015-16 Business combinations (Topic 805) - Simplifying the Accounting for Measurement-Period Adjustments. The amendments in the Update require that the acquirer recognize adjustments to provisional amounts recognized in a business combination that are identified during the measurement period in the reporting period in which the adjustment amount is determined. The acquirer is required to also record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date. In addition, an entity is required to present separately on the face of the income statement or disclose in the notes to the financial statements the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The amendments in this Update will affect us for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. We do not expect these amendments to have a significant impact on our consolidated financial statements. 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. The amendments in this Update will affect us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. In February 2016, the FASB issued ASU 2016-02 - Leases (Topic 842). The amendments in this update require that lessees recognize a right-of-use asset and a lease liability for all leases except those that meet the definition of a short-term lease. A dual model was retained for income statement purposes, requiring leases to be classified as either operating or finance. Operating leases will result in straight-line expense (similar to current operating leases) while finance leases will result in a front-loaded expense pattern (similar to current capital leases). The amendments in this Update are effective for us for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. |
MERGER WITH THE FORMER GOLDEN41
MERGER WITH THE FORMER GOLDEN OCEAN (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Business Acquisition, Pro Forma Information [Table Text Block] | (in thousands $, except per share data) 2015 2014 Total operating revenues 225,013 318,722 Net (loss) income from continuing operations (318,975 ) 41,138 Loss from discontinued operations — (258 ) Net (loss) income (318,975 ) 40,880 Basic and diluted earnings per share: Basic and diluted (loss) earnings per share from continuing operations $ (1.85 ) $ 0.24 Basic and diluted loss per share from discontinued operations $ — $ — Basic and diluted (loss) earnings per share $ (1.85 ) $ 0.24 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The value of the consideration paid is calculated as follows: (in thousands of $) Fair value of shares issued (61,443,959 shares at $5.00 per share) 307,220 Fair value of vested stock options in the Former Golden Ocean 926 Total value of consideration 308,146 The following represents the calculation of the bargain purchase gain arising on consolidation based on management's final allocation of the total purchase price to the assets acquired and liabilities assumed: (in thousands of $) Assets Cash and cash equivalents 129,084 Restricted cash 2,448 Marketable securities 5,779 Other current assets 78,457 Favorable contracts 30,417 Current assets 246,185 Restricted cash 31,552 Newbuildings 12,030 Vessels, net 632,997 Vessels under capital lease, net 14,029 Investment in associated companies 11,346 Favorable contracts 96,673 Other non current assets 9,116 Total assets 1,053,928 Liabilities Current portion of long term debt 39,395 Current portion of capital lease obligations 7,032 Other current liabilities 28,180 Unfavorable contracts 1,567 Current liabilities 76,174 Long term debt 391,717 Convertible bond debt 161,200 Long term capital lease obligations 31,405 Other long term liabilities 434 Unfavorable contracts 5,976 Total liabilities 666,906 Fair value of net assets acquired and liabilities assumed 387,022 Total value of consideration 308,146 Bargain purchase gain arising on consolidation 78,876 |
Purchase price consideration | (in thousands of $) Fair value of shares issued (61,443,959 shares at $5.00 per share) 307,220 Fair value of vested stock options in the Former Golden Ocean 926 Total value of consideration 308,146 |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operations | Amounts recorded with respect to discontinued operations in 2015, 2014 and 2013 are as follows: (in thousands of $) 2015 2014 2013 Operating revenues — — (226 ) Net gain on sale of assets — — 254 Impairment loss on vessels — — (5,342 ) Net loss — (258 ) (7,433 ) |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 $) 2015 2014 2013 Net (loss) income from continuing operations (220,839 ) 16,253 3,530 Net loss from discontinued operations — (258 ) (7,433 ) Net (loss) income (220,839 ) 15,995 (3,903 ) (in thousands) 2015 2014 2013 Weighted average number of shares outstanding - basic 151,217 52,445 25,620 Impact of restricted stock units 133 149 176 Weighted average number of shares outstanding - diluted 151,350 52,594 25,796 |
LOSS ON SALE OF ASSETS AND AM44
LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
Gain (loss) on sale of assets and deferred gains | (in thousands of $) 2015 2014 2013 Net loss on sale of vessels 2,062 — — Loss on sale of newbuilding contracts 8,858 — — Amortization of deferred gains (132 ) — — 10,788 — — |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The minimum future revenues, net of future amortization of favorable time charter contracts-out to be received from the fixed rate charters as of December 31, 2015 are as follows: (in thousands of $) 2016 21,071 2017 18,364 2018 16,673 2019 16,673 2020 11,669 Thereafter 4,091 88,541 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Securities Reconciliation | Our marketable securities are equity securities considered to be available-for-sale securities. (in thousands of $) 2015 2014 Acquired as a result of the Merger 5,779 — Purchased during the year 32,159 — Impairment loss (23,323 ) — 14,615 — |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 may be summarized as follows: (in thousands of $) Balance at December 31, 2012 12,081 Additions charged to income 226 Deductions credited to income (2,990 ) Balance at December 31, 2013 9,317 Deductions credited to income (1,883 ) Balance at December 31, 2014 7,434 Additions charged to income 512 Balance at December 31, 2015 7,946 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Receivables [Abstract] | |
Other receivables | (in thousands of $) 2015 2014 Agent receivables 2,496 423 Advances 282 45 Claims receivables 927 222 Other receivables 11,287 2,740 14,992 3,430 |
VALUE OF CHARTER PARTY CONTRA49
VALUE OF CHARTER PARTY CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of amortization of unfavorable charter party contracts | The value of unfavorable charter-in contracts will be amortized as follows: (in thousands of $) 2016 674 2017 672 2018 672 2019 672 2020 674 Thereafter 2,780 6,144 |
Schedule of amortization of favorable charter party contracts | The value of favorable charter-out contracts will be amortized as follows: (in thousands of $) 2016 28,829 2017 20,861 2018 18,732 2019 18,732 2020 12,148 Thereafter 4,074 103,376 |
Value of favorable charter party contracts | The value of favorable charter-out contracts maybe summarized as follows: (in thousands of $) 2015 2014 Acquired as a result of the Merger 127,090 — Accumulated amortization (23,714 ) — Total 103,376 — Less: current portion (28,829 ) — Non current portion 74,547 — |
Value of unfavorable charter party contracts | The value of unfavorable charter-in contracts, which are included within other current liabilities and other long term liabilities, maybe summarized as follows: (in thousands of $) 2015 2014 Acquired as a result of the Merger 7,543 — Accumulated amortization (1,399 ) — Total 6,144 — Less: current portion (674 ) — Non current portion 5,470 — |
VESSELS (Table)
VESSELS (Table) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and equipment | (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2012 305,581 (31,755 ) 273,826 Depreciation — (11,079 ) — Balance at December 31, 2013 305,581 (42,834 ) 262,747 Purchase of vessels 24,085 — Value of share consideration paid in connection with purchase of vessel 38,874 — Transfer from newbuildings 546,520 — Depreciation — (19,561 ) Balance at December 31, 2014 915,060 (62,395 ) 852,665 Additions 24 — Disposals (382,855 ) 3,391 Transfer from newbuildings 574,523 — Acquired as a result of the Merger 632,997 — Impairment loss (199,190 ) 58,228 Depreciation — (51,578 ) Balance at December 31, 2015 1,540,559 (52,354 ) 1,488,205 |
VESSELS UNDER CAPITAL LEASES,51
VESSELS UNDER CAPITAL LEASES, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Vessels Under Capital Leases [Abstract] | |
Book Value Of Vessels Under Capital Lease [Table Text Block] | (in thousands of $) Balance at December 31, 2014 — Acquired as a result of the Merger 14,029 Impairment loss (4,525 ) Depreciation (1,150 ) Balance at December 31, 2015 8,354 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | (in thousands of $) 2016 17,692 2017 5,944 2018 5,944 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 37,315 Less: imputed interest (4,035 ) Present value of obligations under capital leases 33,280 |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Newbuildings [Abstract] | |
Newbuilings | (in thousands of $) Balance at December 31, 2012 — Installments and newbuilding supervision fees paid 26,298 Interest capitalized 408 Balance at December 31, 2013 26,706 Installments and newbuilding supervision fees paid and accrued 356,355 Value of share consideration paid in connection with purchase of SPCs, net of cash acquired: - in April 2014 150,959 - in September 2014 331,661 Interest capitalized 4,179 Transfers to Vessels and Equipment (546,520 ) Balance at December 31, 2014 323,340 Acquired as a result of the Merger 12,030 Value of share consideration paid in connection with purchase of SPCs, net of cash acquired; 78,201 Installments and newbuilding supervision fees paid 508,482 Interest capitalized 8,979 Disposals (10,785 ) Impairment loss (7,110 ) Transfers to Vessels and Equipment (574,523 ) Balance at December 31, 2015 338,614 |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | (in thousands of $) UFC Golden Opus Inc. Seateam Total Ownership 50 % 50 % 21.25 % At December 31, 2014 — — — — Acquired as a result of the Merger 630 10,379 337 11,346 Dividends received from associated companies — — (88 ) (88 ) Share of income 140 (821 ) 248 (433 ) Impairment loss — (4,600 ) — (4,600 ) At December 31, 2015 770 4,958 497 6,225 |
OTHER LONG TERM ASSETS (Tables)
OTHER LONG TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | (in thousands of $) 2015 2014 Acquired as a result of the Merger 9,116 — Accreted interest 357 — Provision for uncollectible receivables (4,729 ) — 4,744 — |
DEFERRED CHARGES (Tables)
DEFERRED CHARGES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Charges | (in thousands of $) 2015 2014 Capitalized financing fees and expenses 7,218 6,253 Accumulated amortization (1,421 ) (2,720 ) 5,797 3,533 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | (in thousands of $) Floating rate debt Fixed rate debt Sellers credit Total Balance at December 31, 2013 95,000 — — 95,000 Loan repayments (1,500 ) — — (1,500 ) Loan draw downs 270,000 — — 270,000 Balance at December 31, 2014 363,500 — — 363,500 Debt assumed as a result of the Merger 426,602 161,200 4,511 592,313 Loan repayments (244,338 ) — — (244,338 ) Loan draw downs 215,975 — — 215,975 Amortization of purchase price adjustment — 6,615 228 6,843 Balance at December 31, 2015 761,739 167,815 4,739 934,293 |
Schedule of Maturities of Long-term Debt | The outstanding debt as of December 31, 2015 is repayable as follows: (in thousands of $) 2016 20,380 2017 — 2018 82,230 2019 476,872 2020 364,451 Thereafter 22,545 966,478 Amortization of purchase price adjustment (32,185 ) 934,293 |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands of $) 2015 2014 $33.93 million term loan 28,841 — $82.5 million term loan 47,597 — $175.0 million term loan — 125,000 $284.0 million term loan 262,541 — $420.0 million term loan 395,875 238,500 $425.0 million term loan 26,885 — Total U.S. dollar denominated floating rate debt 761,739 363,500 U.S. dollar denominated fixed rate debt 167,815 — Sellers credit 4,739 — Total debt 934,293 363,500 Less: current portion (20,380 ) (19,812 ) 913,913 343,688 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables and Accruals [Abstract] | |
Accrued expenses | (in thousands of $) 2015 2014 Voyage expenses 3,229 871 Ship operating expenses 6,496 1,112 Administrative expenses 1,207 1,162 Tax expenses 189 — Interest expenses 6,757 1,045 17,878 4,190 |
OTHER CURRENT LIABILITIES Other
OTHER CURRENT LIABILITIES Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (in thousands of $) 2015 2014 Deferred charter revenue 4,120 3,285 Deferred gain on sale and leaseback 337 — Unfavorable charter party contracts 674 — Other current liabilities 8,862 — 13,993 3,285 |
DERIVATIVE INSTRUMENTS PAYABL59
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and are summarized as follows: (in thousands of $) 2015 2014 Interest rate swaps 1,641 — Asset Derivatives - Fair Value 1,641 — (in thousands of $) 2015 2014 Interest rate swaps 1,879 — Currency swaps 183 — Bunker derivatives 3,338 — Liability Derivatives - Fair Value 5,400 — |
Derivative Instruments, Gain (Loss) | During 2015, 2014 and 2013, the following were recognized in the consolidated statement of operations: (in thousands of $) 2015 2014 2013 Interest rate swaps Interest expense 2,127 — — Unrealized fair value loss 394 — — Foreign currency swaps Unrealized fair value loss 183 — — Forward freight agreements Realized loss 606 — — Bunker derivatives Realized loss 1,776 — — Unrealized fair value loss 1,853 — — 6,939 — — |
OTHER LONG TERM LIABILITIES (Ta
OTHER LONG TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | (in thousands of $) 2015 2014 Deferred gain on sale and leaseback 2,893 — Other long term liabilities 5,647 — 8,540 — |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
SHARE CAPITAL [Abstract] | |
Schedule of stock by class | Authorized share capital: (in thousands of $ except per share amount) 2015 2014 500 million common shares of $0.01 par value (2014: 200 million common shares) 5,000 2,000 Issued and fully paid share capital: (number of shares of $0.01 each) 2015 2014 Balance at start of year 80,121,550 30,472,061 Shares issued re: - purchase of five SPCs in April 2014 — 15,500,000 - purchase of Capesize vessel in April 2014 — 3,100,000 - purchase of thirteen SPCs in September 2014 — 31,000,000 - settlement of RSUs 110,128 49,489 - purchase of twelve SPCs in March 2015 31,000,000 — - merger with the Former Golden Ocean (net shares issued) 61,443,959 — Balance at end of year 172,675,637 80,121,550 |
RESTRICTED STOCK UNITS (Tables)
RESTRICTED STOCK UNITS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Restricted Stock Units [Abstract] | |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | The following table summarizes restricted stock unit transactions in 2015, 2014 and 2013 : Number of units Directors Management companies Total Fair value Units outstanding as of December 31, 2012 66,307 66,311 132,618 $5.25 Granted 47,238 47,238 94,476 $6.74 Settled (25,388 ) (25,388 ) (50,776 ) $9.65 Units outstanding as of December 31, 2013 88,157 88,161 176,318 $9.19 Granted 27,555 27,556 55,111 $9.48 Settled (41,134 ) (41,136 ) (82,270 ) $9.32 Units outstanding as of December 31, 2014 74,578 74,581 149,159 $4.53 Granted 24,602 24,604 49,206 $4.30 Settled (40,462 ) (40,463 ) (80,925 ) $4.44 Units outstanding as of December 31, 2015 58,718 58,722 117,440 $1.07 |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | A summary of net amounts charged by related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 ICB Shipping (Bermuda) Ltd 579 2,315 2,315 Frontline Management (Bermuda) Ltd 13,192 2,962 154 The Former Golden Ocean 134 1,034 408 Ship Finance International Limited 12,060 — — Seateam Management Pte Ltd 1,932 562 228 Net amounts charged by related parties comprise of general management and commercial management fees, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 Ship Finance International Limited 560 — — Seatankers Management Co Ltd 310 — — Net amounts charged to related parties comprise of commercial management fees from April 1, 2015. Such fees were charged by the Former Golden Ocean prior to that. While comparatives have been given for the year ended December 31, 2013 in the table above, these companies were not considered to be related parties in 2013. A summary of balances due from related parties as of December 31, 2015 and 2014 is as follows: (in thousands of $) 2015 2014 Frontline 2012 Ltd — 38 Seateam Management Pte Ltd — 411 Frontline Ltd 4,455 — Ship Finance International Ltd 36 — United Freight Carriers LLC 2 — Seatankers Management Co Ltd 1,139 — Golden Opus Inc 2,534 — Management 285 — 8,451 449 A summary of balances owed to related parties as of December 31, 2015 and 2014 is as follows: (in thousands of $) 2015 2014 Former Golden Ocean — 356 Frontline Management (Bermuda) Ltd 3,924 1,558 ICB Shipping (Bermuda) Ltd — 579 Frontline Ltd 176 62 Seateam Management Pte Ltd 1 — 4,101 2,555 A summary of net amounts charged by related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 ICB Shipping (Bermuda) Ltd 579 2,315 2,315 Frontline Management (Bermuda) Ltd 13,192 2,962 154 The Former Golden Ocean 134 1,034 408 Ship Finance International Limited 12,060 — — Seateam Management Pte Ltd 1,932 562 228 Net amounts charged by related parties comprise of general management and commercial management fees, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2015, 2014 and 2013 is as follows: (in thousands of $) 2015 2014 2013 Ship Finance International Limited 560 — — Seatankers Management Co Ltd 310 — — |
FINANCIAL ASSETS AND LIABILIT64
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | (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 2015 October 2019 1.22 % Receiving floating, pay fixed 50,000 November 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 % 400,000 |
Fair Value, by Balance Sheet Grouping | The carrying value and estimated fair value of our financial instruments at December 31, 2015 and December 31, 2014 are as follows: 2015 2015 2014 2014 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 102,617 102,617 42,221 42,221 Restricted cash 48,872 48,872 18,923 18,923 Liabilities Long term debt - floating 761,739 761,739 363,500 363,500 Long term debt - convertible bond 165,500 167,815 — — Long term debt - sellers credit 4,739 4,739 — — |
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 $) 2015 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 102,617 102,617 — — Restricted cash 48,872 48,872 — — Liabilities Long term debt - floating 761,739 — 761,739 — Long term debt - convertible bond 165,500 — 165,500 — Long term debt - sellers credit 4,739 — — 4,739 (in thousands of $) 2014 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 42,221 42,221 — — Restricted cash 18,923 18,923 — — Liabilities Long term debt - floating 363,500 — 363,500 — |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) | Mar. 31, 2015USD ($)companyshares | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)companyshares | Sep. 30, 2014USD ($)companyshares | Apr. 30, 2014USD ($)companytshares | Dec. 31, 2007vessel | Sep. 30, 2015 | Mar. 31, 2015USD ($)shares | Mar. 31, 2014 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2012vessel | Dec. 31, 2010vessel | Dec. 31, 2009vessel | Dec. 31, 2006 | Feb. 28, 1997 |
Business background [Line Items] | |||||||||||||||||
Number of owned vessels in a joint venture | 1 | 1 | 1 | 1 | |||||||||||||
Number of owned vessels | 40 | ||||||||||||||||
Number of Newbuilding Contracts | 18 | ||||||||||||||||
percentage ownership of the joint venture | 50.00% | ||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||||||
Number of subsidiaries | 1 | 1 | |||||||||||||||
Charter term, total | 10 years | 10 years | 10 years | ||||||||||||||
Number of vessels acquired upon the merger with the Former Golden Ocean | 29 | 29 | 29 | ||||||||||||||
Number of vessels disposed of | vessel | 1 | 3 | |||||||||||||||
Purchase of vessels | vessel | 2 | 2 | |||||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||||||
Number of companies involved in the merger | 2 | 2 | 2 | ||||||||||||||
Cash acquired upon purchase of SPC's | $ 108,645,000 | $ 68,560,000 | $ 0 | ||||||||||||||
Number of Vessels Chartered-In | 4 | 4 | 4 | 13 | |||||||||||||
Number of vessels under operating lease from third parties | 5 | 0 | |||||||||||||||
Vessels leased out,Fixed Rate Time Charter | 6 | 0 | |||||||||||||||
Common Stock [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of shares issued as consideration | shares | 15,500,000 | ||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | |||||||||||||
Capesize drybulk size range | t | 180,000 | ||||||||||||||||
Cash acquired upon purchase of SPC's | $ 25,100,000 | $ 43,400,000 | |||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 15,500,000 | |||||||||||||||
Merger with former Golden Ocean [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Vessels in fleet | 72 | 72 | 72 | ||||||||||||||
Merger with former Golden Ocean [Member] | Common Stock [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Business Combination, Number of Shares Issued net of cancellations | shares | 61,443,959 | 61,443,959 | 61,443,959 | ||||||||||||||
Ship Finance International Ltd [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of Vessels Chartered-In | 8 | ||||||||||||||||
Number of vessels sold and leased back | 0 | ||||||||||||||||
Ship Finance International Ltd [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||||||
Number of vessels sold and leased back | 8 | ||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||||||||||||
Capesize drybulk size range | t | 180,000 | ||||||||||||||||
Cash acquired upon purchase of SPC's | $ 25,100,000 | $ 43,400,000 | |||||||||||||||
Value of cash acquired under common control transaction | $ 108,600,000 | $ 108,600,000 | $ 108,600,000 | ||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 31,000,000 | 15,500,000 | 31,000,000 | 0 | 0 | |||||||||||
Capesize Vessels [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of owned vessels | 13 | ||||||||||||||||
Capesize Newbuildings [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
number of vessels under construction | 26 | ||||||||||||||||
Supramax Newbuildings [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
number of vessels under construction | 4 | 4 | 4 | ||||||||||||||
VLCC [Member] | |||||||||||||||||
Business background [Line Items] | |||||||||||||||||
Number of owned vessels | 5 |
SUMMARY OF SIGNIFICANT ACCOUN66
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015USD ($) | Sep. 30, 2015 | Mar. 31, 2015USD ($) | Dec. 31, 2015market | Dec. 31, 2014 | Mar. 31, 2014USD ($) | |
Property, Plant and Equipment [Line Items] | ||||||
Number of SPCs acquired | 12 | 13 | ||||
Number of vessels under capital lease | 8 | 2 | 0 | |||
Property, Plant and Equipment, Useful Life | 25 years | |||||
Average years used in market price scrap per ton calculation | 10 years | |||||
Number of recycling markets | market | 3 | |||||
RSU Percentage Recognized as Equity | 50.00% | |||||
RSU Percentage Recognized as Liability | 50.00% | |||||
Proceeds from Contributed Capital | $ 59,700,000 | |||||
Convertible Debt [Member] | ||||||
Property, Plant and Equipment [Line Items] | ||||||
Debt Instrument, Face Amount | 200,000,000 | $ 200,000,000 | $ 200,000,000 | |||
Long-term Debt assumed upon the Merger | 161,200,000 | 161,200,000 | ||||
Convertible Bond Fair Value Price Upon Merger | $ 0.806 | 0.806 | ||||
Purchase price adjustment | $ 38,800,000 |
RECENTLY ISSUED ACCOUNTING ST67
RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | ||
Deferred Finance Costs, Noncurrent, Net | $ 5,797 | $ 3,533 |
MERGER WITH THE FORMER GOLDEN68
MERGER WITH THE FORMER GOLDEN OCEAN (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2015USD ($)shares | Apr. 29, 2015USD ($) | Mar. 31, 2015USD ($)companyshares | Sep. 30, 2014company | Apr. 30, 2014company | Mar. 31, 2015USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Oct. 07, 2014USD ($)$ / shares | Dec. 31, 2012USD ($)shares |
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 190,238 | $ 96,715 | $ 37,546 | ||||||||
Current portion of obligations under capital leases | $ 7,032 | $ 7,032 | $ 7,032 | 15,749 | 0 | ||||||
Other current liabilities | 28,180 | 28,180 | 28,180 | 13,993 | 3,285 | ||||||
Liabilities | 666,906 | 666,906 | 666,906 | 1,020,018 | 378,467 | ||||||
Unfavorable Charter Party Contracts, Current | 1,567 | 1,567 | 1,567 | 674 | 0 | ||||||
Other Assets, Miscellaneous, Current | 9,116 | 9,116 | 9,116 | 4,744 | 0 | ||||||
Restricted Cash and Investments, Noncurrent | 31,552 | 31,552 | 31,552 | ||||||||
Convertible Debt, Noncurrent | 161,200 | 161,200 | 161,200 | ||||||||
Marketable Securities | 5,779 | 5,779 | 5,779 | ||||||||
Cash, Cash Equivalents, and Federal Funds Sold | 129,084 | 129,084 | 129,084 | ||||||||
Restricted cash | 2,448 | 2,448 | 2,448 | 351 | 0 | ||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net | 387,022 | 387,022 | 387,022 | ||||||||
Favorable charter party contracts | $ 96,673 | $ 96,673 | $ 96,673 | $ 74,547 | $ 0 | ||||||
Common stock shares outstanding | shares | 111,231,678 | 111,231,678 | 111,231,678 | 172,675,637 | 80,121,550 | ||||||
Number of SPCs acquired | 12 | 13 | |||||||||
Minimum percentage of shareholders voting in favor required for approval of the merger | 75.00% | 75.00% | 75.00% | ||||||||
Value of announced consideration | $ 307,220 | $ 307,220 | $ 307,220 | $ 482,300 | |||||||
Value of vested options in Former Golden Ocean | 926 | $ 926 | $ 926 | ||||||||
Consideration transferred | 308,146 | ||||||||||
Bargain purchase gain arising on consolidation | $ 78,876 | $ 78,876 | $ 0 | 0 | |||||||
Share Price | $ / shares | $ 7.85 | ||||||||||
Number of vessels acquired upon the merger with the Former Golden Ocean | 29 | 29 | 29 | ||||||||
Number of independent broker valuations | 2 | 2 | 2 | ||||||||
Number of owned vessels in a joint venture | 1 | 1 | 1 | 1 | |||||||
Refund of newbuilding installments | $ 40,100 | $ 40,148 | 0 | 0 | |||||||
Other Assets, Current | $ 78,457 | $ 78,457 | $ 78,457 | ||||||||
Favorable Charter Party Contracts, Current | 30,417 | 30,417 | 30,417 | 28,829 | 0 | ||||||
Assets, Current | 246,185 | 246,185 | 246,185 | 203,660 | 64,279 | ||||||
Liabilities, Current | 76,174 | 76,174 | 76,174 | 80,034 | 34,779 | ||||||
Long-term Debt | 391,717 | 391,717 | 391,717 | ||||||||
Obligations under capital leases | 31,405 | 31,405 | 31,405 | 17,531 | 0 | ||||||
Other long term liabilities | 434 | 434 | 434 | 8,540 | 0 | ||||||
Unfavorable Charter Party Contracts, Non Current | 5,976 | 5,976 | 5,976 | 5,470 | 0 | ||||||
Assets | 1,053,928 | 1,053,928 | 1,053,928 | 2,178,667 | 1,262,740 | ||||||
Short-term debt and current portion of long-term debt | 39,395 | 39,395 | 39,395 | ||||||||
Newbuilding balance | 12,030 | 12,030 | 12,030 | 338,614 | 323,340 | 26,706 | $ 0 | ||||
Vessels and equipment, net | 632,997 | 632,997 | 632,997 | 1,488,205 | 852,665 | 262,747 | $ 273,826 | ||||
Vessels under capital leases, net | $ 14,029 | $ 14,029 | $ 14,029 | 8,354 | 0 | ||||||
Net (loss) income | (220,839) | 16,253 | 3,530 | ||||||||
Net loss from discontinued operations | 0 | (258) | (7,433) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (220,839) | $ 15,995 | $ (3,903) | ||||||||
(Loss) earnings per share from continuing operations: basic and diluted (in dollars per share) | $ / shares | $ (1.46) | $ 0.31 | $ 0.14 | ||||||||
Loss per share from discontinued operations: basic and diluted (in dollars per share) | $ / shares | 0 | 0 | (0.29) | ||||||||
(Loss) earnings per share: basic and diluted (in dollars per share) | $ / shares | $ (1.46) | $ 0.30 | $ (0.15) | ||||||||
Merger with former Golden Ocean [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | $ 225,013 | $ 318,722 | |||||||||
Percentage of ownership acquired in the Former Golden Ocean | 100.00% | 100.00% | 100.00% | ||||||||
Net (loss) income | (318,975) | 41,138 | |||||||||
Net loss from discontinued operations | 0 | $ (258) | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 40,880 | $ (318,975) | |||||||||
(Loss) earnings per share from continuing operations: basic and diluted (in dollars per share) | $ / shares | $ (1.85) | $ 0.24 | |||||||||
Loss per share from discontinued operations: basic and diluted (in dollars per share) | $ / shares | 0 | 0 | |||||||||
(Loss) earnings per share: basic and diluted (in dollars per share) | $ / shares | $ (1.85) | $ 0.24 | |||||||||
Merger with former Golden Ocean [Member] | Common Stock [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of shares issued to former Golden Ocean | shares | 0.13749 | ||||||||||
Business Combination, Number of Shares Issued net of cancellations | shares | 61,443,959 | 61,443,959 | 61,443,959 | ||||||||
Business Acquisition, Equity Interest Issued or Issuable, Basis for Determining Value | shares | 1 | ||||||||||
Frontline 2012 [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||||||
Hemen Holdings Ltd [Member] | Merger with former Golden Ocean [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Percentage ownership of total common stock outstanding in the Company before the merger | 72.50% | 72.50% | 72.50% | ||||||||
Percentage ownership of total common stock outstanding in the Former Golden Ocean before the merger | 41.00% | 41.00% | 41.00% | ||||||||
Percentage ownership of total common stock outstanding in the Company after the merger | 62.00% | 62.00% | 62.00% | ||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Common Stock [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Number of Shares Issued net of cancellations | shares | 61,443,959 | 61,443,959 | 61,443,959 | 0 | |||||||
Business Combination, Number of Shares Canceled | shares | 51,498 | 51,498 | 51,498 | ||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Fractional shares [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business Combination, Number of Shares Canceled | shares | 4,543 | 4,543 | 4,543 | ||||||||
Common Stock [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Common stock shares outstanding | shares | 172,675,637 | 80,121,550 | 30,472,061 | 24,437,000 | |||||||
Golden Taurus, Golden Leo, Golden Libra and Golden Virgo [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of newbuildings acquired upon the merger | 4 | 4 | 4 | ||||||||
Golden Lydernhorn and Golden Eclipse [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Number of vessels under capital leases acquired upon the merger | 2 | 2 | 2 |
TAXATION (Details)
TAXATION (Details) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015USD ($)reportable_segmentcustomer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($)customer | |
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 190,238 | $ 96,715 | $ 37,546 |
Number of reportable segments | reportable_segment | 1 | ||
Revenue, number of major customers | customer | 1 | 3 | 3 |
Percent of revenue from single customer (in hundredths) | 10.00% | 10.00% | 10.00% |
Name of Major Customer 1 {Member} | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 28,000 | $ 8,200 | $ 17,000 |
Name of Major Customer 2 [Member] | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | 8,000 | 5,000 | |
Name of Major Customer 3 [Member] | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 7,900 | $ 4,300 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Apr. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net gain on sale of assets | $ (10,788) | $ 0 | $ 0 | ||
Impairment loss on vessels | (152,597) | 0 | 0 | ||
Net loss from discontinued operations | 0 | (258) | (7,433) | ||
VLCC Mayfair [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Proceeds from sale of vessels | $ 16,900 | 200 | |||
Net gain on sale of assets | 200 | ||||
Impairment loss on vessels | $ (5,300) | ||||
Discontinued Operations [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Operating revenues | 0 | 0 | (226) | ||
Net gain on sale of assets | 0 | 0 | 254 | ||
Impairment loss on vessels | $ 0 | $ 0 | $ (5,342) |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ||||
Net (loss) income from continuing operations | $ (220,839) | $ 16,253 | $ 3,530 | |
Net loss from discontinued operations | 0 | (258) | (7,433) | |
Net (loss) income | $ (220,839) | $ 15,995 | $ (3,903) | |
Weighted average number of shares outstanding - basic | 151,217,000 | 52,445,000 | 25,620,000 | |
Impact of restricted stock units | 133,000 | 149,000 | 176,000 | |
Weighted average number of shares outstanding - diluted | 151,350,000 | 52,594,000 | 25,796,000 | |
Convertible Debt [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,035,123 | |||
Stock Compensation Plan [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 381,000 | |||
Common Stock [Member] | Private Placement [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares issued | (343,684,000) | |||
Common Stock [Member] | Subsequent Offering [Member] | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares issued | (13,369,291) |
LOSS ON SALE OF ASSETS AND AM73
LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | Apr. 30, 2015 | Sep. 30, 2015 | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 10,788 | $ 0 | $ 0 | |||||
Number of newbuilding vessels expected to be delivered and sold | 2 | |||||||
Number of newbuilding vessels delivered and sold | 2 | |||||||
Number of newbuilding vessels converted and sold | 2 | |||||||
Capesize Vessels [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (2,062) | 0 | 0 | |||||
Capesize Newbuildings [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | (8,858) | 0 | 0 | |||||
Capesize Vessels [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ 0 | 132 | $ 0 | |||||
KSL Atlantic [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (2,200) | $ (2,200) | ||||||
KSL Atlantic, KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Number of newbuilding vessels expected to be delivered and sold | 4 | |||||||
KSL Atlantic and KSL Baltic [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Number of newbuilding vessels delivered and sold | vessel | 2 | |||||||
KSL Baltic [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (100) | $ (100) | $ (100) | |||||
KSL Atlantic, KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Number of newbuilding vessels expected to be delivered and sold | 4 | 4 | ||||||
Fractus and Radiatus [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (Loss) on Disposition of Property Plant Equipment | $ (8,900) | |||||||
Number of newbuilding vessels converted and sold | 2 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ (1,900) |
IMPAIRMENT OF VESSELS AND NEW74
IMPAIRMENT OF VESSELS AND NEWBUILDINGS (Details) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | Apr. 30, 2015 | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Mar. 31, 2014 | Mar. 31, 2013vessel | Sep. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2006 | |
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ (10,788,000) | $ 0 | $ 0 | |||||||||||
Charter term, total | 10 years | 10 years | 10 years | |||||||||||
Number of vessels under capital lease | 8 | 2 | 0 | |||||||||||
Number of vessels impaired | vessel | 1 | |||||||||||||
Impairment losses on vessels and equipment | $ (152,597,000) | $ 0 | $ 0 | |||||||||||
Number of newbuilding vessels expected to be delivered and sold | 2 | |||||||||||||
Golden Lydernhorn [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | $ (4,525,000) | |||||||||||||
KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuildings impaired | 3 | 3 | ||||||||||||
Impairment losses on vessels and equipment | $ (7,100,000) | $ (7,100,000) | ||||||||||||
Ship Finance International Ltd [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold and leased back | 0 | |||||||||||||
KSL Baltic [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 100,000 | |||||||||||||
Time Charter Daily Rates | 14,000 | |||||||||||||
KSL China [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | $ (20,500,000) | |||||||||||||
KSL Atlantic [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 2,200,000 | |||||||||||||
Time Charter Daily Rates | 14,000 | |||||||||||||
KSL Baltic [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 100,000 | $ 100,000 | $ 100,000 | |||||||||||
Charter term, total | 12 months | |||||||||||||
KSL Atlantic and KSL Baltic [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of capesize vessel sold | 2 | |||||||||||||
KSL Atlantic [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 2,200,000 | $ 2,200,000 | ||||||||||||
Charter term, total | 6 months | |||||||||||||
KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of capesize vessel sold | 3 | |||||||||||||
Belgravia [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | (34,200,000) | |||||||||||||
Golden Zhejiang [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | (20,500,000) | |||||||||||||
Golden Future [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | (27,500,000) | |||||||||||||
Battersea [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | $ (38,300,000) | |||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | $ (199,200,000) | |||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | Ship Finance International Ltd [Member] | Vessels owned prior to the merger with the Former Golden Ocean [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold and leased back | 5 | 5 | ||||||||||||
KSL Atlantic, KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuilding vessels expected to be delivered and sold | 4 | |||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Impairment losses on vessels and equipment | $ (141,000,000) | |||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of vessels sold and leased back | 8 | |||||||||||||
Scenario, Forecast [Member] | KSL Caribbean and KSL Mediterranean [Member] | ||||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||||
Number of newbuilding vessels expected to be delivered and sold | 2 |
LEASES (Details)
LEASES (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Apr. 30, 2015USD ($) | Sep. 30, 2015 | Mar. 31, 2014 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015 | Dec. 31, 2012USD ($) | |
Number of vessels leased out index linked time charters | 9 | 3 | ||||||
Operating Leases, Future Minimum Payments Receivable, Current | $ 21,071,000 | |||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $ 40,129,000 | |||||||
Number of vessels under capital lease | 8 | 2 | 0 | |||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | |||||||
Operating Leases, Number Of Assets Leased to Third Parties | 1 | |||||||
Cost of vessels | $ 1,540,559,000 | $ 915,060,000 | $ 305,581,000 | $ 305,581,000 | ||||
Accumulated depreciation | $ 52,354,000 | $ 62,395,000 | 42,834,000 | $ 31,755,000 | ||||
number of vessels leased out under capital leases to third parties | 13 | 3 | ||||||
Operating Leases, Future Minimum Payments, Due in Two Years | $ 34,437,000 | |||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 34,397,000 | |||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 34,397,000 | |||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 34,488,000 | |||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 200,403,000 | |||||||
Operating Leases, Future Minimum Payments Due | 378,251,000 | |||||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 18,364,000 | |||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 16,673,000 | |||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 16,673,000 | |||||||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 11,669,000 | |||||||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 4,091,000 | |||||||
Operating Leases, Future Minimum Payments Receivable | $ 88,541,000 | |||||||
Number of vessels under operating lease from third parties | 5 | 0 | ||||||
Total minimum lease period | 13 | |||||||
Charter hire expenses | $ 30,719,000 | $ 0 | 0 | |||||
amortisation of unfavourable time charter contracts | 1,400,000 | |||||||
Operating Leases, Rent Expense, Minimum Rentals | 200,000 | |||||||
Operating leases, charterhire expense minimum rentals | 378,100,000 | |||||||
Number of long term chartered in vessels acquired on merger | 2 | |||||||
Number of vessels redelivered | 1 | |||||||
contingent rental income | $ 20,000 | $ 0 | $ 0 | |||||
Vessels leased out,Fixed Rate Time Charter | 6 | 0 | ||||||
Number of vessels leased out to third party under operating leases | 1 | 0 | ||||||
Vessels leased to third parties [Member] | ||||||||
Cost of vessels | $ 639,100,000 | $ 222,900,000 | ||||||
Accumulated depreciation | $ 26,700,000 | $ 38,000,000 | ||||||
Ship Finance International Ltd [Member] | ||||||||
Number of vessels sold and leased back | 0 | |||||||
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] | Ship Finance International Ltd [Member] | ||||||||
Daily Time Charter Rate, Period 1, Adjusted | $ 50 | |||||||
Number of vessels sold and leased back | 8 | |||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | |||||||
Daily Time Charter Rate, Period 1 | $ 17,600 | |||||||
Charter Term, Contractual, Period 1 | 7 years | |||||||
Daily Time Charter Rate, Period 2, Adjusted | $ 25 | |||||||
Time Charter Daily Rates | $ 14,900 | |||||||
Charter Term, Contractual, Period 2 | 3 years | |||||||
Daily Operating Expenses Rate | $ 7,000 | |||||||
Purchase option, Vessels | $ 112,000,000 | |||||||
Charter Term, Contractual | 10 years | |||||||
Charter term, Extension | 3 years | |||||||
Daily Time Charter Rate, Extension | $ 14,900 | |||||||
Minimum [Member] | ||||||||
Time charter period for vessels leased out | 1 year | |||||||
Maximum [Member] | ||||||||
Time charter period for vessels leased out | 10 years |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale securities, equity securities acquired | $ 0 | $ 5,779 | ||
Available for sale securities, equity securities purchased | $ 32,159 | 0 | ||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 23,323 | 0 | $ 0 | |
Available-for-sale Securities, Equity Securities, Current | 14,615 | 0 | ||
Member 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale securities, equity securities purchased | 32,200 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 19,100 | |||
Available-for-sale Securities, Equity Securities, Current | 13,100 | 0 | ||
Member 1 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available for sale securities, equity securities acquired | $ 5,700 | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 4,200 | |||
Available-for-sale Securities, Equity Securities, Current | $ 1,500 | $ 0 |
TRADE ACCOUNTS RECEIVABLE, NE77
TRADE ACCOUNTS RECEIVABLE, NET (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($)vessel | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||||
Allowance for doubtful accounts balance | $ 7,434 | $ 9,317 | $ 12,081 | |||||||||
Additions charged to income | 512 | 226 | ||||||||||
Deductions credited to income | (1,883) | (2,990) | ||||||||||
Allowance for doubtful accounts balance | $ 7,434 | $ 9,317 | $ 9,317 | 7,946 | 7,434 | 9,317 | $ 12,081 | |||||
Number of vessels disposed of | vessel | 2 | |||||||||||
Claims for damages against charterers | 2,400 | 2,400 | ||||||||||
Bad debt write off | 3,000 | |||||||||||
VLCC Mayfair and VLCC Camden [Member] | ||||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||||
Allowance for doubtful accounts balance | $ 7,400 | |||||||||||
Golden Zhejiang [Member] | ||||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||||
Proceeds from Legal Settlements | $ 3,100 | $ 3,300 | $ 3,200 | $ 9,700 | ||||||||
Battersea [Member] | ||||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||||
Proceeds from Legal Settlements | $ 100 | $ 200 | 756 | |||||||||
Claims for damages against charterers | $ 17,000 | $ 17,000 | $ 17,000 | |||||||||
Time Charter Revenue [Member] | Golden Zhejiang [Member] | ||||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||||||
Proceeds from Legal Settlements | $ 1,900 | $ 1,900 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other Receivables [Abstract] | ||
Agent receivables | $ 2,496 | $ 423 |
Advances | 282 | 45 |
Claims receivables | 927 | 222 |
Other receivables | 11,287 | 2,740 |
Other Receivables, Net, Current | 14,992 | 3,430 |
Allowance for Doubtful Other Receivables, Current | $ 0 | $ 0 |
VALUE OF CHARTER PARTY CONTRA79
VALUE OF CHARTER PARTY CONTRACTS (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Favorable Charter Party Contracts, Total | $ 103,376,000 | $ 0 | $ 127,090,000 | $ 0 | |
Favorable Charter Party Contracts, Amortization | 23,714,000 | 0 | $ 0 | ||
Favorable Charter Party Contracts, Current | (28,829,000) | 0 | (30,417,000) | ||
Favorable charter party contracts | 74,547,000 | 0 | 96,673,000 | ||
Favorable Charter Party Contracts, Amortization, 2016 | 28,829,000 | ||||
Favorable Charter Party Contracts, Amortization, 2017 | 20,861,000 | ||||
Favorable Charter Party Contracts, Amortization, 2018 | 18,732,000 | ||||
Favorable Charter Party Contracts, Amortization, 2019 | 18,732,000 | ||||
Favorable Charter Party Contracts, Amortization, 2020 | 12,148,000 | ||||
Favorable Charter Party Contracts, Amortization, Thereafter | 4,074,000 | ||||
Unfavorable Charter Party Contracts, Total | 6,144,000 | 0 | 7,543,000 | $ 0 | |
Unfavorable Charter Party Contracts, Amortization | (1,399,000) | 0 | $ 0 | ||
Unfavorable Charter Party Contracts, Current | (674,000) | 0 | (1,567,000) | ||
Unfavorable Charter Party Contracts, Non Current | 5,470,000 | $ 0 | $ 5,976,000 | ||
Unfavorable Charter Party Contracts, Amortization, 2016 | 674,000 | ||||
Unfavorable Charter Party Contracts, Amortization, 2017 | 672,000 | ||||
Unfavorable Charter Party Contracts, Amortization, 2018 | 672,000 | ||||
Unfavorable Charter Party Contracts, Amortization, 2019 | 672,000 | ||||
Unfavorable Charter Party Contracts, Amortization, 2020 | 674,000 | ||||
Unfavorable Charter Party Contracts, Amortization, Thereafter | $ 2,780,000 |
VESSELS (Details)
VESSELS (Details) $ / shares in Units, $ in Thousands | Mar. 31, 2015USD ($)company$ / shares | Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | May. 31, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)company$ / shares | Sep. 30, 2014USD ($)company$ / sharesshares | May. 31, 2014vessel | Apr. 30, 2014USD ($)companyvessel$ / sharesshares | Oct. 31, 2014company | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / shares | Sep. 30, 2014vessel$ / shares | Mar. 31, 2014USD ($) | Sep. 30, 2014vessel$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Cost, beginning of period | $ 915,060 | $ 305,581 | $ 915,060 | $ 305,581 | $ 305,581 | |||||||||||||
Purchase of vessels | 24 | 24,085 | ||||||||||||||||
Disposals of vessels | (382,855) | |||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | 38,874 | |||||||||||||||||
Transfer from newbuildings | 574,523 | 546,520 | ||||||||||||||||
Vessels acquired upon the merger with the Former Golden Ocean | $ 632,997 | $ 632,997 | 632,997 | |||||||||||||||
Impairment losses on vessels and equipment | (152,597) | 0 | 0 | |||||||||||||||
Balance, end of period | 1,540,559 | 915,060 | 305,581 | |||||||||||||||
Accumulated depreciation beginning balance | (62,395) | (42,834) | (62,395) | (42,834) | (31,755) | |||||||||||||
Disposals depreciation | 3,391 | |||||||||||||||||
Depreciation | (52,728) | (19,561) | (11,079) | |||||||||||||||
Accumulated depreciation ending balance | (52,354) | (62,395) | (42,834) | |||||||||||||||
Net book value, beginning balance | $ 632,997 | $ 632,997 | 852,665 | $ 262,747 | 852,665 | 262,747 | 273,826 | |||||||||||
Net book value, ending balance | $ 632,997 | $ 632,997 | $ 632,997 | 1,488,205 | 852,665 | 262,747 | ||||||||||||
Cash paid to acquire SPCs | 24 | $ 24,085 | 0 | |||||||||||||||
Number of Capesize Newbuildings Delivered | 5 | |||||||||||||||||
Number of SPCs acquired | 12 | 13 | ||||||||||||||||
Number of vessels acquired upon the merger | (29) | (29) | (29) | |||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000 | |||||||||||||||||
Sale Leaseback Transaction, Deferred Gain, Gross | 3,600 | |||||||||||||||||
Repayments of Debt | 244,338 | |||||||||||||||||
Loss on sale of assets and amortization of deferred gains | 10,788 | $ 0 | 0 | |||||||||||||||
Karpasia [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,900 | |||||||||||||||||
Cash paid to acquire SPCs | 24,000 | |||||||||||||||||
Frontline 2012 [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 127,100 | $ 356,800 | $ 194,400 | |||||||||||||||
Number of Capesize Newbuildings Delivered | 2 | 3 | 3 | 2 | 3 | |||||||||||||
Number of Capesize Newbuildings Acquired | vessel | 5 | |||||||||||||||||
Number of SPCs expected to acquire | company | 25 | |||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | ||||||||||||||
Common Stock [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of shares issued as consideration | shares | 15,500,000 | |||||||||||||||||
Common Stock [Member] | Karpasia [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of shares issued as consideration | shares | 3,100,000 | |||||||||||||||||
Share price (in USD per share) | $ / shares | $ 12.54 | |||||||||||||||||
Common Stock [Member] | Frontline 2012 [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 15,500,000 | ||||||||||||||||
Share price (in USD per share) | $ / shares | $ 4.10 | $ 4.10 | $ 11.51 | $ 12.54 | $ 4.10 | $ 11.51 | $ 11.51 | |||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Impairment losses on vessels and equipment | (199,200) | |||||||||||||||||
Tangible asset impairment charges, accumulated deprecation | 58,228 | |||||||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Impairment losses on vessels and equipment | $ (141,000) | |||||||||||||||||
Channel Alliance and Channel Navigator [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels sold | 2 | |||||||||||||||||
Proceeds from sale of vessels | 16,800 | |||||||||||||||||
Repayments of Debt | $ 14,300 | |||||||||||||||||
KSL Atlantic [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ (2,200) | (2,200) | ||||||||||||||||
KSL Baltic [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ (100) | (100) | $ (100) | |||||||||||||||
KSL Sakura, KSL Seville, KSL Seoul, KSL Stockholm and the Golden Kathrine [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of newbuildings delivered | 5 | |||||||||||||||||
KSL Aso [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of newbuildings delivered | 1 | |||||||||||||||||
KSL Finsbury and KSL Atlantic [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of newbuildings delivered | 2 | |||||||||||||||||
Golden Taurus [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of newbuildings delivered | 1 | |||||||||||||||||
Ship Finance International Ltd [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels sold and leased back | 0 | |||||||||||||||||
Ship Finance International Ltd [Member] | Average: KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 34,000 | |||||||||||||||||
Ship Finance International Ltd [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels sold and leased back | 8 | |||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000 | |||||||||||||||||
Purchase option, Vessels | $ 112,000 | |||||||||||||||||
Charter Term, Contractual | 10 years | |||||||||||||||||
Charter term, Extension | 3 years | |||||||||||||||||
Ship Finance International Ltd [Member] | Vessels owned prior to the merger with the Former Golden Ocean [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels sold and leased back | 5 | 5 | ||||||||||||||||
Ship Finance International Ltd [Member] | Vessels acquired upon the merger with the Former Golden Ocean [Member] | Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels sold and leased back | 3 | |||||||||||||||||
Capesize Vessels [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels at year end | 17 | 13 | ||||||||||||||||
Wholly owned vessels [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Depreciation | $ (51,578) | $ (19,561) | $ (11,079) | |||||||||||||||
Kamsarmax Vessel [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels at year end | 8 | |||||||||||||||||
Panamax Vessels [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels at year end | 10 | |||||||||||||||||
Supramax Vessels [Member] | ||||||||||||||||||
Vessels and equipment [Roll Forward] | ||||||||||||||||||
Number of vessels at year end | 5 |
VESSELS UNDER CAPITAL LEASES,81
VESSELS UNDER CAPITAL LEASES, NET (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Capital Leased Assets [Roll Forward] | |||||
Vessel under capital leases | $ 0 | $ 0 | |||
Vessels acquired upon the merger with the Former Golden Ocean | 632,997,000 | ||||
Provision for uncollectible receivables | (152,597,000) | $ 0 | $ 0 | ||
Vessel under capital leases | 14,029,000 | 8,354,000 | $ 0 | ||
Capital Leases, Future Minimum Payments Due, 2016 | 17,692,000 | ||||
Capital Leases, Future Minimum Payments Due, 2017 | 5,944,000 | ||||
Capital Leases, Future Minimum Payments Due, 2018 | 5,944,000 | ||||
Capital Leases, Future Minimum Payments Due, 2019 | 5,944,000 | ||||
Capital Leases, Future Minimum Payments Due, 2020 | 1,791,000 | ||||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||||
Minimum lease payments | 37,315,000 | ||||
Less: imputed interest | (4,035,000) | ||||
Present value of obligations under capital leases | $ 33,280,000 | ||||
Number of vessels under capital lease | 8 | 2 | 0 | ||
Purchase option net of sellers credit, 2017 | $ 38,000,000 | ||||
Golden Lydernhorn [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Provision for uncollectible receivables | (4,525,000) | ||||
Panamax Capital Lease [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Vessels acquired upon the merger with the Former Golden Ocean | $ 14,029,000 | ||||
Golden Lydernhorn and Golden Eclipse [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Put option on vessels | 2 | ||||
Golden Lydernhorn [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Purchase option, Vessels | 11,500,000 | ||||
Golden Lydernhorn and Golden Eclipse [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Purchase option net of sellers credit, 2015 | 41,360,000 | ||||
Purchase option net of sellers credit, 2016 | 39,935,000 | ||||
Purchase option net of sellers credit, 2018 | 36,250,000 | ||||
Purchase option net of sellers credit, 2019 | 33,550,000 | ||||
Vessels Held under Capital Leases [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Depreciation | (1,150,000) | ||||
Golden Lyderhorn [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Put option on vessels | $ 9,500,000 | ||||
Initial Charter Term [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Sale Leaseback Transaction, Rent Expense | 10 years | ||||
Remaining Charter Term, Minimum [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Sale Leaseback Transaction, Rent Expense | 1 year | ||||
Remaining Charter Term, Maximum [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Sale Leaseback Transaction, Rent Expense | 5 years |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) | Nov. 23, 2015USD ($) | Mar. 31, 2015USD ($)company$ / shares | Mar. 31, 2016USD ($)shares | Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | Apr. 30, 2015 | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014USD ($)company$ / sharesshares | May. 31, 2014vessel | Apr. 30, 2014USD ($)companyvesselt$ / sharesshares | Oct. 31, 2014company | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2014vessel$ / shares | Sep. 30, 2014vessel$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2017USD ($) | Sep. 15, 2014$ / shares |
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of Newbuilding Contracts | 18 | ||||||||||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,874,000 | ||||||||||||||||||||
Cash acquired upon purchase of SPC's | $ 108,645,000 | 68,560,000 | $ 0 | ||||||||||||||||||
Number of Capesize Newbuildings Delivered | 5 | ||||||||||||||||||||
Interest Costs Incurred | 360,500,000 | ||||||||||||||||||||
Payments To Acquire Newbuildings | $ 518,989,000 | 357,402,000 | 26,706,000 | ||||||||||||||||||
Accrued expenses not paid | 3,100,000 | ||||||||||||||||||||
Proceeds from Contributed Capital | $ 59,700,000 | ||||||||||||||||||||
Number of newbuilding expected to be delivered and sold | 2 | ||||||||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ (10,788,000) | 0 | 0 | ||||||||||||||||||
Proceeds From Sale Of Vessels and Equipment | 381,723,000 | 0 | 0 | ||||||||||||||||||
Provision for uncollectible receivables | $ 152,597,000 | 0 | $ 0 | ||||||||||||||||||
Number of newbuilding delivered and sold | 2 | ||||||||||||||||||||
Number of newbuilding vessels converted and sold | 2 | ||||||||||||||||||||
Newbuilding Contract, Sold | $ 1,900,000 | $ 10,800,000 | |||||||||||||||||||
Newbuilding commitments | 95,000,000 | ||||||||||||||||||||
Loss on Sale of Newbuilding Contract | 8,900,000 | ||||||||||||||||||||
Newbuilding Installments and Supervision Fees | 517,500,000 | 0 | |||||||||||||||||||
Settlement Of Accrued Liabilities | 2,000,000 | ||||||||||||||||||||
KSL Atlantic [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 2,200,000 | 2,200,000 | |||||||||||||||||||
KSL Baltic [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Loss on sale of assets and amortization of deferred gains | $ 100,000 | 100,000 | $ 100,000 | ||||||||||||||||||
KSL Caribbean and KSL Mediterranean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Cash Reserve Deposit Required and Made | $ 9,400,000 | ||||||||||||||||||||
KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of newbuildings impaired | 3 | 3 | |||||||||||||||||||
Provision for uncollectible receivables | $ 7,100,000 | $ 7,100,000 | |||||||||||||||||||
KSL Atlantic, KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of newbuilding expected to be delivered and sold | 4 | 4 | |||||||||||||||||||
KSL Atlantic, KSL Baltic and KSL Caribbean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of newbuildings expected to be chartered in | 3 | ||||||||||||||||||||
Golden Taurus, Golden Leo, Golden Libra and Golden Virgo [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of vessels sold, acquired upon the merger with the Former Golden Ocean | 4 | 4 | 4 | ||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||||||||||||||||
Capesize drybulk size range | t | 180,000 | ||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 127,100,000 | $ 356,800,000 | |||||||||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 150,000,000 | ||||||||||||||||||||
Cash acquired upon purchase of SPC's | 25,100,000 | $ 43,400,000 | |||||||||||||||||||
Number of SPCs expected to acquire | company | 25 | ||||||||||||||||||||
Value of cash acquired under common control transaction | $ 108,600,000 | 108,600,000 | $ 108,600,000 | ||||||||||||||||||
Newbuildings acquired, cost | 78,200,000 | $ 78,200,000 | $ 78,200,000 | ||||||||||||||||||
Capital Addition Purchase Commitments [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 404,000,000 | 490,000,000 | |||||||||||||||||||
Capital Addition Purchase Commitments [Member] | Frontline 2012 [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 490,000,000 | ||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of shares issued as consideration | shares | 15,500,000 | ||||||||||||||||||||
Common Stock [Member] | Frontline 2012 [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 31,000,000 | 15,500,000 | 31,000,000 | 0 | 0 | |||||||||||||||
Share price (in USD per share) | $ / shares | $ (4.10) | $ (4.10) | $ (12.54) | $ (4.10) | $ (11.51) | ||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | |||||||||||||||||
Capesize drybulk size range | t | 180,000 | ||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 127,100,000 | $ 356,800,000 | $ 194,400,000 | ||||||||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | 150,000,000 | ||||||||||||||||||||
Cash acquired upon purchase of SPC's | 25,100,000 | 43,400,000 | |||||||||||||||||||
Value of Share Consideration Paid in Connection with Purchase of SPCs, Net of Cash Acquired | $ 331,661,000 | $ 150,959,000 | |||||||||||||||||||
Number of Capesize Newbuildings Delivered | 2 | 3 | 3 | 2 | 3 | ||||||||||||||||
Number of Capesize Newbuildings Acquired | vessel | 5 | ||||||||||||||||||||
Number of SPCs expected to acquire | company | 25 | ||||||||||||||||||||
Proceeds from Contributed Capital | $ 59,700,000 | ||||||||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 15,500,000 | |||||||||||||||||||
Share price (in USD per share) | $ / shares | $ (4.10) | $ (4.10) | $ (11.51) | $ (12.54) | $ (4.10) | $ (11.51) | $ (11.51) | ||||||||||||||
Capesize Newbuildings [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of Newbuilding Contracts | 13 | 14 | |||||||||||||||||||
Newcastlemax Newbuildings [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of Newbuilding Contracts | 2 | ||||||||||||||||||||
Supramax Vessels [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of Newbuilding Contracts | 3 | ||||||||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Newbuilding Contract, Sold | $ 46,200,000 | ||||||||||||||||||||
Newbuilding commitments | $ 570,100,000 | ||||||||||||||||||||
Scenario, Forecast [Member] | KSL Caribbean and KSL Mediterranean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of newbuilding expected to be delivered and sold | 2 | ||||||||||||||||||||
Scenario, Forecast [Member] | KSL Caribbean [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Proceeds From Sale Of Vessels and Equipment | $ 46,200,000 | ||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||
Significant Acquisitions and Disposals [Line Items] | |||||||||||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | ||||||||||||||||||||
Reimbursement Revenue | $ 500,000 |
NEWBUILDINGS - Movement in Newb
NEWBUILDINGS - Movement in Newbuilding Balance (Details) - USD ($) $ in Thousands | Nov. 23, 2015 | Mar. 31, 2015 | Sep. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Movement In Newbuilding Balance [Roll Forward] | ||||||||||
New building installments balance | $ 323,340 | $ 323,340 | $ 26,706 | $ 0 | ||||||
Installments and newbuilding supervision fees paid and accrued | 508,482 | 356,355 | 26,298 | |||||||
Interest capitalized | 8,979 | 4,179 | 408 | |||||||
Transfer from newbuildings | (574,523) | (546,520) | ||||||||
Cost of vessels | 1,540,559 | 915,060 | 305,581 | $ 305,581 | ||||||
Acquisition of Assets, Newbuilding Installments Assumed | $ 12,030 | |||||||||
Newbuilding Contract, Sold | $ (1,900) | (10,800) | ||||||||
Impairment losses on vessels and equipment | (152,597) | 0 | 0 | |||||||
New building installments balance | 12,030 | 12,030 | 338,614 | 323,340 | $ 26,706 | |||||
KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | ||||||||||
Movement In Newbuilding Balance [Roll Forward] | ||||||||||
Impairment losses on vessels and equipment | $ (7,100) | $ (7,100) | ||||||||
Frontline 2012 [Member] | ||||||||||
Movement In Newbuilding Balance [Roll Forward] | ||||||||||
Newbuildings acquired, cost | $ 78,200 | $ 78,200 | ||||||||
Construction in Progress [Member] | ||||||||||
Movement In Newbuilding Balance [Roll Forward] | ||||||||||
Cost of vessels | $ 323,340 | |||||||||
Frontline 2012 [Member] | ||||||||||
Movement In Newbuilding Balance [Roll Forward] | ||||||||||
Value of Share Consideration Paid in Connection with Purchase of SPCs, Net of Cash Acquired | $ 331,661 | $ 150,959 |
EQUITY METHOD INVESTMENTS (Deta
EQUITY METHOD INVESTMENTS (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2015USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||
Investments in associated companies | $ 6,225 | $ 0 | $ 11,346 | |
Equity results of associated companies, including impairment | 433 | 0 | $ 0 | |
Equity Method Investment, Other than Temporary Impairment | $ (4,600) | 0 | $ 0 | |
Capesize Chartering Ltd [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 20.00% | |||
Investments in associated companies | $ 0 | |||
Number of joint venture partners | 5 | |||
Golden Opus Inc. [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investments in associated companies | $ 4,958 | 0 | 10,379 | |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | |||
Equity results of associated companies, including impairment | 821 | |||
Equity Method Investment, Other than Temporary Impairment | (4,600) | |||
Equity Method Investment, Aggregate Cost | 9,600 | |||
Equity Method Investments | $ 5,000 | |||
Seateam Management Pte Ltd [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 21.25% | |||
Investments in associated companies | $ 497 | 0 | 337 | |
Proceeds from Equity Method Investment, Dividends or Distributions | (88) | 0 | ||
Equity results of associated companies, including impairment | (248) | |||
Equity Method Investment, Other than Temporary Impairment | 0 | |||
Total [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Investments in associated companies | 6,225 | 0 | 11,346 | |
Proceeds from Equity Method Investment, Dividends or Distributions | $ (88) | |||
United Freight Carriers [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Equity Method Investment, Ownership Percentage | 50.00% | |||
Investments in associated companies | $ 770 | $ 0 | $ 630 | |
Proceeds from Equity Method Investment, Dividends or Distributions | 0 | |||
Equity results of associated companies, including impairment | (140) | |||
Equity Method Investment, Other than Temporary Impairment | $ 0 |
OTHER LONG TERM ASSETS (Details
OTHER LONG TERM ASSETS (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | |
Other long term assets [Line Items] | |||||
Amortization of additional interest | $ 357,000 | $ 0 | |||
Provision for uncollectible receivables | $ 0 | (4,729,000) | 0 | $ 0 | |
Other long term assets | 4,744,000 | $ 0 | $ 9,116,000 | ||
Other long term assets acquired upon the merger, Principal | $ 10,000,000 | ||||
Other long term assets acquired upon the merger, Discount Rate | 7.00% | ||||
Other long term assets acquired upon the merger, Interest Rate | 2.00% | ||||
Interest Income, Other | 600,000 | ||||
Principal amount [Member] | |||||
Other long term assets [Line Items] | |||||
Interest Income, Other | 400,000 | ||||
Principal amount [Member] | |||||
Other long term assets [Line Items] | |||||
Interest Income, Other | $ 200,000 |
DEFERRED CHARGES (Details)
DEFERRED CHARGES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | |
Extinguishment of Debt [Line Items] | |||
Capitalized financing fees and expenses | $ 7,218,000 | $ 6,253,000 | |
Accumulated amortization | (1,421,000) | (2,720,000) | |
Deferred Finance Costs, Noncurrent, Net | 5,797,000 | 3,533,000 | |
Deferred finance costs fully amortised | 2,300,000 | ||
$425M Term Loan Facility [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt instrument commitment fee | $ 3,800,000 | ||
Debt instrument, face amount | $ 425,000,000 | ||
$175M Term Loan Facility [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt instrument, face amount | 175,000,000 | ||
$420M Term Loan Facility [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt instrument commitment fee | $ 3,400,000 | ||
Debt instrument, face amount | $ 420,000,000 |
DEBT 1 (Details)
DEBT 1 (Details) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | May. 31, 2015USD ($) | Dec. 31, 2015USD ($)$ / shares | Mar. 31, 2015USD ($)$ / shares | Mar. 31, 2014USD ($) | Nov. 30, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Feb. 01, 2016USD ($)$ / shares | Sep. 30, 2015 | Jun. 30, 2014USD ($) | Dec. 31, 2012USD ($) | |
Debt Instrument [Line Items] | |||||||||||||||
Vessels and equipment, net | $ 1,488,205,000 | $ 1,488,205,000 | $ 632,997,000 | $ 1,488,205,000 | $ 852,665,000 | $ 262,747,000 | $ 273,826,000 | ||||||||
Repayments of Debt | 244,338,000 | ||||||||||||||
Long-term Debt | $ 391,717,000 | ||||||||||||||
Number of vessels serving as security | 40 | 13 | |||||||||||||
Restricted cash | 48,521,000 | 48,521,000 | 48,521,000 | 18,923,000 | |||||||||||
Less: current portion | (20,380,000) | (20,380,000) | (20,380,000) | (19,812,000) | |||||||||||
Long-term debt | $ 913,913,000 | 913,913,000 | $ 913,913,000 | $ 343,688,000 | |||||||||||
Number of Capesize Newbuildings Delivered | 5 | ||||||||||||||
Number of Vessels Acquired | 2 | ||||||||||||||
Sellers Credit, Percentage of Sale Price | 30.00% | ||||||||||||||
Term Loan Facility of $23.8 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.65%) | ||||||||||||||
Term Loan Facility of $201 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.75%) | ||||||||||||||
Term Loan Facility of $33.93 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.75%) | ||||||||||||||
Term Loan Facility of $82.5 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.75%) | ||||||||||||||
Term Loan Facility of $425 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.20%) | (2.00%) | (2.00%) | ||||||||||||
Term Loan Facility of $175 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.50%) | ||||||||||||||
Term Loan Facility of $420 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.50%) | ||||||||||||||
Term Loan Facility of $201 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 201,000,000 | 201,000,000 | $ 201,000,000 | ||||||||||||
Long-term Debt assumed upon the Merger | $ 45,400,000 | ||||||||||||||
Number of vessels financed | 2 | ||||||||||||||
Repayments of Debt | 44,400,000 | ||||||||||||||
Term Loan Facility of $425 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | ||||||||||||
Number of vessels financed | 14 | ||||||||||||||
Number of Tranches, Value 1 | 12 | ||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | ||||||||||||||
Minimum Value Covenant | 70.00% | 70.00% | 70.00% | 55.00% | |||||||||||
Debt Instrument, Value Per Tranche | $ 32,500,000 | ||||||||||||||
Number of Tranches, Value 2 | 2 | ||||||||||||||
Debt Instrument, Repayment Term | 1.5625% | 1.25% | |||||||||||||
Long-term Debt | $ 26,885,000 | $ 26,885,000 | $ 26,885,000 | $ 0 | |||||||||||
Term Loan Facility of $23.8 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 23,800,000 | 23,800,000 | $ 23,800,000 | ||||||||||||
Long-term Debt assumed upon the Merger | 22,400,000 | ||||||||||||||
Number of vessels financed | 1 | ||||||||||||||
Repayments of Debt | 22,100,000 | ||||||||||||||
Term Loan Facility of $33.93 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 33,930,000 | 33,930,000 | $ 33,930,000 | ||||||||||||
Long-term Debt assumed upon the Merger | 30,500,000 | ||||||||||||||
Number of vessels financed | 2 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 600,000 | ||||||||||||||
Long-term Debt | 28,841,000 | 28,841,000 | 28,841,000 | 0 | |||||||||||
Term Loan Facility of $82.5 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 82,500,000 | 82,500,000 | $ 82,500,000 | ||||||||||||
Long-term Debt assumed upon the Merger | 67,800,000 | ||||||||||||||
Number of vessels financed | 6 | ||||||||||||||
Repayments of Debt | $ 17,700,000 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 1,200,000 | ||||||||||||||
Long-term Debt | 47,597,000 | 47,597,000 | 47,597,000 | 0 | |||||||||||
Term Loan Facility of $284 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 284,000,000 | 284,000,000 | $ 284,000,000 | ||||||||||||
Long-term Debt assumed upon the Merger | 260,500,000 | ||||||||||||||
Number of vessels financed | 19 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 4,000,000 | ||||||||||||||
Long-term Debt | 262,541,000 | 262,541,000 | 262,541,000 | 0 | |||||||||||
Term Loan Facility of $420 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 420,000,000 | 420,000,000 | $ 420,000,000 | ||||||||||||
Number of vessels financed | 14 | ||||||||||||||
Number of Tranches, Value 1 | 14 | ||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | ||||||||||||||
Debt Instrument, Payment Term | 20 years | ||||||||||||||
Repayments of Debt | $ 17,600,000 | ||||||||||||||
Long-term Debt | 395,875,000 | 395,875,000 | 395,875,000 | 238,500,000 | |||||||||||
Loan drawdowns | $ 175,000,000 | ||||||||||||||
Convertible Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | 200,000,000 | $ 200,000,000 | |||||||||||||
Long-term Debt assumed upon the Merger | 161,200,000 | ||||||||||||||
Convertible Bond Fair Value Price Upon Merger | $ 0.806 | ||||||||||||||
Debt Instrument, Payment Term | 5 years | ||||||||||||||
Repayments of Debt | $ 0 | 0 | |||||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.07% | ||||||||||||||
Long-term Debt | $ 167,815,000 | $ 167,815,000 | 167,815,000 | 0 | $ 0 | ||||||||||
Loan drawdowns | $ 0 | 0 | |||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 19.93 | $ 19.93 | $ 19.93 | $ 19.93 | |||||||||||
Purchase price adjustment | $ 38,800,000 | ||||||||||||||
Debt Instrument, Repurchased Face Amount | 1 | ||||||||||||||
Amortization of purchase price adjustment | $ 6,615,000 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | 90.00% | ||||||||||||||
Other Debt Obligations [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 4,800,000 | ||||||||||||||
Long-term Debt assumed upon the Merger | 4,511,000 | ||||||||||||||
Repayments of Debt | $ 0 | 0 | |||||||||||||
Long-term Debt | $ 4,739,000 | $ 4,739,000 | 4,739,000 | 0 | 0 | ||||||||||
Loan drawdowns | 0 | 0 | |||||||||||||
Purchase price adjustment | 300,000 | ||||||||||||||
Amortization of purchase price adjustment | 228,000 | ||||||||||||||
Long-term Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt assumed upon the Merger | $ 592,313,000 | ||||||||||||||
Repayments of Debt | 1,500,000 | ||||||||||||||
Long-term Debt | 934,293,000 | 934,293,000 | 934,293,000 | 363,500,000 | $ 95,000,000 | ||||||||||
Loan drawdowns | 215,975,000 | 270,000,000 | |||||||||||||
Amortization of purchase price adjustment | 6,843,000 | ||||||||||||||
$175M Term Loan Facility [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | ||||||||||||||
Long-term Debt | 0 | 0 | 0 | $ 125,000,000 | |||||||||||
Term Loan Facility of $175 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | 175,000,000 | $ 175,000,000 | ||||||||||||
Repayments of Debt | $ 122,400,000 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 22,000,000 | ||||||||||||||
Minimum Value Covenant | 100.00% | ||||||||||||||
Repayments of Debt | $ 4,200,000 | ||||||||||||||
Number of facilities in breach of covenants | 2 | ||||||||||||||
Subsequent Event [Member] | Loans Payable [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Long-term Debt | 34,100,000 | ||||||||||||||
Subsequent Event [Member] | Term Loan Facility of $82.5 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of Debt | $ 2,000,000 | ||||||||||||||
Subsequent Event [Member] | Term Loan Facility of $420 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Repayments of Debt | $ 2,200,000 | ||||||||||||||
Debt Instrument, Periodic Payment | $ 5,200,000 | ||||||||||||||
Subsequent Event [Member] | Convertible Debt [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 17.63 | ||||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $33.93 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 2 | ||||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $82.5 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 4 | ||||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $284 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 4 | ||||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $284 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 2 | ||||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $420 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 14 | ||||||||||||||
Supramax Vessels [Member] | Term Loan Facility of $284 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of vessels serving as security | 5 | ||||||||||||||
Capesize Newbuildings [Member] | Term Loan Facility of $420 Million [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Number of Capesize Newbuildings Delivered | 6 |
DEBT 2 (Details)
DEBT 2 (Details) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||||
Dec. 31, 2015USD ($) | Dec. 31, 2007vessel | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Nov. 30, 2015 | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2012vessel | |
Debt Instrument [Line Items] | |||||||||
Number of vessels disposed of | vessel | 1 | 3 | |||||||
Proceeds from long-term debt | $ 215,975,000 | $ 270,000,000 | $ 0 | ||||||
Proceeds from Issuance of Debt | $ 391,717,000 | ||||||||
Number of Vessels Pledge as Collateral | 40 | 13 | |||||||
Collateral carrying amount | 852,700,000 | ||||||||
Repayments of Debt | (244,338,000) | ||||||||
Term Loan Facility of $425 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | $ 425,000,000 | 425,000,000 | |||||||
Proceeds from Issuance of Debt | $ 26,885,000 | 26,885,000 | 0 | ||||||
Debt Instrument, Quarterly Repayment to Principal Borrowed Ratio | 1.5625% | 1.25% | |||||||
Secured Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | $ 761,739,000 | 761,739,000 | 363,500,000 | 95,000,000 | |||||
Long-term Debt assumed upon the Merger | $ 426,602,000 | ||||||||
Repayments of Debt | (244,338,000) | (1,500,000) | |||||||
Loan drawdowns | 215,975,000 | 270,000,000 | |||||||
Amortization of purchase price adjustment | 0 | ||||||||
Convertible Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 200,000,000 | $ 200,000,000 | |||||||
Proceeds from Issuance of Debt | 167,815,000 | 167,815,000 | 0 | 0 | |||||
Long-term Debt assumed upon the Merger | 161,200,000 | ||||||||
Repayments of Debt | 0 | 0 | |||||||
Loan drawdowns | 0 | 0 | |||||||
Amortization of purchase price adjustment | 6,615,000 | ||||||||
Long-term Debt [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Proceeds from Issuance of Debt | 934,293,000 | 934,293,000 | 363,500,000 | $ 95,000,000 | |||||
Long-term Debt assumed upon the Merger | 592,313,000 | ||||||||
Repayments of Debt | (1,500,000) | ||||||||
Loan drawdowns | 215,975,000 | 270,000,000 | |||||||
Amortization of purchase price adjustment | 6,843,000 | ||||||||
Term Loan Facility of $284 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, face amount | 284,000,000 | 284,000,000 | |||||||
Proceeds from Issuance of Debt | $ 262,541,000 | 262,541,000 | $ 0 | ||||||
Long-term Debt assumed upon the Merger | $ 260,500,000 | ||||||||
Debt Instrument, Periodic Payment | $ 4,000,000 | ||||||||
Capesize Vessels [Member] | Term Loan Facility of $284 Million [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Number of Vessels Pledge as Collateral | 2 |
DEBT DEBT 3 (Details)
DEBT DEBT 3 (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in Total | $ 966,478 | |||
Long-term Debt | $ 391,717 | |||
Long-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 20,380 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 0 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 82,230 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | (476,872) | |||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 364,451 | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 22,545 | |||
Long-term Debt | 934,293 | $ 363,500 | $ 95,000 | |
Term Loan Facility of $33.93 Million [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 22,600 | |||
Long-term Debt | 28,841 | 0 | ||
Convertible Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Conversion, Converted Instrument, Shares Issued | 10,035 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | (32,185) | |||
Long-term Debt | $ 167,815 | $ 0 | $ 0 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Voyage expenses | $ 3,229 | $ 871 |
Ship operating expenses | 6,496 | 1,112 |
Administrative expenses | 1,207 | 1,162 |
Tax expenses | 189 | 0 |
Interest expenses | 6,757 | 1,045 |
Accrued expenses | $ 17,878 | $ 4,190 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Deferred Revenue | $ 4,120 | $ 3,285 | |
Sale Leaseback Transaction, Deferred Gain, Gross | 3,600 | ||
Unfavorable Charter Party Contracts, Current | 674 | $ 1,567 | 0 |
Other Sundry Liabilities, Current | 8,862 | 0 | |
Other Liabilities, Current | 13,993 | $ 28,180 | 3,285 |
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 337 | $ 0 |
DERIVATIVE INSTRUMENTS PAYABL92
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2015 | |
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 1,641 | $ 0 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 5,400 | 0 | ||
Fair Value of derivatives assets acquired upon the merger with the Former Golden Ocean | $ (200) | |||
Fair Value of derivatives liabilities acquired upon the merger with the Former Golden Ocean | $ 1,500 | |||
Derivative, Loss on Derivative | 6,939 | 0 | $ 0 | |
Forward Freight Agreements [Member] | Forward Freight Agreements [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 606 | 0 | 0 | |
Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 3,338 | 0 | ||
Bunker derivatives [Member] | Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 1,853 | 0 | 0 | |
Bunker derivatives [Member] | Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 1,776 | |||
Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 183 | 0 | ||
Currency Swap [Member] | Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 183 | 0 | 0 | |
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1,641 | 0 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,879 | 0 | ||
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 2,127 | 0 | 0 | |
Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | $ 394 | $ 0 | $ 0 |
OTHER LONG TERM LIABILITIES (De
OTHER LONG TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Schedule of Other Long Term Liabilities [Line Items] | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 3,600 | ||
Other Sundry Liabilities, Noncurrent | 5,647 | $ 0 | |
Other long term liabilities | 8,540 | $ 434 | 0 |
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | |||
Schedule of Other Long Term Liabilities [Line Items] | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 2,893 | $ 0 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) | Mar. 31, 2015USD ($)company$ / sharesshares | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014company$ / sharesshares | Apr. 30, 2014companyvessel$ / sharesshares | Feb. 28, 2014shares | Sep. 30, 2015USD ($)shares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)shares | Sep. 15, 2014$ / shares | Jun. 30, 2014USD ($)$ / sharesshares | May. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2012USD ($)shares |
Common stock, value, authorized | $ | $ 2,000,000 | $ 500,000 | ||||||||||||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | 200,000,000 | 200,000,000 | 50,000,000 | |||||||||
Stock Issued During Period, Shares, Issued for Services | 49,489 | |||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | $ 1,158,649,000 | $ 884,273,000 | $ 307,441,000 | |||||||||||
Common stock shares outstanding | 111,231,678 | 111,231,678 | 111,231,678 | 172,675,637 | 80,121,550 | |||||||||
Number of SPCs acquired | 12 | 13 | ||||||||||||
Number of Vessels Acquired | 2 | |||||||||||||
Share-based Goods and Nonemployee Services Transaction, Value of Securities Issued | $ | $ 127,100,000 | |||||||||||||
Value of newbuildings acquired under common control transaction | $ | $ 78,200,000 | $ 78,200,000 | $ 78,200,000 | |||||||||||
Proceeds from Contributed Capital | $ | $ 59,700,000 | |||||||||||||
Common Stock, Par or Stated Value | $ | $ 5,000,000 | $ 2,000,000 | ||||||||||||
Common Stock [Member] | ||||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.01 | |||||||||||||
Number of shares issued as consideration | 15,500,000 | |||||||||||||
Karpasia [Member] | ||||||||||||||
Number of Vessels Acquired | vessel | 1 | |||||||||||||
Karpasia [Member] | Common Stock [Member] | ||||||||||||||
Number of shares issued as consideration | 3,100,000 | |||||||||||||
Share price (in USD per share) | $ / shares | $ (12.54) | |||||||||||||
Frontline 2012 [Member] | ||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | ||||||||||
Number of Capesize Newbuildings Acquired | vessel | 5 | |||||||||||||
Value of cash acquired under common control transaction | $ | $ 108,600,000 | $ 108,600,000 | $ 108,600,000 | |||||||||||
Number of SPC | 12 | |||||||||||||
Proceeds from Contributed Capital | $ | $ 59,700,000 | |||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | ||||||||||||||
Number of shares issued as consideration | 31,000,000 | 15,500,000 | ||||||||||||
Share price (in USD per share) | $ / shares | $ (4.10) | $ (4.10) | $ (11.51) | $ (12.54) | $ (4.10) | |||||||||
Merger with former Golden Ocean [Member] | Common Stock [Member] | ||||||||||||||
Business Combination, Number of Shares Issued | 61,500,000 | 61,500,000 | 61,500,000 | |||||||||||
Business Combination, Number of Shares Issued net of cancellations | 61,443,959 | 61,443,959 | 61,443,959 | |||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Common Stock [Member] | ||||||||||||||
Business Combination, Number of Shares Canceled | 51,498 | 51,498 | 51,498 | |||||||||||
Business Combination, Number of Shares Issued net of cancellations | 61,443,959 | 61,443,959 | 61,443,959 | 0 | ||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Fractional shares [Member] | ||||||||||||||
Business Combination, Number of Shares Canceled | 4,543 | 4,543 | 4,543 | |||||||||||
Karpasia [Member] | Common Stock [Member] | ||||||||||||||
Number of shares issued as consideration | 3,100,000 | 0 | ||||||||||||
Frontline 2012 [Member] | ||||||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | |||||||||||
Frontline 2012 [Member] | Common Stock [Member] | ||||||||||||||
Number of shares issued as consideration | 31,000,000 | 31,000,000 | 15,500,000 | 31,000,000 | 0 | 0 | ||||||||
Share price (in USD per share) | $ / shares | $ (4.10) | $ (4.10) | $ (12.54) | $ (4.10) | $ (11.51) | |||||||||
Management [Member] | ||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 110,128 | 49,489 | ||||||||||||
Additional Paid in Capital [Member] | ||||||||||||||
Transfer to contributed surplus | $ | $ 1,207,448,000 | $ (1,207,448,000) | $ 0 | $ 0 | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | 0 | 772,863,000 | 183,535,000 | $ 131,766,000 | ||||||||||
Common Stock [Member] | ||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | $ 1,727,000 | $ 801,000 | $ 305,000 | $ 244,000 | ||||||||||
Common stock shares outstanding | 172,675,637 | 80,121,550 | 30,472,061 | 24,437,000 |
RESTRICTED STOCK UNITS (Details
RESTRICTED STOCK UNITS (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Jan. 31, 2015shares | Feb. 28, 2014USD ($)shares | Jan. 31, 2014companyshares | Jan. 31, 2013USD ($)management_companyshares | Sep. 30, 2010 | Dec. 31, 2015$ / sharesshares | Dec. 31, 2015USD ($)company$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 31, 2012$ / shares | Sep. 27, 2010shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common shares reserved | 800,000 | ||||||||||
RSUs granted | 94,476 | ||||||||||
RSUs fair values | $ / shares | $ 1.07 | $ 1.07 | $ 4.53 | $ 9.19 | $ 5.25 | ||||||
RSUs fair value granted | $ / shares | 4.30 | 9.48 | 6.74 | ||||||||
RSUs fair value settled | $ / shares | $ 4.44 | $ 9.32 | $ 9.65 | ||||||||
Shares issued | 35,061 | 110,128 | |||||||||
Value of shares paid | $ | $ 464,630 | $ 181,610 | |||||||||
RSU share settlement (Percent) | 50.00% | 50.00% | |||||||||
RSU cash settlement (Percent) | 50.00% | 50.00% | |||||||||
Number of management companies | management_company | 2 | ||||||||||
Number of RSU vesting years | 3 years | 3 years | |||||||||
Share-based payment award, award vesting period | 1/3 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Vesting rate | 33.33% | 33.33% | 33.33% | 33.33% | |||||||
RSUs granted | 55,111 | ||||||||||
Number Of Management Companies That Received Award | company | 2 | 2 | |||||||||
Shares issued | 49,489 | ||||||||||
Number of RSU vesting years | 3 years | 3 years | |||||||||
Restricted Stock Units Granted to Directors [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
RSU outstanding, beginning balance | 74,578 | 88,157 | 66,307 | 74,578 | 88,157 | 66,307 | |||||
RSU settled | (40,462) | (41,134) | (25,388) | ||||||||
RSUs granted | 24,602 | 27,555 | 47,238 | ||||||||
RSU outstanding, ending balance | 58,718 | 58,718 | 74,578 | 88,157 | |||||||
Restricted Stock Units Granted to Management Companies [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
RSU outstanding, beginning balance | 74,581 | 88,161 | 66,311 | 74,581 | 88,161 | 66,311 | |||||
RSU settled | (40,463) | (41,136) | (25,388) | ||||||||
RSUs granted | 24,604 | 27,556 | 47,238 | ||||||||
RSU outstanding, ending balance | 58,722 | 58,722 | 74,581 | 88,161 | |||||||
Restricted Stock Units Granted Total [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
RSU outstanding, beginning balance | 149,159 | 176,318 | 132,618 | 149,159 | 176,318 | 132,618 | |||||
RSU settled | (80,925) | (82,270) | (50,776) | ||||||||
RSUs granted | 49,206 | 55,111 | 94,476 | ||||||||
RSU outstanding, ending balance | 117,440 | 117,440 | 149,159 | 176,318 | |||||||
Restricted Stock Units Expense [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Restricted stock unit (income) expense | $ | $ 0 | $ 200,000 | $ 900,000 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Nov. 23, 2015USD ($) | Mar. 31, 2015USD ($)$ / shares | Apr. 02, 2010 | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014USD ($)companyshares | Apr. 30, 2014USD ($)companyt$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Mar. 31, 2014 | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Sep. 15, 2014$ / shares |
Related Party Transaction [Line Items] | |||||||||||||
Newbuilding Contract, Sold | $ 1,900,000 | $ 10,800,000 | |||||||||||
Loss on Sale of Newbuilding Contract | 8,900,000 | ||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,874,000 | ||||||||||||
Cash paid to acquire SPCs | 24,000 | 24,085,000 | $ 0 | ||||||||||
Cash acquired upon purchase of SPC's | $ 108,645,000 | $ 68,560,000 | 0 | ||||||||||
Number of newbuilding vessels converted and sold | 2 | ||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||
Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares issued as consideration | shares | 15,500,000 | ||||||||||||
Capital Addition Purchase Commitments [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 404,000,000 | $ 490,000,000 | |||||||||||
Frontline 2012 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of SPCs expected to acquire | company | 25 | ||||||||||||
Capesize drybulk size range | t | 180,000 | ||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 127,100,000 | 356,800,000 | |||||||||||
Value of cash acquired under common control transaction | 108,600,000 | 108,600,000 | $ 108,600,000 | ||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 150,000,000 | ||||||||||||
Cash acquired upon purchase of SPC's | $ 25,100,000 | $ 43,400,000 | |||||||||||
Cost on newbuildings acquired from common control transaction | $ 78,200,000 | $ 78,200,000 | $ 78,200,000 | ||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares issued as consideration | shares | 31,000,000 | 31,000,000 | 15,500,000 | 31,000,000 | 0 | 0 | |||||||
Share price (in USD per share) | $ / shares | $ 4.10 | $ 4.10 | $ 12.54 | $ 4.10 | $ 11.51 | ||||||||
Frontline 2012 [Member] | Capital Addition Purchase Commitments [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 490,000,000 | ||||||||||||
Karpasia [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Cash paid to acquire SPCs | $ 24,000,000 | ||||||||||||
Karpasia [Member] | Common Stock [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of shares issued as consideration | shares | 3,100,000 | 0 | |||||||||||
Seatankers Management Co, Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Revenue from Related Parties | $ 310,000 | $ 0 | 0 | ||||||||||
ICB Shipping (Bermuda) Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 579,000 | 2,315,000 | 2,315,000 | ||||||||||
General Management Fees Expenses | $ 2,300,000 | ||||||||||||
Gross freight revenue commission expense rate | 1.25% | ||||||||||||
Management fee commissions on sale of vessels | 1.00% | ||||||||||||
Vessel purchase cost commission expense rate | 1.00% | ||||||||||||
Frontline Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Newbuilding Contract, Sold | 1,900,000 | ||||||||||||
Loss on Sale of Newbuilding Contract | $ 8,900,000 | ||||||||||||
Number of newbuilding vessels converted and sold | 2 | ||||||||||||
Management Fee Expense | $ 115,000 | ||||||||||||
Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 12,060,000 | 0 | 0 | ||||||||||
Profit share percentage | 33.00% | ||||||||||||
Revenue from Related Parties | $ 560,000 | 0 | 0 | ||||||||||
Number of vessels sold and leased back | 0 | ||||||||||||
3M USD LIBOR Variable rate | 300.00% | ||||||||||||
Base rate | 0.40% | ||||||||||||
Contingent rental expenses | $ 2,500,000 | ||||||||||||
Management [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Amended General Management Agreement Termination percent of issued and outstanding shares held by shareholders | 6666.67% | ||||||||||||
Frontline Management (Bermuda) Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 13,192,000 | 2,962,000 | 154,000 | ||||||||||
Management Fee to be Paid Per Annum | 33,000 | ||||||||||||
Seateam Management Pte Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 1,932,000 | $ 562,000 | 228,000 | ||||||||||
Number of Vessels Under Ship Management | 14 | 3 | |||||||||||
The Former Golden Ocean [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 134,000 | $ 1,034,000 | $ 408,000 | ||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Charter Term, Contractual, Period 2 | 3 years | ||||||||||||
Daily Operating Expenses Rate | $ 7,000 | ||||||||||||
Number of vessels sold and leased back | 8 | ||||||||||||
Daily Time Charter Rate, Period 1, Adjusted | 50 | ||||||||||||
Purchase option, Vessels | $ 112,000,000 | ||||||||||||
Charter term, Extension | 3 years | ||||||||||||
Charter Term, Contractual | 10 years | ||||||||||||
Daily Time Charter Rate, Period 1 | $ 17,600 | ||||||||||||
Charter Term, Contractual, Period 1 | 7 years | ||||||||||||
Daily Time Charter Rate, Period 2, Adjusted | $ 25 | ||||||||||||
Daily Time Charter Rate, Period 2 | 14,900 | ||||||||||||
Daily Time Charter Rate, Extension | 14,900 | ||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||
Average: KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Operating Leases, Rent Expense, Net | $ 12,100,000 | $ 0 | |||||||||||
Sale Leaseback Transaction, Historical Cost | $ 34,000,000 | ||||||||||||
Vessels owned prior to the merger with the Former Golden Ocean [Member] | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of vessels sold and leased back | 5 | 5 | |||||||||||
Vessels acquired upon the merger with the Former Golden Ocean [Member] | Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of vessels sold and leased back | 3 | ||||||||||||
United Freight Carriers [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | ||||||||||||
Dry Bulk Carriers [Member] | Seatankers Management Co, Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 21 | ||||||||||||
Commercial Management Fee Revenue | $ 125 | ||||||||||||
Dry Bulk Carriers [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 12 | ||||||||||||
Commercial Management Fee Revenue | $ 125 | ||||||||||||
Container Carriers [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 11 | ||||||||||||
Commercial Management Fee Revenue | $ 65 |
RELATED PARTY TRANSACTIONS Summ
RELATED PARTY TRANSACTIONS Summary of Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Related party receivables | $ 8,451 | $ 449 |
Related party payables | 4,101 | 2,555 |
United Freight Carriers [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 2 | 0 |
Seatankers Management Co, Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 1,139 | 0 |
Golden Opus Inc. [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 2,534 | 0 |
Management [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 285 | 0 |
Frontline Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 4,455 | 0 |
Related party payables | 176 | 62 |
Frontline 2012 [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | $ 0 | 38 |
Ship Finance International Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Variable interest rate level | 0.10% | |
Related party receivables | $ 36 | 0 |
Frontline Management (Bermuda) Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party payables | 3,924 | 1,558 |
ICB Shipping (Bermuda) Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party payables | 0 | 579 |
Seateam Management Pte Ltd [Member] | ||
Related Party Transaction [Line Items] | ||
Related party receivables | 0 | 411 |
Related party payables | 1 | 0 |
The Former Golden Ocean [Member] | ||
Related Party Transaction [Line Items] | ||
Related party payables | $ 0 | $ 356 |
FINANCIAL ASSETS AND LIABILIT98
FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2015USD ($) | |
Derivative [Line Items] | ||
Number of Interest Rate Derivatives acquired upon merger | 4 | |
Number of interest rate derivative instruments entered into by the entity | 3 | |
Notional Amount | $ 400 | |
Interest Rate Swap 1 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 1.22% | |
Interest Rate Swap 2 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 1.93% | |
Interest Rate Swap 3 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 100 | |
Fixed Interest Rate | 2.51% | |
Interest Rate Swap 4 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 1.22% | |
Interest Rate Swap 5 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 1.92% | |
Interest Rate Swap 6 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 2.41% | |
Interest Rate Swap 7 [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 50 | |
Fixed Interest Rate | 2.58% | |
Total [Member] | ||
Derivative [Line Items] | ||
Notional Amount | $ 400 |
FINANCIAL ASSETS AND LIABILIT99
FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of forward freight agreements derivatives acquired upon merger | 1 | ||
Number of forward freight agreements at reporting date | 1 | 0 |
FINANCIAL ASSETS AND LIABILI100
FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Number of bunker derivatives acquired upon merger | 3 | ||
The number of bunker derivative instruments entered into by the entity during the period which matured by the reporting date | 2 | ||
Number of bunker derivative instruments entered into by the entity | 9 | ||
Number of bunker derivatives at the reporting date | 10 | 0 |
FINANCIAL ASSETS AND LIABILI101
FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of foreign currency swap instruments entered into by the entity | 30 | |
Number of foreign currency swap instruments held by the entity as at the reporting date | 24 | 0 |
FINANCIAL ASSETS AND LIABILI102
FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Liabilities | ||
Discount rate of expected future cash flows | 7.00% | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | $ 102,617 | $ 42,221 |
Restricted cash | 48,872 | 18,923 |
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 761,739 | 363,500 |
Estimate of Fair Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 165,500 | 0 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 4,739 | 0 |
Reported Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 102,617 | 42,221 |
Restricted cash | 48,872 | 18,923 |
Reported Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 761,739 | 363,500 |
Reported Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 167,815 | 0 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 4,739 | 0 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Cash and cash equivalents | 102,617 | 42,221 |
Restricted cash | 48,872 | 18,923 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 102,617 | 42,221 |
Restricted cash | 48,872 | 18,923 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 761,739 | 363,500 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 761,739 | $ 363,500 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 165,500 | |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 165,500 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 4,739 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | $ 4,739 |
FINANCIAL ASSETS AND LIABILI103
FINANCIAL ASSETS AND LIABILITIES - Assets Measured At Fair Value On A Nonrecurring Basis (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Proceeds from Sale of Buildings | $ 7,900 | |
Fair Value, Measurements, Nonrecurring [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value disclosure | $ 17,700 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | Nov. 23, 2015USD ($) | Apr. 30, 2015 | Dec. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Apr. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Feb. 28, 2014USD ($) | Dec. 31, 2013USD ($) | Sep. 30, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2017USD ($) | Aug. 31, 2016USD ($) | Mar. 31, 2015 |
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | 29 | ||||||||||||||||
Charter term, total | 10 years | 10 years | 10 years | ||||||||||||||
Sellers credit, total value | $ 2,700,000 | ||||||||||||||||
Purchase option net of sellers credit, exercisable by the lessor | $ 12,200,000 | ||||||||||||||||
Purchase option net of sellers credit, amount required to be paid | $ 0 | 9,500,000 | $ 0 | ||||||||||||||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 9,200,000 | ||||||||||||||||
Percentage of debt guaranteed for joint venture | 50.00% | ||||||||||||||||
Number of vessels under capital lease | 8 | 2 | 0 | ||||||||||||||
Number of Newbuildings on Order | 18 | ||||||||||||||||
Number of newbuilding expected to be delivered and sold | 2 | ||||||||||||||||
Newbuilding Contract, Sold | $ 1,900,000 | $ 10,800,000 | |||||||||||||||
Newbuilding commitments | 95,000,000 | ||||||||||||||||
Newbuilding installment commitments | 502,800,000 | ||||||||||||||||
Newbuilding installment Commitments, Due in Two years | 67,300,000 | ||||||||||||||||
Claims for damages against charterers | 2,400,000 | $ 2,400,000 | |||||||||||||||
Scenario, Forecast [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Purchase option, Vessels | $ 14,200,000 | ||||||||||||||||
Newbuilding Contract, Sold | $ 46,200,000 | ||||||||||||||||
Newbuilding commitments | $ 570,100,000 | ||||||||||||||||
Number of Capesize Newbuildings Expected to be Delivered | 16 | 2 | |||||||||||||||
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, Vessels | $ 112,000,000 | ||||||||||||||||
Charter Term, Contractual | 10 years | ||||||||||||||||
Charter term, Extension | 3 years | ||||||||||||||||
Daily Time Charter Rate, Period 2 | $ 14,900 | ||||||||||||||||
Golden Opus Inc. [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 18,300,000 | ||||||||||||||||
Golden Zhejiang [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Proceeds from Legal Settlements | $ 3,100,000 | $ 3,300,000 | $ 3,200,000 | $ 9,700,000 | |||||||||||||
Golden Zhejiang [Member] | Other Operating Income (Expense) [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Proceeds from Legal Settlements | 17,500,000 | ||||||||||||||||
Golden Zhejiang [Member] | Time Charter Revenue [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Proceeds from Legal Settlements | $ 1,900,000 | $ 1,900,000 | |||||||||||||||
Battersea [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Claims for damages against charterers | $ 17,000,000 | ||||||||||||||||
Proceeds from Legal Settlements | $ 100,000 | $ 200,000 | $ 756,000 | ||||||||||||||
Golden Lydernhorn [Member] | |||||||||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | |||||||||||||||||
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | 1 |
SUPPLEMENTAL INFORMATION SUP105
SUPPLEMENTAL INFORMATION SUPPLEMENTAL INFORMATION (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Apr. 30, 2015 | Mar. 31, 2015companyshares | Sep. 30, 2014companyshares | Apr. 30, 2014companyshares | Mar. 31, 2015shares | Dec. 31, 2015shares | Dec. 31, 2014shares | |
Supplemental Information Table [Line Items] | |||||||
Number of SPCs acquired | 12 | 13 | |||||
Number of subsidiaries | 1 | 1 | |||||
Frontline 2012 [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||
Common Stock [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of shares issued as consideration | 15,500,000 | ||||||
Common Stock [Member] | Frontline 2012 [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of shares issued as consideration | 31,000,000 | 31,000,000 | 15,500,000 | 31,000,000 | 0 | 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Mar. 31, 2016USD ($) | Feb. 29, 2016USD ($)shares | Feb. 29, 2016NOKshares | Jan. 31, 2016USD ($) | May. 31, 2015USD ($) | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2013 | Mar. 31, 2016USD ($) | Mar. 31, 2016NOK | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Feb. 01, 2016USD ($)$ / sharesshares | Feb. 01, 2016NOK / shares | Sep. 30, 2015shares | Mar. 31, 2015USD ($)$ / shares | Jun. 30, 2014USD ($)$ / sharesshares | May. 31, 2014USD ($)$ / sharesshares | Mar. 31, 2014USD ($) | |
Subsequent Event [Line Items] | ||||||||||||||||||||
Common Stock, Value, Authorized | $ 2,000,000 | $ 500,000 | ||||||||||||||||||
Common Stock, Shares Authorized | shares | 500,000,000 | 200,000,000 | 500,000,000 | 200,000,000 | 50,000,000 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||||
Percentage of debt guaranteed for joint venture | 50.00% | |||||||||||||||||||
Repayments of Debt | $ 244,338,000 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt margin | 4.25% | 4.25% | ||||||||||||||||||
Free Projected Cash Anticipated, Loan Amendment | $ 25,000,000 | |||||||||||||||||||
Number of Delayed Newbuildings Period | 2 | 2 | ||||||||||||||||||
Debt instrument, face amount | $ 22,000,000 | |||||||||||||||||||
Reduced Time Charter Daily Rates | NOK | NOK 11,200 | |||||||||||||||||||
Time Charter Daily Rates | NOK | NOK 13,200 | |||||||||||||||||||
Reduced time charter rate period | 2 years | 2 years | ||||||||||||||||||
Maximum reimbursed amount | 1,750,000 | |||||||||||||||||||
Private Placement Shares US trading restriction period | 6 months | 6 months | ||||||||||||||||||
Deferral of Loan Repayments | 113,900,000 | |||||||||||||||||||
Minimum Value Covenant | 100.00% | |||||||||||||||||||
Debt Instrument, Average Basis Spread on Variable Rate | 2.30% | 2.30% | ||||||||||||||||||
Repayments of Debt | $ 4,200,000 | |||||||||||||||||||
Number of facilities in breach of covenants | 2 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||
Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Common Stock, Value, Authorized | $ 6,000,000 | |||||||||||||||||||
Common Stock, Shares Authorized | shares | 600,000,000 | |||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||||||||||||||||
Common Stock [Member] | Subsequent Offering [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 8,000,000 | NOK 67,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 13,369,291 | 13,369,291 | ||||||||||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 200,000,000 | NOK 1,700,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 343,684,000 | 343,684,000 | ||||||||||||||||||
Shares Issued, Price Per Share | NOK / shares | NOK 5 | |||||||||||||||||||
Term Loan Facility of $425 Million [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $ 425,000,000 | |||||||||||||||||||
Minimum Value Covenant | 70.00% | 55.00% | ||||||||||||||||||
Term Loan Facility of $425 Million [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Number of vessels remaining to be financed | 9 | |||||||||||||||||||
Term Loan Facility of $33.93 Million [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $ 33,930,000 | |||||||||||||||||||
Term Loan Facility of $82.5 Million [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | 82,500,000 | |||||||||||||||||||
Repayments of Debt | $ 17,700,000 | |||||||||||||||||||
Term Loan Facility of $82.5 Million [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Repayments of Debt | $ 2,000,000 | |||||||||||||||||||
Term Loan Facility of $284 Million [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | 284,000,000 | |||||||||||||||||||
$425M Term Loan Facility [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $ 425,000,000 | |||||||||||||||||||
$425M Term Loan Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Debt | $ 25,000,000 | $ 117,200,000 | ||||||||||||||||||
Term Loan Facility of $420 Million [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | 420,000,000 | |||||||||||||||||||
Repayments of Debt | $ 17,600,000 | |||||||||||||||||||
Term Loan Facility of $420 Million [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Repayments of Debt | $ 2,200,000 | |||||||||||||||||||
Convertible Debt [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $ 200,000,000 | $ 200,000,000 | ||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 19.93 | $ 19.93 | ||||||||||||||||||
Repayments of Debt | $ 0 | $ 0 | ||||||||||||||||||
Convertible Debt [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Debt instrument, face amount | $ 200,000,000 | |||||||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 17.63 | |||||||||||||||||||
Capesize Chartering Ltd [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||||||||||||||
Number of joint venture partners | 5 | |||||||||||||||||||
Capesize Chartering Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||||||||||||||
Number of joint venture partners | 4 | 4 | ||||||||||||||||||
Golden Barnet, Golden Bexley, Golden Scape and Golden Swift [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Newbuilding installments | $ 112,600,000 | |||||||||||||||||||
KSL Caribbean [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Newbuilding installments | $ 33,400,000 | |||||||||||||||||||
Time Charter Period Maximum | 12 months | 12 months | ||||||||||||||||||
Proceeds from sale of vessels | $ 46,200,000 | |||||||||||||||||||
Scenario, Plan [Member] | Common Stock [Member] | Subsequent Offering [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 20,000,000 | NOK 172,000,000 | ||||||||||||||||||
Stock Issued During Period, Shares, New Issues | shares | 34,368,400 | 34,368,400 | ||||||||||||||||||
Scenario, Forecast [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from sale of vessels | $ 92,400,000 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Vesting rate | 33.33% | 33.33% | 33.33% | 33.33% |