Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document and Entity Information [Abstract] | |
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, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 105,965,192 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating revenues | |||
Time charter revenues | $ 91,407 | $ 85,960 | $ 22,656 |
Voyage charter revenues | 159,108 | 102,972 | 53,706 |
Bareboat charter revenues | 2,399 | 0 | 0 |
Other operating income | 4,894 | 1,306 | 20,353 |
Total operating revenues | 257,808 | 190,238 | 96,715 |
Gain (loss) on sale of assets and amortization of deferred gains | 300 | (10,788) | 0 |
Operating expenses | |||
Voyage expenses and commission | 89,886 | 78,099 | 33,955 |
Ship operating expenses | 105,843 | 83,022 | 18,676 |
Charter hire expenses | 53,691 | 30,719 | 0 |
Administrative expenses | 12,728 | 12,469 | 5,037 |
Provision for uncollectible receivables | 1,800 | 4,729 | 0 |
Provision for uncollectible receivables | 985 | 152,597 | 0 |
Depreciation | 63,433 | 52,728 | 19,561 |
Total operating expenses | 328,366 | 414,363 | 77,229 |
Net operating (loss) income | (70,258) | (234,913) | 19,486 |
Other income (expenses) | |||
Interest income | 1,666 | 849 | 29 |
Interest expense | (44,166) | (28,270) | (2,525) |
Equity results of associated companies, including impairment | (2,523) | (5,033) | 0 |
Impairment loss on marketable securities | (10,050) | (23,323) | 0 |
Loss on derivatives | (675) | (6,939) | 0 |
Bargain purchase gain arising on consolidation | 0 | 78,876 | 0 |
Other financial items | (1,860) | (1,897) | (737) |
Net other (expenses) income | (57,608) | 14,263 | (3,233) |
Net (loss) income before income taxes | (127,866) | (220,650) | 16,253 |
Income tax credit (expense) | 155 | (189) | 0 |
Net (loss) income from continuing operations | (127,711) | (220,839) | 16,253 |
Net loss from discontinued operations | 0 | 0 | (258) |
Net (loss) income from continuing operations | $ (127,711) | $ (220,839) | $ 15,995 |
Per share information: | |||
(Loss) earnings per share from continuing operations: basic and diluted (in dollars per share) | $ (1.34) | $ (7.30) | $ 1.55 |
Loss per share from discontinued operations: basic and diluted (in dollars per share) | 0 | 0 | 0 |
(Loss) earnings per share: basic and diluted (in dollars per share) | (1.34) | (7.30) | 1.52 |
Cash distributions per share declared (in dollars per share) | $ 0 | $ 0 | $ 3.15 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive income Statement - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net (loss) income | $ (127,711) | $ (220,839) | $ 15,995 |
Unrealized loss | (7,763) | (23,323) | 0 |
Reclassification of loss to net income | 10,050 | 23,323 | 0 |
Other comprehensive income | 2,287 | 0 | 0 |
Comprehensive (loss) income | $ (125,424) | $ (220,839) | $ 15,995 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets | ||
Cash and cash equivalents | $ 212,942 | $ 102,617 |
Restricted cash | 315 | 351 |
Marketable securities | 6,524 | 14,615 |
Trade accounts receivable, net | 14,755 | 9,631 |
Other receivables | 10,987 | 14,992 |
Related party receivables | 1,927 | 8,451 |
Derivative instruments receivables | 1,594 | 1,641 |
Inventories | 17,953 | 15,156 |
Prepaid expenses and accrued income | 6,524 | 5,687 |
Voyages in progress | 3,998 | 1,690 |
Favorable charter party contracts | 22,413 | 28,829 |
Total current assets | 299,932 | 203,660 |
Restricted cash | 53,797 | 48,521 |
Vessels and equipment, net | 1,758,939 | 1,488,205 |
Vessels under capital leases, net | 2,956 | 8,354 |
Newbuildings | 180,562 | 338,614 |
Favorable charter party contracts | 53,686 | 74,547 |
Investments in associated companies | 4,224 | 6,225 |
Other long term assets | 7,527 | 4,744 |
Total assets | 2,361,623 | 2,172,870 |
Current liabilities | ||
Current portion of long-term debt | 0 | 20,380 |
Current portion of obligations under capital leases | 4,858 | 15,749 |
Derivative instruments payables | 1,990 | 5,400 |
Related party payables | 1,387 | 4,101 |
Trade accounts payables | 2,882 | 2,533 |
Accrued expenses | 17,867 | 17,878 |
Other current liabilities | 14,617 | 13,993 |
Total current liabilities | 43,601 | 80,034 |
Long-term liabilities | ||
Long-term debt | 1,058,418 | 908,116 |
Obligations under capital leases | 12,673 | 17,531 |
Other long term liabilities | 8,212 | 8,540 |
Total liabilities | 1,122,904 | 1,014,221 |
Commitments and contingencies | ||
Equity | ||
Share capital (105,965,192 shares. 2015: 34,535,128 shares. All shares are issued and outstanding at par value $0.05) | 5,299 | 1,727 |
Additional paid in capital | 201,864 | 0 |
Contributed capital surplus | 1,378,824 | 1,378,766 |
Accumulated other comprehensive income | 2,287 | 0 |
Retained deficit | (349,555) | (221,844) |
Total equity | 1,238,719 | 1,158,649 |
Total liabilities and equity | $ 2,361,623 | $ 2,172,870 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Oct. 24, 2016 | Sep. 23, 2016 | Sep. 22, 2016 | Aug. 01, 2016 | Jul. 31, 2016 | Feb. 22, 2016 | Feb. 21, 2016 | Dec. 31, 2015 | Sep. 18, 2015 | Sep. 17, 2015 | Mar. 31, 2015 |
Equity | ||||||||||||
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
Share capital, shares outstanding (in shares) | 105,965,192 | 105,945,238 | 529,728,928 | 34,535,128 | 22,246,336 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Cash Flows [Abstract] | |||
Net (loss) income | $ (127,711) | $ (220,839) | $ 16,253 |
Net loss from discontinued operations | 0 | 0 | (258) |
Net (loss) income from continuing operations | (127,711) | (220,839) | 15,995 |
Adjustments to reconcile net (loss) income to net cash (used in) provided by operating activities: | |||
Depreciation | 63,433 | 52,728 | 19,561 |
Amortization of deferred charges | 1,345 | 1,562 | 685 |
(Gain) loss on sale of assets and amortization of deferred gains | (300) | 10,788 | 0 |
Loss on sale of marketable securities | 203 | 0 | 0 |
Impairment loss on vessels | (985) | (152,597) | 0 |
Restricted stock unit expense (gain) | 86 | (10) | 242 |
Bargain purchase gain arising on consolidation | 0 | (78,876) | 0 |
Equity results of associated companies | 381 | 433 | 0 |
Impairment of associated companies | 2,142 | 4,600 | 0 |
Gain on purchase of associated companies | (24) | 0 | 0 |
Amortization of favorable charter party contracts | 27,277 | 23,714 | 0 |
Amortization of unfavorable charter party contracts | (674) | (1,399) | 0 |
Amortization of other fair value adjustments, net, arising on the Merger | 9,434 | 6,479 | 0 |
Mark to market (gain) loss on derivatives | (3,363) | 2,429 | 0 |
Provision for onerous contracts | (2,370) | 2,370 | 0 |
Provision for doubtful debts | (199) | (512) | 0 |
Provision for uncollectible receivables | 1,800 | 4,729 | 0 |
Impairment loss on marketable securities | 10,050 | 23,323 | 0 |
Changes in operating assets and liabilities, net of acquisition: | |||
Trade accounts receivable, net | (5,323) | (5,039) | 528 |
Related party balances,net | 1,883 | (5,080) | 622 |
Other receivables | 5,255 | (3,321) | (2,487) |
Inventories | (2,797) | 7,705 | (11,514) |
Voyages in progress | (2,308) | (367) | (1,322) |
Prepaid expenses and accrued income | (837) | 11,627 | (323) |
Other long term assets | (5,365) | 0 | 0 |
Trade accounts payables | 348 | (5,445) | 1,862 |
Accrued expenses | (11) | (6,597) | 1,096 |
Other current liabilities | 2,715 | 6,647 | (339) |
Other long term liabilities | 494 | (97) | 0 |
Cash provided by operating activities of discontinued operations | 0 | 0 | 258 |
Net cash (used in) provided by operating activities | (23,053) | (14,827) | 24,864 |
Investing activities | |||
Changes in restricted cash | (5,240) | 4,052 | (3,924) |
Dividends from associated companies | 256 | 88 | 0 |
Purchase of investment in associated companies | (754) | 0 | 0 |
Purchase of marketable securities | 0 | (32,159) | 0 |
Additions to newbuildings | (267,341) | (518,989) | (357,402) |
Refund of newbuilding installments | 0 | 40,148 | 0 |
Cash acquired upon purchase of SPC's | 0 | 108,645 | 68,560 |
Cash acquired upon merger with Former Golden Ocean | 129,084 | 0 | |
Purchase of vessels and equipment | (194) | (24) | (24,085) |
Proceeds from sale of vessels | 97,837 | 381,723 | 0 |
Proceeds from the sale of marketable securities | 125 | 0 | 0 |
Net cash provided by (used in) by investing activities | (175,311) | 112,568 | (316,851) |
Financing activities | |||
Proceeds from long-term debt | 142,200 | 215,975 | 270,000 |
Repayment of long-term debt | (22,219) | (244,338) | (1,500) |
Repayment of capital leases | (15,749) | (5,157) | 0 |
Debt fees paid | (898) | (3,825) | (3,555) |
Net proceeds from share issuance | 205,355 | 0 | 0 |
Distributions to shareholders | 0 | 0 | (28,987) |
Net cash provided by (used in) financing activities | 308,689 | (37,345) | 235,958 |
Net change in cash and cash equivalents | 110,325 | 60,396 | (56,029) |
Cash and cash equivalents at beginning of year | 102,617 | 42,221 | 98,250 |
Cash and cash equivalents at end of year | 212,942 | 102,617 | 42,221 |
Supplemental disclosure of cash flow information: | |||
Interest paid, net of capitalized interest | 38,075 | 26,358 | 5,848 |
Income taxes paid | $ 0 | $ 266 | $ 0 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Contributed Capital Surplus [Member] | Other Comprehensive Income [Member] | Retained (Deficit) Earnings [Member] |
Balance at beginning of year (in shares) at Dec. 31, 2013 | 6,094,412.2 | |||||
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares issued (in shares) | (9,929,897.8) | |||||
Balance at end of year (in shares) at Dec. 31, 2014 | 16,024,310 | |||||
Balance at beginning of year at Dec. 31, 2013 | $ 305 | $ 183,535 | $ 131,520 | $ 0 | $ (7,919) | |
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 | 0 | ||||
Transfer to contributed surplus | 0 | |||||
Transfer from additional paid in capital | 0 | |||||
Other comprehensive income, net | 0 | 0 | ||||
Balance at end of year at Dec. 31, 2014 | $ 884,273 | $ 801 | 772,863 | 111,614 | 0 | (1,005) |
Increase (decrease) in Equity [Roll Forward] | ||||||
Value of vested options in Former Golden Ocean | 0 | |||||
Balance at end of year (in shares) at Mar. 31, 2015 | 22,246,336 | |||||
Balance at beginning of year (in shares) at Dec. 31, 2014 | 16,024,310 | |||||
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares issued (in shares) | (18,522,116) | |||||
Balance at end of year (in shares) at Dec. 31, 2015 | 34,535,128 | 34,535,128 | ||||
Balance at beginning of year at Dec. 31, 2014 | $ 884,273 | $ 801 | 772,863 | 111,614 | 0 | (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 | |||||
Other comprehensive income, net | 0 | 0 | ||||
Balance at end of year at Dec. 31, 2015 | 1,158,649 | $ 1,727 | 0 | 1,378,766 | 0 | (221,844) |
Increase (decrease) in Equity [Roll Forward] | ||||||
Value of vested options in Former Golden Ocean | $ 926 | |||||
Value of vested options in Former Golden Ocean | 926 | |||||
Shares issued (in shares) | (71,430,612) | |||||
Balance at end of year (in shares) at Dec. 31, 2016 | 105,965,192 | 105,965,192 | ||||
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares issued | $ 3,572 | 201,783 | ||||
Net (loss) income | $ (127,711) | (127,711) | ||||
Contributions from shareholder | 0 | |||||
Distributions to shareholders | 0 | 0 | ||||
Restricted stock unit expense (income) | 0 | (5) | ||||
Stock option expense | 81 | 53 | ||||
Transfer to contributed surplus | 0 | |||||
Transfer from additional paid in capital | 0 | |||||
Other comprehensive income, net | 2,287 | 2,287 | ||||
Balance at end of year at Dec. 31, 2016 | $ 1,238,719 | $ 5,299 | 201,864 | $ 1,378,824 | $ 2,287 | $ (349,555) |
Increase (decrease) in Equity [Roll Forward] | ||||||
Value of vested options in Former Golden Ocean | $ 0 |
ORGANIZATION AND BUSINESS
ORGANIZATION AND BUSINESS | 12 Months Ended |
Dec. 31, 2016 | |
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 shipping company based in Bermuda and listed on the Oslo Stock Exchange, or the OSE, an owner and operator of Capesize, Kamsarmax, Panamax and Supramax dry bulk carrier vessels, 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 12,300,090 shares 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 twenty-nine 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. Reverse stock split On August 1, 2016, the Company effected a one-for-five reverse stock split. All share and per share information has been retroactively adjusted to reflect the reverse stock split. The common share par value was adjusted as a result of the reverse stock split as disclosed in Note 26 of these consolidated financial statements. 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 3,100,000 shares as consideration for this transaction and cash of $43.4 million was acquired. In September 2014, we issued 6,200,000 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 twenty-six Capesize dry bulk vessels under construction. In March 2015, we purchased the twelve remaining SPCs, from Frontline 2012. In April 2015, we issued 6,200,000 shares as consideration for this transaction and cash of $108.6 million was acquired. Upon completion of the Merger, we had a fleet of seventy-two vessels and four vessels chartered-in long term on bareboat charter or time charter and one owned through a joint venture. Up to the 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 VLCC's 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. As of December 31, 2016, we owned forty-six dry bulk vessels and had construction contracts for ten newbuildings. In addition, we had ten vessels chartered-in (of which eight are chartered in on operating leases from Ship Finance, one chartered in on an operating lease from a third party and one chartered in on a capital lease from a third party) and one vessel indirectly owned through a 50% joint venture. Each vessel is (or, in the case of newbuildings, 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 our vessels are chartered-out on fixed rate time charters, ten of our vessels are chartered out on index linked rate time charters and the remaining forty-one vessels operate in the spot market, of which eighteen Capesize vessels participate in the revenue sharing agreement operated by Capesize Chartering Ltd, in which we have a 25% controlling interest. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2016 | |
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. Revenues generated through revenue sharing agreements are presented gross when the Company is the primary obligor under the charter parties. 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 or bareboat 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 or bareboat 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. Gain (loss) on sale of assets and amortization of deferred gains Gain (loss) on sale of assets and amortization of deferred gains include losses from the sale of vessels and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. A deferred gain arises when we enter into a sale-leaseback transaction regarding a vessel and we do not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. Impairment of vessels and newbuildings The carrying values of our long-lived assets and newbuildings under construction are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's or newbuildings carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations. In addition, vessels to be disposed of by sale are reported at the lower of their carrying amount or fair value less estimated costs to sell. Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The 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 depreciation. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10 year 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. As of January 1, 2016, under the requirements of ASU 2015-03, we changed 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 change was retrospectively applied and debt issuance costs of $5.4 million at December 31, 2016 (December 31, 2015: $5.8 million ) are presented as a deduction from the carrying amount of our debt. Value of long term charter contracts We account for the fair value of long term charter contracts, which were related to certain 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 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 do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Borrowings - loan amendments Short term obligations that we intend to refinance on a long term basis when the intent to refinance is supported by the ability to consummate the refinancing, are classified as long term liabilities at the balance sheet date. This is demonstrated by either 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 Restricted Stock Units ("RSUs") 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. Share Options Scheme Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. Transactions subject to common control and effect 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 the transaction 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, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Other comprehensive income/(loss): The statement of other comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income/(loss), items of other comprehensive income/(loss) (“OCI”) and total comprehensive income/(loss) in two separate and consecutive statements. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 12 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing US GAAP. The FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to period commencing on or after December 15, 2017. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change. The adoption of the standard is not expected to have a material impact on other income, primarily income earned from the commercial management of related party vessels. 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 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 No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that we will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The update clarifies principal vs agent accounting of the new revenue standard. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The update provides more clarification about identifying performance obligations and licensing. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The update provides some further guidance on assessing the collectability criteria, presentation of sales tax and other similar taxes collected from customers, non-cash considerations and certain other matters related to transition and technical corrections. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The update provides more clarification on thirteen issues. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at our option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017- 01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update introduces a screen to determine when an integrated set of assets and activities does not constitute a business. The amendments in this Update are effective for us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and are applicable prospectively. Early application is permitted conditionally. We do not expect the adoption of ASU 2017-01 to have a material impact on our consolidated financial statements and related disclosures as under the screening mechanisms of the update, future transactions in relation to an integrated set of assets and activities are more likely to qualify as asset acquisitions as opposed to business combinations. Accounting Standards Updates, recently adopted 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 impact of the adoption of this update is disclosed in Note. 21 of these 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. |
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 with Capesize vessels while the Former Golden Ocean operated with both Capesize and Panamax vessels, and had Supramax newbuildings, 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 with Capesize and Panamax vessels, 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 12,300,090 shares to shareholders in the Former Golden Ocean as merger consideration. Prior to completion of the Merger, we had 22,246,336 common shares outstanding. Following completion of the Merger, and pursuant to the merger agreement, the cancellation of 10,390 common shares (which were held by the Former Golden Ocean) and the cancellation of 908 common shares (which account for fractional shares that we will not be distributed to the Former Golden Ocean shareholders as merger consideration), we had 34,535,128 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 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, amongst other, age, yard, deadweight and capacity, and compare this to market transactions. 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, 2016 | |
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, 2016 | |
Discontinued Operations [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS 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 2016 , 2015 and 2014 are as follows: (in thousands of $) 2016 2015 2014 Operating revenues — — — Net gain on sale of assets — — — Impairment loss on vessels — — — Net loss — — (258 ) |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2016 | |
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. For the year ended December 31, 2016 , two customers each accounted for 10 percent or more of our consolidated revenues in the amounts of $34.5 million and $27.1 million , respectively. For the year ended December 31, 2015 , one customer accounted for 10 percent or more of our consolidated revenues in the amount of $28.0 million . For the year ended December 31, 2014 , three customers each accounted for 10 percent or more of our consolidated revenues in the amounts of $8.2 million , $8.0 million and $7.9 million , respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2016 2015 2014 Net (loss) income from continuing operations (127,711 ) (220,839 ) 16,253 Net loss from discontinued operations — — (258 ) Net (loss) income (127,711 ) (220,839 ) 15,995 (in thousands) 2016 2015 2014 Weighted average number of shares outstanding - basic 95,238 30,243 10,489 Impact of restricted stock units 8 27 30 Weighted average number of shares outstanding - diluted 95,246 30,270 10,519 The exercise of vested share options using the treasury stock method was anti-dilutive as of December 31, 2016 and 2015, as the Company reports a net loss for the years then ended. Therefore, as of December 31, 2016 and 2015, 84,000 and 76,200 shares, respectively, were excluded from the denominator in each calculations. The Company did not have any share options plans in existence as of December 31, 2014. The conversion of the convertible bonds using the if-converted method was anti-dilutive as of December 31, 2016 and 2015, as the Company reports a net loss for the years then ended. Therefore, as of December 31, 2016 and 2015, 2,268,860 and 2,007,025 shares, respectively, were excluded from the denominator in each calculation. The Company did not have any convertible bonds in existence as of December 31, 2014. On August 1, 2016 the Company completed a 1-for-5 reverse share split of the Company's common shares, whereby every 5 of the Company's issued and outstanding common shares with par value $0.01 per share were automatically combined into one issued and outstanding common share with par value $0.05 per share. The weighted average number of shares outstanding, the number of restricted stock units and the number of shares of the anti-dilutive instruments were retroactively adjusted in the calculations of the basic and diluted earnings per share. On March 15, 2017 the Company completed an Equity offering at NOK 60 per share (equaling $6.97 at a NOK/USD exchange rate of 8.6078 ), raising gross proceeds of NOK 516.5 million (approximately $60 million ) through the issuance of 8,607,800 shares. The issuance of shares that occurred after the year end would have changed materially the number of common shares outstanding at the year end, had this issuance occurred prior to the year end. |
(GAIN) LOSS ON SALE OF ASSETS A
(GAIN) LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | 12 Months Ended |
Dec. 31, 2016 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
(GAIN) LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | GAIN (LOSS) ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (in thousands of $) 2016 2015 2014 Net gain (loss) on sale of vessels 72 (2,062 ) — (Loss) on sale of newbuilding contracts — (8,858 ) — Amortization of deferred gains 228 132 — 300 (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 2015 and November 2015, 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 . In February 2016 and October 2016, we sold Front Caribbean and Front Mediterranean and gains of $68.0 thousand and $13.0 thousand were recorded, respectively. These were the remaining two newbuilding Capesize vessels agreed to be sold in April 2015. In August 2016, we sold Golden Lyderhorn , a 1999-built Panamax classified as a vessel held under capital lease, and a loss on sale of $9.0 thousand was recorded as a result of previous impairment. |
IMPAIRMENT OF VESSELS AND NEWBU
IMPAIRMENT OF VESSELS AND NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT OF VESSELS AND NEWBUILDINGS | IMPAIRMENT OF VESSELS AND NEWBUILDINGS During the second quarter of 2016, we recorded an impairment loss of $1.0 million on Golden Lyderhorn, a vessel held under capital lease. The loss recorded is equal to the difference between the carrying value and estimated fair value of the vessel as at June 30, 2016 following an impairment review that was triggered by the likelihood to dispose the vessel prior to the end of its useful life. The sale was subsequently concluded and the vessel was delivered to its new owner in August 2016. 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. 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. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
LEASES | LEASES As of December 31, 2016 , we leased in eight ( 2015 : eight vessels) from Ship Finance and one vessel ( 2015 : three 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 operating lease expense payments under our non-cancelable operating leases as of December 31, 2016 are as follows: (in thousands of $) 2017 34,626 2018 37,012 2019 35,373 2020 35,475 2021 35,066 Thereafter 169,205 346,757 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis, net of amortization of unfavorable time charter contracts. As at December 31, 2016 , the future minimum rental payments include $1.2 million ( 2015 : $0.2 million ) in relation to office rent expenses and $345.5 million ( 2015 : $378.1 million ) in relation to charter hire expenses for leased in vessels. During 2016 , 2015 and 2014 , the charter hire expense under operating leases, net of amortization of unfavorable time charter contracts-in are as follows: (in thousands of $) 2016 2015 2014 Charter hire expenses, operating leases 54,365 32,118 — Amortization of unfavorable time charter contracts-in (674 ) (1,399 ) — Charter hire expenses 53,691 30,719 — 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 10 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 2016, 2015 and 2014 as a reduction in charter hire expense was $0.41 million , $0.02 million and nil , respectively. Rental income As of December 31, 2016 , we leased out six vessels on fixed time charter rates ( 2015 : six vessels) and ten vessels ( 2015 : nine vessels) on index-linked time charter rates to third parties with initial periods ranging between 1 year and 10 years. All of these leases are classified as operating leases. The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of December 31, 2016 are as follows: (in thousands of $) 2017 43,125 2019 39,268 2019 35,405 2020 23,142 2021 8,394 Thereafter — 149,334 The future minimum operating lease revenue receipts are based on the contractual cash inflows under non-cancelable contracts. The charter hire revenue recognition is based upon the straight-line basis, net of amortization of favorable time charter contracts. As of December 31, 2016 , the cost and accumulated depreciation of the fifteen owned vessels and the one vessel held under capital lease, which were leased out to third parties, were $771.1 million and $58.2 million , respectively. As of December 31, 2015 , the cost and accumulated depreciation of the thirteen owned vessels and the one vessel held under capital lease, which were leased out to third parties, were $639.1 million and $26.7 million , respectively. In addition, nil vessels ( 2015 : one vessel) which is leased in on an operating lease from a related party, is leased out to a third party under an operating lease. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2016 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Our marketable securities are equity securities considered to be available-for-sale securities. (in thousands of $) 2016 2015 Balance at start of year 14,615 — Acquired as a result of the Merger — 5,779 Sales during the year (328 ) — Purchases during the year — 32,159 Unrealized loss (7,763 ) (23,323 ) Balance at end of year 6,524 14,615 During 2015, we made a $32.2 million investment in a company listed on a U.S. stock exchange. A net unrealized loss concluded as 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 ). During 2016, we sold $0.3 million of the investment, for cash proceeds of $0.1 million and realized a loss on the sale of $0.2 million .We recorded a net unrealized loss of $6.3 million of which $8.5 million was concluded as other-than-temporary impairment loss. The fair value of this investment at December 31, 2016 was $6.5 million . During 2015, 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. A net unrealized loss concluded as 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 ). During 2016, we recorded a net unrealized loss concluded as other-than-temporary impairment loss of $1.5 million . The fair value of this investment at December 31, 2016 was nil . The unrealized loss is presented as such in the statement of other comprehensive income. The unrealized loss concluded as other-than-temporary impairment loss is transferred from the statement of other comprehensive income to the statement of operations and presented as "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, 2016 | |
TRADE ACCOUNTS RECEIVABLE, NET [Abstract] | |
TRADE ACCOUNTS RECEIVABLE, NET | TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivables are stated net of a provision for doubtful accounts. Movements in the provision for doubtful accounts in the three years ended December 31, 2016 are summarized as follows: (in thousands of $) 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 Additions charged to income 199 Deductions credited to trade receivables (7,193 ) Balance at December 31, 2016 952 The provision for doubtful accounts at December 31, 2016 includes $0.4 million ( December 31, 2015 : $7.4 million ) for two VLCC charters, which were terminated in 2012. In June 2016, we received $1.7 million and $0.7 million as full settlement of claims for unpaid charter hire and damages for Mayfair and Camden , respectively; the two VLCC vessels for which their charters were terminated in 2012. The settlement related to unrecognized bareboat charter revenue in respect to services rendered in the year ended December 31, 2011 and the aggregate $2.4 million was presented as such on the statement of operations. Trade accounts receivable of $7.0 million and a provision for doubtful accounts in the same amount were written off. 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. |
OTHER RECEIVABLES
OTHER RECEIVABLES | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivables [Abstract] | |
OTHER RECEIVABLES | OTHER RECEIVABLES (in thousands of $) 2016 2015 Agent receivables 2,070 2,496 Advances 486 282 Claims receivables 420 927 Other receivables 8,011 11,287 10,987 14,992 Other receivables are presented net of allowances for doubtful accounts amounting to nil and nil as of December 31, 2016 and December 31, 2015 . |
VALUE OF CHARTER PARTY CONTRACT
VALUE OF CHARTER PARTY CONTRACTS | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
VALUE OF CHARTER PARTY CONTRACTS | VALUE OF CHARTER PARTY CONTRACTS The value of favorable charter-out contracts is summarized as follows: (in thousands of $) 2016 2015 Opening balance 103,376 — Acquired as a result of the Merger — 127,090 Amortization charge (27,277 ) (23,714 ) Total 76,099 103,376 Less: current portion (22,413 ) (28,829 ) Non current portion 53,686 74,547 Time charter revenues in 2016 , 2015 and 2014 have been reduced by $27.3 million , $23.7 million 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 $) 2017 22,413 2018 18,732 2019 18,732 2020 12,148 2021 4,074 Thereafter — 76,099 The value of unfavorable charter-in contracts is summarized as follows: (in thousands of $) 2016 2015 Opening balance 6,144 — Acquired as a result of the Merger — 7,543 Amortization charge (674 ) (1,399 ) Total 5,470 6,144 Less: current portion (672 ) (674 ) Non current portion 4,798 5,470 The current and non current portion of the value of unfavorable charter-in contracts is recorded in other current liabilities and long term liabilities, respectively. Charter hire expenses in 2016 , 2015 , and 2014 , have been reduced by $0.7 million , $1.4 million and nil , respectively, as a result of the amortization of unfavorable charter-in contracts. The value of unfavorable charter-in contracts will be amortized as follows: (in thousands of $) 2017 672 2018 672 2019 672 2020 674 2021 672 Thereafter 2,108 5,470 |
VESSELS
VESSELS | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
VESSELS | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value 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 Transfer from newbuildings 425,393 — Additions 194 — Disposals (92,351 ) — Depreciation — (62,502 ) Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 At December 31, 2016 , we owned two Newcastlemaxes, twenty Capesizes, eight Kamsarmaxes, ten Ice-class Panamaxes and six Supramaxes (At December 31, 2015 : seventeen Capesizes, eight Kamsarmaxes, ten Ice-class Panamaxes and five Supramaxes). 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 620,000 shares, which were recorded at a price of $62.70 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 of 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 of 2015, 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 . In January 2016, we took delivery of Golden Barnet , Golden Bexley , both Capesize dry bulk newbuildings and Golden Scape and Golden Swift, both Newcastlemax dry bulk newbuildings. All of these newbuildings were purchased from Frontline 2012. The total construction cost transferred from newbuildings amounts to $254.1 million . In February 2016, we took delivery of Front Caribbean, a Capesize dry bulk newbuilding. The total construction cost transferred from newbuldings amounts to $46.1 million . The vessel was sold upon delivery for sales proceeds of $46.2 million and we recognized a gain of $68.0 thousand . In May 2016, we took delivery of Golden Fulham , a Capesize dry bulk newbuilding which was purchased from Frontline 2012. The total construction cost transferred from newbuldings amounts to $52.9 million . In August 2016, we took delivery of Golden Leo , a Supramax dry bulk newbuilding which was acquired as a result of the Merger. The total construction cost transferred from newbuldings amounts to $26.0 million . In October 2016, we took delivery of Front Mediterranean, a Capesize dry bulk newbuilding. The total construction cost transferred from newbuldings amounts to $46.2 million . The vessel was sold upon delivery for sales proceeds of $46.3 million and we recognized a gain of $13.0 thousand . Total depreciation expense was $62.5 million $51.6 million and $19.6 million in 2016 , 2015 and 2014 , respectively. |
VESSELS UNDER CAPITAL LEASES, N
VESSELS UNDER CAPITAL LEASES, NET | 12 Months Ended |
Dec. 31, 2016 | |
Vessels Under Capital Leases [Abstract] | |
VESSELS UNDER CAPITAL LEASES, NET | VESSELS UNDER CAPITAL LEASE, NET (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 Disposals (3,473 ) Impairment loss (985 ) Depreciation (940 ) Balance at December 31, 2016 2,956 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. During the second quarter of 2016, we recorded an impairment loss of $1.0 million on Golden Lyderhorn, a vessel held under capital lease. The loss recorded is equal to the difference between the carrying value and estimated fair value of the vessel as at June 30, 2016 following an impairment review that was triggered by the likelihood to dispose the vessel prior to the end of its useful life, as a result of the exercise of the put option of $9.5 million held by the lessor of the vessel. The sale was subsequently concluded for net proceeds of $3.5 million and a loss on sale of $9.0 thousand was recorded. The vessel was delivered to its new owner in August 2016. The outstanding obligations under capital leases at December 31, 2016 are payable as follows: (in thousands of $) 2017 5,944 2018 5,944 2019 5,944 2020 1,791 2021 — Thereafter — Minimum lease payments 19,623 Less: imputed interest (2,092 ) Present value of obligations under capital leases 17,531 As of December 31, 2016 , we held one vessel under capital lease ( December 31, 2015 : two vessels). The leases are for initial term of 10 years . The remaining period on the lease at December 31, 2016 is 4 years ( December 31, 2015 : range from one to 5 years ). As of December 31, 2016 , we had the following purchase options for the one vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550 Our lease obligation is secured by the lessor's title to the leased asset and by a guarantee issued to the lessor ( Golden Eclipse ). |
NEWBUILDINGS
NEWBUILDINGS | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 relates to eight Capesize and two Supramax dry bulk newbuildings ( December 31, 2015 : thirteen Capesize, two Newcastlemax and three Supramax dry bulk newbuildings). Movements in the three years ended December 31, 2016 are summarized as follows: (in thousands of $) 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 Installments and newbuilding supervision fees paid 265,083 Interest capitalized 2,258 Transfers to Vessels and Equipment (425,393 ) Balance at December 31, 2016 180,562 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 3,100,000 shares, which were recorded at a price per share of $62.70 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 6,200,000 shares, which were recorded at a price per share of $57.55 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. 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 6,200,000 shares, which were recorded at a price per share of $20.50 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. Front Caribbean and Front Mediterranean were 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 . In January 2016, we took delivery of Golden Barnet , Golden Bexley , both Capesize newbuildings and Golden Scape and Golden Swift, both Newcastlemax newbuildings. Upon delivery, aggregate final installments including agreed extras of $112.6 million were paid. In February 2016, we took delivery of Front Caribbean, a Capesize newbuilding. Upon delivery, the final installment including agreed extras of $33.4 million was paid. In May 2016, we took delivery of Golden Fulham , a Capesize newbuilding. Upon delivery, the final installment including agreed extras of $41.5 million was paid. In August 2016, we took delivery of Golden Leo , a Supramax newbuilding. Upon delivery, the final installment including agreed extras of $15.7 million was paid. In October 2016, we took delivery of Front Mediterranean, a Capesize newbuilding. Upon delivery, the final installment including agreed extras of $33.5 million was paid. During 2016, we paid and capitalized in aggregate pre-delivery installments of $24.6 million and other capitalized costs $3.7 million . As at December 31, 2016, there is no difference between the aggregate of installments and newbuilding supervision fees paid and interest capitalized of $267.3 million and the additions to newbuildings per the consolidated statement of cash flows. 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. 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 . |
EQUITY METHOD INVESTMENTS
EQUITY METHOD INVESTMENTS | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
EQUITY METHOD INVESTMENTS | EQUITY METHOD INVESTMENTS As at December 31, the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2016 2015 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") 50.00 % 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 21.25 % Capesize Chartering Ltd ("CCL") 25.00 % 20.00 % Movements in equity method investments for the years ended December 31, 2016 and 2015 are summarized as follows: (in thousands of $) UFC G. Opus Seateam Total 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 / (loss) 140 (821 ) 248 (433 ) Impairment loss — (4,600 ) — (4,600 ) At December 31, 2015 770 4,958 497 6,225 Dividends received from associated companies — — (256 ) (256 ) Share of income / (loss) (149 ) (694 ) 462 (381 ) Impairment loss — (2,142 ) — (2,142 ) Equity contribution — 750 — 750 Purchases — — 28 28 At December 31, 2016 621 2,872 731 4,224 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 CCL. The purpose of the new company is to combine and coordinate the chartering services of all the parties for their participating Capesize dry bulk vessels that are intended to trade on the spot market and ultimately achieve improved scheduling ability through the joint marketing opportunity, with the overall aim of enhancing economic efficiencies. CCL 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. As at December 31, 2015, we recorded an impairment loss of $4.6 million against the carrying value of 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 the carrying value prior to the impairment of $9.6 million and its estimated fair value of $5.0 million . In February 2016, Golden Union Shipping Co S.A. equally transferred its 20% stake in CCL to the remaining four joint venture partners (Bocimar International NV, C Transport Holding Ltd, Star Bulk Carrier Corp and the Company). The Company's initial investment in Capesize Chartering and subsequent share of results is insignificant at December 31, 2016 . In April 2016, the Company purchased additional 5,156 ordinary shares at par value of SG $1 in Seateam. The purchase increased the stake of the Company from 21.25% to 22.19% . The net asset value per share at the date of the purchase was $5.47 and resulted in a gain on purchase of $24 thousand recognized in other financial items. In March 2016, we contributed $0.8 million additional capital to Golden Opus Inc. As at March 31, 2016 we recorded an further impairment loss of $2.2 million against the carrying value of the investment in Golden Opus Inc. following an impairment review triggered by the continuing fall in the Baltic Dry Index. The loss recorded is equal to the difference between the carrying value prior to the impairment of $5.3 million and its estimated fair value of $3.1 million . In 2016 , cash dividends received from equity method investees amounted to $0.3 million ( 2015 : $0.1 million , 2014 : nil ). |
OTHER LONG TERM ASSETS
OTHER LONG TERM ASSETS | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER LONG TERM ASSETS | OTHER LONG TERM ASSETS (in thousands of $) 2016 2015 Acquired as a result of the Merger 4,744 9,116 Accreted interest 56 357 Repayments (750 ) — Transfers to current assets (250 ) — Provision for uncollectible receivables (1,800 ) (4,729 ) Other long term asset 2,000 4,744 Deferred tax asset 343 — Prepaid charterhire expenses 5,184 — Other long term assets 7,527 4,744 The other long term 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 increased credit risk as a result of the weak market conditions. In 2016, the Company renegotiated the principal amount of the asset to $3.0 million and its repayment profile, with the interest rate set to 1% and the maturity date to December 31, 2019. As a result, the asset was re-measured at $3.0 million and a provision for uncollectible receivables of $1.8 million was recognized. In 2016, and prior to the renegotiation of terms, the Company recognized interest income of $0.2 million of which $0.1 million relates to interest income accruing on the original principal and interest rate and $0.1 million relates to amortization of the fair value adjustment (accreted interest). After the renegotiation of the terms, the Company recognized interest income of $21.3 thousand accruing on the amended principal and interest rate. The outstanding other long term asset as of December 31, 2016 is receivable as follows: (in thousands of $) 2017 250 2018 500 2019 1,500 2020 — 2021 — Thereafter — 2,250 In the third quarter of 2015, eight vessels were sold and leased back from Ship Finance for a period of 10 years . The daily time charter rate is $17,600 during the first 7 years and $14,900 in the remaining three years, of which $7,000 is for operating expenses (including dry docking costs). 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. Since the daily time charter rate is not constant over the extended lease term, we have straight lined the total expense over the term and an amount of $5.2 million was credited to charter hire expenses in 2016 ( 2015 : nil ) with the corresponding asset presented as part of other long term assets. We will begin to amortize this asset when the daily charter hire rate reduces in the third quarter of 2022. |
DEBT
DEBT | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT (in thousands of $) 2016 2015 $33.93 million term loan 28,275 28,841 $82.5 million term loan 44,367 47,597 $284.0 million term loan 258,538 262,541 $420.0 million term loan 388,545 395,875 $425.0 million term loan 166,743 26,885 Total U.S. dollar denominated floating rate debt 886,468 761,739 U.S. dollar denominated fixed rate debt 177,300 167,815 Sellers credit — 4,739 Deferred charges (5,350 ) (5,797 ) Total debt 1,058,418 928,496 Less: current portion — (20,380 ) 1,058,418 908,116 Movements in 2016 and 2015 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Sellers credit Deferred charges Total Balance at December 31, 2014 363,500 — — (3,534 ) 359,966 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 Capitalized financing fees and expenses — — — (3,825 ) (3,825 ) Amortization of capitalized fees and expenses — — — 1,562 1,562 Balance at December 31, 2015 761,739 167,815 4,739 (5,797 ) 928,496 Loan repayments (17,471 ) — (4,748 ) — (22,219 ) Loan draw downs 142,200 — — — 142,200 Amortization of purchase price adjustment — 9,485 9 — 9,494 Capitalized financing fees and expenses — — — (898 ) (898 ) Amortization of capitalized fees and expenses — — — 1,345 1,345 Balance at December 31, 2016 886,468 177,300 — (5,350 ) 1,058,418 $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. The terms of the facility were amended on March 31, 2016, as described below. During 2016 , $0.6 million ( 2015 : $1.7 million ) were repaid and there have been nil draw downs ( 2015 : nil ). As of December 31, 2016 , $28.3 million ( 2015 : $28.8 million ) was outstanding under this facility and there was no available, undrawn amount and $1.7 million in repayments was deferred. At December 31, 2016 , this facility was secured by two ( 2015 : two ) of our Panamax vessels. $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% . 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. The terms of the facility were amended on March 31, 2016, as described below. During 2016, $3.2 million were repaid of which $2.0 million to comply with the minimum value covenant as of December 31, 2015. During 2016, there have been nil draw downs ( 2015 : nil ). In 2015, $20.2 million were repaid of which $17.7 million in May 2015, following the sale of Channel Alliance and Channel Navigator . As of December 31, 2016 , $44.4 million ( 2015 : $47.6 million ) was outstanding under this facility and there was no available, undrawn amount and $3.7 million in repayments was deferred. At December 31, 2016 , this facility was secured by four ( 2015 : four ) of our Ice-class Panamax vessels. $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. The terms of the facility was amended on March 31, 2016, as described below. During 2016, $4.0 million ( 2015 : $11.7 million ) were repaid and there have been nil draw downs ( 2015 : $13.8 million ). As of December 31, 2016 , $258.5 million ( 2015 : $262.5 million ) was outstanding under this facility and there was no available, undrawn amount and $12.0 million in repayments was deferred. At December 31, 2016 , this facility was secured by two ( 2015 : two ) of our Capesize vessels, four ( 2015 : four ) Ice class Panamax vessels, five ( 2015 : five ) Supramax vessels and eight ( 2015 : eight ) Kamsarmax vessels. $420.0 million term loan facility In June 2014, we entered into a term loan facility of up to $420.0 million , dependent on the market values of the vessels at the time of draw down, consisting of 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 facility has an interest rate of LIBOR plus a margin of 2.5% . In January 2016, following an accelerated repayment to comply with the minimum value covenant as of December 31, 2015, the quarterly repayment schedule was amended to $5.2 million , in total, for all fourteen trances. The terms of the facility was further amended on March 31, 2016, as described below. During 2016, $7.3 million ( 2015 : $17.6 million ) were repaid of which $2.2 million to comply with the minimum value covenant as of December 31, 2015. During 2016, there have been nil draw downs. During 2015, $175.0 million was drawn down on delivery of six Capesize bulk carriers. As of December 31, 2016 , $388.5 million ( 2015 : $395.9 million ) was outstanding under this facility and there was no available, undrawn amount and $15.5 million in repayments was deferred. The facility is secured by fourteen ( 2015 : fourteen ) of our Capesize vessels. $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. The terms of the loan were further amended on March 31, 2016, as described below. During 2016, $2.3 million ( 2015 : $0.3 million ) were repaid. During 2016, $142.2 million ( 2015 : $27.2 million ) was drawn down on delivery of five Capesize bulk carriers ( 2015 : one Capesize bulk carrier). As of December 31, 2016 , $166.7 million ( 2015 : $26.9 million ) was outstanding under this facility and there was $200.0 million available, undrawn amount and $7.6 million in repayments was deferred. At December 31, 2016 , this facility was secured by six ( 2015 : one ) of our Capesize vessels. $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 and Cash Sweep Mechanism 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, subject to a cash sweep mechanism as described below. 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 the market adjusted equity ratio is waived up until the same date. We have also agreed that for the nine (six as of the date of this report) 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, 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 is in place whereby we will pay down on the deferred repayment amount should our cash position improve. We will report and 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 was due at the end of the third quarter of 2016 and no payments were triggered following reporting to the lenders. The cash sweep that we will pay to each lender will be based on a relative value of the deferred amount in each facility 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. As at December 31, 2016, all of our bank debt is classified as long term, and the deferred repayments under the loan facilities amounted to $40.5 million . Based on the improved cash position and amended terms on the outstanding newbuildings, the Company expects to prepay part of the deferred debt repayments during the second quarter of 2017 based on the first quarter 2017 reporting of the Free Projected Cash. The estimated prepayment amount is classified as long term debt as of December 31, 2016 as the measurement and compliance periods under the loan agreements being the first and third quarters. Subject to working capital changes in the first quarter of 2017, the Company expects to prepay the December 31, 2016 deferred repayment balance under the loan facilities. As of December 31, 2015, the amendments to the loan agreements resulted in re-classification of $34.1 million as long term. 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 $53.8 million of cash and cash equivalents as at December 31, 2016 ( December 31, 2015 : $48.5 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 covenants were in compliance with this covenant and other covenants at December 31, 2016 and 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, 2016 was $88.15 ( December 31, 2015 : $99.65 ) per share, as adjusted following the 5-to-1 reverse share split 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. As at December 31, 2016 , 2,268,860 ( December 31, 2015 : 2,007,025 ) new shares would be issued if the bonds were converted at the current price of $88.15 ( December 31, 2015 : $99.65 ). During 2016 , $9.5 million ( 2015 : $6.6 million ) was 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 was amortized over the remaining life of the seller's credit so as to maintain a constant effective rate so that the seller's credit had a value of $4.8 million on maturity in 2016. During 2016 , $8.3 thousand ( 2015 : $0.2 million ) was amortized and recorded as interest expense and the credits were fully settled by us. Deferred charges During 2016 , an arrangement fee of $0.9 million was paid and capitalized with our term loan facilities. As of January 1, 2016, under the requirements of ASU 2015-03, we changed 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 change was retrospectively applied and debt issuance costs of $5.4 million at December 31, 2016 (December 31, 2015: $5.8 million ) are presented as a deduction from the carrying amount of our debt. 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. The outstanding debt as of December 31, 2016 is repayable as follows: (in thousands of $) 2017 — 2018 84,290 2019 485,092 2020 374,168 2021 142,918 Thereafter — 1,086,468 Amortization of purchase price adjustment (22,700 ) 1,063,768 Assets pledged As of December 31, 2016 , forty-five vessels ( 2015 : forty vessels) with an aggregate carrying value of $1,733.2 million ( 2015 : $1,488.2 million ) were pledged as security for our floating rate debt. Weighted average interest The weighted average interest rate related our floating rate debt (margin excluding LIBOR) as of December 31, 2016 and 2015 was 2.37% , and 2.30% respectively. Our fixed rate debt bears interest of 3.07% per annum. |
ACCRUED EXPENSES
ACCRUED EXPENSES | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES | ACCRUED EXPENSES (in thousands of $) 2016 2015 Voyage expenses 3,467 3,229 Ship operating expenses 6,424 6,496 Administrative expenses 935 1,207 Tax expenses 12 189 Interest expenses 7,029 6,757 17,867 17,878 |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2016 2015 Deferred charter revenue 10,509 4,120 Deferred gain on sale and leaseback 258 337 Unfavorable charter party contracts 672 674 Other current liabilities 3,178 8,862 14,617 13,993 ONG TERM LIABILITIES (in thousands of $) 2016 2015 Deferred gain on sale and leaseback 2,744 2,893 Other long term liabilities 5,468 5,647 8,212 8,540 |
DERIVATIVE INSTRUMENTS PAYABLE
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2016 2015 Interest rate swaps 1,502 1,641 Bunker derivatives 92 — Asset Derivatives - Fair Value 1,594 1,641 (in thousands of $) 2016 2015 Interest rate swaps 1,777 1,879 Currency swaps 213 183 Bunker derivatives — 3,338 Liability Derivatives - Fair Value 1,990 5,400 In 2015, $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 2016 , 2015 and 2014 , the following were recognized and presented under “Loss on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2016 2015 2014 Interest rate swaps Interest expense 1,807 2,127 — Unrealized fair value loss 38 394 — Foreign currency swaps Unrealized fair value loss 30 183 — Forward freight agreements Realized (gain) loss (42 ) 606 — Bunker derivatives Realized (gain) loss (2,676 ) 1,776 — Unrealized fair value loss 1,518 1,853 — 675 6,939 — |
OTHER LONG TERM LIABILITIES
OTHER LONG TERM LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
OTHER LONG TERM LIABILITIES | OTHER CURRENT LIABILITIES (in thousands of $) 2016 2015 Deferred charter revenue 10,509 4,120 Deferred gain on sale and leaseback 258 337 Unfavorable charter party contracts 672 674 Other current liabilities 3,178 8,862 14,617 13,993 ONG TERM LIABILITIES (in thousands of $) 2016 2015 Deferred gain on sale and leaseback 2,744 2,893 Other long term liabilities 5,468 5,647 8,212 8,540 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2016 | |
SHARE CAPITAL [Abstract] | |
SHARE CAPITAL | SHARE CAPITAL Authorized share capital: (in thousands of $ except per share amount) 2016 2015 150 million common shares of $0.05 par value 7,500 — 500 million common shares of $0.01 par value — 5,000 On September 18, 2015, at the Company's 2016 Annual General Meeting, the shareholders approved that the Company's authorized share capital was increased from $2,000,000 divided into 200,000,000 common shares of $0.01 par value to $5,000,000 divided into 500,000,000 common shares of $0.01 par value. It was further resolved that the share premium account (presented as "Additional paid in capital" in the statements of changes in equity) to 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. On February 22, 2016, at a Special General Meeting, the shareholders approved that the Company's authorized share capital was increased from $5,000,000 divided into 500,000,000 common shares of $0.01 par value to $6,000,000 divided into 600,000,000 common shares of $0.01 par value. On August 1, 2016 the Company effected 1-for-5 reverse share split of the Company's common shares where every five shares of the Company's issued and outstanding common shares par value $0.01 per share was automatically combined into one issued and outstanding common share par value $0.05 per share. As a result of the 1-for-5 reverse share split the Company's authorized capital was restated from $6,000,000 divided into 600,000,000 common shares of $0.01 par value to $6,000,000 divided into 120,000,000 common shares of $0.05 par value. On September 23, 2016, at the Company's 2016 Annual General Meeting, the shareholders approved that the Company's authorized share capital was increased from $6,000,000 divided into 120,000,000 common shares of $0.05 par value to $7,500,000 divided into 150,000,000 common shares of $0.05 par value. Issued and fully paid share capital: (number of shares of $0.05 each) 2016 2015 Balance at start of year 34,535,128 16,024,310 Shares issued re: - settlement of RSUs 19,954 22,026 - purchase of twelve SPCs in March 2015 — 6,200,000 - merger with the Former Golden Ocean — 12,300,090 - private placement 68,736,800 — - subsequent offering 2,673,858 - cancellation (548 ) (11,298 ) Balance at end of year 105,965,192 34,535,128 Our common shares are listed on the NASDAQ Global Select Market and the OSE. In March 2015, we issued 22,026 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, 6.2 million 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 $20.50 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. On completion of the Merger 12,300,090 shares were issued to the Former Golden Ocean shareholders and pursuant to the merger agreement, 10,390 common shares (which were held by the Former Golden Ocean) and 908 common shares (which account for fractional shares that we will not be distributed to the Former Golden Ocean shareholders as merger consideration) were canceled. In February 2016, we announced a private placement of 68,736,800 new shares, or the Private Placement Shares, at NOK 25.00 per share, generating gross proceeds of NOK 1.7 billion (approximately $200 million ). The Private Placement Shares were restricted shares in the U.S. and were subject to a six month holding period during which they could not be traded in the U.S. There are currently no restrictions to the shares. In February 2016, we announced a subsequent offering, or the Subsequent Offering, of up to 6,873,680 new common shares at NOK 25.00 per share for gross proceeds of up to NOK 171.8 million (approximately $20 million ). Ultimately, 2,673,858 new common shares, or the Subsequent Offering Shares, were issued in connection with the Subsequent Offering for gross proceeds of NOK 66.8 (approximately $7.8 million ). As with the Private Placement Shares, the Subsequent Offering Shares issued as part of the Subsequent Offering were restricted shares in the U.S. There are currently no restrictions to the shares. In total, the net proceeds from the private placement were $205.4 million comprising $208.0 million gross proceeds from the placement net of issue costs of $2.6 million . On August 1, 2016 the Company effected 1-for-5 reverse share split of the Company's common shares where every five shares of the Company's issued and outstanding common shares par value $0.01 per share was automatically combined into one issued and outstanding common share par value $0.05 per share. This reduced the number of outstanding common shares from 529,728,928 to 105,945,238 . Share capital amounts in the balance sheet at December 31, 2016 and December 31, 2015 and the number of shares in this Note have been restated for the 1-for-5 reverse share split. On October 24, 2016 the Company issued an aggregate of 19,954 common shares, par value $ 0.05 per share, in connection with the Company's 2010 Equity Incentive Plan (the “Plan”) and the restricted stock unit award agreements related to the Plan. As a result of the share issuance, there are currently no outstanding awards under the Plan. As at December 31, 2016 , 105,965,192 common shares were outstanding ( December 31, 2015 : 34,535,128 common shares), taking into consideration to 1-for-5 reverse share split. |
RESTRICTED STOCK UNITS
RESTRICTED STOCK UNITS | 12 Months Ended |
Dec. 31, 2016 | |
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 160,000 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. We have issued RSUs under the plan, which generally 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 2016 , 2015 and 2014 : Number of units Directors Management companies Total Fair value Units outstanding as of December 31, 2013 17,632 17,632 35,263 $45.95 Granted 5,511 5,511 11,022 $47.40 Settled (8,227 ) (8,227 ) (16,454 ) $46.60 Units outstanding as of December 31, 2014 14,916 14,916 29,832 $22.65 Granted 4,920 4,921 9,841 $21.50 Settled (8,092 ) (8,093 ) (16,185 ) $22.20 Units outstanding as of December 31, 2015 11,744 11,744 23,488 $5.35 Settled (11,744 ) — (11,744 ) $3.64 Forfeited — (11,744 ) (11,744 ) - Units outstanding as of December 31, 2016 — — — 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 2016 , 2015 and 2014 was $0.01 million , $0.01 million and $0.2 million , respectively. In February 2014, we issued 9,898 common shares and paid $464,630 to members our Board, 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 represented 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 11,022 RSUs pursuant to the 2010 Equity Plan to members of the Board and the two management companies (General and the Dry Bulk Manager). These RSU's were scheduled to 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 January 2015, our Board granted a total of 9,841 RSUs pursuant to the 2010 Equity plan to members of the Board and the two management companies (General and the Dry Bulk Manager). These RSUs were scheduled to 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 22,026 common shares in settlement of the first, second and third tranches of RSUs granted in January 2014, January 2013 and December 2011, respectively. On August 1, 2016, we effected 1-for-5 reverse share split of our common shares where every five shares of our issued and outstanding common shares par value $0.01 per share was automatically combined into one issued and outstanding common share par value $0.05 per share. This reduced the number of outstanding RSUs from 117,440 to 23,488 . The number of RSU's during 2016 , 2015 and 2014 , as presented in this Note have been restated for the 1-for-5 reverse share split. On September 22, 2016, the management companies resolved to forfeit their 11,744 outstanding awards. On October 24, 2016, we issued an aggregate of 19,954 common shares in settlement of all the outstanding tranches of RSUs granted in January 2015, January 2014 and January 2013 to the members of the Board, as adjusted for dividends. As a result of the share issuance, there are currently no outstanding awards under the 2010 Equity Plan. |
SHARE OPTIONS
SHARE OPTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
SHARE OPTIONS | SHARE OPTIONS 2016 Share Option Plan: In November 2016, the Board approved the adoption of the 2016 Share Option Plan, or the "2016 Plan". The 2016 Plan permits share options to be granted to directors, officers and employees, or the Option holders, of the Company and its subsidiaries. The plan has a 10 year term effective November 2016, unless otherwise determined by the Board. The share options entitle the Option holders to subscribe for common shares at a price per share equal to the exercise price as determined by the Board on the date the share options are granted. The share options have no voting or other shareholder rights. On November 10, 2016, the Board approved the issue of 700,000 share options to senior management in accordance with the terms of the 2016 Plan at an exercise price of $4.20 , adjusted for any distribution of dividends made before the relevant options are exercised. The share options have a five years term and vest over a three years period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to provide services to the Company from the grant date through the applicable vesting date. The fair value of the share options granted on November 10, 2016 under the 2016 Scheme was calculated on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below: • Grant Date: November 10, 2016 • Expected Term: Given the absence of expected dividend payments and that the exercise price is adjustable for any distribution of dividends made before the relevant options are exercised, we expect that it is optimal for holders of the granted options to avoid early exercise of the options. As a result, we assumed that the expected term of the options is their contractual term. • Expected Volatility: We used the historical volatility of the common shares to estimate the volatility of the prices of the shares underlying the share options. The final expected volatility estimate, which is based on historical share price volatility for the period from the Merger on March 31, 2015 to the grant date on November 10, 2016, was 71% . • Expected Dividends: The share options exercise price is adjustable for distribution of dividend before the share options are exercised. As a result, we assumed that the expected dividend is nil . • Dilution Adjustment: The number of share options is considered immaterial as compared to the number of shares outstanding and no dilution adjustment was incorporated in the valuation model. • Risk-free Rate: We elected to employ the five-year US Government bond risk-free yield-to-maturity rate of 1.55% as of November 10, 2016 as an estimate for the risk-free rate in the valuation mode, to match the expected five year term of the share options. • Expected Forfeitures: We expect that there will be no forfeitures of non-vested shares options during the terms of the 2016 Scheme and this was incorporated in the valuation model. The following table summarizes number of share options outstanding under the 2016 Scheme as at December 31, 2016 : Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Granted 700,000 700,000 $4.20 $2.47 Options outstanding as of December 31, 2016 700,000 700,000 $4.20 $2.47 For the year ended December 31 2016 , 2015 and 2014 the share based compensation cost of the 2016 Scheme share options was $80,531 , nil and nil and is included in "Administrative expenses" in the consolidated statement of operations. As at December 31, 2016 and 2015 , the estimated cost relating to non-vested share options not yet recognized under the 2016 Scheme was $1.6 million and nil , respectively, and it is expected to be recognized over the weighted average period of 2.86 years and nil years, respectively. The Former Golden Ocean Stock Option Incentive Plan On March 21, 2005, the Former Golden Ocean approved a share option plan under which share options may be granted to directors and eligible employees. As of March 31, 2015, there were 821,000 outstanding options, which were issued in October 2012. Following completion of the Merger, these options were converted into 112,880 options to purchase our common shares. The share options have a five year term and will vest equally one quarter each year over a four year vesting period. The subscription price for all options granted under the scheme is reduced by the amount of all dividends declared by us, provided the subscription price is never reduced below the par value of the share. The following summarizes share option transactions related to the Former Golden Ocean: (in thousands) Number of Options Weighted Average Exercise Price Options outstanding as of December 31, 2014 — — Former Golden Ocean options 113 NOK 144.45 Exercised (1 ) NOK 144.45 Forfeited (9 ) NOK 144.45 Options outstanding as of December 31, 2015 103 NOK 144.45 Forfeited (19 ) NOK 144.45 Options outstanding as of December 31, 2016 84 NOK 144.45 Options exercisable as of December 31, 2016 84 NOK 144.45 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS We transact business with the following related parties, consisting of companies in which Hemen and companies associated with Hemen have a significant interest: Frontline Ltd and its subsidiaries (ICB Shipping (Bermuda) Ltd, Frontline Management (Bermuda) Ltd, Seateam Management Pte Ltd and the former Frontline 2012, referred to as "Frontline"), Karpasia Shipping Inc. (referred to as "Karpasia"), Ship Finance International Ltd (referred to as "Ship Finance") and Seatankers Management Co. Ltd and companies affiliated with it (referred to as "Seatankers"). We also transact business with our associated companies. 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 vessel, Bulk China (renamed KSL China ), from Karpasia. The consideration was settled by the issuance of 3,100,000 shares and 620,000 shares to Frontline 2012 and Hemen (on behalf of Karpasia), respectively, which were recorded at a price of $62.70 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 twenty-five SPCs from Frontline 2012, each owning a dry bulk newbuilding. In September 2014, we acquired thirteen of these SPCs. The consideration for the thirteen SPCs was settled by the issuance of 6,200,000 of our common shares as consideration to Frontline 2012. The issuance of the 6,200,000 shares was recorded at an aggregate value of $356.8 million based on the closing price of $57.55 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 twelve SPCs was settled by the issuance of 6,200,000 of our common shares as consideration to Frontline 2012. The shares were recorded at a price per share of $20.50 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 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 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 $25.6 million of charter hire expenses in 2016 ( 2015 : $12.1 million ) in respect of the eight vessels. We are the commercial manager for fourteen ( 2015 : twelve ) dry bulk and nine ( 2015 : eleven ) container vessels owned and operated by Ship Finance. Pursuant to the management agreements, we receive $125 per day for managing seven of the fourteen dry bulk vessels and $75 per day for managing the remaining seven dry bulk vessels ( 2015 : $125 per day for managing the twelve dry bulk vessels) and $75 per day for managing the nine container vessels ( 2015 : $65 per day for managing the eleven container vessels). Seatankers We are the commercial manager of twenty-one ( 2015 : twenty-one ) dry bulk vessel owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 ( 2015 : $125 ) a day for managing the dry bulk vessels. Capesize Chartering 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 CCL. In January 2016, Golden Union Shipping Co S.A. equally transferred its 20% stake in CCL to the remaining four joint venture partners. At the same time, the Former Golden Ocean entered into a revenue sharing agreement for Capesize dry bulk vessels with the joint venture partners whereby it was agreed to include 21 Capesize dry bulk vessels in the revenue sharing agreement. The revenue sharing agreement applies to 65 modern Capesize dry bulk vessels across the joint venture partners and is being managed from our offices in Singapore and Bocimar’s offices in Antwerp. We acquired the Former Golden Ocean's 20% interest in Capesize Chartering upon completion of the Merger on March 31,2015. During 2016, we earned $0.9 million under the revenue sharing agreement. United Freight Carriers We acquired the Former Golden Ocean's 50% interest United Freight Carriers LLC, or UFC, upon completion of the Merger on March 31, 2015. During 2016, we received $0.2 million for management and administrative services rendered to UFC during 2015. 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 Supervision Services We receive technical supervision services from Frontline Management. Pursuant to the terms of the agreement, Frontline Management receives a management fee of $31,875 ( 2015 : $33,000 per vessel). This fee is subject to annual review. Frontline Management also manages our newbuilding supervision and charges us for the costs incurred in relation to the supervision. Ship Management The ship management of our vessels is provided by external ship managers, except for fifteen ( 2015 : fourteen ) vessels which 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. During 2016 and 2015, we received assistance in relation to consolidation and reporting as well as management of its Sarbanes Oxley compliance from Frontline and we were charged a fee of $115,000 ( 2015 : $115,000 ) per quarter for these services. Effective January 1, 2017, we only receive services in relation to management of Sarbanes Oxley compliance from Frontline at a quarterly fee of $15,000 . We also receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. A summary of net amounts charged by related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 ICB Shipping (Bermuda) Ltd — 579 2,315 Frontline Ltd 6,521 13,192 2,962 The Former Golden Ocean — 134 1,034 Ship Finance International Limited 25,564 12,060 — Seateam Management Pte Ltd 2,638 1,932 562 Seatankers Management Co Ltd 4,216 159 — Golden Opus Inc 1,114 — — Capesize Chartering Ltd 98 — — Net amounts charged by related parties comprise general management and commercial management fees, charter hire expenses, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 Ship Finance International Limited 795 560 — Seatankers Management Co Ltd 957 310 — United Freight Carriers LLC 150 — — Capesize Chartering Ltd 945 — — Net amounts charged to related parties comprise commercial management fees since April 1, 2015, following the completion of the Merger with the Former Golden Ocean. A summary of balances due from related parties as of December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Capesize Chartering Ltd 322 — Frontline Ltd 1,523 4,455 Ship Finance International Ltd 2 36 United Freight Carriers LLC — 2 Seatankers Management Co Ltd 77 1,139 Golden Opus Inc 3 2,534 Management — 285 1,927 8,451 A summary of balances owed to related parties as of December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Frontline Management (Bermuda) Ltd — 3,924 Frontline Ltd 1,044 176 Seateam Management Pte Ltd — 1 Seatankers Management Co Ltd 270 — Golden Opus Inc 73 — 1,387 4,101 As at December 31, 2016 , receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. As at December 31, 2015 , 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 have periodically issued share options and RSUs to Board and management companies, as disclosed in Notes 27 and 28 of these consolidated financial statements. In February 2016, Hemen was allocated 31.6 million shares at NOK 25.00 per share in connection with a private placement share offering of 68.7 million new shares. Hemen also owns $93.6 million of the Convertible Bond, which is convertible into 1,061,826 of our common shares at an exercise price of $88.15 per share. |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2016 | |
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 payments whereby the floating rate on a notional principal amount of $400 million ( December 31, 2015 : $400 million ) was swapped to fixed rate. During 2016, we have not entered into any new 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 contracts as at December 31, 2016 and 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 2016, we did not entered into new contracts and the sole contract we had matured at December 31, 2016. As of December 31, 2016 and December 31, 2015 , we had nil a nd one 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. During 2015, we assumed three contracts as a result of the Merger of which two matured and we have subsequently entered into another nine contracts. During 2016, we entered into fifteen new contracts and twenty contracts matured. As of December 31, 2016 and December 31, 2015 , we had five and ten 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 2016, we entered into sixty-two new contracts and twenty-four contracts matured. As of December 31, 2016 and December 31, 2015 , we had sixty-two and twenty-four 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 guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “ Derivatives and Hedging ” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at December 31, 2016 and December 31, 2015 are as follows: 2016 2016 2015 2015 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 212,942 212,942 102,617 102,617 Restricted cash 54,112 54,112 48,872 48,872 Liabilities Long term debt - floating 886,468 886,468 761,739 761,739 Long term debt - convertible bond 162,122 177,300 165,500 167,815 Long term debt - sellers credit — — 4,739 4,739 The fair value hierarchy of our financial instruments is as follows: (in thousands of $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 212,942 212,942 — — Restricted cash 54,112 54,112 — — Liabilities Long term debt - floating 886,468 — 886,468 — Long term debt - convertible bond 162,122 — 162,122 — Long term debt - sellers credit — — — — (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 There have been no transfers between different levels in the fair value hierarchy in 2016 and 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 was payable upon maturity in 2016, by 7.0% . Assets Measured at Fair Value on a Nonrecurring Basis Refer to Note 4 for a summary of the estimated fair values of the assets acquired and liabilities assumed as a result of the Merger. During the year ended December 31, 2016, the following assets were measured at fair value on a nonrecurring basis: • The investment in Golden Opus Inc was measured at fair value, the fair value was based on level three inputs, the expected market values of the underlying assets and liabilities. • The Golden Lyderhorn, a vessel held under capital lease was measured at fair value, the fair value was based on level three inputs, was determined using discounted expected future cash flows for the vessel. • The other long term asset acquired on completion of the Merger was measured at fair value, the fair value was based on level three inputs, the recoverable principal amount from the counterparty. During the year ended December 31, 2015, the following assets were measured at fair value on a nonrecurring basis: • The investment in Golden Opus Inc was measured at fair value, the fair value was based on level three inputs, the expected market values of the underlying assets and liabilities. • The Golden Lyderhorn, a vessel held under capital lease was measured at fair value, the fair value was based on level three inputs, was determined using discounted expected future cash flows for the vessel. • The newbuildings Front Caribbean and Front Mediterranean were measured at fair value of $17.7 million . 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, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES The Company 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 Eclipse, that was sold by the Former Golden Ocean in 2008 and leased back for a period of ten years . We have the right to purchase the vessel at the dates and amounts as disclosed in Note. 17. As of December 31, 2016 , the joint venture that owns the Golden Opus had total bank debt outstanding of $17.9 million ( 2015 : $18.3 million ) and we had guaranteed 50% ( 2015 : 50% ) of this amount. Consequently, our maximum potential liability was $8.95 million ( 2015 : $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, 2016 , we had ten vessels under construction. The outstanding commitments for the ten newbuildings amounted to $303.2 million with contractual payments of $303.2 million in 2017. In early 2017, we took delivery of two Capesize newbuildings and two Supramax newbuildings, contracted with the remaining yards to postpone delivery of the remaining six Capesize newbuildings in 2018 and paid $9.8 million installments to the yard that resulted in commitments of $183.7 million with expected payments of additional $9.8 million in 2017 and $173.9 million in 2018, subject to final acceptance from the yard's refund fund bank's of two of the six amended contracts. As of December 31, 2015 , we had eighteen vessels under construction. The outstanding commitments for the eighteen newbuildings amounted 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. In 2016, we received $2.4 million in respect of claims for unpaid charter hire owed under bareboat charters of the VLCCs Titan Venus and Mayfair . The receipt was recorded as bareboat charter revenue as it related to services previously rendered under such terms. This amount was received as full and final settlement for the claims. In 2016 the Company received a final arbitration award relating to a time charter party entered into in March 2006. The claimants were awarded approximately $9.8 million in total. The claim itself was an unsafe port allegation which falls under our protection and indemnity insurance and will be covered by our insurance company. 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, 2016 | |
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 6.2 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 6.2 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, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | nuary 6, 2017 the Company took delivery of Golden Virgo and paid a final installment of $16.0 million . There is no related debt on the vessel. On January 20 , 2017 the Company took delivery of Golden Libra and paid a final installment of $16.0 million . There is no related debt on the vessel. On February 13, 2017 the Company took delivery of Golden Surabaya and Golden Savannah and paid final installments of $34.6 million and $34.6 million , respectively and $25.0 million and $25.0 million , respectively was drawn down in debt under the $425.0 million term loan facility. In January 2017, the Company agreed to further postpone delivery of the remaining six newbuildings until the first quarter of 2018 and two of the amendments are subject to final acceptance from the yard’s refund banks. The Company paid $9.8 million in installments on four of the remaining newbuildings in March 2017. On March 14, 2017, the Company entered into an agreement with Quintana Shipping Ltd, or Quintana, to acquire fourteen vessels. As consideration, we will issue 14.5 million common shares to Quintana and assume the vessels' corresponding debt of approximately $262.7 million . The vessels will be owned by a newly-established wholly-owned non-recourse subsidiary. According to binding term sheets we have entered into with the lenders with respect to the acquired vessels, we have negotiated a $17.4 million down-payment of the debt in exchange for no mandatory debt repayment until July 2019. In the period prior to July 2019, a cash sweep mechanism is put in place whereby if certain conditions are met, we will pay down on the deferred repayment amount of $40.5 million . The average interest rate of the debt to be assumed in connection with the acquisition of the vessels is LIBOR plus 3.1% margin and ordinary debt repayments, following the end of the waiver period in July 2019, will amount to $5.8 million per quarter. Pursuant to the loan agreements we expect to enter into, our wholly-owned non-recourse subsidiary which will own the acquired vessels will be prohibited from paying dividends to us. During the waiver period through June 2019, we will be required under the expected loan agreements to satisfy financial covenants including $10 million minimum cash and 105% minimum value covenant. Following the waiver period, the financial covenants under these loans will include 25% market adjusted equity, $10 million minimum cash and 125 - 135% minimum value covenant. In addition, we have granted customary registration rights with respect to the shares issued to Quintana. The aggregate of 14.5 million common shares to be issued in consideration for the acquired vessels will be issued gradually upon delivery of each of the vessels. The closing of the acquisition is subject to customary conditions to closing and entry into final binding loan agreements, substantially in accordance with the binding term sheets we have entered into. The Company has also agreed, subject to definitive documentation and other customary closing conditions, to acquire two 2017 ice class Panamax vessels from affiliates of Hemen. The two vessels will be owned by a newly-established wholly-owned non-recourse subsidiary, separate from the one that will own the vessels acquired from Quintana. Hemen will issue a seller credit of $22.5 million , non-amortizing until June 2019 and with interest rate of LIBOR plus a margin of 3.0% . We will issue an aggregate of 3.3 million common shares in consideration for the vessels, which will be issued with respect to each vessel upon the delivery of the vessel. On March 15, 2017 the Company completed an Equity offering at NOK 60 per share (equaling $6.97 at a NOK/USD exchange rate of 8.6078 ), raising gross proceeds of NOK 516.5 million (approximately $60 million ) through the issuance of 8,607,800 shares. Following the issuance of the shares, the Company will have 114,572,992 issued common shares each having a par value of $0.05 . Following issuance of the consideration shares to Quintana and Hemen under the vessel purchase agreements announced on March 14, 2017, the Company will have 132,372,992 issued common shares each having a par value of $0.05 . |
SUMMARY OF SIGNIFICANT ACCOUN41
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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. Revenues generated through revenue sharing agreements are presented gross when the Company is the primary obligor under the charter parties. 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 or bareboat 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 or bareboat charter revenue. Amounts in excess of services previously rendered are classified as other operating income. |
Contingent rental expense (income) | Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments, are recognized when the contingent conditions have materialized. |
Loss on sale of assets and amortization of deferred gains | Gain (loss) on sale of assets and amortization of deferred gains Gain (loss) on sale of assets and amortization of deferred gains include losses from the sale of vessels and the amortization of deferred gains. Gains (losses) from the sale of assets are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the proceeds received with the carrying value of the vessel. A deferred gain arises when we enter into a sale-leaseback transaction regarding a vessel and we do not relinquish the right to substantially all of the remaining use of the vessel. This deferred gain will be amortized in proportion to the gross rental payments over the minimum term of the lease. |
Drydocking | Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, that is, it applies the "expense as incurred" method. |
Impairment of vessels and newbuildings | Impairment of vessels and newbuildings The carrying values of our long-lived assets and newbuildings under construction are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's or newbuildings carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. Fair value is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations. In addition, vessels to be disposed of by sale are reported at the lower of their carrying amount or fair value less estimated costs to sell. |
Interest expense | Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. Interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The 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 depreciation. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10 year 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 related to certain 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 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 do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share in results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. |
Debt | Borrowings - loan amendments Short term obligations that we intend to refinance on a long term basis when the intent to refinance is supported by the ability to consummate the refinancing, are classified as long term liabilities at the balance sheet date. This is demonstrated by either 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 Restricted Stock Units ("RSUs") 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. Share Options Scheme Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized (generally as compensation expense) over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. |
Transactions subject to common control and affect of acquisition from shareholder | Transactions subject to common control and effect 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 the transaction 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, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. |
Other comprehensive income | Other comprehensive income/(loss): The statement of other comprehensive income/(loss) presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive income/(loss) on the face of the statement in which the components of other comprehensive income/(loss) are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income/(loss), items of other comprehensive income/(loss) (“OCI”) and total comprehensive income/(loss) in two separate and consecutive statements. |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. This update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing US GAAP. The FASB recently issued ASU 2015-14, which deferred the effective date of ASU 2014-09 by one year to period commencing on or after December 15, 2017. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change. The adoption of the standard is not expected to have a material impact on other income, primarily income earned from the commercial management of related party vessels. 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 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 No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that we will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The update clarifies principal vs agent accounting of the new revenue standard. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. We do not expect the adoption of this standard to have a material impact on our consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The update provides more clarification about identifying performance obligations and licensing. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients. The update provides some further guidance on assessing the collectability criteria, presentation of sales tax and other similar taxes collected from customers, non-cash considerations and certain other matters related to transition and technical corrections. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In December 2016, the FASB issued ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers. The update provides more clarification on thirteen issues. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at our option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017- 01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update introduces a screen to determine when an integrated set of assets and activities does not constitute a business. The amendments in this Update are effective for us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years and are applicable prospectively. Early application is permitted conditionally. We do not expect the adoption of ASU 2017-01 to have a material impact on our consolidated financial statements and related disclosures as under the screening mechanisms of the update, future transactions in relation to an integrated set of assets and activities are more likely to qualify as asset acquisitions as opposed to business combinations. Accounting Standards Updates, recently adopted 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 impact of the adoption of this update is disclosed in Note. 21 of these 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. |
MERGER WITH THE FORMER GOLDEN42
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 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 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, 2016 | |
Discontinued Operations [Abstract] | |
Schedule of Discontinued Operations | Amounts recorded with respect to discontinued operations in 2016 , 2015 and 2014 are as follows: (in thousands of $) 2016 2015 2014 Operating revenues — — — Net gain on sale of assets — — — Impairment loss on vessels — — — Net loss — — (258 ) |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2016 2015 2014 Net (loss) income from continuing operations (127,711 ) (220,839 ) 16,253 Net loss from discontinued operations — — (258 ) Net (loss) income (127,711 ) (220,839 ) 15,995 (in thousands) 2016 2015 2014 Weighted average number of shares outstanding - basic 95,238 30,243 10,489 Impact of restricted stock units 8 27 30 Weighted average number of shares outstanding - diluted 95,246 30,270 10,519 |
(GAIN) LOSS ON SALE OF ASSETS45
(GAIN) LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Gain/(Loss) on sale of assets and deferred gains [Abstract] | |
Gain (loss) on sale of assets and deferred gains | (in thousands of $) 2016 2015 2014 Net gain (loss) on sale of vessels 72 (2,062 ) — (Loss) on sale of newbuilding contracts — (8,858 ) — Amortization of deferred gains 228 132 — 300 (10,788 ) — |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of December 31, 2016 are as follows: (in thousands of $) 2017 43,125 2019 39,268 2019 35,405 2020 23,142 2021 8,394 Thereafter — 149,334 The future minimum operating lease expense payments under our non-cancelable operating leases as of December 31, 2016 are as follows: (in thousands of $) 2017 34,626 2018 37,012 2019 35,373 2020 35,475 2021 35,066 Thereafter 169,205 346,757 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2016 2015 Balance at start of year 14,615 — Acquired as a result of the Merger — 5,779 Sales during the year (328 ) — Purchases during the year — 32,159 Unrealized loss (7,763 ) (23,323 ) Balance at end of year 6,524 14,615 |
TRADE ACCOUNTS RECEIVABLE, NET
TRADE ACCOUNTS RECEIVABLE, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 are summarized as follows: (in thousands of $) 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 Additions charged to income 199 Deductions credited to trade receivables (7,193 ) Balance at December 31, 2016 952 |
OTHER RECEIVABLES (Tables)
OTHER RECEIVABLES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Receivables [Abstract] | |
Other receivables | (in thousands of $) 2016 2015 Agent receivables 2,070 2,496 Advances 486 282 Claims receivables 420 927 Other receivables 8,011 11,287 10,987 14,992 |
VALUE OF CHARTER PARTY CONTRA50
VALUE OF CHARTER PARTY CONTRACTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2017 672 2018 672 2019 672 2020 674 2021 672 Thereafter 2,108 5,470 |
Schedule of amortization of favorable charter party contracts | The value of favorable charter-out contracts will be amortized as follows: (in thousands of $) 2017 22,413 2018 18,732 2019 18,732 2020 12,148 2021 4,074 Thereafter — 76,099 |
Value of favorable charter party contracts | The value of favorable charter-out contracts is summarized as follows: (in thousands of $) 2016 2015 Opening balance 103,376 — Acquired as a result of the Merger — 127,090 Amortization charge (27,277 ) (23,714 ) Total 76,099 103,376 Less: current portion (22,413 ) (28,829 ) Non current portion 53,686 74,547 |
Value of unfavorable charter party contracts | The value of unfavorable charter-in contracts is summarized as follows: (in thousands of $) 2016 2015 Opening balance 6,144 — Acquired as a result of the Merger — 7,543 Amortization charge (674 ) (1,399 ) Total 5,470 6,144 Less: current portion (672 ) (674 ) Non current portion 4,798 5,470 |
VESSELS (Table)
VESSELS (Table) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and equipment | (in thousands of $) Cost Accumulated Depreciation Net Book Value 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 Transfer from newbuildings 425,393 — Additions 194 — Disposals (92,351 ) — Depreciation — (62,502 ) Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 |
VESSELS UNDER CAPITAL LEASES,52
VESSELS UNDER CAPITAL LEASES, NET (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Disposals (3,473 ) Impairment loss (985 ) Depreciation (940 ) Balance at December 31, 2016 2,956 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | The outstanding obligations under capital leases at December 31, 2016 are payable as follows: (in thousands of $) 2017 5,944 2018 5,944 2019 5,944 2020 1,791 2021 — Thereafter — Minimum lease payments 19,623 Less: imputed interest (2,092 ) Present value of obligations under capital leases 17,531 |
NEWBUILDINGS (Tables)
NEWBUILDINGS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Newbuildings [Abstract] | |
Newbuilings | (in thousands of $) 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 Installments and newbuilding supervision fees paid 265,083 Interest capitalized 2,258 Transfers to Vessels and Equipment (425,393 ) Balance at December 31, 2016 180,562 |
EQUITY METHOD INVESTMENTS (Tabl
EQUITY METHOD INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments [Table Text Block] | As at December 31, the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2016 2015 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") 50.00 % 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 21.25 % Capesize Chartering Ltd ("CCL") 25.00 % 20.00 % Movements in equity method investments for the years ended December 31, 2016 and 2015 are summarized as follows: (in thousands of $) UFC G. Opus Seateam Total 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 / (loss) 140 (821 ) 248 (433 ) Impairment loss — (4,600 ) — (4,600 ) At December 31, 2015 770 4,958 497 6,225 Dividends received from associated companies — — (256 ) (256 ) Share of income / (loss) (149 ) (694 ) 462 (381 ) Impairment loss — (2,142 ) — (2,142 ) Equity contribution — 750 — 750 Purchases — — 28 28 At December 31, 2016 621 2,872 731 4,224 |
OTHER LONG TERM ASSETS (Tables)
OTHER LONG TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets, Noncurrent | (in thousands of $) 2016 2015 Acquired as a result of the Merger 4,744 9,116 Accreted interest 56 357 Repayments (750 ) — Transfers to current assets (250 ) — Provision for uncollectible receivables (1,800 ) (4,729 ) Other long term asset 2,000 4,744 Deferred tax asset 343 — Prepaid charterhire expenses 5,184 — Other long term assets 7,527 4,744 |
DEBT (Tables)
DEBT (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | (in thousands of $) Floating rate debt Fixed rate debt Sellers credit Deferred charges Total Balance at December 31, 2014 363,500 — — (3,534 ) 359,966 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 Capitalized financing fees and expenses — — — (3,825 ) (3,825 ) Amortization of capitalized fees and expenses — — — 1,562 1,562 Balance at December 31, 2015 761,739 167,815 4,739 (5,797 ) 928,496 Loan repayments (17,471 ) — (4,748 ) — (22,219 ) Loan draw downs 142,200 — — — 142,200 Amortization of purchase price adjustment — 9,485 9 — 9,494 Capitalized financing fees and expenses — — — (898 ) (898 ) Amortization of capitalized fees and expenses — — — 1,345 1,345 Balance at December 31, 2016 886,468 177,300 — (5,350 ) 1,058,418 |
Schedule of Maturities of Long-term Debt | The outstanding debt as of December 31, 2016 is repayable as follows: (in thousands of $) 2017 — 2018 84,290 2019 485,092 2020 374,168 2021 142,918 Thereafter — 1,086,468 Amortization of purchase price adjustment (22,700 ) 1,063,768 |
Schedule of Long-term Debt Instruments [Table Text Block] | (in thousands of $) 2016 2015 $33.93 million term loan 28,275 28,841 $82.5 million term loan 44,367 47,597 $284.0 million term loan 258,538 262,541 $420.0 million term loan 388,545 395,875 $425.0 million term loan 166,743 26,885 Total U.S. dollar denominated floating rate debt 886,468 761,739 U.S. dollar denominated fixed rate debt 177,300 167,815 Sellers credit — 4,739 Deferred charges (5,350 ) (5,797 ) Total debt 1,058,418 928,496 Less: current portion — (20,380 ) 1,058,418 908,116 |
ACCRUED EXPENSES (Tables)
ACCRUED EXPENSES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued expenses | (in thousands of $) 2016 2015 Voyage expenses 3,467 3,229 Ship operating expenses 6,424 6,496 Administrative expenses 935 1,207 Tax expenses 12 189 Interest expenses 7,029 6,757 17,867 17,878 |
OTHER CURRENT LIABILITIES Other
OTHER CURRENT LIABILITIES Other current liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | (in thousands of $) 2016 2015 Deferred charter revenue 10,509 4,120 Deferred gain on sale and leaseback 258 337 Unfavorable charter party contracts 672 674 Other current liabilities 3,178 8,862 14,617 13,993 |
DERIVATIVE INSTRUMENTS PAYABL59
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $) 2016 2015 Interest rate swaps 1,502 1,641 Bunker derivatives 92 — Asset Derivatives - Fair Value 1,594 1,641 (in thousands of $) 2016 2015 Interest rate swaps 1,777 1,879 Currency swaps 213 183 Bunker derivatives — 3,338 Liability Derivatives - Fair Value 1,990 5,400 |
Derivative Instruments, Gain (Loss) | During 2016 , 2015 and 2014 , the following were recognized and presented under “Loss on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2016 2015 2014 Interest rate swaps Interest expense 1,807 2,127 — Unrealized fair value loss 38 394 — Foreign currency swaps Unrealized fair value loss 30 183 — Forward freight agreements Realized (gain) loss (42 ) 606 — Bunker derivatives Realized (gain) loss (2,676 ) 1,776 — Unrealized fair value loss 1,518 1,853 — 675 6,939 — |
OTHER LONG TERM LIABILITIES (Ta
OTHER LONG TERM LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Noncurrent Liabilities | (in thousands of $) 2016 2015 Deferred gain on sale and leaseback 2,744 2,893 Other long term liabilities 5,468 5,647 8,212 8,540 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
SHARE CAPITAL [Abstract] | |
Schedule of stock by class | Authorized share capital: (in thousands of $ except per share amount) 2016 2015 150 million common shares of $0.05 par value 7,500 — 500 million common shares of $0.01 par value — 5,000 On September 18, 2015, at the Company's 2016 Annual General Meeting, the shareholders approved that the Company's authorized share capital was increased from $2,000,000 divided into 200,000,000 common shares of $0.01 par value to $5,000,000 divided into 500,000,000 common shares of $0.01 par value. It was further resolved that the share premium account (presented as "Additional paid in capital" in the statements of changes in equity) to 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. On February 22, 2016, at a Special General Meeting, the shareholders approved that the Company's authorized share capital was increased from $5,000,000 divided into 500,000,000 common shares of $0.01 par value to $6,000,000 divided into 600,000,000 common shares of $0.01 par value. On August 1, 2016 the Company effected 1-for-5 reverse share split of the Company's common shares where every five shares of the Company's issued and outstanding common shares par value $0.01 per share was automatically combined into one issued and outstanding common share par value $0.05 per share. As a result of the 1-for-5 reverse share split the Company's authorized capital was restated from $6,000,000 divided into 600,000,000 common shares of $0.01 par value to $6,000,000 divided into 120,000,000 common shares of $0.05 par value. On September 23, 2016, at the Company's 2016 Annual General Meeting, the shareholders approved that the Company's authorized share capital was increased from $6,000,000 divided into 120,000,000 common shares of $0.05 par value to $7,500,000 divided into 150,000,000 common shares of $0.05 par value. Issued and fully paid share capital: (number of shares of $0.05 each) 2016 2015 Balance at start of year 34,535,128 16,024,310 Shares issued re: - settlement of RSUs 19,954 22,026 - purchase of twelve SPCs in March 2015 — 6,200,000 - merger with the Former Golden Ocean — 12,300,090 - private placement 68,736,800 — - subsequent offering 2,673,858 - cancellation (548 ) (11,298 ) Balance at end of year 105,965,192 34,535,128 |
RESTRICTED STOCK UNITS (Tables)
RESTRICTED STOCK UNITS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 2016 , 2015 and 2014 : Number of units Directors Management companies Total Fair value Units outstanding as of December 31, 2013 17,632 17,632 35,263 $45.95 Granted 5,511 5,511 11,022 $47.40 Settled (8,227 ) (8,227 ) (16,454 ) $46.60 Units outstanding as of December 31, 2014 14,916 14,916 29,832 $22.65 Granted 4,920 4,921 9,841 $21.50 Settled (8,092 ) (8,093 ) (16,185 ) $22.20 Units outstanding as of December 31, 2015 11,744 11,744 23,488 $5.35 Settled (11,744 ) — (11,744 ) $3.64 Forfeited — (11,744 ) (11,744 ) - Units outstanding as of December 31, 2016 — — — |
SHARE OPTIONS (Tables)
SHARE OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Number of Share Options Outstanding and Share Option Transactions | The following summarizes share option transactions related to the Former Golden Ocean: (in thousands) Number of Options Weighted Average Exercise Price Options outstanding as of December 31, 2014 — — Former Golden Ocean options 113 NOK 144.45 Exercised (1 ) NOK 144.45 Forfeited (9 ) NOK 144.45 Options outstanding as of December 31, 2015 103 NOK 144.45 Forfeited (19 ) NOK 144.45 Options outstanding as of December 31, 2016 84 NOK 144.45 Options exercisable as of December 31, 2016 84 NOK 144.45 The following table summarizes number of share options outstanding under the 2016 Scheme as at December 31, 2016 : Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Granted 700,000 700,000 $4.20 $2.47 Options outstanding as of December 31, 2016 700,000 700,000 $4.20 $2.47 |
RELATED PARTY TRANSACTIONS RELA
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |
Schedule of Related Party Transactions | A summary of net amounts charged by related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 ICB Shipping (Bermuda) Ltd — 579 2,315 Frontline Ltd 6,521 13,192 2,962 The Former Golden Ocean — 134 1,034 Ship Finance International Limited 25,564 12,060 — Seateam Management Pte Ltd 2,638 1,932 562 Seatankers Management Co Ltd 4,216 159 — Golden Opus Inc 1,114 — — Capesize Chartering Ltd 98 — — Net amounts charged by related parties comprise general management and commercial management fees, charter hire expenses, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 Ship Finance International Limited 795 560 — Seatankers Management Co Ltd 957 310 — United Freight Carriers LLC 150 — — Capesize Chartering Ltd 945 — — A summary of net amounts charged by related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 ICB Shipping (Bermuda) Ltd — 579 2,315 Frontline Ltd 6,521 13,192 2,962 The Former Golden Ocean — 134 1,034 Ship Finance International Limited 25,564 12,060 — Seateam Management Pte Ltd 2,638 1,932 562 Seatankers Management Co Ltd 4,216 159 — Golden Opus Inc 1,114 — — Capesize Chartering Ltd 98 — — Net amounts charged by related parties comprise general management and commercial management fees, charter hire expenses, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in 2016 , 2015 and 2014 is as follows: (in thousands of $) 2016 2015 2014 Ship Finance International Limited 795 560 — Seatankers Management Co Ltd 957 310 — United Freight Carriers LLC 150 — — Capesize Chartering Ltd 945 — — Net amounts charged to related parties comprise commercial management fees since April 1, 2015, following the completion of the Merger with the Former Golden Ocean. A summary of balances due from related parties as of December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Capesize Chartering Ltd 322 — Frontline Ltd 1,523 4,455 Ship Finance International Ltd 2 36 United Freight Carriers LLC — 2 Seatankers Management Co Ltd 77 1,139 Golden Opus Inc 3 2,534 Management — 285 1,927 8,451 A summary of balances owed to related parties as of December 31, 2016 and 2015 is as follows: (in thousands of $) 2016 2015 Frontline Management (Bermuda) Ltd — 3,924 Frontline Ltd 1,044 176 Seateam Management Pte Ltd — 1 Seatankers Management Co Ltd 270 — Golden Opus Inc 73 — 1,387 4,101 |
FINANCIAL ASSETS AND LIABILIT65
FINANCIAL ASSETS AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and December 31, 2015 are as follows: 2016 2016 2015 2015 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 212,942 212,942 102,617 102,617 Restricted cash 54,112 54,112 48,872 48,872 Liabilities Long term debt - floating 886,468 886,468 761,739 761,739 Long term debt - convertible bond 162,122 177,300 165,500 167,815 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 $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 212,942 212,942 — — Restricted cash 54,112 54,112 — — Liabilities Long term debt - floating 886,468 — 886,468 — Long term debt - convertible bond 162,122 — 162,122 — Long term debt - sellers credit — — — — (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 |
ORGANIZATION AND BUSINESS (Deta
ORGANIZATION AND BUSINESS (Details) NOK / shares in Units, $ / shares in Units, $ in Thousands, NOK in Millions | Mar. 31, 2015USD ($)company$ / sharesshares | Feb. 29, 2016USD ($)shares | Feb. 29, 2016NOKNOK / sharesshares | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014USD ($)company$ / sharesshares | May 31, 2014vessel | Apr. 30, 2014USD ($)dwtcompanyvesselshares | Dec. 31, 2007 | Oct. 31, 2014company | Mar. 31, 2016USD ($) | Sep. 30, 2015 | Mar. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2014vessel$ / shares | Sep. 30, 2014vessel$ / shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2012vessel | Dec. 31, 2010vessel | Dec. 31, 2009vessel | Dec. 31, 2006 | Dec. 31, 2016vessel | Feb. 01, 2016 | Sep. 15, 2014$ / shares | Apr. 30, 2014$ / shares | Apr. 30, 2014t | Feb. 28, 1997 |
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of owned vessels | 46 | |||||||||||||||||||||||||||
Number of owned vessels in a joint venture | 1 | 1 | 1 | |||||||||||||||||||||||||
Number of Newbuilding Contracts | 10 | |||||||||||||||||||||||||||
Pre-delivery installments | $ 24,600 | |||||||||||||||||||||||||||
Other capitalized costs | $ 3,700 | |||||||||||||||||||||||||||
percentage ownership of the joint venture | 100.00% | |||||||||||||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000 | |||||||||||||||||||||||||||
Number of subsidiaries | 1 | 1 | ||||||||||||||||||||||||||
Charter term, total | 10 years | 10 years | ||||||||||||||||||||||||||
Number of vessels acquired upon the merger with the Former Golden Ocean | 29 | 29 | 29 | |||||||||||||||||||||||||
Number of vessels disposed of | 1 | 3 | ||||||||||||||||||||||||||
Purchase of vessels | vessel | 2 | 2 | ||||||||||||||||||||||||||
Number of SPCs acquired | 12 | 13 | ||||||||||||||||||||||||||
Number of companies involved in the merger | 2 | 2 | 2 | |||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | |||||||||||||||||||||||||||
Cash acquired upon purchase of SPC's | $ 0 | $ 108,645 | $ 68,560 | |||||||||||||||||||||||||
Number of Vessels Chartered-In | 4 | 4 | 4 | 10 | ||||||||||||||||||||||||
Number of vessels under operating lease from third parties | 1 | 3 | ||||||||||||||||||||||||||
number of vessels leased out under capital leases to third parties | 15 | 13 | 1 | |||||||||||||||||||||||||
Vessels leased out,Fixed Rate Time Charter | 6 | 6 | 6 | |||||||||||||||||||||||||
Shares issued (in shares) | shares | 68,700,000 | 68,700,000 | ||||||||||||||||||||||||||
Net proceeds from share issuance | $ 205,400 | $ 205,355 | $ 0 | $ 0 | ||||||||||||||||||||||||
Proceeds From Issuance Of Private Placement, Gross | 208,000 | |||||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ 2,600 | |||||||||||||||||||||||||||
Number of Capesize newbuildings delivered | 5 | 2 | ||||||||||||||||||||||||||
Number of vessels leased out index linked time charters | 10 | 9 | 10 | |||||||||||||||||||||||||
Number Of Vessels Operate In The Spot Market | vessel | 41 | |||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 3,100,000 | |||||||||||||||||||||||||||
Frontline 2012 [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | ||||||||||||||||||||||||
Capesize drybulk size range | 180,000 | 180,000 | ||||||||||||||||||||||||||
Cash acquired upon purchase of SPC's | $ 25,100 | $ 43,400 | ||||||||||||||||||||||||||
Number of Capesize newbuildings delivered | 2 | 3 | 3 | 2 | 3 | |||||||||||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | |||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 20.5 | $ 20.5 | $ 57.55 | $ 20.5 | $ 57.55 | $ 57.55 | $ 62.70 | |||||||||||||||||||||
Merger with former Golden Ocean [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Vessels in fleet | 72 | 72 | 72 | |||||||||||||||||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Business Combination, Number of Shares Issued net of cancellations | shares | 12,300,090 | 12,300,090 | 12,300,090 | |||||||||||||||||||||||||
Ship Finance International Ltd [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of Vessels Chartered-In | 8 | |||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
Number of vessels sold and leased back | 8 | 8 | 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 | $ 43,400 | ||||||||||||||||||||||||||
Value of cash acquired under common control transaction | $ 108,600 | $ 108,600 | $ 108,600 | |||||||||||||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 | ||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 20.5 | $ 20.5 | $ 20.5 | $ 57.55 | $ 62.7 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
United Freight Carriers [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | ||||||||||||||||||||||||||
Capesize Chartering Ltd [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Equity Method Investment, Ownership Percentage | 20.00% | 20.00% | 20.00% | 25.00% | 20.00% | 20.00% | ||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 25.00% | |||||||||||||||||||||||||||
Golden Lyderhorn [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Put option on vessels | $ 9,500 | |||||||||||||||||||||||||||
Proceeds from sale of vessels | $ 3,500 | |||||||||||||||||||||||||||
Newcastlemax Newbuildings [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of Newbuilding Contracts | 2 | |||||||||||||||||||||||||||
Supramax Newbuildings [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number of Newbuilding Contracts | 2 | 3 | ||||||||||||||||||||||||||
Secured Debt [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Loan drawdowns | $ 142,200 | $ 215,975 | ||||||||||||||||||||||||||
Capesize Chartering Ltd [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Number Of Vessels Participate In Revenue Sharing Agreement | vessel | 18 | |||||||||||||||||||||||||||
Private Placement [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Shares issued (in shares) | shares | 68,736,800 | |||||||||||||||||||||||||||
Subsequent Offering [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Shares issued (in shares) | shares | 2,673,858 | |||||||||||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Shares issued (in shares) | shares | 71,430,612 | 18,522,116 | 9,929,897.8 | |||||||||||||||||||||||||
Common Stock [Member] | Private Placement [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 200,000 | NOK 1,700 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share | NOK / shares | NOK 25 | |||||||||||||||||||||||||||
Shares issued (in shares) | shares | 68,736,800 | 68,736,800 | ||||||||||||||||||||||||||
Common Stock [Member] | Subsequent Offering [Member] | ||||||||||||||||||||||||||||
Business background [Line Items] | ||||||||||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 7,800 | NOK 66.8 | ||||||||||||||||||||||||||
Sale Of Stock, Number Of Shares Authorized | shares | 6,873,680 | 6,873,680 | ||||||||||||||||||||||||||
Shares Issued, Price Per Share | NOK / shares | NOK 25 | |||||||||||||||||||||||||||
Sale Of Stock, Consideration Receivable Threshold On Transaction | $ 20,000 | NOK 171.8 | ||||||||||||||||||||||||||
Shares issued (in shares) | shares | 2,673,858 | 2,673,858 |
SUMMARY OF SIGNIFICANT ACCOUN67
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, 2016USD ($) | Dec. 31, 2015USD ($)market | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2012vessel | |
Property, Plant and Equipment [Line Items] | ||||||||
Number of vessels sold | vessel | 3 | |||||||
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 | |||||||
Number of vessels under capital lease | 8 | 1 | 2 | |||||
Deferred charges | $ 5,350,000 | $ 5,797,000 | $ 3,534,000 | |||||
RSU Percentage Recognized as Equity | 50.00% | |||||||
RSU Percentage Recognized as Liability | 50.00% | |||||||
Number of SPCs acquired | 12 | 13 | ||||||
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 | |||||||
Minimum [Member] | Long Term Charter Contracts [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Fair value assumptions, remaining term | 10 months | |||||||
Minimum [Member] | Long Term Charter Contracts [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Fair value assumptions, remaining term | 3 months | |||||||
Maximum [Member] | Long Term Charter Contracts [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Fair value assumptions, remaining term | 7 years 6 months | |||||||
Maximum [Member] | Long Term Charter Contracts [Member] | ||||||||
Property, Plant and Equipment [Line Items] | ||||||||
Fair value assumptions, remaining term | 10 years |
SUMMARY OF SIGNIFICANT ACCOUN68
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of significant accounting policies (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Changes and Error Corrections [Abstract] | |||
Deferred charges | $ 5,350 | $ 5,797 | $ 3,534 |
RECENTLY ISSUED ACCOUNTING ST69
RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
Deferred charges | $ 5,350 | $ 5,797 | $ 3,534 |
MERGER WITH THE FORMER GOLDEN70
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, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Aug. 01, 2016shares | Jul. 31, 2016shares | Oct. 07, 2014USD ($)$ / shares | Dec. 31, 2013USD ($)shares |
Business Acquisition [Line Items] | |||||||||||||
Revenues | $ 257,808 | $ 190,238 | $ 96,715 | ||||||||||
Current portion of obligations under capital leases | $ 7,032 | $ 7,032 | $ 7,032 | 4,858 | 15,749 | ||||||||
Other current liabilities | 28,180 | 28,180 | 28,180 | 14,617 | 13,993 | ||||||||
Liabilities | 666,906 | 666,906 | 666,906 | 1,122,904 | 1,014,221 | ||||||||
Unfavorable Charter Party Contracts, Current | 1,567 | 1,567 | 1,567 | 672 | 674 | ||||||||
Other Assets, Miscellaneous, Current | 9,116 | 9,116 | 9,116 | 7,527 | 4,744 | ||||||||
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 | 315 | 351 | ||||||||
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 | $ 53,686 | $ 74,547 | ||||||||
Common stock shares outstanding (in shares) | shares | 22,246,336 | 22,246,336 | 22,246,336 | 105,965,192 | 34,535,128 | 105,945,238 | 529,728,928 | ||||||
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 | $ 0 | $ 78,876 | $ 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 | ||||||||||
Refund of newbuilding installments | $ 40,100 | 0 | 40,148 | 0 | |||||||||
Other Assets, Current | $ 78,457 | $ 78,457 | $ 78,457 | ||||||||||
Favorable Charter Party Contracts, Current | 30,417 | 30,417 | 30,417 | 22,413 | 28,829 | ||||||||
Assets, Current | 246,185 | 246,185 | 246,185 | 299,932 | 203,660 | ||||||||
Liabilities, Current | 76,174 | 76,174 | 76,174 | 43,601 | 80,034 | ||||||||
Long-term Debt | 391,717 | 391,717 | 391,717 | ||||||||||
Obligations under capital leases | 31,405 | 31,405 | 31,405 | 12,673 | 17,531 | ||||||||
Other long term liabilities | 434 | 434 | 434 | 8,212 | 8,540 | ||||||||
Unfavorable Charter Party Contracts, Non Current | 5,976 | 5,976 | 5,976 | 4,798 | 5,470 | ||||||||
Assets | 1,053,928 | 1,053,928 | 1,053,928 | 2,361,623 | 2,172,870 | ||||||||
Short-term debt and current portion of long-term debt | 39,395 | 39,395 | 39,395 | ||||||||||
Newbuilding balance | 12,030 | 12,030 | 12,030 | 180,562 | 338,614 | $ 26,706 | |||||||
Vessels and equipment, net | 632,997 | 632,997 | 632,997 | 1,758,939 | 1,488,205 | 852,665 | $ 262,747 | ||||||
Vessels under capital leases, net | 14,029 | 14,029 | 14,029 | 2,956 | 8,354 | 0 | |||||||
Investments in associated companies | $ 11,346 | $ 11,346 | $ 11,346 | 4,224 | 6,225 | ||||||||
Net (loss) income | (127,711) | (220,839) | 16,253 | ||||||||||
Net loss from discontinued operations | 0 | 0 | (258) | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (127,711) | $ (220,839) | $ 15,995 | ||||||||||
(Loss) earnings per share from continuing operations: basic and diluted (in dollars per share) | $ / shares | $ (1.34) | $ (7.30) | $ 1.55 | ||||||||||
Loss per share from discontinued operations: basic and diluted (in dollars per share) | $ / shares | 0 | 0 | 0 | ||||||||||
(Loss) earnings per share: basic and diluted (in dollars per share) | $ / shares | $ (1.34) | $ (7.30) | $ 1.52 | ||||||||||
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% | ||||||||||
Bargain purchase gain arising on consolidation | 79,000 | ||||||||||||
Revenue | 113,900 | ||||||||||||
Net loss | 96,700 | ||||||||||||
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 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 | 12,300,090 | 12,300,090 | 12,300,090 | ||||||||||
Business Combination, Number of Shares Canceled | shares | 10,390 | 10,390 | 10,390 | ||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Fractional shares [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Business Combination, Number of Shares Canceled | shares | 908 | 908 | 908 | ||||||||||
Common Stock [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Common stock shares outstanding (in shares) | shares | 105,965,192 | 34,535,128 | 16,024,310 | 6,094,412.2 | |||||||||
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, 2016 | |
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, 2016USD ($)customer | Dec. 31, 2015USD ($)customerreportable_segment | Dec. 31, 2014USD ($)customer | |
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 257,808 | $ 190,238 | $ 96,715 |
Number of reportable segments | reportable_segment | 1 | ||
Revenue, number of major customers | customer | 2 | 1 | 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 | $ 34,500 | $ 8,200 | |
Name of Major Customer 2 [Member] | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 27,100 | 8,000 | |
Name of Major Customer 3 [Member] | |||
Revenue from External Customer [Line Items] | |||
Total operating revenues – dry bulk carrier market | $ 28,000 | $ 7,900 |
DISCONTINUED OPERATIONS (Detail
DISCONTINUED OPERATIONS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Net gain on sale of assets | $ 300 | $ (10,788) | $ 0 |
Impairment loss on vessels | (985) | (152,597) | 0 |
Net loss from discontinued operations | 0 | 0 | (258) |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating revenues | 0 | 0 | 0 |
Net gain on sale of assets | 0 | 0 | 0 |
Impairment loss on vessels | $ 0 | $ 0 | $ 0 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands | Aug. 01, 2016$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)shares | Oct. 24, 2016$ / shares | Sep. 23, 2016$ / shares | Sep. 22, 2016$ / shares | Feb. 22, 2016$ / shares | Feb. 21, 2016$ / shares | Sep. 18, 2015$ / shares | Sep. 17, 2015$ / shares | Mar. 31, 2015shares |
Earnings Per Share [Abstract] | ||||||||||||
Net (loss) income from continuing operations | $ | $ (127,711) | $ (220,839) | $ 16,253 | |||||||||
Net loss from discontinued operations | $ | 0 | 0 | (258) | |||||||||
Net (loss) income | $ | $ (127,711) | $ (220,839) | $ 15,995 | |||||||||
Weighted average number of shares outstanding - basic | 95,238,000 | 30,243,000 | 10,489,000 | |||||||||
Impact of restricted stock units | 8,000 | 27,000 | 30,000 | |||||||||
Weighted average number of shares outstanding - diluted | 95,246,000 | 30,270,000 | 10,519,000 | |||||||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||||||||||
Number of options outstanding (in shares) | 84,000 | 0 | 821,000 | |||||||||
Reverse stock split | 0.2 | |||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.05 | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||
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 | 84,000 | 76,200 | ||||||||||
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 | 2,268,860 | 2,007,025 |
(GAIN) LOSS ON SALE OF ASSETS75
(GAIN) LOSS ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Details) | 1 Months Ended | 12 Months Ended | ||||||
Oct. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | Apr. 30, 2015vessel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | |
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 300,000 | $ (10,788,000) | $ 0 | |||||
Number of newbuilding vessels converted and sold | 2 | |||||||
Number of newbuilding vessels remaining, agreed to be sold | vessel | 2 | |||||||
Capesize Vessels [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 72,000 | $ (2,062,000) | 0 | |||||
Capesize Newbuildings [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 0 | (8,858,000) | 0 | |||||
Capesize Vessels [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 228,000 | 132,000 | 0 | |||||
Front Caribbean [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 68,000 | |||||||
Front Mediterranean [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 0 | |||||||
KSL Atlantic [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 2,200,000 | $ 2,200,000 | ||||||
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 sale of assets and amortization of deferred gains | $ 100,000 | $ 100,000 | $ 100,000 | |||||
Golden Lyderhorn [Member] | ||||||||
gain/loss on sale of assets and deferred gains [Line Items] | ||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 9,000 | |||||||
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 sale of assets and amortization of deferred gains | $ 8,900,000 | |||||||
Number of newbuilding vessels converted and sold | 2 | |||||||
Proceeds from Sale of Property, Plant, and Equipment | $ (1,900,000) |
IMPAIRMENT OF VESSELS AND NEW76
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 ($) | Sep. 30, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2006 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 300,000 | $ (10,788,000) | $ 0 | ||||||||
Charter term, total | 10 years | 10 years | |||||||||
Impairment losses on vessels and equipment | (985,000) | (152,597,000) | 0 | ||||||||
Golden Lydernhorn [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment losses on vessels and equipment | $ (985,000) | $ (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) | |||||||||
KSL Baltic [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 100,000 | ||||||||||
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] | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 2,200,000 | ||||||||||
KSL Baltic [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 100,000 | 100,000 | $ 100,000 | ||||||||
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] | |||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 2,200,000 | 2,200,000 | |||||||||
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 | 8 | 8 |
LEASES (Details)
LEASES (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Apr. 30, 2015USD ($) | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016 | Dec. 31, 2016vessel | Mar. 31, 2015 | |
Number of vessels leased out index linked time charters | 9 | 10 | 10 | |||||||
Operating Leases, Future Minimum Payments Receivable, Current | $ 43,125,000 | |||||||||
Operating Leases, Future Minimum Payments Due, Next Twelve Months | 34,626,000 | |||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | |||||||||
Time chartered-in period | 10 years | |||||||||
Operating Leases, Number Of Assets Leased to Third Parties | 1 | 1 | ||||||||
Cost of vessels | 1,873,795,000 | $ 1,540,559,000 | $ 915,060,000 | $ 305,581,000 | ||||||
Accumulated depreciation | 114,856,000 | $ 52,354,000 | 62,395,000 | 42,834,000 | ||||||
number of vessels leased out under capital leases to third parties | 13 | 15 | 1 | |||||||
Operating Leases, Future Minimum Payments, Due in Two Years | 37,012,000 | |||||||||
Operating Leases, Future Minimum Payments, Due in Three Years | 35,373,000 | |||||||||
Operating Leases, Future Minimum Payments, Due in Four Years | 35,475,000 | |||||||||
Operating Leases, Future Minimum Payments, Due in Five Years | 35,066,000 | |||||||||
Operating Leases, Future Minimum Payments, Due Thereafter | 169,205,000 | |||||||||
Operating Leases, Future Minimum Payments Due | 346,757,000 | |||||||||
Operating Leases, Future Minimum Payments Receivable, in Two Years | 39,268,000 | |||||||||
Operating Leases, Future Minimum Payments Receivable, in Three Years | 35,405,000 | |||||||||
Operating Leases, Future Minimum Payments Receivable, in Four Years | 23,142,000 | |||||||||
Operating Leases, Future Minimum Payments Receivable, in Five Years | 8,394,000 | |||||||||
Operating Leases, Future Minimum Payments Receivable, Thereafter | 0 | |||||||||
Operating Leases, Future Minimum Payments Receivable | 149,334,000 | |||||||||
Number of vessels under operating lease from third parties | 3 | 1 | ||||||||
Total minimum lease period | 13 | |||||||||
Charter hire expenses | 53,691,000 | $ 30,719,000 | 0 | |||||||
Operating Leases, Rent Expense, Minimum Rentals | 1,200,000 | 200,000 | ||||||||
Operating leases, charterhire expense minimum rentals | 345,500,000 | $ 378,100,000 | ||||||||
Number of long term chartered in vessels acquired on merger | 2 | |||||||||
Number of vessels redelivered | 1 | |||||||||
contingent rental income | 410,000 | 20,000 | $ 0 | |||||||
Vessels leased out,Fixed Rate Time Charter | 6 | 6 | 6 | |||||||
Number of vessels leased out to third party under operating leases | 1 | 0 | ||||||||
Vessels leased to third parties [Member] | ||||||||||
Cost of vessels | 771,100,000 | $ 639,100,000 | ||||||||
Accumulated depreciation | 58,200,000 | $ 26,700,000 | ||||||||
Ship Finance International Ltd [Member] | ||||||||||
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 | 8 | 8 | |||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | |||||||||
Daily Time Charter Rate, Period 1 | $ 17,600 | $ 17,600 | ||||||||
Charter Term, Contractual, Period 1 | 7 years | 7 years | ||||||||
Daily Time Charter Rate, Period 2, Adjusted | $ 25 | |||||||||
Time Charter Daily Rates | $ 14,900 | $ 14,900 | $ 14,900 | |||||||
Charter Term, Contractual, Period 2 | 3 years | 3 years | ||||||||
Daily Operating Expenses Rate | $ 7,000 | |||||||||
Purchase option net of sellers credit | 112,000,000 | $ 112,000,000 | ||||||||
Charter Term, Contractual | 10 years | 10 years | 10 years | |||||||
Charter term, Extension | 3 years | 3 years | 3 years | |||||||
Daily Time Charter Rate, Extension | $ 14,900 | $ 14,900 | ||||||||
Charter hire expenses | $ 5,200,000 | 0 | ||||||||
Minimum [Member] | ||||||||||
Time charter period for vessels leased out | 1 year | |||||||||
Maximum [Member] | ||||||||||
Time charter period for vessels leased out | 10 years | |||||||||
Charter hire expenses [Member] | ||||||||||
Charter hire expenses | $ 54,365,000 | 32,118,000 | 0 | |||||||
Amortization of unfavorable charter party contracts [Member] | ||||||||||
Charter hire expenses | $ (674,000) | $ (1,399,000) | $ 0 |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Equity Securities, Current | $ 14,615 | $ 0 | ||
Available for sale securities, equity securities acquired | 0 | 5,779 | ||
Available-for-sale Securities, Sold at Par | (328) | 0 | ||
Available for sale securities, equity securities purchased | 0 | 32,159 | ||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | 7,763 | 23,323 | ||
Available-for-sale Securities, Equity Securities, Current | 6,524 | 14,615 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 10,050 | 23,323 | 0 | |
Member 2 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Equity Securities, Current | 13,100 | 0 | ||
Available-for-sale Securities, Sold at Par | (300) | |||
Available for sale securities, equity securities purchased | 32,200 | |||
Available-for-sale Securities, Gross Unrealized Gain (Loss) | (6,300) | |||
Available-for-sale Securities, Equity Securities, Current | 6,500 | 13,100 | 0 | |
Cash proceeds from sale of marketable securities | 100 | |||
Gain (loss) on sale of marketable securities | (200) | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | 8,500 | 19,100 | ||
Member 1 [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities, Equity Securities, Current | 1,500 | 0 | ||
Available for sale securities, equity securities acquired | $ 5,700 | |||
Available-for-sale Securities, Equity Securities, Current | 0 | 1,500 | $ 0 | |
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 1,500 | $ 4,200 |
TRADE ACCOUNTS RECEIVABLE, NE79
TRADE ACCOUNTS RECEIVABLE, NET (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012vessel | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Allowance for doubtful accounts balance | $ 7,946 | $ 7,434 | $ 9,317 | |||||
Additions charged to income | 199 | 512 | ||||||
Deductions credited to income | (7,193) | (1,883) | ||||||
Allowance for doubtful accounts balance | $ 7,434 | 952 | 7,946 | $ 7,434 | ||||
Bad debt write off | 7,000 | |||||||
VLCC Mayfair [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Allowance for doubtful accounts balance | 400 | |||||||
Proceeds from Legal Settlements | 1,700 | |||||||
VLCC Camden [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Proceeds from Legal Settlements | 700 | |||||||
VLCC Mayfair and VLCC Camden [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Allowance for doubtful accounts balance | 7,400 | |||||||
Allowance for doubtful accounts balance | $ 7,400 | |||||||
Number of vessels disposed of | vessel | 2 | |||||||
Proceeds from Legal Settlements | $ 2,400 | |||||||
Golden Zhejiang [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Proceeds from Legal Settlements | $ 3,100 | $ 3,300 | $ 3,200 | $ 9,700 | ||||
Time Charter Revenue [Member] | Golden Zhejiang [Member] | ||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||||||||
Proceeds from Legal Settlements | $ 1,900 |
OTHER RECEIVABLES (Details)
OTHER RECEIVABLES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Other Receivables [Abstract] | |||
Agent receivables | $ 2,070 | $ 2,496 | |
Advances | 486 | 282 | |
Claims receivables | 420 | 927 | |
Other receivables | 8,011 | 11,287 | |
Other Receivables, Net, Current | $ 10,987 | 14,992 | |
Allowance for Doubtful Other Receivables, Current | $ 0 | $ 0 |
VALUE OF CHARTER PARTY CONTRA81
VALUE OF CHARTER PARTY CONTRACTS (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | |
Increase (Decrease) In Favorable Charter Party Contracts [Roll Forward] | ||||||
Opening balance | $ 103,376,000 | $ 0 | ||||
Acquired as a result of the Merger | 0 | 127,090,000 | ||||
Amortization charge | 27,277,000 | 23,714,000 | $ 0 | |||
Total | 76,099,000 | 103,376,000 | 0 | |||
Less: current portion | $ (22,413,000) | $ (28,829,000) | $ (30,417,000) | |||
Non current portion | 53,686,000 | 74,547,000 | 96,673,000 | |||
Favorable Charter Party Contracts, 2017 | 22,413,000 | |||||
Favorable Charter Party Contracts, 2018 | 18,732,000 | |||||
Favorable Charter Party Contracts, 2019 | 18,732,000 | |||||
Favorable Charter Party Contracts, 2020 | 12,148,000 | |||||
Favorable Charter Party Contracts, 2021 | 4,074,000 | |||||
Favorable Charter Party Contracts, Thereafter | 0 | |||||
Favorable Charter Party Contracts, Total | 103,376,000 | 0 | 0 | 76,099,000 | 103,376,000 | |
Increase (Decrease) In Unfavorable Charter Party Contracts [Roll Forward] | ||||||
Opening balance | 6,144,000 | 0 | ||||
Acquired as a result of the Merger | 0 | 7,543,000 | ||||
Amortization charge | 674,000 | 1,399,000 | 0 | |||
Total | 5,470,000 | 6,144,000 | 0 | |||
Less: current portion | (672,000) | (674,000) | (1,567,000) | |||
Non current portion | 4,798,000 | 5,470,000 | $ 5,976,000 | |||
Unfavorable Charter Party Contracts, 2017 | 672,000 | |||||
Unfavorable Charter Party Contracts, 2018 | 672,000 | |||||
Unfavorable Charter Party Contracts, 2019 | 672,000 | |||||
Unfavorable Charter Party Contracts, 2020 | 674,000 | |||||
Unfavorable Charter Party Contracts, 2021 | 672,000 | |||||
Unfavorable Charter Party Contracts, Thereafter | 2,108,000 | |||||
Unfavorable Charter Party Contracts, Total | $ 6,144,000 | $ 0 | $ 0 | $ 5,470,000 | $ 6,144,000 |
VESSELS (Details)
VESSELS (Details) | Mar. 31, 2015USD ($)company$ / sharesshares | Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Nov. 30, 2015USD ($) | Aug. 31, 2015USD ($) | May 31, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014USD ($)company$ / sharesshares | May 31, 2014vessel | Apr. 30, 2014USD ($)companyvessel$ / sharesshares | Oct. 31, 2014company | Mar. 31, 2016USD ($) | Sep. 30, 2015 | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / shares | Sep. 30, 2014vessel$ / shares | Sep. 30, 2014vessel$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2012vessel |
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Cost, beginning of period | $ 1,540,559,000 | $ 1,540,559,000 | $ 915,060,000 | $ 1,540,559,000 | $ 915,060,000 | $ 305,581,000 | |||||||||||||||||||
Purchase of vessels | 194,000 | 24,000 | 24,085,000 | ||||||||||||||||||||||
Disposals of vessels | (92,351,000) | (382,855,000) | |||||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | 38,874,000 | ||||||||||||||||||||||||
Transfer from newbuildings | 425,393,000 | 574,523,000 | 546,520,000 | ||||||||||||||||||||||
Vessels acquired upon the merger with the Former Golden Ocean | $ 632,997,000 | $ 632,997,000 | 632,997,000 | ||||||||||||||||||||||
Impairment losses on vessels and equipment | (985,000) | (152,597,000) | 0 | ||||||||||||||||||||||
Balance, end of period | 1,873,795,000 | 1,540,559,000 | 915,060,000 | ||||||||||||||||||||||
Accumulated depreciation beginning balance | (52,354,000) | (52,354,000) | (62,395,000) | (52,354,000) | (62,395,000) | (42,834,000) | |||||||||||||||||||
Disposals depreciation | (3,391,000) | ||||||||||||||||||||||||
Depreciation | (62,502,000) | (51,578,000) | (19,561,000) | ||||||||||||||||||||||
Accumulated depreciation ending balance | (114,856,000) | (52,354,000) | (62,395,000) | ||||||||||||||||||||||
Net book value, beginning balance | 1,488,205,000 | $ 632,997,000 | $ 1,488,205,000 | $ 632,997,000 | 852,665,000 | 1,488,205,000 | 852,665,000 | 262,747,000 | |||||||||||||||||
Net book value, ending balance | $ 632,997,000 | $ 632,997,000 | $ 632,997,000 | 1,758,939,000 | 1,488,205,000 | 852,665,000 | |||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | ||||||||||||||||||||||||
Cash paid to acquire SPCs | 194,000 | $ 24,000 | $ 24,085,000 | ||||||||||||||||||||||
Number of Capesize newbuildings delivered | 5 | 2 | |||||||||||||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||||||||||||||
Number of vessels acquired upon the merger | (29) | (29) | (29) | ||||||||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||||||||||||||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 3,600,000 | ||||||||||||||||||||||||
Number of vessels sold | vessel | 3 | ||||||||||||||||||||||||
Repayments of Debt | 4,200,000 | 22,219,000 | 244,338,000 | ||||||||||||||||||||||
(Gain) loss on sale of assets and amortization of deferred gains | (300,000) | 10,788,000 | $ 0 | ||||||||||||||||||||||
Karpasia [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,900,000 | ||||||||||||||||||||||||
Cash paid to acquire SPCs | 24,000,000 | ||||||||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 127,100,000 | $ 356,800,000 | $ 194,400,000 | ||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | |||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of shares issued as consideration | shares | 3,100,000 | ||||||||||||||||||||||||
Common Stock [Member] | Karpasia [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of shares issued as consideration | shares | 620,000 | ||||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ 62.70 | ||||||||||||||||||||||||
Common Stock [Member] | Frontline 2012 [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | ||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ 20.5 | $ 20.5 | $ 57.55 | $ 62.70 | $ 20.5 | $ 57.55 | $ 57.55 | ||||||||||||||||||
Front Mediterranean [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
(Gain) loss on sale of assets and amortization of deferred gains | $ 0 | ||||||||||||||||||||||||
Front Caribbean [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Transfer from newbuildings | $ 46,100,000 | ||||||||||||||||||||||||
(Gain) loss on sale of assets and amortization of deferred gains | (68,000) | ||||||||||||||||||||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Impairment losses on vessels and equipment | (199,200,000) | ||||||||||||||||||||||||
Tangible asset impairment charges, accumulated deprecation | 58,228,000 | ||||||||||||||||||||||||
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 | $ (141,000,000) | ||||||||||||||||||||||||
Channel Alliance and Channel Navigator [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels sold | 2 | ||||||||||||||||||||||||
Proceeds from sale of vessels | 16,800,000 | ||||||||||||||||||||||||
Repayments of Debt | $ 14,300,000 | ||||||||||||||||||||||||
KSL Atlantic [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
(Gain) loss on sale of assets and amortization of deferred gains | $ (2,200,000) | (2,200,000) | |||||||||||||||||||||||
KSL Baltic [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
(Gain) loss on sale of assets and amortization of deferred gains | $ (100,000) | $ (100,000) | $ (100,000) | ||||||||||||||||||||||
Golden Fulham [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Transfer from newbuildings | $ 52,900,000 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
Front Mediterranean [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Transfer from newbuildings | 46,200,000 | ||||||||||||||||||||||||
Proceeds from sale of vessels | $ 46,300,000 | $ 46,200,000 | |||||||||||||||||||||||
Golden Taurus [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of newbuildings delivered | 1 | ||||||||||||||||||||||||
Golden Leo [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Transfer from newbuildings | $ 26,000,000 | ||||||||||||||||||||||||
Golden Barnet, Golden Bexley, Golden Scape and Golden Swift [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Transfer from newbuildings | $ 254,100,000 | ||||||||||||||||||||||||
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 | $ 34,000,000 | ||||||||||||||||||||||||
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 | 8 | 8 | ||||||||||||||||||||||
Sale Leaseback Transaction, Historical Cost | $ 272,000,000 | ||||||||||||||||||||||||
Purchase option, Vessels | $ 112,000,000 | $ 112,000,000 | |||||||||||||||||||||||
Charter Term, Contractual | 10 years | 10 years | 10 years | ||||||||||||||||||||||
Charter term, Extension | 3 years | 3 years | 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 | ||||||||||||||||||||||||
Newcastlemax Vessels [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels at year end | 2 | ||||||||||||||||||||||||
Capesize Vessels [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels at year end | 20 | 17 | |||||||||||||||||||||||
Wholly owned vessels [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Depreciation | $ (62,502,000) | ||||||||||||||||||||||||
Kamsarmax Vessel [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels at year end | 8 | 8 | |||||||||||||||||||||||
Panamax Vessels [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels at year end | 10 | 10 | |||||||||||||||||||||||
Supramax Vessels [Member] | |||||||||||||||||||||||||
Vessels and equipment [Roll Forward] | |||||||||||||||||||||||||
Number of vessels at year end | 6 | 5 |
VESSELS UNDER CAPITAL LEASES,83
VESSELS UNDER CAPITAL LEASES, NET (Details) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2015 | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Capital Leased Assets [Roll Forward] | |||||
Vessel under capital leases | $ 0 | $ 8,354,000 | $ 0 | ||
Vessels acquired upon the merger with the Former Golden Ocean | 632,997,000 | ||||
Disposals | (3,473,000) | ||||
Provision for uncollectible receivables | (985,000) | (152,597,000) | $ 0 | ||
Vessel under capital leases | 14,029,000 | 2,956,000 | $ 8,354,000 | 0 | |
Capital Leases, Future Minimum Payments Due, 2016 | 5,944,000 | ||||
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 | 1,791,000 | ||||
Capital Leases, Future Minimum Payments Due, 2020 | 0 | ||||
Capital Leases, Future Minimum Payments Due Thereafter | 0 | ||||
Minimum lease payments | 19,623,000 | ||||
Less: imputed interest | (2,092,000) | ||||
Present value of obligations under capital leases | $ 17,531,000 | ||||
Number of vessels under capital lease | 8 | 1 | 2 | ||
Gain (loss) on sale of assets and amortization of deferred gains | $ 300,000 | $ (10,788,000) | $ 0 | ||
Golden Lydernhorn [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Provision for uncollectible receivables | (985,000) | (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 | 1 | ||||
Golden Lydernhorn and Golden Eclipse [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Purchase option net of sellers credit, 2017 | 38,000,000 | ||||
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 | (940,000) | (1,150,000) | |||
Golden Lyderhorn [Member] | |||||
Capital Leased Assets [Roll Forward] | |||||
Put option on vessels | $ 9,500,000 | ||||
Proceeds from sale of vessels | $ 3,500,000 | ||||
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 | 4 years | 5 years |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) | Nov. 23, 2015USD ($) | Mar. 31, 2015USD ($)company$ / sharesshares | Oct. 31, 2016USD ($) | Aug. 31, 2016USD ($) | May 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | 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 ($)dwtcompanyvesselshares | Oct. 31, 2014company | Dec. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2014vessel$ / shares | Sep. 30, 2014vessel$ / shares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 15, 2014$ / shares | Apr. 30, 2014$ / shares | Apr. 30, 2014t |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of Newbuilding Contracts | 10 | 10 | |||||||||||||||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | ||||||||||||||||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,874,000 | ||||||||||||||||||||||||||
Cash acquired upon purchase of SPC's | $ 0 | $ 108,645,000 | 68,560,000 | ||||||||||||||||||||||||
Number of Capesize newbuildings delivered | 5 | 2 | |||||||||||||||||||||||||
Interest Costs Incurred | 360,500,000 | ||||||||||||||||||||||||||
Payments To Acquire Newbuildings | 267,341,000 | $ 518,989,000 | 357,402,000 | ||||||||||||||||||||||||
Accrued expenses not paid | 3,100,000 | ||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ 59,700,000 | ||||||||||||||||||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | 300,000 | (10,788,000) | 0 | ||||||||||||||||||||||||
Provision for uncollectible receivables | 985,000 | $ 152,597,000 | 0 | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||
Pre-delivery installments | 24,600,000 | ||||||||||||||||||||||||||
Other capitalized costs | 3,700,000 | ||||||||||||||||||||||||||
Newbuilding Installments and Supervision Fees | $ 267,300,000 | 517,500,000 | 0 | ||||||||||||||||||||||||
Settlement Of Accrued Liabilities | 2,000,000 | ||||||||||||||||||||||||||
Reimbursement Revenue | 500,000 | ||||||||||||||||||||||||||
KSL Atlantic [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 2,200,000 | 2,200,000 | |||||||||||||||||||||||||
KSL Baltic [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Gain (loss) on sale of assets and amortization of deferred gains | $ 100,000 | 100,000 | $ 100,000 | ||||||||||||||||||||||||
KSL Caribbean and KSL Mediterranean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Cash Reserve Deposit Required and Made | $ 9,400,000 | $ 9,400,000 | |||||||||||||||||||||||||
KSL Baltic, KSL Mediterranean, KSL Caribbean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [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] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of newbuilding expected to be delivered and sold | 4 | 4 | |||||||||||||||||||||||||
KSL Atlantic, KSL Baltic and KSL Caribbean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of newbuildings expected to be chartered in | 3 | ||||||||||||||||||||||||||
KSL Caribbean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of vessels | $ 46,200,000 | ||||||||||||||||||||||||||
Front Caribbean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Payments to acquire newbuildings, agreed extras | $ 33,400,000 | ||||||||||||||||||||||||||
Golden Fulham [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Payments to acquire newbuildings, agreed extras | $ 41,500,000 | ||||||||||||||||||||||||||
Front Mediterranean [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Proceeds from sale of vessels | $ 46,300,000 | $ 46,200,000 | |||||||||||||||||||||||||
Payments to acquire newbuildings, agreed extras | $ 33,500,000 | ||||||||||||||||||||||||||
Golden Taurus, Golden Leo, Golden Libra and Golden Virgo [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of vessels sold, acquired upon the merger with the Former Golden Ocean | 4 | 4 | 4 | ||||||||||||||||||||||||
Golden Leo [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Payments to acquire newbuildings, agreed extras | $ 15,700,000 | ||||||||||||||||||||||||||
Golden Barnet, Golden Bexley, Golden Scape and Golden Swift [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Payments to acquire newbuildings, agreed extras | $ 112,600,000 | ||||||||||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [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] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Noncash or Part Noncash Acquisition, Payables Assumed | $ 404,000,000 | $ 490,000,000 | |||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 3,100,000 | ||||||||||||||||||||||||||
Common Stock [Member] | Frontline 2012 [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 | |||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ (20.5) | $ (20.5) | $ (20.5) | $ (57.55) | $ (62.7) | ||||||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | |||||||||||||||||||||||
Capesize drybulk size range | 180,000 | 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] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | ||||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ (20.5) | $ (20.5) | $ (57.55) | $ (20.5) | $ (57.55) | $ (57.55) | $ (62.70) | ||||||||||||||||||||
Capesize Newbuildings [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of Newbuilding Contracts | 13 | 8 | 8 | 13 | |||||||||||||||||||||||
Newcastlemax Newbuildings [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of Newbuilding Contracts | 2 | 2 | |||||||||||||||||||||||||
Supramax Newbuildings [Member] | |||||||||||||||||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||||||||||||||||
Number of Newbuilding Contracts | 3 | 2 | 2 | 3 |
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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Movement In Newbuilding Balance [Roll Forward] | |||||||||
New building installments balance | $ 338,614 | $ 26,706 | |||||||
Installments and newbuilding supervision fees paid and accrued | 265,083 | $ 508,482 | 356,355 | ||||||
Interest capitalized | 2,258 | 8,979 | 4,179 | ||||||
Transfer from newbuildings | (425,393) | (574,523) | (546,520) | ||||||
Cost of vessels | 1,873,795 | 1,540,559 | 915,060 | $ 305,581 | |||||
Acquisition of Assets, Newbuilding Installments Assumed | $ 12,030 | ||||||||
Newbuilding Contract, Sold | $ (1,900) | (10,800) | |||||||
Impairment losses on vessels and equipment | (985) | (152,597) | 0 | ||||||
New building installments balance | 12,030 | $ 180,562 | 338,614 | ||||||
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 | ||||||||
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) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||
Apr. 30, 2016USD ($)$ / sharesshares | Mar. 31, 2016USD ($) | Feb. 29, 2016 | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Apr. 30, 2016SGD / shares | Feb. 01, 2016 | Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Oct. 07, 2014$ / shares | |
Equity Method Investment [Roll Forward] | |||||||||||||
Beginning balance | $ 6,225 | $ 6,225 | |||||||||||
Share of income / (loss) | (381) | $ (433) | $ 0 | ||||||||||
Impairment loss | (2,142) | (4,600) | 0 | ||||||||||
Ending Balance | 4,224 | 6,225 | |||||||||||
Equity method investments | 6,225 | 6,225 | 6,225 | $ 4,224 | $ 6,225 | $ 11,346 | |||||||
Share price (in SGD per share) | $ / shares | $ 7.85 | ||||||||||||
Gain on purchase | 24 | 0 | 0 | ||||||||||
United Freight Carriers [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||
Equity Method Investment [Roll Forward] | |||||||||||||
Beginning balance | 770 | 770 | 0 | ||||||||||
Acquired as a result of the Merger | 0 | 630 | |||||||||||
Dividends received from associated companies | 0 | 0 | |||||||||||
Share of income / (loss) | (149) | 140 | |||||||||||
Impairment loss | 0 | 0 | |||||||||||
Equity contribution | 0 | ||||||||||||
Ending Balance | 621 | 770 | 0 | ||||||||||
Equity method investments | 770 | 770 | 0 | 0 | $ 621 | $ 770 | |||||||
Golden Opus Inc. [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 50.00% | 50.00% | |||||||||||
Equity Method Investment [Roll Forward] | |||||||||||||
Beginning balance | 4,958 | 4,958 | 0 | ||||||||||
Acquired as a result of the Merger | 0 | 10,379 | |||||||||||
Dividends received from associated companies | 0 | 0 | |||||||||||
Share of income / (loss) | (694) | (821) | |||||||||||
Impairment loss | (2,200) | (2,142) | (4,600) | ||||||||||
Equity contribution | $ 800 | 750 | |||||||||||
Ending Balance | 2,872 | 4,958 | 0 | ||||||||||
Equity method investments | 4,958 | 4,958 | 0 | 0 | $ 2,872 | $ 4,958 | |||||||
Equity Method Investment, Aggregate Cost | 5,300 | 5,300 | 9,600 | ||||||||||
Equity Method Investments | $ 3,100 | 3,100 | $ 5,000 | ||||||||||
Seateam Management Pte Ltd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 22.19% | 21.25% | |||||||||||
Equity Method Investment [Roll Forward] | |||||||||||||
Beginning balance | 497 | 497 | 0 | ||||||||||
Acquired as a result of the Merger | 28 | 337 | |||||||||||
Dividends received from associated companies | (256) | (88) | 0 | ||||||||||
Share of income / (loss) | 462 | 248 | |||||||||||
Impairment loss | 0 | 0 | |||||||||||
Equity contribution | 0 | ||||||||||||
Ending Balance | 731 | 497 | 0 | ||||||||||
Equity method investments | 497 | 497 | $ 0 | 0 | $ 731 | $ 497 | |||||||
Shares acquired | shares | 5,156 | ||||||||||||
Share price (in SGD per share) | SGD / shares | SGD 1 | ||||||||||||
Net asset value (in dollars per share) | $ / shares | $ 5.47 | ||||||||||||
Gain on purchase | $ 0 | ||||||||||||
Capesize Chartering Ltd [Member] | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Equity Method Investment, Ownership Percentage | 25.00% | 20.00% | 20.00% | 20.00% | |||||||||
Equity Method Investment [Roll Forward] | |||||||||||||
Number of joint venture partners | 4 | 5 | |||||||||||
Equity method investments | $ 0 | ||||||||||||
Total [Member] | |||||||||||||
Equity Method Investment [Roll Forward] | |||||||||||||
Beginning balance | 6,225 | 6,225 | $ 0 | ||||||||||
Acquired as a result of the Merger | 28 | 11,346 | |||||||||||
Dividends received from associated companies | (256) | (88) | |||||||||||
Share of income / (loss) | (381) | (433) | |||||||||||
Impairment loss | (2,142) | (4,600) | |||||||||||
Equity contribution | 750 | ||||||||||||
Ending Balance | 4,224 | 6,225 | 0 | ||||||||||
Equity method investments | $ 6,225 | $ 6,225 | $ 0 | $ 0 | $ 4,224 | $ 6,225 |
OTHER LONG TERM ASSETS (Details
OTHER LONG TERM ASSETS (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Apr. 30, 2015 | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Other long term assets [Line Items] | |||||||||
Acquired as a result of the Merger | $ 9,116,000 | $ 4,744,000 | $ 4,744,000 | ||||||
Transfers to current assets | (250,000) | $ 0 | |||||||
Provision for uncollectible receivables | 1,800,000 | 4,729,000 | $ 0 | ||||||
Other long term assets | 9,116,000 | 7,527,000 | 7,527,000 | 4,744,000 | |||||
Deferred tax asset | 343,000 | 343,000 | 0 | ||||||
2,017 | 250,000 | 250,000 | |||||||
2,018 | 500,000 | 500,000 | |||||||
2,019 | 1,500,000 | 1,500,000 | |||||||
2,020 | 0 | 0 | |||||||
2,021 | 0 | 0 | |||||||
Thereafter | 0 | 0 | |||||||
Total | 2,250,000 | 2,250,000 | |||||||
Other long term assets acquired upon the merger, Principal | $ 10,000,000 | $ 3,000,000 | $ 3,000,000 | ||||||
Other long term assets acquired upon the merger, Discount Rate | 7.00% | ||||||||
Other long term assets acquired upon the merger, Interest Rate | 2.00% | 1.00% | 1.00% | ||||||
Interest Income, Other | $ 21,000 | $ 200,000 | 600,000 | ||||||
Charter hire expenses | $ 53,691,000 | 30,719,000 | $ 0 | ||||||
Principal amount [Member] | |||||||||
Other long term assets [Line Items] | |||||||||
Interest Income, Other | 100,000 | 400,000 | |||||||
Principal amount [Member] | |||||||||
Other long term assets [Line Items] | |||||||||
Interest Income, Other | $ 100,000 | 200,000 | |||||||
Other Long Term Assets [Member] | |||||||||
Other long term assets [Line Items] | |||||||||
Accreted interest | $ 357,000 | 56,000 | |||||||
Repayments | (750,000) | 0 | |||||||
Provision for uncollectible receivables | $ 4,729,000 | 1,800,000 | |||||||
Other long term assets | 2,000,000 | 2,000,000 | 4,744,000 | ||||||
Prepaid Charter Hire Expenses [Member] | Ship Finance International Ltd [Member] | |||||||||
Other long term assets [Line Items] | |||||||||
Prepaid charterhire expenses | 5,184,000 | $ 0 | |||||||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Ltd [Member] | |||||||||
Other long term assets [Line Items] | |||||||||
Number of vessels sold and leased back | 8 | 8 | 8 | ||||||
Charter Term, Contractual | 10 years | 10 years | 10 years | ||||||
Daily Time Charter Rate, Period 1 | $ 17,600 | $ 17,600 | |||||||
Charter Term, Contractual, Period 1 | 7 years | 7 years | |||||||
Daily Time Charter Rate, Period 2 | $ 14,900 | $ 14,900 | $ 14,900 | ||||||
Charter Term, Contractual, Period 2 | 3 years | 3 years | |||||||
Daily Time Charter Rate, Portion Attributable To Operating Expenses | $ 7,000 | ||||||||
Purchase option net of sellers credit | $ 112,000,000 | 112,000,000 | $ 112,000,000 | ||||||
Charter term, Extension | 3 years | 3 years | 3 years | ||||||
Daily Time Charter Rate, Extension | $ 14,900 | $ 14,900 | |||||||
Charter hire expenses | $ 5,200,000 | $ 0 |
DEBT 1 (Details)
DEBT 1 (Details) shares in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel$ / shares | May 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel$ / shares | Mar. 31, 2015USD ($)$ / shares | Nov. 30, 2015 | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)vessel$ / sharesshares | Dec. 31, 2013USD ($) | Feb. 29, 2016USD ($) | Sep. 30, 2015 | Jan. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||||||||||||
Vessels and equipment, net | $ 1,488,205,000 | $ 1,488,205,000 | $ 632,997,000 | $ 1,758,939,000 | $ 1,488,205,000 | $ 262,747,000 | $ 852,665,000 | |||||||||
Minimum value covenant | 100.00% | |||||||||||||||
Repayments of Debt | $ 4,200,000 | 22,219,000 | 244,338,000 | |||||||||||||
Number of facilities in breach of covenants | 2 | |||||||||||||||
Long-term Debt | $ 391,717,000 | |||||||||||||||
Debt Issuance Costs, Net | $ (5,797,000) | $ (5,797,000) | $ (5,350,000) | $ (5,797,000) | ||||||||||||
Number of vessels serving as security | 40 | 40 | 45 | 40 | ||||||||||||
Restricted cash | $ 48,521,000 | $ 48,521,000 | $ 53,797,000 | $ 48,521,000 | ||||||||||||
Less: current portion | (20,380,000) | (20,380,000) | 0 | (20,380,000) | ||||||||||||
Long-term debt | 908,116,000 | 908,116,000 | 1,058,418,000 | $ 908,116,000 | ||||||||||||
Number of Capesize newbuildings delivered | 5 | 2 | ||||||||||||||
Number of Vessels Acquired | 2 | |||||||||||||||
Sellers Credit, Percentage of Sale Price | 30.00% | |||||||||||||||
Debt instrument commitment fee | 898,000 | |||||||||||||||
Deferred charges | $ 5,797,000 | $ 5,797,000 | $ 5,350,000 | $ 5,797,000 | 3,534,000 | |||||||||||
Debt, Weighted Average Interest Rate | 2.30% | 2.30% | 2.37% | 2.30% | ||||||||||||
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 $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 | $ 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% | ||||||||||||||
Repayments of Debt | $ 2,300,000 | $ 300,000 | ||||||||||||||
Long-term Debt | $ 26,885,000 | $ 26,885,000 | 166,742,000 | 26,885,000 | ||||||||||||
Loan drawdowns | 142,200,000 | 27,200,000 | ||||||||||||||
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 | 33,930,000 | ||||||||||||
Long-term Debt assumed upon the Merger | 30,500,000 | |||||||||||||||
Number of vessels financed | vessel | 2 | |||||||||||||||
Repayments of Debt | 600,000 | $ 1,700,000 | ||||||||||||||
Debt Instrument, Periodic Payment | 600,000 | |||||||||||||||
Long-term Debt | 28,841,000 | 28,841,000 | 28,275,000 | 28,841,000 | ||||||||||||
Loan drawdowns | 0 | 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 | $ 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 | 3,200,000 | $ 20,200,000 | |||||||||||||
Repayment Of Debt To Comply With Minimum Value Covenant | 2,000,000 | |||||||||||||||
Debt Instrument, Periodic Payment | 1,200,000 | |||||||||||||||
Long-term Debt | 47,597,000 | 47,597,000 | 44,367,000 | 47,597,000 | ||||||||||||
Loan drawdowns | 0 | 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 | $ 284,000,000 | 284,000,000 | |||||||||||
Long-term Debt assumed upon the Merger | 260,500,000 | |||||||||||||||
Number of vessels financed | 19 | |||||||||||||||
Repayments of Debt | $ 4,000,000 | $ 11,700,000 | ||||||||||||||
Debt Instrument, Periodic Payment | 4,000,000 | |||||||||||||||
Long-term Debt | 262,541,000 | 262,541,000 | 258,538,000 | 262,541,000 | ||||||||||||
Loan drawdowns | 0 | 13,800,000 | ||||||||||||||
Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 420,000,000 | 420,000,000 | 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 | $ 2,200,000 | 7,300,000 | $ 17,600,000 | |||||||||||||
Debt Instrument, Periodic Payment | 5,200,000 | |||||||||||||||
Long-term Debt | 395,875,000 | 395,875,000 | 388,545,000 | 395,875,000 | ||||||||||||
Loan drawdowns | $ 0 | 175,000,000 | ||||||||||||||
$425M Term Loan Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 425,000,000 | |||||||||||||||
Debt instrument commitment fee | 3,825,000 | |||||||||||||||
Loans Payable [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt | 34,100,000 | 34,100,000 | $ 34,100,000 | |||||||||||||
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% | 3.07% | ||||||||||||||
Long-term Debt | $ 167,815,000 | $ 167,815,000 | $ 177,300,000 | 167,815,000 | 0 | |||||||||||
Loan drawdowns | $ 0 | $ 0 | ||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 99.65 | $ 99.65 | $ 99.65 | $ 88.15 | $ 99.65 | |||||||||||
Purchase price adjustment | $ 38,800,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | 1 | |||||||||||||||
Amortization of purchase price adjustment | $ 9,485,000 | $ 6,615,000 | ||||||||||||||
Debt Instrument, Convertible, Terms of Conversion Feature | 90.00% | |||||||||||||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,269 | 2,007 | ||||||||||||||
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 | $ 4,748,000 | $ 0 | ||||||||||||||
Long-term Debt | $ 4,739,000 | $ 4,739,000 | 0 | 4,739,000 | 0 | |||||||||||
Loan drawdowns | 0 | 0 | ||||||||||||||
Purchase price adjustment | 300,000 | |||||||||||||||
Amortization of purchase price adjustment | 9,000 | 228,000 | ||||||||||||||
Long-term Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt assumed upon the Merger | $ 592,313,000 | |||||||||||||||
Long-term Debt | 928,496,000 | 928,496,000 | 1,058,418,000 | 928,496,000 | $ 359,966,000 | |||||||||||
Loan drawdowns | 142,200,000 | 215,975,000 | ||||||||||||||
Amortization of purchase price adjustment | $ 9,494,000 | 6,843,000 | ||||||||||||||
$175M Term Loan Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 175,000,000 | $ 175,000,000 | $ 175,000,000 | |||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $33.93 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 2 | 2 | 2 | 2 | ||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $82.5 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 4 | 4 | 4 | 4 | ||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 4 | 4 | 4 | 4 | ||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $425 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 1 | 1 | 6 | 1 | ||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 2 | 2 | 2 | 2 | ||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 14 | 14 | 14 | 14 | ||||||||||||
Supramax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 5 | 5 | 5 | 5 | ||||||||||||
Kamsarmax Vessel [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of vessels serving as security | 8 | 8 | 8 | 8 | ||||||||||||
Capesize Newbuildings [Member] | Term Loan Facility of $425 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Capesize newbuildings delivered | 5 | 1 | ||||||||||||||
Capesize Newbuildings [Member] | Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Capesize newbuildings delivered | 6 |
DEBT 2 (Details)
DEBT 2 (Details) | Aug. 01, 2016 | Mar. 31, 2016USD ($) | Feb. 29, 2016USD ($) | Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | May 31, 2015USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Mar. 31, 2015USD ($) | Nov. 30, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)vessel | Dec. 31, 2014USD ($) | Sep. 30, 2015 | Jan. 31, 2015USD ($) | Mar. 31, 2014USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||
Long-term Debt, Excluding Current Maturities | $ 908,116,000 | $ 908,116,000 | $ 1,058,418,000 | $ 908,116,000 | ||||||||||||
Reverse stock split | 0.2 | |||||||||||||||
Percentage of debt guaranteed for joint venture | 50.00% | 50.00% | 50.00% | 50.00% | ||||||||||||
Minimum value covenant | 100.00% | |||||||||||||||
Minimum value increase, option one | 125.00% | |||||||||||||||
Minimum value increase, option two | 135.00% | |||||||||||||||
Repayment deferral period | 4.25% | |||||||||||||||
Free Projected Cash Anticipated, Loan Amendment | $ 25,000,000 | |||||||||||||||
Proceeds from Issuance of Debt | $ 391,717,000 | |||||||||||||||
Repayments deferred | 40,500,000 | |||||||||||||||
Deferred charges | $ (5,797,000) | $ (5,797,000) | $ (5,350,000) | $ (5,797,000) | $ (3,534,000) | |||||||||||
Number of Vessels Pledge as Collateral | 40 | 40 | 45 | 40 | ||||||||||||
Repayments of Debt | $ (4,200,000) | $ (22,219,000) | $ (244,338,000) | |||||||||||||
Number Of Capesize Newbuildings Delivered | 5 | 2 | ||||||||||||||
Debt instrument commitment fee | (898,000) | |||||||||||||||
Amortization of Debt Issuance Costs | 1,345,000 | $ 1,562,000 | 685,000 | |||||||||||||
Deferred finance costs fully amortised | 2,000,000 | |||||||||||||||
Number Of Facilities In Breach Of Covenants | 2 | |||||||||||||||
Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | |||||||||||||||
Debt Instrument, Payment Term | 20 years | |||||||||||||||
Debt instrument, face amount | $ 420,000,000 | $ 420,000,000 | $ 420,000,000 | 420,000,000 | $ 420,000,000 | |||||||||||
Number of Tranches, Value 1 | 14 | |||||||||||||||
Proceeds from Issuance of Debt | 395,875,000 | 395,875,000 | 388,545,000 | $ 395,875,000 | ||||||||||||
Repayments deferred | 15,500,000 | |||||||||||||||
Number of vessels financed | 14 | |||||||||||||||
Debt Instrument, Periodic Payment | 5,200,000 | |||||||||||||||
Repayments of Debt | $ (2,200,000) | $ (7,300,000) | $ (17,600,000) | |||||||||||||
Loan drawdowns | 0 | 175,000,000 | ||||||||||||||
Term Loan Facility of $425 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Value Per Tranche, Value 2 | 32,500,000 | |||||||||||||||
Debt Instrument, Value Per Tranche, Value 1 | $ 30,000,000 | |||||||||||||||
Number of Tranches, Value 2 | 2 | |||||||||||||||
Debt instrument, face amount | 425,000,000 | $ 425,000,000 | $ 425,000,000 | 425,000,000 | $ 425,000,000 | $ 425,000,000 | ||||||||||
Number of Tranches, Value 1 | 12 | |||||||||||||||
Expected Proceeds From Issuance Of Debt | 25 | |||||||||||||||
Minimum value covenant | 70.00% | 70.00% | 70.00% | 55.00% | ||||||||||||
Proceeds from Issuance of Debt | $ 26,885,000 | $ 26,885,000 | 166,742,000 | $ 26,885,000 | ||||||||||||
Term loan facility, amount available, undrawn | 200,000,000 | |||||||||||||||
Repayments deferred | 7,600,000 | |||||||||||||||
Number of vessels financed | 14 | |||||||||||||||
Repayments of Debt | (2,300,000) | $ (300,000) | ||||||||||||||
Loan drawdowns | 142,200,000 | 27,200,000 | ||||||||||||||
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 | 886,468,000 | 761,739,000 | 363,500,000 | |||||||||||
Long-term Debt assumed upon the Merger | $ 426,602,000 | |||||||||||||||
Repayments of Debt | (17,471,000) | (244,338,000) | ||||||||||||||
Loan drawdowns | 142,200,000 | 215,975,000 | ||||||||||||||
Amortization of purchase price adjustment | 0 | $ 0 | ||||||||||||||
Convertible Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Convertible, Redemption percentage | 90.00% | |||||||||||||||
Debt Instrument, Payment Term | 5 years | |||||||||||||||
Debt instrument, face amount | 200,000,000 | $ 200,000,000 | ||||||||||||||
Proceeds from Issuance of Debt | 167,815,000 | 167,815,000 | 177,300,000 | $ 167,815,000 | 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 | 9,485,000 | 6,615,000 | ||||||||||||||
Long-term Debt [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Proceeds from Issuance of Debt | 928,496,000 | 928,496,000 | 1,058,418,000 | 928,496,000 | 359,966,000 | |||||||||||
Long-term Debt assumed upon the Merger | 592,313,000 | |||||||||||||||
Loan drawdowns | 142,200,000 | 215,975,000 | ||||||||||||||
Amortization of purchase price adjustment | 9,494,000 | 6,843,000 | ||||||||||||||
$425M Term Loan Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | 425,000,000 | |||||||||||||||
Debt instrument commitment fee | (3,825,000) | |||||||||||||||
Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | 284,000,000 | 284,000,000 | 284,000,000 | 284,000,000 | 284,000,000 | |||||||||||
Proceeds from Issuance of Debt | 262,541,000 | 262,541,000 | 258,538,000 | $ 262,541,000 | ||||||||||||
Repayments deferred | 12,000,000 | |||||||||||||||
Long-term Debt assumed upon the Merger | 260,500,000 | |||||||||||||||
Number of vessels financed | 19 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 4,000,000 | |||||||||||||||
Repayments of Debt | $ (4,000,000) | (11,700,000) | ||||||||||||||
Loan drawdowns | 0 | 13,800,000 | ||||||||||||||
Other Debt Obligations [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 4,800,000 | |||||||||||||||
Proceeds from Issuance of Debt | 4,739,000 | 4,739,000 | 0 | 4,739,000 | $ 0 | |||||||||||
Long-term Debt assumed upon the Merger | 4,511,000 | |||||||||||||||
Repayments of Debt | (4,748,000) | 0 | ||||||||||||||
Loan drawdowns | 0 | 0 | ||||||||||||||
Amortization of purchase price adjustment | 9,000 | 228,000 | ||||||||||||||
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 | 33,930,000 | ||||||||||||
Proceeds from Issuance of Debt | 28,841,000 | 28,841,000 | 28,275,000 | $ 28,841,000 | ||||||||||||
Repayments deferred | 1,700,000 | |||||||||||||||
Long-term Debt assumed upon the Merger | 30,500,000 | |||||||||||||||
Number of vessels financed | vessel | 2 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 600,000 | |||||||||||||||
Repayments of Debt | (600,000) | (1,700,000) | ||||||||||||||
Loan drawdowns | 0 | 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 | 82,500,000 | 82,500,000 | |||||||||||
Proceeds from Issuance of Debt | 47,597,000 | 47,597,000 | 44,367,000 | $ 47,597,000 | ||||||||||||
Repayments deferred | 3,700,000 | |||||||||||||||
Long-term Debt assumed upon the Merger | 67,800,000 | |||||||||||||||
Number of vessels financed | 6 | |||||||||||||||
Debt Instrument, Periodic Payment | $ 1,200,000 | |||||||||||||||
Repayments of Debt | $ (17,700,000) | $ (3,200,000) | (20,200,000) | |||||||||||||
Loan drawdowns | $ 0 | 0 | ||||||||||||||
$175M Term Loan Facility [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | 175,000,000 | 175,000,000 | 175,000,000 | |||||||||||||
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 $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) | |||||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 4 | 4 | 4 | 4 | ||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $33.93 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 2 | 2 | 2 | 2 | ||||||||||||
Panamax Vessels [Member] | Term Loan Facility of $82.5 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 4 | 4 | 4 | 4 | ||||||||||||
Capesize Newbuildings [Member] | Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Capesize Newbuildings Delivered | 6 | |||||||||||||||
Capesize Newbuildings [Member] | Term Loan Facility of $425 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number Of Capesize Newbuildings Delivered | 5 | 1 | ||||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $420 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 14 | 14 | 14 | 14 | ||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $425 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 1 | 1 | 6 | 1 | ||||||||||||
Capesize Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 2 | 2 | 2 | 2 | ||||||||||||
Supramax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Number of Vessels Pledge as Collateral | 5 | 5 | 5 | 5 | ||||||||||||
Golden Opus Inc. [Member] | Senior Secured Term Loan Facility Of $22 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt instrument, face amount | $ 22,000,000 | |||||||||||||||
Percentage of debt guaranteed for joint venture | 50.00% | |||||||||||||||
Term Loan Facility of $33.93 Million [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt margin | 2.75% |
DEBT DEBT 3 (Details)
DEBT DEBT 3 (Details) shares in Thousands | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Nov. 30, 2015 | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)vesselshares | Dec. 31, 2013USD ($) | Dec. 31, 2014USD ($) | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ||||||||
Sellers Credit, Percentage of Sale Price | 30.00% | |||||||
Debt, Weighted Average Interest Rate | 2.30% | 2.37% | 2.30% | |||||
Long-term Debt | $ 391,717,000 | |||||||
Long-term Debt, Current Maturities | $ 20,380,000 | $ 0 | $ 20,380,000 | |||||
Debt Issuance Costs, Net | 5,797,000 | 5,350,000 | 5,797,000 | |||||
Long-term Debt, Excluding Current Maturities | $ 908,116,000 | $ 1,058,418,000 | $ 908,116,000 | |||||
Number of vessels serving as security | 40 | 45 | 40 | |||||
Vessels and equipment, net | $ 1,488,205,000 | 632,997,000 | $ 1,758,939,000 | $ 1,488,205,000 | $ 262,747,000 | $ 852,665,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Total | 1,086,468,000 | |||||||
Restricted Cash | 48,521,000 | 53,797,000 | 48,521,000 | |||||
Long-term Debt | 1,063,768,000 | |||||||
Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 34,100,000 | 34,100,000 | ||||||
Long-term Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 928,496,000 | 1,058,418,000 | 928,496,000 | 359,966,000 | ||||
Long-term Debt, Maturities, Repayments of Principal in Next Twelve Months | 0 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 84,290,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 485,092,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | (374,168,000) | |||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 142,918,000 | |||||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 0 | |||||||
Term Loan Facility of $33.93 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 28,841,000 | $ 28,275,000 | $ 28,841,000 | |||||
Number of vessels financed | vessel | 2 | |||||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 22,600,000 | $ 22,600,000 | ||||||
Convertible Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase price adjustment | 38,800,000 | |||||||
Debt Instrument, Repurchased Face Amount | 1 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.07% | 3.07% | ||||||
Long-term Debt | 167,815,000 | $ 177,300,000 | $ 167,815,000 | 0 | ||||
Debt Conversion, Converted Instrument, Shares Issued | shares | 2,269 | 2,007 | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ (22,700,000) | |||||||
Term Loan Facility of $82.5 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayment Of Debt To Comply With Minimum Value Covenant | $ 2,000,000 | |||||||
Long-term Debt | 47,597,000 | 44,367,000 | $ 47,597,000 | |||||
Number of vessels financed | 6 | |||||||
Term Loan Facility of $284 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term Debt | 262,541,000 | 258,538,000 | $ 262,541,000 | |||||
Number of vessels financed | 19 | |||||||
Other Debt Obligations [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase price adjustment | $ 300,000 | |||||||
Long-term Debt | $ 4,739,000 | $ 0 | $ 4,739,000 | $ 0 | ||||
Kamsarmax Vessel [Member] | Term Loan Facility of $284 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels serving as security | 8 | 8 | 8 | |||||
Panamax Vessels [Member] | Term Loan Facility of $33.93 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels serving as security | 2 | 2 | 2 | |||||
Panamax Vessels [Member] | Term Loan Facility of $82.5 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels serving as security | 4 | 4 | 4 | |||||
Panamax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels serving as security | 4 | 4 | 4 | |||||
Supramax Vessels [Member] | Term Loan Facility of $284 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of vessels serving as security | 5 | 5 | 5 | |||||
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 $201 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.75%) | |||||||
Term Loan Facility of $420 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.50%) | |||||||
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 $82.5 Million [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | (2.75%) | |||||||
Collateral Pledged [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Vessels and equipment, net | $ 1,733,165,000 |
ACCRUED EXPENSES (Details)
ACCRUED EXPENSES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Voyage expenses | $ 3,467 | $ 3,229 |
Ship operating expenses | 6,424 | 6,496 |
Administrative expenses | 935 | 1,207 |
Tax expenses | 12 | 189 |
Interest expenses | 7,029 | 6,757 |
Accrued expenses | $ 17,867 | $ 17,878 |
Other current liabilities (Deta
Other current liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Deferred Revenue | $ 10,509 | $ 4,120 | |
Sale Leaseback Transaction, Deferred Gain, Gross | 3,600 | ||
Unfavorable Charter Party Contracts, Current | 672 | 674 | $ 1,567 |
Other Sundry Liabilities, Current | 3,178 | 8,862 | |
Other Liabilities, Current | 14,617 | 13,993 | $ 28,180 |
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 258 | $ 337 |
DERIVATIVE INSTRUMENTS PAYABL93
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 | |
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | $ 1,594 | $ 1,641 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,990 | 5,400 | ||
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 | 3,363 | (2,429) | $ 0 | |
Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 92 | 0 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 0 | 3,338 | ||
Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 213 | 183 | ||
Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Asset, at Fair Value | 1,502 | 1,641 | ||
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value | 1,777 | 1,879 | ||
Loss On Derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 675 | 6,939 | 0 | |
Loss On Derivatives [Member] | Forward Freight Agreements [Member] | Forward Freight Agreements [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | (42) | 606 | 0 | |
Loss On Derivatives [Member] | Bunker derivatives [Member] | Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 1,518 | 1,853 | 0 | |
Loss On Derivatives [Member] | Bunker derivatives [Member] | Bunker derivatives [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | (2,676) | 1,776 | 0 | |
Loss On Derivatives [Member] | Currency Swap [Member] | Currency Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 30 | 183 | 0 | |
Loss On Derivatives [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | 1,807 | 2,127 | 0 | |
Loss On Derivatives [Member] | Interest Rate Swap [Member] | Interest Rate Swap [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Loss on Derivative | $ 38 | $ 394 | $ 0 |
OTHER LONG TERM LIABILITIES (De
OTHER LONG TERM LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
Schedule of Other Long Term Liabilities [Line Items] | |||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 3,600 | ||
Other Sundry Liabilities, Noncurrent | $ 5,468 | 5,647 | |
Other long term liabilities | 8,212 | 8,540 | $ 434 |
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 | $ 2,744 | $ 2,893 |
SHARE CAPITAL (Details)
SHARE CAPITAL (Details) NOK / shares in Units, $ / shares in Units, NOK in Millions | Oct. 24, 2016$ / sharesshares | Aug. 01, 2016shares | Mar. 31, 2015USD ($)companyshares | Feb. 29, 2016USD ($)shares | Feb. 29, 2016NOKNOK / sharesshares | Mar. 31, 2015USD ($)companyshares | Sep. 30, 2014company$ / sharesshares | Apr. 30, 2014company$ / sharesshares | Feb. 28, 2014shares | Dec. 31, 2016shares | Mar. 31, 2016USD ($)shares | Sep. 30, 2015USD ($) | Mar. 31, 2015shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 23, 2016USD ($)$ / sharesshares | Sep. 22, 2016USD ($)$ / sharesshares | Aug. 01, 2016USD ($)$ / sharesshares | Feb. 22, 2016USD ($)$ / sharesshares | Feb. 21, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 18, 2015USD ($)$ / sharesshares | Sep. 17, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Sep. 15, 2014$ / shares | Dec. 31, 2013USD ($)shares |
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Balance at beginning of year (in shares) | 529,728,928 | 34,535,128 | 34,535,128 | ||||||||||||||||||||||||||
Number of shares issued as consideration | 6,200,000 | ||||||||||||||||||||||||||||
Shares issued (in shares) | 68,700,000 | 68,700,000 | |||||||||||||||||||||||||||
Balance at end of year (in shares) | 105,945,238 | 22,246,336 | 22,246,336 | 105,965,192 | 22,246,336 | 105,965,192 | 34,535,128 | ||||||||||||||||||||||
Common stock, value, authorized | $ | $ 7,500,000 | $ 6,000,000 | $ 6,000,000 | $ 6,000,000 | $ 5,000,000 | $ 5,000,000 | $ 2,000,000 | ||||||||||||||||||||||
Common stock, shares, authorized | 150,000,000 | 120,000,000 | 120,000,000 | 600,000,000 | 500,000,000 | 500,000,000 | 200,000,000 | ||||||||||||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | $ 1,238,719,000 | $ 1,158,649,000 | $ 884,273,000 | ||||||||||||||||||||||||||
Entity Common Stock, Shares Outstanding | 105,965,192 | ||||||||||||||||||||||||||||
Number of SPCs acquired | 12 | 13 | |||||||||||||||||||||||||||
Reverse stock split | 0.2 | ||||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ | $ 59,700,000 | ||||||||||||||||||||||||||||
Net proceeds from share issuance | $ | $ 205,400,000 | $ 205,355,000 | $ 0 | $ 0 | |||||||||||||||||||||||||
Proceeds From Issuance Of Private Placement, Gross | $ | 208,000,000 | ||||||||||||||||||||||||||||
Payments of Stock Issuance Costs | $ | $ 2,600,000 | ||||||||||||||||||||||||||||
Common stock shares outstanding (in shares) | 105,945,238 | 22,246,336 | 22,246,336 | 105,965,192 | 34,535,128 | 22,246,336 | 34,535,128 | 34,535,128 | 105,965,192 | 105,945,238 | 34,535,128 | 22,246,336 | |||||||||||||||||
Equity Incentive Plan 2010 [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 19,954 | ||||||||||||||||||||||||||||
Common Stock $0.05 Par Value [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Common stock, shares, authorized | 150,000,000 | ||||||||||||||||||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | ||||||||||||||||||||||||||||
Common Stock, Par or Stated Value | $ | $ 7,500,000 | $ 0 | |||||||||||||||||||||||||||
Common Stock $0.01 Par Value [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Common stock, shares, authorized | 500,000,000 | ||||||||||||||||||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.01 | ||||||||||||||||||||||||||||
Common Stock, Par or Stated Value | $ | 0 | $ 5,000,000 | |||||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Number of shares issued as consideration | 3,100,000 | ||||||||||||||||||||||||||||
cancellation | (548) | (11,298) | 0 | ||||||||||||||||||||||||||
Common Stock [Member] | Equity Incentive Plan 2010 [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
settlement of RSUs | 22,025.6 | ||||||||||||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Number of SPCs acquired | company | 12 | 12 | 13 | 5 | |||||||||||||||||||||||||
Value of cash acquired under common control transaction | $ | $ 108,600,000 | ||||||||||||||||||||||||||||
Number of SPC | 12 | ||||||||||||||||||||||||||||
Proceeds from Contributed Capital | $ | $ 59,700,000 | ||||||||||||||||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Number of shares issued as consideration | 6,200,000 | 6,200,000 | 3,100,000 | ||||||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ (57.55) | $ (62.70) | $ (20.5) | ||||||||||||||||||||||||||
Merger with former Golden Ocean [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Business Combination, Number of Shares Issued | 12,300,090 | ||||||||||||||||||||||||||||
Management [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
settlement of RSUs | 19,954 | ||||||||||||||||||||||||||||
Frontline 2012 [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Number of SPCs acquired | company | 12 | 13 | 5 | ||||||||||||||||||||||||||
Frontline 2012 [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Number of shares issued as consideration | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 | |||||||||||||||||||||||||
Share price (in USD per share) | $ / shares | $ (62.7) | $ (20.5) | $ (57.55) | ||||||||||||||||||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
merger with the Former Golden Ocean | 12,300,090 | ||||||||||||||||||||||||||||
Business Combination, Number of Shares Canceled | 10,390 | ||||||||||||||||||||||||||||
Former Golden Ocean [Member] | Merger with former Golden Ocean [Member] | Fractional shares [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Business Combination, Number of Shares Canceled | 908 | ||||||||||||||||||||||||||||
Additional Paid in Capital [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | 201,864,000 | 0 | $ 772,863,000 | $ 183,535,000 | |||||||||||||||||||||||||
Transfer to contributed surplus | $ | $ 1,207,448,000 | $ 0 | $ 1,207,448,000 | $ 0 | |||||||||||||||||||||||||
Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Balance at beginning of year (in shares) | 34,535,128 | 16,024,310 | 34,535,128 | 16,024,310 | 6,094,412.2 | ||||||||||||||||||||||||
Shares issued (in shares) | 71,430,612 | 18,522,116 | 9,929,897.8 | ||||||||||||||||||||||||||
Balance at end of year (in shares) | 105,965,192 | 105,965,192 | 34,535,128 | 16,024,310 | |||||||||||||||||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ | $ 5,299,000 | $ 1,727,000 | $ 801,000 | $ 305,000 | |||||||||||||||||||||||||
Common stock shares outstanding (in shares) | 105,965,192 | 34,535,128 | 16,024,310 | 34,535,128 | 16,024,310 | 6,094,412.2 | 105,965,192 | 34,535,128 | 16,024,310 | 6,094,412.2 | |||||||||||||||||||
Private Placement [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 68,736,800 | ||||||||||||||||||||||||||||
cancellation | (548) | (11,298) | |||||||||||||||||||||||||||
Private Placement [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 68,736,800 | 68,736,800 | |||||||||||||||||||||||||||
Share price (in USD per share) | NOK / shares | NOK (25) | ||||||||||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 200,000,000 | NOK 1,700 | |||||||||||||||||||||||||||
Share Trading Restriction Period | 6 months | 6 months | |||||||||||||||||||||||||||
Subsequent Offering [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 2,673,858 | ||||||||||||||||||||||||||||
Subsequent Offering [Member] | Common Stock [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Shares issued (in shares) | 2,673,858 | 2,673,858 | |||||||||||||||||||||||||||
Share price (in USD per share) | NOK / shares | NOK (25) | ||||||||||||||||||||||||||||
Sale Of Stock, Consideration Receivable Threshold On Transaction | $ 20,000,000 | NOK 171.8 | |||||||||||||||||||||||||||
Proceeds from (Repurchase of) Equity | $ 7,800,000 | NOK 66.8 | |||||||||||||||||||||||||||
Sale Of Stock, Number Of Shares Authorized | 6,873,680 | 6,873,680 | |||||||||||||||||||||||||||
Scenario, Previously Reported [Member] | |||||||||||||||||||||||||||||
Increase (decrease) in Equity [Roll Forward] | |||||||||||||||||||||||||||||
Common stock, value, authorized | $ | $ 6,000,000 | ||||||||||||||||||||||||||||
Common stock, shares, authorized | 600,000,000 | ||||||||||||||||||||||||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | $ 0.01 |
RESTRICTED STOCK UNITS (Details
RESTRICTED STOCK UNITS (Details) | Oct. 24, 2016$ / sharesshares | Aug. 01, 2016shares | Feb. 28, 2014USD ($)shares | Jan. 31, 2014companyshares | Jan. 31, 2013 | Sep. 30, 2010 | Mar. 31, 2016USD ($)shares | Dec. 31, 2015shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015USD ($)company$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2016$ / sharesshares | Sep. 23, 2016$ / shares | Sep. 22, 2016$ / shares | Aug. 31, 2016shares | Aug. 01, 2016$ / sharesshares | Feb. 22, 2016$ / shares | Feb. 21, 2016$ / shares | Dec. 31, 2015$ / sharesshares | Sep. 18, 2015$ / shares | Sep. 17, 2015$ / shares | Dec. 31, 2014$ / sharesshares | Dec. 31, 2013$ / sharesshares | Sep. 27, 2010shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Common shares reserved | 160,000 | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSUs fair values | $ / shares | $ 5.35 | $ 22.65 | $ 45.95 | |||||||||||||||||||||
RSUs fair value granted | $ / shares | $ 21.50 | $ 47.40 | ||||||||||||||||||||||
RSUs fair value settled | $ / shares | $ 3.64 | $ 22.20 | $ 46.60 | |||||||||||||||||||||
Shares issued | 22,026 | |||||||||||||||||||||||
Reverse stock split | 0.2 | |||||||||||||||||||||||
Value of shares paid | $ | $ 464,630 | |||||||||||||||||||||||
RSU share settlement (Percent) | 50.00% | |||||||||||||||||||||||
RSU cash settlement (Percent) | 50.00% | |||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||
Share-based payment award, award vesting period | 1/3 | |||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Vesting rate | 33.33% | 33.33% | 33.33% | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSUs granted | 11,022 | 9,841 | ||||||||||||||||||||||
Shares issued | 9,898 | |||||||||||||||||||||||
Number Of Management Companies That Received Award | company | 2 | 2 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | ||||||||||||||||||||||
Restricted Stock Units Granted to Directors [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU outstanding, beginning balance | 17,632 | 11,744 | 11,744 | 14,916 | 17,632 | |||||||||||||||||||
RSU settled | 11,744 | 8,092 | 8,227 | |||||||||||||||||||||
RSUs granted | 4,920 | 5,511 | ||||||||||||||||||||||
RSU outstanding, ending balance | 11,744 | 0 | 11,744 | 14,916 | ||||||||||||||||||||
RSU outstanding, ending balance | 17,632 | 11,744 | 11,744 | 11,744 | 14,916 | 17,632 | 0 | 11,744 | 14,916 | 17,632 | ||||||||||||||
Restricted Stock Units Granted to Management Companies [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU outstanding, beginning balance | 17,632 | 11,744 | 11,744 | 14,916 | 17,632 | |||||||||||||||||||
RSU settled | 0 | 8,093 | 8,227 | |||||||||||||||||||||
RSUs granted | 4,921 | 5,511 | ||||||||||||||||||||||
RSU outstanding, ending balance | 11,744 | 0 | 11,744 | 14,916 | ||||||||||||||||||||
RSU outstanding, ending balance | 17,632 | 11,744 | 11,744 | 11,744 | 14,916 | 17,632 | 0 | 11,744 | 14,916 | 17,632 | ||||||||||||||
Restricted Stock Units Granted Total [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU outstanding, beginning balance | 35,263 | 23,488 | 23,488 | 29,832 | 35,263 | |||||||||||||||||||
RSU settled | 11,744 | 16,185 | 16,454 | |||||||||||||||||||||
RSUs granted | 9,841 | 11,022 | ||||||||||||||||||||||
RSU outstanding, ending balance | 117,440 | 23,488 | 0 | 23,488 | 29,832 | |||||||||||||||||||
RSU outstanding, ending balance | 117,440 | 35,263 | 23,488 | 23,488 | 23,488 | 29,832 | 35,263 | 0 | 23,488 | 117,440 | 23,488 | 29,832 | 35,263 | |||||||||||
Restricted Stock Units Forfeited by Directors [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU settled | 0 | |||||||||||||||||||||||
Restricted Stock Units Forfeited by Management Companies [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU settled | 11,744 | |||||||||||||||||||||||
Restricted Stock Units Forfeited Total [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
RSU settled | 11,744 | |||||||||||||||||||||||
Restricted Stock Units Expense [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||
Restricted stock unit (income) expense | $ | $ 0 | $ 0 | $ 200,000 | |||||||||||||||||||||
Equity Incentive Plan 2010 [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 19,954 |
SHARE OPTIONS - Narrative (Deta
SHARE OPTIONS - Narrative (Details) | Nov. 10, 2016$ / sharesshares | Aug. 01, 2016 | Nov. 30, 2016 | Mar. 31, 2015shares | Sep. 30, 2010 | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common shares reserved for issuance (in shares) | 112,880 | 113,000 | ||||||
Vesting period | 3 years | |||||||
Expected volatility | 71.00% | |||||||
Expected dividends | $ | $ 0 | |||||||
Risk-free rate | 1.55% | |||||||
Expected term of share options | 5 years | |||||||
Share based compensation cost | $ | $ 80,531 | $ 0 | $ 0 | |||||
Compensation costs not yet recognized | $ | $ 1,600,000 | $ 0 | ||||||
Weighted average recognition period | 2 years 10 months 10 days | 0 years | ||||||
Number of options outstanding (in shares) | 821,000 | 84,000 | 0 | |||||
Reverse stock split | 0.2 | |||||||
2016 Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Common shares reserved for issuance (in shares) | 700,000 | |||||||
Number of options outstanding (in shares) | 700,000 | |||||||
2016 Scheme | Share options | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Term of scheme | 10 years | |||||||
Term of share options | 5 years | |||||||
Vesting period | 3 years | |||||||
2016 Scheme | Share options | Vesting on first anniversary | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
2016 Scheme | Share options | Vesting on second anniversary | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
2016 Scheme | Share options | Vesting on third anniversary | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Vesting rate | 33.33% | |||||||
Share options | Senior management | 2016 Scheme | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of share options approved for issuance to senior management (in shares) | 700,000 | |||||||
Exercise price (in dollars per share) | $ / shares | $ 4.20 |
SHARE OPTIONS - Summary of Numb
SHARE OPTIONS - Summary of Number of Share Options Outstanding (Details) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015shares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015NOK / sharesshares | Dec. 31, 2016NOK / sharesshares | Dec. 31, 2014NOK / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted (in shares) | shares | 112,880 | 113,000 | |||
Number of options, Options outstanding as of December 31, 2016 (in shares) | shares | 821,000 | 84,000 | 84,000 | 0 | |
Weighted Average Exercise Price | |||||
Granted (in dollars per share) | NOK / shares | NOK 144.45 | ||||
Options outstanding as of December 31, 2016 (in dollars per share) | NOK / shares | NOK 144.45 | NOK 0 | |||
2016 Scheme | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of options, Granted (in shares) | shares | 700,000 | ||||
Number of options, Options outstanding as of December 31, 2016 (in shares) | shares | 700,000 | 700,000 | |||
Weighted Average Exercise Price | |||||
Granted (in dollars per share) | $ / shares | $ 4.20 | ||||
Options outstanding as of December 31, 2016 (in dollars per share) | $ / shares | 4.20 | ||||
Weighted Average Grant date Fair Value | |||||
Granted (in dollars per share) | $ / shares | 2.47 | ||||
Options outstanding as of December 31, 2016 (in dollars per share) | $ / shares | $ 2.47 |
SHARE OPTIONS - Summary of Shar
SHARE OPTIONS - Summary of Share Option Transactions (Details) | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2016 | Mar. 31, 2015shares | Sep. 30, 2010 | Dec. 31, 2016$ / sharesNOK / sharesshares | Dec. 31, 2016NOK / sharesshares | Dec. 31, 2015NOK / sharesshares | |
Number of Options | ||||||
Options outstanding at beginning of period (in shares) | 0 | |||||
Former Golden Ocean options (in shares) | 112,880 | 113,000 | ||||
Exercised (in shares) | (1,000) | |||||
Forfeited (in shares) | (19,000) | (19,000) | (9,000) | |||
Options outstanding at end of period (in shares) | 821,000 | 84,000 | 84,000 | |||
Options exercisable as of December 31, 2016 (in shares) | 84,000 | 84,000 | ||||
Weighted Average Exercise Price | ||||||
Options outstanding at beginning of period (in dollars per share) | NOK / shares | NOK 0 | |||||
Former Golden Ocean options (in dollars per share) | NOK / shares | 144.45 | |||||
Exercised (in dollars per share) | NOK / shares | 144.45 | |||||
Forfeited (in dollars per share) | NOK / shares | NOK 144.45 | NOK 144.45 | ||||
Options outstanding at end of period (in dollars per share) | NOK / shares | 144.45 | |||||
Options exercisable as of December 31, 2016 (in dollars per share) | NOK / shares | NOK 144.45 | NOK 144.45 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 1/3 | |||||
Scenario, Previously Reported [Member] | ||||||
Number of Options | ||||||
Options outstanding at beginning of period (in shares) | 103,000 | 103,000 | ||||
Options outstanding at end of period (in shares) | 103,000 | |||||
Weighted Average Exercise Price | ||||||
Options outstanding at beginning of period (in dollars per share) | NOK / shares | NOK 144.45 | |||||
Options outstanding at end of period (in dollars per share) | NOK / shares | NOK 144.45 | |||||
2016 Share Option Scheme [Member] | ||||||
Number of Options | ||||||
Former Golden Ocean options (in shares) | 700,000 | 700,000 | ||||
Options outstanding at end of period (in shares) | 700,000 | 700,000 | ||||
Weighted Average Exercise Price | ||||||
Former Golden Ocean options (in dollars per share) | $ / shares | NOK 4.20 | |||||
Options outstanding at end of period (in dollars per share) | $ / shares | NOK 4.20 | |||||
2016 Share Option Scheme [Member] | Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 5 years | |||||
Weighted Average Exercise Price | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 1/3 | 1/3 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details) | Nov. 23, 2015USD ($) | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($)company$ / sharesshares | Sep. 30, 2014USD ($)companyshares | Apr. 30, 2014USD ($)tcompany$ / sharesshares | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2016USD ($)vessel$ / shares$ / vesselshares | Dec. 31, 2015USD ($)vessel$ / shares$ / vesselshares | Dec. 31, 2014USD ($) | Sep. 15, 2014USD ($)$ / shares | Mar. 31, 2014USD ($) |
Related Party Transaction [Line Items] | |||||||||||||
Newbuilding Contract, Sold | $ 1,900,000 | $ 10,800,000 | |||||||||||
Loss on Sale of Newbuilding Contract | 8,900,000 | ||||||||||||
Number of shares issued as consideration | shares | 6,200,000 | ||||||||||||
Value of share consideration paid in connection with purchase of vessel | $ 38,874,000 | ||||||||||||
Cash paid to acquire SPCs | $ 194,000 | 24,000 | 24,085,000 | ||||||||||
Cash acquired upon purchase of SPC's | 0 | $ 108,645,000 | $ 68,560,000 | ||||||||||
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 | 3,100,000 | ||||||||||||
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 | |||||||||||
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 | |||||||||||
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 | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 | |||||||||
Share price (in USD per share) | $ / shares | $ 20.5 | $ 62.7 | $ 20.5 | $ 57.55 | |||||||||
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 | 620,000 | ||||||||||||
Seatankers Management Co, Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 4,216,000 | $ 159,000 | $ 0 | ||||||||||
Revenue from Related Parties | 957,000 | 310,000 | 0 | ||||||||||
Golden Opus Inc. [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 1,114,000 | 0 | 0 | ||||||||||
ICB Shipping (Bermuda) Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | 579,000 | 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 | $ 115,000 | |||||||||||
Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 0 | ||||||||||||
Profit share percentage | 33.00% | ||||||||||||
Revenue from Related Parties | 795,000 | $ 560,000 | 0 | ||||||||||
3M USD LIBOR Variable rate | 300.00% | ||||||||||||
Base rate | 0.40% | ||||||||||||
Frontline Management (Bermuda) Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 6,521,000 | $ 13,192,000 | 2,962,000 | ||||||||||
Management Fee to be Paid Per Annum | $ / vessel | 31,875 | 33,000 | |||||||||||
Seateam Management Pte Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 2,638,000 | $ 1,932,000 | 562,000 | ||||||||||
Number of Vessels Under Ship Management | 15 | 14 | |||||||||||
The Former Golden Ocean [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | $ 0 | $ 134,000 | 1,034,000 | ||||||||||
United Freight Carriers [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Revenue from Related Parties | 150,000 | 0 | 0 | ||||||||||
Capesize Chartering Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 98,000 | 0 | 0 | ||||||||||
Revenue from Related Parties | 945,000 | $ 0 | $ 0 | ||||||||||
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 | 3 years | |||||||||||
Daily Operating Expenses Rate | $ 7,000 | ||||||||||||
Number of vessels sold and leased back | 8 | 8 | 8 | ||||||||||
Daily Time Charter Rate, Period 1, Adjusted | $ 50 | ||||||||||||
Purchase option, Vessels | 112,000,000 | $ 112,000,000 | |||||||||||
Charter term, Extension | 3 years | 3 years | 3 years | ||||||||||
Charter Term, Contractual | 10 years | 10 years | 10 years | ||||||||||
Daily Time Charter Rate, Period 1 | $ 17,600 | $ 17,600 | |||||||||||
Charter Term, Contractual, Period 1 | 7 years | 7 years | |||||||||||
Daily Time Charter Rate, Period 2, Adjusted | $ 25 | ||||||||||||
Daily Time Charter Rate, Period 2 | $ 14,900 | $ 14,900 | 14,900 | ||||||||||
Daily Time Charter Rate, Extension | $ 14,900 | 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 | $ 25,600,000 | $ 12,100,000 | |||||||||||
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% | 50.00% | |||||||||||
Dry Bulk Carriers [Member] | Seatankers Management Co, Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 21 | 21 | |||||||||||
Commercial management fee revenue per day for managing vessels | $ 125 | $ 125 | |||||||||||
Dry Bulk Carriers [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 14 | 12 | |||||||||||
Commercial management fee revenue per day for first seven dry bulk vessels | $ 125 | ||||||||||||
Number of vessels for which management fee is $125 dollars per day | vessel | 7 | ||||||||||||
Commercial management fee revenue per day for remaining seven dry bulk vessels | $ 75 | ||||||||||||
Number of vessels for which management fee is $75 dollars per day | vessel | 7 | ||||||||||||
Commercial management fee revenue per day for managing vessels | $ 125 | ||||||||||||
Container Carriers [Member] | Ship Finance International Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Number of Vessels Under Commercial Management | 9 | 11 | |||||||||||
Commercial management fee revenue per day for managing vessels | $ 75 | $ 65 | |||||||||||
Frontline 2012 [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Remaining newbuilding installments assumed | $ 490,000,000 | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | $ 200,000,000 | $ 200,000,000 | ||||||||||
Debt Instrument, Convertible, Conversion Price | $ / shares | $ 99.65 | $ 99.65 | $ 88.15 | $ 99.65 | |||||||||
Convertible Debt [Member] | Hemen Holdings Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 93,600,000 | ||||||||||||
Convertible Debt [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 2,268,860 | 2,007,025 | |||||||||||
Convertible Debt [Member] | Hemen Holdings Ltd [Member] | |||||||||||||
Related Party Transaction [Line Items] | |||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | shares | 1,061,826 |
RELATED PARTY TRANSACTIONS Summ
RELATED PARTY TRANSACTIONS Summary of Related Party Transactions (Details) $ / shares in Units, $ in Thousands | Jan. 01, 2017USD ($) | Feb. 29, 2016NOK / sharesshares | Mar. 31, 2015$ / sharesshares | Sep. 30, 2014shares | Apr. 30, 2014$ / sharesshares | Mar. 31, 2015$ / sharesshares | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 15, 2014$ / shares |
Related Party Transaction [Line Items] | ||||||||||
Number of shares issued as consideration | shares | 6,200,000 | |||||||||
Related party receivables | $ 1,927 | $ 8,451 | ||||||||
Related party payables | 1,387 | 4,101 | ||||||||
Private placement share offering, number of new shares | shares | 68,700,000 | |||||||||
Capesize Chartering Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 945 | 0 | $ 0 | |||||||
Related party receivables | 322 | 0 | ||||||||
United Freight Carriers [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 150 | 0 | 0 | |||||||
Related party receivables | 0 | 2 | ||||||||
Seatankers Management Co, Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 957 | 310 | 0 | |||||||
Related party receivables | 77 | 1,139 | ||||||||
Related party payables | 270 | 0 | ||||||||
Golden Opus Inc. [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party receivables | 3 | 2,534 | ||||||||
Related party payables | 73 | 0 | ||||||||
Management [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party receivables | 0 | 285 | ||||||||
Frontline Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party receivables | 1,523 | 4,455 | ||||||||
Related party payables | 1,044 | 176 | ||||||||
Ship Finance International Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Revenue from Related Parties | 795 | $ 560 | $ 0 | |||||||
Variable interest rate level | 0.10% | |||||||||
Related party receivables | 2 | $ 36 | ||||||||
Frontline Management (Bermuda) Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party payables | 0 | 3,924 | ||||||||
Seateam Management Pte Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Related party payables | 0 | 1 | ||||||||
Hemen Holdings Ltd [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Private placement share offering, number of new shares | shares | 31,600,000 | |||||||||
Share price ( in NOK per share) | NOK / shares | NOK 25 | |||||||||
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 | $ 25,600 | $ 12,100 | ||||||||
Common Stock [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares issued as consideration | shares | 3,100,000 | |||||||||
Common Stock [Member] | Frontline 2012 [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Number of shares issued as consideration | shares | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 | ||||||
Share price ( in NOK per share) | $ / shares | $ 20.5 | $ 62.7 | $ 20.5 | $ 57.55 | ||||||
Subsequent Event [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Quarterly fee for management of Sarbanes Oxley compliance | $ 15 |
FINANCIAL ASSETS AND LIABILI102
FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | |
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 | $ 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 LIABILI103
FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 |
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 | 0 | 1 |
FINANCIAL ASSETS AND LIABILI104
FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
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 | 20 | 2 |
Number of bunker derivative instruments entered into by the entity | 15 | 9 |
Number of bunker derivatives at the reporting date | 5 | 10 |
FINANCIAL ASSETS AND LIABILI105
FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Number of foreign currency swap instruments entered into by the entity | 62 | 30 |
Number of foreign currency swaps maturing during the period | 24 | |
Number of foreign currency swap instruments held by the entity as at the reporting date | 62 | 24 |
FINANCIAL ASSETS AND LIABILI106
FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities | ||
Discount rate of expected future cash flows | 7.00% | |
Estimate of Fair Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | $ 212,942 | $ 102,617 |
Restricted cash | 54,112 | 48,872 |
Estimate of Fair Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 886,468 | 761,739 |
Estimate of Fair Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 162,122 | 165,500 |
Estimate of Fair Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 0 | 4,739 |
Reported Value Measurement [Member] | ||
Assets | ||
Cash and cash equivalents | 212,942 | 102,617 |
Restricted cash | 54,112 | 48,872 |
Reported Value Measurement [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 886,468 | 761,739 |
Reported Value Measurement [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 177,300 | 167,815 |
Reported Value Measurement [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 0 | 4,739 |
Fair Value, Measurements, Recurring [Member] | ||
Assets | ||
Cash and cash equivalents | 212,942 | 102,617 |
Restricted cash | 54,112 | 48,872 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets | ||
Cash and cash equivalents | 212,942 | 102,617 |
Restricted cash | 54,112 | 48,872 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Restricted cash | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets | ||
Cash and cash equivalents | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | ||
Liabilities | ||
Long-term debt | 886,468 | 761,739 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 886,468 | 761,739 |
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | ||
Liabilities | ||
Long-term debt | 162,122 | 165,500 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 162,122 | 165,500 |
Fair Value, Measurements, Recurring [Member] | Convertible Debt [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | 0 | |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | ||
Liabilities | ||
Long-term debt | 0 | 4,739 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities | ||
Long-term debt | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Debt Obligations [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities | ||
Long-term debt | $ 0 | $ 4,739 |
FINANCIAL ASSETS AND LIABILI107
FINANCIAL ASSETS AND LIABILITIES - Assets Measured At Fair Value On A Nonrecurring Basis (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
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 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2017USD ($) | Jan. 31, 2017USD ($)newbuilding | Mar. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2015 | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2006 | Dec. 31, 2017 | |
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 | ||||||||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 9,000,000 | $ 9,200,000 | ||||||||
Percentage of debt guaranteed for joint venture | 50.00% | 50.00% | ||||||||
Number of vessels under capital lease | 8 | 1 | 2 | |||||||
Number of Newbuildings on Order | 10 | 18 | ||||||||
Newbuilding commitments | $ 303,200,000 | $ 570,100,000 | ||||||||
Newbuilding installment commitments | 303,200,000 | $ 502,800,000 | ||||||||
Number of Capesize newbuildings delivered | 5 | 2 | ||||||||
Payments To Acquire Newbuildings | $ 267,341,000 | $ 518,989,000 | $ 357,402,000 | |||||||
Newbuilding installment Commitments, Due in Two years | 67,300,000 | |||||||||
Number of Capesize Newbuildings Expected to be Delivered | 16 | |||||||||
Bareboat charter revenues | $ 2,399,000 | 0 | 0 | |||||||
Final arbitration award | 9,800,000 | |||||||||
Scenario, Forecast [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Number of Capesize Newbuildings Expected to be Delivered | 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 | $ 112,000,000 | ||||||||
Charter Term, Contractual | 10 years | 10 years | 10 years | |||||||
Charter term, Extension | 3 years | 3 years | 3 years | |||||||
Daily Time Charter Rate, Period 2 | $ 14,900 | $ 14,900 | $ 14,900 | |||||||
Golden Opus Inc. [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Obligation with Joint and Several Liability Arrangement, Amount Outstanding | $ 17,900,000 | $ 18,300,000 | ||||||||
VLCC Mayfair and VLCC Camden [Member] | Bareboat charter revenue [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Bareboat charter revenues | $ 2,399,000 | |||||||||
Golden Lydernhorn and Golden Eclipse [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | 1 | |||||||||
Subsequent Event [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Newbuilding installment commitments | $ 9,800,000 | |||||||||
Number of Capesize newbuildings delivered | newbuilding | 2 | |||||||||
Number of Supramax newbuildings delivered | newbuilding | 2 | |||||||||
Remaining Capesize newbuildings for which delivery was postponed | newbuilding | 6 | |||||||||
Payments To Acquire Newbuildings | $ 9,800,000 | $ 9,800,000 | ||||||||
Newbuilding Installment Commitments, Due In Second Year | $ 173,900,000 | |||||||||
Number Of Capesize Newbuildings With Postponed Delivery Subject To Final Acceptance | newbuilding | 2 | |||||||||
Subsequent Event [Member] | Scenario, Forecast [Member] | ||||||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||||||||
Newbuilding commitments | $ 183,700,000 |
SUPPLEMENTAL INFORMATION SUP109
SUPPLEMENTAL INFORMATION SUPPLEMENTAL INFORMATION (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Mar. 31, 2015companyshares | Sep. 30, 2014companyshares | Apr. 30, 2014companyshares | Mar. 31, 2015shares | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Supplemental Information Table [Line Items] | |||||||
Number of SPCs acquired | 12 | 13 | |||||
Number of subsidiaries | 1 | 1 | |||||
Number of shares issued as consideration | 6,200,000 | ||||||
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 | 3,100,000 | ||||||
Common Stock [Member] | Frontline 2012 [Member] | |||||||
Supplemental Information Table [Line Items] | |||||||
Number of shares issued as consideration | 6,200,000 | 6,200,000 | 3,100,000 | 6,200,000 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) NOK / shares in Units, $ / shares in Units, NOK in Millions | Mar. 15, 2017USD ($)$ / sharesshares | Mar. 15, 2017NOKshares | Mar. 14, 2017USD ($)vessel$ / sharesshares | Mar. 31, 2017USD ($)vessel | Jan. 31, 2017USD ($)newbuilding | Feb. 29, 2016USD ($)shares | Mar. 31, 2017USD ($)vessel | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013 | Mar. 15, 2017NOK / sharesshares | Oct. 24, 2016$ / shares | Sep. 23, 2016$ / shares | Sep. 22, 2016$ / shares | Aug. 01, 2016$ / sharesshares | Jul. 31, 2016shares | Feb. 22, 2016$ / shares | Feb. 21, 2016$ / shares | Sep. 18, 2015$ / shares | Sep. 17, 2015$ / shares | Mar. 31, 2015shares | Jan. 31, 2015USD ($) | Oct. 07, 2014$ / shares |
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.05 | $ 0.01 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||||
Private placement share offering, number of new shares | shares | 68,700,000 | |||||||||||||||||||||||
Payments To Acquire Newbuildings | $ 267,341,000 | $ 518,989,000 | $ 357,402,000 | |||||||||||||||||||||
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | 29 | |||||||||||||||||||||||
Number of Vessels Acquired | 2 | |||||||||||||||||||||||
Share Price | $ / shares | $ 7.85 | |||||||||||||||||||||||
Common stock shares outstanding (in shares) | shares | 105,965,192 | 34,535,128 | 105,945,238 | 529,728,928 | 22,246,336 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.05 | $ 0.05 | ||||||||||||||||||||||
Number of newbuilding with postponed delivery | newbuilding | 6 | |||||||||||||||||||||||
Number of Newbuildings with postponed delivery subject to final acceptance | newbuilding | 2 | |||||||||||||||||||||||
Payments To Acquire Newbuildings | $ 9,800,000 | $ 9,800,000 | ||||||||||||||||||||||
Number of Newbuildings with Postponed Delivery Not Subject to Final Acceptance | vessel | 4 | 4 | ||||||||||||||||||||||
Common stock shares outstanding (in shares) | shares | 114,572,992 | 132,372,992 | 114,572,992 | |||||||||||||||||||||
$425M Term Loan Facility [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 425,000,000 | |||||||||||||||||||||||
Term Loan Facility of $425 Million [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt instrument, face amount | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | $ 425,000,000 | ||||||||||||||||||||
Golden Surabaya [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Newbuilding installments | $ 34,600,000 | |||||||||||||||||||||||
Golden Surabaya [Member] | $425M Term Loan Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | 25,000,000 | |||||||||||||||||||||||
Golden Savannah [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Newbuilding installments | 34,600,000 | |||||||||||||||||||||||
Golden Savannah [Member] | $425M Term Loan Facility [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Proceeds from Issuance of Debt | 25,000,000 | |||||||||||||||||||||||
Golden Virgo [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Newbuilding installments | 16,000,000 | |||||||||||||||||||||||
Golden Libra [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Newbuilding installments | $ 16,000,000 | |||||||||||||||||||||||
Quintana Acquisition [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | vessel | 14 | |||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interest Issued and Issuable, Shares | shares | 14,500,000 | |||||||||||||||||||||||
Business Combination, Consideration Transferred, Liabilities Incurred | $ 262,700,000 | |||||||||||||||||||||||
Debt Instrument, Down Payment | 17,400,000 | |||||||||||||||||||||||
Debt Instrument, During Waiver Period, Mandatory Debt Repayment | 0 | |||||||||||||||||||||||
Debt Instrument, Cash Sweep Mechanism, Deferred Repayment Amount | 40,500,000 | |||||||||||||||||||||||
Debt Instrument, Periodic Payment | 5,800,000 | |||||||||||||||||||||||
Debt Instrument, Covenant Compliance, During Waiver Period, Minimum Cash Threshold | $ 10,000,000 | |||||||||||||||||||||||
Debt Instrument, Covenant Compliance, During Waiver Period, Minimum Asset Value Percentage | 105.00% | |||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Outside of Waiver Period, Market Adjusted Equity Percentage | 25.00% | |||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Outside Of Waiver Period, Minimum Cash Threshold | $ 10,000,000 | |||||||||||||||||||||||
Seatankers Management Co, Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Business Combination, Consideration Transferred, Equity Interest Issued and Issuable, Shares | shares | 3,300,000 | |||||||||||||||||||||||
Number of Vessels Acquired | vessel | 2 | |||||||||||||||||||||||
Sellers credit, total value | $ 22,500,000 | |||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Quintana Acquisition [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||||||||||||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Seatankers Management Co, Ltd [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||||||||||||||||||||
Minimum [Member] | Quintana Acquisition [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Outside Of Waiver Period, Minimum Asset Value Percentage | 125.00% | |||||||||||||||||||||||
Maximum [Member] | Quintana Acquisition [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Debt Instrument, Covenant Compliance, Outside Of Waiver Period, Minimum Asset Value Percentage | 135.00% | |||||||||||||||||||||||
Equity Offering [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||||||
Private placement share offering, number of new shares | shares | 8,607,800 | 8,607,800 | ||||||||||||||||||||||
Share Price | (per share) | $ 6.97 | NOK 60 | ||||||||||||||||||||||
Foreign Currency Exchange Rate, Translation | 8.6078 | 8.6078 | ||||||||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 60,000,000 | NOK 516.5 |