Document_And_Entity_Informatio
Document And Entity Information | 6 Months Ended |
Jun. 30, 2014 | |
Entity Information [Line Items] | ' |
Entity Registrant Name | 'KNIGHTSBRIDGE SHIPPING LTD |
Entity Central Index Key | '0001029145 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Entity Common Stock, Shares Outstanding | 49,121,550 |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q2 |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Jun-14 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Operating revenues | ' | ' | ' | ' |
Time charter revenues | $6,067 | $5,788 | $15,503 | $12,257 |
Voyage charter revenues | 8,604 | 1,872 | 11,262 | 1,872 |
Other Operating Income | 5,922 | 0 | 13,933 | 0 |
Total operating revenues | 20,593 | 7,660 | 40,698 | 14,129 |
Operating expenses | ' | ' | ' | ' |
Voyage expenses and commission | 5,643 | 1,519 | 7,242 | 1,652 |
Ship operating expenses | 3,315 | 1,859 | 6,357 | 3,832 |
Administrative expenses | 1,095 | 1,345 | 2,479 | 2,415 |
Depreciation | 3,745 | 2,750 | 6,392 | 5,494 |
Total operating expenses | 13,798 | 7,473 | 22,470 | 13,393 |
Net operating income | 6,795 | 187 | 18,228 | 736 |
Other income (expenses) | ' | ' | ' | ' |
Interest income | 5 | 9 | 10 | 29 |
Interest expense | -191 | -708 | -755 | -1,553 |
Other financial items | -141 | -116 | -255 | -266 |
Net other expenses | -327 | -815 | -1,000 | -1,790 |
Net (loss) income from continuing operations | 6,468 | -628 | 17,228 | -1,054 |
Net loss from discontinued operations | -186 | -356 | -228 | -6,868 |
Net (loss) income | $6,282 | ($984) | $17,000 | ($7,922) |
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $0.14 | ($0.03) | $0.46 | ($0.04) |
Per share information: | ' | ' | ' | ' |
(Loss) earnings per share from discontinued operations: basic | ($0.01) | ($0.01) | ($0.01) | ($0.28) |
(Loss) earnings per share: basic | $0.13 | ($0.04) | $0.45 | ($0.32) |
Dividends payable per share | $0.20 | $0.18 | $0.38 | $0.85 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets | ' | ' |
Cash and cash equivalents | $18,130 | $98,250 |
Trade accounts receivable, net | 6,468 | 3,298 |
Other receivables | 931 | 943 |
Inventories | 7,138 | 1,729 |
Voyages in progress | 824 | 0 |
Prepaid expenses and accrued income | 886 | 521 |
Total current assets | 34,377 | 104,741 |
Long term assets | ' | ' |
Restricted cash | 15,000 | 15,000 |
Vessels, net | 527,898 | 262,747 |
Newbuildings beginning balance | 99,047 | 26,706 |
Deferred charges | 3,946 | 664 |
Total assets | 680,268 | 409,858 |
Current liabilities | ' | ' |
Current portion of long-term debt | 2,604 | 0 |
Trade accounts payable | 1,773 | 1,430 |
Accrued expenses | 7,981 | 2,364 |
Deferred charter revenue | 2,500 | 3,623 |
Total current liabilities | 14,858 | 7,417 |
Long-term liabilities | ' | ' |
Long-term debt | 122,396 | 95,000 |
Total liabilities | 137,254 | 102,417 |
Commitments and contingencies | ' | ' |
Equity | ' | ' |
Share capital (49,121,550 shares outstanding, par value $0.01 (2013: 30,472,061)) | 491 | 305 |
Additional paid in capital | 417,079 | 183,535 |
Contributed capital surplus | 125,444 | 131,520 |
Retained deficit | 0 | -7,919 |
Total equity | 543,014 | 307,441 |
Total liabilities and equity | $680,268 | $409,858 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
Equity | ' | ' | ' | ' |
Par value of shares | $0.01 | $0.01 | $0.01 | $0.01 |
Share capital, shares outstanding (in shares) | 49,121,550 | 30,472,061 | 24,472,061 | 24,437,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Cash Flows [Abstract] | ' | ' |
Net cash provided by operating activities | $15,794 | $2,479 |
Investing activities | ' | ' |
Additions to newbuildings | -129,966 | -15,343 |
Purchase of vessel | -24,085 | 0 |
Cash acquired on purchase of SPCs | 43,412 | 0 |
Proceeds from sale of vessels | 0 | 16,852 |
Net cash provided by investing activities | -110,639 | 1,509 |
Financing activities | ' | ' |
Proceeds from (Repayments of) Debt | 30,000 | -16,678 |
Debt fees paid | -118 | 0 |
Distributions to shareholders | -15,157 | -8,566 |
Net cash used in financing activities | 14,725 | -25,244 |
Net (decrease) increase in cash and cash equivalents | -80,120 | -21,256 |
Cash and cash equivalents at start of period | 98,250 | 79,259 |
Cash and cash equivalents at end of period | $18,130 | $58,003 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Share Capital [Member] | Additional Paid in Capital [Member] | Contributed Capital Surplus [Member] | Retained (Deficit) Earnings [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Balance at beginning of period at Dec. 31, 2012 | ' | $244 | $131,766 | $149,700 | ($4,016) |
Balance at beginning of period (in shares) at Dec. 31, 2012 | 24,437,000 | ' | ' | ' | ' |
Increase (decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued (in shares) | 35,061 | ' | ' | ' | ' |
Shares issued | ' | 1 | 0 | ' | ' |
Restricted stock unit expense | ' | ' | 349 | ' | ' |
Distributions to shareholders | ' | ' | ' | -8,566 | 0 |
Net (loss) income | -7,922 | ' | ' | ' | -7,922 |
Balance at end of period at Jun. 30, 2013 | 261,556 | 245 | 132,115 | 141,134 | -11,938 |
Balance at end of period (in shares) at Jun. 30, 2013 | 24,472,061 | ' | ' | ' | ' |
Balance at beginning of period at Dec. 31, 2013 | 307,441 | 305 | 183,535 | 131,520 | -7,919 |
Balance at beginning of period (in shares) at Dec. 31, 2013 | 30,472,061 | ' | ' | ' | ' |
Increase (decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' |
Shares issued (in shares) | 18,649,489 | ' | ' | ' | ' |
Shares issued | ' | 186 | 233,058 | ' | ' |
Restricted stock unit expense | ' | ' | 486 | ' | ' |
Distributions to shareholders | ' | ' | ' | -6,076 | -9,081 |
Net (loss) income | 17,000 | ' | ' | ' | 17,000 |
Balance at end of period at Jun. 30, 2014 | $543,014 | $491 | $417,079 | $125,444 | $0 |
Balance at end of period (in shares) at Jun. 30, 2014 | 49,121,550 | ' | ' | ' | ' |
Interim_Financial_Data_Notes
Interim Financial Data (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Interim Financial Data [Abstract] | ' |
Organization, Consolidation and Presentation of Financial Statements Disclosure | ' |
INTERIM FINANCIAL DATA | |
The unaudited condensed interim financial statements of Knightsbridge Shipping Limited (or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's financial statements, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying unaudited condensed interim financial statements should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2013, filed with the Securities and Exchange Commission on March 6, 2014. The results of operations for the interim period ended June 30, 2014 are not necessarily indicative of the results for the entire year ending December 31, 2014. | |
In April 2014, the Company acquired five special purpose companies ("SPCs") from Frontline 2012 Ltd ("Frontline 2012"), each owning a fuel efficient 180,000 dwt Capesize dry bulk newbuilding and one 2013-built Capesize dry bulk carrier from Karpasia Shipping Inc ("Karpasia"). This transaction has been accounted for as a purchase of assets. Two of the five Capesize newbuildings were delivered to the Company in May 2014 and the remaining three were delivered in June, July and September 2014. The 2013-built Capesize dry bulk carrier was delivered to the Company in April 2014. | |
In April 2014, the Company agreed to acquire 25 SPCs from Frontline 2012, each owning a fuel efficient Capesize dry bulk newbuilding. In September 2014, the Company acquired 13 of these SPCs and one of the Capesize newbuildings has since been delivered to the Company. The Company expects to account for this transaction as a purchase of assets. The Company has agreed to acquire the remaining 12 SPCs in March 2015. | |
In October 2014, the Company changed its name to Knightsbridge Shipping Limited. | |
In October 2014, two of the dry bulk carrier newbuildings purchased from Frontline 2012 in September 2014 were delivered from the yard and commenced trading in the spot market. | |
As of October 30, 2014, the Company owns thirteen Capesize dry bulk carriers of which three are on index-related time charters and ten are operating in the spot market. The Company also has contracts for 14 Capesize newbuildings (including 10 purchased from Frontline 2012 in September 2014) and has agreed to purchase 12 additional Capesize newbuildings from Frontline 2012 in March 2015. |
Summary_of_Significant_Account
Summary of Significant Accounting Polices (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of presentation | |
The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements include the assets and liabilities of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |
The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company Annual Report on Form 20-F for the year ended December 31, 2013. |
Recently_Issued_Accounting_Sta
Recently Issued Accounting Standards (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes and Error Corrections [Abstract] | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | ' |
RECENTLY ISSUED ACCOUNTING STANDARDS | |
ASU 2014-09, Revenue from Contracts with Customers (Topic 606), was issued on May 28, 2014 and provides guidance to any entity that either enters into contracts with customers to transfer goods or services or enters into contracts for the transfer of non-financial assets unless those contracts are within the scope of other standards. The guidance in this Update supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, most industry-specific guidance and some cost guidance included in Subtopic 605-35, Revenue Recognition. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The amendments in this Update are effective for the Company for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently assessing the impact of this guidance on its consolidated financial statements. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
DISCONTINUED OPERATIONS | ' | ||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||
In March 2013, the VLCC Mayfair was sold for net proceeds of $16.9 million. The vessel was delivered to its new owner in April 2013. The Company recorded an impairment loss of $5.3 million in the three months ended March 31, 2013 and a gain on sale of $31,000 in the three months ended June 30, 2013 in connection with this vessel. The impairment loss is equal to the difference between the carrying value and the estimated fair value of the vessel. Amounts recorded in respect of discontinued operations in the three and six months ended June 30, 2014 and June 30, 2013 are as follows; | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands of $) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating revenues | — | — | — | — | |||||||||
Net gain on sale of vessel | — | 31 | — | 31 | |||||||||
Impairment loss on vessel | — | — | — | (5,342 | ) | ||||||||
Net loss | (186 | ) | (356 | ) | (228 | ) | (6,868 | ) |
Earnings_per_Share_Notes
Earnings per Share (Notes) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
EARNINGS PER SHARE | ' | ||||||||||||
EARNINGS PER SHARE | |||||||||||||
The computation of basic earnings per share is based on net income (loss) and the weighted average number of shares outstanding during the period. The restricted stock units ("RSUs") based on the treasury stock method were anti-dilutive for the three and six months ended June 30, 2013 and 176,316 RSUs were excluded from the calculation of the weighted average number of shares outstanding. | |||||||||||||
The components of the numerator for the calculation of basic EPS and diluted EPS for net income (loss) from continuing operations, net loss from discontinued operations and net income (loss) are as follows: | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands of $) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income (loss) from continuing operations | 6,468 | (628 | ) | 17,228 | (1,054 | ) | |||||||
Net loss from discontinued operations | (186 | ) | (356 | ) | (228 | ) | (6,868 | ) | |||||
Net income (loss) | 6,282 | (984 | ) | 17,000 | (7,922 | ) | |||||||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average number of shares outstanding - basic | 44,420 | 24,472 | 37,497 | 24,467 | |||||||||
Impact of restricted stock units | 149 | — | 149 | — | |||||||||
Weighted average number of shares outstanding - diluted | 44,569 | 24,472 | 37,646 | 24,467 | |||||||||
NEWBUILDINGS_Newbuildings_Note
NEWBUILDINGS Newbuildings (Notes) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Property, Plant and Equipment [Abstract] | ' | ||
NEWBUILDINGS | ' | ||
NEWBUILDINGS | |||
The carrying value of newbuildings relates to six (December 31, 2013: four) Capesize dry bulk vessels, which the Company has under construction and represents the accumulated costs which the Company has paid by way of purchase installments and other capitalized expenditures together with capitalized interest. Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 26,706 | ||
Installments and newbuilding supervision fees paid | 280,037 | ||
Interest capitalized | 817 | ||
Transfers to Vessels | (208,513 | ) | |
Balance at June 30, 2014 | 99,047 | ||
In April 2014, the Company acquired five SPCs from Frontline 2012, each owning a fuel efficient 180,000 dwt Capesize dry bulk newbuilding. Two of the five Capesize newbuildings were delivered to the Company in May 2014 and the remaining three were delivered in June, July and September 2014. $151.0 million of the installments and newbuilding supervision fees paid relates to the shares that were issued as consideration for the five SPCs acquired from Frontline 2012 being 15.5 million shares recorded at a price of $12.54 per share less the cash acquired with the SPCs of $43.4 million. |
Vessels_Notes
Vessels (Notes) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Property, Plant and Equipment [Abstract] | ' | ||
VESSELS | ' | ||
VESSELS | |||
Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 262,747 | ||
Purchase of vessel | 63,030 | ||
Transfer from Newbuildings | 208,513 | ||
Depreciation | (6,392 | ) | |
Balance at June 30, 2014 | 527,898 | ||
In April 2014, the Company took delivery of the 2013-built Capesize dry bulk carrier, KSL China, that was purchased from Karpasia. The consideration was settled by the issuance of 3.1 million shares recorded at a price of $12.54 and $24.0 million was paid in cash. | |||
The Company 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. |
Debt_Notes
Debt (Notes) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
DEBT | ' | ||||||
DEBT | |||||||
(in thousands of $) | 2014 | 2013 | |||||
U.S. dollar denominated floating rate debt: | |||||||
$135 Million Loan | 125,000 | 95,000 | |||||
Total debt | 125,000 | 95,000 | |||||
Less: current portion | (2,604 | ) | — | ||||
122,396 | 95,000 | ||||||
The average interest rate for the floating rate debt in the six months ended June 30, 2014 was 2.77% (six months ended June 30, 2013: 2.82%). | |||||||
In May 2014, the repayment profile of the $135.0 million term loan facility was changed from a balloon payment of the full amount in May 2015 to 4 quarterly installments commencing in May 2015, each equal to 1/48 of the outstanding loan amount, and a balloon payment for the remaining balance in May 2016 and $30.0 million was drawn down from this facility to part finance the 2013-built Capesize bulk carrier purchased from Karpasia in April 2014 with a similar repayment profile. The final maturity date for this facility is May 31, 2016. | |||||||
The outstanding debt as of June 30, 2014 is repayable as follows; | |||||||
(in thousands of $) | |||||||
Year ended June 30, | |||||||
2015 | 2,604 | ||||||
2016 | 122,396 | ||||||
2017 | — | ||||||
2018 | — | ||||||
2019 and thereafter | — | ||||||
125,000 | |||||||
In June 2014, the Company entered into a $420.0 million term loan facility divided into fourteen tranches of $30.0 million each to part finance fourteen of the Company's current and future newbuildings. Each tranche is repayable by quarterly installments of $375,000 and all amounts outstanding shall be repaid on the final maturity date, which will be no later than 72 months after the first draw down date or June 2020. The final draw down date must be no later than October 2016. The loan has an interest rate of LIBOR plus a margin. As of June 30, 2014, no amounts had been drawn under this facility. | |||||||
Both of the Company's loan agreements contain a loan-to-value clause, which could require the Company to post collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings decrease below a required level. In addition, the loan agreements contain certain financial covenants including the requirement to maintain a certain level of free cash. Failure to comply with any of these covenants could result in a default, which would permit the lenders to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, the Company might not have sufficient funds or other resources to satisfy its obligations. In addition, none of the Company's 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. The Company was in compliance with all of the financial and other covenants contained in the Company's loan agreements as of June 30, 2014. |
Share_Capital_Notes
Share Capital (Notes) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
SHARE CAPITAL | ' | ||||||
SHARE CAPITAL | |||||||
Authorized share capital: | |||||||
(in thousands of $ except per share amount) | 2014 | 2013 | |||||
200 million common shares of $0.01 each (2013: 50 million shares) | 2,000 | 500 | |||||
In June 2014, a resolution was passed at a special general meeting of the shareholders of the Company to increase the authorized share capital from $500,000 to $2,000,000 divided into common shares of $0.01 par value each. | |||||||
Issued and fully paid share capital: | |||||||
(in thousands of $ except per share amount) | 2014 | 2013 | |||||
49,121,550 common shares of $0.01 par value (2013: 30,472,061 shares) | 491 | 305 | |||||
In February 2014, 49,489 common shares were issued to members of the Board and two management companies in settlement of the first, second and third tranches of RSUs granted in January 2013, December 2011 and December 2010, respectively. | |||||||
In April 2014, 15,500,000 and 3,100,000 common shares were issued to Frontline 2012 and Karpasia, respectively, in connection with the acquisition of five Capesize dry bulk newbuildings and one 2013-built Capesize dry bulk carrier. These shares, and the five newbuildings and dry bulk carrier purchased, were recorded at a price of $12.54 being the closing share price on the date of issuance. |
Restricted_Stock_Units_Notes
Restricted Stock Units (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Restricted Stock Units [Abstract] | ' |
RESTRICTED STOCK UNITS | ' |
RESTRICTED STOCK UNITS | |
On January 6, 2014, the Board of Directors granted a total of 55,111 RSUs pursuant to the 2010 Equity plan to members of the Board and the two management companies. These RSUs will vest over three years at a rate of 1/3 of the number of RSUs granted on each anniversary of the date of grant. | |
In February 2014, the Company issued 49,489 commons shares and paid $464,629 in settlement of the first, second and third tranches of RSUs granted in January 2013, December 2011 and December 2010, respectively. | |
Total RSUs outstanding at June 30, 2014 is 149,160. As of December 31, 2013, total RSUs outstanding were 176,316. |
Financial_Instruments_Notes
Financial Instruments (Notes) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||
FINANCIAL INSTRUMENTS | ' | ||||||||||||
FINANCIAL INSTRUMENTS | |||||||||||||
Foreign currency risk | |||||||||||||
The majority of the Company's transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company's cash flows. | |||||||||||||
Fair values | |||||||||||||
The carrying value and estimated fair value of the Company's financial instruments at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||
(in thousands of $) | Value | Value | Value | Value | |||||||||
Cash and cash equivalents | 18,130 | 18,130 | 98,250 | 98,250 | |||||||||
Restricted cash | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||
Floating rate debt | 125,000 | 125,000 | 95,000 | 95,000 | |||||||||
The carrying value of cash and cash equivalents, and restricted cash, is a reasonable estimate of fair value. | |||||||||||||
The estimated fair value for floating rate long-term debt is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly basis. | |||||||||||||
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 AB, DnB ASA and Nordea Bank Norge ASA. The Company does not require collateral or other security to support financial instruments subject to credit risk. | |||||||||||||
There is a concentration of risk with respect to the Company's newbuilding program to the extent that nine of the newbuildings are under construction at Shanghai Waigaoqiao Shipbuilding Company Limited, China. Four are under construction at Japan Marine United Corporation, Japan, two are under construction at Daehan Shipbuilding Co. Limited, Korea and two are under construction at Bohai Shipbuilding Heavy Industry Company Limited, China. |
Related_Party_Transactions_Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Related Party Transactions [Abstract] | ' |
RELATED PARTY TRANSACTIONS | ' |
RELATED PARTY TRANSACTIONS | |
In April 2014, the Company acquired five special purpose companies ("SPCs") from Frontline 2012, each owning a fuel efficient 180,000 dwt Capesize dry bulk newbuilding and one 2013-built Capesize dry bulk carrier from Karpasia. The consideration was settled by the issuance of 15.5 million shares and 3.1 million shares, which were recorded at a price of $12.54 per share, to Frontline 2012 and Karpasia, respectively, $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. | |
Following this transaction, Frontline 2012 and Karpasia own approximately 32% and 6%, respectively, of the Company. Frontline 2012 agreed to procure the construction supervision of these five newbuildings and the Company paid newbuilding supervision fees of $0.7 million following their acquisition up to June 30, 2014. Frontline Ltd., the parent of the Company's General Manager, is also considered a related party following this transaction as it is an affiliate of Hemen. The Company paid management fees of $0.4 million to the General Manager following the acquisition of these SPCs up to June 30, 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
The General Manager procures insurance on the legal liability risks for the Company's shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company's 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. | |
As of June 30, 2014, the Company was committed to make newbuilding installments of $252.0 million with expected payments of $93.5 million in 2014 and $158.5 million in 2015. | |
In April 2014, the Company agreed to acquire 25 SPCs from Frontline 2012, each owning a fuel efficient Capesize dry bulk newbuilding. In September 2014, the Company acquired 13 of these SPCs and one of these Capesize newbuildings, KSL Santiago, was delivered from the yard on September 22 and commenced trading in the spot market. The final installment of $37.6 million was paid at this time. On October 30, 2014, two of these Capesize newbuildings, KSL San Francisco and KSL Santos, were delivered from the yard and commenced trading in the spot market. The final installments of $36.5 million and $37.6 million, respectively, were paid at this time. The consideration for the 13 SPCs was settled by the issuance of 31.0 million shares and the assumption of newbuilding commitments of $490 million in respect of these newbuilding contracts, net of cash of $25.1 million that was acquired on the purchase of the 13 SPCs. No other working capital balances were acquired. The Company has available, undrawn loan facilities of $180.0 million in respect of these commitments and expects to finance the balance with cash on hand, operating cash flow and bank debt that it intends to arrange. The Company has agreed to acquire the remaining 12 SPCs in March 2015 and issue 31.0 million shares as consideration. The Company expects to assume net newbuilding commitments of $404.0 million in respect of these newbuilding contracts with expected payment of $163.3 million in 2015 and $240.7 million in 2016. The Company has no available loan facilities in respect of these commitments and expects to finance them with cash on hand, operating cash flow and bank debt that it intends to arrange. If further financing is not available when these capital commitments are due, the Company may be unable to meet such obligations and finance its other and future obligations. | |
The Company has claims for unpaid charter hire owed by Titan Petrochemicals Limited with respect to its bareboat charters of the Titan Venus and Mayfair. The Company is also seeking recovery of damages for the remaining periods of these charter contracts. The aggregate amount of these claims is approximately $2.4 million. The Company is unable to predict the outcome of this case at this time. | |
In March 2014 and June 2014, the Company received $9.7 million and $3.2 million, respectively, as partial settlement of claims for unpaid charter hire and damages for Golden Zhejiang. $1.9 million of the amount received in March 2014 was recorded as time charter revenue as it related to unrecognized time charter revenue in respect of services previously rendered. The balance of $7.8 million and the full amount received in June 2014 was recorded as other operating income. These amounts were received in connection with a claim that was lodged jointly with another claimant's claim against the same defendant. The Company received a payment of $3.3 million in October 2014, which the Company expects to recognize as other operating income in the fourth quarter of 2014. The Company expects to receive one further payment of $3.2 million in 2014. No assurance can be provided that this additional settlement amount will be collected and this amount has not yet been recognized as other operating income. | |
In February 2014 and April 2014 , the Company received $0.2 million and $0.1 million as final settlements for unpaid charter hire for Battersea and recored these amounts as other operating income. | |
Except as described above, to the best of the Company's knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on the Company's financial position or profitability and no such proceedings are pending or known to be contemplated. |
Subsequent_Events_Notes
Subsequent Events (Notes) | 6 Months Ended |
Jun. 30, 2014 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
On July 30, 2014, the fourth of the five 180,000 dwt bulk carrier newbuildings purchased from Frontline 2012 in April 2014, KSL Sydney, was delivered from the yard and commenced trading in the spot market. The final installment of $37.6 million was paid at this time. | |
On August 12, 2014, the Board of Directors declared a cash distribution of $0.20 per share. The record date is August 28, 2014 and the cash distribution was paid on September 10, 2014. | |
In April 2014, the Company agreed to acquire 25 SPCs from Frontline 2012, each owning a fuel efficient Capesize dry bulk newbuilding. In September 2014, the Company acquired 13 of these SPCs and one of these Capesize newbuildings, KSL Santiago, was delivered from the yard on September 22 and commenced trading in the spot market. The final installment of $37.6 million was paid at this time. The consideration for the 13 SPCs was settled by the issuance of 31.0 million shares and the assumption of newbuilding commitments of $490 million in respect of these newbuilding contracts, net of cash of $25.1 million that was acquired on the purchase of the 13 SPCs. No other working capital balances were acquired. The Company expects to account for this transaction as a purchase of assets. The Company has agreed to acquire the remaining 12 SPCs in March 2015 and issue 31.0 million shares as consideration and expects to assume net newbuilding commitments of $404.0 million in respect of these newbuilding contracts. | |
On September 22, 2014, the fifth and final of 180,000 dwt bulk carrier newbuildings purchased from Frontline 2012 in April 2014, KSL Salvador, was delivered from the yard and commenced trading in the spot market. The final installment of $37.6 million was paid at this time. | |
On October 7, 2014, the Company and Golden Ocean Group Limited (OSE: GOGL) ("Golden Ocean") entered into an agreement and plan of merger (the "Merger Agreement"), pursuant to which the two companies have agreed to merge, with the Company as the surviving legal entity (the "Combined Company"). The Combined Company will be renamed Golden Ocean Group Limited upon completion of the merger. As a result of the expected merger, the Combined Company is expected to become one of the world's leading dry bulk companies with a modern fleet of 72 vessels, of which 36 are newbuildings under construction. The merger is subject to approval by the shareholders of Golden Ocean and the Company in separate special general meetings expected to be held in December 2014 or January 2015 and the merger is expected to close shortly thereafter. Completion of the merger is also subject to the execution of certain definitive documents, customary closing conditions and regulatory approvals. | |
Shareholders in Golden Ocean at the time the merger is completed will receive shares in the Company as merger consideration. Pursuant to the Merger Agreement, one share in Golden Ocean will give the right to receive 0.13749 shares in the Company, and the Company will issue a total of 61.5 million shares to shareholders in Golden Ocean as merger consideration. | |
If either party terminates the Merger Agreement, and prior to the nine-month anniversary of the date of such termination, enters into a definitive agreement with respect to any acquisition proposal (as defined in the Merger Agreement) which gave rise to such termination, then that party shall pay a termination fee of $10.0 million to the other party. | |
On October 27, 2014, the Company received $3.3 million as partial settlement of claims for unpaid charter hire and damages for Golden Zhejiang. | |
On October 30, 2014, two of the dry bulk carrier newbuildings purchased from Frontline 2012 in September 2014, KSL San Francisco and KSL Santos, were delivered from the yard and commenced trading in the spot market. The final installments of $36.5 million and $37.6 million, respectively, were paid at this time. | |
On November 10, 2014, the Company drewdown $60.0 million from its $420.0 million term loan facility to part finance its newbuilding program. |
Summary_of_Significant_Account1
Summary of Significant Accounting Polices (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of presentation | ' |
Basis of presentation | |
The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements include the assets and liabilities of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. | |
The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company Annual Report on Form 20-F for the year ended December 31, 2013. |
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures | ' | ||||||||||||
Amounts recorded in respect of discontinued operations in the three and six months ended June 30, 2014 and June 30, 2013 are as follows; | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands of $) | 2014 | 2013 | 2014 | 2013 | |||||||||
Operating revenues | — | — | — | — | |||||||||
Net gain on sale of vessel | — | 31 | — | 31 | |||||||||
Impairment loss on vessel | — | — | — | (5,342 | ) | ||||||||
Net loss | (186 | ) | (356 | ) | (228 | ) | (6,868 | ) |
Earnings_per_Share_Tables
Earnings per Share (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Calculation of Numerator in Earnings Per Share | ' | ||||||||||||
The components of the numerator for the calculation of basic EPS and diluted EPS for net income (loss) from continuing operations, net loss from discontinued operations and net income (loss) are as follows: | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands of $) | 2014 | 2013 | 2014 | 2013 | |||||||||
Net income (loss) from continuing operations | 6,468 | (628 | ) | 17,228 | (1,054 | ) | |||||||
Net loss from discontinued operations | (186 | ) | (356 | ) | (228 | ) | (6,868 | ) | |||||
Net income (loss) | 6,282 | (984 | ) | 17,000 | (7,922 | ) | |||||||
Schedule of Calculation of Denominator in Earnings Per Share | ' | ||||||||||||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | |||||||||||||
Three months ended June 30, | Six months ended June 30, | ||||||||||||
(in thousands) | 2014 | 2013 | 2014 | 2013 | |||||||||
Weighted average number of shares outstanding - basic | 44,420 | 24,472 | 37,497 | 24,467 | |||||||||
Impact of restricted stock units | 149 | — | 149 | — | |||||||||
Weighted average number of shares outstanding - diluted | 44,569 | 24,472 | 37,646 | 24,467 | |||||||||
NEWBUILDINGS_Newbuildings_Tabl
NEWBUILDINGS Newbuildings (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Property, Plant and Equipment [Abstract] | ' | ||
Schedule of Newbuildings | ' | ||
Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 26,706 | ||
Installments and newbuilding supervision fees paid | 280,037 | ||
Interest capitalized | 817 | ||
Transfers to Vessels | (208,513 | ) | |
Balance at June 30, 2014 | 99,047 | ||
Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 262,747 | ||
Purchase of vessel | 63,030 | ||
Transfer from Newbuildings | 208,513 | ||
Depreciation | (6,392 | ) | |
Balance at June 30, 2014 | 527,898 | ||
Vessels_Tables
Vessels (Tables) | 6 Months Ended | ||
Jun. 30, 2014 | |||
Property, Plant and Equipment [Abstract] | ' | ||
Schedule of Newbuildings | ' | ||
Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 26,706 | ||
Installments and newbuilding supervision fees paid | 280,037 | ||
Interest capitalized | 817 | ||
Transfers to Vessels | (208,513 | ) | |
Balance at June 30, 2014 | 99,047 | ||
Movements in the six months ended June 30, 2014 maybe summarized as follows; | |||
(in thousands of $) | |||
Balance at December 31, 2013 | 262,747 | ||
Purchase of vessel | 63,030 | ||
Transfer from Newbuildings | 208,513 | ||
Depreciation | (6,392 | ) | |
Balance at June 30, 2014 | 527,898 | ||
DEBT_Debt_Tables
DEBT Debt (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of Long-term Debt Instruments | ' | ||||||
(in thousands of $) | 2014 | 2013 | |||||
U.S. dollar denominated floating rate debt: | |||||||
$135 Million Loan | 125,000 | 95,000 | |||||
Total debt | 125,000 | 95,000 | |||||
Less: current portion | (2,604 | ) | — | ||||
122,396 | 95,000 | ||||||
Schedule of Outstanding Debt | ' | ||||||
The outstanding debt as of June 30, 2014 is repayable as follows; | |||||||
(in thousands of $) | |||||||
Year ended June 30, | |||||||
2015 | 2,604 | ||||||
2016 | 122,396 | ||||||
2017 | — | ||||||
2018 | — | ||||||
2019 and thereafter | — | ||||||
125,000 | |||||||
Share_Capital_Tables
Share Capital (Tables) | 6 Months Ended | ||||||
Jun. 30, 2014 | |||||||
Equity [Abstract] | ' | ||||||
Schedule of Stock by Class | ' | ||||||
Authorized share capital: | |||||||
(in thousands of $ except per share amount) | 2014 | 2013 | |||||
200 million common shares of $0.01 each (2013: 50 million shares) | 2,000 | 500 | |||||
In June 2014, a resolution was passed at a special general meeting of the shareholders of the Company to increase the authorized share capital from $500,000 to $2,000,000 divided into common shares of $0.01 par value each. | |||||||
Issued and fully paid share capital: | |||||||
(in thousands of $ except per share amount) | 2014 | 2013 | |||||
49,121,550 common shares of $0.01 par value (2013: 30,472,061 shares) | 491 | 305 | |||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 6 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping | ' | ||||||||||||
The carrying value and estimated fair value of the Company's financial instruments at June 30, 2014 and December 31, 2013 are as follows: | |||||||||||||
2014 | 2014 | 2013 | 2013 | ||||||||||
Fair | Carrying | Fair | Carrying | ||||||||||
(in thousands of $) | Value | Value | Value | Value | |||||||||
Cash and cash equivalents | 18,130 | 18,130 | 98,250 | 98,250 | |||||||||
Restricted cash | 15,000 | 15,000 | 15,000 | 15,000 | |||||||||
Floating rate debt | 125,000 | 125,000 | 95,000 | 95,000 | |||||||||
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows Narrative (Details) (USD $) | 6 Months Ended | 1 Months Ended | |||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Frontline 2012 [Member] | Karpasia [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | |||
company | vessel | Frontline 2012 [Member] | Karpasia [Member] | Frontline 2012 and Karpasia [Member] | |||
t | |||||||
Noncash or Part Noncash Acquisitions [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs acquired | ' | ' | 5 | ' | ' | ' | ' |
Capesize Drybulk Size Range | ' | ' | 180,000 | ' | ' | ' | ' |
Number of Vessels Acquired | ' | ' | ' | 1 | ' | ' | ' |
Shares issued | ' | ' | ' | ' | 15.5 | 3.1 | 18.6 |
Price per share | ' | ' | ' | ' | $12.54 | $12.54 | $12.54 |
Newbuilding installments assumed | ' | ' | $150,000,000 | ' | ' | ' | ' |
Purchase of vessel | 24,085,000 | 0 | ' | 24,000,000 | ' | ' | ' |
Cash acquired on purchase of SPCs | $43,412,000 | $0 | $43,400,000 | ' | ' | ' | ' |
Interim_Financial_Data_Details
Interim Financial Data (Details) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | |||||
Oct. 30, 2014 | Oct. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2014 | Oct. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Apr. 30, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Karpasia [Member] | |
vessel | vessel | vessel | company | vessel | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | vessel | |
t | vessel | vessel | vessel | company | vessel | vessel | Subsequent Event [Member] | |||||
t | vessel | company | company | |||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs acquired | ' | ' | ' | 5 | ' | ' | ' | 13 | ' | ' | ' | ' |
Capesize Drybulk Size Range | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Vessels Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Capesize Newbuildings Delivered | ' | ' | 2 | ' | 3 | 2 | 2 | 1 | 3 | ' | ' | ' |
Number of Capesize Newbuildings acquired | 14 | ' | ' | 5 | ' | ' | ' | 10 | ' | ' | ' | ' |
Number of SPCs expected to be acquired | ' | ' | ' | 25 | ' | ' | ' | ' | ' | 12 | ' | ' |
Vessels In Fleet | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Time charter vessels | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spot market vessels | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of capesize newbuildings expected to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 12 | ' |
Discontinued_Operations_Detail
Discontinued Operations (Details) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Operating revenues | $0 | $0 | ' | $0 | $0 |
Net loss from discontinued operations | -186,000 | -356,000 | ' | -228,000 | -6,868,000 |
VLCC Mayfair [Member] | ' | ' | ' | ' | ' |
Net gain on sale of vessels | 0 | 31,000 | ' | 0 | 31,000 |
Impairment loss on vessels | 0 | 0 | -5,300,000 | 0 | -5,342,000 |
Proceeds from sale of vessels | ' | ' | $16,900,000 | ' | ' |
Earnings_per_Share_Details
Earnings per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Net income (loss) from continuing operations | $6,468 | ($628) | $17,228 | ($1,054) |
Net loss from discontinued operations | -186 | -356 | -228 | -6,868 |
Net (loss) income | $6,282 | ($984) | $17,000 | ($7,922) |
Weighted average number of shares outstanding - basic | 44,420,000 | 24,472,000 | 37,497,000 | 24,467,000 |
Impact of restricted stock units | 149,000 | 0 | 149,000 | 0 |
Weighted average number of shares outstanding - diluted | 44,569,000 | 24,472,000 | 37,646,000 | 24,467,000 |
Restricted Stock Units excluded from denominator [Member] | ' | ' | ' | ' |
Restricted Stock Units | 149,158 | 176,316 | 149,158 | 176,316 |
Newbuildings_Details
Newbuildings (Details) (Construction in Progress, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Construction in Progress | ' |
Property, Plant and Equipment [Line Items] | ' |
Newbuildings beginning balance | $26,706 |
Installments and newbuilding supervision fees paid | 280,037 |
Interest capitalized | 817 |
Transfers to Vessels | -208,513 |
Newbuildings ending balance | $99,047 |
Newbuildings_2_Details
Newbuildings 2 (Details) (USD $) | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | ||||||
In Thousands, except Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Oct. 30, 2014 | Oct. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Apr. 30, 2014 | Sep. 30, 2014 |
vessel | vessel | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Common Stock [Member] | Common Stock [Member] | ||
vessel | vessel | vessel | vessel | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | |||||
t | company | vessel | vessel | vessel | vessel | Frontline 2012 [Member] | ||||||||
t | company | |||||||||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Newbuildings on Order | 6 | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs acquired | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | 13 | ' | ' | ' |
Capesize Drybulk Size Range | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capesize Newbuildings Delivered | ' | ' | ' | 2 | ' | 3 | ' | ' | 2 | 2 | 1 | 3 | ' | ' |
Number of Capesize Newbuildings acquired | ' | ' | ' | ' | 5 | ' | ' | 14 | ' | ' | 10 | ' | ' | ' |
Installments and newbuilding supervision fees paid | ' | ' | ' | ' | ' | ' | $151,000 | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.5 | 31 |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.54 | ' |
Cash acquired on purchase of SPCs | $43,412 | $0 | ' | ' | $43,400 | ' | ' | ' | ' | ' | $25,100 | ' | ' | ' |
Vessels_Details
Vessels (Details) (Vessel, USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Vessel | ' |
Property, Plant and Equipment [Line Items] | ' |
Vessels, beginning balance | $262,747 |
Purchase of vessel | 63,030 |
Transfer from Newbuildings | 208,513 |
Depreciation | -6,392 |
Vessels, ending balance | $527,898 |
Vessels_2Details
Vessels 2(Details) (USD $) | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | ||||
In Thousands, except Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
Karpasia [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Common Stock [Member] | Common Stock [Member] | |||
vessel | vessel | vessel | Karpasia [Member] | Frontline 2012 [Member] | ||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | 3.1 | 15.5 |
Price per share | ' | ' | ' | ' | ' | ' | $12.54 | $12.54 |
Purchase of vessel | $24,085 | $0 | $24,000 | ' | ' | ' | ' | ' |
Capesize Newbuildings Delivered | ' | ' | ' | 2 | ' | 3 | ' | ' |
Number of Capesize Newbuildings acquired | ' | ' | ' | ' | 5 | ' | ' | ' |
Debt_Details
Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | 31-May-14 | Dec. 31, 2013 | Jun. 30, 2013 | 31-May-16 |
Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | |||
tranch | Payment | ||||||
Payment | |||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt, Weighted Average Interest Rate | ' | ' | 2.77% | ' | ' | 2.82% | ' |
Long-term Debt | $125,000,000 | $95,000,000 | $125,000,000 | ' | $95,000,000 | ' | ' |
Less: current portion | -2,604,000 | 0 | ' | ' | ' | ' | ' |
Long-term debt | 122,396,000 | 95,000,000 | ' | ' | ' | ' | ' |
Term loan facility | ' | ' | 420,000,000 | 135,000,000 | ' | ' | ' |
Number of quarterly installments | ' | ' | ' | 4 | ' | ' | ' |
Outstanding loan amount | ' | ' | ' | ' | ' | ' | '1/48 |
Proceeds from term loan facility | ' | ' | ' | 30,000,000 | ' | ' | ' |
2015 | 2,604,000 | ' | ' | ' | ' | ' | ' |
2016 | 122,396,000 | ' | ' | ' | ' | ' | ' |
2017 | 0 | ' | ' | ' | ' | ' | ' |
2018 | 0 | ' | ' | ' | ' | ' | ' |
2019 and thereafter | 0 | ' | ' | ' | ' | ' | ' |
Number of tranches | ' | ' | 14 | ' | ' | ' | ' |
Tranche quarterly installment | ' | ' | 375,000 | ' | ' | ' | ' |
Value Per Tranche | ' | ' | $30,000,000 | ' | ' | ' | ' |
Debt instrument term | ' | ' | '72 months | ' | ' | ' | ' |
Share_Capital_Details
Share Capital (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Jan. 06, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Apr. 30, 2014 | Apr. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Frontline 2012 [Member] | Karpasia [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
company | management_company | vessel | vessel | Restricted Stock Units (RSUs) [Member] | Frontline 2012 [Member] | Karpasia [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock authorized | $2,000 | $500 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Par value of shares | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' |
Common shares issued | ' | ' | ' | ' | ' | 49,489 | ' | ' | 49,489 | ' | ' |
Number of common shares authorized | 200,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common shares issued | 49,121,550 | 30,472,061 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | $491 | $305 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of management companies | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | 3,100,000 |
Number of Capesize Newbuildings acquired | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Number of Vessels Acquired | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' |
Price per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.54 | $12.54 |
Restricted_Stock_Units_Details
Restricted Stock Units (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 0 Months Ended | 1 Months Ended | ||
Jan. 06, 2014 | Feb. 28, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
company | management_company | |||
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
RSUs granted | 55,111 | ' | ' | ' |
Number of management companies | 2 | 2 | ' | ' |
Number of RSU vesting years | '3 years | ' | ' | ' |
Award vesting percentage | 33.33% | ' | ' | ' |
Common shares issued | ' | 49,489 | ' | ' |
Amount of settlement paid | ' | $464,629 | ' | ' |
RSU outstanding | ' | ' | 149,160 | 176,316 |
Financial_Instruments_1_Detail
Financial Instruments 1 (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, at carrying value | $18,130 | $98,250 | $58,003 | $79,259 |
Restricted cash and cash equivalents, noncurrent | 15,000 | 15,000 | ' | ' |
Total debt | 125,000 | 95,000 | ' | ' |
Reported Value Measurement [Member] | ' | ' | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, at carrying value | 18,130 | 98,250 | ' | ' |
Restricted cash and cash equivalents, noncurrent | 15,000 | 15,000 | ' | ' |
Total debt | 125,000 | 95,000 | ' | ' |
Estimate of Fair Value Measurement [Member] | ' | ' | ' | ' |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents, fair value disclosure | 18,130 | 98,250 | ' | ' |
Restricted cash and investments, fair value disclosure | 15,000 | 15,000 | ' | ' |
Total debt, fair value | $125,000 | $95,000 | ' | ' |
Financial_Instruments_2_Detail
Financial Instruments 2 (Details) | Jun. 30, 2014 | Dec. 31, 2013 |
vessel | vessel | |
Concentration Risk [Line Items] | ' | ' |
Number of newbuildings under construction | 6 | 4 |
Shanghai, China [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of newbuildings under construction | 9 | ' |
Japan Marine United Corporation, Japan [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of newbuildings under construction | 4 | ' |
Daehan Shipbuilding Co. Limited, Korea [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of newbuildings under construction | 2 | ' |
Bohai, China [Member] | ' | ' |
Concentration Risk [Line Items] | ' | ' |
Number of newbuildings under construction | 2 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Apr. 30, 2014 | Jun. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Apr. 30, 2014 | Jun. 30, 2014 |
Frontline 2012 [Member] | Frontline 2012 [Member] | Karpasia [Member] | Common Stock [Member] | Common Stock [Member] | General Manager [Member] | |||
company | vessel | Frontline 2012 [Member] | Karpasia [Member] | |||||
vessel | ||||||||
t | ||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs acquired | ' | ' | 5 | ' | ' | ' | ' | ' |
Capesize Drybulk Size Range | ' | ' | 180,000 | ' | ' | ' | ' | ' |
Number of Vessels Acquired | ' | ' | ' | ' | 1 | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | 15.5 | 3.1 | ' |
Price per share | ' | ' | ' | ' | ' | $12.54 | $12.54 | ' |
Newbuilding installments assumed | ' | ' | $150,000,000 | ' | ' | ' | ' | ' |
Purchase of vessel | 24,085,000 | 0 | ' | ' | 24,000,000 | ' | ' | ' |
Cash acquired on purchase of SPCs | 43,412,000 | 0 | 43,400,000 | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | 32.00% | ' | 6.00% | ' | ' | ' |
Number of Capesize Newbuildings acquired | ' | ' | 5 | ' | ' | ' | ' | ' |
Newbuilding Supervision Fees | ' | ' | ' | $700,000 | ' | ' | ' | $400,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 6 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 0 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||||||||||||||
Share data in Millions, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Apr. 30, 2014 | Feb. 28, 2014 | Oct. 30, 2014 | Oct. 27, 2014 | Dec. 31, 2014 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2014 | Oct. 30, 2014 | Jul. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 22, 2014 | Oct. 30, 2014 | Oct. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2014 | Nov. 10, 2014 | Apr. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 |
Golden Zhejiang [Member] | Golden Zhejiang [Member] | Battersea [Member] | Battersea [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Time Charter Revenue [Member] | Other Operating Income (Expense) [Member] | Term Loan Facility [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | |||
vessel | Golden Zhejiang [Member] | Golden Zhejiang [Member] | vessel | vessel | vessel | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | Golden Zhejiang [Member] | Golden Zhejiang [Member] | Subsequent Event [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | Frontline 2012 [Member] | ||||||||
Payment | company | vessel | vessel | vessel | vessel | KSL Santiago [Member] | KSL San Francisco [Member] | KSL Santos [Member] | vessel | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
company | vessel | company | company | ||||||||||||||||||||||||||||
Other Commitments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $252,000,000 | $490,000,000 | $404,000,000 |
Unrecorded Unconditional Purchase Obligation, Due in Remainder of Fiscal Year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 93,500,000 | ' | 163,300,000 |
Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 158,500,000 | ' | 240,700,000 |
Undrawn loan facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000,000 | ' | ' | ' | ' | ' | ' |
Number of Capesize Newbuildings acquired | ' | ' | ' | ' | ' | ' | 14 | ' | ' | ' | 5 | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs expected to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capesize Newbuildings Delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 3 | 2 | ' | 2 | 1 | 3 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of vessel | 24,085,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,600,000 | ' | ' | ' | 37,600,000 | 36,500,000 | 37,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired on purchase of SPCs | 43,412,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 43,400,000 | ' | ' | ' | ' | 25,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of capesize newbuildings expected to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12 | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.5 | 31 | 31 | ' | ' | ' |
Claims for damages against charterers | 2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Legal Settlements | ' | ' | 3,200,000 | 9,700,000 | 100,000 | 200,000 | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | 7,800,000 | ' | ' | ' | ' | ' | ' | ' |
Number of expected payments to be received | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected amount of each payment to be received | ' | ' | ' | ' | ' | ' | ' | ' | $3,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 4 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | |||||||||||||||||||
Share data in Millions, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Oct. 30, 2014 | Oct. 07, 2014 | Oct. 07, 2014 | Aug. 12, 2014 | Jan. 31, 2015 | 31-May-14 | Apr. 30, 2014 | Jun. 30, 2014 | Oct. 30, 2014 | Jul. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Apr. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Sep. 22, 2014 | Sep. 22, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Oct. 27, 2014 | Oct. 30, 2014 | Oct. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Mar. 31, 2015 | Jun. 30, 2014 | 31-May-14 | Nov. 10, 2014 |
Subsequent Event [Member] | Golden Ocean [Member] | Golden Ocean [Member] | Dividend Declared [Member] | Common Stock [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | KSL Santiago [Member] | KSL Salvador [Member] | Golden Zhejiang [Member] | Golden Zhejiang [Member] | Golden Zhejiang [Member] | KSL San Francisco [Member] | KSL Santos [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Capital Addition Purchase Commitments [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | Term Loan Facility [Member] | |||||
vessel | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | vessel | company | vessel | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | Frontline 2012 [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | Frontline 2012 [Member] | Subsequent Event [Member] | ||||||||||
vessel | vessel | Golden Ocean [Member] | t | vessel | vessel | vessel | company | vessel | company | Subsequent Event [Member] | Scenario, Forecast [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
t | vessel | vessel | ||||||||||||||||||||||||||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Capesize Newbuildings acquired | ' | ' | ' | ' | 14 | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capesize Drybulk Size Range | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 180,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of vessel | ' | ' | $24,085,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $37,600,000 | ' | ' | ' | ' | ' | ' | ' | $37,600,000 | $37,600,000 | ' | ' | ' | $36,500,000 | $37,600,000 | ' | ' | ' | ' | ' | ' |
Loan drawdowns | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 60,000,000 |
Dividends payable per share | $0.20 | $0.18 | $0.38 | $0.85 | ' | ' | ' | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of SPCs expected to be acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capesize Newbuildings Delivered | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 3 | 2 | ' | 2 | 1 | 3 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.5 | 31 | 31 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecorded Unconditional Purchase Obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 252,000,000 | 490,000,000 | 404,000,000 | ' | ' | ' |
Number of SPCs acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | 13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired on purchase of SPCs | ' | ' | 43,412,000 | 0 | ' | ' | ' | ' | ' | ' | 43,400,000 | ' | ' | ' | ' | 25,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected vessels in fleet | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expected number of newbuildings | ' | ' | ' | ' | ' | ' | 36 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity interest issued or issuable ratio | ' | ' | ' | ' | ' | ' | ' | ' | 0.13749 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares issued to Golden Ocean | ' | ' | ' | ' | ' | ' | ' | ' | 61.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Merger Agreement, Possible Termination Fee | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Legal Settlements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,200,000 | 9,700,000 | 3,300,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Term loan facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $420,000,000 | $135,000,000 | ' |