Golden Ocean Group Limited (GOGL) 6-K14 Nov 142014 Q2 Current report (foreign)Financial data

Company Profile

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
Document And Entity Information	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	Jun. 30, 2014	Dec. 31, 2013
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	Total	Share Capital [Member]	Additional Paid in Capital [Member]	Contributed Capital Surplus [Member]	Retained (Deficit) Earnings [Member]
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
Interim Financial Data (Notes)	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
Summary of Significant Accounting Polices (Notes)	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
Recently Issued Accounting Standards (Notes)	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
Restricted Stock Units (Notes)	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

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

2013

Fair

Carrying

Fair

Carrying

(in thousands of $)

Value

Cash and cash equivalents

18,130

98,250

Restricted cash

15,000

Floating rate debt

125,000

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
Related Party Transactions (Notes)	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
Commitments and Contingencies (Notes)	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
Subsequent Events (Notes)	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
Summary of Significant Accounting Polices (Policies)	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

31-May-14

Apr. 30, 2014

Jun. 30, 2014

Oct. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Mar. 31, 2015

Apr. 30, 2014

Subsequent Event [Member]

Frontline 2012 [Member]

Karpasia [Member]

vessel

company

vessel

Subsequent Event [Member]

Scenario, Forecast [Member]

vessel

company

vessel

Subsequent Event [Member]

vessel

company

Significant Acquisitions and Disposals [Line Items]

Number of SPCs acquired

Capesize Drybulk Size Range

180,000

Number of Vessels Acquired

Capesize Newbuildings Delivered

Number of Capesize Newbuildings acquired

Number of SPCs expected to be acquired

Vessels In Fleet

Time charter vessels

Spot market vessels

Number of capesize newbuildings expected to be acquired

Discontinued_Operations_Detail

Discontinued Operations (Details) (USD $)	3 Months Ended			6 Months Ended
Discontinued Operations (Details) (USD $)	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

Oct. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

vessel

Frontline 2012 [Member]

Subsequent Event [Member]

Common Stock [Member]

vessel

Frontline 2012 [Member]

Subsequent Event [Member]

company

vessel

Frontline 2012 [Member]

company

Significant Acquisitions and Disposals [Line Items]

Number of Newbuildings on Order

Number of SPCs acquired

Capesize Drybulk Size Range

180,000

Capesize Newbuildings Delivered

Number of Capesize Newbuildings acquired

Installments and newbuilding supervision fees paid

$151,000

Shares issued

15.5

Price per share

$12.54

Cash acquired on purchase of SPCs

$43,412

$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	Jun. 30, 2014	Dec. 31, 2013
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	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
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
Financial Instruments 2 (Details)	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

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. 22, 2014

Oct. 30, 2014

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]

Battersea [Member]

Subsequent Event [Member]

Scenario, Forecast [Member]

Frontline 2012 [Member]

Time Charter Revenue [Member]

Other Operating Income (Expense) [Member]

Term Loan Facility [Member]

Common Stock [Member]

Capital Addition Purchase Commitments [Member]

vessel

Golden Zhejiang [Member]

vessel

Subsequent Event [Member]

Scenario, Forecast [Member]

Golden Zhejiang [Member]

Subsequent Event [Member]

Frontline 2012 [Member]

Subsequent Event [Member]

Frontline 2012 [Member]

Payment

company

vessel

KSL Santiago [Member]

KSL San Francisco [Member]

KSL Santos [Member]

vessel

Subsequent Event [Member]

Scenario, Forecast [Member]

company

vessel

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

Number of SPCs expected to be acquired

Capesize Newbuildings Delivered

Purchase of vessel

24,085,000

37,600,000

36,500,000

37,600,000

Cash acquired on purchase of SPCs

43,412,000

43,400,000

25,100,000

Number of SPCs acquired

Number of capesize newbuildings expected to be acquired

Shares issued

15.5

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

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

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

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

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

Mar. 31, 2015

Apr. 30, 2014

Sep. 30, 2014

Mar. 31, 2015

Sep. 22, 2014

Jun. 30, 2014

Mar. 31, 2014

Oct. 27, 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]

Dividend Declared [Member]

Common Stock [Member]

Frontline 2012 [Member]

KSL Santiago [Member]

KSL Salvador [Member]

Golden Zhejiang [Member]

KSL San Francisco [Member]

KSL Santos [Member]

Capital Addition Purchase Commitments [Member]

Term Loan Facility [Member]

vessel

Subsequent Event [Member]

Scenario, Forecast [Member]

vessel

company

vessel

Subsequent Event [Member]

Scenario, Forecast [Member]

Common Stock [Member]

Frontline 2012 [Member]

Subsequent Event [Member]

Frontline 2012 [Member]

Subsequent Event [Member]

Frontline 2012 [Member]

Subsequent Event [Member]

vessel

Golden Ocean [Member]

vessel

company

vessel

company

Subsequent Event [Member]

Scenario, Forecast [Member]

Subsequent Event [Member]

Scenario, Forecast [Member]

vessel

Subsequent Event [Line Items]

Number of Capesize Newbuildings acquired

Capesize Drybulk Size Range

180,000

Purchase of vessel

$24,085,000

$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

Capesize Newbuildings Delivered

Shares issued

15.5

Unrecorded Unconditional Purchase Obligation

252,000,000

490,000,000

404,000,000

Number of SPCs acquired

Cash acquired on purchase of SPCs

43,412,000

43,400,000

25,100,000

Expected vessels in fleet

Expected number of newbuildings

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