Golden Ocean Group Limited (GOGL) 6-K 1 Sep 17 2017 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2017shares
Document and Entity Information [Abstract]
Entity Registrant Name	Golden Ocean Group Ltd
Entity Central Index Key	1,029,145
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	6-K
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	529,728,928
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating revenues
Time charter revenues	$ 85,175	$ 38,527
Voyage charter revenues	95,821	56,473
Bareboat charter revenues	0	2,387
Other revenues	661	2,862
Total operating revenues	181,657	100,249
Gain on sale of assets and amortization of deferred gains	128	166
Other operating income (expenses)	2,993	330
Operating expenses
Voyage expenses and commission	55,011	37,942
Ship operating expenses	58,608	50,667
Charter hire expenses	29,454	26,920
Administrative expenses	6,128	6,886
Provision for uncollectible receivables	0	1,800
Impairment loss on leased vessels	0	985
Depreciation	35,984	30,794
Total operating expenses	185,185	155,994
Net operating income (loss)	(407)	(55,249)
Other income (expenses)
Interest income	830	831
Interest expense	(27,118)	(20,995)
Equity results of associated companies, including impairment	243	(2,952)
Impairment loss on marketable securities	0	(10,050)
Gain (loss) on derivatives	(3,796)	(17,821)
Other financial items	455	(1,196)
Net other income (expenses)	(29,386)	(52,183)
Net (loss) before income taxes	(29,793)	(107,432)
Income tax expense	47	20
Net income (loss)	$ (29,840)	$ (107,452)
Per share information:
Loss per share: basic and diluted (in USD per share)	$ (0.26)	$ (1.27)

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (29,840)	$ (107,452)
Unrealized gain (loss)	2,648	(10,683)
Reclassification of loss to the statement of operations	0	10,050
Other comprehensive income (loss)	2,648	(633)
Comprehensive loss, net	$ (27,192)	$ (108,085)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 122,699	$ 212,942
Restricted cash	4,361	315
Marketable securities	9,172	6,524
Trade accounts receivable, net	14,389	14,755
Other receivables	18,166	10,987
Related party receivables	3,470	1,927
Derivative instruments receivable	1,086	1,594
Inventories	26,017	17,953
Prepaid expenses and accrued income	6,896	6,524
Voyages in progress	9,027	3,998
Favorable charter party contracts	19,741	22,413
Total current assets	235,024	299,932
Restricted cash	64,168	53,797
Vessels and equipment, net	2,243,448	1,758,939
Vessels under capital leases, net	2,512	2,956
Newbuildings	126,506	180,562
Favorable charter party contracts	44,397	53,686
Investments in associated companies	5,211	4,224
Other long term assets	8,806	7,527
Total assets	2,730,072	2,361,623
Current liabilities
Current portion of obligations under capital leases	5,043	4,858
Derivative instruments payable	4,539	1,990
Related party payables	906	1,387
Trade accounts payables	6,056	2,882
Accrued expenses	20,563	17,867
Other current liabilities	19,835	14,617
Total current liabilities	56,942	43,601
Long-term liabilities
Long-term debt	1,287,498	1,058,418
Obligations under capital leases	10,125	12,673
Other long term liabilities	8,136	8,212
Total liabilities	1,362,701	1,122,904
Commitments and contingencies
Equity
Share capital (129,522,992 shares. 2016: 105,965,192 shares. All shares are issued and outstanding at par value $0.05)	6,477	5,299
Additional paid in capital	356,530	201,864
Contributed capital surplus	1,378,824	1,378,824
Accumulated other comprehensive income	4,935	2,287
Retained deficit	(379,395)	(349,555)
Total equity	1,367,371	1,238,719
Total liabilities and equity	$ 2,730,072	$ 2,361,623

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Jan. 08, 2016
Equity
Share capital, shares outstanding (in shares)	129,522,992	105,965,192	129,522,992
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05		$ 0.01

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Statement of Cash Flows [Abstract]
Net cash used in operating activities	$ 10,290	$ (36,447)
Investing activities
Changes in restricted cash	(14,416)	(21,037)
Additions to newbuildings and vessels	(122,662)	(203,035)
Investment in associated companies	(1,000)	(754)
Dividends received from associated company	256	256
Proceeds from sale of marketable securities	0	125
Proceeds from sale of vessels	0	48,122
Net cash used in investing activities	(137,822)	(176,323)
Financing activities
Proceeds from long-term debt	50,000	142,200
Repayment of long-term debt	(68,531)	(22,219)
Repayment of capital leases	(2,363)	(3,511)
Debt fees paid	0	(898)
Net proceeds from share issuance	58,183	205,354
Net cash provided by financing activities	37,289	320,926
Net change in cash and cash equivalents	(90,243)	108,156
Cash and cash equivalents at beginning of period	212,942	102,617
Cash and cash equivalents at end of period	$ 122,699	$ 210,773

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Contributed Capital Surplus	Other Comprehensive Loss	Retained Deficit
Balance at beginning of period (in shares) at Dec. 31, 2015		34,535,128
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		71,430,612
Shares canceled (in shares)		(548)
Balance at end of period (in shares) at Jun. 30, 2016	129,522,992	105,965,192
Balance at beginning of period at Dec. 31, 2015		$ 1,727	$ 0	$ 1,378,766	$ 0	$ (221,844)
Increase (decrease) in Equity [Roll Forward]
Shares issued		3,570	201,784
Restricted stock unit expense				8
Stock option expense			0	35
Other comprehensive loss	$ (633)				(633)
Net loss						(107,452)
Balance at end of period at Jun. 30, 2016	$ 1,255,961	$ 5,297	201,784	1,378,809	(633)	(329,296)
Balance at beginning of period (in shares) at Dec. 31, 2016	105,965,192	105,965,192
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		23,557,800
Shares canceled (in shares)		0
Balance at end of period (in shares) at Jun. 30, 2017	129,522,992	129,522,992
Balance at beginning of period at Dec. 31, 2016	$ 1,238,719	$ 5,299	201,864	1,378,824	2,287	(349,555)
Increase (decrease) in Equity [Roll Forward]
Shares issued		1,178	154,378
Restricted stock unit expense				0
Stock option expense			288	0
Other comprehensive loss	2,648				2,648
Net loss						(29,840)
Balance at end of period at Jun. 30, 2017	$ 1,367,371	$ 6,477	$ 356,530	$ 1,378,824	$ 4,935	$ (379,395)

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL DATA	INTERIM FINANCIAL DATA The unaudited interim condensed consolidated financial statements of Golden Ocean Group Ltd. (“Golden Ocean,” the “Company,” "we," or "our") have been prepared on the same basis as the Company’s audited consolidated 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 consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2016, filed with the Securities and Exchange Commission on April 5, 2017. The unaudited interim condensed consolidated financial statements do not include all the disclosures required in an Annual Report on Form 20-F. The results of operations for the interim period ended June 30, 2017 are not necessarily indicative of the results for the year ending December 31, 2017. In the first quarter of 2017 the Company entered into agreements to acquire 16 modern dry bulk vessels in transactions where the Company would issue in aggregate 17.8 million consideration shares and assume debt of $285.2 million (the "Acquisition"). Of the 16 acquired vessels, 14 were acquired from subsidiaries of Quintana Shipping Ltd. ("Quintana") and two ice-class Panamax vessels acquired from affiliates of Hemen Holding Ltd. ("Hemen"), the Company's largest shareholder. The vessels acquired from Quintana consist of one Newcastlemax, five Capesizes and eight Panamaxes, mainly built in Japan and Korea. 11 of the 14 Quintana vessels were delivered to the Company in the second quarter of 2017. For the two 2017-built ice-class Panamax vessels acquired from affiliates of Hemen, the Company agreed a consideration of 3.3 million shares of the Company and a seller's credit of $22.5 million that matures in June 2019. The vessels were delivered to the Company in June 2017. As of June 30, 2017, the Company capitalized $343.3 million under vessel and equipment related to the acquisitions of 13 vessels. The consideration for the acquired vessels primarily comprised 14,950,000 shares of the Company, which were valued based on the Company's share price at the time of each vessel's delivery and $219.4 million in assumed debt financing. Reverse stock split On August 1, 2016, the Company effected a one-for-five reverse stock split. All share and per share information has been retroactively adjusted to reflect the reverse stock split. The common share par value was adjusted as a result of the reverse stock split as disclosed in these unaudited interim condensed consolidated financial statements.

ACCOUNTING POLCIES

ACCOUNTING POLCIES	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of accounting These unaudited interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. Accounting Policies Preparation of these unaudited interim condensed consolidated financial statements requires management to make judgments and estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Our accounting policies have not changed from those reported in our 2016 Annual Report on Form 20-F. Net income as a result of the revenue sharing agreement for the Capesize vessels is presented as other operating income (expenses). Comparative numbers have been revised to conform with the current presentation.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2017
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 along with related amendments ASU Nos. 2016-20, 2016-12, 2016-10, 2016-08, and 2015-14 comprise ASC Topic 606, Revenue from Contracts with Customers, and provide guidance that is applicable to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing US GAAP. The new standard and its related updates are effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. On the effective date, the Company will apply the new guidance retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change. The adoption of the standard is not expected to have a material impact on other income, primarily income earned from the commercial management of related party vessels. In January 2016, the FASB issued ASU 2016-01 Financial instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in this update will affect us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that we will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In December 2016, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. Accounting Standards Updates, recently adopted In July 2015, the FASB issued ASU 2015-11-Inventory (Topic 330)-Simplifying the Measurement of Inventory, which applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The adoption of ASU 2015-11 has not had a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The adoption of ASU 2016-07 has not had a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The adoption of ASU 2016-09 has not had a material impact on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017- 01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update introduces a screen to determine when an integrated set of assets and activities does not constitute a business. As under the screening mechanisms of the update, future transactions in relation to an integrated set of assets and activities are more likely to qualify as asset acquisitions as opposed to business combinations. The adoption of ASU 2017-01 has not had a material impact on our consolidated financial statements and related disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2017 and 2016 are as follows: (in thousands of $) 2017 2016 Net loss (29,840 ) (107,452 ) (in thousands) 2017 2016 Weighted average number of shares outstanding - basic 114,134 84,405 Impact of share options & restricted stock units — 2 Weighted average number of shares outstanding - diluted 114,134 84,407 The exercise of vested share options using the treasury stock method was anti-dilutive as of June 30, 2017 and 2016 , as the Company reports a net loss for the periods then ended. Therefore, as of June 30, 2017 and 2016 , 84,000 and 88,000 shares, respectively, were excluded from the denominator in each calculation. The conversion of the convertible bonds using the if-converted method was anti-dilutive as of June 30, 2017 and 2016 , as the Company reports a net loss for the periods then ended. Therefore, as of June 30, 2017 and 2016 , 2,268,860 and 2,268,860 shares, respectively, were excluded from the denominator in each calculation. In July 2017, the Company issued 2,850,000 compensation shares to Quintana following delivery of the remaining three purchased vessels. The issuance of shares that occurred after June 30, 2017 would have changed materially the number of common shares outstanding at June 30, 2017, had this issuance occurred prior to the end of the period. On August 1, 2016, the Company completed a 1-for-5 reverse share split of the Company's common shares, whereby every five of the Company's issued and outstanding common shares with par value $0.01 per share were automatically combined into one issued and outstanding common share with par value $0.05 per share. The weighted average number of shares outstanding, the number of restricted stock units and the number of shares of the anti-dilutive instruments were retroactively adjusted in the calculations of the basic and diluted earnings per share.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The chief operating decision maker, or the CODM, measures performance based on the overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and the Company only has one reportable segment. The vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2017
Marketable Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Our marketable securities are equity securities considered to be available-for-sale securities. (in thousands of $) 2017 Balance at December 31, 2016 6,524 Unrealized gain 2,648 Balance at June 30, 2017 9,172 Our marketable securities comprise of an investment in a U.S. listed company and an investment in a company listed on the Norwegian 'Over the Counter' market. The fair value of the investment in the U.S. listed company as at June 30, 2017 and December 31, 2016 was $9.2 million and $6.5 million , respectively. During the period ended June 30, 2017 , the Company recorded an unrealized gain of $2.6 million on this investment. The fair value of the investment in a company listed on the Norwegian 'Over the Counter' market as at June 30, 2017 and December 31, 2016 was nil . The unrealized gain is presented as such in the statement of other comprehensive income. The cost of available for sale securities is calculated on an average cost basis.

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 Additions 343,895 — Disposals — — Transfer from newbuildings 176,598 — Depreciation — (35,984 ) Balance at June 30, 2017 2,394,288 (150,840 ) 2,243,448 At June 30, 2017 , we owned three Newcastlemaxes, 27 Capesizes, 12 ice-class Panamaxes, 13 Panamaxes and eight Ultramaxes (At December 31, 2016 : two Newcastlemaxes, 20 Capesizes, ten ice-class Panamaxes, eight Panamaxes and six Ultramaxes). In January 2017, the Company took delivery of Golden Virgo and Golden Libra, both Ultramax newbuildings. The total construction cost transferred from newbuildings was $48.5 million . In February 2017, the Company took delivery of Golden Surabaya and Golden Savannah, both Capesize newbuildings. The total construction cost transferred from newbuildings was $128.1 million . In March 2017, the Company entered into an agreement to acquire 14 dry bulk vessels from Quintana and two ice -class Panamaxes from Hemen. The vessel acquisition was financed by issuance of common share capital and assumption of debt. Pursuant to the agreements, between April 2017 and June 2017, the Company took delivery of one Newcastlemax, five Capesizes, two ice-class Panamaxes and five Panamaxes at a total cost of $343.3 million . Total depreciation expense was $36.0 million for the period ended June 30, 2017 .

NEWBUILDINGS

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2017
Newbuildings [Abstract]
Newbuildings	NEWBUILDINGS The carrying value of newbuildings represents the accumulated costs we have paid by way of purchase installments and other capital expenditures together with capitalized loan interest. The carrying value of newbuildings at June 30, 2017 relates to six Capesize ( December 31, 2016 : eight Capesize and two Ultramax newbuildings). (in thousands of $) Balance at December 31, 2016 180,562 Installments and newbuilding supervision fees 122,542 Interest capitalized — Transfers to Vessels and Equipment (176,598 ) Balance at June 30, 2017 126,506 In January 2017, the Company took delivery of Golden Virgo and Golden Libra, both Ultramax newbuildings. Upon delivery, aggregate final installments were paid, including agreed extras of $31.3 million . In February 2017, the Company took delivery of Golden Surabaya and Golden Savannah, both Capesize newbuildings. Upon delivery, aggregate final installments were paid, including agreed extras of $67.7 million . During the six months ended June 30, 2017 , we paid and capitalized in aggregate pre-delivery installments of $19.5 million and other capitalized costs of $4.0 million .

VESSELS HELD UNDER CAPITAL LEAS

VESSELS HELD UNDER CAPITAL LEASES	6 Months Ended
	Jun. 30, 2017
Vessels Under Capital Leases [Abstract]
VESSELS HELD UNDER CAPITAL LEASES	VESSELS UNDER CAPITAL LEASES (in thousands of $) Balance at December 31, 2016 2,956 Depreciation (444 ) Balance at June 30, 2017 2,512 The outstanding obligations under capital leases at June 30, 2017 are payable as follows: (in thousands of $) 2017 (remaining six months) 2,996 2018 5,944 2019 5,944 2020 1,791 2021 — Thereafter — Minimum lease payments 16,675 Less: imputed interest (1,507 ) Present value of obligations under capital leases 15,168 As of June 30, 2017 , we held one vessel under capital lease ( December 31, 2016 : one vessel). The lease is for an initial term of 10 years. The remaining period on the lease at June 30, 2017 is three years ( December 31, 2016 : four years). As of June 30, 2017 , we had the following purchase option for the vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550 Our lease obligation is secured by the lessor's title to the leased asset and by a guarantee issued to the lessor.

INVESTMENTS IN ASSOCIATED COMPA

INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2017 and December 31, 2016 , the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2017 2016 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") 50.00 % 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 22.19 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % (in thousands of $) CCL UFC G.Opus Seateam Total At December 31, 2016 — 621 2,872 731 4,224 Dividend received from associated companies — — — (256 ) (256 ) Purchase of additional capital — — 1,000 — 1,000 Share of (loss) income — (58 ) 203 98 243 At June 30, 2017 — 563 4,075 573 5,211

OTHER LONG TERM ASSETS

OTHER LONG TERM ASSETS	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG TERM ASSETS	OTHER LONG TERM ASSETS (in thousands of $) Other long term asset Prepaid charter hire expenses Deferred tax asset Total Balance at December 31, 2016 2,000 5,184 343 7,527 Repayments (250 ) — — (250 ) Transfer to current assets (250 ) — — (250 ) Additions credited to income — 1,836 (57 ) 1,779 Balance at June 30, 2017 1,500 7,020 286 8,806 The other long term asset is a seller's credit receivable that is due on December 31, 2019. The amount owed bears interest of 1% . During the six months ended June 30, 2017 , the Company recognized interest income of $10.7 thousand . In the third quarter of 2015, eight vessels were sold and leased back from Ship Finance International Limited ("Ship Finance") for a period of ten years. The daily time charter rate is $17,600 during the first seven years and $14,900 in the remaining three years, of which $7,000 is for operating expenses (including dry docking costs). We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day. Since the daily time charter rate is not constant over the extended lease term, we have straight lined the total expense over the term, and an amount of $1.8 million was credited to charter hire expenses for the six months ended June 30, 2017 (six months ended June 30, 2016 : $3.3 million ) with the corresponding asset presented as part of other long term asset. We will begin to amortize this asset when the daily charter hire rate reduces in the third quarter of 2022.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2017 and December 31, 2016 is summarized as follows: (in thousands of $) 2017 2016 $33.93 million term loan 26,013 28,275 $82.5 million term loan 39,433 44,367 $284.0 million term loan 242,523 258,538 $420.0 million term loan 367,909 388,545 $425.0 million term loan 206,545 166,743 $109.2 million term loan 88,140 — $73.4 million term loan 53,448 — $80.2 million term loan 63,360 — U.S. dollar denominated floating rate debt 1,087,371 886,468 U.S. dollar denominated fixed rate debt 182,286 177,300 Related party seller's credit 22,500 — Deferred charges (4,659 ) (5,350 ) Total debt 1,287,498 1,058,418 Less: current portion — — 1,287,498 1,058,418 Movements during the six months ended June 30, 2017 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Related party seller's credit Deferred charges Total Balance at December 31, 2016 886,468 177,300 — (5,350 ) 1,058,418 Loan repayments (68,531 ) — — — (68,531 ) Loan draw downs 50,000 — — — 50,000 Debt assumed as a result of the Acquisition 219,434 — 22,500 — 241,934 Amortization of purchase price adjustment — 4,986 — — 4,986 Capitalized financing fees and expenses — — — — — Amortization of capitalized fees and expenses — — — 691 691 Balance at June 30, 2017 1,087,371 182,286 22,500 (4,659 ) 1,287,498 Loan Amendments and Cash Sweep Mechanism In February 2016, the Company agreed with its lenders to amend certain of the terms on the $420.0 million term loan facility, $425.0 million senior secured post-delivery term facility, $33.93 million credit facility, $82.5 million credit facility and the $284.0 million credit facility, or the Loan Facilities. For the period from April 1, 2016 to September 30, 2018, there will be no repayments on these facilities, subject to a cash sweep mechanism as described below. The minimum value covenant is set at 100% with a subsequent increase to 125% or 135% (depending on the facility) on October 1, 2018 and the market adjusted equity ratio is waived up until the same date. The Company has also agreed that for the nine ( six as of the date of this report) remaining newbuilding contracts where the Company has financing in the $425.0 million term loan facility, there will be a fixed draw down of $25.0 million per vessel subject to compliance with the minimum value covenant of 100% for the period. The margins on the loans are unchanged, however, the Company will pay an increased margin of 4.25% for the deferred repayments under the loan facilities. The Company will resume repayment of each loan on October 1, 2018 based on the repayment model as if October 1, 2018 was April 1, 2016 regardless of any repayment made during the period in accordance with the cash sweep mechanism described below and without affecting the final maturity date. A cash sweep mechanism is in place whereby the Company will pay down on the deferred repayment amount should the cash position improve. The Company will report and furnish our lenders at the end of each first and third quarter a calculation of free projected cash anticipated at September 30, 2018, or the Free Projected Cash. All Free Projected Cash above a threshold of $25 million will be used to repay the loans on the cash sweep repayment date, which is when the compliance certificates fall due. The first cash sweep repayment date was due at the end of the third quarter of 2016. The cash sweep that the Company will pay to each lender will be based on a relative value of the deferred amount in each facility as calculated as per end of that half year period equal to: • the installments that had fallen due and payable under the agreements during that period had not such installments been suspended in accordance; over • all regular installments that had fallen due and payable under all existing credit facilities during that period had not such installments been suspended. Existing credit facilities include the Loan Facilities and the $22 million senior secured term loan agreement made between Golden Opus Inc and the Company as guarantor of 50% of the facility. Any repayments made under the cash sweep will be applied against balloon payments due on the loans. Due to the operation of the cash sweep mechanism, the Company will not be permitted to make any cash dividend payments without the prior approval of the Company's lenders in the period to September 30, 2018. The impact of these loan amendments was to defer $113.9 million of loan repayments due in the period from April, 1 2016 to September 30, 2018 and to postpone repayments on future drawings on the delivery of newbuilding vessels and Golden Opus Inc in this period. In the six months ended June 30, 2017, the Company drew down $50.0 million from its $425 million term loan facility in connection with the two Capesize newbuildings delivered during the period and repaid floating rate debt of $54.0 million in accumulated deferred debt repayments through the cash sweep mechanism set in place as part of the amended terms under the loan agreements entered into in the first quarter 2016. As of June 30, 2017, the deferred repayments under the loan facilities amounted to $14.5 million. Based on the improved cash position and amended terms on the outstanding newbuildings, but subject to market development and working capital changes in the third quarter of 2017, the Company expects to prepay a significant part of the deferred debt repayments during the fourth quarter of 2017 through the cash sweep mechanism. The movement of $5.0 million on the U.S dollar denominated fixed rate debt in 2017 represents the amortization of purchase price adjustments arising from the Merger. The Company has recorded deferred charges of $4.7 million at June 30, 2017 as a direct deduction from the carrying amount of the related debt. During the six months ended June 30, 2017, $0.7 million amortization in total was recognized. The Company presents the amortization expense of deferred charges under interest expense. Comparative numbers have been revised to conform with current presentation. New loan facilities In the six months ended June 30, 2017 , as part of the Acquisition, the Company assumed debt of $219.4 million ( $109.2 million term loan, $73.4 million term loan and $80.2 million term loan) in relation to 11 delivered vessels from Quintana and $22.5 million seller's credits in relation to two delivered vessels from Hemen. According to the loan agreements entered into with the lenders with respect to the acquired vessels from Quintana, the Company down paid $14.5 million of the debt, covering three regular quarterly repayments, in exchange for no mandatory debt repayment until July 2019. In the period prior to July 2019, a cash sweep mechanism is put in place whereby if certain conditions are met, the Company will pay down on the deferred repayment amount of $40.6 million . The cash sweep is calculated semi-annually with first potential payment following the end of the first quarter of 2018. The average interest rate of the debt in connection with the acquisition of the vessels from Quintana is LIBOR plus 3.1% margin. Ordinary debt repayments, following the end of the waiver period in July 2019, will amount to $5.8 million per quarter. Pursuant to the loan agreements, our wholly-owned non-recourse subsidiary which indirectly owns the vessels acquired from Quintana is prohibited from paying dividends to the parent company. During the waiver period through June 2019, the Company will be required under the loan agreements to satisfy financial covenants including $10 million in minimum cash and 105% minimum asset value. Following this waiver period, the financial covenants under these loans will include 25% market adjusted equity, $10 million in minimum cash and 125% to 135% minimum asset value. The outstanding debt at June 30, 2017 is repayable as follows; (in thousands of $) 2017 (remaining six months) — 2018 78,038 2019 561,810 2020 379,338 2021 269,085 Thereafter 21,600 1,309,871 Fair value purchase price adjustment of convertible bond debt (17,714 ) 1,292,157 Assets pledged As of June 30, 2017 , 61 vessels ( December 31, 2016 : forty-five vessels) with an aggregate carrying value of $2,193.8 million ( December 31, 2016 : $1,733.2 million ) were pledged as security for our floating rate debt.

DERIVATIVE INSTRUMENTS PAYABLE

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2017 and December 31, 2016 is summarized as follows: (in thousands of $) 2017 2016 Interest rate swaps 908 1,502 Currency swaps 143 92 Bunker derivatives 35 — Asset - Derivatives fair value 1,086 1,594 (in thousands of $) 2017 2016 Interest rate swaps 4,438 1,777 Currency swaps 41 213 Bunker derivatives 60 — Liability - Derivatives fair value 4,539 1,990 During the six months ended June 30, 2017 and June 30, 2016 , the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2017 2016 Interest rate swaps Interest expense 749 991 Unrealized fair value loss 3,254 18,721 Foreign currency swaps Unrealized fair value gain (80 ) (974 ) Realized gain (126 ) (35 ) Forward freight agreements Realized loss (7 ) 38 Bunker derivatives Realized loss (gain) (3 ) 624 Unrealized fair value gain 9 (1,544 ) 3,796 17,821

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL On March 15, 2017, we completed an equity offering at NOK 60 per share (equaling $6.97 at a NOK/USD exchange rate of 8.6078 ), raising gross proceeds of NOK 516.5 million (approximately $ 60.0 million ) through the issuance of 8,607,800 shares. In connection with the 13 vessel deliveries of the Acquisition, we issued 14,950,000 consideration shares in the first six months of 2017. Following the share issuances, 129,522,992 ordinary shares were outstanding as of June 30, 2017 ( December 31, 2016 : 105,965,192 ordinary shares), each with a par value of $0.05 . Following the delivery of the remaining three vessels of the Acquisition and issuance of 2,850,000 consideration shares to Quintana in July 2017, we have 132,372,992 issued common shares as of the date of this report, each with a par value of $0.05 .

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Ship Finance International Limited Pursuant to the charter party agreements for the eight Capesize vessels with Ship Finance, the daily time charter rate fluctuates during the charter term and the contractual hire payments are straight-lined over the lease term. During the six months ended June 30, 2017 and June 30, 2016 , the following amounts were paid and recorded: (in thousands of $) 2017 2016 Contractual charter hire payments 15,826 15,372 Expensed charter hire payments 13,990 12,055 Prepaid charter hire payments (Note 11) 1,836 3,317 We are the commercial manager for vessels owned and operated by Ship Finance. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2017 and June 30, 2016 were as follows: 2017 2016 Number of dry bulk vessels managed 14 14 Daily commercial management fee per dry bulk vessel $ 125 $ 125 Number of container vessels managed 9 9 Daily commercial management fee per container vessel $ 75 $ 75 Seatankers Management Co, Ltd We are the commercial manager for vessels owned and operated by Seatankers. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2017 and June 30, 2016 were as follows: 2017 2016 Number of dry bulk vessels managed 22 21 Daily commercial management fee per dry bulk vessel $ 125 $ 125 United Freight Carriers LLC Pursuant to the LLC agreement, we received nil in the six months ended June 30, 2017 for management and administration services provided to UFC ( six months ended June 30, 2016 : $ 0.2 million ). Capesize Chartering Ltd In the six months ended June 30, 2017 , we recorded revenue sharing of $2.8 million pursuant to the revenue sharing agreement (six months ended June 30, 2016 : $0.3 million ). Management Agreements Technical Supervision Services The Company receives technical supervision services from Frontline Ltd. Pursuant to the terms of the agreement, Frontline Ltd. receives a management fee of $30,555 per vessel in 2017 ( $31,875 per vessel in 2016). This fee is subject to annual review. Frontline Ltd. also manages our newbuilding supervision and charges us for the costs incurred in relation to the supervision. Ship Management The ship management of the Company's vessels is provided by external ship managers, except for 18 vessels ( December 31, 2016 : 15 vessels), which is provided by Seateam Management Pte. Ltd., a majority owned subsidiary of Frontline Ltd. Other Management Services We aim to operate efficiently through utilizing competence from Frontline Ltd. or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. Specifically, we receive certain services from Frontline Ltd. in relation to Sarbanes Oxley Act compliance. We currently pay a fee of $20,000 ( June 30, 2016 : $115,000 ) per quarter for this service. We also receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. A summary of net amounts charged by related parties in the six months ended June 30, 2017 and June 30, 2016 is as follows: (in thousands of $) 2017 2016 Golden Opus Inc 482 266 Frontline Management (Bermuda) Ltd 1,796 3,765 Ship Finance International Limited 13,990 12,055 Seateam Management Pte Ltd 1,407 954 Seatankers Management Co., Ltd 1,945 700 Capesize Chartering Ltd 20 35 Net amounts charged by related parties comprise of general management and commercial management fees, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in the six months ended June 30, 2017 and June 30, 2016 is as follows: (in thousands of $) 2017 2016 Ship Finance International Limited 370 404 Seatankers Management Co Ltd 478 474 United Freight Carriers LLC — 150 Capesize Chartering Ltd 2,794 330 Net amounts charged to related parties mainly comprise of commercial management fees. A summary of balances due from related parties as of June 30, 2017 and December 31, 2016 is as follows: (in thousands of $) 2017 2016 Frontline Ltd. 2,356 1,523 Ship Finance International Limited 369 2 United Freight Carriers — — Seatankers Management Co Ltd 471 77 Golden Opus Inc 89 3 Capesize Chartering Ltd 185 322 3,470 1,927 A summary of balances owed to related parties as of June 30, 2017 and December 31, 2016 is as follows: (in thousands of $) 2017 2016 Golden Opus Inc — 73 Frontline Ltd. 906 1,044 Seateam Management Pte Ltd — — — Seatankers Management Co Ltd — 270 Capesize Chartering Ltd — — Sterna Finance Ltd 22,500 — 23,406 1,387 As at June 30, 2017 and December 31, 2016 , receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In addition, certain payables and receivables arise when we pay an invoice on behalf of a related party and vice versa. Hemen, the company's largest shareholder, owns $93.6 million of the Convertible Bond, which is convertible into 1,061,826 of our common shares at an exercise price of $88.15 per share. In the first quarter of 2017, the Company entered into agreements to acquire two ice-class Panamax vessels from affiliates of Hemen. We agreed a consideration of 3.3 million shares of the Company and a seller's credit of $22.5 million that matures in June 2019, with no fixed amortization and with interest rate of LIBOR plus a margin of 3.0% . The agreed purchase price approximates the fair value of the vessels. The vessels were delivered in June 2017 the seller's credit is guaranteed by a non-recourse subsidiary of the parent company.

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL ASSETS AND LIABILITIES	FINANCIAL ASSETS AND LIABILITIES Interest rate risk management As of June 30, 2017 , we had nine ( December 31, 2016 : seven ) interest rate swaps. These swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rate on an original principal amount of $500 million ( December 31, 2016 : $400 million ) of the then anticipated debt was switched to fixed rate. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks, which may also participate in loan facilities to which the interest rate swaps are related. The interest rate swaps are not designated as hedging instruments. Changes in the fair value of the interest rate swap transactions are recorded in "Loss on derivatives" in the consolidated statement of operations, as disclosed in Note 13. Forward freight agreements We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are cleared through clearing houses and the Company uses NasdaqOMX in this respect. Credit risk exists to the extent that NasdaqOMX is unable to perform under the contracts but this risk is considered remote. As of June 30, 2017 , we had open positions aggregating to 210 days with maturities in the third quarter of 2017. As of December 31, 2016 , we did not have any open positions. The losses on freight forward agreements are recorded in "Loss on derivatives" in the consolidated statement of operations, as disclosed in Note 13. Bunker derivatives We enter into cargo contracts from time to time. We are then exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. There is no guarantee that the hedge removes all the risk from the bunker exposure, due to possible differences in location and timing of the bunkering between the physical and financial position. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are usually well established banks or other well renowned institutions in the market As of June 30, 2017 and December 31, 2016 , we had outstanding bunker swap agreements for about 23.7 thousand metric tonnes and 3.6 thousand metric tonnes, respectively. Losses on bunker derivatives are recorded in "Loss on derivatives" in the consolidated statement of operations, as disclosed in Note 13. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect of the value of our cash flows. We are then exposed to currency fluctuations and we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks. As of June 30, 2017 and December 31, 2016 , we had contracts to swap USD to NOK for a notional amount of $6.9 million and $7.2 million , respectively. Changes in the fair value of foreign currency swaps are recorded in "Loss on derivatives" in the consolidated statement of operations, as disclosed in Note 13. Fair values The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, “ Derivatives and Hedging ” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at June 30, 2017 and December 31, 2016 are as follows: 2017 2017 2016 2016 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 122,699 122,699 212,942 212,942 Restricted cash 68,529 68,529 54,112 54,112 Liabilities Long term debt - floating 1,087,371 1,087,371 886,468 886,468 Long term debt - convertible bond 179,914 182,286 162,122 177,300 Long term debt - related party seller's credit 22,500 22,500 — — The fair value hierarchy of our financial instruments at June 30, 2017 is as follows: (in thousands of $) 2017 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 122,699 122,699 — — Restricted cash 68,529 68,529 — — Liabilities Long term debt - floating 1,087,371 — 1,087,371 — Long term debt - convertible bond 179,914 — 179,914 — Long term debt - related party seller's credit 22,500 — 22,500 — The fair value hierarchy of our financial instruments at December 31, 2016 is as follows: (in thousands of $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 212,942 212,942 — — Restricted cash 54,112 54,112 — — Liabilities Long term debt - floating 886,468 — 886,468 — Long term debt - convertible bond 162,122 — 162,122 — There have been no transfers between different levels in the fair value hierarchy during the six months ended June 30, 2017 . The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. • Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. • Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. • Convertible bond – quoted market prices are not available, however the bonds are traded "over the counter" and the fair value of bonds is based on the market price on offer at the balance sheet date. Assets Measured at Fair Value on a Nonrecurring Basis During the six months ended June 30, 2017 , no assets were measured at fair value on a nonrecurring basis. During the year ended December 31, 2016 , the following assets were measured at fair value on a nonrecurring basis: • The investment in Golden Opus Inc was measured at fair value; the fair value was based on level three inputs, the expected market values of the underlying assets and liabilities. • The Golden Lyderhorn, a vessel held under capital lease was measured at fair value; the fair value was based on level three inputs, was determined using discounted expected future cash flows for the vessel. • The other long term asset acquired on completion of the Merger was measured at fair value; the fair value was based on level three inputs, the recoverable principal amount from the counterparty. Assets Measured at Fair Value on a Recurring Basis Marketable securities are listed equity securities considered to be available-for-sale securities for which the fair value as at the balance sheet date is their aggregate market value based on quoted market prices (level 1) for the investment in a company listed on a U.S. stock exchange and level two for the investment in the company listed on the Norwegian 'over the counter' market. The fair value (level 2) of interest rate, currency swap, deposit-swap contract and bunker swap agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with Skandinaviska Enskilda Banken, DnB ASA and Nordea Bank Norge ASA. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD, Assuranceforeningen Gard Gjensidig and North of England, all mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. We are a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of our vessels, in the ordinary course of business or in connection with our acquisition activities. We believe that the resolution of such claims will not have a material adverse effect on our operations or financial condition. We have one vessel held under capital lease, the Golden Eclipse, which was agreed sold in 2008 and leased back for a period of 10 years upon delivery of the vessel in 2010. We have the right to purchase the vessel at the dates and amounts as disclosed in Note 9. As of June 30, 2017 , the joint venture that owns the Golden Opus had total bank debt outstanding of $16.0 million ( December 31, 2016 : $17.9 million ) and we had guaranteed 50% of this amount. Consequently, our maximum potential liability was $8.0 million ( December 31, 2016 : $9.0 million ). We have not recorded any liability in respect of this arrangement. In June 2017, the joint venture entered into an agreement to sell the Golden Opus for $28.9 million to an unrelated party with expected delivery in September 2017. We sold eight vessels to Ship Finance in the third quarter of 2015 and leased them back on charters for an initial period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day. At June 30, 2017 , we had six newbuildings under construction. Our outstanding commitments at June 30, 2017 and as at the date of this report for these newbuildings amounted to $173.9 million due in 2018. In 2016, an arbitration tribunal assessed a final arbitration award relating to a time charter party for a third-party vessel entered into in March 2006. The claimants were awarded approximately $9.8 million in total. The claim itself was an unsafe port allegation, which falls under our protection and indemnity insurance and will be covered by our insurance company. As of June 30, 2017 , 11 of the 14 vessels we agreed to acquire from Quintana were delivered. The three remaining vessels were delivered in July 2017 and as a result all vessels have been delivered at the date of this report. For the remaining three vessels delivered in July 2017, we issued 2,850,000 consideration shares, assumed $43.3 million in bank debt and paid $2.9 million in installments on the bank debt. Charterhire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2017 are as follows: (in thousands of $) 2017 (six months to December 31) 17,451 2018 37,006 2019 35,367 2020 35,472 2021 35,066 Thereafter 169,205 329,567

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS As of June 30, 2017 , 11 of the 14 vessels agreed acquired from Quintana were delivered to us. The three remaining vessels were delivered in July 2017 and as a result all vessels have been delivered at the date of this report. For the remaining three vessels delivered in July, we issued 2,850,000 consideration shares, assumed $43.3 million in bank debt and paid $2.9 million in installments on the bank debt.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting These unaudited interim condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.
Recently issued accounting standards	Accounting Standards Updates, not yet adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers, which supersedes nearly all existing revenue recognition guidance under US GAAP. The core principle is that a company should recognize revenue when promised goods or services are transferred to customers in an amount that reflects the consideration to which an entity expects to be entitled for those goods or services. ASU No. 2014-09 along with related amendments ASU Nos. 2016-20, 2016-12, 2016-10, 2016-08, and 2015-14 comprise ASC Topic 606, Revenue from Contracts with Customers, and provide guidance that is applicable to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. The update establishes a five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing US GAAP. The new standard and its related updates are effective retrospectively for fiscal years and interim periods within those years beginning after December 15, 2017. On the effective date, the Company will apply the new guidance retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application. The Company is in the process of considering the impact of the standard on its consolidated financial statements. For vessels operating on voyage charters, we expect to continue recognizing revenue over time. The time period over which revenue will be recognized is still being determined and, depending on the final conclusion, each period’s voyage results could differ materially from the same period’s voyage results recognized based on the present revenue recognition guidance. However, the total voyage results recognized over all periods would not change. The adoption of the standard is not expected to have a material impact on other income, primarily income earned from the commercial management of related party vessels. In January 2016, the FASB issued ASU 2016-01 Financial instruments - Overall (Subtopic 825-10) - Recognition and Measurement of Financial Assets and Financial Liabilities. The amendments in this update require all equity investments to be measured at fair value with changes in the fair value recognized through net income (other than those accounted for under equity method of accounting or those that result in consolidation of the investee). The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update eliminate the requirement to disclose the fair value of financial instruments measured at amortized cost for entities that are not public business entities and the requirement for to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The amendments in this update will affect us for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. We are currently considering the impact of these amendments on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that we will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. In December 2016, the FASB issued ASU 2017-09, Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. The amendments in this Update are effective for the Company for annual periods, and interim periods within those annual periods, beginning after December 15, 2017. Early adoption is permitted, including adoption in any interim period, for reporting periods for which financial statements have not yet been issued. The amendments in this Update should be applied prospectively to an award modified on or after the adoption date. We are in the process of evaluating the impact of this standard update on our consolidated financial statements and related disclosures. Accounting Standards Updates, recently adopted In July 2015, the FASB issued ASU 2015-11-Inventory (Topic 330)-Simplifying the Measurement of Inventory, which applies to inventory that is measured using first-in, first-out (FIFO) or average cost. An entity should measure inventory within the scope of this update at the lower of cost and net realizable value. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Subsequent measurement is unchanged for inventory measured using LIFO or the retail inventory method. The amendments in this update more closely align the measurement of inventory in GAAP with the measurement of inventory in IFRS. The adoption of ASU 2015-11 has not had a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The adoption of ASU 2016-07 has not had a material impact on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The adoption of ASU 2016-09 has not had a material impact on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017- 01 Business Combinations (Topic 805): Clarifying the Definition of a Business. The update introduces a screen to determine when an integrated set of assets and activities does not constitute a business. As under the screening mechanisms of the update, future transactions in relation to an integrated set of assets and activities are more likely to qualify as asset acquisitions as opposed to business combinations. The adoption of ASU 2017-01 has not had a material impact on our consolidated financial statements and related disclosures.

EARNING PER SHARE (Tables)

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Calculation	The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2017 and 2016 are as follows: (in thousands of $) 2017 2016 Net loss (29,840 ) (107,452 ) (in thousands) 2017 2016 Weighted average number of shares outstanding - basic 114,134 84,405 Impact of share options & restricted stock units — 2 Weighted average number of shares outstanding - diluted 114,134 84,407

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Our marketable securities are equity securities considered to be available-for-sale securities. (in thousands of $) 2017 Balance at December 31, 2016 6,524 Unrealized gain 2,648 Balance at June 30, 2017 9,172

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2017
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2016 1,873,795 (114,856 ) 1,758,939 Additions 343,895 — Disposals — — Transfer from newbuildings 176,598 — Depreciation — (35,984 ) Balance at June 30, 2017 2,394,288 (150,840 ) 2,243,448

NEWBUILDINGS (Tables)

NEWBUILDINGS (Tables)	6 Months Ended
	Jun. 30, 2017
Newbuildings [Abstract]
Newbuilings	(in thousands of $) Balance at December 31, 2016 180,562 Installments and newbuilding supervision fees 122,542 Interest capitalized — Transfers to Vessels and Equipment (176,598 ) Balance at June 30, 2017 126,506

VESSELS HELD UNDER CAPITAL LE31

VESSELS HELD UNDER CAPITAL LEASES (Tables)	6 Months Ended
	Jun. 30, 2017
Vessels Under Capital Leases [Abstract]
Schedule of book value of vessels under capital lease	(in thousands of $) Balance at December 31, 2016 2,956 Depreciation (444 ) Balance at June 30, 2017 2,512
Schedule of outstanding obligations under capital leases	The outstanding obligations under capital leases at June 30, 2017 are payable as follows: (in thousands of $) 2017 (remaining six months) 2,996 2018 5,944 2019 5,944 2020 1,791 2021 — Thereafter — Minimum lease payments 16,675 Less: imputed interest (1,507 ) Present value of obligations under capital leases 15,168
Schedule of purchase options	As of June 30, 2017 , we had the following purchase option for the vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550

INVESTMENTS IN ASSOCIATED COM32

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	As at June 30, 2017 and December 31, 2016 , the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2017 2016 United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Golden Opus Inc. ("G. Opus") 50.00 % 50.00 % Seateam Management Pte. Ltd ("Seateam") 22.19 % 22.19 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % (in thousands of $) CCL UFC G.Opus Seateam Total At December 31, 2016 — 621 2,872 731 4,224 Dividend received from associated companies — — — (256 ) (256 ) Purchase of additional capital — — 1,000 — 1,000 Share of (loss) income — (58 ) 203 98 243 At June 30, 2017 — 563 4,075 573 5,211

OTHER LONG TERM ASSETS (Tables)

OTHER LONG TERM ASSETS (Tables)	6 Months Ended
	Jun. 30, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long Term Assets	(in thousands of $) Other long term asset Prepaid charter hire expenses Deferred tax asset Total Balance at December 31, 2016 2,000 5,184 343 7,527 Repayments (250 ) — — (250 ) Transfer to current assets (250 ) — — (250 ) Additions credited to income — 1,836 (57 ) 1,779 Balance at June 30, 2017 1,500 7,020 286 8,806

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Instrument [Line Items]
Schedule of Debt	(in thousands of $) Floating rate debt Fixed rate debt Related party seller's credit Deferred charges Total Balance at December 31, 2016 886,468 177,300 — (5,350 ) 1,058,418 Loan repayments (68,531 ) — — — (68,531 ) Loan draw downs 50,000 — — — 50,000 Debt assumed as a result of the Acquisition 219,434 — 22,500 — 241,934 Amortization of purchase price adjustment — 4,986 — — 4,986 Capitalized financing fees and expenses — — — — — Amortization of capitalized fees and expenses — — — 691 691 Balance at June 30, 2017 1,087,371 182,286 22,500 (4,659 ) 1,287,498 Debt at June 30, 2017 and December 31, 2016 is summarized as follows: (in thousands of $) 2017 2016 $33.93 million term loan 26,013 28,275 $82.5 million term loan 39,433 44,367 $284.0 million term loan 242,523 258,538 $420.0 million term loan 367,909 388,545 $425.0 million term loan 206,545 166,743 $109.2 million term loan 88,140 — $73.4 million term loan 53,448 — $80.2 million term loan 63,360 — U.S. dollar denominated floating rate debt 1,087,371 886,468 U.S. dollar denominated fixed rate debt 182,286 177,300 Related party seller's credit 22,500 — Deferred charges (4,659 ) (5,350 ) Total debt 1,287,498 1,058,418 Less: current portion — — 1,287,498 1,058,418
Schedule of Maturities of Long-term Debt	The outstanding debt at June 30, 2017 is repayable as follows; (in thousands of $) 2017 (remaining six months) — 2018 78,038 2019 561,810 2020 379,338 2021 269,085 Thereafter 21,600 1,309,871 Fair value purchase price adjustment of convertible bond debt (17,714 ) 1,292,157

DERIVATIVE INSTRUMENTS PAYABL35

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2017 and December 31, 2016 is summarized as follows: (in thousands of $) 2017 2016 Interest rate swaps 908 1,502 Currency swaps 143 92 Bunker derivatives 35 — Asset - Derivatives fair value 1,086 1,594 (in thousands of $) 2017 2016 Interest rate swaps 4,438 1,777 Currency swaps 41 213 Bunker derivatives 60 — Liability - Derivatives fair value 4,539 1,990
Derivative Instruments Loss (Gain)	During the six months ended June 30, 2017 and June 30, 2016 , the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2017 2016 Interest rate swaps Interest expense 749 991 Unrealized fair value loss 3,254 18,721 Foreign currency swaps Unrealized fair value gain (80 ) (974 ) Realized gain (126 ) (35 ) Forward freight agreements Realized loss (7 ) 38 Bunker derivatives Realized loss (gain) (3 ) 624 Unrealized fair value gain 9 (1,544 ) 3,796 17,821

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transaction [Line Items]
Schedule of Related Party Transactions	A summary of balances due from related parties as of June 30, 2017 and December 31, 2016 is as follows: (in thousands of $) 2017 2016 Frontline Ltd. 2,356 1,523 Ship Finance International Limited 369 2 United Freight Carriers — — Seatankers Management Co Ltd 471 77 Golden Opus Inc 89 3 Capesize Chartering Ltd 185 322 3,470 1,927 A summary of balances owed to related parties as of June 30, 2017 and December 31, 2016 is as follows: (in thousands of $) 2017 2016 Golden Opus Inc — 73 Frontline Ltd. 906 1,044 Seateam Management Pte Ltd — — — Seatankers Management Co Ltd — 270 Capesize Chartering Ltd — — Sterna Finance Ltd 22,500 — 23,406 1,387 A summary of net amounts charged to related parties in the six months ended June 30, 2017 and June 30, 2016 is as follows: (in thousands of $) 2017 2016 Ship Finance International Limited 370 404 Seatankers Management Co Ltd 478 474 United Freight Carriers LLC — 150 Capesize Chartering Ltd 2,794 330 2017 2016 Number of dry bulk vessels managed 14 14 Daily commercial management fee per dry bulk vessel $ 125 $ 125 Number of container vessels managed 9 9 Daily commercial management fee per container vessel $ 75 $ 75 Seatankers Management Co, Ltd We are the commercial manager for vessels owned and operated by Seatankers. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2017 and June 30, 2016 were as follows: 2017 2016 Number of dry bulk vessels managed 22 21 Daily commercial management fee per dry bulk vessel $ 125 $ 125 A summary of net amounts charged by related parties in the six months ended June 30, 2017 and June 30, 2016 is as follows: (in thousands of $) 2017 2016 Golden Opus Inc 482 266 Frontline Management (Bermuda) Ltd 1,796 3,765 Ship Finance International Limited 13,990 12,055 Seateam Management Pte Ltd 1,407 954 Seatankers Management Co., Ltd 1,945 700 Capesize Chartering Ltd 20 35

FINANCIAL ASSETS AND LIABILIT37

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Value and Fair Value of Financial Instruments	The carrying value and estimated fair value of our financial instruments at June 30, 2017 and December 31, 2016 are as follows: 2017 2017 2016 2016 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 122,699 122,699 212,942 212,942 Restricted cash 68,529 68,529 54,112 54,112 Liabilities Long term debt - floating 1,087,371 1,087,371 886,468 886,468 Long term debt - convertible bond 179,914 182,286 162,122 177,300 Long term debt - related party seller's credit 22,500 22,500 — —
Fair Value Hierarchy of Financial Instruments	The fair value hierarchy of our financial instruments at June 30, 2017 is as follows: (in thousands of $) 2017 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 122,699 122,699 — — Restricted cash 68,529 68,529 — — Liabilities Long term debt - floating 1,087,371 — 1,087,371 — Long term debt - convertible bond 179,914 — 179,914 — Long term debt - related party seller's credit 22,500 — 22,500 — The fair value hierarchy of our financial instruments at December 31, 2016 is as follows: (in thousands of $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 212,942 212,942 — — Restricted cash 54,112 54,112 — — Liabilities Long term debt - floating 886,468 — 886,468 — Long term debt - convertible bond 162,122 — 162,122 —

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of future minimum rental payments under non-cancelable operating leases	The future minimum rental payments under our non-cancelable operating leases as of June 30, 2017 are as follows: (in thousands of $) 2017 (six months to December 31) 17,451 2018 37,006 2019 35,367 2020 35,472 2021 35,066 Thereafter 169,205 329,567

INTERIM FINANCIAL DATA Interim

INTERIM FINANCIAL DATA Interim Financial Data (Details) - USD ($)	1 Months Ended		3 Months Ended	6 Months Ended
	Mar. 31, 2017	Feb. 29, 2016	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed				$ 241,900,000
Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired				11
Noncash or Part Noncash Acquisition, Debt Assumed				285,200,000
Quintana Shipping Ltd [Domain] | Hemen Holdings Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Value of Assets Acquired			$ 343,300,000
Number of vessels acquired | Hemen Holdings Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 2		2	2
Number of vessels acquired | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 14			14
Number of vessels acquired | Quintana Shipping Ltd [Domain] | Hemen Holdings Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired				$ 16
Newcastlemax Vessels [Member] | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			1
Capesize Vessels [Member] | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			5
Panamax Vessels | Hemen Holdings Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			5
Panamax Vessels | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			$ 8
Common Stock
interim reporting [Line Items]
Shares issued (in shares)				23,557,800	71,430,612
Private Placement [Member] | Common Stock
interim reporting [Line Items]
Shares issued (in shares)		8,607,800	17,800,000
Private Placement [Member] | Hemen Holdings Ltd [Domain] | Common Stock
interim reporting [Line Items]
Shares issued (in shares)		3,300,000
Private Placement [Member] | Hemen Holdings Ltd [Domain] | Common Stock | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Shares issued (in shares)		14,950,000	14,950,000
Seller's Credit [Member]
interim reporting [Line Items]
Long-term debt			$ 22,500,000	$ 22,500,000		$ 0
Seller's Credit [Member] | Hemen Holdings Ltd [Domain]
interim reporting [Line Items]
Long-term debt			$ 22,500,000	22,500,000		$ 0
Noncash or Part Noncash Acquisition, Debt Assumed				22,500,000
Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member] | Quintana Shipping Ltd [Domain]
interim reporting [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed				$ 219,400,000

RECENTLY ISSUED ACCOUNTING ST40

RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Debt issuance costs	$ 4,659	$ 5,350

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ / shares in Units, $ in Thousands	Aug. 01, 2016	Jul. 31, 2017shares	Feb. 29, 2016shares	Jun. 30, 2017$ / sharesshares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016$ / shares	Jan. 08, 2016$ / shares
Earnings Per Share [Abstract]
Net loss | $					$ (29,840)	$ (107,452)
Weighted average number of shares outstanding - basic					114,134,000	84,405,000
Impact of share options & restricted stock units					0	2,000
Weighted average number of shares outstanding - diluted					114,134,000	84,407,000
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Reverse share split, conversion ratio	0.2
Common Stock, Par or Stated Value Per Share | $ / shares				$ 0.05	$ 0.05		$ 0.05	$ 0.01
Stock Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share					84,000	88,000
Convertible Debt
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share					2,268,860	2,268,860
Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock Issued During Period, Shares, New Issues					23,557,800	71,430,612
Private Placement [Member] | Common Stock
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock Issued During Period, Shares, New Issues			8,607,800	17,800,000
Quintana Shipping Ltd [Domain] | Private Placement [Member] | Common Stock | Subsequent Event
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Stock Issued During Period, Shares, New Issues		2,850,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2017reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Available-for-sale Securities [Roll Forward]
Available-for-sale securities, ending balance	$ 9,172,000
U.S. Stock Exchange Investment
Available-for-sale Securities [Roll Forward]
Available-for-sale securities, opening balance	0
Available-for-sale securities, ending balance	0
Norwegian Over the Counter Investment
Available-for-sale Securities [Roll Forward]
Available-for-sale securities, opening balance	6,524,000
Unrealized gain	2,648,000
Available-for-sale securities, ending balance	$ 9,200,000

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Vessels and Equipment, Cost
Transfer from newbuildings	$ 176,598
Vessels and Equipment, Accumulated Depreciation
Depreciation	(35,984)	$ (30,794)
Vessels and Equipment
Vessels and Equipment, Cost
Beginning balance	1,873,795
Additions	343,895
Disposals	0
Transfer from newbuildings	176,598
Ending balance	2,394,288
Vessels and Equipment, Accumulated Depreciation
Accumulated depreciation beginning balance	(114,856)
Depreciation	(35,984)
Accumulated depreciation ending balance	(150,840)
Vessels and equipment, net	$ 2,243,448		$ 1,758,939

VESSELS AND EQUIPMENT, NET - Ad

VESSELS AND EQUIPMENT, NET - Additional Information (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)vessel	Jun. 30, 2017USD ($)vessel	Jun. 30, 2016USD ($)	Dec. 31, 2016vessel
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Transfers and Changes			$ 176,598,000
Depreciation			35,984,000	$ 30,794,000
Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			$ 11
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel		3	3		2
Newcastlemax Vessels | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 1
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel		27	27		20
Capesize Vessels | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 5
Ice Class Panamax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel		12	12		10
Kamsarmax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel		13	13		8
Ultramax Vessel [Member]
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel		8	8		6
Number of vessels acquired | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 14		$ 14
Panamax Vessels | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 8
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Transfers and Changes			176,598,000
Depreciation			35,984,000
Supramax Newbuildings [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Transfers and Changes			48,500,000
Capesize Newbuildings [Domain]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Transfers and Changes			128,100,000
Hemen Holdings Ltd [Domain] | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Value of Assets Acquired		343,300,000
Hemen Holdings Ltd [Domain] | Number of vessels acquired
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 2	2	2
Hemen Holdings Ltd [Domain] | Number of vessels acquired | Quintana Shipping Ltd [Domain]
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired			$ 16
Hemen Holdings Ltd [Domain] | Panamax Vessels
Property, Plant and Equipment [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 5

NEWBUILDINGS - Movement in Newb

NEWBUILDINGS - Movement in Newbuilding Balance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Movement In Newbuilding Balance [Roll Forward]
Balance at December 31, 2015	$ 180,562
Installments and newbuilding supervision fees	122,542
Interest capitalized	0
Transfers to Vessels and Equipment	(176,598)
Balance at June 30, 2016	$ 126,506

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)newbuilding	Dec. 31, 2016newbuilding
Property, Plant and Equipment [Line Items]
Newbuilding Pre-Delivery Installments	$ 19.5
Newbuilding Other Capitalized Costs	$ 4
Capesize Newbuildings [Member]
Property, Plant and Equipment [Line Items]
Number of Newbuilding Contracts | newbuilding	6	8
Ultramax Vessel [Member]
Property, Plant and Equipment [Line Items]
Number of Newbuilding Contracts | newbuilding		2
Golden Surabaya & Golden Savannah [Domain]
Property, Plant and Equipment [Line Items]
Payments to Acquire Buildings	$ 67.7
Golden Libra & Golden Virgo
Property, Plant and Equipment [Line Items]
Payments to Acquire Buildings	$ 31.3

VESSELS HELD UNDER CAPITAL LE48

VESSELS HELD UNDER CAPITAL LEASES - Book Value of Vessels Held Under Capital Lease (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)
Capital Leased Assets [Roll Forward]
Balance at December 31, 2016	$ 2,956
Depreciation	(444)
Balance at June 30, 2017	$ 2,512

VESSELS HELD UNDER CAPITAL LE49

VESSELS HELD UNDER CAPITAL LEASES - Additional Information (Details) - vessel	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Capital Leased Assets [Line Items]
Number of vessels under capital lease	1	1
Lease term	10 years
Maximum
Capital Leased Assets [Line Items]
Lease term	3 years	4 years

VESSELS HELD UNDER CAPITAL LE50

VESSELS HELD UNDER CAPITAL LEASES - Outstanding Obligations Under Capital Leases (Details) $ in Thousands	Jun. 30, 2017USD ($)
Vessels Under Capital Leases [Abstract]
2017 (remaining six months)	$ 2,996
2,018	5,944
2,019	5,944
2,020	1,791
2,021	0
Thereafter	0
Minimum lease payments	16,675
Less: imputed interest	(1,507)
Present value of obligations under capital leases	$ 15,168

VESSELS HELD UNDER CAPITAL LE51

VESSELS HELD UNDER CAPITAL LEASES - Schedule of Purchase Options (Details) - Golden Eclipse $ in Thousands	Jun. 30, 2017USD ($)
Capital Leased Assets [Line Items]
Purchase option net of sellers credit, year two	$ 38,000
Purchase option net of sellers credit, year three	36,250
Purchase option net of sellers credit, year four	$ 33,550

INVESTMENTS IN ASSOCIATED COM52

INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Equity Method Investment [Roll Forward]
At December 31, 2016	$ 4,224
Dividend received from associated companies	(256)
Purchase of additional capital	1,000	$ 754
Share of (loss) income	243
At June 30, 2017	$ 5,211
CCL
Schedule of Equity Method Investments [Line Items]
Ownership	25.00%		25.00%
Equity Method Investment [Roll Forward]
At December 31, 2016	$ 0
Dividend received from associated companies	0
Purchase of additional capital	0
Share of (loss) income	0
At June 30, 2017	$ 0
United Freight Carriers LLC
Schedule of Equity Method Investments [Line Items]
Ownership	50.00%		50.00%
Equity Method Investment [Roll Forward]
At December 31, 2016	$ 621
Dividend received from associated companies	0
Purchase of additional capital	0
Share of (loss) income	(58)
At June 30, 2017	$ 563
G.Opus
Schedule of Equity Method Investments [Line Items]
Ownership	50.00%		50.00%
Equity Method Investment [Roll Forward]
At December 31, 2016	$ 2,872
Dividend received from associated companies	0
Purchase of additional capital	1,000
Share of (loss) income	203
At June 30, 2017	$ 4,075
Seateam
Schedule of Equity Method Investments [Line Items]
Ownership	22.19%		22.19%
Equity Method Investment [Roll Forward]
At December 31, 2016	$ 731
Dividend received from associated companies	(256)
Purchase of additional capital	0
Share of (loss) income	98
At June 30, 2017	$ 573

OTHER LONG TERM ASSETS (Details

OTHER LONG TERM ASSETS (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2015USD ($)vessel	Jun. 30, 2017USD ($)vessel	Jun. 30, 2016USD ($)
Other Long Term Assets [Roll Forward]
Balance at December 31, 2016		$ 7,527,000
Reductions in Other Assets, Amount		(250,000)
Increase (Decrease) in Other Noncurrent Assets		250,000
Additions credited to income		1,779,000
Balance at June 30, 2017		$ 8,806,000	$ 8,806,000
Lease term		10 years
Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Additions credited to income		$ 1,800,000	3,300,000
Number of vessels sold and leased back | vessel	8	8
Lease term	10 years
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Daily time charter rate in first period	$ 17,600
Contractual charter term in first period	7 years
Daily time charter rate in second period	$ 14,900
Contractual charter term in second period	3 years
Daily operating expenses rate	$ 7,000
Purchase option net of sellers credit		$ 112,000,000	112,000,000
Contractual charter term	10 years
Charter term extension	3 years	3 years
Daily time charter rate, extension	$ 14,900		$ 14,900
Other Long Term Assets [Member]
Other Long Term Assets [Roll Forward]
Balance at December 31, 2016		$ 2,000,000
Reductions in Other Assets, Amount		(250,000)
Increase (Decrease) in Other Noncurrent Assets		250,000
Balance at June 30, 2017		$ 1,500,000
Other long term assets acquired upon the merger, interest rate		1.00%
Interest Income, Other		$ 10,700
Prepaid Charter Hire Expenses [Member] | Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Balance at December 31, 2016		5,184,000
Additions credited to income		1,836,000
Balance at June 30, 2017		7,020,000
Deferred Tax Asset [Domain]
Other Long Term Assets [Roll Forward]
Balance at December 31, 2016		343,000
Deferred Tax Assets, Tax Deferred Expense		(57,000)
Balance at June 30, 2017		$ 286,000

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Deferred charges	$ (4,659)	$ (5,350)
Total debt	1,287,498	1,058,418
Less: current portion	0	0
Long-term debt	1,287,498	1,058,418
Repayments of Debt	(68,531)
Proceeds from Issuance of Debt	50,000
Noncash or Part Noncash Acquisition, Debt Assumed	241,900
Amortization Of Purchase Price Adjustment	4,986
Debt Related Commitment Fees and Debt Issuance Costs	0
Amortization of Debt Issuance Costs	691
Convertible Debt
Debt Instrument [Line Items]
Long-term debt	182,286	177,300
Seller's Credit [Member]
Debt Instrument [Line Items]
Long-term debt	22,500	0
Term Loan Facility of $33.93 Million
Debt Instrument [Line Items]
Long-term debt	26,013	28,275
Term Loan Facility of $82.5 Million [Member]
Debt Instrument [Line Items]
Long-term debt	39,433	44,367
Term Loan Facility of $284 Million
Debt Instrument [Line Items]
Long-term debt	242,523	258,538
Term Loan Facility of $420 Million [Member]
Debt Instrument [Line Items]
Long-term debt	367,909	388,545
Term Loan Facility of $425 Million [Member]
Debt Instrument [Line Items]
Long-term debt	206,545	166,743
Term Loan Facility of $109.2 Million [Member]
Debt Instrument [Line Items]
Long-term debt	88,140	0
Term Loan Facility of $73.4 Million [Member]
Debt Instrument [Line Items]
Long-term debt	53,448	0
Term Loan Facility of $80.2 Million [Member]
Debt Instrument [Line Items]
Long-term debt	63,360	0
Secured Debt [Member]
Debt Instrument [Line Items]
Long-term debt	1,087,371	886,468
Convertible Debt
Debt Instrument [Line Items]
Repayments of Debt	0
Proceeds from Issuance of Debt	0
Amortization Of Purchase Price Adjustment	4,986
Secured Debt [Member]
Debt Instrument [Line Items]
Repayments of Debt	(68,531)
Proceeds from Issuance of Debt	50,000
Hemen Holdings Ltd [Domain] | Seller's Credit [Member]
Debt Instrument [Line Items]
Long-term debt	22,500	$ 0
Noncash or Part Noncash Acquisition, Debt Assumed	22,500
Quintana Shipping Ltd [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	$ 285,200

DEBT - Additional Information (

DEBT - Additional Information (Details)	1 Months Ended	6 Months Ended		9 Months Ended
	Jul. 31, 2017USD ($)	Jun. 30, 2017USD ($)vessel	Jun. 30, 2016USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2016USD ($)vessel	Feb. 29, 2016USD ($)
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed		$ 241,900,000
Proceeds from long-term debt		$ 50,000,000	$ 142,200,000
Number of Capesize newbuildings delivered | vessel		2
Repayment of long-term debt		$ 68,531,000	22,219,000
Restricted Cash		64,168,000			$ 53,797,000
Minimum Value Covenant						100.00%
Repayments of debt		68,531,000
Amortization of purchase price adjustment		4,986,000
Deferred charges		4,700,000
Amortization of debt issuance costs		691,000
Vessels and equipment, net		2,243,448,000			$ 1,758,939,000
Term Loan Facility of $420 Million [Member]
Debt Instrument [Line Items]
Debt face amount						$ 420,000,000
Term Loan Facility of $109.2 Million [Member]
Debt Instrument [Line Items]
Debt face amount		$ 109,200,000
Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member]
Debt Instrument [Line Items]
Repayment of long-term debt			14,500,000
Debt Instrument, Average Basis Spread on Variable Rate		3.10%
Debt Instrument, Periodic Payment		$ 5,800,000
Restricted Cash		$ 10,000,000
Minimum Value Covenant		105.00%
Term Loan Facility of $73.4 Million [Member]
Debt Instrument [Line Items]
Debt face amount		$ 73,400,000
Term Loan Facility of $80.2 Million [Member]
Debt Instrument [Line Items]
Debt face amount		80,200,000
Term Loan Facility of $425 Million
Debt Instrument [Line Items]
Debt face amount		$ 425,000,000				425,000,000
Term Loan Facility of $33.93 Million
Debt Instrument [Line Items]
Debt face amount						33,930,000
Term Loan Facility of $82.5 Million [Member]
Debt Instrument [Line Items]
Debt face amount						82,500,000
Term Loan Facility of $284 Million
Debt Instrument [Line Items]
Debt face amount						$ 284,000,000
Floating Rate Debt
Debt Instrument [Line Items]
Number of vessels serving as security | vessel		61			45
Repayment of long-term debt			54,000,000
Quintana Shipping Ltd [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed		$ 285,200,000
Quintana Shipping Ltd [Domain] | Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed		$ 219,400,000
Number of Capesize newbuildings delivered | vessel		11
Hemen Holdings Ltd [Domain] | Seller's Credit [Member]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed		$ 22,500,000
Number of Capesize newbuildings delivered | vessel		2
Subsequent Event [Member] | Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member]
Debt Instrument [Line Items]
Repayment of long-term debt				$ 40,600,000
Restricted Cash				$ 10,000,000
Market Adjusted Equity				25.00%
Subsequent Event [Member] | Quintana Shipping Ltd [Domain]
Debt Instrument [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	$ 43,300,000
Repayments of debt	$ 2,900,000
Golden Surabaya & Golden Savannah [Domain] | Term Loan Facility of $425 Million
Debt Instrument [Line Items]
Proceeds from long-term debt			$ 50,000,000
Minimum [Member] | Subsequent Event [Member] | Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member]
Debt Instrument [Line Items]
Minimum Value Covenant				125.00%
Maximum [Member] | Subsequent Event [Member] | Term Loan Facilities of $109.2 Million, $73.4 Million & $80.2 Million [Member]
Debt Instrument [Line Items]
Minimum Value Covenant				135.00%
Collateral Pledged [Member] | Floating Rate Debt
Debt Instrument [Line Items]
Vessels and equipment, net		$ 2,193,800,000			$ 1,733,200,000

DEBT - Loan Amendments (Details

DEBT - Loan Amendments (Details)	1 Months Ended	6 Months Ended
	Feb. 29, 2016USD ($)	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Minimum value covenant	100.00%
Minimum value increase, option one	125.00%
Minimum value increase, option two	135.00%
Repayment deferral period	4.25%
Free Projected Cash anticipated loan amendment		$ 25,000,000
Percentage Of Debt Guaranteed For Joint Venture		50.00%
Term Loan Facility of $420 Million
Debt Instrument [Line Items]
Debt face amount	$ 420,000,000
Term Loan Facility of $425 Million
Debt Instrument [Line Items]
Debt face amount	$ 425,000,000	$ 425,000,000
Number of remaining newbuilding contracts	9	6
Fixed draw down per vessel	$ 25,000,000
Senior Secured Term Loan Facility Of $22 Million [Member] | Golden Opus Inc. [Member]
Debt Instrument [Line Items]
Debt face amount		$ 22,000,000
Deferral of loan repayments		$ 113,900,000
Percentage Of Debt Guaranteed For Joint Venture		50.00%
Term Loan Facility of $33.93 Million
Debt Instrument [Line Items]
Debt face amount	33,930,000
Term Loan Facility of $82.5 Million
Debt Instrument [Line Items]
Debt face amount	82,500,000
Term Loan Facility of $284 Million
Debt Instrument [Line Items]
Debt face amount	$ 284,000,000

DEBT - Schedule of Debt Maturit

DEBT - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2017USD ($)
Debt Disclosure [Abstract]
2017 (remaining six months)	$ 0
2,018	78,038
2,019	561,810
2,020	379,338
2,021	269,085
Thereafter	21,600
Total debt	1,309,871
Fair value purchase price adjustment of convertible bond debt	(17,714)
Total debt	$ 1,292,157

DEBT - Assets Pledged (Details)

DEBT - Assets Pledged (Details) $ in Thousands	Jun. 30, 2017USD ($)vessel	Dec. 31, 2016USD ($)vessel
Debt Instrument [Line Items]
Vessels and equipment, net	$ 2,243,448	$ 1,758,939
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Number of vessels serving as security | vessel	61	45
Securities Pledged as Collateral [Member] | Floating Rate Debt [Member]
Debt Instrument [Line Items]
Vessels and equipment, net	$ 2,193,800	$ 1,733,200

DERIVATIVE INSTRUMENTS PAYABL59

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Derivative [Line Items]
Derivative asset, fair value	$ 1,086		$ 1,594
Derivative liability, fair value	4,539		1,990
Interest expense	27,118	$ 20,995
Loss on derivatives	3,796	17,821
Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	908		1,502
Derivative liability, fair value	4,438		1,777
Interest expense	749	991
Unrealized (gain) loss on derivatives	3,254	18,721
Currency Swap
Derivative [Line Items]
Derivative asset, fair value	143		92
Derivative liability, fair value	41		213
Unrealized (gain) loss on derivatives	(80)	(974)
(Gain) loss on sale of derivatives	(126)	(35)
Forward Freight Agreements
Derivative [Line Items]
(Gain) loss on sale of derivatives	(7)	38
Bunker derivatives
Derivative [Line Items]
Derivative asset, fair value	35		0
Derivative liability, fair value	60		$ 0
Unrealized (gain) loss on derivatives	9	(1,544)
(Gain) loss on sale of derivatives	$ (3)	$ 624

SHARE CAPITAL - Additional Info

SHARE CAPITAL - Additional Information (Details) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended		6 Months Ended
	Jul. 31, 2017vesselshares	Feb. 29, 2016shares	Jun. 30, 2017shares	Mar. 31, 2017USD ($)	Jun. 30, 2017vesselshares	Jun. 30, 2016shares	Mar. 15, 2017$ / shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Class of Stock [Line Items]
Number of outstanding common shares (in shares)			129,522,992		129,522,992	129,522,992		105,965,192
Common Stock
Class of Stock [Line Items]
Shares issued (in shares)					23,557,800	71,430,612
Number of outstanding common shares (in shares)			129,522,992		129,522,992	105,965,192		105,965,192	34,535,128
Common Stock | Equity Offering [Member]
Class of Stock [Line Items]
Share price (in USD per share) | $ / shares							$ 6.97
Foreign Currency Exchange Rate, Translation							8.6078
Proceeds from sale of equity | $				$ 60
Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		8,607,800	17,800,000
Subsequent Event
Class of Stock [Line Items]
Number of outstanding common shares (in shares)	132,372,992
Quintana Shipping Ltd [Domain] | Subsequent Event | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)	2,850,000
Quintana Shipping Ltd [Domain] | Hemen Holdings Ltd [Domain]
Class of Stock [Line Items]
Number of vessels | vessel					13
Quintana Shipping Ltd [Domain] | Hemen Holdings Ltd [Domain] | Subsequent Event
Class of Stock [Line Items]
Number of vessels | vessel	3
Hemen Holdings Ltd [Domain] | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		3,300,000
Hemen Holdings Ltd [Domain] | Quintana Shipping Ltd [Domain] | Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued (in shares)		14,950,000	14,950,000
Norway, Krone | Common Stock | Equity Offering [Member]
Class of Stock [Line Items]
Share price (in USD per share) | $ / shares							$ 60
Proceeds from sale of equity | $				$ 516.5

RELATED PARTY TRANSACTIONS - Sh

RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2017USD ($)vessel$ / d	Jun. 30, 2016USD ($)vessel$ / d
Related Party Transaction [Line Items]
Charter hire expenses		$ 29,454	$ 26,920
Ship Finance International Limited
Related Party Transaction [Line Items]
Charter hire expense		$ 15,826	15,372
Number of vessels sold and leased back | vessel	8	8
Charter hire expenses		$ 13,990	$ 12,055
Ship Finance International Limited | Dry Bulk Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel		14,000	14,000
Commercial management fee revenue (in dollars per day) | $ / d		125	125
Ship Finance International Limited | Container Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel		9,000	9,000
Commercial management fee revenue (in dollars per day) | $ / d		75	75
Ship Finance International Limited | Prepaid Charter Hire Expenses [Member]
Related Party Transaction [Line Items]
Prepaid charter hire expense		$ 1,836	$ 3,317

RELATED PARTY TRANSACTIONS - Se

RELATED PARTY TRANSACTIONS - Seatankers Management Co, United Freight Carriers, Capesize Chartering (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2017USD ($)vessel	Jun. 30, 2017USD ($)vessel$ / d	Jun. 30, 2016USD ($)vessel$ / d	Jun. 30, 2015USD ($)
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Revenue from related parties			$ 478,000	$ 474,000
United Freight Carriers LLC
Related Party Transaction [Line Items]
Revenue from related parties			0	150,000
CCL
Related Party Transaction [Line Items]
Pool earnings			$ 2,794,000	$ 330,000
Dry Bulk Carriers | Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel		22,000	22,000	21,000
Commercial management fee revenue (in dollars per day) | $ / d			125	125
Management And Administration | United Freight Carriers LLC
Related Party Transaction [Line Items]
Revenue from related parties				$ 0	$ 200,000
Number of vessels acquired | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 2	$ 2	$ 2

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreements (Details)	6 Months Ended
	Jun. 30, 2017USD ($)$ / vessel	Jun. 30, 2016USD ($)vessel$ / vessel	Dec. 31, 2015vessel
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Management Fee to be Paid Per Annum | $ / vessel	30,555	31,875
Seateam
Related Party Transaction [Line Items]
Number of vessels under ship management | vessel		18	15
Frontline Ltd.
Related Party Transaction [Line Items]
Quarterly management fee expenses | $	$ 20,000	$ 115,000

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged by/to Related Parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Golden Opus Inc. [Member]
Related Party Transaction [Line Items]
Amounts due to related parties	$ 482	$ 266
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Amounts due to related parties	1,796	3,765
Ship Finance International Limited
Related Party Transaction [Line Items]
Amounts due to related parties	13,990	12,055
Amounts due from related parties	370	404
Seateam
Related Party Transaction [Line Items]
Amounts due to related parties	1,407	954
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Amounts due to related parties	1,945	700
Amounts due from related parties	478	474
CCL
Related Party Transaction [Line Items]
Amounts due to related parties	20	35
Pool Revenues	2,794	330
United Freight Carriers LLC
Related Party Transaction [Line Items]
Amounts due from related parties	$ 0	$ 150

RELATED PARTY TRANSACTIONS - 65

RELATED PARTY TRANSACTIONS - Summary of Balances Owed from/to Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Related party receivables	$ 3,470	$ 1,927
Related party payables	23,406	1,387
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Related party payables	0	73
Frontline Ltd.
Related Party Transaction [Line Items]
Related party receivables	2,356	1,523
Related party payables	906	1,044
Ship Finance International Limited
Related Party Transaction [Line Items]
Related party receivables	369	2
United Freight Carriers LLC
Related Party Transaction [Line Items]
Related party receivables	0	0
Seateam
Related Party Transaction [Line Items]
Related party payables	0	0
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Related party receivables	471	77
Related party payables	0	270
G.Opus
Related Party Transaction [Line Items]
Related party receivables	89	3
CCL
Related Party Transaction [Line Items]
Related party receivables	185	322
Related party payables	0	$ 0
Sterna Finance Ltd [Member]
Related Party Transaction [Line Items]
Related party payables	$ 22,500

RELATED PARTY TRANSACTIONS RELA

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Hemen (Details) - USD ($)	1 Months Ended		3 Months Ended		6 Months Ended
	Mar. 31, 2017	Feb. 29, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Seller's Credit [Member]
Related Party Transaction [Line Items]
Long-term debt			$ 22,500,000		$ 22,500,000		$ 0
Seller's Credit [Member] | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Long-term debt			$ 22,500,000		$ 22,500,000		0
Convertible Debt
Related Party Transaction [Line Items]
Debt Instrument, Convertible, Conversion Price			$ 88.15		$ 88.15
Long-term debt			$ 182,286,000		$ 182,286,000		$ 177,300,000
Convertible Debt | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Debt Instrument, Face Amount			$ 93,600,000		$ 93,600,000
Convertible Debt
Related Party Transaction [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					2,268,860	2,268,860
Convertible Debt | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					1,061,826
Common Stock
Related Party Transaction [Line Items]
Shares issued (in shares)					23,557,800	71,430,612
Common Stock | Private Placement [Member]
Related Party Transaction [Line Items]
Shares issued (in shares)		8,607,800	17,800,000
Common Stock | Private Placement [Member] | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Shares issued (in shares)		3,300,000
Number of vessels acquired | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 2		$ 2		$ 2
London Interbank Offered Rate (LIBOR) [Member] | Seller's Credit [Member] | Hemen Holdings Ltd [Domain]
Related Party Transaction [Line Items]
Variable interest rate				3.00%

FINANCIAL ASSETS AND LIABILIT67

FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) - Interest Rate Swap [Member] $ in Millions	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Derivative [Line Items]
Derivative, Number of Instruments Held	9	7
Derivative, notional amount	$ 500	$ 400

FINANCIAL ASSETS AND LIABILIT68

FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Interest Rate Swap [Member]
Derivative [Line Items]
Derivative, notional amount	$ 500	$ 400

FINANCIAL ASSETS AND LIABILIT69

FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) - t	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Bunker derivatives [Member]
Derivative [Line Items]
Outstanding bunker swap agreements	23,700	3,600

FINANCIAL ASSETS AND LIABILIT70

FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Currency Swap [Member]
Derivative [Line Items]
Derivative, notional amount	$ 6.9	$ 7.2

FINANCIAL ASSETS AND LIABILIT71

FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	$ 122,699	$ 212,942
Restricted cash and investments, Fair Value Disclosure	68,529	54,112
Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	122,699	212,942
Restricted cash and investments, Fair Value Disclosure	68,529	54,112
Secured Debt [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,087,371	886,468
Secured Debt [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,087,371	886,468
Convertible Debt | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	179,914	162,122
Convertible Debt | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	182,286	177,300
Seller's Credit [Member] | Estimate of Fair Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	22,500	0
Seller's Credit [Member] | Reported Value Measurement [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	22,500	0
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	122,699	212,942
Restricted cash and investments, Fair Value Disclosure	68,529	54,112
Fair Value, Measurements, Recurring [Member] | Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,087,371	886,468
Fair Value, Measurements, Recurring [Member] | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	179,914	162,122
Fair Value, Measurements, Recurring [Member] | Seller's Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	22,500
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	122,699	212,942
Restricted cash and investments, Fair Value Disclosure	68,529	54,112
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0	0
Fair Value, Inputs, Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Seller's Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted cash and investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	1,087,371	886,468
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	179,914	162,122
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Seller's Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	22,500
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and Cash Equivalents, Fair Value Disclosure	0	0
Restricted cash and investments, Fair Value Disclosure	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Secured Debt [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0	0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	0	$ 0
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Seller's Credit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long-term Debt, Fair Value	$ 0

COMMITMENTS AND CONTINGENCIES72

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended			3 Months Ended			6 Months Ended
	Jul. 31, 2017USD ($)shares	Mar. 31, 2017USD ($)	Feb. 29, 2016shares	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)vesselshares	Sep. 30, 2015USD ($)vessel	Jun. 30, 2017USD ($)vesselshares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)vessel
Unrecorded Unconditional Purchase Obligation [Line Items]
Number Of Vessels Under Capital Lease | vessel					1		1		1
Percentage of joint venture debt guaranteed					50.00%		50.00%
Proceeds From Sale Of Vessels and Equipment							$ 0	$ 48,122,000
Sale Leaseback Transaction, Lease Term							10 years
Number of newbuildings under construction | vessel					6		6
Newbuilding commitments								173,900,000
Estimated Litigation Liability, Noncurrent					$ 9,800,000		$ 9,800,000
2017 (six months to December 31)					17,451,000		17,451,000
2,018					37,006,000		37,006,000
2,019					35,367,000		35,367,000
2,020					35,472,000		35,472,000
2,021					35,066,000		35,066,000
Thereafter					169,205,000		169,205,000
Total					329,567,000		329,567,000
Noncash or Part Noncash Acquisition, Debt Assumed							241,900,000
Repayments of Debt							$ 68,531,000
Ship Finance International Ltd
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels sold and leased back | vessel						8	8
Sale Leaseback Transaction, Lease Term						10 years
Ship Finance International Ltd | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase option, vessels					112,000,000		$ 112,000,000	112,000,000
Charter term, extension						3 years	3 years
Daily charter rate, extension						$ 14,900		$ 14,900
G.Opus
Unrecorded Unconditional Purchase Obligation [Line Items]
Joint venture obligation, amount outstanding					16,000,000		$ 16,000,000		$ 17,900,000
Subsequent Event
Unrecorded Unconditional Purchase Obligation [Line Items]
Proceeds From Sale Of Vessels and Equipment				$ 28,900,000
G.Opus
Unrecorded Unconditional Purchase Obligation [Line Items]
Maximum potential liability under Joint and Several Liability Arrangement					$ 8,000,000		8,000,000		$ 9,000,000
Quintana Shipping Ltd [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired							11
Noncash or Part Noncash Acquisition, Debt Assumed							285,200,000
Quintana Shipping Ltd [Domain] | Subsequent Event
Unrecorded Unconditional Purchase Obligation [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	$ 43,300,000
Repayments of Debt	2,900,000
Number of vessels delivered | Quintana Shipping Ltd [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired							11
Number of vessels acquired | Quintana Shipping Ltd [Domain]
Unrecorded Unconditional Purchase Obligation [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 14					$ 14
Number of vessels to be delivered | Quintana Shipping Ltd [Domain] | Subsequent Event
Unrecorded Unconditional Purchase Obligation [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 3
Common Stock
Unrecorded Unconditional Purchase Obligation [Line Items]
Shares issued (in shares) | shares							23,557,800	71,430,612
Common Stock | Private Placement [Member]
Unrecorded Unconditional Purchase Obligation [Line Items]
Shares issued (in shares) | shares			8,607,800		17,800,000
Common Stock | Private Placement [Member] | Quintana Shipping Ltd [Domain] | Subsequent Event
Unrecorded Unconditional Purchase Obligation [Line Items]
Shares issued (in shares) | shares	2,850,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended
	Jul. 31, 2017	Mar. 31, 2017	Feb. 29, 2016	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed						$ 241,900,000
Repayments of Debt						68,531,000
Proceeds From Sale Of Vessels and Equipment						0	$ 48,122,000
Subsequent Event
Subsequent Event [Line Items]
Proceeds From Sale Of Vessels and Equipment				$ 28,900,000
Quintana Shipping Ltd [Domain]
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired						11
Noncash or Part Noncash Acquisition, Debt Assumed						285,200,000
Quintana Shipping Ltd [Domain] | Subsequent Event
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Debt Assumed	$ 43,300,000
Repayments of Debt	2,900,000
Quintana Shipping Ltd [Domain] | Number of vessels delivered
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired						11
Quintana Shipping Ltd [Domain] | Number of vessels acquired
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired		$ 14				$ 14
Quintana Shipping Ltd [Domain] | Number of vessels to be delivered | Subsequent Event
Subsequent Event [Line Items]
Noncash or Part Noncash Acquisition, Fixed Assets Acquired	$ 3
Common Stock
Subsequent Event [Line Items]
Shares issued (in shares)						23,557,800	71,430,612
Common Stock | Private Placement [Member]
Subsequent Event [Line Items]
Shares issued (in shares)			8,607,800		17,800,000
Common Stock | Private Placement [Member] | Quintana Shipping Ltd [Domain] | Subsequent Event
Subsequent Event [Line Items]
Shares issued (in shares)	2,850,000