Golden Ocean Group Limited (GOGL) 6-K 18 Sep 19 2019 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2019
Document and Entity Information [Abstract]
Entity Registrant Name	Golden Ocean Group Limited
Entity Central Index Key	0001029145
Current Fiscal Year End Date	--12-31
Document Type	6-K
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Unaudited Interim Condensed Con

Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Operating revenues	$ 241,792	$ 290,831
Gain on sale of assets and amortization of deferred gains	0	129
Other operating income (expenses), net	2,816	1,049
Operating expenses
Voyage expenses and commissions	67,104	63,445
Ship operating expenses	90,818	76,429
Charter hire expenses	31,616	46,698
Administrative expenses	6,805	7,357
Impairment loss on vessels	0	1,080
Depreciation	46,853	45,470
Total operating expenses	243,196	240,479
Net operating income (loss)	1,412	51,530
Other income (expenses)
Interest income	2,775	3,156
Interest expense	(32,311)	(36,507)
Equity results of associated companies	178	325
Gain (loss) on derivatives	(10,217)	7,931
Other financial items	(2,313)	(747)
Net other income (expenses)	(41,888)	(25,842)
Net income (loss) before tax	(40,476)	25,688
Income tax expense	75	25
Net income (loss)	$ (40,551)	$ 25,663
Per share information:
Basic and diluted earnings (loss) per share (in dollars per share)	$ (0.28)	$ 0.18
Dividends per share (in dollars per share)	$ 0.13	$ 0.20
Time charter revenues
Operating revenues	$ 128,139	$ 159,645
Voyage charter revenues
Operating revenues	112,867	130,021
Other revenues
Operating revenues	$ 786	$ 1,165

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (40,551)	$ 25,663
Other comprehensive income (loss), net
Unrealized gain (loss)	0	0
Other comprehensive income (loss), net	0	0
Comprehensive income (loss), net	$ (40,551)	$ 25,663

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 97,937	$ 305,352
Restricted cash	19,612	20,272
Marketable securities	10,009	12,033
Trade accounts receivable, net	30,439	27,650
Other current assets	29,471	26,667
Related party receivables	6,344	3,990
Derivative instruments receivable	2,780	9,449
Inventories	39,288	28,154
Prepaid expenses	8,061	6,127
Voyages in progress	5,170	2,808
Favorable charter party contracts	16,500	18,732
Total current assets	265,611	461,234
Restricted cash	45,708	46,981
Vessels and equipment, net	2,365,773	2,406,456
Finance leases, right of use assets, net	721	1,165
Operating leases, right of use assets, net	196,827
Favorable charter party contracts	9,164	16,221
Investments in associated companies	1,686	1,658
Other long term assets	18,097	17,639
Total assets	2,903,587	2,951,354
Current liabilities
Current portion of long-term debt	233,668	471,764
Current portion of finance lease obligations	4,687	5,649
Current portion of operating lease obligations	22,585
Derivative instruments payable	10,293	1,294
Related party payables	696	0
Trade accounts payables	14,673	7,752
Accrued expenses	33,846	26,643
Other current liabilities	30,826	28,398
Total current liabilities	351,274	541,500
Long-term liabilities
Long-term debt	914,012	877,278
Non-current portion of finance lease obligations	0	1,786
Non-current portion of operating lease obligations	165,084
Other long term liabilities	0	7,278
Total liabilities	1,430,370	1,427,842
Commitments and contingencies
Equity
Share capital (2019: 144,272,697 shares. 2018: 144,272,697 shares. All shares are issued and outstanding at par value $0.05)	7,215	7,215
Treasury shares	(4,239)	(2,643)
Additional paid in capital	473	233
Contributed capital surplus	1,775,678	1,786,451
Accumulated deficit	(305,910)	(267,744)
Total equity	1,473,217	1,523,512
Total liabilities and equity	$ 2,903,587	$ 2,951,354

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Equity
Share capital, shares outstanding (in shares)	144,272,697	144,272,697
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Statement of Cash Flows [Abstract]
Net cash provided by (used in) operating activities	$ 28,490	$ 62,197
Investing activities
Investments in equity securities	(10,000)	0
Payments related to upgrades, vessels and newbuildings	(8,844)	(153,304)
Distributions from associated companies	0	45
Proceeds from seller credit receivable	0	500
Proceeds from sale of marketable securities	0	224
Other investing activities, net	89	439
Net cash provided by (used in) investing activities	(18,755)	(152,096)
Financing activities
Proceeds from long-term debt	225,540	252,993
Repayment of long-term debt	(423,482)	(181,029)
Repayment of capital leases	(2,748)	(2,548)
Distributions to shareholders	(10,773)	(28,850)
Debt fees paid	(5,174)	(1,200)
Payments related to shares repurchases	(2,630)	0
Proceeds from share distributions	185	0
Net proceeds from share issuance	0	210
Net cash provided by (used in) financing activities	(219,082)	39,576
Net change in cash, cash equivalents and restricted cash	(209,347)	(50,323)
Cash, cash equivalents and restricted cash at beginning of period	372,604	371,984
Cash, cash equivalents and restricted cash at end of period	$ 163,257	$ 321,661

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Treasury shares	Additional Paid in Capital	Contributed Capital Surplus	Other Comprehensive Loss	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2017		142,197,697
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		2,050,000
Balance at end of period (in shares) at Jun. 30, 2018		144,247,697
Balance at beginning of period at Dec. 31, 2017		$ 7,111	$ 0	$ 454,694	$ 1,378,824	$ 5,323	$ (351,903)
Increase (decrease) in Equity [Roll Forward]
Shares issued		103	0	17,448
Stock option expense				288
Distributions to shareholders					(28,850)
Distributed treasury shares			0				0
Net income (loss)							25,663
Balance at end of period at Jun. 30, 2018	$ 1,503,003	$ 7,214	0	472,430	1,349,974	0	(326,615)
Increase (decrease) in Equity [Roll Forward]
Effect of new accounting principle in period of adoption | Accounting Standards Update 2016-01						(5,323)	5,323
Effect of new accounting principle in period of adoption | Accounting Standards Update 2014-09							(5,698)
Effect of new accounting principle in period of adoption | Accounting Standards Update 2016-02							0
Effect of new accounting principle in period of adoption | Accounting Standards Update 2016-01						0	0
Effect of new accounting principle in period of adoption | Accounting Standards Update 2014-09							0
Effect of new accounting principle in period of adoption | Accounting Standards Update 2016-02							2,485
Balance at beginning of period (in shares) at Dec. 31, 2018	144,272,697	144,272,697
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		0
Balance at end of period (in shares) at Jun. 30, 2019	144,272,697	144,272,697
Balance at beginning of period at Dec. 31, 2018	$ 1,523,512	$ 7,215	(2,643)	233	1,786,451	0	(267,744)
Increase (decrease) in Equity [Roll Forward]
Shares issued		0	285	0
Stock option expense				240
Distributions to shareholders					(10,773)
Distributed treasury shares			(1,881)				(100)
Net income (loss)							(40,551)
Balance at end of period at Jun. 30, 2019	$ 1,473,217	$ 7,215	$ (4,239)	$ 473	$ 1,775,678	$ 0	$ (305,910)

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2019
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 Limited. (“Golden Ocean,” the “Company,” "we," or "our") have been stated on the same basis, except for the adoption of ASC 842 as noted below, 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 (“U.S. GAAP”). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2018, filed with the Securities and Exchange Commission (the "SEC") on March 22, 2019. 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, 2019 are not necessarily indicative of the results for the year ending December 31, 2019.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. 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 The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Other than our accounting policies adopted as a result of new guidance and as described under "Note 3 Recently Issued Accounting Standards", our accounting policies have not changed from those reported in our 2018 Annual Report on Form 20-F for the year ended December 31, 2018, filed with the SEC on March 22, 2019.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted 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 2018, the FASB issued ASU No. 2018-13, Fair value measurement (Topic 820), which is intended to streamline the disclosure requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. The accounting update also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. Accounting Standards Updates, recently adopted On January 1, 2019, we adopted ASC 842 Leases which revises the accounting for leases. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard requires lessees and lessors to classify most leases as either financing or operating using principles similar to previous lease accounting. The income statement recognition is similar to previous lease accounting and is based on lease classification. The accounting applied by a lessor under the new guidance is substantially equivalent to previous lease accounting guidance. We adopted the new accounting standard using the modified retrospective transition approach, which allowed us to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. As a lessee, we currently have three major categories of leases - chartered-in vessels, vessels under finance lease and office leases. The adoption of the new accounting standard resulted in the recognition of operating lease right-of-use assets of $205.3 million and related lease liabilities for operating leases of $198.5 million in Total Assets and Total Liabilities, respectively. A deferred gain of $2.5 million from a sale and leaseback transaction in 2015 was recognized as a cumulative-effect adjustment to Total Equity on our Condensed Consolidated Balance Sheet on January 1, 2019. In connection with the adoption of ASC 842, we elected the package of practical expedients for all our leases that permits us not to (i) reassess whether any expired or existing contracts are or contain leases; (ii) reassess the lease classification for any expired or existing leases and (iii) reassess initial direct costs for any existing leases. Additionally, we elected not to use the practical expedient of hindsight in determining the lease term and the practical expedient pertaining to land easements as it is not applicable to us. Prior to January 1, 2019, we recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expenses on a straight-line basis over the term of the lease arrangement, there were no material differences between the timing and amount of lease expenses recognized under the two accounting methodologies during the six months ended June 30, 2019 and 2018. However, as we have not applied the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them instead as a single lease component for the purposes of the recognition and measurement requirements of ASC 842, we have a change in presentation in the six months ended June 30, 2019 compared to the six months ended June 30, 2018. For vessels chartered in on time charter, we have presented $7.6 million of the non-lease component, or service element, under ship operating expenses as opposed to charter hire expenses during the six months ended June 30, 2019. We have also elected as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less). As a result, we recognize the lease payments in the income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The accounting policy election for short-term leases is made by class of underlying asset to which the right of use relates. The adoption of the new accounting standard has not had any material impact for the accounting of our one and only finance lease arrangement. In determining the appropriate discount rate to use in calculating the present value of our contractual lease payments, we make significant judgments and assumptions to estimate the incremental borrowing rate as the rate implicit in our leases cannot be readily determined. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and amount equal to the lease payments in a similar economic environment. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases. For our contracts where we are the lessor, we have elected the practical expedient to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. Revenues from contracts where the non-lease component is the predominant component are accounted for under ASC 606. When a lessor, lease revenue for fixed lease payments is recognized over the lease term on a straight-line basis and lease revenue for variable lease payments is recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Initial direct costs are expensed over the lease term on the same basis as lease revenue. See also "Note 6, Operating Revenues" and "Note 10, Operating Leases" for additional disclosures on our operating lease arrangements. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging , which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The Standard was effective for fiscal years beginning after December 15, 2018. The adoption of this accounting standard has not had any material impact on our consolidated financial statements.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 are as follows: (in thousands of $) 2019 2018 Net income (loss) (40,551 ) 25,663 (in thousands) 2019 2018 Weighted average number of shares outstanding - basic 143,687 144,032 Dilutive effect of share options — 315 Weighted average number of shares outstanding - diluted 143,687 144,347 Total outstanding share options of 495,000 were anti-dilutive in the six months ended June 30, 2019 , using the treasury stock method. In the six months ended June 30, 2018 , share options using the treasury stock method were dilutive by 315,239 shares and only insignificantly impacting our earnings per share in the period. In the six months ended June 30, 2019, we acquired an aggregate of 350,000 shares and distributed 50,000 treasury shares as settlement for 50,000 share options that were exercised. As of June 30, 2019, we held 745,000 treasury shares (December 31, 2018: 445,000 treasury shares). Our treasury shares have been weighted for the portion of the period they were outstanding.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The chief operating decision maker ("CODM") measures performance based on the overall return to shareholders using 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.

OPERATING REVENUES

OPERATING REVENUES	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
OPERATING REVENUES	Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charterparty generally provides typical warranties regarding the speed and performance of the vessel. The charterparty generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non hazardous cargo. In a time charter contract, where we charter the ship out to a charterer, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tools during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. Time charter contracts are accounted for under ASC 842 leases and revenues are recorded over the term of the charter. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90% or 95% freight paid within three to five days after completion of loading. The voyage charter party generally has a "demurrage" or "despatch" clause. As per this clause, the charterer reimburses us for any potential delays exceeding the allowed laytime as per the charter party clause at the ports visited, which is recorded as demurrage revenue. Conversely, the charterer may be given credit if the loading/discharging activities happen within a shorter period than the allowed laytime, which is despatch and results in a reduction in revenue. Estimates and judgments are required in ascertaining the most likely outcome of a particular voyage and actual outcomes may differ from estimates. In a voyage charter contract, the performance obligations begin to be satisfied once the vessel begins loading the cargo. We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In the six months ended June 30, 2019 and 2018, we recognized a total of $7.8 million and $7.7 million , respectively, in demurrage which is included under voyage revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes taken or the vessel speed. However, some of our voyage charter contracts could be considered to contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The new lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we have elected this practical expedient for our time charter contracts and voyage charter contracts that qualify as leases and thus do not separate the non-lease component, or service element, from the lease. Furthermore, the standard requires us to account for the combined component in accordance with ASC 606 revenues from contracts with customers if the non-lease components are the predominant components. Under this guidance we have assessed that the non-lease, or service, components were the predominant component for all of our voyage charter contracts. The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2019 and 2018: (in thousands of $) 2019 2018 Time charter revenues 128,139 159,645 Voyage charter revenues 112,867 130,021 Other revenues 786 1,165 Total operating revenues 241,792 290,831 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $10.6 million of contract assets were capitalized in the period ended June 30, 2019 under "Other current assets", of which $6.3 million was amortized up to June 30, 2019, leaving a remaining balance of $4.3 million . $2.1 million of contract assets were amortized in the six months ended June 30, 2019 in relation to voyages in progress at the end of December 31, 2018. No impairment losses were recognized in the period. As at June 30, 2019 we reported the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2019 2018 Voyages in progress 5,170 2,808 Trade accounts receivable 30,439 27,650 Other current assets (capitalized fulfillment costs) 4,271 2,554 Total 39,880 33,012 As at June 30, 2019, we recorded $10.0 million in total deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In the first six months of 2019, we recognized $8.7 million in revenue, which was deferred as at December 31, 2018, as the performance obligations were met.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of June 30, 2019 and June 30, 2018, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2019 2018 Cash and cash equivalents 97,937 249,970 Short term restricted cash 19,612 15,535 Long term restricted cash 45,708 56,156 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 163,257 321,661 Amounts included in short-term and long-term restricted cash include primarily cash balances that are required to be maintained by the financial covenants in our loan facilities. Under our debt facilities, we need to maintain free cash of the higher of $20 million or 5% of total interest bearing debt. In addition to minor amounts secured for tax payments or for claims processes, short-term restricted cash included $9.1 million as at June 30, 2019 (December 31, 2018: $0.8 million

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2019
Marketable Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Our marketable securities are equity securities in Scorpio Bulkers Inc., a dry bulk shipping company listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2018 12,033 Sales during the year — Unrealized gain (loss) (2,024 ) Balance at June 30, 2019 10,009 During the six months ended June 30, 2019 , we received approximately $0.1 million in dividends from our investment in Scorpio Bulkers Inc.

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2019
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, 2018 2,679,547 (273,091 ) 2,406,456 Additions 5,726 — 5,726 Depreciation — (46,409 ) (46,409 ) Balance at June 30, 2019 2,685,273 (319,500 ) 2,365,773 At June 30, 2019, we owned three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes (At December 31, 2018: three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes). In the six months ended June 30, 2019, we capitalized an aggregate of $5.7 million in costs for completed installations of scrubber and ballast water treatment systems. Total depreciation expense for vessels and equipment was $46.4 million for the six months ended June 30, 2019. In addition, we depreciated $0.4 million of our finance leased assets during the six months ended June 30, 2019.

OPERATING LEASES

OPERATING LEASES	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES As of June 30, 2019, we had leased in eight vessels from SFL and one vessel from an unrelated third party, all of which had an initial duration above 12 months . All of these vessels are leased under long-term time charters classified as operating leases. In addition, we had two operating leases for our offices in Oslo and Singapore. As a result of the adoption of ASC 842 on January 1, 2019, we recognized right-of-use assets and lease liabilities for these leases as further disclosed below. For the eight Capesize vessels leased from SFL the daily time charter rate is $17,600 of which $7,000 is for operating expenses (including dry docking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until expiry of the contracts. In addition, 33% of any profit from revenues above the daily time charter rate for all eight vessels aggregated will be calculated and paid on a quarterly basis to SFL. The daily hire payments will be adjusted if the actual three-month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years . This resulted in a daily rate of $18,700 for second quarter of 2019. We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015, and, if such option is not exercised, SFL has the option to extend the charters by three years at $14,900 per day. The lease term for these vessels has been determined to be 13 years . The minimum lease payments do not include any contingent profit share element. Further, any deviation from the three-month LIBOR base of LIBOR of 0.4% per annum, is considered a variable lease element which is expensed as incurred. We have allocated the consideration due under the leases between the lease and non-lease components based upon the estimated stand alone price of the services provided by the owner of the vessels, which include the provision of crewing, vessel insurance, repairs and maintenance and lubes. We have recorded the non-lease component of $10.1 million within Ship Operating Expenses and have recognized the lease component of $15.2 million within Charter hire expense within the Consolidation Statement of Operations. For the Ultramax vessel, Golden Hawk, the daily rate is $13,200 until expiry of the fixed term of the contract in the first quarter of 2022. Based on an agreement to reduce the daily rate to $11,200 from $13,200 for a two-year period from February 20, 2016 to February 20, 2018, we will pay to the lessor $1.75 million on or about February 20, 2022 to compensate for the reduced charter hire. However, if the 6-T/C Baltic Exchange Supramax Index exceeds the daily rate of $13,200 , any such excess will be paid to the lessor but limited to the agreed compensation of $1.75 million which will be then reduced with a corresponding amount. As of the second quarter of 2019, no such index linked compensation has been paid. We have allocated the consideration due under the leases between the lease and non-lease components based upon the estimated stand alone price of the services provided by the owner of the vessels. We have recorded the non-lease component of $1.0 million within Ship Operating Expenses and have recognized the lease component of $0.7 million within Charter hire expense within the Consolidation Statement of Operations. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.4 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2019. We have recognized right of use assets for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 198,405 3,844 3,079 205,328 Amortization (7,792 ) (501 ) (208 ) (8,501 ) Balance at June 30, 2019 190,613 3,343 2,871 196,827 The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. We have recognized lease obligations for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 185,816 9,567 3,079 198,462 Repayments (9,472 ) — (1,146 ) — (208 ) (10,826 ) Foreign exchange translation — — 33 33 Balance at June 30, 2019 176,344 8,421 2,904 187,669 Current portion 19,571 2,412 602 22,585 Non-current portion 156,773 6,009 2,302 165,084 Charterhire and office rent expense The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 35,613 2020 35,709 2021 35,613 2022 32,590 2023 28,177 Thereafter 110,357 278,059 The future minimum rental payments under our non-cancelable operating leases as of June 30, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 16,747 2020 33,698 2021 35,356 2022 28,096 2023 23,019 Thereafter 104,489 Total minimum lease payments 241,405 Less: Imputed interest 53,736 Present value of operating lease liabilities 187,669 Total expense for operating leases, including short term leases, was $38.6 million for the six months ended June 30, 2019 (six months ended June 30, 2018: $46.6 million ). Total cash paid in respect of operating leases was $33.5 million in six months ended June 30, 2019 (six months ended June 30, 2018: $35.3 million ). The weighted average discount rate in relation to our operating leases was 6.2% for six months ended June 30, 2019 and the weighted average lease term was 8 years for the period ended June 30, 2019. Rental income As of June 30, 2019, we leased out 9 vessels on fixed time charter rates (December 31, 2018: 17 vessels) and 16 vessels (December 31, 2018: 13 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years . All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of June 30, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 32,052 2020 37,410 2021 10,907 2022 — 2023 — Thereafter — Total minimum lease receipts 80,369 The future minimum operating lease revenue receipts are based on the contractual cash inflows under non-cancelable contracts. The charter hire revenue recognition is based upon the straight-line basis, net of amortization of favorable time charter contracts. As of June 30, 2019, the cost and accumulated depreciation of the 25 vessels which were leased out to third parties, were $1,104.2 million and $125.3 million , respectively. As of December 31, 2018, the cost and accumulated depreciation of the 30 vessels which were leased out to third parties, were $1,375.7 million and $134.4 million , respectively.
OPERATING LEASES	OPERATING LEASES As of June 30, 2019, we had leased in eight vessels from SFL and one vessel from an unrelated third party, all of which had an initial duration above 12 months . All of these vessels are leased under long-term time charters classified as operating leases. In addition, we had two operating leases for our offices in Oslo and Singapore. As a result of the adoption of ASC 842 on January 1, 2019, we recognized right-of-use assets and lease liabilities for these leases as further disclosed below. For the eight Capesize vessels leased from SFL the daily time charter rate is $17,600 of which $7,000 is for operating expenses (including dry docking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until expiry of the contracts. In addition, 33% of any profit from revenues above the daily time charter rate for all eight vessels aggregated will be calculated and paid on a quarterly basis to SFL. The daily hire payments will be adjusted if the actual three-month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years . This resulted in a daily rate of $18,700 for second quarter of 2019. We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015, and, if such option is not exercised, SFL has the option to extend the charters by three years at $14,900 per day. The lease term for these vessels has been determined to be 13 years . The minimum lease payments do not include any contingent profit share element. Further, any deviation from the three-month LIBOR base of LIBOR of 0.4% per annum, is considered a variable lease element which is expensed as incurred. We have allocated the consideration due under the leases between the lease and non-lease components based upon the estimated stand alone price of the services provided by the owner of the vessels, which include the provision of crewing, vessel insurance, repairs and maintenance and lubes. We have recorded the non-lease component of $10.1 million within Ship Operating Expenses and have recognized the lease component of $15.2 million within Charter hire expense within the Consolidation Statement of Operations. For the Ultramax vessel, Golden Hawk, the daily rate is $13,200 until expiry of the fixed term of the contract in the first quarter of 2022. Based on an agreement to reduce the daily rate to $11,200 from $13,200 for a two-year period from February 20, 2016 to February 20, 2018, we will pay to the lessor $1.75 million on or about February 20, 2022 to compensate for the reduced charter hire. However, if the 6-T/C Baltic Exchange Supramax Index exceeds the daily rate of $13,200 , any such excess will be paid to the lessor but limited to the agreed compensation of $1.75 million which will be then reduced with a corresponding amount. As of the second quarter of 2019, no such index linked compensation has been paid. We have allocated the consideration due under the leases between the lease and non-lease components based upon the estimated stand alone price of the services provided by the owner of the vessels. We have recorded the non-lease component of $1.0 million within Ship Operating Expenses and have recognized the lease component of $0.7 million within Charter hire expense within the Consolidation Statement of Operations. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.4 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2019. We have recognized right of use assets for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 198,405 3,844 3,079 205,328 Amortization (7,792 ) (501 ) (208 ) (8,501 ) Balance at June 30, 2019 190,613 3,343 2,871 196,827 The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. We have recognized lease obligations for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 185,816 9,567 3,079 198,462 Repayments (9,472 ) — (1,146 ) — (208 ) (10,826 ) Foreign exchange translation — — 33 33 Balance at June 30, 2019 176,344 8,421 2,904 187,669 Current portion 19,571 2,412 602 22,585 Non-current portion 156,773 6,009 2,302 165,084 Charterhire and office rent expense The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 35,613 2020 35,709 2021 35,613 2022 32,590 2023 28,177 Thereafter 110,357 278,059 The future minimum rental payments under our non-cancelable operating leases as of June 30, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 16,747 2020 33,698 2021 35,356 2022 28,096 2023 23,019 Thereafter 104,489 Total minimum lease payments 241,405 Less: Imputed interest 53,736 Present value of operating lease liabilities 187,669 Total expense for operating leases, including short term leases, was $38.6 million for the six months ended June 30, 2019 (six months ended June 30, 2018: $46.6 million ). Total cash paid in respect of operating leases was $33.5 million in six months ended June 30, 2019 (six months ended June 30, 2018: $35.3 million ). The weighted average discount rate in relation to our operating leases was 6.2% for six months ended June 30, 2019 and the weighted average lease term was 8 years for the period ended June 30, 2019. Rental income As of June 30, 2019, we leased out 9 vessels on fixed time charter rates (December 31, 2018: 17 vessels) and 16 vessels (December 31, 2018: 13 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years . All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of June 30, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 32,052 2020 37,410 2021 10,907 2022 — 2023 — Thereafter — Total minimum lease receipts 80,369 The future minimum operating lease revenue receipts are based on the contractual cash inflows under non-cancelable contracts. The charter hire revenue recognition is based upon the straight-line basis, net of amortization of favorable time charter contracts. As of June 30, 2019, the cost and accumulated depreciation of the 25 vessels which were leased out to third parties, were $1,104.2 million and $125.3 million , respectively. As of December 31, 2018, the cost and accumulated depreciation of the 30 vessels which were leased out to third parties, were $1,375.7 million and $134.4 million , respectively.

VESSELS UNDER FINANCE LEASE, NE

VESSELS UNDER FINANCE LEASE, NET	6 Months Ended
	Jun. 30, 2019
Vessels Under Capital Leases [Abstract]
VESSELS UNDER FINANCE LEASE, NET	VESSELS UNDER FINANCE LEASE, NET As of June 30, 2019 , we held one vessel, the Golden Eclipse , under finance lease ( December 31, 2018 : one vessel). The lease was for an initial term of 10 years and expires during April 2020. (in thousands of $) Balance at December 31, 2018 1,165 Depreciation (444 ) Balance at June 30, 2019 721 The outstanding obligations under finance leases at December 31, 2018 are payable as follows: (in thousands of $) 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 7,735 Less: imputed interest (300 ) Present value of obligations under finance leases 7,435 The outstanding obligations under finance leases at June 30, 2019 are payable as follows: (in thousands of $) 2019 (remaining six months) 2,996 2020 1,791 Thereafter — Minimum lease payments 4,787 Less: imputed interest (100 ) Present value of obligations under finance leases 4,687 We recognized the following expenses in relation to the amortization of finance lease assets and obligations for the six months ended: (in thousands of $) June 30, 2019 June 30, 2018 Depreciation of vessels under finance lease 444 444 Interest expense on obligations under finance lease 200 400 Total finance lease expense, net 644 844 As of June 30, 2019 , we had the following purchase option for the vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse April 2020 33,550

INVESTMENTS IN ASSOCIATED COMPA

INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2019 and December 31, 2018 , the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2019 2018 United Freight Carriers LLC ("UFC") 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 Seateam Total At December 31, 2018 — 772 886 1,658 Dividend received from associated companies — (150 ) — (150 ) Share of income (loss) — 179 (1 ) 178 At June 30, 2019 — 801 885 1,686

OTHER LONG TERM ASSETS

OTHER LONG TERM ASSETS	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG TERM ASSETS	OTHER LONG TERM ASSETS (in thousands of $) Capitalized project costs Prepaid charter hire expenses (straight-lining of lease expense) Deferred tax asset Investments in equity securities Total Balance at December 31, 2018 4,932 12,588 119 — 17,639 Reclassification to right-of-use assets — (12,588 ) — — (12,588 ) Additions 4,753 — — 10,000 14,753 Deductions (1,634 ) — (73 ) — (1,707 ) Balance at June 30, 2019 8,051 — 46 10,000 18,097 In the six months ended June 30, 2019, we capitalized costs of $4.8 million related to installation costs for scrubber and ballast water treatment systems that were not considered finalized at the balance sheet date. The prepaid charter hire under other long-term assets related to the eight vessels that were sold in 2015 and leased back from SFL. Under ASC 840 we straight lined the total charter hire expense over the lease term of 13 years . As a result of the adoption of ASC 842 on January 1, 2019, the prepaid charter hire balance was reclassified to the right-of-use assets for these corresponding operating leases. In the six months ended June 30, 2019, we invested 10.0 million in equity securities, representing a 15% ownership interest, in Singapore Marine, a dry bulk freight operator. This investment is measured at cost as it is considered not to have a readily determinable fair value.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2019 and December 31, 2018 is summarized as follows: (in thousands of $) 2019 2018 $93.75 million term loan 93,750 — $131.79 million term loan 131,790 — $284.0 million term loan 161,836 168,320 $420.0 million term loan 321,477 331,795 $425.0 million term loan 334,829 347,154 $102.7 million term loan — 94,225 $73.4 million term loan — 60,199 $80.2 million term loan — 67,669 $120.0 million term loan 111,865 115,932 U.S. dollar denominated floating rate debt 1,155,547 1,185,294 U.S. dollar denominated fixed rate debt — 167,382 Deferred charges (7,867 ) (3,634 ) Total debt 1,147,680 1,349,042 Less: current portion (233,668 ) (471,764 ) 914,012 877,278 Movements during the six months ended June 30, 2019 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2018 1,185,294 167,382 (3,634 ) 1,349,042 Loan draw downs 225,540 — — 225,540 Loan repayments (255,287 ) (168,195 ) — (423,482 ) Amortization of purchase price adjustment — 813 — 813 Capitalized financing fees and expenses — — (5,174 ) (5,174 ) Amortization of capitalized fees and expenses — — 941 941 Balance at June 30, 2019 1,155,547 — (7,867 ) 1,147,680 In the six months ended June 30, 2019, we made total repayments of $423.5 million on our debt, which included the full repayment, at maturity on January 30, 2019, the net outstanding of $168.2 million under our convertible bond, prepayments of an aggregate of $222.1 million under our three non-recourse loan facilities, $102.7 million credit facility, $73.4 million credit facility and $80.2 million credit facility, which financed the 14 vessels acquired from Quintana Shipping Ltd. in 2017 and repayments of $33.2 million in ordinary installments. In connection with a refinancing of 14 vessels acquired from Quintana Shipping Ltd. in 2017 and the prepayment of $222.1 million under our $102.7 million , $80.2 million and $73.4 million loan facilities, $225.5 million was drawn under the new $93.75 million and $131.79 million loan facilities to finance these transactions. The movement of $0.8 million of the U.S. dollar denominated fixed rate debt in 2018 represents the amortization of purchase price adjustments arising from the merger with the former Golden Ocean Group Limited in 2015. We capitalized a total of $5.2 million in fees in relation to the amendment of our $420 million loan facility and the new $93.75 million and $131.79 million loan facilities. As of June 30, 2019, we recorded net deferred charges of $4.2 million as a direct deduction from the carrying amount of the related debt. Amendments to our $420 million loan facility In February 2019, we extended our $420 million term loan facility for 14 vessels by three years from June 2020 to June 2023 at LIBOR plus a margin of 2.5% and upsized the facility to partially finance the installation of scrubbers on up to 11 vessels. Each scrubber installation will be financed with up to $3 million in a separate tranche to be repaid over three years , commencing January 1, 2020. As of June 30, 2019, we had not drawn on the available scrubber financing under the facility. New $93.75 million and $131.79 million loan facilities In May 2019, we entered into two new credit facilities, one for $93.75 million and one for $131.79 million , to refinance our obligations under the three non-recourse loan facilities which financed the 14 vessels acquired from Quintana Shipping Ltd. in 2017. Both facilities are fully guaranteed by the parent company, eliminating all remaining non-recourse debt. Each of the new facilities has a five-year tenor and a 19 -year age adjusted amortization profile. Repayments are made on a quarterly basis. The LIBOR margin on the $93.75 million and $131.79 million credit facilities is 2.15% and 2.10% , respectively. As of June 30, 2019, the full amount of $225.5 million under these facilities was drawn. The total outstanding debt at June 30, 2019 is repayable as follows: (in thousands of $) 2019 (remaining six months) 197,753 2020 71,833 2021 345,033 2022 47,182 2023 275,797 Thereafter 217,949 1,155,547 Deferred charges (7,867 ) 1,147,680 Current portion of long-term debt As of June 30, 2019, our current portion of long-term debt was $233.7 million . This amount includes $155.4 million in balloon payments at maturity on December 31, 2019 under our $284.0 million facility and $78.3 million in ordinary debt repayments. As a result of our current portion of long-term debt of $233.7 million , total current assets less total current liabilities were negative by $85.7 million as of June 30, 2019. U.S. GAAP requires management to evaluate whether there are conditions or events that indicate substantial doubt about our ability to meet our financial obligations as they become due within one year after the date these financial statements are issued. Maturity of current portion of long-term debt is a condition that could raise such doubt. Management's evaluation does initially not take into consideration the potential mitigating effect of our plans that have not been fully implemented as of the date the financial statements are issued. Although we do not currently have the liquidity to fund all current portion of long-term debt, this debt is secured by certain of our vessels and we expect to access the bank lending market to refinance our $284.0 million facility. At the date of this report, we are in the process of refinancing our $284.0 million credit facility prior to its maturity in December 2019. We believe it is probable that we will be able to implement our refinancing plan, based on the existing level of collateral and our history of successfully refinancing our debt, most recently illustrated by the new $93.75 million and $131.79 million loan facilities described above. Assets pledged As of June 30, 2019 , 67 vessels ( December 31, 2018 : 67 vessels) with an aggregate carrying value of $2,363.9 million ( December 31, 2018 : $2,404.4 million ) were pledged as security for our floating rate debt.

DERIVATIVE INSTRUMENTS PAYABLE

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2019
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, 2019 and December 31, 2018 are summarized as follows: (in thousands of $) 2019 2018 Interest rate swaps 438 5,424 Bunker derivatives 169 433 Forward freight agreements 2,173 3,592 Asset - Derivatives fair value 2,780 9,449 (in thousands of $) 2019 2018 Interest rate swaps 8,952 — Currency swaps 873 536 Bunker derivatives 468 758 Liability - Derivatives fair value 10,293 1,294 During the six months ended June 30, 2019 and June 30, 2018 , the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2019 2018 Interest rate swaps Mark to market gain (loss) (12,387 ) 9,795 Foreign currency swaps Mark to market gain (loss) (337 ) (85 ) Forward freight agreements Mark to market gain (loss) 2,500 (2,772 ) Bunker derivatives Mark to market gain (loss) 7 993 (10,217 ) 7,931

SHARE CAPITAL, TREASURY SHARES

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS 144,272,697 ordinary shares were outstanding as of June 30, 2019 ( December 31, 2018 : 144,272,697 ordinary shares), each with a par value of $0.05 . In the six months ended June 30, 2019, we acquired an aggregate of 350,000 shares in open market transactions under our share buy-back program. The shares were acquired on the Oslo Stock Exchange. As of June 30, 2019, we have repurchased a total of 795,000 shares under our share buy-back program. As of June 30, 2019, and following a distribution of 50,000 shares in connection with our 2016 Share Option Plan, we hold 745,000 treasury shares (December 31, 2018: 445,000 treasury shares). In the six months ended June 30, 2019, we paid an aggregate of $10.8 million in dividends to our shareholders, or $0.08 per share (six months ended June 30, 2018, $28.9 million , or $0.20 per share). Refer to "Note 20 Subsequent events" for any subsequent dividend declarations.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS SFL Corporation Ltd. We are the commercial manager for certain vessels owned and operated by SFL. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2019 and June 30, 2018 were as follows: 2019 2018 Number of dry bulk vessels managed 14 14 Daily commercial management fee per dry bulk vessel 75-125 75-125 Number of container vessels managed 14 7 Daily commercial management fee per container vessel $ 75 $ 75 In addition, we charter in eight Capesize vessels from SFL. See also "Note 10, Operating Leases" for additional information related to these contracts. Seatankers Management Co Ltd We are the commercial manager for certain related party vessels operated by Seatankers Management Co Ltd, or Seatankers. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2019 and June 30, 2018 were as follows: 2019 2018 Number of dry bulk vessels managed 14 16 Daily commercial management fee per dry bulk vessel $ 125 $ 125 Capesize Chartering Ltd In the six months ended June 30, 2019 , we recorded revenue sharing income, net, of $2.8 million pursuant to the revenue sharing agreement (six months ended June 30, 2018 : $1.3 million ). Management Agreements Technical Supervision Services The Company receives technical supervision services from Frontline. Pursuant to the terms of the agreement, Frontline receives an annual management fee of $27,926 per vessel in 2019 ( $30,336 per vessel in 2018). This fee is subject to annual review. Ship Management The ship management of the Company's vessels is provided by external ship managers, except for 20 vessels ( December 31, 2018 : 21 vessels), which is provided by Seateam Management Pte. Ltd., a majority owned subsidiary of Frontline. Other Management Services We aim to operate efficiently through utilizing competence from other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. We receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. We may also provide certain financial management services to companies with the same main shareholder. A summary of net amounts charged by related parties in the six months ended June 30, 2019 and June 30, 2018 is as follows: (in thousands of $) 2019 2018 Golden Opus Inc — 6 Frontline Management (Bermuda) Ltd 1,674 1,707 SFL Corporation Ltd. 15,196 14,589 Seateam Management Pte Ltd 1,818 1,901 Seatankers Management Co Ltd 2,621 10,855 Capesize Chartering Ltd 12 24 Net amounts charged by related parties comprise of charter hire costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2019 and June 30, 2018 is as follows: (in thousands of $) 2019 2018 SFL Corporation Ltd. 443 360 Seatankers Management Co Ltd 317 359 Capesize Chartering Ltd 2,816 1,308 Net amounts charged to related parties mainly comprise of commercial management fees and net income under the revenue sharing agreement with CCL. A summary of balances due from related parties as of June 30, 2019 and December 31, 2018 is as follows: (in thousands of $) 2019 2018 Frontline Ltd. 2,356 3,192 SFL Corporation Ltd. 2,589 91 United Freight Carriers — 163 Seatankers Management Co Ltd 660 538 Capesize Chartering Ltd 739 6 6,344 3,990 A summary of balances owed to related parties as of June 30, 2019 and December 31, 2018 is as follows: (in thousands of $) 2019 2018 Seatankers Management Co Ltd 673 — United Freight Carriers 23 — 696 — As of June 30, 2019 and December 31, 2018 , current receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In addition to the short-term related party balances stated above and for the eight

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL ASSETS AND LIABILITIES	FINANCIAL ASSETS AND LIABILITIES Interest rate risk management Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rates on an original principal amount of $500 million ( December 31, 2018 : $500 million ) are swapped to fixed rate. Credit risk exists to the extent that the counter parties are unable to perform under the swap 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. Forward freight agreements We take positions from time to time in the freight forward (FFA) market, either as a hedge to a physical contract or as a speculative position. All such contracts are cleared through what we consider reputable clearing houses. Credit risk exists to the extent that our counterparties are unable to perform under the FFA contracts but this risk is considered remote as well as participants post collateral security for their positions. As of June 30, 2019 , we had short positions through Capesize FFA of net 405 days and long Panamax FFA positions of net 1810 days. As of June 30, 2019, we also had FFA options structured as zero cost collars covering an equivalent of four Capesize vessels in 2019 with an average ceiling of $29,250 per day and a floor of $14,125 per day and an equivalent of two Capesize vessels in 2020 with an average ceiling of $30,500 per day and a floor of $15,250 per day. As of December 31, 2018 , we had short positions through Capesize FFA of net 720 days at an average rate of $20,098 per day and long Panamax FFA positions of net 220 days at an average rate of $11,899 per day with maturity in 2019. As of December 31, 2018, we also had FFA options structured as zero cost collars covering an equivalent of four Capesize vessels in 2019 with an average ceiling of $29,250 per day and a floor of $14,125 per day and an equivalent of two Capesize vessels in 2020 with an average ceiling of $30,500 per day and a floor of $15,250 per day. 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. To hedge the risk of fluctuating bunker prices, we sometimes enter into bunker swap agreements. 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 bunker contracts but this risk is considered remote as the counter parties are usually what we consider well established banks or other well known institutions in the market. As of June 30, 2019 and December 31, 2018 , we had outstanding bunker swap agreements for about 22.5 thousand metric tonnes and 14.0 thousand metric tonnes, respectively. 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 for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. 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 what we consider 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 what we consider well established banks. As of June 30, 2019 , we had contracts to swap USD to NOK for a notional amount of $2.4 million in addition to contracts to swap USD to EUR for a notional of $23.9 million . As of December 31, 2018 , we had contracts to swap USD to NOK for a notional amount of $5.1 million in addition to contracts to swap USD to EUR for a notional of $23.9 million . The fair value and changes in fair value of our derivative instruments are further disclosed in "Note 15, Derivatives". 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. The carrying value and estimated fair value of our financial instruments at June 30, 2019 and December 31, 2018 are as follows: 2019 2019 2018 2018 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 97,937 97,937 305,352 305,352 Restricted cash 65,320 65,320 67,252 67,252 Marketable securities 10,009 10,009 12,033 12,033 Investments in equity securities 10,000 10,000 — — Derivative assets 2,780 2,780 9,449 9,449 Liabilities Long term debt - floating 1,155,547 1,155,547 1,185,294 1,185,294 Short term debt - convertible bond — — 167,359 167,382 Derivative liabilities 10,293 10,293 1,294 1,294 The fair value hierarchy of our financial instruments at June 30, 2019 is as follows: (in thousands of $) 2019 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 97,937 97,937 — — Restricted cash 65,320 65,320 — — Marketable securities 10,009 10,009 — — Investments in equity securities 10,000 — — 10,000 Derivative assets 2,780 — 2,780 — Liabilities Long term debt - floating 1,155,547 — 1,155,547 — Derivative liabilities 10,293 — 10,293 — The fair value hierarchy of our financial instruments at December 31, 2018 is as follows: (in thousands of $) 2018 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 305,352 305,352 — — Restricted cash 67,252 67,252 — — Marketable securities 12,033 12,033 — — Derivative assets 9,449 — 9,449 — Liabilities Long term debt - floating 1,185,294 — 1,185,294 — Short term debt - convertible bond 167,359 — 167,359 — Derivative liabilities 1,294 — 1,294 — In the six months ended June 30, 2019 and 2018 , respectively, there have been no transfers between different levels in the fair value hierarchy. 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 -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. • Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. • Investments in equity securities - are equity investments in Singapore Marine measured at cost as the investment is considered not to have a readily determinable fair value. As of June 30, 2019, Singapore Marine was newly incorporated and its net assets consisted mainly of cash and therefore the fair value of the investment approximates our cost. • Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in a company listed on a U.S. stock exchange and for which the fair value as at the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative 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 SEB and DnB 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, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated. We have one vessel held under finance lease, the Golden Eclipse, which was leased for a period of 10 years upon delivery of the vessel to us in 2010. We have the right to purchase the vessel at the dates and amounts as disclosed in "Note 11, Vessels under Finance Lease, Net". We sold eight vessels to SFL 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, SFL will have the option to extend the charters by three years at $14,900 per day. In the six months ended June 30, 2019, we had completed or were in the process of completing the installation of scrubbers on three vessels in our fleet. In addition, and as of June 30, 2019, we had agreements to purchase 20 additional exhaust gas scrubbers (“scrubbers”) to be installed on certain of our Capesize vessels in our fleet. It is our intention to install the scrubbers during routine dry dockings, the majority of which are scheduled for 2019 or early 2020. As of June 30, 2019, our estimated remaining financial commitments in relation to the scrubber installation were $26.7 million , excluding installation costs. As of June 30, 2019, we had committed to install ballast water treatment systems on nine of our vessels with an estimated remaining financial commitment, excluding installation costs, of $3.1 million . We have provided $10 million in available subordinated shareholder loan with a five-year term to Singapore Marine. At the date of this report, the shareholder loan has been increased to $10.7 million and has been fully drawn. See also "Note 20, Subsequent Events."

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In August 2019, we and Frontline announced that we had entered into a non-binding term sheet agreement with Trafigura Group to establish a leading global supplier of marine fuels (the “JV”). We and Frontline will acquire 10 percent and 15 percent interests in the JV, respectively and Trafigura Group will contribute its existing physical bunkering activities to the JV. Subject to agreement on final terms, the JV is expected to commence operations in the third quarter of 2019, and will act as the exclusive purchaser of marine fuels for Trafigura Group, Frontline and us, as well as certain entities affiliated with Hemen Holding Ltd, our and Frontline’s largest shareholder. In connection with this agreement, we will make available a shareholder loan of $1.0 million to the joint venture company. In August 2019, our Board of Directors determined to pay a cash dividend to our shareholders of $0.10 per share. In August 2019, we repurchased an additional 25,000 of our shares for approximately $0.1 million . In September 2019, we announced that we had agreed to make a further investment in Singapore Marine in connection with its acquisition of the majority of assets and operations of Swiss Marine. We have increased our equity investment in Singapore Marine by $9.5 million and increased availability by $0.7 million , to $10.7 million , under our existing shareholder loan to Singapore Marine with a five-year term. At the date of this report, Singapore Marine has drawn down the full $10.7 million under the shareholder loan.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. 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 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 2018, the FASB issued ASU No. 2018-13, Fair value measurement (Topic 820), which is intended to streamline the disclosure requirements on fair value measurements. Disclosures such as the amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the valuation process for Level 3 fair value measurements were removed. Additional disclosures such as disclosure about changes in unrealized gains and losses included in the other comprehensive income for Level 3 fair value measurements, the range and weighted average of significant unobservable inputs used for Level 3 fair value measurements are required to be reported by the public entities. The amendment is effective for all entities for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. In November 2018, the FASB issued ASU 2018-18, Collaborative Arrangements (Topic 808), to provide clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606. In determining whether transactions in collaborative arrangements should be accounted under the revenue standard, the update specifies that entities shall apply unit of account guidance to identify distinct goods or services and whether such goods and services are separately identifiable from other promises in the contract. The accounting update also precludes entities from presenting transactions with a collaborative partner which are not in scope of the new revenue standard together with revenue from contracts with customers. The accounting update is effective January 1, 2020 and early adoption is permitted. We are currently evaluating the impact of the adoption of the accounting standard on our consolidated financial statements. Accounting Standards Updates, recently adopted On January 1, 2019, we adopted ASC 842 Leases which revises the accounting for leases. Under the new lease standard, lessees are required to recognize a right-of-use asset and a lease liability for substantially all leases. The new lease standard requires lessees and lessors to classify most leases as either financing or operating using principles similar to previous lease accounting. The income statement recognition is similar to previous lease accounting and is based on lease classification. The accounting applied by a lessor under the new guidance is substantially equivalent to previous lease accounting guidance. We adopted the new accounting standard using the modified retrospective transition approach, which allowed us to recognize a cumulative effect adjustment to the opening balance of accumulated deficit in the period of adoption rather than restate our comparative prior year periods. As a lessee, we currently have three major categories of leases - chartered-in vessels, vessels under finance lease and office leases. The adoption of the new accounting standard resulted in the recognition of operating lease right-of-use assets of $205.3 million and related lease liabilities for operating leases of $198.5 million in Total Assets and Total Liabilities, respectively. A deferred gain of $2.5 million from a sale and leaseback transaction in 2015 was recognized as a cumulative-effect adjustment to Total Equity on our Condensed Consolidated Balance Sheet on January 1, 2019. In connection with the adoption of ASC 842, we elected the package of practical expedients for all our leases that permits us not to (i) reassess whether any expired or existing contracts are or contain leases; (ii) reassess the lease classification for any expired or existing leases and (iii) reassess initial direct costs for any existing leases. Additionally, we elected not to use the practical expedient of hindsight in determining the lease term and the practical expedient pertaining to land easements as it is not applicable to us. Prior to January 1, 2019, we recognized lease expense in accordance with then-existing U.S. GAAP (“prior GAAP”). Because both ASC 842 and prior GAAP generally recognize operating lease expenses on a straight-line basis over the term of the lease arrangement, there were no material differences between the timing and amount of lease expenses recognized under the two accounting methodologies during the six months ended June 30, 2019 and 2018. However, as we have not applied the practical expedient allowed under the transition guidance of ASC 842 to not separate the lease and non-lease components related to a lease contract and to account for them instead as a single lease component for the purposes of the recognition and measurement requirements of ASC 842, we have a change in presentation in the six months ended June 30, 2019 compared to the six months ended June 30, 2018. For vessels chartered in on time charter, we have presented $7.6 million of the non-lease component, or service element, under ship operating expenses as opposed to charter hire expenses during the six months ended June 30, 2019. We have also elected as an accounting policy not to apply the provisions of ASC 842 to short term leases (i.e., leases with an original term of 12-months or less). As a result, we recognize the lease payments in the income statement on a straight-line basis over the lease term and variable lease payments in the period in which the obligation for those payments is incurred. The accounting policy election for short-term leases is made by class of underlying asset to which the right of use relates. The adoption of the new accounting standard has not had any material impact for the accounting of our one and only finance lease arrangement. In determining the appropriate discount rate to use in calculating the present value of our contractual lease payments, we make significant judgments and assumptions to estimate the incremental borrowing rate as the rate implicit in our leases cannot be readily determined. The incremental borrowing rate is defined as the rate of interest that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and amount equal to the lease payments in a similar economic environment. For arrangements where we are the lessor, the adoption of the new lease standard did not have a material impact on our financial statements as all of our leases are operating leases. For our contracts where we are the lessor, we have elected the practical expedient to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. Revenues from contracts where the non-lease component is the predominant component are accounted for under ASC 606. When a lessor, lease revenue for fixed lease payments is recognized over the lease term on a straight-line basis and lease revenue for variable lease payments is recognized in the period in which the changes in facts and circumstances on which the variable lease payments are based occur. Initial direct costs are expensed over the lease term on the same basis as lease revenue. See also "Note 6, Operating Revenues" and "Note 10, Operating Leases" for additional disclosures on our operating lease arrangements. In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share, Distinguishing Liabilities from Equity, and Derivatives and Hedging , which changes the classification of certain equity-linked financial instruments with down round features. As a result, a free standing equity-linked financial instrument or an embedded conversion option would not be accounted for as a derivative liability at fair value as a result of existence of a down round feature. For freestanding equity classified financial instruments, the amendment requires the entities to recognize the effect of the down round feature when triggered in its earnings per share calculations. The Standard was effective for fiscal years beginning after December 15, 2018. The adoption of this accounting standard has not had any material impact on our consolidated financial statements.

EARNING PER SHARE (Tables)

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and 2018 are as follows: (in thousands of $) 2019 2018 Net income (loss) (40,551 ) 25,663 (in thousands) 2019 2018 Weighted average number of shares outstanding - basic 143,687 144,032 Dilutive effect of share options — 315 Weighted average number of shares outstanding - diluted 143,687 144,347

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 30, 2019
Revenue from Contract with Customer [Abstract]
Schedule of revenues earned from time charters, voyage charters and other revenues	The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2019 and 2018: (in thousands of $) 2019 2018 Time charter revenues 128,139 159,645 Voyage charter revenues 112,867 130,021 Other revenues 786 1,165 Total operating revenues 241,792 290,831
Schedule of contract assets	As at June 30, 2019 we reported the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2019 2018 Voyages in progress 5,170 2,808 Trade accounts receivable 30,439 27,650 Other current assets (capitalized fulfillment costs) 4,271 2,554 Total 39,880 33,012

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2019
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	As of June 30, 2019 and June 30, 2018, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2019 2018 Cash and cash equivalents 97,937 249,970 Short term restricted cash 19,612 15,535 Long term restricted cash 45,708 56,156 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 163,257 321,661

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2019
Marketable Securities [Abstract]
Schedule of Equity Securities Reconciliation	Our marketable securities are equity securities in Scorpio Bulkers Inc., a dry bulk shipping company listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2018 12,033 Sales during the year — Unrealized gain (loss) (2,024 ) Balance at June 30, 2019 10,009

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2019
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2018 2,679,547 (273,091 ) 2,406,456 Additions 5,726 — 5,726 Depreciation — (46,409 ) (46,409 ) Balance at June 30, 2019 2,685,273 (319,500 ) 2,365,773

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Schedule of amortization of finance lease assets and obligations	We have recognized right of use assets for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 198,405 3,844 3,079 205,328 Amortization (7,792 ) (501 ) (208 ) (8,501 ) Balance at June 30, 2019 190,613 3,343 2,871 196,827 We have recognized lease obligations for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 185,816 9,567 3,079 198,462 Repayments (9,472 ) — (1,146 ) — (208 ) (10,826 ) Foreign exchange translation — — 33 33 Balance at June 30, 2019 176,344 8,421 2,904 187,669 Current portion 19,571 2,412 602 22,585 Non-current portion 156,773 6,009 2,302 165,084 We recognized the following expenses in relation to the amortization of finance lease assets and obligations for the six months ended: (in thousands of $) June 30, 2019 June 30, 2018 Depreciation of vessels under finance lease 444 444 Interest expense on obligations under finance lease 200 400 Total finance lease expense, net 644 844
Summary of future minimum operating lease expense payments under non-cancelable fixed rate operating leases	The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2018 are as follows: (in thousands of $) 2019 35,613 2020 35,709 2021 35,613 2022 32,590 2023 28,177 Thereafter 110,357 278,059
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, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 16,747 2020 33,698 2021 35,356 2022 28,096 2023 23,019 Thereafter 104,489 Total minimum lease payments 241,405 Less: Imputed interest 53,736 Present value of operating lease liabilities 187,669
Schedule of future minimum operating lease revenue receipts under non-cancelable operating leases	The future minimum operating lease revenue receipts under our non-cancelable fixed rate operating leases as of June 30, 2019 are as follows: (in thousands of $) 2019 (remaining six months) 32,052 2020 37,410 2021 10,907 2022 — 2023 — Thereafter — Total minimum lease receipts 80,369

VESSELS UNDER FINANCE LEASE, _2

VESSELS UNDER FINANCE LEASE, NET (Tables)	6 Months Ended
	Jun. 30, 2019
Vessels Under Capital Leases [Abstract]
Schedule of book value of vessels under capital lease	(in thousands of $) Balance at December 31, 2018 1,165 Depreciation (444 ) Balance at June 30, 2019 721
Schedule of outstanding obligations under capital leases	The outstanding obligations under finance leases at December 31, 2018 are payable as follows: (in thousands of $) 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 7,735 Less: imputed interest (300 ) Present value of obligations under finance leases 7,435
Schedule of outstanding obligations under finance leases	The outstanding obligations under finance leases at June 30, 2019 are payable as follows: (in thousands of $) 2019 (remaining six months) 2,996 2020 1,791 Thereafter — Minimum lease payments 4,787 Less: imputed interest (100 ) Present value of obligations under finance leases 4,687
Schedule of amortization of finance lease assets and obligations	We have recognized right of use assets for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 198,405 3,844 3,079 205,328 Amortization (7,792 ) (501 ) (208 ) (8,501 ) Balance at June 30, 2019 190,613 3,343 2,871 196,827 We have recognized lease obligations for our 11 long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease Office Leases Total Balance at January 1, 2019 on adoption of ASC 842 185,816 9,567 3,079 198,462 Repayments (9,472 ) — (1,146 ) — (208 ) (10,826 ) Foreign exchange translation — — 33 33 Balance at June 30, 2019 176,344 8,421 2,904 187,669 Current portion 19,571 2,412 602 22,585 Non-current portion 156,773 6,009 2,302 165,084 We recognized the following expenses in relation to the amortization of finance lease assets and obligations for the six months ended: (in thousands of $) June 30, 2019 June 30, 2018 Depreciation of vessels under finance lease 444 444 Interest expense on obligations under finance lease 200 400 Total finance lease expense, net 644 844
Schedule of purchase options	As of June 30, 2019 , we had the following purchase option for the vessel: (in thousands of $) Purchase option exercise date Purchase option amount Golden Eclipse April 2020 33,550

INVESTMENTS IN ASSOCIATED COM_2

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	As at June 30, 2019 and December 31, 2018 , the Company had the following participation in investments that are recorded using the equity method: (% of ownership) 2019 2018 United Freight Carriers LLC ("UFC") 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 Seateam Total At December 31, 2018 — 772 886 1,658 Dividend received from associated companies — (150 ) — (150 ) Share of income (loss) — 179 (1 ) 178 At June 30, 2019 — 801 885 1,686

OTHER LONG TERM ASSETS (Tables)

OTHER LONG TERM ASSETS (Tables)	6 Months Ended
	Jun. 30, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long Term Assets	(in thousands of $) Capitalized project costs Prepaid charter hire expenses (straight-lining of lease expense) Deferred tax asset Investments in equity securities Total Balance at December 31, 2018 4,932 12,588 119 — 17,639 Reclassification to right-of-use assets — (12,588 ) — — (12,588 ) Additions 4,753 — — 10,000 14,753 Deductions (1,634 ) — (73 ) — (1,707 ) Balance at June 30, 2019 8,051 — 46 10,000 18,097

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Debt	Debt at June 30, 2019 and December 31, 2018 is summarized as follows: (in thousands of $) 2019 2018 $93.75 million term loan 93,750 — $131.79 million term loan 131,790 — $284.0 million term loan 161,836 168,320 $420.0 million term loan 321,477 331,795 $425.0 million term loan 334,829 347,154 $102.7 million term loan — 94,225 $73.4 million term loan — 60,199 $80.2 million term loan — 67,669 $120.0 million term loan 111,865 115,932 U.S. dollar denominated floating rate debt 1,155,547 1,185,294 U.S. dollar denominated fixed rate debt — 167,382 Deferred charges (7,867 ) (3,634 ) Total debt 1,147,680 1,349,042 Less: current portion (233,668 ) (471,764 ) 914,012 877,278 Movements during the six months ended June 30, 2019 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2018 1,185,294 167,382 (3,634 ) 1,349,042 Loan draw downs 225,540 — — 225,540 Loan repayments (255,287 ) (168,195 ) — (423,482 ) Amortization of purchase price adjustment — 813 — 813 Capitalized financing fees and expenses — — (5,174 ) (5,174 ) Amortization of capitalized fees and expenses — — 941 941 Balance at June 30, 2019 1,155,547 — (7,867 ) 1,147,680
Schedule of Maturities of Long-term Debt	The total outstanding debt at June 30, 2019 is repayable as follows: (in thousands of $) 2019 (remaining six months) 197,753 2020 71,833 2021 345,033 2022 47,182 2023 275,797 Thereafter 217,949 1,155,547 Deferred charges (7,867 ) 1,147,680

DERIVATIVE INSTRUMENTS PAYABL_2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and December 31, 2018 are summarized as follows: (in thousands of $) 2019 2018 Interest rate swaps 438 5,424 Bunker derivatives 169 433 Forward freight agreements 2,173 3,592 Asset - Derivatives fair value 2,780 9,449 (in thousands of $) 2019 2018 Interest rate swaps 8,952 — Currency swaps 873 536 Bunker derivatives 468 758 Liability - Derivatives fair value 10,293 1,294
Derivative Instruments Loss (Gain)	During the six months ended June 30, 2019 and June 30, 2018 , the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2019 2018 Interest rate swaps Mark to market gain (loss) (12,387 ) 9,795 Foreign currency swaps Mark to market gain (loss) (337 ) (85 ) Forward freight agreements Mark to market gain (loss) 2,500 (2,772 ) Bunker derivatives Mark to market gain (loss) 7 993 (10,217 ) 7,931

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of net amounts charged by related parties in the six months ended June 30, 2019 and June 30, 2018 is as follows: (in thousands of $) 2019 2018 Golden Opus Inc — 6 Frontline Management (Bermuda) Ltd 1,674 1,707 SFL Corporation Ltd. 15,196 14,589 Seateam Management Pte Ltd 1,818 1,901 Seatankers Management Co Ltd 2,621 10,855 Capesize Chartering Ltd 12 24 Net amounts charged by related parties comprise of charter hire costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2019 and June 30, 2018 is as follows: (in thousands of $) 2019 2018 SFL Corporation Ltd. 443 360 Seatankers Management Co Ltd 317 359 Capesize Chartering Ltd 2,816 1,308 Net amounts charged to related parties mainly comprise of commercial management fees and net income under the revenue sharing agreement with CCL. A summary of balances due from related parties as of June 30, 2019 and December 31, 2018 is as follows: (in thousands of $) 2019 2018 Frontline Ltd. 2,356 3,192 SFL Corporation Ltd. 2,589 91 United Freight Carriers — 163 Seatankers Management Co Ltd 660 538 Capesize Chartering Ltd 739 6 6,344 3,990 A summary of balances owed to related parties as of June 30, 2019 and December 31, 2018 is as follows: (in thousands of $) 2019 2018 Seatankers Management Co Ltd 673 — United Freight Carriers 23 — 696 — June 30, 2019 and June 30, 2018 were as follows: 2019 2018 Number of dry bulk vessels managed 14 14 Daily commercial management fee per dry bulk vessel 75-125 75-125 Number of container vessels managed 14 7 Daily commercial management fee per container vessel $ 75 $ 75 In addition, we charter in eight Capesize vessels from SFL. See also "Note 10, Operating Leases" for additional information related to these contracts. Seatankers Management Co Ltd We are the commercial manager for certain related party vessels operated by Seatankers Management Co Ltd, or Seatankers. Pursuant to the management agreements, the number of vessels managed and the daily commercial management fee during the six months ended June 30, 2019 and June 30, 2018 were as follows: 2019 2018 Number of dry bulk vessels managed 14 16 Daily commercial management fee per dry bulk vessel $ 125 $ 125

FINANCIAL ASSETS AND LIABILIT_2

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2019
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, 2019 and December 31, 2018 are as follows: 2019 2019 2018 2018 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 97,937 97,937 305,352 305,352 Restricted cash 65,320 65,320 67,252 67,252 Marketable securities 10,009 10,009 12,033 12,033 Investments in equity securities 10,000 10,000 — — Derivative assets 2,780 2,780 9,449 9,449 Liabilities Long term debt - floating 1,155,547 1,155,547 1,185,294 1,185,294 Short term debt - convertible bond — — 167,359 167,382 Derivative liabilities 10,293 10,293 1,294 1,294
Fair Value Hierarchy of Financial Instruments	The fair value hierarchy of our financial instruments at June 30, 2019 is as follows: (in thousands of $) 2019 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 97,937 97,937 — — Restricted cash 65,320 65,320 — — Marketable securities 10,009 10,009 — — Investments in equity securities 10,000 — — 10,000 Derivative assets 2,780 — 2,780 — Liabilities Long term debt - floating 1,155,547 — 1,155,547 — Derivative liabilities 10,293 — 10,293 — The fair value hierarchy of our financial instruments at December 31, 2018 is as follows: (in thousands of $) 2018 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 305,352 305,352 — — Restricted cash 67,252 67,252 — — Marketable securities 12,033 12,033 — — Derivative assets 9,449 — 9,449 — Liabilities Long term debt - floating 1,185,294 — 1,185,294 — Short term debt - convertible bond 167,359 — 167,359 — Derivative liabilities 1,294 — 1,294 —

RECENTLY ISSUED ACCOUNTING ST_2

RECENTLY ISSUED ACCOUNTING STANDARDS - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases, right of use assets, net	$ 196,827		$ 205,328
Present value of operating lease liabilities	187,669		198,462
Ship operating expenses	38,600	$ 46,600
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating leases, right of use assets, net			205,300
Present value of operating lease liabilities			198,500
Cumulative effect of new accounting principle in period of adoption			$ (2,500)
Retained Earnings | Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption		$ 0		$ (2,485)
Vessels leased to third parties
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Ship operating expenses	$ 7,600

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net income (loss)	$ (40,551)	$ 25,663
Weighted average number of shares outstanding - basic (in shares)	143,687,000	144,032,000
Dilutive effect of share options (in shares)	0	315,239
Weighted average number of shares outstanding - diluted (in shares)	143,687,000	144,347,000

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Equity, Class of Treasury Stock [Line Items]
Incremental common shares attributable to dilutive effect of contingently issuable shares, not dilutive due to net loss	495,000
Impact of share options & restricted stock units (in shares)	0	315,239
Treasury shares acquired	350,000
Number of treasury shares (in shares)	745,000		445,000
Treasury shares
Equity, Class of Treasury Stock [Line Items]
Treasury shares distributed	50,000

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2019reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

OPERATING REVENUES - Narrative

OPERATING REVENUES - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 241,792,000	$ 290,831,000
Capitalized contract assets	10,600,000
Capitalized contract cost, accumulated amortization	6,300,000
Capitalized contract assets, remaining balance	4,300,000
Capitalized contract assets, amortization	2,100,000
Capitalized contract assets, impairment loss			$ 0
Total deferred charter revenue	10,000,000
Revenue recognized that was deferred	8,700,000
Demurrage Revenue
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 7,800,000	$ 7,700,000

OPERATING REVENUES - Schedule o

OPERATING REVENUES - Schedule of revenues earned from time charters, voyage charters and other revenues (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Operating revenues	$ 241,792	$ 290,831
Time charter revenues
Disaggregation of Revenue [Line Items]
Operating revenues	128,139	159,645
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Operating revenues	112,867	130,021
Other revenues
Disaggregation of Revenue [Line Items]
Operating revenues	$ 786	$ 1,165

OPERATING REVENUES - Schedule_2

OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Revenue from Contract with Customer [Abstract]
Voyages in progress	$ 5,170	$ 2,808
Trade accounts receivable	30,439	27,650
Other current assets (capitalized fulfillment costs)	4,271	2,554
Total	$ 39,880	$ 33,012

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Cash and cash equivalents	$ 97,937,000	$ 305,352,000	$ 249,970,000
Short term restricted cash	19,612,000	20,272,000	15,535,000
Long term restricted cash	45,708,000	46,981,000	56,156,000
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	163,257,000	372,604,000	$ 321,661,000	$ 371,984,000
Recourse Debt
Debt Instrument [Line Items]
Debt instrument, covenant compliance, minimum cash requirement	$ 20,000,000
Debt instrument, covenant compliance, minimum cash requirement, percentage	5.00%
Margin Calls And Cash Collateral On Derivative Positions
Debt Instrument [Line Items]
Short term restricted cash	$ 9,100,000	$ 800,000

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity Securities [Roll Forward]
Equity securities, beginning balance	$ 12,033
Sales during the year	0	$ (224)
Unrealized gain (loss)	(2,024)
Equity securities, ending balance	10,009
Dividends	$ 100

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (46,853)	$ (45,470)
Vessels and Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Cost, beginning balance	2,679,547
Accumulated depreciation beginning balance	(273,091)
Vessels and equipment, net, beginning balance	2,406,456
Additions	5,726
Depreciation	(46,409)
Cost, ending balance	2,685,273
Accumulated depreciation ending balance	(319,500)
Vessels and equipment, net, ending balance	$ 2,365,773

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)vessel	Jun. 30, 2018USD ($)	Dec. 31, 2018vessel
Property, Plant and Equipment [Line Items]
Depreciation | $	$ 46,853	$ 45,470
Depreciation, Capital Leases | $	$ 444
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel	3		3
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel	35		35
Panamax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel	27		27
Supramax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel	2		2
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs | $	$ 5,726
Depreciation | $	$ 46,409

OPERATING LEASES - Narrative (D

OPERATING LEASES - Narrative (Details)	1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 29, 2016USD ($)	Jan. 31, 2016USD ($)	Apr. 30, 2015USD ($)vessel	Jun. 30, 2019USD ($)vessel	Sep. 30, 2015vessel	Jun. 30, 2019USD ($)contractvessel	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)vessel
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel						8
Number of contracts | contract						2
Total minimum lease period			13 years
Ship operating expenses						$ 38,600,000	$ 46,600,000
Payments						$ 33,500,000	35,300,000
Weighted average discount rate, percent				6.20%		6.20%
Weighted average remaining lease term				8 years		8 years
Vessels leased out, fixed rate time charter | vessel				9		9		17
Number of vessels leased out index linked time charters | vessel				16		16		13
Number of vessels leased out | vessel				25		25		30
Ship Operating Expenses
Lessee, Lease, Description [Line Items]
Ship operating expenses						$ 10,100,000
Charter Hire Expenses
Lessee, Lease, Description [Line Items]
Ship operating expenses						15,200,000
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Ship operating expenses						$ 400,000
London Interbank Offered Rate (LIBOR)
Lessee, Lease, Description [Line Items]
Debt instrument, basis spread on variable rate						0.40%
Golden Hawk
Lessee, Lease, Description [Line Items]
Daily time charter rate	$ 11,200	$ 13,200
Charter term, contractual		2 years
Reimbursement payable								$ 1,750,000
Maximum amount of reimbursement payable	$ 1,750,000
Golden Hawk | Ship Operating Expenses
Lessee, Lease, Description [Line Items]
Ship operating expenses						$ 1,000,000
Golden Hawk | Charter Hire Expenses
Lessee, Lease, Description [Line Items]
Ship operating expenses						$ 700,000
Ship Finance International Ltd
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel					8	8
Profit share percentage			33.00%
Base rate			0.40%
Variable interest rate level			0.10%
Ship Finance International Ltd | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel			8			8
Charter term			10 years			12 months
Daily time charter rate			$ 17,600	$ 18,700
Daily operating expenses rate			7,000
Daily time charter rate			14,900
Daily time charter rate, adjusted			$ 50
Charter term, contractual			7 years
Daily time charter rate, adjusted			$ 25
Charter term, contractual			3 years
Purchase option net of sellers credit			$ 112,000,000	112,000,000		$ 112,000,000
Charter term, extension			3 years			3 years
Daily charter rate, extension			$ 14,900				$ 14,900
Minimum
Lessee, Lease, Description [Line Items]
Term of contract								1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract								10 years
Vessels leased to third parties
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel						1
Ship operating expenses						$ 7,600,000
Property, plant and equipment, gross				1,104,200,000		1,104,200,000		$ 1,375,700,000
Accumulated depreciation				$ 125,300,000		$ 125,300,000		$ 134,400,000

OPERATING LEASES - Schedule of

OPERATING LEASES - Schedule of Operating Lease, Right of Use Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Schedule Of Right Of Use Assets [Roll Forward]
Right-of-use asset, beginning balance	$ 205,328
Amortization	(8,501)
Right-of-use asset, ending balance	196,827
Ship Finance International Ltd
Schedule Of Right Of Use Assets [Roll Forward]
Right-of-use asset, beginning balance	198,405
Amortization	(7,792)
Right-of-use asset, ending balance	190,613
Golden Hawk
Schedule Of Right Of Use Assets [Roll Forward]
Right-of-use asset, beginning balance	3,844
Amortization	(501)
Right-of-use asset, ending balance	3,343
Office Leases
Schedule Of Right Of Use Assets [Roll Forward]
Right-of-use asset, beginning balance	3,079
Amortization	(208)
Right-of-use asset, ending balance	$ 2,871

OPERATING LEASES - Schedule o_2

OPERATING LEASES - Schedule of Operating Lease Obligations (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	$ 198,462
Repayments	(10,826)
Foreign exchange translation	33
Operating lease obligation, ending balance	187,669
Current portion	22,585
Non-current portion	165,084
Ship Finance International Ltd
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	185,816
Repayments	(9,472)
Foreign exchange translation	0
Operating lease obligation, ending balance	176,344
Current portion	19,571
Non-current portion	156,773
Golden Hawk
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	9,567
Repayments	(1,146)
Foreign exchange translation	0
Operating lease obligation, ending balance	8,421
Current portion	2,412
Non-current portion	6,009
Office Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	3,079
Repayments	(208)
Foreign exchange translation	33
Operating lease obligation, ending balance	2,904
Current portion	602
Non-current portion	$ 2,302

OPERATING LEASES - Charterhire

OPERATING LEASES - Charterhire and office rent expense (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019			$ 35,613
2020			35,709
2021			35,613
2022			32,590
2023			28,177
Thereafter			110,357
Total			$ 278,059
Operating Lease Liabilities, Payments Due [Abstract]
2019 (remaining six months)	$ 16,747
2020	33,698
2021	35,356
2022	28,096
2023	23,019
Thereafter	104,489
Total minimum lease payments	241,405
Less: Imputed interest	53,736
Present value of operating lease liabilities	$ 187,669	$ 198,462

OPERATING LEASES - Schedule o_3

OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands	Jun. 30, 2019USD ($)
Leases [Abstract]
2019 (remaining six months)	$ 32,052
2020	37,410
2021	10,907
2022	0
2023	0
Thereafter	0
Total minimum lease receipts	$ 80,369

VESSELS UNDER FINANCE LEASE, _3

VESSELS UNDER FINANCE LEASE, NET - Narrative (Details) - vessel	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Capital Leased Assets [Line Items]
Number of vessels under capital lease	1	1
Lease term	10 years

VESSELS UNDER FINANCE LEASE, _4

VESSELS UNDER FINANCE LEASE, NET - Book Value of Vessels Held Under Capital Lease (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Capital Leased Assets [Roll Forward]
Balance at December 31, 2018	$ 1,165
Depreciation	(444)
Balance at June 30, 2019	$ 721

VESSELS UNDER FINANCE LEASE, _5

VESSELS UNDER FINANCE LEASE, NET - Outstanding Obligations Under Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2019		$ 5,944
2020		1,791
Thereafter		0
Minimum lease payments		7,735
Less: imputed interest		(300)
Present value of obligations under capital leases		$ 7,435
Finance Lease Liabilities, Payments, Due [Abstract]
2019 (remaining six months)	$ 2,996
2020	1,791
Thereafter	0
Minimum lease payments	4,787
Less: imputed interest	(100)
Present value of obligations under capital leases	$ 4,687

VESSELS UNDER FINANCE LEASE, _6

VESSELS UNDER FINANCE LEASE, NET - Schedule of Amortization of Finance Lease Assets and Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Leases [Abstract]
Depreciation of vessels under finance lease	$ 444	$ 444
Interest expense on obligations under finance lease	200	400
Total finance lease expense, net	$ 644	$ 844

VESSELS UNDER FINANCE LEASE, _7

VESSELS UNDER FINANCE LEASE, NET - Schedule of Purchase Options (Details) $ in Thousands	Jun. 30, 2019USD ($)
Golden Eclipse
Capital Leased Assets [Line Items]
Purchase option net of sellers credit, year two	$ 33,550

INVESTMENTS IN ASSOCIATED COM_3

INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Ownership percentage	15.00%
Equity Method Investment [Roll Forward]
At December 31, 2018	$ 1,658
Dividend received from associated companies	(150)
Share of income (loss)	178
At June 30, 2019	$ 1,686
United Freight Carriers LLC
Schedule of Equity Method Investments [Line Items]
Ownership percentage	50.00%	50.00%
Equity Method Investment [Roll Forward]
At December 31, 2018	$ 772
Dividend received from associated companies	(150)
Share of income (loss)	179
At June 30, 2019	$ 801
Seateam
Schedule of Equity Method Investments [Line Items]
Ownership percentage	22.19%	22.19%
Equity Method Investment [Roll Forward]
At December 31, 2018	$ 886
Dividend received from associated companies	0
Share of income (loss)	(1)
At June 30, 2019	$ 885
CCL
Schedule of Equity Method Investments [Line Items]
Ownership percentage	25.00%	25.00%
Equity Method Investment [Roll Forward]
At December 31, 2018	$ 0
Dividend received from associated companies	0
Share of income (loss)	0
At June 30, 2019	$ 0

OTHER LONG TERM ASSETS (Details

OTHER LONG TERM ASSETS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)vessel
Other Long Term Assets [Roll Forward]
Balance at December 31, 2018	$ 17,639
Reclassification to right-of-use assets	(12,588)
Additions	14,753
Deductions	(1,707)
Balance at June 30, 2019	18,097
Capitalized installation costs	$ 4,800
Number of vessels sold and leased back | vessel	8
Sale leaseback transaction, lease terms	P13Y
Payments to invest in equity securities	$ 10,000
Ownership percentage	15.00%
Capitalized project costs
Other Long Term Assets [Roll Forward]
Balance at December 31, 2018	$ 4,932
Additions	4,753
Deductions	(1,634)
Balance at June 30, 2019	8,051
Prepaid charter hire expenses (straight-lining of lease expense)
Other Long Term Assets [Roll Forward]
Balance at December 31, 2018	12,588
Reclassification to right-of-use assets	(12,588)
Balance at June 30, 2019	0
Deferred tax asset
Other Long Term Assets [Roll Forward]
Balance at December 31, 2018	119
Deductions	(73)
Balance at June 30, 2019	46
Investments in equity securities
Other Long Term Assets [Roll Forward]
Balance at December 31, 2018	0
Additions	$ 10,000

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2014
Debt Instrument [Line Items]
Deferred charges	$ (7,867,000)	$ (3,634,000)
Total debt	1,147,680,000	1,349,042,000
Less: current portion	(233,668,000)	(471,764,000)
Long-term debt, excluding current maturities	914,012,000	877,278,000
$93.75 million term loan
Debt Instrument [Line Items]
Long-term debt	93,750,000	0
Debt instrument, face amount	93,750,000
$131.79 million term loan
Debt Instrument [Line Items]
Long-term debt	131,790,000	0
Debt instrument, face amount	131,790,000
$284.0 million term loan
Debt Instrument [Line Items]
Long-term debt	161,836,000	168,320,000
Debt instrument, face amount	284,000,000
$420.0 million term loan
Debt Instrument [Line Items]
Long-term debt	321,477,000	331,795,000
Debt instrument, face amount	420,000,000		$ 420,000,000
$425.0 million term loan
Debt Instrument [Line Items]
Long-term debt	334,829,000	347,154,000
Debt instrument, face amount	425,000,000
$102.7 million term loan
Debt Instrument [Line Items]
Long-term debt	0	94,225,000
Debt instrument, face amount	102,700,000	102,700,000
$73.4 million term loan
Debt Instrument [Line Items]
Long-term debt	0	60,199,000
Debt instrument, face amount	73,400,000	73,400,000
$80.2 million term loan
Debt Instrument [Line Items]
Long-term debt	0	67,669,000
Debt instrument, face amount	80,200,000	80,200,000
$120.0 million term loan
Debt Instrument [Line Items]
Long-term debt	111,865,000	115,932,000
Debt instrument, face amount	120,000,000
Floating Rate Debt
Debt Instrument [Line Items]
Long-term debt	1,155,547,000	1,185,294,000
Fixed Rate Debt
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 167,382,000

DEBT - Summary of movements in

DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2017
Movement In Debt Balance [Roll Forward]
Debt issuance costs, beginning balance	$ (3,634)
Long-term debt, beginning balance	1,349,042
Loan draw downs	225,540
Loan repayments	(423,482)	$ (33,200)
Amortization of purchase price adjustment	813
Capitalized financing fees and expenses	(5,174)
Amortization of capitalized fees and expenses	941
Debt issuance costs, ending balance	(7,867)
Long-term debt, ending balance	1,147,680
Floating Rate Debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	1,185,294
Loan draw downs	225,540
Loan repayments	(255,287)
Long-term debt, gross, ending balance	1,155,547
Fixed Rate Debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	167,382
Loan repayments	(168,195)
Amortization of purchase price adjustment	813
Long-term debt, gross, ending balance	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details)	1 Months Ended			6 Months Ended	12 Months Ended
	May 31, 2019USD ($)loan_facility	Feb. 28, 2019USD ($)vessel	Jun. 30, 2014USD ($)vessel	Jun. 30, 2019USD ($)loan_facilityvessel	Dec. 31, 2017USD ($)vessel	Dec. 31, 2018USD ($)vessel
Debt Instrument [Line Items]
Repayments of debt				$ 423,482,000	$ 33,200,000
Number of facilities | loan_facility				3
Loan draw downs				$ 225,540,000
Amortization of purchase price adjustment				813,000
Capitalized financing fees and expenses				5,174,000
Net deferred charges				4,200,000
Debt instrument, basis spread on variable rate	2.10%
Current portion of long-term debt				233,668,000		$ 471,764,000
Total current assets less total current liabilities				85,700,000
Vessels and equipment, net				2,365,773,000		2,406,456,000
Three non-recourse loan facilities
Debt Instrument [Line Items]
Repayments of debt				222,100,000
Number of vessels financed | vessel					14
$93.75 million and $131.79 million term note
Debt Instrument [Line Items]
Number of facilities | loan_facility	2
Loan draw downs				225,500,000
Tenor term	5 years
Adjusted profile term	19 years
Convertible Debt
Debt Instrument [Line Items]
Amortization of purchase price adjustment				800,000
Current portion of long-term debt				155,400,000
$420.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 420,000,000	$ 420,000,000
Number of vessels financed | vessel		11	14
Extended maturity		3 years
Debt instrument, basis spread on variable rate		2.50%
Scrubber installation finance cost		$ 3,000,000
Scrubber installation repayment period		3 years
$93.75 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 93,750,000
Debt instrument, basis spread on variable rate	2.15%
$131.79 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	$ 131,790,000
$284.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				284,000,000
Convertible Debt
Debt Instrument [Line Items]
Repayments of debt				168,200,000
$102.7 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				102,700,000		102,700,000
$73.4 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				73,400,000		73,400,000
$80.2 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				80,200,000		$ 80,200,000
$93.75 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				93,750,000
$131.79 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount				131,790,000
$420.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount			$ 420,000,000	420,000,000
Unsecured Debt
Debt Instrument [Line Items]
Current portion of long-term debt				78,300,000
Floating Rate Debt
Debt Instrument [Line Items]
Repayments of debt				255,287,000
Loan draw downs				$ 225,540,000
Number of vessels serving as security | vessel				67		67
Collateral Pledged | Floating Rate Debt
Debt Instrument [Line Items]
Vessels and equipment, net				$ 2,363,900,000		$ 2,404,400,000

DEBT - Schedule of Debt Maturit

DEBT - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2019USD ($)
Debt Disclosure [Abstract]
2019 (remaining six months)	$ 197,753
2020	71,833
2021	345,033
2022	47,182
2023	275,797
Thereafter	217,949
Total debt	1,155,547
Deferred charges	(7,867)
Total debt	$ 1,147,680

DERIVATIVE INSTRUMENTS PAYABL_3

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Derivative [Line Items]
Derivative asset, fair value	$ 2,780		$ 9,449
Derivative liability, fair value	10,293		1,294
Gain (loss) on derivatives	(10,217)	$ 7,931
Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	438		5,424
Derivative liability, fair value	8,952		0
Gain (loss) on derivatives	(12,387)	9,795
Currency Swap
Derivative [Line Items]
Derivative liability, fair value	873		536
Gain (loss) on derivatives	(337)	(85)
Bunker derivatives
Derivative [Line Items]
Derivative asset, fair value	169		433
Derivative liability, fair value	468		758
Gain (loss) on derivatives	7	993
Forward Freight Agreements
Derivative [Line Items]
Derivative asset, fair value	2,173		$ 3,592
Gain (loss) on derivatives	$ 2,500	$ (2,772)

SHARE CAPITAL, TREASURY SHARE_2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Equity [Abstract]
Share capital, shares outstanding (in shares)	144,272,697		144,272,697
Share capital, par value (in dollars per share)	$ 0.05		$ 0.05
Stock repurchased during period (in shares)	350,000
Number of shares repurchased accumulated (in shares)	795,000
Number of shares distributed (in shares)	50,000
Number of treasury shares (in shares)	745,000		445,000
Dividends to shareholders	$ 10.8	$ 28.9
Dividends per share (in dollars per share)	$ 0.08	$ 0.20

RELATED PARTY TRANSACTIONS - Sh

RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2019vessel$ / d	Jun. 30, 2018vessel$ / d
Related Party Transaction [Line Items]
Number of vessels sold and leased back		8
Ship Finance International Ltd
Related Party Transaction [Line Items]
Number of vessels sold and leased back	8	8
Ship Finance International Ltd | Dry Bulk Carriers
Related Party Transaction [Line Items]
Number of vessels managed		14,000	14,000
Ship Finance International Ltd | Container Carriers
Related Party Transaction [Line Items]
Number of vessels managed		14,000	7,000
Commercial management fee revenue (in dollars per day) | $ / d		75	75
Minimum | Ship Finance International Ltd | Dry Bulk Carriers
Related Party Transaction [Line Items]
Commercial management fee revenue (in dollars per day) | $ / d		75,000	75,000
Maximum | Ship Finance International Ltd | Dry Bulk Carriers
Related Party Transaction [Line Items]
Commercial management fee revenue (in dollars per day) | $ / d		125,000	125,000

RELATED PARTY TRANSACTIONS - Se

RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd	6 Months Ended
	Jun. 30, 2019vessel$ / d	Jun. 30, 2018vessel$ / d
Related Party Transaction [Line Items]
Number of vessels managed | vessel	14,000	16,000
Commercial management fee revenue (in dollars per day) | $ / d	125	125

RELATED PARTY TRANSACTIONS RELA

RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS - Capesize Chartering Ltd (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CCL
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,816	$ 1,308

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreements (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)vessel$ / vessel	Jun. 30, 2018USD ($)	Dec. 31, 2018vessel$ / vessel
Related Party Transaction [Line Items]
Due from related parties	$ 6,344	$ 3,990
Due to related parties	696	0
Golden Opus Inc.
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 0	6
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Technical management fees expenses | $ / vessel	27,926		30,336
Related party transaction, expenses from transactions with related party	$ 1,674	1,707
Frontline Ltd
Related Party Transaction [Line Items]
Due from related parties	2,356	3,192
Ship Finance International Ltd
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	15,196	14,589
Revenue from related parties	443	360
Due from related parties	$ 2,589	91
Seateam
Related Party Transaction [Line Items]
Number of vessels under ship management | vessel	20		21
Related party transaction, expenses from transactions with related party	$ 1,818	1,901
United Freight Carriers LLC
Related Party Transaction [Line Items]
Due from related parties	0	163
Due to related parties	23	0
Seatankers Management Co, Ltd
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	2,621	10,855
Revenue from related parties	317	359
Due from related parties	660	538
Due to related parties	673	0
CCL
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	12	24
Revenue from related parties	2,816	1,308
Due from related parties	$ 739	$ 6

FINANCIAL ASSETS AND LIABILIT_3

FINANCIAL ASSETS AND LIABILITIES Narrative (Details)	Jun. 30, 2019USD ($)vessel$ / d	Dec. 31, 2018USD ($)vessel$ / d	Jun. 30, 2019USD ($)vesselt$ / d	Dec. 31, 2018USD ($)vesselt$ / d
Interest Rate Swap
Derivative [Line Items]
Derivative, notional amount	$ 500,000,000	$ 500,000,000	$ 500,000,000	$ 500,000,000
Capesize, Forward Freight Agreements, Maturing in 2019
Derivative [Line Items]
Derivative, equivalent of vessels | vessel	4	4	4	4
Derivative, average ceiling price (USD per day) | $ / d	29,250	29,250	29,250	29,250
Derivative, average floor price (USD per day) | $ / d	14,125	14,125	14,125	14,125
Capesize, Forward Freight Agreements, Maturing in 2020
Derivative [Line Items]
Derivative, equivalent of vessels | vessel	2	2	2	2
Derivative, average ceiling price (USD per day) | $ / d	30,500	30,500	30,500	30,500
Derivative, average floor price (USD per day) | $ / d	15,250	15,250	15,250	15,250
Bunker derivatives
Derivative [Line Items]
Derivative, nonmonetary notional amount, mass | t			22,500	14,000
Norway, Krone | Currency Swap
Derivative [Line Items]
Derivative, notional amount	$ 2,400,000	$ 5,100,000	$ 2,400,000	$ 5,100,000
Euro Member Countries, Euro | Currency Swap
Derivative [Line Items]
Derivative, notional amount	$ 23,900,000	$ 23,900,000	$ 23,900,000	23,900,000
Short | Capesize, Forward Freight Agreements
Derivative [Line Items]
Remaining maturities	405 days	720 days
Derivative, mark to market value		$ 20,098		20,098
Long | Panamax, Forward Freight Agreements
Derivative [Line Items]
Remaining maturities	1810 days	220 days
Derivative, mark to market value		$ 11,899		$ 11,899

FINANCIAL ASSETS AND LIABILIT_4

FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments in equity securities	$ 10,009	$ 12,033
Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,937	305,352
Restricted cash	65,320	67,252
Marketable securities	10,009	12,033
Investments in equity securities		0
Derivative assets	2,780	9,449
Derivative liabilities	10,293	1,294
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,937	305,352
Restricted cash	65,320	67,252
Marketable securities	10,009	12,033
Investments in equity securities	10,000	0
Derivative assets	2,780	9,449
Derivative liabilities	10,293	1,294
Secured Debt | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	1,155,547	1,185,294
Secured Debt | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	1,155,547	1,185,294
Convertible Debt | Fair Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond	0	167,359
Convertible Debt | Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond	0	167,382
Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,937	305,352
Restricted cash	65,320	67,252
Marketable securities	10,009	12,033
Derivative assets	2,780	9,449
Derivative liabilities	10,293	1,294
Fair Value, Measurements, Recurring | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	1,155,547	1,185,294
Fair Value, Measurements, Recurring | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond		167,359
Level 1 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	97,937	305,352
Restricted cash	65,320	67,252
Marketable securities	10,009	12,033
Investments in equity securities	0
Derivative assets	0	0
Derivative liabilities	0	0
Level 1 | Fair Value, Measurements, Recurring | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	0	0
Level 1 | Fair Value, Measurements, Recurring | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond		0
Level 2 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Marketable securities	0	0
Investments in equity securities	0
Derivative assets	2,780	9,449
Derivative liabilities	10,293	1,294
Level 2 | Fair Value, Measurements, Recurring | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	1,155,547	1,185,294
Level 2 | Fair Value, Measurements, Recurring | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond		167,359
Level 3 | Fair Value, Measurements, Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Restricted cash	0	0
Marketable securities	0	0
Investments in equity securities	10,000
Derivative assets	0	0
Derivative liabilities	0	0
Level 3 | Fair Value, Measurements, Recurring | Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	$ 0	0
Level 3 | Fair Value, Measurements, Recurring | Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short term debt - convertible bond		$ 0

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2015USD ($)vessel	Sep. 30, 2015vessel	Jun. 30, 2019USD ($)vesselscrubber	Jun. 30, 2018USD ($)	Dec. 31, 2010	Sep. 11, 2019USD ($)	Aug. 31, 2019USD ($)	Dec. 31, 2018USD ($)vessel	Dec. 31, 2008vessel
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under capital lease | vessel			1					1
Number of vessels sold and leased back | vessel			8
Lease term			10 years
Related party receivables			$ 6,344,000					$ 3,990,000
Golden Eclipse
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under capital lease | vessel									1
Charter term, total					10 years
Ship Finance International Ltd
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels sold and leased back | vessel		8	8
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]
Number of vessels sold and leased back | vessel	8		8
Purchase option, vessels	$ 112,000,000		$ 112,000,000
Charter term, extension	3 years		3 years
Daily charter rate, extension	$ 14,900			$ 14,900
Exhaust Gas Scrubbers Purchase
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitment, number of units | scrubber			20
Purchase commitment, remaining financial commitment			$ 26,700,000
Commitment To Install Ballast Water Treatment System
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitment, number of units | vessel			9
Purchase commitment, remaining financial commitment			$ 3,100,000
Singapore Marine
Unrecorded Unconditional Purchase Obligation [Line Items]
Increased availability			$ 10,000,000
Subordinated shareholder loan, term			5 years
Subsequent Event | Singapore Marine
Unrecorded Unconditional Purchase Obligation [Line Items]
Increased availability							$ 10,700,000
Related party receivables						$ 10,700,000

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended	6 Months Ended
	Aug. 31, 2019	Jun. 30, 2019	Sep. 11, 2019	Dec. 31, 2018	Jun. 30, 2018
Subsequent Event [Line Items]
Shareholder loan		$ 6,344,000			$ 3,990,000
Stock repurchased during period (in shares)		350,000
Payments to invest in equity securities		$ 10,000,000
Related party receivables		6,344,000		$ 3,990,000
Subsequent Event
Subsequent Event [Line Items]
Dividends payable, amount (in USD per share)	$ 0.10
Stock repurchased during period (in shares)	25,000
Distributed treasury shares	$ (100,000)
Singapore Marine
Subsequent Event [Line Items]
Increased availability		$ 10,000,000
Singapore Marine | Subsequent Event
Subsequent Event [Line Items]
Payments to invest in equity securities	9,500,000
Increase in investment availability	700,000
Increased availability	$ 10,700,000
Related party receivables			$ 10,700,000
Golden Ocean | Trafigura Group | Subsequent Event
Subsequent Event [Line Items]
Percentage of interest acquired	10.00%
Shareholder loan	$ 1,000,000
Frontline Ltd | Trafigura Group | Subsequent Event
Subsequent Event [Line Items]
Percentage of interest acquired	15.00%