Golden Ocean Group Limited (GOGL) 6-K 8 Sep 20 2020 Q2 Current report (foreign) Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2020
Cover [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, 2020
Document Fiscal Year Focus	2020
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, 2020	Jun. 30, 2019
Total operating revenues	$ 253,654	$ 241,792
Other operating income (expenses), net	2,362	2,816
Operating expenses
Voyage expenses and commissions	107,705	67,104
Ship operating expenses	100,159	90,818
Charter hire expenses	29,239	31,616
Administrative expenses	6,594	6,805
Impairment loss on right of use assets	94,233	0
Depreciation	56,081	46,853
Total operating expenses	394,011	243,196
Net operating income (loss)	(137,995)	1,412
Other income (expenses)
Interest income	786	2,775
Interest expense	(27,913)	(32,311)
Equity results of associated companies	(2,564)	178
Gain (loss) on derivatives	(23,397)	(10,217)
Other financial items	(10,938)	(2,313)
Net other income (expenses)	(64,026)	(41,888)
Net income (loss) before tax	(202,021)	(40,476)
Income tax expense	80	75
Net income (loss)	$ (202,101)	$ (40,551)
Per share information:
Basic and diluted earnings (loss) per share (in dollars per share)	$ (1.41)	$ (0.28)
Dividends per share (in dollars per share)	$ 0	$ 0.13
Time charter revenues
Total operating revenues	$ 86,250	$ 128,139
Voyage charter revenues
Total operating revenues	166,382	112,867
Other revenues
Total operating revenues	$ 1,022	$ 786

Unaudited Interim Condensed C_2

Unaudited Interim Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (202,101)	$ (40,551)
Other comprehensive income (loss), net
Unrealized gain (loss)	0	0
Other comprehensive income (loss), net	0	0
Comprehensive income (loss), net	$ (202,101)	$ (40,551)

Unaudited Interim Condensed C_3

Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 70,335	$ 153,060
Restricted cash	33,747	10,184
Marketable securities	3,329	13,861
Trade accounts receivable, net	21,503	45,635
Other current assets	33,154	31,498
Related party receivables	2,062	5,180
Derivative instruments receivable	1,227	3,876
Inventories	27,037	28,235
Prepaid expenses	6,752	6,335
Voyages in progress	11,280	21,929
Favorable charter party contracts	7,259	12,148
Total current assets	217,685	331,941
Vessels and equipment, net	2,324,419	2,340,753
Finance leases, right of use assets, net	121,015	193,987
Operating leases, right of use assets, net	25,981	54,853
Favorable charter party contracts	1,906	4,073
Investments in associated companies	18,469	21,483
Related party receivables	6,303	10,700
Other long term assets	200	8,267
Total assets	2,715,978	2,966,057
Current liabilities
Current portion of long-term debt	379,312	87,787
Current portion of finance lease obligations	22,735	17,502
Current portion of operating lease obligations	14,698	14,377
Derivative instruments payable	36,208	10,455
Related party payables	2,066	3,970
Trade accounts payables	15,873	12,402
Accrued expenses	32,944	44,739
Other current liabilities	25,775	42,135
Total current liabilities	529,611	233,367
Long-term liabilities
Long-term debt	708,423	1,026,083
Non-current portion of finance lease obligations	139,566	151,206
Non-current portion of operating lease obligations	34,433	42,010
Total liabilities	1,412,033	1,452,666
Commitments and contingencies
Equity
Share capital (2020: 144,272,697 shares. 2019: 144,272,697 shares. All shares are issued and outstanding at par value $0.05)	7,215	7,215
Treasury shares	(5,669)	(5,669)
Additional paid in capital	768	715
Contributed capital surplus	1,732,670	1,739,834
Accumulated deficit	(431,039)	(228,704)
Total equity	1,303,945	1,513,391
Total liabilities and equity	$ 2,715,978	$ 2,966,057

Unaudited Interim Condensed C_4

Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Equity
Share capital, shares issued (in shares)	144,272,697	144,272,697
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05

Unaudited Interim Condensed C_5

Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ (202,101)	$ (40,551)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation	56,081	46,853
Amortization of deferred charges	1,258	941
Impairment loss on right of use assets	94,233	0
Share option expenses	53	241
Share of results of associated companies	2,564	(178)
Dividends received from associated companies	450	150
Amortization of charter party-out contracts	7,057	9,289
Amortization of other fair value adjustments, net, arising on the Merger	0	813
Mark to market (gain) loss on derivatives	28,403	15,668
Mark to market (gain) loss on marketable securities	10,532	2,024
Provision for onerous contracts	0	(299)
Non-cash lease expense	(2,607)	(1,081)
Other	(173)	(1,227)
Changes in operating assets and liabilities, net:
Trade accounts receivable	24,104	(2,788)
Related party balances	1,203	(1,658)
Other receivables	(1,683)	(2,805)
Inventories	1,198	(11,134)
Voyages in progress	10,635	(2,362)
Prepaid expenses	(417)	(1,935)
Trade accounts payables	3,471	6,920
Accrued expenses	(6,697)	7,203
Other current liabilities	(16,352)	4,405
Net cash provided by operating activities	11,212	28,489
Investing activities
Investments in equity securities	0	(10,000)
Payments related to upgrades and vessels	(23,809)	(8,844)
Loan advances to related party	(1,000)	0
Repayments of loans receivable from related party	5,350	0
Other investing activities, net	54	89
Net cash used in investing activities	(19,405)	(18,755)
Financing activities
Proceeds from long-term debt	18,000	225,540
Repayment of long-term debt	(45,394)	(423,482)
Repayment of finance leases	(33,911)	(2,748)
Distributions to shareholders	(7,164)	(10,773)
Debt fees paid	0	(5,174)
Payments related to share repurchases	0	(2,630)
Proceeds from share distributions	0	185
Lease incentives received	17,500	0
Net cash used in financing activities	(50,969)	(219,082)
Net change in cash, cash equivalents and restricted cash	(59,162)	(209,348)
Cash, cash equivalents and restricted cash at beginning of period	163,244	372,605
Cash, cash equivalents and restricted cash at end of period	$ 104,082	$ 163,257

Unaudited Interim Condensed C_6

Unaudited Interim Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Treasury shares	Additional Paid in Capital	Contributed Capital Surplus	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2018		143,827,697
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		0
Stock repurchased during period (in shares)	(350,000)		(350,000)
Distribution of treasury shares ( in shares)			50,000
Balance at end of period (in shares) at Jun. 30, 2019		143,527,697
Balance at beginning of period at Dec. 31, 2018		$ 7,215	$ (2,643)	$ 233	$ 1,786,451	$ (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	(305,910)
Increase (decrease) in Equity [Roll Forward]
Adjustment on adoption of ASC | Adjustment on adoption of ASC 326						0
Adjustment on adoption of ASC | Adjustment on adoption of ASC 842						2,485
Adjustment on adoption of ASC | Adjustment on adoption of ASC 326						(234)
Adjustment on adoption of ASC | Adjustment on adoption of ASC 842						0
Balance at beginning of period (in shares) at Dec. 31, 2019	143,277,697	143,277,697
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		0
Stock repurchased during period (in shares)			0
Distribution of treasury shares ( in shares)			0
Balance at end of period (in shares) at Jun. 30, 2020	143,277,697	143,277,697
Balance at beginning of period at Dec. 31, 2019	$ 1,513,391	$ 7,215	$ (5,669)	715	1,739,834	(228,704)
Increase (decrease) in Equity [Roll Forward]
Shares issued		0	0	0
Stock option expense				53
Distributions to shareholders					(7,164)
Distributed treasury shares			0			0
Net income (loss)						(202,101)
Balance at end of period at Jun. 30, 2020	$ 1,303,945	$ 7,215	$ (5,669)	$ 768	$ 1,732,670	$ (431,039)

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2020
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 326 and change in accounting principle for restricted cash 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 our 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, 2019, filed with the Securities and Exchange Commission (the "SEC") on March 12, 2020 (our "Annual Report"). 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, 2020 are not necessarily indicative of the results for the year ending December 31, 2020.

ACCOUNTING POLICIES

ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
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 those of the Company's 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" and revised as described in the paragraph below, our accounting policies have not changed from those reported in our Annual Report. On April 1, 2020, we changed our accounting policy for restricted cash. Previously, we presented minimum cash balance required by covenants in loan agreements as restricted cash. This method of presentation differs from that of most comparable shipping companies that have equivalent covenant restrictions in their debt agreements. Comparable industry practice is to reflect minimum cash required by covenants as cash and cash equivalents when there is no legal requirement to keep covenanted cash on a restricted account. Please refer to "Note 8, Cash, cash equivalents and restricted cash" for a description of our covenant requirements. From April 1, 2020 we have presented minimum cash required by covenants as cash and cash equivalents. Based on the assessment performed, the change in accounting policy was considered to be preferable and justifiable, because the new principle will result in a more comparable reflection of assets and ratios of working capital and liquidity with our industry peers. Further, the new principle is clearer and more transparent for the users of financial statements and continuing to provide clear and transparent disclosure. The change in accounting principle has been applied retrospectively to comparative periods. Changes to our accounting policy as a result of changes in accounting principle are as follows: Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents. Restricted cash Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading. The following financial statement line items as of December 31, 2019 and June 30, 2019 were affected by the change in accounting principle. There was no impact of the change on the statements of operations, of comprehensive income, of cash flows or of changes in equity. As of December 31, 2019 (in thousands of $) As reported before change of principle As reported after change of principle Effect of change Cash and cash equivalents 88,931 153,060 64,129 Restricted cash – current 15,449 10,184 (5,265) Restricted cash – long-term 58,864 — (58,864) Total cash and cash equivalents and restricted cash 163,244 163,244 — As of June 30, 2019 (in thousands of $) As reported before change of principle As reported after change of principle Effect of change Cash and cash equivalents 97,937 155,562 57,625 Restricted cash – current 19,612 7,695 (11,917) Restricted cash – long-term 45,708 — (45,708) Total cash and cash equivalents and restricted cash 163,257 163,257 —

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In March 2020, the FASB issued final ASU 2020-04 (ASC 848 Reference Rate Reform), which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications, hedge accounting and other transactions affected by reference reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this revised guidance on our consolidated financial statements. Accounting Standards Updates, recently adopted On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The standard revised guidance for the accounting for credit losses on financial instruments within its scope. The standard added an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. The new guidance is applicable to financial assets measured at amortized cost, including trade receivables, contract assets such as voyages in progress and other, as well as related party receivables. In November 2018, the FASB issued ASU 2018-19, Financial Instruments – Credit losses (ASC 326), which clarifies that operating lease receivables are not within the scope of ASC 326 and should instead be accounted for under the new leasing standard, ASC 842. Expected credit losses are estimated using historical experience, information relating to current conditions and reasonable and supportable cash flows. The Company makes significant judgements and assumptions to estimate its expected losses. The implementation of the standard did not have any material effect on our interim condensed consolidated financial statements. On January 1, 2020 we adopted ASU No. 2018-13, Fair value measurement (Topic 820), which streamlines the disclosure requirements on fair value measurements. The implementation of this accounting standard did not have any material impact on our consolidated financial statements. On January 1, 2020 we adopted ASU 2018-18, Collaborative Arrangements (Topic 808), which provides clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2020
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, 2020 and 2019 are as follows: (in thousands of $) 2020 2019 Net income (loss) (202,101) (40,551) (in thousands) 2020 2019 Weighted average number of shares outstanding - basic 143,278 143,687 Dilutive effect of share options — — Weighted average number of shares outstanding - diluted 143,278 143,687 In April, 2020, 550,000 share options were granted to the Chief Executive Officer of Golden Ocean Management AS in accordance with the terms of our share option scheme. In the six months ended June 30, 2020, all 790,000 of our outstanding share options were anti-dilutive. In the six months ended June 30, 2019, 495,000 of our outstanding share options were anti-dilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2020
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 we only have one reportable segment.

OPERATING REVENUES

OPERATING REVENUES	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
OPERATING REVENUES	OPERATING REVENUES The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2020 and 2019 respectively: (in thousands of $) 2020 2019 Time charter revenues 86,250 128,139 Voyage charter revenues 166,382 112,867 Other revenues 1,022 786 Total operating revenues 253,654 241,792 In the six months ended June 30, 2020 and June 30, 2019, we recognized a total of $6.4 million and $7.8 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 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 lease components were the predominant component for all of our time charter contracts. Furthermore, for certain of our voyage charter contracts the lease components were the predominant components. (in thousands of $) Lease Non- lease Total Time charter revenues 86,250 — 86,250 Voyage charter revenues 5,466 160,916 166,382 Other revenues — 1,022 1,022 Total operating revenues 91,716 161,938 253,654 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. $12.3 million of contract assets were capitalized in the period ended June 30, 2020 under "Other current assets", of which $9.1 million was amortized up to June 30, 2020, leaving a remaining balance of $3.3 million. $5.9 million of contract assets were amortized in the six months ended June 30, 2020 in relation to voyages in progress at the end of December 31, 2019. As of June 30, 2020 and December 31, 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 $) 2020 2019 Voyages in progress 11,077 17,966 Trade accounts receivable 13,546 31,293 Other current assets (capitalized fulfillment costs) 3,260 5,905 Total 27,883 55,164 As at June 30, 2020, we recorded $15.3 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 2020, we recognized $17.9 million in revenue, which was deferred as at December 31, 2019, as the performance obligations were met. Credit loss allowance as of June 30, 2020 relating to the contract assets above amounted to $47,000. No impairment losses were recognized as of December 31, 2019. Total revenues for the six months ended June 30, 2020 and the six months ended June 30, 2019 relating to our owned vessels that were under the CCL RSA or arrangements where we are considered the principal were $92.0 million and $98.1 million, respectively. In addition to these amounts, we retained or paid a net pro/contra amount based on a net settlement of our relative share of the pool results. The net pro/contra amounts relating to the pool arrangements where we were considered the principal were net positive $2.4 million and $2.8 million, in the six months ended June 30, 2020 and in the six months ended June 30, 2019, respectively. These amounts are presented under the line item “other operating income (expenses), net”. Total lease revenues for the six months ended June 30, 2020 and the six months ended June 30, 2019, relating to our owned vessels that were under the CTM Supramax RSA and which have been accounted for as operating leases were $2.5 million and $4.9 million, respectively.

IMPAIRMENT OF RIGHT OF USE ASSE

IMPAIRMENT OF RIGHT OF USE ASSETS	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
IMPAIRMENT OF RIGHT OF USE ASSETS	IMPAIRMENT OF RIGHT OF USE ASSETS During the first six months of 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL Corporation Ltd. ("SFL") and $24.2 million related to four vessels on operating leases. In addition, and with reference to "Note, 12 Operating Leases", seven of the eight Capesize charters with SFL were amended in December 2019 and resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. The amendments included a funding of $2.5 million per vessel received in January 2020 which financed the scrubber investments paid by us on these vessels. In addition, the daily time charter rate for vessels classified as finance lease increased by $1,535 from January 1, 2020 to June 30, 2025 and was $19,135 in 2020, of which $7,000 is for operating expenses (including drydocking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are 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 an average daily rate of $19,771 for finance leases in 2020 and there was no profit share in 2020 ($0.1 million profit share in the six months 2019). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for eight SFL leases was recorded in the six months 2020 and six months 2019 as an increase in charter hire expense of $0.9 million and $1.7 million, respectively. The profit share mechanism has not been adjusted with the increased rate. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance at December 31, 2019 193,987 Additions 6,430 Impairment (70,009) Depreciation (9,393) Balance at June 30, 2020 121,015 In the first six months of 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the six months of 2020. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2020 168,708 Additions 17,500 Repayments (29,304) Interest expense on obligations under finance lease 5,397 Balance as of June 30, 2020 162,301 Current portion 22,735 Non-current portion 139,566 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 8.1 years as of June 30, 2020.The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 8.6 years as of December 31, 2019. The outstanding obligations under finance leases at June 30, 2020 are payable as follows: (in thousands of $) 2020 (remaining six months) 16,031 2021 32,240 2022 29,061 2023 24,484 2024 24,553 Thereafter 76,104 Minimum lease payments 202,473 Less: imputed interest (40,172) Present value of obligations under finance leases 162,301 With regard to the SFL eight Capesize vessels, we have a purchase option of $112 million en-bloc in 2025. If such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day.
IMPAIRMENT OF RIGHT OF USE ASSETS	IMPAIRMENT OF RIGHT OF USE ASSETS During the first six months of 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL Corporation Ltd. ("SFL") and $24.2 million related to four vessels on operating leases. As of June 30, 2020, we had leased in one vessel from SFL and three vessels from unrelated third parties, all of which were classified as operating leases. Additionally, as of June 30, 2020 and December 31, 2019 we had two operating leases for our offices in Oslo and Singapore. In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2020. Up to December 2019 all eight vessels chartered in from SFL were classified as operating leases. In December 2019, seven of the eight charters were amended which resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. With reference to "Note 19, Related Party Transactions ", these contracts were a result of a sale and leaseback transaction with SFL for eight Capesize vessels agreed in 2015. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate for operating lease is $17,600, of which $7,000 is for operating expenses (including drydocking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are 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 an average daily rate of $17,832 for operating lease and $19,771 for finance leases in 2020 and there was no profit share in 2020 ($0.1 million profit share in the six months 2019). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for eight SFL leases was recorded in the six months 2020 and six months 2019 as an increase in charter hire expense of $0.9 million and $1.7 million, respectively. For the Ultramax vessel, the 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 2020, 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. In 2019, we took delivery of the Admiral Schmidt and the Vitus Bering. Both vessels are 2019-built 104,550 dwt ice-class vessels, chartered in on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The contracts have been determined to be operating leases with a lease term of three years, respectively. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.4 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2020 and for the first six months of 2019, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 23,973 2,803 25,417 2,660 54,853 Additions — — 8 133 141 Amortization (1,000) (531) (2,964) (295) (4,790) Impairment (8,054) (607) (15,562) — (24,223) Balance at June 30, 2020 14,919 1,665 6,899 2,498 25,981 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. In the first six months of 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first six months of 2020. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 21,070 7,224 25,417 2,676 56,387 Repayments (1,255) (1,215) (4,399) (169) (7,038) Foreign exchange translation — — — (218) (218) Balance at June 30, 2020 19,815 6,009 21,018 2,289 49,131 Current portion 2,584 2,538 9,112 464 14,698 Non-current portion 17,231 3,471 11,906 1,825 34,433 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 8,514 2021 18,694 2022 11,735 2023 3,356 2024 3,313 Thereafter 10,817 Total minimum lease payments 56,429 Less: Imputed interest (7,298) Present value of operating lease liabilities 49,131 Total expense for operating leases, including short term leases, was $12.4 million for the six months ended June 30, 2020 (six months ended June 30, 2019: $38.6 million). Total cash paid in respect of operating leases was $13.0 million in six months ended June 30, 2020 (six months ended June 30, 2019: $33.5 million). The weighted average discount rate in relation to our operating leases was 5.07% and 6.2% for the six months ended June 30, 2020 and June 30, 2019, respectively. The weighted average lease term was 5.4 years and 8 years for the period ended June 30, 2020 and June 30, 2019, respectively. Rental income As of June 30, 2020, we leased out 10 vessels on fixed time charter rates (December 31, 2019: 11 vessels) and 13 vessels (December 31, 2019: 16 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, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 27,448 2021 2,823 2022 — 2022 — 2023 — Thereafter — Total minimum lease receipts 30,271 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, 2020, the cost and accumulated depreciation of the 23 vessels which were leased out to third parties, were $1,093.8 million and $159.7 million, respectively. As of December 31, 2019, the cost and accumulated depreciation of the 27 vessels which were leased out to third parties, were $1,235.1 million and $155.1 million, respectively.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASHAs of June 30, 2020 and June 30, 2019, 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 $) 2020 2019 Cash and cash equivalents 70,335 155,562 Short term restricted cash 33,747 7,695 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 104,082 163,257 With reference to Note 2, we have changed our accounting policy for cash and cash equivalents; and restricted cash. According to our new accounting policy, amounts included in cash and cash equivalents include 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. We have covenanted to retain at least $62.5 million of cash and cash equivalents as at June 30, 2020 (at June 30, 2019: $57.6 million).

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2020
Marketable Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Our marketable securities consist of 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, 2019 13,861 Unrealized gain (loss) (10,532) Balance at June 30, 2020 3,329 During the six months ended June 30, 2020, we received approximat ely $0.45 million in dividends from our investment in Scorpio Bulkers Inc.

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS (in thousands of $) 2020 2019 Capitalized fulfillment costs 3,615 6,334 Agent receivables 3,585 4,433 Advances 1,669 701 Claims receivables 1,543 810 Bunker receivables on time charter-out contracts 14,779 5,827 Other receivables 7,963 13,393 Balance at June 30, 2020 33,154 31,498 Other receivables are presented net of allowances for credit losses and doubtful accounts amounting to $25,000 and nil as of June 30, 2020 and December 31, 2019, respectively.

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2020
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, 2019 2,706,794 (366,041) 2,340,753 Additions 30,351 — 30,351 Depreciation — (46,685) (46,685) Balance at June 30, 2020 2,737,145 (412,726) 2,324,419 At June 30, 2020, we owned three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes (At December 31, 2019: three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes). In the six months ended June 30, 2020, we capitalized an aggregate of $30.4 million in costs for completed installations of scrubbers. Total depreciation expense for vessels and equipment was $46.7 million for the six months ended June 30, 2020. In addition, we depreciated $9.4 million of our finance leased assets during the six months ended June 30, 2020.

OPERATING LEASES

OPERATING LEASES	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES As of June 30, 2020, we had leased in one vessel from SFL and three vessels from unrelated third parties, all of which were classified as operating leases. Additionally, as of June 30, 2020 and December 31, 2019 we had two operating leases for our offices in Oslo and Singapore. In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2020. Up to December 2019 all eight vessels chartered in from SFL were classified as operating leases. In December 2019, seven of the eight charters were amended which resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. With reference to "Note 19, Related Party Transactions ", these contracts were a result of a sale and leaseback transaction with SFL for eight Capesize vessels agreed in 2015. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate for operating lease is $17,600, of which $7,000 is for operating expenses (including drydocking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are 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 an average daily rate of $17,832 for operating lease and $19,771 for finance leases in 2020 and there was no profit share in 2020 ($0.1 million profit share in the six months 2019). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for eight SFL leases was recorded in the six months 2020 and six months 2019 as an increase in charter hire expense of $0.9 million and $1.7 million, respectively. For the Ultramax vessel, the 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 2020, 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. In 2019, we took delivery of the Admiral Schmidt and the Vitus Bering. Both vessels are 2019-built 104,550 dwt ice-class vessels, chartered in on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The contracts have been determined to be operating leases with a lease term of three years, respectively. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.4 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2020 and for the first six months of 2019, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 23,973 2,803 25,417 2,660 54,853 Additions — — 8 133 141 Amortization (1,000) (531) (2,964) (295) (4,790) Impairment (8,054) (607) (15,562) — (24,223) Balance at June 30, 2020 14,919 1,665 6,899 2,498 25,981 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. In the first six months of 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first six months of 2020. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 21,070 7,224 25,417 2,676 56,387 Repayments (1,255) (1,215) (4,399) (169) (7,038) Foreign exchange translation — — — (218) (218) Balance at June 30, 2020 19,815 6,009 21,018 2,289 49,131 Current portion 2,584 2,538 9,112 464 14,698 Non-current portion 17,231 3,471 11,906 1,825 34,433 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 8,514 2021 18,694 2022 11,735 2023 3,356 2024 3,313 Thereafter 10,817 Total minimum lease payments 56,429 Less: Imputed interest (7,298) Present value of operating lease liabilities 49,131 Total expense for operating leases, including short term leases, was $12.4 million for the six months ended June 30, 2020 (six months ended June 30, 2019: $38.6 million). Total cash paid in respect of operating leases was $13.0 million in six months ended June 30, 2020 (six months ended June 30, 2019: $33.5 million). The weighted average discount rate in relation to our operating leases was 5.07% and 6.2% for the six months ended June 30, 2020 and June 30, 2019, respectively. The weighted average lease term was 5.4 years and 8 years for the period ended June 30, 2020 and June 30, 2019, respectively. Rental income As of June 30, 2020, we leased out 10 vessels on fixed time charter rates (December 31, 2019: 11 vessels) and 13 vessels (December 31, 2019: 16 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, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 27,448 2021 2,823 2022 — 2022 — 2023 — Thereafter — Total minimum lease receipts 30,271 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, 2020, the cost and accumulated depreciation of the 23 vessels which were leased out to third parties, were $1,093.8 million and $159.7 million, respectively. As of December 31, 2019, the cost and accumulated depreciation of the 27 vessels which were leased out to third parties, were $1,235.1 million and $155.1 million, respectively.
OPERATING LEASES	IMPAIRMENT OF RIGHT OF USE ASSETS During the first six months of 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL Corporation Ltd. ("SFL") and $24.2 million related to four vessels on operating leases. As of June 30, 2020, we had leased in one vessel from SFL and three vessels from unrelated third parties, all of which were classified as operating leases. Additionally, as of June 30, 2020 and December 31, 2019 we had two operating leases for our offices in Oslo and Singapore. In total we have leased in eight vessels from SFL, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2020. Up to December 2019 all eight vessels chartered in from SFL were classified as operating leases. In December 2019, seven of the eight charters were amended which resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. With reference to "Note 19, Related Party Transactions ", these contracts were a result of a sale and leaseback transaction with SFL for eight Capesize vessels agreed in 2015. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. The daily time charter rate for operating lease is $17,600, of which $7,000 is for operating expenses (including drydocking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are 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 an average daily rate of $17,832 for operating lease and $19,771 for finance leases in 2020 and there was no profit share in 2020 ($0.1 million profit share in the six months 2019). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for eight SFL leases was recorded in the six months 2020 and six months 2019 as an increase in charter hire expense of $0.9 million and $1.7 million, respectively. For the Ultramax vessel, the 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 2020, 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. In 2019, we took delivery of the Admiral Schmidt and the Vitus Bering. Both vessels are 2019-built 104,550 dwt ice-class vessels, chartered in on time charter for a firm period of three years, with four annual options exercisable by us to extend the lease. The contracts have been determined to be operating leases with a lease term of three years, respectively. The gross hire is determined based on a weighted average of the Baltic Panamax Index (BPI 4TC) and the Baltic Capesize Index (BCI 5TC) with a floor of $9,000 per day. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.4 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2020 and for the first six months of 2019, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 23,973 2,803 25,417 2,660 54,853 Additions — — 8 133 141 Amortization (1,000) (531) (2,964) (295) (4,790) Impairment (8,054) (607) (15,562) — (24,223) Balance at June 30, 2020 14,919 1,665 6,899 2,498 25,981 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. In the first six months of 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first six months of 2020. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 21,070 7,224 25,417 2,676 56,387 Repayments (1,255) (1,215) (4,399) (169) (7,038) Foreign exchange translation — — — (218) (218) Balance at June 30, 2020 19,815 6,009 21,018 2,289 49,131 Current portion 2,584 2,538 9,112 464 14,698 Non-current portion 17,231 3,471 11,906 1,825 34,433 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 8,514 2021 18,694 2022 11,735 2023 3,356 2024 3,313 Thereafter 10,817 Total minimum lease payments 56,429 Less: Imputed interest (7,298) Present value of operating lease liabilities 49,131 Total expense for operating leases, including short term leases, was $12.4 million for the six months ended June 30, 2020 (six months ended June 30, 2019: $38.6 million). Total cash paid in respect of operating leases was $13.0 million in six months ended June 30, 2020 (six months ended June 30, 2019: $33.5 million). The weighted average discount rate in relation to our operating leases was 5.07% and 6.2% for the six months ended June 30, 2020 and June 30, 2019, respectively. The weighted average lease term was 5.4 years and 8 years for the period ended June 30, 2020 and June 30, 2019, respectively. Rental income As of June 30, 2020, we leased out 10 vessels on fixed time charter rates (December 31, 2019: 11 vessels) and 13 vessels (December 31, 2019: 16 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, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 27,448 2021 2,823 2022 — 2022 — 2023 — Thereafter — Total minimum lease receipts 30,271 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, 2020, the cost and accumulated depreciation of the 23 vessels which were leased out to third parties, were $1,093.8 million and $159.7 million, respectively. As of December 31, 2019, the cost and accumulated depreciation of the 27 vessels which were leased out to third parties, were $1,235.1 million and $155.1 million, respectively.

VESSELS UNDER FINANCE LEASE, NE

VESSELS UNDER FINANCE LEASE, NET	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
VESSELS UNDER FINANCE LEASE, NET	IMPAIRMENT OF RIGHT OF USE ASSETS During the first six months of 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL Corporation Ltd. ("SFL") and $24.2 million related to four vessels on operating leases. In addition, and with reference to "Note, 12 Operating Leases", seven of the eight Capesize charters with SFL were amended in December 2019 and resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. The amendments included a funding of $2.5 million per vessel received in January 2020 which financed the scrubber investments paid by us on these vessels. In addition, the daily time charter rate for vessels classified as finance lease increased by $1,535 from January 1, 2020 to June 30, 2025 and was $19,135 in 2020, of which $7,000 is for operating expenses (including drydocking costs) up until the second quarter of 2022 when the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are 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 an average daily rate of $19,771 for finance leases in 2020 and there was no profit share in 2020 ($0.1 million profit share in the six months 2019). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for eight SFL leases was recorded in the six months 2020 and six months 2019 as an increase in charter hire expense of $0.9 million and $1.7 million, respectively. The profit share mechanism has not been adjusted with the increased rate. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance at December 31, 2019 193,987 Additions 6,430 Impairment (70,009) Depreciation (9,393) Balance at June 30, 2020 121,015 In the first six months of 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the six months of 2020. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2020 168,708 Additions 17,500 Repayments (29,304) Interest expense on obligations under finance lease 5,397 Balance as of June 30, 2020 162,301 Current portion 22,735 Non-current portion 139,566 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 8.1 years as of June 30, 2020.The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 8.6 years as of December 31, 2019. The outstanding obligations under finance leases at June 30, 2020 are payable as follows: (in thousands of $) 2020 (remaining six months) 16,031 2021 32,240 2022 29,061 2023 24,484 2024 24,553 Thereafter 76,104 Minimum lease payments 202,473 Less: imputed interest (40,172) Present value of obligations under finance leases 162,301 With regard to the SFL eight Capesize vessels, we have a purchase option of $112 million en-bloc in 2025. If such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day.

INVESTMENTS IN ASSOCIATED COMPA

INVESTMENTS IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
INVESTMENTS IN ASSOCIATED COMPANIES	INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2020 and December 31, 2019, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2020 2019 TFG Marine Pte Ltd ("TFG Marine") 10.00 % — SwissMarine Pte. Ltd. ("SwissMarine") 17.50 % 17.87 % 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 $) SwissMarine TFG Marine UFC Seateam Totals Ownership 17.5 % 10 % 50 % 22.19 % Balance at December 31, 2019 19,557 — 1,027 899 21,483 Dividend received from associated companies — — (450) — (450) Loss on disposal of equity method investments (32) — — — (32) Share of income / (loss) (3,327) 782 (41) 54 (2,532) Balance at June 30, 2020 16,198 782 536 953 18,469 We have an equity investment of 17.5% in SwissMarine, formerly known as Singapore Marine Pte Ltd. ("Singapore Marine"), a dry bulk freight operator. Our ownership in SwissMarine was diluted in February 2020 from 17.8% to 17.5% as a result of issuance of additional shares by SwissMarine to its employees. We have also provided a $10.7 million subordinated shareholder loan with a five-year term to SwissMarine. In May 2020, the subordinated shareholder loan was partially repaid by SwissMarine in the total amount of $5.7 million, which included principal loan amount of $5.4 million and interest of $0.3 million. We account for this investment under the equity method as we determined that we have a significant influence over the investee. In January 2020, we entered into a joint venture agreement with Frontline Ltd. ("Frontline") and its subsidiary Bandama Investments Ltd and Trafigura Pte Ltd to establish TFG Marine, a leading global supplier of marine fuels. As a result, we acquired a 10% interest in TFG Marine. We have also provided a shareholder loan of $1.0 million to TFG Marine. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. We account for this investment under the equity method as we determined that we have a significant influence over the investee.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2020 and December 31, 2019 is summarized as follows: (in thousands of $) 2020 2019 $155.3 million term loan 148,878 155,355 $93.75 million term loan 87,176 90,463 $131.79 million term loan 119,954 125,872 $420.0 million term loan 324,841 320,159 $425.0 million term loan 310,177 322,502 $120.0 million term loan 103,729 107,797 U.S. dollar denominated floating rate debt 1,094,755 1,122,148 Deferred charges (7,020) (8,278) Total debt 1,087,735 1,113,870 Less: current portion (379,312) (87,787) Total 708,423 1,026,083 Movements during the six months ended June 30, 2020 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2019 1,122,148 — (8,278) 1,113,870 Loan draw downs 18,000 — — 18,000 Loan repayments (45,393) — — (45,393) Amortization of capitalized fees and expenses — — 1,258 1,258 Balance at June 30, 2020 1,094,755 — (7,020) 1,087,735 In the six months ended June 30, 2020, we made total repayments of $45.4 million in ordinary installments and drew down the remaining available financing of $18.0 million under the scrubber tranches of our $420.0 million loan facility. As of June 30, 2020, there was no available undrawn amount under our $420.0 million facility. As of June 30, 2020, we recorded net deferred charges of $7.0 million as a direct deduction from the carrying amount of the related debt. The total outstanding debt at June 30, 2020 is repayable as follows: (in thousands of $) 2020 (remaining six months) 46,894 2021 366,987 2022 70,636 2023 288,750 2024 254,369 Thereafter 67,119 Total 1,094,755 Deferred charges (7,020) Balance at June 30, 2020 1,087,735 Current portion of long-term debt As of June 30, 2020, our current portion of long-term debt was $379.3 million. This amount included $310.2 million related to our $425.0 million facility which matures on March 31, 2021 and has $69.1 million in ordinary debt repayments. As a result, our current portion of long-term debt of $379.3 million, total current assets less total current liabilities were negative by $311.9 million as of June 30, 2020. 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 the current portion of long-term debt and repayments due during the first quarter of 2021 are conditions 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 portions of long-term debt and repayments due during the first quarter of 2021, this debt is secured by certain of our vessels and we expect to access the bank lending market to refinance the loans maturing in 2021 with our current or new banks. At the date of this report, we are in the process of refinancing our $425.0 million loan facility and plan to refinance it prior to its maturity in March 2021. We believe it is probable that we will be able to implement our refinancing plan, based on the existing level of collateral of the assets and we have a long proven history of refinancing our debt, most recently illustrated by the refinancing of the non-recourse debt with our $93.75 million, $131.79 million and $284 million facilities and increased principal under our $420 million facility compared to the original balloon to cover additional investments in exhaust gas scrubbers for some of the vessels in the facility. Assets pledged As of June 30, 2020, 67 vessels (December 31, 2019: 67 vessels) with an aggregate carrying value of $2,323.7 million (December 31, 2019: $2,339.9 million) were pledged as security for our floating rate debt.

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	OTHER CURRENT LIABILITIES As of June 30, 2020 and December 31, 2019 our current liabilities were as follows: (in thousands of $) 2020 2019 Deferred charter revenue 24,307 28,171 Other current liabilities 1,468 13,964 Total 25,775 42,135 In 2020, we revised our classification of bunker invoices not received to accrued expenses which in prior periods were included under other current liabilities. As of December 31, 2019, this amount was $10.9 million.

DERIVATIVE INSTRUMENTS PAYABLE

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019 are summarized as follows: (in thousands of $) 2020 2019 Interest rate swaps — 1,569 Bunker derivatives 611 25 Foreign currency swaps 91 27 Forward freight agreements 525 2,255 Asset - Derivatives fair value 1,227 3,876 (in thousands of $) 2020 2019 Interest rate swaps 33,250 9,259 Foreign currency swaps 161 349 Bunker derivatives 1,980 14 Forward freight agreements 817 833 Liability - Derivatives fair value 36,208 10,455 During the six months ended June 30, 2020 and June 30, 2019, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2020 2019 Interest rate swaps Mark to market gain (loss) (26,707) (12,387) Foreign currency swaps Mark to market gain (loss) 251 (337) Forward freight agreements Mark to market gain (loss) 5,659 2,500 Bunker derivatives Mark to market gain (loss) (2,600) 7 Total (23,397) (10,217)

SHARE CAPITAL, TREASURY SHARES

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS As of June 30, 2020, 143,277,697 common shares were outstanding (December 31, 2019: 143,277,697 common shares), each with a par value of $0.05. As of June 30, 2020 and December 31, 2019 we hold 995,000 treasury shares. In the six months ended June 30, 2019, we acquired an aggregate of 350,000 of our common shares in open market transactions under our share buy-back program. The shares were acquired on the Oslo Stock Exchange.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS SFL In April 2015, we agreed to a sale and leaseback transaction with SFL for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a 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. Refer to "Note 12, Operating Leases" and "Note 13, Vessels under Finance Leases" for additional information related to these contracts. We are the commercial manager for 14 (six month ended June 30, 2019: 14) dry bulk and 16 (six month ended June 30, 2019: 14) container vessels owned and operated by SFL. Pursuant to the management agreements, we receive $125 per day per vessel for managing seven of the 14 dry bulk vessels and $75 per day per vessel for managing the remaining seven dry bulk vessels (six month ended June 30, 2019: $125 per day per vessel for managing the seven dry bulk vessels and $75 per day per vessel for managing the remaining seven dry bulk vessels ) and $75 per day per vessel for managing the sixteen container vessels (six month ended June 30, 2019: $75 per day per vessel for managing the 14 container vessels). Seatankers Management Co Ltd ("Seatankers") We are the commercial manager of 22 (six month ended June 30, 2019: 14) dry bulk vessels owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (six month ended June 30, 2019: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessel owned by Seatankers on short term time charters. CCL In the six months ended June 30, 2020, we recorded revenue sharing income, net, of $2.4 million pursuant to the revenue sharing agreement (six months ended June 30, 2019: $2.8 million). SwissMarine In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan bears interest equivalent to the 12-month LIBOR plus a margin of 2%. In May 2020, the subordinated shareholder loan was partially repaid by SwissMarine. Total repayment amounted to $5.7 million, which included principal loan amount of $5.4 million and interest of $0.3 million. Outstanding balance of the shareholder loan from SwissMarine after repayment amounts to $5.3 million. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $7.3 million in the six months ended June 30, 2020. TFG Marine With reference to "Note 14, Investments in associated companies", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. We also entered into a bunker supply arrangement with TFG Marine, under which we have paid $25.8 million to TFG Marine in relation to bunker procurement. We also issued a $20.0 million guarantee in respect of the performance of its subsidiaries under a bunker supply arrangement with the joint venture. As of June 30, 2020 there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by Trafigura and becomes payable, we shall pay an amount equal to our equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as at June 30, 2020. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"). Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $27,814 per vessel in 2020 ($27,928 per vessel in 2019). This fee is subject to annual review. Ship Management The ship management of our vessels is provided by external ship managers, except for 21 vessels (December 31, 2019: 20 vessels), which is provided by Seateam Management Pte. Ltd. ("Seateam"), 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 buy services from related companies in relation to sales and purchase activities and administrative services in relation to our corporate headquarters. 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, 2020 and June 30, 2019 is as follows: (in thousands of $) 2020 2019 Frontline Management 1,375 1,674 SFL 18,285 15,196 Seateam 1,701 1,818 Seatankers 5,928 2,621 CCL 23 12 TFG Marine 26,595 — Total 53,907 21,321 Net amounts charged by related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2020 and June 30, 2019 is as follows: (in thousands of $) 2020 2019 SFL 498 443 Seatankers 397 317 CCL 2,362 2,816 SwissMarine 7,267 — Other 58 — Total 10,582 3,576 Net amounts charged to related parties mainly comprise of commercial management fees, charter hire and net income under the revenue sharing agreement with CCL. A summary of balances due from related parties as of June 30, 2020 and December 31, 2019 is as follows: (in thousands of $) 2020 2019 Frontline 622 3,886 UFC 4 — Seatankers 1,447 1,294 Credit loss allowance (11) — Total 2,062 5,180 A summary of balances owed to related parties as of June 30, 2020 and December 31, 2019 is as follows: (in thousands of $) 2020 2019 SFL 320 618 Frontline — 1,284 CCL 1,746 2,060 Other — 8 Total 2,066 3,970 As of June 30, 2020 and December 31, 2019, current receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties.

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2020
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, 2019: $500 million) are swapped to fixed rate. Our interest rate swap contracts as at June 30, 2020 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 100,000 October 2019 October 2025 2.51% Receiving floating pay fixed 50,000 February 2017 February 2022 1.90% Receiving floating pay fixed 50,000 April 2017 April 2022 1.86% Receiving floating pay fixed 50,000 August 2019 August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 September 2024 1.29% Receiving floating pay fixed 50,000 March 2020 March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 March 2027 0.74% 500,000 Forward freight agreements ("FFA") We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are cleared through 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, 2020 and December 31, 2019, we had FFA options structured as zero cost collars equivalent to two Capesize vessels in 2020 with an average ceiling of $30,500 per day and a floor of $15,250 per day. In addition, we have sold two FFA call options for 2020 for a total of 720 days at an average of $21,000 per day. Further, as of June 30, 2020, we had long positions through FFA of net 505 days for remainder of 2020, net long 240 days and net long 180 days with maturity in 2021 and 2022, respectively. As of December 31, 2019, we had long positions through FFA of net 695 days, net 120 days and net 120 days with maturity in 2020, 2021 and 2022, respectively. 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 counterparties are unable to perform under the bunker contracts but this risk is considered remote as the counterparties are usually what we consider well established banks or other well-known institutions in the market. As of June 30, 2020 and December 31, 2019, we had outstanding bunker swap agreements for about 26.6 thousand metric tonnes and 4.2 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 counterparties are unable to perform under the contracts but this risk is considered remote as the counterparties are what we consider well established banks. As of June 30, 2020, we had contracts to swap USD to NOK for a notional amount of $3.5 million in addition to contracts to swap USD to EUR for a notional of $0.7 million. As of December 31, 2019, we had contracts to swap USD to NOK for a notional amount of $2.6 million in addition to contracts to swap USD to EUR for a notional of $6.1 million. The fair value and changes in fair value of our derivative instruments are further disclosed in "Note 17, Derivative Instruments Payable and Receivable". 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, 2020 and December 31, 2019 are as follows: 2020 2020 2019 2019 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 70,335 70,335 153,060 153,060 Restricted cash 1 33,747 33,747 10,184 10,184 Marketable securities 1 3,329 3,329 13,861 13,861 Related party shareholder loans 2 6,303 6,303 10,700 10,700 Derivative assets 2 1,227 1,227 3,876 3,876 Liabilities Long term debt - floating 2 1,094,755 1,094,755 1,122,148 1,122,148 Derivative liabilities 2 36,208 36,208 10,455 10,455 In the six months ended June 30, 2020 and 2019, 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. • Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. • Shareholder loans - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on an annual basis. • 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 Nonrecurring Basis During the six months ended June 30, 2020, our right of use assets were impaired and accordingly were measured at fair value on a nonrecurring basis. The fair value was based on level three inputs. As at March 31, 2020, at the time when impairment tests were performed, operating lease right of use assets were measured at a combined fair value of $119.3 million and finance lease right of use assets were measured at a combined fair value of $25.0 million. The fair value of right of use assets is derived on an asset by asset basis by estimating the future undiscounted cash flows from the right of use assets earned over the remaining lease term of our operating and finance leases. In calculating discounted cash flows, we must make significant assumptions related to charter rates, additional earnings due to scrubber installations, ship operating expenses, utilization and drydocking requirements. All of these assumptions are significant unobservable inputs based on historical trends as well as future expectations. Specifically, in estimating future charter rates, management takes into consideration rates currently in effect for existing time charters and estimated daily time charter equivalent rates for each vessel class for the number of days over the remaining lease term. The estimated daily time charter equivalent rates used are based on a combination of (i) forward freight market rates and (ii) an estimate of implied charter rates based on the broker values received from third party brokers. The implied rate is a calculated rate for each vessel based on the charter rate the vessel would need to achieve, given our estimated future operating costs and discount factors that once discounted would equate to the average broker values. Benefits from scrubber installations are calculated based on expected bunker fuel cost savings and estimated consumption per year. We then use the resultant undiscounted cash flows in our model. Recognizing that the transportation of dry bulk cargoes is cyclical and subject to significant volatility based on factors beyond our control, management believes the use of estimates based on the combination of internally forecasted rates and calculated average rates as of the reporting date to be reasonable. Estimated outflows for operating expenses and drydocking requirements are based on historical and budgeted costs and are adjusted for assumed inflation. Finally, utilization is based on historical levels achieved. At March 31, 2020, at the date of impairment tests, significant unobservable inputs were as follows: Significant unobservable input Range (all vessels) Weighted average Forward freight market rates adjusted for scrubber earnings $8,554 to $15,419 per day $15,044 per day Implied charter rates adjusted for scrubber earnings $12,715 to $15,584 per day $13,857 per day Ship operating expenses per day, including drydocking costs $5,328 to $7,754 per day $6,918 per day Offhire 1 to 38 days per year 5.61 days per year The weighted average was calculated by weighting the data based on fair value of vessels. 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, 2020
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 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. As of June 30, 2020, we had committed to installing ballast water treatment systems on three of our vessels with an estimated remaining financial commitment, excluding installation costs, of $0.3 million. With reference to "Note 14, Investments in associated companies" and the joint venture company between us, Frontline and Trafigura, we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. As of June 30, 2020, there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by Trafigura and becomes payable, we shall pay an amount equal to its equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2020.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTSOn September 7, 2020, Mr. Per Heiberg announced his resignation as Chief Financial Officer of Golden Ocean Management AS. Mr. Peder Simonsen has been appointed as his successor. As of September 8, 2020, Mr. Per Heiberg is still performing the function of Chief Financial Officer and will stay in this role up to September 9, 2020. There continues to be economic uncertainty relating to COVID-19 pandemic, the effect of this uncertainty remains unknown and can have a negative impact on our cash flows if market spot rates decrease to levels below our average cash break-even rates.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
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 those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation.
Cash and cash equivalents	Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents.
Restricted cash	Restricted cashRestricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading.
Recently issued accounting standards	Accounting Standards Updates, not yet adopted In March 2020, the FASB issued final ASU 2020-04 (ASC 848 Reference Rate Reform), which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications, hedge accounting and other transactions affected by reference reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. We are evaluating the impact of this revised guidance on our consolidated financial statements. Accounting Standards Updates, recently adopted On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The standard revised guidance for the accounting for credit losses on financial instruments within its scope. The standard added an impairment model known as the current expected credit loss (“CECL”) model that is based on expected losses rather than incurred losses. The new guidance is applicable to financial assets measured at amortized cost, including trade receivables, contract assets such as voyages in progress and other, as well as related party receivables. In November 2018, the FASB issued ASU 2018-19, Financial Instruments – Credit losses (ASC 326), which clarifies that operating lease receivables are not within the scope of ASC 326 and should instead be accounted for under the new leasing standard, ASC 842. Expected credit losses are estimated using historical experience, information relating to current conditions and reasonable and supportable cash flows. The Company makes significant judgements and assumptions to estimate its expected losses. The implementation of the standard did not have any material effect on our interim condensed consolidated financial statements. On January 1, 2020 we adopted ASU No. 2018-13, Fair value measurement (Topic 820), which streamlines the disclosure requirements on fair value measurements. The implementation of this accounting standard did not have any material impact on our consolidated financial statements. On January 1, 2020 we adopted ASU 2018-18, Collaborative Arrangements (Topic 808), which provides clarity on when transactions between entities in a collaborative arrangement should be accounted for under the new revenue standard, ASC 606.

ACCOUNTING POLICIES (Tables)

ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Schedule of Effect of Change in Accounting Principle	The following financial statement line items as of December 31, 2019 and June 30, 2019 were affected by the change in accounting principle. There was no impact of the change on the statements of operations, of comprehensive income, of cash flows or of changes in equity. As of December 31, 2019 (in thousands of $) As reported before change of principle As reported after change of principle Effect of change Cash and cash equivalents 88,931 153,060 64,129 Restricted cash – current 15,449 10,184 (5,265) Restricted cash – long-term 58,864 — (58,864) Total cash and cash equivalents and restricted cash 163,244 163,244 — As of June 30, 2019 (in thousands of $) As reported before change of principle As reported after change of principle Effect of change Cash and cash equivalents 97,937 155,562 57,625 Restricted cash – current 19,612 7,695 (11,917) Restricted cash – long-term 45,708 — (45,708) Total cash and cash equivalents and restricted cash 163,257 163,257 —

EARNING PER SHARE (Tables)

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and 2019 are as follows: (in thousands of $) 2020 2019 Net income (loss) (202,101) (40,551) (in thousands) 2020 2019 Weighted average number of shares outstanding - basic 143,278 143,687 Dilutive effect of share options — — Weighted average number of shares outstanding - diluted 143,278 143,687

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and 2019 respectively: (in thousands of $) 2020 2019 Time charter revenues 86,250 128,139 Voyage charter revenues 166,382 112,867 Other revenues 1,022 786 Total operating revenues 253,654 241,792 (in thousands of $) Lease Non- lease Total Time charter revenues 86,250 — 86,250 Voyage charter revenues 5,466 160,916 166,382 Other revenues — 1,022 1,022 Total operating revenues 91,716 161,938 253,654
Schedule of contract assets	As of June 30, 2020 and December 31, 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 $) 2020 2019 Voyages in progress 11,077 17,966 Trade accounts receivable 13,546 31,293 Other current assets (capitalized fulfillment costs) 3,260 5,905 Total 27,883 55,164

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	6 Months Ended
	Jun. 30, 2020
Cash and Cash Equivalents [Abstract]
Schedule of Cash and Cash Equivalents	As of June 30, 2020 and June 30, 2019, 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 $) 2020 2019 Cash and cash equivalents 70,335 155,562 Short term restricted cash 33,747 7,695 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 104,082 163,257

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Marketable Securities [Abstract]
Schedule of Equity Securities Reconciliation	Our marketable securities consist of 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, 2019 13,861 Unrealized gain (loss) (10,532) Balance at June 30, 2020 3,329

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	6 Months Ended
	Jun. 30, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Current Assets	(in thousands of $) 2020 2019 Capitalized fulfillment costs 3,615 6,334 Agent receivables 3,585 4,433 Advances 1,669 701 Claims receivables 1,543 810 Bunker receivables on time charter-out contracts 14,779 5,827 Other receivables 7,963 13,393 Balance at June 30, 2020 33,154 31,498

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2020
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2019 2,706,794 (366,041) 2,340,753 Additions 30,351 — 30,351 Depreciation — (46,685) (46,685) Balance at June 30, 2020 2,737,145 (412,726) 2,324,419

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Schedule of amortization of finance lease assets and obligations	We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 23,973 2,803 25,417 2,660 54,853 Additions — — 8 133 141 Amortization (1,000) (531) (2,964) (295) (4,790) Impairment (8,054) (607) (15,562) — (24,223) Balance at June 30, 2020 14,919 1,665 6,899 2,498 25,981 We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2020 21,070 7,224 25,417 2,676 56,387 Repayments (1,255) (1,215) (4,399) (169) (7,038) Foreign exchange translation — — — (218) (218) Balance at June 30, 2020 19,815 6,009 21,018 2,289 49,131 Current portion 2,584 2,538 9,112 464 14,698 Non-current portion 17,231 3,471 11,906 1,825 34,433
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, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 8,514 2021 18,694 2022 11,735 2023 3,356 2024 3,313 Thereafter 10,817 Total minimum lease payments 56,429 Less: Imputed interest (7,298) Present value of operating lease liabilities 49,131
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, 2020 are as follows: (in thousands of $) 2020 (remaining six months) 27,448 2021 2,823 2022 — 2022 — 2023 — Thereafter — Total minimum lease receipts 30,271

VESSELS UNDER FINANCE LEASE, _2

VESSELS UNDER FINANCE LEASE, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Leases [Abstract]
Changes in right-of-use asset and lease liabilities	Our right of use asset for our finance leases were as follows: (in thousands of $) Balance at December 31, 2019 193,987 Additions 6,430 Impairment (70,009) Depreciation (9,393) Balance at June 30, 2020 121,015 Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2020 168,708 Additions 17,500 Repayments (29,304) Interest expense on obligations under finance lease 5,397 Balance as of June 30, 2020 162,301 Current portion 22,735 Non-current portion 139,566
Schedule of outstanding obligations under finance leases	The outstanding obligations under finance leases at June 30, 2020 are payable as follows: (in thousands of $) 2020 (remaining six months) 16,031 2021 32,240 2022 29,061 2023 24,484 2024 24,553 Thereafter 76,104 Minimum lease payments 202,473 Less: imputed interest (40,172) Present value of obligations under finance leases 162,301

INVESTMENTS IN ASSOCIATED COM_2

INVESTMENTS IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2020
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	As at June 30, 2020 and December 31, 2019, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2020 2019 TFG Marine Pte Ltd ("TFG Marine") 10.00 % — SwissMarine Pte. Ltd. ("SwissMarine") 17.50 % 17.87 % 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 $) SwissMarine TFG Marine UFC Seateam Totals Ownership 17.5 % 10 % 50 % 22.19 % Balance at December 31, 2019 19,557 — 1,027 899 21,483 Dividend received from associated companies — — (450) — (450) Loss on disposal of equity method investments (32) — — — (32) Share of income / (loss) (3,327) 782 (41) 54 (2,532) Balance at June 30, 2020 16,198 782 536 953 18,469

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	Debt at June 30, 2020 and December 31, 2019 is summarized as follows: (in thousands of $) 2020 2019 $155.3 million term loan 148,878 155,355 $93.75 million term loan 87,176 90,463 $131.79 million term loan 119,954 125,872 $420.0 million term loan 324,841 320,159 $425.0 million term loan 310,177 322,502 $120.0 million term loan 103,729 107,797 U.S. dollar denominated floating rate debt 1,094,755 1,122,148 Deferred charges (7,020) (8,278) Total debt 1,087,735 1,113,870 Less: current portion (379,312) (87,787) Total 708,423 1,026,083 Movements during the six months ended June 30, 2020 are summarized as follows: (in thousands of $) Floating rate debt Fixed rate debt Deferred charges Total Balance at December 31, 2019 1,122,148 — (8,278) 1,113,870 Loan draw downs 18,000 — — 18,000 Loan repayments (45,393) — — (45,393) Amortization of capitalized fees and expenses — — 1,258 1,258 Balance at June 30, 2020 1,094,755 — (7,020) 1,087,735
Schedule of Maturities of Long-term Debt	The total outstanding debt at June 30, 2020 is repayable as follows: (in thousands of $) 2020 (remaining six months) 46,894 2021 366,987 2022 70,636 2023 288,750 2024 254,369 Thereafter 67,119 Total 1,094,755 Deferred charges (7,020) Balance at June 30, 2020 1,087,735

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	As of June 30, 2020 and December 31, 2019 our current liabilities were as follows: (in thousands of $) 2020 2019 Deferred charter revenue 24,307 28,171 Other current liabilities 1,468 13,964 Total 25,775 42,135

DERIVATIVE INSTRUMENTS PAYABL_2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and December 31, 2019 are summarized as follows: (in thousands of $) 2020 2019 Interest rate swaps — 1,569 Bunker derivatives 611 25 Foreign currency swaps 91 27 Forward freight agreements 525 2,255 Asset - Derivatives fair value 1,227 3,876 (in thousands of $) 2020 2019 Interest rate swaps 33,250 9,259 Foreign currency swaps 161 349 Bunker derivatives 1,980 14 Forward freight agreements 817 833 Liability - Derivatives fair value 36,208 10,455
Derivative Instruments Loss (Gain)	During the six months ended June 30, 2020 and June 30, 2019, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2020 2019 Interest rate swaps Mark to market gain (loss) (26,707) (12,387) Foreign currency swaps Mark to market gain (loss) 251 (337) Forward freight agreements Mark to market gain (loss) 5,659 2,500 Bunker derivatives Mark to market gain (loss) (2,600) 7 Total (23,397) (10,217)

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2020
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, 2020 and June 30, 2019 is as follows: (in thousands of $) 2020 2019 Frontline Management 1,375 1,674 SFL 18,285 15,196 Seateam 1,701 1,818 Seatankers 5,928 2,621 CCL 23 12 TFG Marine 26,595 — Total 53,907 21,321 Net amounts charged by related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2020 and June 30, 2019 is as follows: (in thousands of $) 2020 2019 SFL 498 443 Seatankers 397 317 CCL 2,362 2,816 SwissMarine 7,267 — Other 58 — Total 10,582 3,576 Net amounts charged to related parties mainly comprise of commercial management fees, charter hire and net income under the revenue sharing agreement with CCL. A summary of balances due from related parties as of June 30, 2020 and December 31, 2019 is as follows: (in thousands of $) 2020 2019 Frontline 622 3,886 UFC 4 — Seatankers 1,447 1,294 Credit loss allowance (11) — Total 2,062 5,180 A summary of balances owed to related parties as of June 30, 2020 and December 31, 2019 is as follows: (in thousands of $) 2020 2019 SFL 320 618 Frontline — 1,284 CCL 1,746 2,060 Other — 8 Total 2,066 3,970

FINANCIAL ASSETS AND LIABILIT_2

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps Designated as Hedging Instruments	Our interest rate swap contracts as at June 30, 2020 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 100,000 October 2019 October 2025 2.51% Receiving floating pay fixed 50,000 February 2017 February 2022 1.90% Receiving floating pay fixed 50,000 April 2017 April 2022 1.86% Receiving floating pay fixed 50,000 August 2019 August 2024 1.39% Receiving floating pay fixed 50,000 September 2019 September 2024 1.29% Receiving floating pay fixed 50,000 March 2020 March 2027 0.94% Receiving floating pay fixed 50,000 March 2020 March 2027 0.74% 500,000
Carrying Value and Fair Value of Financial Instruments	The carrying value and estimated fair value of our financial instruments at June 30, 2020 and December 31, 2019 are as follows: 2020 2020 2019 2019 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 70,335 70,335 153,060 153,060 Restricted cash 1 33,747 33,747 10,184 10,184 Marketable securities 1 3,329 3,329 13,861 13,861 Related party shareholder loans 2 6,303 6,303 10,700 10,700 Derivative assets 2 1,227 1,227 3,876 3,876 Liabilities Long term debt - floating 2 1,094,755 1,094,755 1,122,148 1,122,148 Derivative liabilities 2 36,208 36,208 10,455 10,455
Schedule of Significant Unobservable Inputs	At March 31, 2020, at the date of impairment tests, significant unobservable inputs were as follows: Significant unobservable input Range (all vessels) Weighted average Forward freight market rates adjusted for scrubber earnings $8,554 to $15,419 per day $15,044 per day Implied charter rates adjusted for scrubber earnings $12,715 to $15,584 per day $13,857 per day Ship operating expenses per day, including drydocking costs $5,328 to $7,754 per day $6,918 per day Offhire 1 to 38 days per year 5.61 days per year

ACCOUNTING POLICIES (Details)

ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents	$ 70,335	$ 153,060	$ 155,562
Restricted cash – current	33,747	10,184	7,695
Restricted cash – long-term		0	0
Total cash and cash equivalents and restricted cash	$ 104,082	163,244	163,257	$ 372,605
As reported before change of principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents		88,931	97,937
Restricted cash – current		15,449	19,612
Restricted cash – long-term		58,864	45,708
Total cash and cash equivalents and restricted cash		163,244	163,257
Effect of change | Adjustments for change in principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cash and cash equivalents		64,129	57,625
Restricted cash – current		(5,265)	(11,917)
Restricted cash – long-term		(58,864)	(45,708)
Total cash and cash equivalents and restricted cash		$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Net income (loss)	$ (202,101)	$ (40,551)
Weighted average number of shares outstanding - basic (in shares)	143,278	143,687
Dilutive effect of share options (in shares)	0	0
Weighted average number of shares outstanding - diluted (in shares)	143,278	143,687

EARNINGS PER SHARE - Narrative

EARNINGS PER SHARE - Narrative (Details) - shares shares in Thousands	1 Months Ended	6 Months Ended
	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Options
Equity, Class of Treasury Stock [Line Items]
Anti-dilutive options (shares)		790	495
CEO of Golden Ocean Management AS
Equity, Class of Treasury Stock [Line Items]
Share options granted (shares)	550

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2020reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

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, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Lease	$ 91,716
Non- lease	161,938
Total	253,654	$ 241,792
Time charter revenues
Disaggregation of Revenue [Line Items]
Lease	86,250
Non- lease	0
Total	86,250	128,139
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Lease	5,466
Non- lease	160,916
Total	166,382	112,867
Other revenues
Disaggregation of Revenue [Line Items]
Lease	0
Non- lease	1,022
Total	$ 1,022	$ 786

OPERATING REVENUES - Narrative

OPERATING REVENUES - Narrative (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Non- lease	$ 161,938,000
Capitalized contract assets	12,300,000
Capitalized contract cost, accumulated amortization	9,100,000
Capitalized contract assets, remaining balance	3,300,000
Capitalized contract assets, amortization	5,900,000
Total deferred charter revenue	15,300,000
Revenue recognized that was deferred	17,900,000
Credit loss allowance	47,000
Capitalized contract assets, impairment loss			$ 0
Total operating revenues	253,654,000	$ 241,792,000
Other operating income (expenses), net	2,362,000	2,816,000
Capesize Chartering Ltd ("CCL")
Disaggregation of Revenue [Line Items]
Total operating revenues	92,000,000	98,100,000
Supramax Vessels
Disaggregation of Revenue [Line Items]
Operating lease revenues	2,500,000	4,900,000
Demurrage Revenue
Disaggregation of Revenue [Line Items]
Non- lease	$ 6,400,000	$ 7,800,000

OPERATING REVENUES - Schedule_2

OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Voyages in progress	$ 11,077	$ 17,966
Trade accounts receivable	13,546	31,293
Other current assets (capitalized fulfillment costs)	3,260	5,905
Total	$ 27,883	$ 55,164

IMPAIRMENT OF RIGHT OF USE AS_2

IMPAIRMENT OF RIGHT OF USE ASSETS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)vessel	Jun. 30, 2019USD ($)
Related Party Transaction [Line Items]
Impairment loss on right of use assets	$ 94,233	$ 0
Finance lease ROU impairment	$ 70,009
Number of impaired vessels | vessel	4
Impairment loss on right of use assets	$ 24,223
SFL Leases
Related Party Transaction [Line Items]
Number of impaired vessels | vessel	7

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Cash and cash equivalents	$ 70,335,000	$ 153,060,000	$ 155,562,000
Restricted cash – current	33,747,000	10,184,000	7,695,000
Total cash and cash equivalents and restricted cash	104,082,000	$ 163,244,000	163,257,000	$ 372,605,000
Cash and cash equivalents covenanted to be retained	62,500,000		$ 57,600,000
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%

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity Securities [Roll Forward]
Equity securities, beginning balance	$ 13,861
Unrealized gain (loss)	(10,532)	$ (2,024)
Equity securities, ending balance	3,329
Dividends	$ 450

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized fulfillment costs	$ 3,615	$ 6,334
Agent receivables	3,585	4,433
Advances	1,669	701
Claims receivables	1,543	810
Bunker receivables on time charter-out contracts	14,779	5,827
Other receivables	7,963	13,393
Other current assets	33,154	31,498
Allowance for credit losses and doubtful accounts	$ 25	$ 0

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Movement in Property, Plant and Equipment [Roll Forward]
Depreciation	$ (56,081)	$ (46,853)
Vessels and Equipment
Movement in Property, Plant and Equipment [Roll Forward]
Cost, beginning balance	2,706,794
Accumulated depreciation beginning balance	(366,041)
Vessels and equipment, net, beginning balance	2,340,753
Additions	30,351
Depreciation	(46,685)
Cost, ending balance	2,737,145
Accumulated depreciation ending balance	(412,726)
Vessels and equipment, net, ending balance	$ 2,324,419

VESSELS AND EQUIPMENT, NET - Na

VESSELS AND EQUIPMENT, NET - Narrative (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)vessel	Jun. 30, 2019USD ($)	Dec. 31, 2019vessel
Property, Plant and Equipment [Line Items]
Depreciation | $	$ 56,081	$ 46,853
Depreciation, Capital Leases | $	$ 9,400
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 | $	$ 30,351
Depreciation | $	$ 46,685

OPERATING LEASES - Narrative (D

OPERATING LEASES - Narrative (Details)	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended		24 Months Ended
	Dec. 31, 2019USD ($)vessellease_renewalleaseT	Jun. 30, 2022USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2020USD ($)vessellease	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)lease_renewalvesselleaseT	Dec. 31, 2015USD ($)vessel	Feb. 20, 2018USD ($)
Lessee, Lease, Description [Line Items]
Number of operating leases | lease	2			2		2
Ship operating expenses				$ 12,400,000	$ 38,600,000
Impairment loss on right of use assets				24,223,000
Payments				$ 13,000,000	$ 33,500,000
Weighted average discount rate, percent				5.07%	6.20%
Weighted average remaining lease term				5 years 4 months 24 days	8 years
Vessels leased out, fixed rate time charter | vessel	11			10		11
Number of vessels leased out index linked time charters | vessel	16			13		16
Number of vessels leased out | vessel	27			23		27
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Ship operating expenses				$ 300,000	$ 400,000
Golden Hawk Lease
Lessee, Lease, Description [Line Items]
Daily time charter rate				$ 13,200
Daily time charter rate								$ 11,200
Duration of reduced daily charter rate				2 years
Reimbursement payable				$ 1,750,000
Maximum amount of reimbursement payable				1,750,000
Impairment loss on right of use assets				$ 607,000
MV Admiral Schmidt and Vitus Bering
Lessee, Lease, Description [Line Items]
Vessels' deadweight capacity | T	104,550					104,550
Term of contract	3 years					3 years
Number of annual lease renewals | lease_renewal	4					4
SFL Leases
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel				1
Number of vessels reclassified as finance leases | vessel	7			7
Daily time charter rate				$ 19,135
Variable interest rate level				0.10%
Purchase option net of sellers credit				$ 112,000,000
Charter term, extension				3 years
Daily charter rate, extension				$ 14,900
Charter hire expense				$ 900,000	1,700,000
SFL Leases | 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	8
Number of leased vessels under operating leases | vessel				1
Aggregate price sold en-bloc							$ 272,000,000
Duration of time charter			10 years
Daily time charter rate				$ 17,600
Daily operating expenses rate				$ 7,000
Profit share percentage (percent)				33.00%
Base LIBOR rate (percent)				0.40%
Daily time charter rate, adjusted				$ 50
Charter term, contractual				7 years
Daily time charter rate, adjusted				$ 25
Charter term, contractual				3 years
Operating leases average daily rate				$ 17,832
Profit share				0	100,000
Purchase option net of sellers credit			$ 112,000,000	$ 112,000,000
Purchase option timing from lease inception				10 years
Charter term, extension				3 years
Daily charter rate, extension				$ 14,900	$ 14,900
Total minimum lease period				13 years
SFL Leases | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | Charter Hire Expenses
Lessee, Lease, Description [Line Items]
Finance leases average daily rate				$ 19,771
SFL Leases | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | Forecast
Lessee, Lease, Description [Line Items]
Daily time charter rate		$ 14,900
Minimum
Lessee, Lease, Description [Line Items]
Term of contract				1 year
Minimum | MV Admiral Schmidt and Vitus Bering
Lessee, Lease, Description [Line Items]
Daily time charter rate						$ 9,000
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				3
Accumulated depreciation	$ 155,100,000			$ 159,700,000		155,100,000
Vessels leased out to third parties	$ 1,235,100,000			$ 1,093,800,000		$ 1,235,100,000

OPERATING LEASES - Schedule of

OPERATING LEASES - Schedule of Operating Lease, Right of Use Assets (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Schedule Of Right Of Use Assets [Roll Forward]
Balance at January 1, 2020	$ 54,853
Additions	141
Amortization	(4,790)
Impairment	(24,223)
Balance at June 30, 2020	25,981
SFL Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance at January 1, 2020	23,973
Additions	0
Amortization	(1,000)
Impairment	(8,054)
Balance at June 30, 2020	14,919
Golden Hawk Lease
Schedule Of Right Of Use Assets [Roll Forward]
Balance at January 1, 2020	2,803
Additions	0
Amortization	(531)
Impairment	(607)
Balance at June 30, 2020	1,665
A. Schmidt and V. Bering Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance at January 1, 2020	25,417
Additions	8
Amortization	(2,964)
Impairment	(15,562)
Balance at June 30, 2020	6,899
Office Leases
Schedule Of Right Of Use Assets [Roll Forward]
Balance at January 1, 2020	2,660
Additions	133
Amortization	(295)
Impairment	0
Balance at June 30, 2020	$ 2,498

OPERATING LEASES - Schedule o_2

OPERATING LEASES - Schedule of Operating Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	$ 56,387
Repayments	(7,038)
Foreign exchange translation	(218)
Operating lease obligation, ending balance	49,131
Current portion	14,698	$ 14,377
Non-current portion	34,433	$ 42,010
SFL Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	21,070
Repayments	(1,255)
Foreign exchange translation	0
Operating lease obligation, ending balance	19,815
Current portion	2,584
Non-current portion	17,231
Golden Hawk Lease
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	7,224
Repayments	(1,215)
Foreign exchange translation	0
Operating lease obligation, ending balance	6,009
Current portion	2,538
Non-current portion	3,471
A. Schmidt and V. Bering Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	25,417
Repayments	(4,399)
Foreign exchange translation	0
Operating lease obligation, ending balance	21,018
Current portion	9,112
Non-current portion	11,906
Office Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	2,676
Repayments	(169)
Foreign exchange translation	(218)
Operating lease obligation, ending balance	2,289
Current portion	464
Non-current portion	$ 1,825

OPERATING LEASES - Charterhire

OPERATING LEASES - Charterhire and office rent expense (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Operating Lease Liabilities, Payments Due [Abstract]
2020 (remaining six months)	$ 8,514
2021	18,694
2022	11,735
2023	3,356
2024	3,313
Thereafter	10,817
Total minimum lease payments	56,429
Less: Imputed interest	(7,298)
Present value of operating lease liabilities	$ 49,131	$ 56,387

OPERATING LEASES - Schedule o_3

OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands	Jun. 30, 2020USD ($)
Leases [Abstract]
2020 (remaining six months)	$ 27,448
2021	2,823
2022	0
2022	0
2023	0
Thereafter	0
Total minimum lease receipts	$ 30,271

VESSELS UNDER FINANCE LEASE, _3

VESSELS UNDER FINANCE LEASE, NET - Narrative (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2020USD ($)	Dec. 31, 2019vessel	Jun. 30, 2022USD ($)	Sep. 30, 2015USD ($)vessel	Jun. 30, 2020USD ($)vessel	Jun. 30, 2019USD ($)	Dec. 31, 2019vessel	Dec. 31, 2015vessel
Lessee, Lease, Description [Line Items]
Number of vessels under finance lease | vessel		8			7		8
Lease term					10 years
Funding received per vessel	$ 2,500,000
Finance lease ROU impairment					$ 70,009,000
Weighted average discount rate (percent)		6.30%			6.30%		6.30%
Weighted average lease term		8 years 7 months 6 days			8 years 1 month 6 days		8 years 7 months 6 days
SFL Leases
Lessee, Lease, Description [Line Items]
Lease term				10 years	10 years
Number of vessels reclassified as finance leases | vessel		7			7
Number of vessels sold and leased back | vessel					1
Increase in daily time charter rate					$ 1,535
Daily time charter rate					$ 19,135
Number of vessels sold and leased back | vessel				8	8
Variable interest rate level					0.10%
Purchase option net of sellers credit					$ 112,000,000
Charter term, extension					3 years
Daily charter rate, extension					$ 14,900
Charter hire expense					$ 900,000	$ 1,700,000
SFL Leases | 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	8
Daily operating expenses rate					$ 7,000
Profit share percentage (percent)					33.00%
Base LIBOR rate (percent)					0.40%
Daily time charter rate, adjusted					$ 50
Charter term, contractual					7 years
Daily time charter rate, adjusted					$ 25
Charter term, contractual					3 years
Profit share					$ 0	100,000
Purchase option net of sellers credit				$ 112,000,000	$ 112,000,000
Purchase option timing from lease inception					10 years
Charter term, extension					3 years
Daily charter rate, extension					$ 14,900	$ 14,900
Total minimum lease period					13 years
SFL Leases | Forecast | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Daily time charter rate			$ 14,900
SFL Leases | Charter Hire Expenses | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Lessee, Lease, Description [Line Items]
Finance leases average daily rate					$ 19,771

VESSELS UNDER FINANCE LEASE, _4

VESSELS UNDER FINANCE LEASE, NET - Right-of-Use Asset for Finance Leases (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Finance Lease Right-Of-Use Asset [Roll Forward]
Balance at December 31, 2019	$ 193,987
Additions	6,430
Impairment	(70,009)
Depreciation	(9,393)
Balance at June 30, 2020	$ 121,015

VESSELS UNDER FINANCE LEASE, _5

VESSELS UNDER FINANCE LEASE, NET - Changes in Finance Lease Obligations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Finance Lease Obligations [Roll Forward]
Balance at January 1, 2020	$ 168,708
Additions	17,500
Repayments	(29,304)
Interest expense on obligations under finance lease	5,397
Balance as of June 30, 2020	162,301
Current portion	22,735	$ 17,502
Non-current portion	$ 139,566	$ 151,206

VESSELS UNDER FINANCE LEASE, _6

VESSELS UNDER FINANCE LEASE, NET - Outstanding Obligations Under Capital Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Finance Lease Liabilities, Payments, Due [Abstract]
2020 (remaining six months)	$ 16,031
2021	32,240
2022	29,061
2023	24,484
2024	24,553
Thereafter	76,104
Minimum lease payments	202,473
Less: imputed interest	(40,172)
Present value of obligations under finance leases	$ 162,301	$ 168,708

INVESTMENTS IN ASSOCIATED COM_3

INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Equity Method Investment [Roll Forward]
Balance at December 31, 2019	$ 21,483
Dividend received from associated companies	(450)	$ (150)
Loss on disposal of equity method investments	(32)
Share of income / (loss)	(2,532)
Balance at June 30, 2020	$ 18,469
TFG Marine Pte Ltd ("TFG Marine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	10.00%				0.00%
Equity Method Investment [Roll Forward]
Balance at December 31, 2019	$ 0
Dividend received from associated companies	0
Loss on disposal of equity method investments	0
Share of income / (loss)	782
Balance at June 30, 2020	$ 782
SwissMarine Pte. Ltd. ("SwissMarine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	17.50%		17.50%	17.80%	17.87%
Equity Method Investment [Roll Forward]
Balance at December 31, 2019	$ 19,557
Dividend received from associated companies	0
Loss on disposal of equity method investments	(32)
Share of income / (loss)	(3,327)
Balance at June 30, 2020	$ 16,198
United Freight Carriers LLC ("UFC")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	50.00%				50.00%
Equity Method Investment [Roll Forward]
Balance at December 31, 2019	$ 1,027
Dividend received from associated companies	(450)
Loss on disposal of equity method investments	0
Share of income / (loss)	(41)
Balance at June 30, 2020	$ 536
Seateam Management Pte. Ltd ("Seateam")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	22.19%				22.19%
Equity Method Investment [Roll Forward]
Balance at December 31, 2019	$ 899
Dividend received from associated companies	0
Loss on disposal of equity method investments	0
Share of income / (loss)	54
Balance at June 30, 2020	$ 953
Capesize Chartering Ltd ("CCL")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)	25.00%				25.00%

INVESTMENTS IN ASSOCIATED COM_4

INVESTMENTS IN ASSOCIATED COMPANIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	May 31, 2020	Jun. 30, 2020	Jun. 30, 2019	Feb. 29, 2020	Jan. 31, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Repayments of loans receivable from related party		$ 5,350	$ 0
SwissMarine Pte. Ltd. ("SwissMarine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)		17.50%		17.50%	17.80%	17.87%
Increased availability		$ 10,700
Loan term		5 years
Repayments of loans receivable from related party	$ 5,700
Proceeds from repayments of shareholder loan - principal portion	5,400
Proceeds from repayments of shareholder loan - interest portion	$ 300
TFG Marine Pte Ltd ("TFG Marine")
Schedule of Equity Method Investments [Line Items]
Ownership percentage (percent)		10.00%				0.00%
Increased availability		$ 1,000
Loan term		5 years
TFG Marine Pte Ltd ("TFG Marine") | London Interbank Offered Rate (LIBOR)
Schedule of Equity Method Investments [Line Items]
Spread on variable rate (percent)		7.00%

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Debt Instrument [Line Items]
Deferred charges	$ (7,020,000)	$ (8,278,000)
Total debt	1,087,735,000	1,113,870,000
Less: current portion	(379,312,000)	(87,787,000)
Long-term debt, excluding current maturities	708,423,000	1,026,083,000
Floating Rate Debt
Debt Instrument [Line Items]
Debt instrument, face amount	420,000,000
Long-term debt	1,094,755,000	1,122,148,000
$155.3 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	155,300,000
Long-term debt	148,878,000	155,355,000
$93.75 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	93,750,000
Long-term debt	87,176,000	90,463,000
$131.79 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	131,790,000
Long-term debt	119,954,000	125,872,000
$420.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	420,000,000
Long-term debt	324,841,000	320,159,000
$425.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	425,000,000
Long-term debt	310,177,000	322,502,000
Less: current portion	(310,200,000)
$120.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	120,000,000
Long-term debt	$ 103,729,000	$ 107,797,000

DEBT - Summary of movements in

DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Movement In Debt Balance [Roll Forward]
Debt issuance costs, beginning balance	$ (8,278)
Long-term debt, beginning balance	1,113,870
Loan draw downs	18,000
Loan repayments	(45,393)
Amortization of deferred charges	1,258	$ 941
Debt issuance costs, ending balance	(7,020)
Long-term debt, ending balance	1,087,735
Floating Rate Debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	1,122,148
Loan draw downs	18,000
Loan repayments	(45,393)
Long-term debt, gross, ending balance	1,094,755
Fixed Rate Debt
Movement In Debt Balance [Roll Forward]
Long-term debt, gross, beginning balance	0
Loan draw downs	0
Loan repayments	0
Long-term debt, gross, ending balance	$ 0

DEBT - Narrative (Details)

DEBT - Narrative (Details)	6 Months Ended
	Jun. 30, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel
Debt Instrument [Line Items]
Repayments of debt	$ 45,393,000
Loan draw downs	18,000,000
Net deferred charges	7,000,000
Current portion of long-term debt	379,312,000	$ 87,787,000
Total current assets less total current liabilities	311,900,000
Vessels and equipment, net	2,324,419,000	$ 2,340,753,000
$425.0 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	425,000,000
Current portion of long-term debt	310,200,000
$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
Ordinary debt
Debt Instrument [Line Items]
Current portion of long-term debt	69,100,000
$284 million term loan
Debt Instrument [Line Items]
Debt instrument, face amount	284,000,000
Floating Rate Debt
Debt Instrument [Line Items]
Repayments of debt	45,393,000
Loan draw downs	18,000,000
Debt instrument, face amount	420,000,000
Available undrawn amounts	$ 0
Number of vessels serving as security | vessel	67	67
Collateral Pledged | Floating Rate Debt
Debt Instrument [Line Items]
Vessels and equipment, net	$ 2,323,700,000	$ 2,339,900,000

DEBT - Schedule of Debt Maturit

DEBT - Schedule of Debt Maturities (Details) $ in Thousands	Jun. 30, 2020USD ($)
Debt Disclosure [Abstract]
2020 (remaining six months)	$ 46,894
2021	366,987
2022	70,636
2023	288,750
2024	254,369
Thereafter	67,119
Total debt	1,094,755
Deferred charges	(7,020)
Total debt	$ 1,087,735

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Deferred charter revenue	$ 24,307	$ 28,171
Other current liabilities	1,468	13,964
Total	$ 25,775	42,135
Bunker invoices not received		$ 10,900

DERIVATIVE INSTRUMENTS PAYABL_3

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Derivative [Line Items]
Asset - Derivatives fair value	$ 1,227		$ 3,876
Liability - Derivatives fair value	36,208		10,455
Mark to market derivative gain (loss)	(23,397)	$ (10,217)
Interest rate swaps
Derivative [Line Items]
Asset - Derivatives fair value	0		1,569
Liability - Derivatives fair value	33,250		9,259
Mark to market derivative gain (loss)	(26,707)	(12,387)
Bunker derivatives
Derivative [Line Items]
Asset - Derivatives fair value	611		25
Liability - Derivatives fair value	1,980		14
Mark to market derivative gain (loss)	(2,600)	7
Foreign currency swaps
Derivative [Line Items]
Asset - Derivatives fair value	91		27
Liability - Derivatives fair value	161		349
Mark to market derivative gain (loss)	251	(337)
Forward freight agreements
Derivative [Line Items]
Asset - Derivatives fair value	525		2,255
Liability - Derivatives fair value	817		$ 833
Mark to market derivative gain (loss)	$ 5,659	$ 2,500

SHARE CAPITAL, TREASURY SHARE_2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Equity [Abstract]
Share capital, shares outstanding (in shares)	143,277,697		143,277,697
Share capital, par value (in dollars per share)	$ 0.05		$ 0.05
Number of treasury shares (in shares)	995,000		995,000
Stock repurchased during period (in shares)		350,000
Dividends to shareholders	$ 7.2	$ 10.8
Dividends per share (in dollars per share)	$ 0.05	$ 0.08

RELATED PARTY TRANSACTIONS - Sh

RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details) - SFL	3 Months Ended	6 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2020USD ($)vessel$ / d	Jun. 30, 2019vessel$ / d
Related Party Transaction [Line Items]
Number of vessels sold and leased back	8	8
Purchase option net of sellers credit | $		$ 112,000,000
Charter term, extension		3 years
Daily charter rate, extension | $		$ 14,900
Commercial management fee revenue for first 7 vessels (in dollars per day) | $ / d		125
Dry Bulk Carriers
Related Party Transaction [Line Items]
Number of vessels managed		14	14
Commercial management fee revenue for first 7 vessels (in dollars per day) | $ / d			125
Number of vessels under $125 management fee		7	7
Commercial management fee revenue for remaining 7 vessels (in dollars per day) | $ / d		75	75
Number of vessels under $75 management fee		7	7
Container Carriers
Related Party Transaction [Line Items]
Number of vessels managed		16	14
Commercial management fee revenue for first 7 vessels (in dollars per day) | $ / d		75	75
Number of vessels under $75 management fee		16	14

RELATED PARTY TRANSACTIONS - Se

RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd	6 Months Ended
	Jun. 30, 2020vessel$ / d	Jun. 30, 2019vessel$ / d
Related Party Transaction [Line Items]
Number of vessels managed | vessel	22	14
Commercial management fee revenue for first 7 vessels (in dollars per day) | $ / d	125	125

RELATED PARTY TRANSACTIONS - Ca

RELATED PARTY TRANSACTIONS - Capesize Chartering LTD (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Revenue from related parties	$ 10,582	$ 3,576
Capesize Chartering Ltd ("CCL")
Related Party Transaction [Line Items]
Revenue from related parties	$ 2,362	$ 2,816

RELATED PARTY TRANSACTIONS - Sw

RELATED PARTY TRANSACTIONS - SwissMarine (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	May 31, 2020
Related Party Transaction [Line Items]
Repayments of loans receivable from related party	$ 5,350	$ 0
Revenue from related parties	10,582	3,576
SwissMarine Pte. Ltd. ("SwissMarine")
Related Party Transaction [Line Items]
Shareholder loan			$ 10,700	$ 5,300
Subordinated shareholder loan, term			5 years
Spread on variable rate (percent			2.00%
Revenue from related parties	$ 7,267	$ 0

RELATED PARTY TRANSACTIONS - TF

RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Related Party Transaction [Line Items]
Related party charges	$ 53,907,000	$ 21,321,000
Performance guarantee of subsidiaries under a bunker supply arrangement
Related Party Transaction [Line Items]
Maximum liability under this guarantee	4,000,000
Amount payable under guarantee	0
TFG Marine Pte Ltd ("TFG Marine")
Related Party Transaction [Line Items]
Shareholder loan	$ 1,000,000
Subordinated shareholder loan, term	5 years
Related party charges	$ 26,595,000	$ 0
TFG Marine Pte Ltd ("TFG Marine") | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Spread on variable rate (percent	7.00%
TFG Marine Pte Ltd ("TFG Marine") | Bunker procurement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 25,800,000
TFG Marine Pte Ltd ("TFG Marine") | Guarantee of bunker supply agreement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 20,000,000

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreements (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)vessel$ / vessel	Jun. 30, 2019USD ($)	Dec. 31, 2019USD ($)vessel$ / vessel	May 31, 2020USD ($)
Related Party Transaction [Line Items]
Amounts charged by related parties	$ 53,907,000	$ 21,321,000
Revenue from related parties	10,582,000	3,576,000
Credit loss allowance	(11,000)		$ 0
Due from related parties, net of credit loss allowance	2,062,000		5,180,000
Due to related parties	$ 2,066,000		$ 3,970,000
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Technical management fees expenses | $ / vessel	27,814		27,928
Amounts charged by related parties	$ 1,375,000	1,674,000
Frontline Ltd
Related Party Transaction [Line Items]
Due from related parties	622,000		$ 3,886,000
Due to related parties	0		1,284,000
SFL
Related Party Transaction [Line Items]
Amounts charged by related parties	18,285,000	15,196,000
Revenue from related parties	498,000	443,000
Due to related parties	$ 320,000		$ 618,000
Seateam Management Pte. Ltd ("Seateam")
Related Party Transaction [Line Items]
Number of vessels under ship management | vessel	21		20
Amounts charged by related parties	$ 1,701,000	1,818,000
United Freight Carriers LLC ("UFC")
Related Party Transaction [Line Items]
Due from related parties	4,000		$ 0
Seatankers Management Co, Ltd
Related Party Transaction [Line Items]
Amounts charged by related parties	5,928,000	2,621,000
Revenue from related parties	397,000	317,000
Due from related parties	1,447,000		1,294,000
Capesize Chartering Ltd ("CCL")
Related Party Transaction [Line Items]
Amounts charged by related parties	23,000	12,000
Revenue from related parties	2,362,000	2,816,000
Due to related parties	1,746,000		2,060,000
SwissMarine Pte. Ltd. ("SwissMarine")
Related Party Transaction [Line Items]
Revenue from related parties	7,267,000	0
Due from related parties			10,700,000	$ 5,300,000
TFG Marine Pte Ltd ("TFG Marine")
Related Party Transaction [Line Items]
Amounts charged by related parties	26,595,000	0
Due from related parties	1,000,000
Other
Related Party Transaction [Line Items]
Revenue from related parties	58,000	$ 0
Due to related parties	$ 0		$ 8,000

FINANCIAL ASSETS AND LIABILIT_3

FINANCIAL ASSETS AND LIABILITIES Narrative (Details) $ in Millions	6 Months Ended	12 Months Ended
	Jun. 30, 2020USD ($)vesselt$ / d	Dec. 31, 2019USD ($)vesselt$ / d
Interest rate swaps
Derivative [Line Items]
Derivative notional amount | $	$ 500	$ 500
Capesize, Forward Freight Agreements
Derivative [Line Items]
Derivative, average ceiling price (USD per day) | $ / d	30,500	30,500
Derivative, average floor price (USD per day) | $ / d	15,250	15,250
FFA Call Options
Derivative [Line Items]
Remaining maturities	720 days
Average price (USD per day) | $ / d	21,000
Capesize, Forward Freight Agreements, Maturing in 2020 | Capesize Vessels
Derivative [Line Items]
Number of owned vessels | vessel	2	2
Bunker derivatives
Derivative [Line Items]
Derivative, nonmonetary notional amount, mass | t	26,600	4,200
Norway, Krone | Currency Swap
Derivative [Line Items]
Derivative notional amount | $	$ 3.5	$ 2.6
Euro Member Countries, Euro | Currency Swap
Derivative [Line Items]
Derivative notional amount | $	$ 0.7	$ 6.1
Long | Capesize, Forward Freight Agreements, Maturing in 2020
Derivative [Line Items]
Remaining maturities	505 days	695 days
Long | Capesize, Forward Freight Agreements, Maturing in 2021
Derivative [Line Items]
Remaining maturities	240 days	120 days
Long | Capesize, Forward Freight Agreements, Maturing in 2022
Derivative [Line Items]
Remaining maturities	180 days	120 days

FINANCIAL ASSETS AND LIABILIT_4

FINANCIAL ASSETS AND LIABILITIES - Interest rate contracts (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 500,000,000	$ 500,000,000
Designated as Hedging Instrument | 2.41% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	2.41%
Designated as Hedging Instrument | 2.58% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	2.58%
Designated as Hedging Instrument | 2.51% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 100,000,000
Fixed interest rate (percent)	2.51%
Designated as Hedging Instrument | 1.90% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	1.90%
Designated as Hedging Instrument | 1.86% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	1.86%
Designated as Hedging Instrument | 1.39% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	1.39%
Designated as Hedging Instrument | 1.29% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	1.29%
Designated as Hedging Instrument | 0.94% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	0.94%
Designated as Hedging Instrument | 0.74% Interest rate swap
Derivative [Line Items]
Derivative notional amount	$ 50,000,000
Fixed interest rate (percent)	0.74%
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Derivative notional amount	$ 500,000,000

FINANCIAL ASSETS AND LIABILIT_5

FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 70,335	$ 153,060
Restricted cash	33,747	10,184
Marketable securities	3,329	13,861
Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Related party shareholder loans	6,303	10,700
Derivative assets	1,227	3,876
Derivative liabilities	36,208	10,455
Carrying Value | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	70,335	153,060
Restricted cash	33,747	10,184
Marketable securities	3,329	13,861
Carrying Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Related party shareholder loans	6,303	10,700
Derivative assets	1,227	3,876
Derivative liabilities	36,208	10,455
Secured Debt | Fair Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	1,094,755	1,122,148
Secured Debt | Carrying Value | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Long term debt - floating	$ 1,094,755	$ 1,122,148

FINANCIAL ASSETS AND LIABILIT_6

FINANCIAL ASSETS AND LIABILITIES - Unobservable Inputs (Details) $ in Thousands	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)$ / ddaysPerYear	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of operating lease right-of-use asset | $	$ 25,981		$ 54,853
Fair value of finance lease right-of-use asset | $	$ 121,015		$ 193,987
Level 3 | Nonrecurring | Minimum | Forward freight market rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		8,554
Level 3 | Nonrecurring | Minimum | Implied charter rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		12,715
Level 3 | Nonrecurring | Minimum | Ship operating expenses per day, including drydocking costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		5,328
Level 3 | Nonrecurring | Minimum | Offhire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input | daysPerYear		1
Level 3 | Nonrecurring | Maximum | Forward freight market rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		15,419
Level 3 | Nonrecurring | Maximum | Implied charter rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		15,584
Level 3 | Nonrecurring | Maximum | Ship operating expenses per day, including drydocking costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		7,754
Level 3 | Nonrecurring | Maximum | Offhire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input | daysPerYear		38
Level 3 | Nonrecurring | Weighted average | Forward freight market rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		15,044
Level 3 | Nonrecurring | Weighted average | Implied charter rates adjusted for scrubber earnings
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		13,857
Level 3 | Nonrecurring | Weighted average | Ship operating expenses per day, including drydocking costs
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input		6,918
Level 3 | Nonrecurring | Weighted average | Offhire
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input | daysPerYear		5.61
Fair Value | Level 3 | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of operating lease right-of-use asset | $		$ 119,300
Fair value of finance lease right-of-use asset | $		$ 25,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2015USD ($)vessel	Jun. 30, 2020USD ($)vessel	Jun. 30, 2019USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Lease term		10 years
SFL Leases
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels sold and leased back | vessel	8	8
Lease term	10 years	10 years
Purchase option, vessels		$ 112,000,000
Charter term, extension		3 years
Daily charter rate, extension		$ 14,900
SFL Leases | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase option, vessels	$ 112,000,000	$ 112,000,000
Charter term, extension		3 years
Daily charter rate, extension		$ 14,900	$ 14,900
Performance guarantee of subsidiaries under a bunker supply arrangement
Unrecorded Unconditional Purchase Obligation [Line Items]
Maximum liability under this guarantee		4,000,000
Amount payable under guarantee		0
Performance guarantee of subsidiaries under a bunker supply arrangement | Frontline and Trafigura
Unrecorded Unconditional Purchase Obligation [Line Items]
Guarantee issued with respect to performance of subsidiary		$ 20,000,000
Commitment To Install Ballast Water Treatment System
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase commitment, number of units | vessel		3
Purchase commitment, remaining financial commitment		$ 300,000