Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 000-29106 |
Entity Registrant Name | GOLDEN OCEAN GROUP LIMITED |
Entity Address, Address Line One | Par-la-Ville Place |
Entity Address, Address Line Two | 14 Par-la-Ville Road |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
Entity Central Index Key | 0001029145 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
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, 2021 | Jun. 30, 2020 | |
Operating revenues | ||
Total operating revenues | $ 433,755 | $ 253,654 |
Other operating income (expenses), net | 3,559 | 2,362 |
Operating expenses | ||
Voyage expenses and commissions | 102,188 | 107,705 |
Ship operating expenses | 98,900 | 100,159 |
Charter hire expenses | 47,072 | 29,239 |
Administrative expenses | 8,720 | 6,594 |
Impairment loss on vessels | 4,187 | 0 |
Impairment loss on right of use assets | 0 | 94,233 |
Depreciation | 57,046 | 56,081 |
Total operating expenses | 318,113 | 394,011 |
Net operating income (loss) | 119,201 | (137,995) |
Other income (expenses) | ||
Interest income | 254 | 786 |
Interest expense | (18,554) | (27,913) |
Equity results of associated companies | 3,533 | (2,564) |
Gain (loss) on derivatives | 23,655 | (23,397) |
Other financial items | 35 | (10,938) |
Net other income (expenses) | 8,923 | (64,026) |
Net income (loss) before tax | 128,124 | (202,021) |
Income tax expense | 50 | 80 |
Net income (loss) | $ 128,074 | $ (202,101) |
Per share information: | ||
Basic earnings (loss) per share (in dollars per share) | $ 0.70 | $ (1.41) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.69 | $ (1.41) |
Time charter revenues | ||
Operating revenues | ||
Total operating revenues | $ 205,518 | $ 86,250 |
Voyage charter revenues | ||
Operating revenues | ||
Total operating revenues | 227,223 | 166,382 |
Other revenues | ||
Operating revenues | ||
Total operating revenues | $ 1,014 | $ 1,022 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 154,655 | $ 153,093 |
Restricted cash | 20,162 | 22,009 |
Marketable securities | 4,056 | 3,684 |
Trade accounts receivable, net | 50,891 | 22,704 |
Other current assets | 39,035 | 29,351 |
Related party receivables | 2,565 | 3 |
Derivative instruments receivable | 1,394 | 572 |
Inventories | 48,817 | 25,165 |
Prepaid expenses | 13,333 | 10,440 |
Voyages in progress | 28,348 | 13,435 |
Favorable charter party contracts | 1,906 | 4,073 |
Total current assets | 365,162 | 284,529 |
Vessels and equipment, net | 2,964,677 | 2,267,686 |
Vessels held for sale | 0 | 9,504 |
Finance leases, right of use assets, net | 106,069 | 113,480 |
Operating leases, right of use assets, net | 19,550 | 22,739 |
Investments in associated companies | 19,932 | 16,399 |
Related party receivables | 6,228 | 6,228 |
Other long term assets | 1,058 | 502 |
Total assets | 3,482,676 | 2,721,067 |
Current liabilities | ||
Current portion of long-term debt | 85,062 | 87,831 |
Current portion of long-term related party debt | 27,058 | 0 |
Current portion of finance lease obligations | 24,197 | 23,475 |
Current portion of operating lease obligations | 16,173 | 16,783 |
Derivative instruments payable | 18,106 | 27,692 |
Unfavorable charter party contracts | 1,056 | 0 |
Related party payables | 37,681 | 4,865 |
Trade accounts payables | 7,179 | 18,402 |
Accrued expenses | 41,105 | 34,550 |
Other current liabilities | 46,632 | 28,077 |
Total current liabilities | 304,249 | 241,675 |
Long-term liabilities | ||
Long-term debt | 858,307 | 957,652 |
Long-term related party debt | 386,542 | 0 |
Non-current portion of finance lease obligations | 115,340 | 127,730 |
Non-current portion of operating lease obligations | 18,400 | 25,254 |
Total liabilities | 1,682,838 | 1,352,311 |
Commitments and contingencies | ||
Equity | ||
Share capital (Shares issued: 2021: 201,190,621 shares. 2020: 144,272,697 shares. Outstanding shares: 2021: 200,415,621 shares. 2020: 143,327,697 shares. All shares are issued and outstanding at par value $0.05) | 10,061 | 7,215 |
Treasury shares | (4,422) | (5,386) |
Additional paid in capital | 0 | 979 |
Contributed capital surplus | 2,033,237 | 1,732,670 |
Accumulated deficit | (239,038) | (366,722) |
Total equity | 1,799,838 | 1,368,756 |
Total liabilities and equity | $ 3,482,676 | $ 2,721,067 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Equity | ||
Share capital, shares issued (in shares) | 201,190,621 | 144,272,697 |
Share capital, shares outstanding (in shares) | 200,415,621 | 143,327,697 |
Share capital, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 128,074 | $ (202,101) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation | 57,046 | 56,081 |
Amortization of deferred charges | 1,193 | 1,258 |
Impairment loss on right of use assets | 0 | 94,233 |
Impairment loss on vessels | 4,187 | 0 |
Share option expenses | 313 | 53 |
Share of results of associated companies | (3,533) | 2,564 |
Dividends received from associated companies | 0 | 450 |
Amortization of charter party-out contracts | 1,010 | 7,057 |
Mark to market (gain) loss on derivatives | (10,407) | 28,403 |
Mark to market (gain) loss on marketable securities | (372) | 10,532 |
Non-cash lease expense | (4,273) | (2,607) |
Other | (287) | (173) |
Changes in operating assets and liabilities, net: | ||
Trade accounts receivable | (28,187) | 24,104 |
Related party balances | 29,227 | 1,203 |
Other receivables | (9,683) | (1,683) |
Inventories | (23,655) | 1,198 |
Voyages in progress | (14,913) | 10,635 |
Prepaid expenses | (2,892) | (417) |
Trade accounts payables | (11,223) | 3,471 |
Accrued expenses | 10,579 | (6,697) |
Other current liabilities | 18,553 | (16,352) |
Net cash provided by operating activities | 140,757 | 11,212 |
Investing activities | ||
Additions to vessels and right of use assets | (288,942) | (23,809) |
Additions to newbuildings | (116,445) | 0 |
Proceeds from sale of vessels | 17,652 | 0 |
Loan advances to related party | 0 | (1,000) |
Repayments of loans receivable from related party | 0 | 5,350 |
Other investing activities, net | 22 | 54 |
Net cash used in investing activities | (387,713) | (19,405) |
Financing activities | ||
Proceeds from long-term debt | 62,975 | 18,000 |
Repayment of long-term debt | (103,307) | (45,394) |
Repayment of finance leases | (15,692) | (33,911) |
Distributions to shareholders | (50,104) | (7,164) |
Net proceeds from share issuance | 352,225 | 0 |
Proceeds from share distributions | 574 | 0 |
Lease incentives received | 0 | 17,500 |
Net cash used in financing activities | 246,671 | (50,969) |
Net change in cash, cash equivalents and restricted cash | (285) | (59,162) |
Cash, cash equivalents and restricted cash at beginning of period | 175,102 | 163,244 |
Cash, cash equivalents and restricted cash at end of period | $ 174,817 | $ 104,082 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital | Treasury shares | Additional paid in capital | Contributed capital surplus | Accumulated deficit | Accumulated deficitPreviously Reported | Accumulated deficitRevision of Prior Period, Adjustment |
Increase (decrease) in Equity [Roll Forward] | ||||||||
Adjustment on adoption of ASC | $ 7,215 | $ (5,669) | $ 715 | $ 1,739,834 | $ (228,704) | $ (234) | ||
Balance at beginning of period (in shares) at Dec. 31, 2019 | 143,277,697 | |||||||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued (in shares) | 0 | |||||||
Distribution of treasury shares ( in shares) | 0 | |||||||
Balance at end of period (in shares) at Jun. 30, 2020 | 143,277,697 | |||||||
Balance at beginning of period at Dec. 31, 2019 | $ 7,215 | (5,669) | 715 | 1,739,834 | (228,704) | (234) | ||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued | 0 | 0 | 0 | |||||
Stock option expense | 53 | |||||||
Transfer to contributed surplus | 0 | 0 | ||||||
Distributions to shareholders | (7,164) | |||||||
Loss on distributed treasury shares | $ 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) | ||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Adjustment on adoption of ASC | 1,303,945 | 7,215 | (5,669) | 768 | 1,732,670 | (431,039) | ||
Adjustment on adoption of ASC | $ 1,368,756 | $ 7,215 | (5,386) | 979 | 1,732,670 | (366,722) | 0 | |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 143,327,697 | 143,327,697 | ||||||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued (in shares) | 56,917,924 | |||||||
Distribution of treasury shares ( in shares) | 170,000 | |||||||
Balance at end of period (in shares) at Jun. 30, 2021 | 200,415,621 | 200,415,621 | ||||||
Balance at beginning of period at Dec. 31, 2020 | $ 1,368,756 | $ 7,215 | (5,386) | 979 | 1,732,670 | $ (366,722) | $ 0 | |
Increase (decrease) in Equity [Roll Forward] | ||||||||
Shares issued | 2,846 | 964 | 349,379 | |||||
Stock option expense | 313 | |||||||
Transfer to contributed surplus | (350,671) | 350,671 | ||||||
Distributions to shareholders | (50,104) | |||||||
Loss on distributed treasury shares | (390) | |||||||
Net income (loss) | 128,074 | |||||||
Balance at end of period at Jun. 30, 2021 | 1,799,838 | 10,061 | (4,422) | 0 | 2,033,237 | (239,038) | ||
Increase (decrease) in Equity [Roll Forward] | ||||||||
Adjustment on adoption of ASC | $ 1,799,838 | $ 10,061 | $ (4,422) | $ 0 | $ 2,033,237 | $ (239,038) |
INTERIM FINANCIAL DATA
INTERIM FINANCIAL DATA | 6 Months Ended |
Jun. 30, 2021 | |
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 as the Company’s audited consolidated financial statements for the year ended December 31, 2020 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, 2020, filed with the Securities and Exchange Commission (the "SEC") on March 18, 2021 (our "Annual Report"). The condensed balance sheet at December 31, 2020, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the interim period ended June 30, 2021 are not necessarily indicative of the results for the year ending December 31, 2021. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
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. Our accounting policies have not changed from those reported in our Annual Report. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Standards Update and Change in Accounting Principle [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. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 are as follows: (in thousands of $) 2021 2020 Net income (loss) 128,074 (202,101) (in thousands) 2021 2020 Weighted average number of shares outstanding - basic 184,147 143,278 Dilutive effect of share options 276 — Weighted average number of shares outstanding - diluted 184,423 143,278 In the six months ended June 30, 2021, all 1,120,000 of our outstanding share options were dilutive. In the six months ended June 30, 2020, 790,000 of our outstanding share options were anti-dilutive. 2021 2020 Cash dividends per share declared $ 0.75 — |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 | |
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, 2021 and 2020 respectively: (in thousands of $) 2021 2020 Time charter revenues 205,518 86,250 Voyage charter revenues 227,223 166,382 Other revenues 1,014 1,022 Total operating revenues 433,755 253,654 In the six months ended June 30, 2021 and June 30, 2020, we recognized a total of $17.4 million and $6.4 million, resp ectively, 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 ASC 842 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 205,518 — 205,518 Voyage charter revenues 41,340 185,883 227,223 Other revenues — 1,014 1,014 Total operating revenues 246,858 186,897 433,755 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $10.5 million of contract assets were capitalized in the period ended June 30, 2021 under "Other current assets", of which $7.1 million was amortized up to June 30, 2021, leaving a remaining balance of $3.4 million. $3.2 million of contract assets were amortized in the six months ended June 30, 2021 in relation to voyages in progress at the end of December 31, 2020. As of June 30, 2021 and December 31, 2020, 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 $) 2021 2020 Voyages in progress 21,528 11,077 Trade accounts receivable 14,470 13,546 Other current assets (capitalized fulfillment costs) 3,363 3,260 Total 39,361 27,883 As at June 30, 2021, we recorded $39.7 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 2021, we recognized $15.9 million in revenue, which was deferred as at December 31, 2020, as the performance obligations were met. Credit loss allowance as of June 30, 2021 and June 30, 2020 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2020. Total revenues for the six months ended June 30, 2021 and the six months ended June 30, 2020 relating to our owned vessels that were under the Capesize Chartering Ltd ("CCL") Revenue Sharing Agreements ("RSA") or arrangements where we are considered the principal were $198.7 million and $92.0 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 $3.6 million and $2.4 million, in the six months ended June 30, 2021 and in the six months ended June 30, 2020, respectively. These amounts are presented under the line item “other operating income (expenses), net”. Total lease revenues for the six months ended June 30, 2021 and the six months ended June 30, 2020, relat ing to our owned vessels that were under the C Transport Holding Ltd ( " CTM ") Supramax RSA and which have been accounted for as operating leases were $10.0 million and $2.5 million, respectively. |
IMPAIRMENT LOSS ON VESSELS
IMPAIRMENT LOSS ON VESSELS | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT LOSS ON VESSELS | IMPAIRMENT LOSS ON VESSELS In January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for a total gross amount of $8.4 million. We recognized an impairment loss of $4.2 million from the sale in the first six months of 2021. The vessel was delivered to its new owner in the first six months of 2021. In 2020, we entered into an agreement to sell the Golden Shea, a Panamax vessel, to an unrelated third party for a total gross amount of $9.6 million. We recognized a $0.7 million impairment loss in connection with the sale and classified the vessel as held for sale as of December 31, 2020. The vessel was delivered to its new owner in the first six months of 2021. |
IMPAIRMENT OF RIGHT OF USE ASSE
IMPAIRMENT OF RIGHT OF USE ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
IMPAIRMENT OF RIGHT OF USE ASSETS | IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded during the first six months of 2021. 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 In addition, and with reference to Note 15, "Operating Leases", seven of the eight Capesize charters with SFL were classified finance leases as of June 30, 2021. The daily time charter rate for vessels classified as finance lease was $19,135 in 2021, 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 $16,435 until June 30, 2025. Subsequently, 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 $19,045 for finance leases in 2021 and there was $1.2 million profit share in the first six months of 2021 for all eight SFL vessels (no profit share in the first six months of 2020). 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 the eight SFL leases was recorded in the six months ended June 30, 2021 as a decrease in charter hire expense of $0.1 million and in the six months ended June 30, 2020 as an increase in charter hire expense of $0.9 million. 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, 2020 113,480 Additions — Impairment — Depreciation (7,411) Balance at June 30, 2021 106,069 In the first six months of 2021, we recorded no impairments of right of use assets for vessels under finance leases. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2021 151,205 Additions — Repayments (16,192) Interest expense on obligations under finance lease 4,524 Balance as of June 30, 2021 139,537 Current portion 24,197 Non-current portion 115,340 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 7.1 years as of June 30, 2021.The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 7.6 years as of December 31, 2020. The outstanding obligations under finance leases at June 30, 2021 are payable as follows: (in thousands of $) 2021 (remaining six months) 14,832 2022 29,061 2023 24,484 2024 24,553 2025 22,551 Thereafter 53,553 Minimum lease payments 169,034 Less: imputed interest (29,497) Present value of obligations under finance leases 139,537 |
IMPAIRMENT OF RIGHT OF USE ASSETS | IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded during the first six months of 2021. 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 As of June 30, 2021, 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, 2021 and December 31, 2020 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, 2021. 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 22, "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 SFL 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 $17,510 for SFL operating lease in the first six months of 2021 and we incurred $1.2 million in total profit share for all eight SFL vessels in the first six months of 2021 (no profit share in the first six months of 2020). 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 the eight SFL leases was recorded in the first six months of 2021 as a decrease in charter hire expense of $0.1 million and six months 2020 as an increase in charter hire expense of $0.9 million. 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. In the first six months of 2021, index linked compensation amounted to $1.5 million. 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. Based on the contracts, for certain trades, a profit-sharing scheme between charterers and the owners comes into force. In 2021, we incurred $0.2 million expense due to profit sharing schemes for these vessels. We have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand- alone price of the services provided by the owner of the vessels. For leases and vessels chartered in on a short-term time charters, we have presented a total of $10.3 million and $9.3 million of the non-lease component, or service element, under ship operating expenses for the first half of 2021 and 2020, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2021 and for the first six months of 2020, 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, 2021 14,001 1,154 5,361 2,223 22,739 Additions — — — — — Amortization (903) (502) (1,514) (270) (3,189) Impairment — — — — — Balance at June 30, 2021 13,098 652 3,847 1,953 19,550 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 2021, we recorded no impairment of right of use assets for operating leases. 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, 2021 18,559 4,747 16,470 2,261 42,037 Repayments (1,328) (1,275) (4,564) (228) (7,395) Foreign exchange translation — — — (69) (69) Balance at June 30, 2021 17,231 3,472 11,906 1,964 34,573 Current portion 2,752 3,472 9,476 473 16,173 Non-current portion 14,479 — 2,430 1,491 18,400 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 10,264 2022 11,735 2023 3,356 2024 3,313 2025 3,154 Thereafter 7,577 Total minimum lease payments 39,399 Less: Imputed interest (4,826) Present value of operating lease liabilities 34,573 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2021, the future rental payments include $2.2 million (in the six months ended June 30, 2020: $2.8 million) in relation to office rent costs and $37.2 million (six months ended June 2020: $56.4 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $41.0 million for the six months ended June 30, 2021 (six months ended June 30, 2020: $12.4 million). Total cash paid in respect of operating leases was $40.3 million in six months ended June 30, 2021 (six months ended June 30, 2020: $13.0 million). The weighted average discount rate in relation to our operating leases was 5.14% and 5.07% for the six months ended June 30, 2021 and June 30, 2020, respectively. The weighted average lease term was 4.9 years and 5.4 years for the period ended June 30, 2021 and June 30, 2020, respectively. Rental income As of June 30, 2021, we leased out seven vessels on fixed time charter rates (December 31, 2020: eight vessels) and 16 vessels (December 31, 2020: 18 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, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 31,790 2022 23,500 2023 2,398 2024 — 2025 — Thereafter — Total minimum lease receipts 57,688 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, 2021, the cost and accumulated depreciation of the 22 vessels which were leased out to third parties, were $1,099.2 million and $168.8 million, respectively. As of December 31, 2020, the cost and accumulated depreciation of the 26 vessels which were leased out to third parties, were $1,258.4 million and $198.5 million, respectively. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of June 30, 2021 and June 30, 2020, 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 $) 2021 2020 Cash and cash equivalents 154,655 70,335 Short term restricted cash 20,162 33,747 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 174,817 104,082 According to our 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 $74.8 million of cash and cash equivalents as at June 30, 2021 (at June 30, 2020: $62.5 million). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Our marketable securities consist of equity securities in Eneti Inc, a company engaged in marine based renewable energy. Eneti Inc was, until February 2021, named Scorpio Bulkers Inc., engaged in dry bulk shipping. Eneti Inc is listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2020 3,684 Unrealized gain (loss) 372 Balance at June 30, 2021 4,056 During the six months ended June 30, 2021, we received approximat ely $22 thousand in dividends from our investment in Eneti Inc. |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS (in thousands of $) 2021 2020 Capitalized fulfillment costs 3,363 3,233 Agent receivables 1,724 961 Advances 966 1,375 Claims receivables 2,868 2,241 Bunker receivables on time charter-out contracts 21,645 12,053 Other receivables 8,469 9,488 Balance at June 30, 2021 39,035 29,351 Other receivables are presented net of allowances for credit losses amounting to $27 thousand as of June 30, 2021 and $27.3 thousands as of December 31, 2020. Provision for doubtful debts amounted to nil as of June 30, 2021 and December 31, 2020. |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 2,726,105 (458,419) 2,267,686 Additions 642,515 — 642,515 Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (8,148) — (8,148) Impairment loss (4,187) — (4,187) Depreciation — (49,635) (49,635) Balance at June 30, 2021 3,472,731 (508,054) 2,964,677 At June 30, 2021, we owned 13 Newcastlemaxes, 35 Capesizes, 33 Panamaxes and two Ultramaxes (At December 31, 2020: three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes). In February 2021, we entered into an agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen Holding Ltd., our largest shareholder (the “Vessel Acquisitions”). The Vessel Acquisitions have been accounted for as an asset acquisition rather than a business combination as substantially all the fair value of the gross assets acquired on closing of the Vessel Acquisitions is concentrated in the value of the vessels, being a group of similar identifiable assets. We took delivery of all vessels and newbuildings in the first six months of 2021. For 15 vessels delivered in the period, there has been a non-cash draw down on the $413.6 million facility from Sterna Finance, an affiliate of Hemen (''Sterna Facility'') in the total amount of $350.6 million which equaled to 55% of the total purchase price for the 15 vessels acquired from Hemen. Total cash payment to Hemen amounted to the aggregate purchase price less $350.6 million non-cash drawdown under the Sterna Facility for 15 acquired vessels. In aggregate we capitalized $757.4 million under vessel and equipment related to the 15 vessels and three newbuildings, which includes $752 million described above and adjustments to acquisition price of the vessels and newbuildings as described below in the total amount of $5.4 million. In connection with the acquisition of ves sels from Hemen, we acquired certain unfavorable time charter-out contracts. The contracts were valued to net $2.2 million, which was recorded as an adjustment to acquisition price of the vessels on one side and unfavourable charter party contracts on the other side. Further, $1.0 million is expected to be paid to Hemen due to delivery of vessels not within delivery window set out in purchase agreements, this additional settlement was also capitalized as part of the purchase price. With reference to Note 13, "Newbuildings", we paid $2.1 million for newbuilding technical supervision and other costs not included in the original purchase price. I n January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for $8.4 million. The vessel was delivered to her new owners in April 2021. In the six months ended June 30, 2021, we recorded an impairment loss of $4.2 million related to the sale. For the six months ended June 30, 2021, we capitalized $1.2 million in total in relation to the installation of ballast water treatment systems on its owned vessels. Total depreciation expense for vessels and equipment was $49.6 million for the six months ended June 30, 2021. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2021. In January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for $8.4 million. The vessel was delivered to her new owners in April 2021. In the six months ended June 30, 2021, we recorded an impairment loss of $4.2 million related to the sale. In December 2020, we entered into an agreement to sell the Golden Shea, a Panamax vessel, to an unrelated third party for a total gross amount of $9.6 million. In 2020, we recognized a $0.7 million impairment loss in connection with the sale and classified the vessel as held for sale as of December 31, 2020. In March 2021 Golden Shea, a Panamax vessel, was delivered to her new owner, and as such the vessel is no longer classified as held for sale as of June 30, 2021. |
NEWBUILDINGS
NEWBUILDINGS | 6 Months Ended |
Jun. 30, 2021 | |
Newbuildings [Abstract] | |
NEWBUILDINGS | NEWBUILDINGSAs part of the Vessel Acquisitions we acquired three newbuildings through acquisition of shares of three special purpose companies ("SPCs") with shipbuilding contracts (Golden Spray, Golden Fast and Golden Furious). Total consideration transferred for the shares in the SPCs amounted to $44.2 million, representing the purchase price, less remaining capital expenditure commitments. The original purchase price as per purchase agreement amounted to $114.5 million. Consideration of $44.2 million included $0.6 million working capital payment which was recorded as ‘Other assets’. Final payments to the shipyards for all three newbuildings net of liquidated damages amounted to $68.4 million. In order to make a final settlement with the shipyards, we made a cash draw down on $413.6 million Sterna facility of $63.0 million which equaled to 55% of the original purchase price for the three newbuildings. In total, liquidated damages for late delivery of newbuildings of $2.2 million received from the shipyards were reimbursed to Hemen. In addition, we paid $2.1 million for newbuilding technical supervision costs and other costs. Total newbuilding balance of $116.4 million was transferred to Vessel and Equipment upon delivery of newbuildings in the period. There is no remaining newbuildings balance as of June 30, 2021. |
VESSELS HELD FOR SALE
VESSELS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
VESSELS HELD FOR SALE | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2020 2,726,105 (458,419) 2,267,686 Additions 642,515 — 642,515 Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (8,148) — (8,148) Impairment loss (4,187) — (4,187) Depreciation — (49,635) (49,635) Balance at June 30, 2021 3,472,731 (508,054) 2,964,677 At June 30, 2021, we owned 13 Newcastlemaxes, 35 Capesizes, 33 Panamaxes and two Ultramaxes (At December 31, 2020: three Newcastlemaxes, 35 Capesizes, 27 Panamaxes and two Ultramaxes). In February 2021, we entered into an agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen Holding Ltd., our largest shareholder (the “Vessel Acquisitions”). The Vessel Acquisitions have been accounted for as an asset acquisition rather than a business combination as substantially all the fair value of the gross assets acquired on closing of the Vessel Acquisitions is concentrated in the value of the vessels, being a group of similar identifiable assets. We took delivery of all vessels and newbuildings in the first six months of 2021. For 15 vessels delivered in the period, there has been a non-cash draw down on the $413.6 million facility from Sterna Finance, an affiliate of Hemen (''Sterna Facility'') in the total amount of $350.6 million which equaled to 55% of the total purchase price for the 15 vessels acquired from Hemen. Total cash payment to Hemen amounted to the aggregate purchase price less $350.6 million non-cash drawdown under the Sterna Facility for 15 acquired vessels. In aggregate we capitalized $757.4 million under vessel and equipment related to the 15 vessels and three newbuildings, which includes $752 million described above and adjustments to acquisition price of the vessels and newbuildings as described below in the total amount of $5.4 million. In connection with the acquisition of ves sels from Hemen, we acquired certain unfavorable time charter-out contracts. The contracts were valued to net $2.2 million, which was recorded as an adjustment to acquisition price of the vessels on one side and unfavourable charter party contracts on the other side. Further, $1.0 million is expected to be paid to Hemen due to delivery of vessels not within delivery window set out in purchase agreements, this additional settlement was also capitalized as part of the purchase price. With reference to Note 13, "Newbuildings", we paid $2.1 million for newbuilding technical supervision and other costs not included in the original purchase price. I n January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for $8.4 million. The vessel was delivered to her new owners in April 2021. In the six months ended June 30, 2021, we recorded an impairment loss of $4.2 million related to the sale. For the six months ended June 30, 2021, we capitalized $1.2 million in total in relation to the installation of ballast water treatment systems on its owned vessels. Total depreciation expense for vessels and equipment was $49.6 million for the six months ended June 30, 2021. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2021. In January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for $8.4 million. The vessel was delivered to her new owners in April 2021. In the six months ended June 30, 2021, we recorded an impairment loss of $4.2 million related to the sale. In December 2020, we entered into an agreement to sell the Golden Shea, a Panamax vessel, to an unrelated third party for a total gross amount of $9.6 million. In 2020, we recognized a $0.7 million impairment loss in connection with the sale and classified the vessel as held for sale as of December 31, 2020. In March 2021 Golden Shea, a Panamax vessel, was delivered to her new owner, and as such the vessel is no longer classified as held for sale as of June 30, 2021. |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES As of June 30, 2021, 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, 2021 and December 31, 2020 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, 2021. 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 22, "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 SFL 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 $17,510 for SFL operating lease in the first six months of 2021 and we incurred $1.2 million in total profit share for all eight SFL vessels in the first six months of 2021 (no profit share in the first six months of 2020). 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 the eight SFL leases was recorded in the first six months of 2021 as a decrease in charter hire expense of $0.1 million and six months 2020 as an increase in charter hire expense of $0.9 million. 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. In the first six months of 2021, index linked compensation amounted to $1.5 million. 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. Based on the contracts, for certain trades, a profit-sharing scheme between charterers and the owners comes into force. In 2021, we incurred $0.2 million expense due to profit sharing schemes for these vessels. We have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand- alone price of the services provided by the owner of the vessels. For leases and vessels chartered in on a short-term time charters, we have presented a total of $10.3 million and $9.3 million of the non-lease component, or service element, under ship operating expenses for the first half of 2021 and 2020, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2021 and for the first six months of 2020, 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, 2021 14,001 1,154 5,361 2,223 22,739 Additions — — — — — Amortization (903) (502) (1,514) (270) (3,189) Impairment — — — — — Balance at June 30, 2021 13,098 652 3,847 1,953 19,550 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 2021, we recorded no impairment of right of use assets for operating leases. 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, 2021 18,559 4,747 16,470 2,261 42,037 Repayments (1,328) (1,275) (4,564) (228) (7,395) Foreign exchange translation — — — (69) (69) Balance at June 30, 2021 17,231 3,472 11,906 1,964 34,573 Current portion 2,752 3,472 9,476 473 16,173 Non-current portion 14,479 — 2,430 1,491 18,400 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 10,264 2022 11,735 2023 3,356 2024 3,313 2025 3,154 Thereafter 7,577 Total minimum lease payments 39,399 Less: Imputed interest (4,826) Present value of operating lease liabilities 34,573 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2021, the future rental payments include $2.2 million (in the six months ended June 30, 2020: $2.8 million) in relation to office rent costs and $37.2 million (six months ended June 2020: $56.4 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $41.0 million for the six months ended June 30, 2021 (six months ended June 30, 2020: $12.4 million). Total cash paid in respect of operating leases was $40.3 million in six months ended June 30, 2021 (six months ended June 30, 2020: $13.0 million). The weighted average discount rate in relation to our operating leases was 5.14% and 5.07% for the six months ended June 30, 2021 and June 30, 2020, respectively. The weighted average lease term was 4.9 years and 5.4 years for the period ended June 30, 2021 and June 30, 2020, respectively. Rental income As of June 30, 2021, we leased out seven vessels on fixed time charter rates (December 31, 2020: eight vessels) and 16 vessels (December 31, 2020: 18 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, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 31,790 2022 23,500 2023 2,398 2024 — 2025 — Thereafter — Total minimum lease receipts 57,688 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, 2021, the cost and accumulated depreciation of the 22 vessels which were leased out to third parties, were $1,099.2 million and $168.8 million, respectively. As of December 31, 2020, the cost and accumulated depreciation of the 26 vessels which were leased out to third parties, were $1,258.4 million and $198.5 million, respectively. |
OPERATING LEASES | IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded during the first six months of 2021. 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 As of June 30, 2021, 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, 2021 and December 31, 2020 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, 2021. 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 22, "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 SFL 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 $17,510 for SFL operating lease in the first six months of 2021 and we incurred $1.2 million in total profit share for all eight SFL vessels in the first six months of 2021 (no profit share in the first six months of 2020). 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 the eight SFL leases was recorded in the first six months of 2021 as a decrease in charter hire expense of $0.1 million and six months 2020 as an increase in charter hire expense of $0.9 million. 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. In the first six months of 2021, index linked compensation amounted to $1.5 million. 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. Based on the contracts, for certain trades, a profit-sharing scheme between charterers and the owners comes into force. In 2021, we incurred $0.2 million expense due to profit sharing schemes for these vessels. We have allocated the consideration due under the leases above between the lease and non-lease components based upon the estimated stand- alone price of the services provided by the owner of the vessels. For leases and vessels chartered in on a short-term time charters, we have presented a total of $10.3 million and $9.3 million of the non-lease component, or service element, under ship operating expenses for the first half of 2021 and 2020, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2021 and for the first six months of 2020, 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, 2021 14,001 1,154 5,361 2,223 22,739 Additions — — — — — Amortization (903) (502) (1,514) (270) (3,189) Impairment — — — — — Balance at June 30, 2021 13,098 652 3,847 1,953 19,550 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 2021, we recorded no impairment of right of use assets for operating leases. 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, 2021 18,559 4,747 16,470 2,261 42,037 Repayments (1,328) (1,275) (4,564) (228) (7,395) Foreign exchange translation — — — (69) (69) Balance at June 30, 2021 17,231 3,472 11,906 1,964 34,573 Current portion 2,752 3,472 9,476 473 16,173 Non-current portion 14,479 — 2,430 1,491 18,400 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 10,264 2022 11,735 2023 3,356 2024 3,313 2025 3,154 Thereafter 7,577 Total minimum lease payments 39,399 Less: Imputed interest (4,826) Present value of operating lease liabilities 34,573 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2021, the future rental payments include $2.2 million (in the six months ended June 30, 2020: $2.8 million) in relation to office rent costs and $37.2 million (six months ended June 2020: $56.4 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $41.0 million for the six months ended June 30, 2021 (six months ended June 30, 2020: $12.4 million). Total cash paid in respect of operating leases was $40.3 million in six months ended June 30, 2021 (six months ended June 30, 2020: $13.0 million). The weighted average discount rate in relation to our operating leases was 5.14% and 5.07% for the six months ended June 30, 2021 and June 30, 2020, respectively. The weighted average lease term was 4.9 years and 5.4 years for the period ended June 30, 2021 and June 30, 2020, respectively. Rental income As of June 30, 2021, we leased out seven vessels on fixed time charter rates (December 31, 2020: eight vessels) and 16 vessels (December 31, 2020: 18 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, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 31,790 2022 23,500 2023 2,398 2024 — 2025 — Thereafter — Total minimum lease receipts 57,688 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, 2021, the cost and accumulated depreciation of the 22 vessels which were leased out to third parties, were $1,099.2 million and $168.8 million, respectively. As of December 31, 2020, the cost and accumulated depreciation of the 26 vessels which were leased out to third parties, were $1,258.4 million and $198.5 million, respectively. |
FINANCE LEASES
FINANCE LEASES | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
FINANCE LEASES | IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded during the first six months of 2021. 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 In addition, and with reference to Note 15, "Operating Leases", seven of the eight Capesize charters with SFL were classified finance leases as of June 30, 2021. The daily time charter rate for vessels classified as finance lease was $19,135 in 2021, 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 $16,435 until June 30, 2025. Subsequently, 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 $19,045 for finance leases in 2021 and there was $1.2 million profit share in the first six months of 2021 for all eight SFL vessels (no profit share in the first six months of 2020). 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 the eight SFL leases was recorded in the six months ended June 30, 2021 as a decrease in charter hire expense of $0.1 million and in the six months ended June 30, 2020 as an increase in charter hire expense of $0.9 million. 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, 2020 113,480 Additions — Impairment — Depreciation (7,411) Balance at June 30, 2021 106,069 In the first six months of 2021, we recorded no impairments of right of use assets for vessels under finance leases. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2021 151,205 Additions — Repayments (16,192) Interest expense on obligations under finance lease 4,524 Balance as of June 30, 2021 139,537 Current portion 24,197 Non-current portion 115,340 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 7.1 years as of June 30, 2021.The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 7.6 years as of December 31, 2020. The outstanding obligations under finance leases at June 30, 2021 are payable as follows: (in thousands of $) 2021 (remaining six months) 14,832 2022 29,061 2023 24,484 2024 24,553 2025 22,551 Thereafter 53,553 Minimum lease payments 169,034 Less: imputed interest (29,497) Present value of obligations under finance leases 139,537 |
INVESTMENTS IN ASSOCIATED COMPA
INVESTMENTS IN ASSOCIATED COMPANIES | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN ASSOCIATED COMPANIES | INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2021 and December 31, 2020, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2021 2020 TFG Marine Pte Ltd ("TFG Marine") 10.00 % 10.00 % SwissMarine Pte. Ltd. ("SwissMarine") 17.50 % 17.50 % United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % (in thousands of $) SwissMarine Other Totals Balance at December 31, 2020 15,371 1,028 16,399 Dividend received from associated companies — — — Loss on disposal of equity method investments — — — Share of income / (loss) 4,093 (560) 3,533 Balance at June 30, 2021 19,464 468 19,932 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. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. 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, 2021 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt at June 30, 2021 and December 31, 2020 is summarized as follows: (in thousands of $) 2021 2020 $304.0 million loan and revolving facility 244,663 304,014 $155.3 million term loan 135,924 142,400 $93.75 million term loan 80,601 83,888 $131.79 million term loan 103,593 114,036 $420.0 million term loan 295,205 310,023 $120.0 million term loan 90,729 99,661 U.S. dollar denominated floating rate debt 950,715 1,054,022 Deferred charges (7,346) (8,539) Total debt 943,369 1,045,483 Less: current portion (85,062) (87,831) Total 858,307 957,652 Movements during the six months ended June 30, 2021 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance at December 31, 2020 1,054,022 (8,539) 1,045,483 Loan repayments (103,307) — (103,307) Amortization of capitalized fees and expenses — 1,193 1,193 Balance at June 30, 2021 950,715 (7,346) 943,369 In the six months ended June 30, 2021, we made total repayments of $103.3 million including full repayment of $50.0 million revolving credit facility under $304 million facility, repayment of debt in connection with sale of Golden Shea and Golden Saguenay of $10.6 million and ordinary repayment of long-term debt of $42.7 million. As of June 30, 2021, we recorded net deferred charges of $7.3 million as a direct deduction from the carrying amount of the related debt. The total outstanding debt at June 30, 2021 is repayable as follows: (in thousands of $) 2021 (remaining six months) 42,528 2022 86,562 2023 304,677 2024 272,809 2025 244,139 Thereafter — Total 950,715 Deferred charges (7,346) Balance at June 30, 2020 943,369 As of June 30, 2021, our current portion of bank long-term debt was $85.1 million Assets pledged As of June 30, 2021, 83 vessels (December 31, 2020: 67 vessels) with an aggregate carrying value of $2,964.7 million (December 31, 2020: $2,267.7 million) were pledged as security for our floating rate debt. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIESAs of June 30, 2021 and December 31, 2020 our current liabilities were as follows: (in thousands of $) 2021 2020 Deferred charter revenue 44,283 25,504 Other current liabilities 2,349 2,573 Total 46,632 28,077 |
DERIVATIVE INSTRUMENTS PAYABLE
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020 are summarized as follows: (in thousands of $) 2021 2020 Interest rate swaps 1,091 — Bunker derivatives 194 304 Foreign currency swaps 109 268 Forward freight agreements — — Asset - Derivatives fair value 1,394 572 (in thousands of $) 2021 2020 Interest rate swaps 17,955 27,558 Foreign currency swaps — — Bunker derivatives 151 134 Forward freight agreements — — Liability - Derivatives fair value 18,106 27,692 During the six months ended June 30, 2021 and June 30, 2020, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2021 2020 Interest rate swaps Mark to market gain (loss) 6,628 (26,707) Foreign currency swaps Mark to market gain (loss) (160) 251 Forward freight agreements Mark to market gain (loss) 16,912 5,659 Bunker derivatives Mark to market gain (loss) 275 (2,600) Total 23,655 (23,397) |
SHARE CAPITAL, TREASURY SHARES
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS | SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS Authorized share capital: (in thousands of $ except per share amount) 2021 2020 300 million common shares of $0.05 par value 15,000 10,000 In March 2021, at our Special General Meeting, our shareholders approved an increase in authorized share capital from $10,000,000 divided into 200,000,000 common shares of $0.05 par value each to $15,000,000 divided into 300,000,000 common shares of $0.05 par value each by the creation of 100,000,000 common shares of $0.05 par value each. As of June 30, 2021, 200,415,621 common shares were outstanding (December 31, 2020: 143,327,697 common shares), each with a par value of $0.05. As of June 30, 2021 we hold 775,000 treasury shares. As of December 31, 2020 we held 945,000 treasury shares. In February 2021, we completed a private placement, which raised gross proceeds of NOK 2,873 million, or approximately $338 million through the placing of 54,207,547 new shares at a subscription price of NOK 53.00 per offer share. Net proceeds from the private placement after deduction of legal and other placement related costs amounted to $335.3 million. Hemen subscribed for 27,103,773 new shares, equivalent to approximately $169 million. In May 2021, we completed a subsequent offering following the private placement and issued 2,710,377 new shares at NOK 53.00 per share, raising gross proceeds of NOK 143.6 million (or approximately $16.9 million). Net proceeds from the subsequent offering after deduction of legal and other placement related costs amounted to $16.9 million. All shares were acquired by third parties. In the six months ended June 30, 2021, we issued 170,000 shares in connection with our 2016 Share Option Plan. We settled the applicable options using the equal amount of treasury shares and recorded a loss of $0.4 million in the equity statement. In May 2021, at our Annual General Meeting, our shareholders approved a reduction of the Additional Paid in Capital account, and as such $350.7 million was transferred from Additional Paid in Capital to Contributed Surplus. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
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 15, Operating Leases" and "Note 16, Finance leases" for additional information related to these contracts. We are the commercial manager for eight (six months ended June 30, 2020: 14) dry bulk and 16 (six months ended June 30, 2020: 16) container vessels owned and operated by SFL. Pursuant to the management agreements, we receive $125 per day per vessel for managing four of the eight dry bulk vessels, $75 per day per vessel for managing three dry bulk vessels and $37.5 per day for managing the remaining vessel (six months ended June 30, 2020: $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 16 container vessels (six months ended June 30, 2020: $75 per day per vessel for managing the 16 container vessels). Seatankers Management Co Ltd ("Seatankers") During the first six months of 2021, we have been a commercial manager of 27 (six months ended June 30, 2020: 22) dry bulk vessels owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (six months ended June 30, 2020: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessels owned by Seatankers on short term time charters. CCL In the six months ended June 30, 2021, we recorded revenue sharing income, net, of $3.6 million pursuant to the revenue sharing agreement (six months ended June 30, 2020: $2.4 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 amounts to $5.3 million as at June 30, 2021. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $13.0 million in the six months ended June 30, 2021. TFG Marine With reference to Note 17, "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. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. In six months ended June 30, 2021 we have paid $56.9 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, 2021 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, 2021. 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 $27,375 per vessel in 2021 ($27,814 per vessel in 2020). This fee is subject to annual review. Ship Management The ship management of our vessels is provided by external ship managers. Seateam Management Pte. Ltd. ("Seateam"), which provides ship management services to us, was a related party up to October 2020 when we sold our 22.19% ownership interest. 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. Acquisition of vessels from affiliates of Hemen With reference to Note 12, ''Vessels and equipment, net'', in February 2021, we entered into a Heads of Agreement to acquire 15 modern dry bulk vessels and three newbuildings for a total consideration of $752 million from affiliates of Hemen, a related party . Related party debt from Sterna Financ e (an affiliate of Hemen) In connection with the Vessel Acquisitions in February 2021, we drew down an aggregate of $413.6 million in debt under loan agreement with Sterna. The loan has an 18-month tenor, bears an interest rate of LIBOR plus a margin of 2.35% in the first year, LIBOR plus a margin of 4.7% from 13th to 18th month and shall be repaid in accordance with a 17-year linear repayment profile. $63.0 million was drawn in cash for the three acquired newbuildings, and was used for payment of a final installments to the shipyards. $350.6 million related to 15 acquired vessels was drawn non-cash. With reference to "Note 25, Subsequent events" agreements for the full refinancing of the loan were entered into in August 2021. A summary of net amounts charged by related parties in the six months ended June 30, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 Frontline Management 1,476 1,375 SFL 18,002 18,285 Seateam — 1,701 Seatankers 9,236 5,928 CCL (3) 23 TFG Marine 72,353 26,595 101,064 53,907 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, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 SFL 387 498 Seatankers 533 397 CCL 3,559 2,362 SwissMarine 12,977 7,267 Other 58 58 17,514 10,582 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 related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 Time charter revenues 12,977 7,267 Other revenues 978 953 Other operating income (expenses) 3,559 2,362 Voyage expenses and commissions (72,353) (26,595) Ship operating expenses (1,079) (2,750) Charter hire expenses 1 (26,937) (23,980) Administrative expenses (696) (582) (83,551) (43,325) 1) Including charter hire expense for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) 2021 2020 UFC — 3 Seatankers 15 — Swiss Marine 945 — CCL 1,636 — Other (31) — 2,565 3 A summary of balances owed to related parties as of June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) 2021 2020 Frontline 1,889 322 CCL — 1,440 Seatankers 19,143 60 TFG Marine 15,438 2,424 Other 1,211 619 37,681 4,865 As of June 30, 2021 and December 31, 2020, 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, 2021 | |
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, 2020: $500 million) are swapped to fixed rate. Our interest rate swap contracts as at June 30, 2021 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 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 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% 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 100,000 October 2019 October 2025 2.51% 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 fully settled in cash through what we consider reputable clearing houses on a daily basis, as such there are no balances relating to FFAs on the Consolidated Balance Sheets. 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, 2021, we had long positions through FFA of net 565 days and net 600 days, with maturity in 2021 and 2022, respectively. As of December 31, 2020, we had short positions through FFA of net 195 days with maturity in 2021 and we had long positions of net 180 days with maturity in 2022. Bunker derivatives We enter into cargo contracts from time to time. We are therefore 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, 2021 and December 31, 2020, we had outstanding bunker swap agreements for about 0.7 thousand metric tonnes and 2.9 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 on the value of our cash flows. Due to the exposure of currency fluctuations 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, 2021, we had contracts to swap USD to NOK for a notional amount of $0.6 million. As of December 31, 2020, we had contracts to swap USD to NOK for a notional amount of $1.5 million. The fair value and changes in fair value of our derivative instruments are further disclosed in Note 20, ''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. In addition, ASC 815, “Derivatives and Hedging” requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at June 30, 2021 and December 31, 2020 are as follows: 2021 2021 2020 2020 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 154,655 154,655 153,093 153,093 Restricted cash 1 20,162 20,162 22,009 22,009 Marketable securities 1 4,056 4,056 3,684 3,684 Related party shareholder loans 2 6,228 6,228 6,228 6,228 Derivative assets 2 1,394 1,394 572 572 Liabilities Long term debt - floating 2 950,718 950,718 1,054,022 1,054,022 Related party debt 2 413,600 413,600 — — Derivative liabilities 2 18,106 18,106 27,692 27,692 In the six months ended June 30, 2021 and 2020, 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. • Related party 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. • 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 In June 2021, we closed the Vessel Acquisitions with Hemen and recorded the cost of vessels and newbuildings acquired based on the fair value of the total consideration paid. Related party debt which we drew down as part of Vessel Acquisitions is assumed to have the fair value equal to the nominal amount. During the six months ended June 30, 2021, fair value of unfavorable time charter contracts acquired as part of the Vessel Acquisitions, was measured at fair value. The fair value was based on level three inputs and calculated as the net present value of the difference in cash flows arising over the period of the contracts between the expected cash flows from the contracts and expected cash flows from comparable contracts at the acquisition date. During the six months ended June 30, 2021, the value of the Golden Saguenay, a Panamax vessel, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. During the year ended December 31, 2020, the value of the Golden Shea, a Panamax vessel, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. During the year ended December 31, 2020, our right of use assets were impaired and accordingly 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 the 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 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021, we had no material capital commitments. With reference to Note 17, "Investments in associated companies", we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with TFG Marine. As of June 30, 2021, 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 the Trafigura group 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, 2021. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In August 2021, we signed a sale-and-leaseback agreement in an amount of $260.0 million with a leading Chinese leasing company for twelve vessels acquired as part of the Vessel Acquisitions to part refinance the Sterna Finance facility. The lease financing has a tenor of seven years, carries an interest rate of LIBOR plus a margin of 200 basis points, has an age adjusted amortization profile of 22 years and includes purchase options for us throughout the term, with a purchase obligation at the end of the term. The agreement is subject to customary closing conditions. Further, in August 2021 we signed a $175 million credit facility financing six Newcastlemax vessels, thus fully refinancing the Sterna facility. The facility has a five-year tenor and 19 year age adjusted repayment profile and carries an interest rate of LIBOR plus a margin of 190 basis points. The facility includes a $50 million revolving credit tranche. The $175.0 million facility has been fully drawn as of the date of this report, whereas $170.0 million have been used to repay Sterna facility debt and interest balance for the six Newcastlemax vessels acquired as part of Vessel Acquisitions and $5.0 million will be used for general Company's purposes. In August 2021, we terminated our relationship with CCL, increasing the number of vessels under our day-to-day commercial control. On August 26, 2021, we announced a cash dividend for the second quarter of 2021 of $0.50 per share. The record date for the dividend will be September 10, 2021. The ex-dividend date is expected to be September 9, 2021 and the dividend is payable on or about September 20, 2021. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
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. |
Accounting Standards Updates, not yet adopted | 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. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 are as follows: (in thousands of $) 2021 2020 Net income (loss) 128,074 (202,101) (in thousands) 2021 2020 Weighted average number of shares outstanding - basic 184,147 143,278 Dilutive effect of share options 276 — Weighted average number of shares outstanding - diluted 184,423 143,278 |
Dividends Declared | 2021 2020 Cash dividends per share declared $ 0.75 — |
OPERATING REVENUES (Tables)
OPERATING REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and 2020 respectively: (in thousands of $) 2021 2020 Time charter revenues 205,518 86,250 Voyage charter revenues 227,223 166,382 Other revenues 1,014 1,022 Total operating revenues 433,755 253,654 (in thousands of $) Lease Non- lease Total Time charter revenues 205,518 — 205,518 Voyage charter revenues 41,340 185,883 227,223 Other revenues — 1,014 1,014 Total operating revenues 246,858 186,897 433,755 |
Schedule of contract assets | As of June 30, 2021 and December 31, 2020, 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 $) 2021 2020 Voyages in progress 21,528 11,077 Trade accounts receivable 14,470 13,546 Other current assets (capitalized fulfillment costs) 3,363 3,260 Total 39,361 27,883 |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash, cash equivalents and restricted cash | As of June 30, 2021 and June 30, 2020, 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 $) 2021 2020 Cash and cash equivalents 154,655 70,335 Short term restricted cash 20,162 33,747 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 174,817 104,082 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Marketable Securities [Abstract] | |
Schedule of Equity Securities Reconciliation | Our marketable securities consist of equity securities in Eneti Inc, a company engaged in marine based renewable energy. Eneti Inc was, until February 2021, named Scorpio Bulkers Inc., engaged in dry bulk shipping. Eneti Inc is listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2020 3,684 Unrealized gain (loss) 372 Balance at June 30, 2021 4,056 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | (in thousands of $) 2021 2020 Capitalized fulfillment costs 3,363 3,233 Agent receivables 1,724 961 Advances 966 1,375 Claims receivables 2,868 2,241 Bunker receivables on time charter-out contracts 21,645 12,053 Other receivables 8,469 9,488 Balance at June 30, 2021 39,035 29,351 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Table) | 6 Months Ended |
Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and Equipment | (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2020 2,726,105 (458,419) 2,267,686 Additions 642,515 — 642,515 Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (8,148) — (8,148) Impairment loss (4,187) — (4,187) Depreciation — (49,635) (49,635) Balance at June 30, 2021 3,472,731 (508,054) 2,964,677 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 14,001 1,154 5,361 2,223 22,739 Additions — — — — — Amortization (903) (502) (1,514) (270) (3,189) Impairment — — — — — Balance at June 30, 2021 13,098 652 3,847 1,953 19,550 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, 2021 18,559 4,747 16,470 2,261 42,037 Repayments (1,328) (1,275) (4,564) (228) (7,395) Foreign exchange translation — — — (69) (69) Balance at June 30, 2021 17,231 3,472 11,906 1,964 34,573 Current portion 2,752 3,472 9,476 473 16,173 Non-current portion 14,479 — 2,430 1,491 18,400 |
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, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 10,264 2022 11,735 2023 3,356 2024 3,313 2025 3,154 Thereafter 7,577 Total minimum lease payments 39,399 Less: Imputed interest (4,826) Present value of operating lease liabilities 34,573 |
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, 2021 are as follows: (in thousands of $) 2021 (remaining six months) 31,790 2022 23,500 2023 2,398 2024 — 2025 — Thereafter — Total minimum lease receipts 57,688 |
FINANCE LEASES (Tables)
FINANCE LEASES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2020 113,480 Additions — Impairment — Depreciation (7,411) Balance at June 30, 2021 106,069 Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2021 151,205 Additions — Repayments (16,192) Interest expense on obligations under finance lease 4,524 Balance as of June 30, 2021 139,537 Current portion 24,197 Non-current portion 115,340 |
Schedule of outstanding obligations under finance leases | The outstanding obligations under finance leases at June 30, 2021 are payable as follows: (in thousands of $) 2021 (remaining six months) 14,832 2022 29,061 2023 24,484 2024 24,553 2025 22,551 Thereafter 53,553 Minimum lease payments 169,034 Less: imputed interest (29,497) Present value of obligations under finance leases 139,537 |
INVESTMENTS IN ASSOCIATED COM_2
INVESTMENTS IN ASSOCIATED COMPANIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of equity method investments | As at June 30, 2021 and December 31, 2020, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2021 2020 TFG Marine Pte Ltd ("TFG Marine") 10.00 % 10.00 % SwissMarine Pte. Ltd. ("SwissMarine") 17.50 % 17.50 % United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Capesize Chartering Ltd ("CCL") 25.00 % 25.00 % (in thousands of $) SwissMarine Other Totals Balance at December 31, 2020 15,371 1,028 16,399 Dividend received from associated companies — — — Loss on disposal of equity method investments — — — Share of income / (loss) 4,093 (560) 3,533 Balance at June 30, 2021 19,464 468 19,932 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at June 30, 2021 and December 31, 2020 is summarized as follows: (in thousands of $) 2021 2020 $304.0 million loan and revolving facility 244,663 304,014 $155.3 million term loan 135,924 142,400 $93.75 million term loan 80,601 83,888 $131.79 million term loan 103,593 114,036 $420.0 million term loan 295,205 310,023 $120.0 million term loan 90,729 99,661 U.S. dollar denominated floating rate debt 950,715 1,054,022 Deferred charges (7,346) (8,539) Total debt 943,369 1,045,483 Less: current portion (85,062) (87,831) Total 858,307 957,652 Movements during the six months ended June 30, 2021 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance at December 31, 2020 1,054,022 (8,539) 1,045,483 Loan repayments (103,307) — (103,307) Amortization of capitalized fees and expenses — 1,193 1,193 Balance at June 30, 2021 950,715 (7,346) 943,369 |
Schedule of Maturities of Long-term Debt | The total outstanding debt at June 30, 2021 is repayable as follows: (in thousands of $) 2021 (remaining six months) 42,528 2022 86,562 2023 304,677 2024 272,809 2025 244,139 Thereafter — Total 950,715 Deferred charges (7,346) Balance at June 30, 2020 943,369 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | As of June 30, 2021 and December 31, 2020 our current liabilities were as follows: (in thousands of $) 2021 2020 Deferred charter revenue 44,283 25,504 Other current liabilities 2,349 2,573 Total 46,632 28,077 |
DERIVATIVE INSTRUMENTS PAYABL_2
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and December 31, 2020 are summarized as follows: (in thousands of $) 2021 2020 Interest rate swaps 1,091 — Bunker derivatives 194 304 Foreign currency swaps 109 268 Forward freight agreements — — Asset - Derivatives fair value 1,394 572 (in thousands of $) 2021 2020 Interest rate swaps 17,955 27,558 Foreign currency swaps — — Bunker derivatives 151 134 Forward freight agreements — — Liability - Derivatives fair value 18,106 27,692 |
Derivative Instruments Gain (Loss) | During the six months ended June 30, 2021 and June 30, 2020, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2021 2020 Interest rate swaps Mark to market gain (loss) 6,628 (26,707) Foreign currency swaps Mark to market gain (loss) (160) 251 Forward freight agreements Mark to market gain (loss) 16,912 5,659 Bunker derivatives Mark to market gain (loss) 275 (2,600) Total 23,655 (23,397) |
SHARE CAPITAL, TREASURY SHARE_2
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Schedule of stock by class | Authorized share capital: (in thousands of $ except per share amount) 2021 2020 300 million common shares of $0.05 par value 15,000 10,000 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 Frontline Management 1,476 1,375 SFL 18,002 18,285 Seateam — 1,701 Seatankers 9,236 5,928 CCL (3) 23 TFG Marine 72,353 26,595 101,064 53,907 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, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 SFL 387 498 Seatankers 533 397 CCL 3,559 2,362 SwissMarine 12,977 7,267 Other 58 58 17,514 10,582 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 related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2021 and June 30, 2020 is as follows: (in thousands of $) 2021 2020 Time charter revenues 12,977 7,267 Other revenues 978 953 Other operating income (expenses) 3,559 2,362 Voyage expenses and commissions (72,353) (26,595) Ship operating expenses (1,079) (2,750) Charter hire expenses 1 (26,937) (23,980) Administrative expenses (696) (582) (83,551) (43,325) 1) Including charter hire expense for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) 2021 2020 UFC — 3 Seatankers 15 — Swiss Marine 945 — CCL 1,636 — Other (31) — 2,565 3 A summary of balances owed to related parties as of June 30, 2021 and December 31, 2020 is as follows: (in thousands of $) 2021 2020 Frontline 1,889 322 CCL — 1,440 Seatankers 19,143 60 TFG Marine 15,438 2,424 Other 1,211 619 37,681 4,865 |
FINANCIAL ASSETS AND LIABILIT_2
FINANCIAL ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
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, 2021 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 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 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% 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 100,000 October 2019 October 2025 2.51% 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, 2021 and December 31, 2020 are as follows: 2021 2021 2020 2020 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 154,655 154,655 153,093 153,093 Restricted cash 1 20,162 20,162 22,009 22,009 Marketable securities 1 4,056 4,056 3,684 3,684 Related party shareholder loans 2 6,228 6,228 6,228 6,228 Derivative assets 2 1,394 1,394 572 572 Liabilities Long term debt - floating 2 950,718 950,718 1,054,022 1,054,022 Related party debt 2 413,600 413,600 — — Derivative liabilities 2 18,106 18,106 27,692 27,692 |
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 $6,918 per day Offhire 1 to 38 days per year 5.61 days per year |
EARNINGS PER SHARE - Summary of
EARNINGS PER SHARE - Summary of earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 128,074 | $ (202,101) |
Weighted average number of shares outstanding - basic (in shares) | 184,147 | 143,278 |
Dilutive effect of share options (in shares) | 276 | 0 |
Weighted average number of shares outstanding - diluted (in shares) | 184,423 | 143,278 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2021 | |
Equity, Class of Treasury Stock [Line Items] | ||
Options outstanding (shares) | 1,120,000 | |
Options | ||
Equity, Class of Treasury Stock [Line Items] | ||
Anti-dilutive options (shares) | 790,000 |
EARNINGS PER SHARE - Dividends
EARNINGS PER SHARE - Dividends (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share [Abstract] | ||
Dividends per share (in dollars per share) | $ 0.0075 | $ 0 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 6 Months Ended |
Jun. 30, 2021segment | |
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, 2021 | Jun. 30, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Lease | $ 246,858 | |
Non- lease | 186,897 | |
Total | 433,755 | $ 253,654 |
Time charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 205,518 | |
Non- lease | 0 | |
Total | 205,518 | 86,250 |
Voyage charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 41,340 | |
Non- lease | 185,883 | |
Total | 227,223 | 166,382 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 0 | |
Non- lease | 1,014 | |
Total | $ 1,014 | $ 1,022 |
OPERATING REVENUES - Narrative
OPERATING REVENUES - Narrative (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Non- lease | $ 186,897,000 | ||
Capitalized contract assets | 10,500,000 | ||
Capitalized contract cost, accumulated amortization | 7,100,000 | ||
Capitalized contract assets, remaining balance | 3,400,000 | ||
Capitalized contract assets, amortization | 3,200,000 | ||
Total deferred charter revenue | 39,700,000 | ||
Revenue recognized that was deferred | 15,900,000 | ||
Credit loss allowance | 100,000 | $ 100,000 | |
Capitalized contract assets, impairment loss | $ 0 | ||
Total operating revenues | 433,755,000 | 253,654,000 | |
Other operating income (expenses), net | 3,559,000 | 2,362,000 | |
Capesize Chartering Ltd ("CCL") | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 198,700,000 | 92,000,000 | |
Supramax Vessels | |||
Disaggregation of Revenue [Line Items] | |||
Operating lease revenues | 10,000,000 | 2,500,000 | |
Demurrage Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non- lease | $ 17,400,000 | $ 6,400,000 |
OPERATING REVENUES - Schedule_2
OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||
Voyages in progress | $ 21,528 | $ 11,077 |
Trade accounts receivable | 14,470 | 13,546 |
Other current assets (capitalized fulfillment costs) | 3,363 | 3,260 |
Total | $ 39,361 | $ 27,883 |
IMPAIRMENT LOSS ON VESSELS (Det
IMPAIRMENT LOSS ON VESSELS (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Property, Plant and Equipment [Line Items] | ||||
Impairment loss on vessels | $ 4,187 | $ 0 | ||
Golden Saguenay | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash consideration | $ 8,400 | |||
Impairment loss on vessels | $ 4,200 | $ 4,200 | ||
Golden Shea | ||||
Property, Plant and Equipment [Line Items] | ||||
Cash consideration | $ 9,600 | |||
Impairment loss on vessels | $ 700 |
IMPAIRMENT OF RIGHT OF USE AS_2
IMPAIRMENT OF RIGHT OF USE ASSETS (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($)vessel | |
Related Party Transaction [Line Items] | ||
Impairment loss on right of use assets | $ 0 | $ 94,233 |
Finance lease ROU impairment | 0 | $ 70,000 |
Number of impaired vessels | vessel | 4 | |
Impairment loss on right of use assets | $ 0 | $ 24,200 |
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 ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||||
Cash and cash equivalents | $ 154,655 | $ 153,093 | $ 70,335 | |
Short term restricted cash | 20,162 | 22,009 | 33,747 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 174,817 | $ 175,102 | 104,082 | $ 163,244 |
Cash and cash equivalents covenanted to be retained | 74,800 | $ 62,500 | ||
Recourse Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, covenant compliance, minimum cash requirement | $ 20,000 | |||
Debt instrument, covenant compliance, minimum cash requirement, percentage | 5.00% |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Equity Securities [Roll Forward] | ||
Equity securities, beginning balance | $ 3,684 | |
Unrealized gain (loss) | 372 | $ (10,532) |
Equity securities, ending balance | 4,056 | |
Dividends received | $ 22 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 | Jun. 30, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Capitalized fulfillment costs | $ 3,363,000 | $ 3,233,000 | |
Agent receivables | 1,724,000 | 961,000 | |
Advances | 966,000 | 1,375,000 | |
Claims receivables | 2,868,000 | 2,241,000 | |
Bunker receivables on time charter-out contracts | 21,645,000 | 12,053,000 | |
Other receivables | 8,469,000 | 9,488,000 | |
Other current assets | 39,035,000 | $ 29,351,000 | $ 29,351,000 |
Allowance for credit losses | 27,000 | 27,300 | |
Provision for doubtful debts | $ 0 | $ 0 |
VESSELS AND EQUIPMENT, NET (Det
VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | |
Movement in Property, Plant and Equipment [Roll Forward] | |||
Impairment loss | $ (4,187) | $ 0 | |
Depreciation | (57,046) | $ (56,081) | |
Vessels and Equipment | |||
Movement in Property, Plant and Equipment [Roll Forward] | |||
Cost, beginning balance | 2,726,105 | ||
Accumulated depreciation beginning balance | (458,419) | ||
Vessels and equipment, net, beginning balance | 2,267,686 | ||
Additions | $ 757,400 | 642,515 | |
Transfer from newbuildings | 116,446 | ||
Transfers from newbuildings, accumulated depreciation | 0 | ||
Transfers from newbuildings, net | 116,446 | ||
Transfer to held for sale | (8,148) | ||
Property, plant and equipment, accumulated depreciation | 0 | ||
Property, plant and equipment, transfers and changes, net | (8,148) | ||
Impairment loss | (4,187) | ||
Depreciation | (49,635) | ||
Cost, ending balance | 3,472,731 | ||
Accumulated depreciation ending balance | (508,054) | ||
Vessels and equipment, net, ending balance | $ 2,964,677 |
VESSELS AND EQUIPMENT, NET - Na
VESSELS AND EQUIPMENT, NET - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Feb. 28, 2021USD ($)vessel | Jan. 31, 2021USD ($) | Jun. 30, 2021USD ($)vessel | Jun. 30, 2020USD ($) | Dec. 31, 2020vessel | |
Property, Plant and Equipment [Line Items] | |||||
Technical supervision and other costs | $ 2,100 | ||||
Impairment loss on vessels | $ 4,187 | $ 0 | |||
Depreciation | 57,046 | $ 56,081 | |||
Depreciation, capital leases | $ 7,400 | ||||
Hemen Holdings Ltd | |||||
Property, Plant and Equipment [Line Items] | |||||
Unfavorable time charter-out contracts cost | 2,200 | ||||
Additional capitalized cost, unfavorable time charter-out contracts | $ 1,000 | ||||
Dry Bulk Carriers | Hemen Holdings Ltd | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels acquired | vessel | 15 | ||||
Consideration for vessels and newbuildings acquired | $ 752,000 | ||||
Number of vessels delivered | vessel | 15 | ||||
Debt assumed | 413,600 | ||||
Debt assumed, sellers credit | 350,600 | ||||
Dry Bulk Carriers and Newbuildings | Hemen Holdings Ltd | |||||
Property, Plant and Equipment [Line Items] | |||||
Consideration for vessels and newbuildings acquired | 752,000 | ||||
Percentage of purchase price | 55.00% | ||||
Adjustments to acquisition price | $ 5,400 | ||||
Newcastlemax Vessels | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels at period end | vessel | 13 | 3 | |||
Capesize Vessels | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels at period end | vessel | 35 | 35 | |||
Panamax Vessels | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels at period end | vessel | 33 | 27 | |||
Supramax Vessels | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of vessels at period end | vessel | 2 | 2 | |||
Golden Spray, Golden Fast and Golden Furious | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of newbuildings acquired | vessel | 3 | ||||
Consideration for vessels and newbuildings acquired | $ 114,500 | ||||
Technical supervision and other costs | 2,100 | ||||
Golden Spray, Golden Fast and Golden Furious | Hemen Holdings Ltd | |||||
Property, Plant and Equipment [Line Items] | |||||
Number of newbuildings acquired | vessel | 3 | ||||
Vessels and Equipment | |||||
Property, Plant and Equipment [Line Items] | |||||
Aggregate capitalized costs | $ 757,400 | 642,515 | |||
Impairment loss on vessels | 4,187 | ||||
Depreciation | 49,635 | ||||
Golden Saguenay | |||||
Property, Plant and Equipment [Line Items] | |||||
Cash consideration | $ 8,400 | ||||
Impairment loss on vessels | $ 4,200 | 4,200 | |||
Ballast Water Treatment System | |||||
Property, Plant and Equipment [Line Items] | |||||
Aggregate capitalized costs | $ 1,200 |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Feb. 28, 2021USD ($)vessel | Jun. 30, 2021USD ($)vessel | Jun. 30, 2020USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Additions to newbuildings | $ 116,445 | $ 0 | |
Technical supervision and other costs | $ 2,100 | ||
Dry Bulk Carriers | Hemen Holdings Ltd | |||
Property, Plant and Equipment [Line Items] | |||
Consideration for vessels acquired | 752,000 | ||
Debt assumed | 413,600 | ||
Debt assumed, in cash | 63,000 | ||
Dry Bulk Carriers and Newbuildings | Hemen Holdings Ltd | |||
Property, Plant and Equipment [Line Items] | |||
Consideration for vessels acquired | $ 752,000 | ||
Percentage of purchase price | 55.00% | ||
Golden Spray, Golden Fast and Golden Furious | |||
Property, Plant and Equipment [Line Items] | |||
Number of newbuildings acquired | vessel | 3 | ||
Number of SPCs acquired | vessel | 3 | ||
Consideration for vessels acquired | $ 114,500 | ||
Value of share consideration paid in connection with purchase of vessel | 44,200 | ||
Working capital payment | 600 | ||
Additions to newbuildings | 68,400 | ||
Liquidated damages | 2,200 | ||
Technical supervision and other costs | 2,100 | ||
Transfers to vessels and equipment | $ 116,400 | ||
Golden Spray, Golden Fast and Golden Furious | Hemen Holdings Ltd | |||
Property, Plant and Equipment [Line Items] | |||
Number of newbuildings acquired | vessel | 3 |
VESSELS HELD FOR SALE (Details)
VESSELS HELD FOR SALE (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Jan. 31, 2021 | Dec. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Long Lived Assets Held-for-sale [Line Items] | ||||
Proceeds from sale of vessels | $ 9.6 | |||
Impairment loss on vessels held for sale | $ 0.7 | |||
Golden Saguenay | ||||
Long Lived Assets Held-for-sale [Line Items] | ||||
Cash consideration | $ 8.4 | |||
Loss from sale of assets | $ 4.2 |
OPERATING LEASES - Narrative (D
OPERATING LEASES - Narrative (Details) | Jun. 30, 2025USD ($) | Dec. 31, 2019vessellease_renewalT | Sep. 30, 2015USD ($) | Jun. 30, 2021USD ($)vessellease | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($)lease_renewalvesselT | Dec. 31, 2015USD ($)vessel | Feb. 20, 2018USD ($) | Jun. 30, 2025USD ($) | Dec. 31, 2020USD ($)leasevessel |
Lessee, Lease, Description [Line Items] | ||||||||||
Number of operating leases | lease | 2 | 2 | ||||||||
Ship operating expenses | $ 41,000,000 | $ 12,400,000 | ||||||||
Impairment loss on right of use assets | 0 | 24,200,000 | ||||||||
Future minimum rental payments | 2,200,000 | 2,800,000 | ||||||||
Charter hire expense minimum rentals | 37,200,000 | 56,400,000 | ||||||||
Payments | $ 40,300,000 | $ 13,000,000 | ||||||||
Weighted average discount rate, percent | 5.14% | 5.07% | ||||||||
Weighted average remaining lease term | 4 years 10 months 24 days | 5 years 4 months 24 days | ||||||||
Vessels leased out, fixed rate time charter | vessel | 7 | 8 | ||||||||
Number of vessels leased out index linked time charters | vessel | 16 | 18 | ||||||||
Number of vessels leased out | vessel | 22 | 26 | ||||||||
Service Element, Under Ship Operating Expense | $ 10,300,000 | $ 9,300,000 | ||||||||
Minimum | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Term of contract | 1 year | |||||||||
Maximum | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Term of contract | 10 years | |||||||||
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 | |||||||||
Maximum amount of reimbursement paid | 1,500,000 | |||||||||
Impairment loss on right of use assets | 0 | |||||||||
MV Admiral Schmidt and Vitus Bering | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Profit share | 200,000 | |||||||||
Vessels' deadweight capacity | T | 104,550 | 104,550 | ||||||||
Term of contract | 3 years | 3 years | ||||||||
Number of annual lease renewals | lease_renewal | 4 | 4 | ||||||||
MV Admiral Schmidt and Vitus Bering | Minimum | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Daily time charter rate | $ 9,000 | |||||||||
General and Administrative Expense | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Ship operating expenses | $ 300,000 | $ 300,000 | ||||||||
Vessels leased to third parties | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Number of vessels sold and leased back | vessel | 3 | |||||||||
Vessels leased out to third parties | $ 1,099,200,000 | $ 1,258,400,000 | ||||||||
Accumulated depreciation | $ 168,800,000 | $ 198,500,000 | ||||||||
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 | $ (100,000) | 900,000 | ||||||||
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 | $ 17,510 | |||||||||
Profit share | $ 1,200,000 | $ 0 | ||||||||
Purchase option net of sellers credit | $ 112,000,000 | |||||||||
Purchase option timing from lease inception | 10 years | |||||||||
Charter term, extension | 3 years | |||||||||
Daily charter rate, extension | $ 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 | Forecast | ||||||||||
Lessee, Lease, Description [Line Items] | ||||||||||
Daily time charter rate | $ 14,900 | $ 16,435 |
OPERATING LEASES - Schedule of
OPERATING LEASES - Schedule of operating lease, right of use assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule Of Right Of Use Assets [Roll Forward] | ||
Balance at January 1, 2021 | $ 22,739 | |
Additions | 0 | |
Amortization | (3,189) | |
Impairment | 0 | $ (24,200) |
Balance at June 30, 2021 | 19,550 | |
SFL Leases | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Balance at January 1, 2021 | 14,001 | |
Additions | 0 | |
Amortization | (903) | |
Impairment | 0 | |
Balance at June 30, 2021 | 13,098 | |
Golden Hawk Lease | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Balance at January 1, 2021 | 1,154 | |
Additions | 0 | |
Amortization | (502) | |
Impairment | 0 | |
Balance at June 30, 2021 | 652 | |
A. Schmidt and V. Bering Leases | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Balance at January 1, 2021 | 5,361 | |
Additions | 0 | |
Amortization | (1,514) | |
Impairment | 0 | |
Balance at June 30, 2021 | 3,847 | |
Office Leases | ||
Schedule Of Right Of Use Assets [Roll Forward] | ||
Balance at January 1, 2021 | 2,223 | |
Additions | 0 | |
Amortization | (270) | |
Impairment | 0 | |
Balance at June 30, 2021 | $ 1,953 |
OPERATING LEASES - Schedule o_2
OPERATING LEASES - Schedule of operating lease obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | $ 42,037 | |
Repayments | (7,395) | |
Foreign exchange translation | (69) | |
Operating lease obligation, ending balance | 34,573 | |
Current portion | 16,173 | $ 16,783 |
Non-current portion | 18,400 | $ 25,254 |
SFL Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 18,559 | |
Repayments | (1,328) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 17,231 | |
Current portion | 2,752 | |
Non-current portion | 14,479 | |
Golden Hawk Lease | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 4,747 | |
Repayments | (1,275) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 3,472 | |
Current portion | 3,472 | |
Non-current portion | 0 | |
A. Schmidt and V. Bering Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 16,470 | |
Repayments | (4,564) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 11,906 | |
Current portion | 9,476 | |
Non-current portion | 2,430 | |
Office Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 2,261 | |
Repayments | (228) | |
Foreign exchange translation | (69) | |
Operating lease obligation, ending balance | 1,964 | |
Current portion | 473 | |
Non-current portion | $ 1,491 |
OPERATING LEASES - Charter hire
OPERATING LEASES - Charter hire and office rent expense (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2021 (remaining six months) | $ 10,264 | |
2022 | 11,735 | |
2023 | 3,356 | |
2024 | 3,313 | |
2025 | 3,154 | |
Thereafter | 7,577 | |
Total minimum lease payments | 39,399 | |
Less: Imputed interest | (4,826) | |
Present value of operating lease liabilities | $ 34,573 | $ 42,037 |
OPERATING LEASES - Schedule o_3
OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
2021 (remaining six months) | $ 31,790 |
2022 | 23,500 |
2023 | 2,398 |
2024 | 0 |
2025 | 0 |
Thereafter | 0 |
Total minimum lease receipts | $ 57,688 |
FINANCE LEASES - Narrative (Det
FINANCE LEASES - Narrative (Details) | Jun. 30, 2025USD ($) | Dec. 31, 2019vessel | Sep. 30, 2015USD ($)vessel | Jun. 30, 2021USD ($)vessel | Jun. 30, 2020USD ($) | Dec. 31, 2019vessel | Dec. 31, 2015vessel | Jun. 30, 2025USD ($) | Dec. 31, 2020vessel |
Lessee, Lease, Description [Line Items] | |||||||||
Number of vessels under finance lease | vessel | 7 | 7 | |||||||
Finance lease ROU impairment | $ 0 | $ 70,000,000 | |||||||
Weighted average discount rate (percent) | 6.30% | 6.30% | |||||||
Weighted average lease term | 7 years 1 month 6 days | 7 years 7 months 6 days | |||||||
SFL Leases | |||||||||
Lessee, Lease, Description [Line Items] | |||||||||
Number of vessels reclassified as finance leases | vessel | 7 | 7 | |||||||
Number of vessels sold and leased back | vessel | 1 | ||||||||
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 | ||||||||
Number of vessels sold and leased back | vessel | 8 | ||||||||
Charter hire expense | $ (100,000) | 900,000 | |||||||
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 | $ 1,200,000 | $ 0 | |||||||
Purchase option net of sellers credit | $ 112,000,000 | ||||||||
Purchase option timing from lease inception | 10 years | ||||||||
Charter term, extension | 3 years | ||||||||
Daily charter rate, extension | $ 14,900 | ||||||||
Total minimum lease period | 13 years | ||||||||
Number of vessels sold and leased back | vessel | 8 | ||||||||
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 | $ 16,435 | |||||||
Ship Finance International Ltd [Member] | 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 | $ 19,045 |
FINANCE LEASES - Right-of-use a
FINANCE LEASES - Right-of-use asset for finance leases (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Finance Lease Right-Of-Use Asset [Roll Forward] | ||
Balance at December 31, 2020 | $ 113,480 | |
Additions | 0 | |
Impairment | 0 | $ (70,000) |
Depreciation | (7,411) | |
Balance at June 30, 2021 | $ 106,069 |
FINANCE LEASES - Changes in fin
FINANCE LEASES - Changes in finance lease obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Finance Lease Obligations [Roll Forward] | ||
Balance at January 1, 2021 | $ 151,205 | |
Additions | 0 | |
Repayments | (16,192) | |
Interest expense on obligations under finance lease | 4,524 | |
Balance as of June 30, 2021 | 139,537 | |
Current portion | 24,197 | $ 23,475 |
Non-current portion | $ 115,340 | $ 127,730 |
FINANCE LEASES - Outstanding ob
FINANCE LEASES - Outstanding obligations under capital leases (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
2021 (remaining six months) | $ 14,832 | |
2022 | 29,061 | |
2023 | 24,484 | |
2024 | 24,553 | |
2025 | 22,551 | |
Thereafter | 53,553 | |
Minimum lease payments | 169,034 | |
Less: imputed interest | (29,497) | |
Present value of obligations under finance leases | $ 139,537 | $ 151,205 |
INVESTMENTS IN ASSOCIATED COM_3
INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 29, 2020 | Jan. 31, 2020 | |
Equity Method Investment [Roll Forward] | |||||
Balance at December 31, 2020 | $ 16,399 | ||||
Dividend received from associated companies | 0 | $ (450) | |||
Loss on disposal of equity method investments | 0 | ||||
Share of income / (loss) | 3,533 | ||||
Balance at June 30, 2021 | $ 19,932 | ||||
TFG Marine Pte Ltd ("TFG Marine") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (percent) | 10.00% | 10.00% | 10.00% | ||
SwissMarine Pte. Ltd. ("SwissMarine") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (percent) | 17.50% | 17.50% | 17.50% | 17.80% | |
Equity Method Investment [Roll Forward] | |||||
Balance at December 31, 2020 | $ 15,371 | ||||
Dividend received from associated companies | 0 | ||||
Loss on disposal of equity method investments | 0 | ||||
Share of income / (loss) | 4,093 | ||||
Balance at June 30, 2021 | $ 19,464 | ||||
United Freight Carriers LLC ("UFC") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (percent) | 50.00% | 50.00% | |||
Capesize Chartering Ltd ("CCL") | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage (percent) | 25.00% | 25.00% | |||
Other | |||||
Equity Method Investment [Roll Forward] | |||||
Balance at December 31, 2020 | $ 1,028 | ||||
Dividend received from associated companies | 0 | ||||
Loss on disposal of equity method investments | 0 | ||||
Share of income / (loss) | (560) | ||||
Balance at June 30, 2021 | $ 468 |
INVESTMENTS IN ASSOCIATED COM_4
INVESTMENTS IN ASSOCIATED COMPANIES - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
May 31, 2020 | Jan. 31, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Feb. 29, 2020 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Repayments of loans receivable from related party | $ 0 | $ 5,350 | ||||
SwissMarine Pte. Ltd. ("SwissMarine") | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage (percent) | 17.80% | 17.50% | 17.50% | 17.50% | ||
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% | 10.00% | 10.00% | |||
Increased availability | $ 1,000 | |||||
Loan term | 5 years | |||||
Loan converted to equity | $ 75 | |||||
Balance of shareholder loan | $ 900 | |||||
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, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Deferred charges | $ (7,346,000) | $ (8,539,000) |
Total debt | 943,369,000 | 1,045,483,000 |
Less: current portion | (85,062,000) | (87,831,000) |
Long-term debt, excluding current maturities | 858,307,000 | 957,652,000 |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Long-term debt | 950,715,000 | 1,054,022,000 |
$304.0 million loan and revolving facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 304,000,000 | |
Long-term debt | 244,663,000 | 304,014,000 |
$155.3 million term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 155,300,000 | |
Long-term debt | 135,924,000 | 142,400,000 |
$93.75 million term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 93,750,000 | |
Long-term debt | 80,601,000 | 83,888,000 |
$131.79 million term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 131,790,000 | |
Long-term debt | 103,593,000 | 114,036,000 |
$420.0 million term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 420,000,000 | |
Long-term debt | 295,205,000 | 310,023,000 |
$120.0 million term loan | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 120,000,000 | |
Long-term debt | $ 90,729,000 | $ 99,661,000 |
DEBT - Summary of movements in
DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Movement In Debt Balance [Roll Forward] | ||
Deferred charges, beginning balance | $ (8,539) | |
Long-term debt, beginning balance | 1,045,483 | |
Loan repayments | (103,307) | |
Repayment of debt issuance cost | 0 | |
Amortization of deferred charges | 1,193 | $ 1,258 |
Deferred charges, ending balance | (7,346) | |
Long-term debt, ending balance | 943,369 | |
Floating rate debt | ||
Movement In Debt Balance [Roll Forward] | ||
Long-term debt, gross, beginning balance | 1,054,022 | |
Loan repayments | (103,307) | |
Long-term debt, gross, ending balance | $ 950,715 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 6 Months Ended | |
Jun. 30, 2021USD ($)vessel | Dec. 31, 2020USD ($)vessel | |
Debt Instrument [Line Items] | ||
Repayments of debt | $ 103,307,000 | |
Net deferred charges | 7,300,000 | |
Current portion of long-term debt | 85,062,000 | $ 87,831,000 |
Vessels and equipment, net | 2,964,677,000 | $ 2,267,686,000 |
$50 million revolving credit facility | ||
Debt Instrument [Line Items] | ||
Repayments of debt | 50,000,000 | |
$304.0 million loan and revolving facility | ||
Debt Instrument [Line Items] | ||
Debt instrument, face amount | 304,000,000 | |
Ordinary debt | ||
Debt Instrument [Line Items] | ||
Repayments of debt | 42,700,000 | |
Golden Shea and Golden Saguenay | ||
Debt Instrument [Line Items] | ||
Repayments of debt | 10,600,000 | |
Floating Rate Debt | ||
Debt Instrument [Line Items] | ||
Repayments of debt | $ 103,300,000 | |
Number of vessels serving as security | vessel | 83 | 67 |
Floating Rate Debt | Collateral Pledged | ||
Debt Instrument [Line Items] | ||
Vessels and equipment, net | $ 2,964,700,000 | $ 2,267,700,000 |
DEBT - Schedule of debt maturit
DEBT - Schedule of debt maturities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Disclosure [Abstract] | |
2021 (remaining six months) | $ 42,528 |
2022 | 86,562 |
2023 | 304,677 |
2024 | 272,809 |
2025 | 244,139 |
Thereafter | 0 |
Total debt | 950,715 |
Deferred charges | (7,346) |
Total debt | $ 943,369 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Other Liabilities Disclosure [Abstract] | ||
Deferred charter revenue | $ 44,283 | $ 25,504 |
Other current liabilities | 2,349 | 2,573 |
Total | $ 46,632 | $ 28,077 |
DERIVATIVE INSTRUMENTS PAYABL_3
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Derivative [Line Items] | |||
Asset - Derivatives fair value | $ 1,394 | $ 572 | |
Liability - Derivatives fair value | 18,106 | 27,692 | |
Mark to market derivative gain (loss) | 23,655 | $ (23,397) | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 1,091 | 0 | |
Liability - Derivatives fair value | 17,955 | 27,558 | |
Mark to market derivative gain (loss) | 6,628 | (26,707) | |
Bunker derivatives | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 194 | 304 | |
Liability - Derivatives fair value | 151 | 134 | |
Mark to market derivative gain (loss) | 275 | (2,600) | |
Foreign currency swaps | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 109 | 268 | |
Liability - Derivatives fair value | 0 | 0 | |
Mark to market derivative gain (loss) | (160) | 251 | |
Forward freight agreements | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 0 | 0 | |
Liability - Derivatives fair value | 0 | $ 0 | |
Mark to market derivative gain (loss) | $ 16,912 | $ 5,659 |
SHARE CAPITAL, TREASURY SHARE_3
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of authorized capital (Details) - USD ($) | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 |
Equity [Abstract] | |||
Common stock, shares, authorized (in shares) | 300,000,000 | 200,000,000 | |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 |
Common stock, value, authorized | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 |
SHARE CAPITAL, TREASURY SHARE_4
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Narrative (Details) kr / shares in Units, $ / shares in Units, kr in Millions | 1 Months Ended | 6 Months Ended | ||||||
May 31, 2021USD ($)shares | May 31, 2021NOK (kr)kr / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Feb. 28, 2021USD ($)shares | Feb. 28, 2021NOK (kr)kr / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||||||||
Common stock, value, authorized | $ | $ 15,000,000 | $ 15,000,000 | $ 10,000,000 | |||||
Common stock, shares, authorized (in shares) | 300,000,000 | 200,000,000 | ||||||
Share capital, par value (in dollars per share) | $ / shares | $ 0.05 | $ 0.05 | $ 0.05 | |||||
Common stock, additional shares, authorized (in shares) | 100,000,000 | |||||||
Common stock, shares, outstanding (in shares) | 200,415,621 | 143,327,697 | ||||||
Number of treasury shares (in shares) | 775,000 | 945,000 | ||||||
Net proceeds from share issuance | $ | $ 352,225,000 | $ 0 | ||||||
Dividends to shareholders | $ | $ 50,100,000 | $ 7,200,000 | ||||||
Dividends per share (in dollars per share) | $ / shares | $ 0.25 | $ 0.05 | ||||||
Contributed capital surplus | ||||||||
Class of Stock [Line Items] | ||||||||
Reclassified from additional paid in capital | $ | $ 350,700,000 | |||||||
2016 Share Option Scheme | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued for equity incentive plan (in shares) | 170,000 | |||||||
Loss on distributed treasury shares | $ | $ 400,000 | |||||||
Private Placement | ||||||||
Class of Stock [Line Items] | ||||||||
Net proceeds from share issuance | $ 16,900,000 | kr 143.6 | $ 338,000,000 | kr 2,873 | ||||
Shares issued in transaction (in shares) | 2,710,377 | 2,710,377 | 54,207,547 | 54,207,547 | ||||
Sale of stock, price (NOK per share) | kr / shares | kr 53 | kr 53 | ||||||
Consideration received on sale of stock | $ 16,900,000 | kr 335.3 | ||||||
Private Placement | Hemen Holdings Ltd | ||||||||
Class of Stock [Line Items] | ||||||||
Shares issued in transaction (in shares) | 27,103,773 | 27,103,773 | ||||||
Consideration received on sale of stock | $ | $ 169,000,000 |
RELATED PARTY TRANSACTIONS - Sh
RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details) - SFL | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Sep. 30, 2015USD ($) | Jun. 30, 2021vessel$ / d | Jun. 30, 2020vessel$ / d | Dec. 31, 2019vessel | Dec. 31, 2015USD ($)vessel | |
Related Party Transaction [Line Items] | |||||
Number of vessels sold and leased back | 1 | ||||
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 4 vessels (in dollars per day) | $ / d | 125 | ||||
Dry Bulk Carriers | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels managed | 8 | 14 | |||
Commercial management fee revenue for first 4 vessels (in dollars per day) | $ / d | 125 | ||||
Number of vessels under $125 management fee | 4 | 7 | |||
Commercial management fee revenue for first 3 vessels (in dollars per day) | $ / d | 75 | 75 | |||
Commercial management fee revenue for remaining vessels (in dollars per day) | $ / d | 37.5 | ||||
Number of vessels under $75 management fee | 3 | 7 | |||
Container Carriers | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels managed | 16 | 16 | |||
Commercial management fee revenue for first 4 vessels (in dollars per day) | $ / d | 75 | 75 | |||
Number of vessels under $75 management fee | 16 | 16 | |||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | |||||
Related Party Transaction [Line Items] | |||||
Number of vessels sold and leased back | 8 | 8 | 8 | ||
Aggregate price sold en-bloc | $ | $ 272,000,000 | ||||
Duration of time charter | 10 years | ||||
Purchase option net of sellers credit | $ | $ 112,000,000 | ||||
Purchase option timing from lease inception | 10 years | ||||
Charter term, extension | 3 years | ||||
Daily charter rate, extension | $ | $ 14,900 |
RELATED PARTY TRANSACTIONS - Se
RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd | 6 Months Ended | |
Jun. 30, 2021vessel$ / d | Jun. 30, 2020vessel$ / d | |
Related Party Transaction [Line Items] | ||
Number of vessels managed | vessel | 27 | 22 |
Commercial management fee revenue for first 4 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, 2021 | Jun. 30, 2020 | |
CCL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 3,559 | $ 2,362 |
RELATED PARTY TRANSACTIONS - Sw
RELATED PARTY TRANSACTIONS - SwissMarine (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | ||||
Shareholder loan | $ 2,565 | $ 3 | ||
Repayments of loans receivable from related party | 0 | $ 5,350 | ||
Related party receivables | 6,228 | 6,228 | ||
SwissMarine | ||||
Related Party Transaction [Line Items] | ||||
Shareholder loan | 945 | $ 10,700 | $ 0 | |
Subordinated shareholder loan, term | 5 years | |||
Variable interest rate (percent) | 2.00% | |||
Revenue from related parties | 12,977 | $ 7,267 | ||
Related party receivables | $ 5,300 |
RELATED PARTY TRANSACTIONS - TF
RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Shareholder loan | $ 2,565,000 | $ 3,000 | |
TFG Marine Pte Ltd ("TFG Marine") | |||
Related Party Transaction [Line Items] | |||
Loan converted to equity | $ 75,000 | ||
Balance of shareholder loan | $ 900,000 | ||
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 | ||
TFG Marine Pte Ltd ("TFG Marine") | Bunker procurement | |||
Related Party Transaction [Line Items] | |||
Guarantee issued in respect of subsidiary performance under bunker supply agreement | 56,900,000 | ||
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 | ||
TFG Marine Pte Ltd ("TFG Marine") | London Interbank Offered Rate (LIBOR) | |||
Related Party Transaction [Line Items] | |||
Variable interest rate (percent) | 7.00% |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management agreements (Details) - $ / vessel | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Oct. 31, 2020 | Jun. 30, 2021 | Dec. 31, 2020 | |
Seateam | |||
Related Party Transaction [Line Items] | |||
Equity method ownership percentage sold | 22.19% | ||
Frontline Management (Bermuda) Ltd | |||
Related Party Transaction [Line Items] | |||
Technical management fees expenses | 27,375 | 27,814 |
RELATED PARTY TRANSACTIONS - Ac
RELATED PARTY TRANSACTIONS - Acquisition of vessels from affiliates of Hemen (Details) $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 28, 2021USD ($)vessel | Jun. 30, 2021USD ($)vessel | |
Hemen Holdings Ltd | Dry Bulk Carriers | ||
Related Party Transaction [Line Items] | ||
Number of vessels acquired | 15 | |
Consideration for vessels acquired | $ | $ 752 | |
Golden Spray, Golden Fast and Golden Furious | ||
Related Party Transaction [Line Items] | ||
Number of newbuildings acquired | 3 | |
Consideration for vessels acquired | $ | $ 114.5 | |
Golden Spray, Golden Fast and Golden Furious | Hemen Holdings Ltd | ||
Related Party Transaction [Line Items] | ||
Number of newbuildings acquired | 3 |
RELATED PARTY TRANSACTIONS - De
RELATED PARTY TRANSACTIONS - Debt from Sterna Finance (Details) $ in Millions | 1 Months Ended | 6 Months Ended |
Feb. 28, 2021USD ($)vessel | Jun. 30, 2021vessel | |
Golden Spray, Golden Fast and Golden Furious | ||
Related Party Transaction [Line Items] | ||
Number of newbuildings acquired | vessel | 3 | |
Hemen Holdings Ltd | ||
Related Party Transaction [Line Items] | ||
Tenor period | 18 months | |
Debt term | 17 years | |
Hemen Holdings Ltd | Golden Spray, Golden Fast and Golden Furious | ||
Related Party Transaction [Line Items] | ||
Number of newbuildings acquired | vessel | 3 | |
Hemen Holdings Ltd | Dry Bulk Carriers | ||
Related Party Transaction [Line Items] | ||
Debt assumed | $ | $ 413.6 | |
Debt assumed, in cash | $ | 63 | |
Debt assumed, sellers credit | $ | $ 350.6 | |
Number of vessels acquired | vessel | 15 | |
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Minimum | ||
Related Party Transaction [Line Items] | ||
Variable interest rate (percent) | 2.35% | |
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Maximum | ||
Related Party Transaction [Line Items] | ||
Variable interest rate (percent) | 4.70% |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of net amounts charged by related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Related party charges | $ 101,064 | $ 53,907 |
Frontline Management | ||
Related Party Transaction [Line Items] | ||
Related party charges | 1,476 | 1,375 |
SFL | ||
Related Party Transaction [Line Items] | ||
Related party charges | 18,002 | 18,285 |
Seateam | ||
Related Party Transaction [Line Items] | ||
Related party charges | 0 | 1,701 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Related party charges | 9,236 | 5,928 |
CCL | ||
Related Party Transaction [Line Items] | ||
Related party charges | (3) | 23 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Related party charges | $ 72,353 | $ 26,595 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Summary of net amounts charged to related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 17,514 | $ 10,582 |
SFL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 387 | 498 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 533 | 397 |
CCL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 3,559 | 2,362 |
SwissMarine | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 12,977 | 7,267 |
Other | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 58 | $ 58 |
RELATED PARTY TRANSACTIONS - _3
RELATED PARTY TRANSACTIONS - Summary of related parties income / (expense) amounts included into consolidated statements of operations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||
Other revenues | $ 978 | $ 953 |
Other operating income (expenses) | 3,559 | 2,362 |
Voyage expenses and commissions | (72,353) | (26,595) |
Ship operating expenses | (1,079) | (2,750) |
Charter hire expenses | (26,937) | (23,980) |
Administrative expenses | (696) | (582) |
Income (loss) from related party transaction | (83,551) | (43,325) |
Time charter revenues | ||
Related Party Transaction [Line Items] | ||
Time charter revenues | $ 12,977 | $ 7,267 |
RELATED PARTY TRANSACTIONS - _4
RELATED PARTY TRANSACTIONS - Summary of balances due from related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||
Due from related parties | $ 2,565 | $ 3 | |
UFC | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | 3 | |
Seatankers | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 15 | 0 | |
SwissMarine | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 945 | 0 | $ 10,700 |
Capesize Chartering Ltd ("CCL") | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 1,636 | 0 | |
Other | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ (31) | $ 0 |
RELATED PARTY TRANSACTIONS - _5
RELATED PARTY TRANSACTIONS - Summary of balance due to related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 37,681 | $ 4,865 |
Frontline | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 1,889 | 322 |
CCL | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 0 | 1,440 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 19,143 | 60 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 15,438 | 2,424 |
Other | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 1,211 | $ 619 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - SFL Leases - vessel | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Number of vessels sold and leased back | 1 | ||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | |||
Related Party Transaction [Line Items] | |||
Number of vessels sold and leased back | 8 | 8 | 8 |
FINANCIAL ASSETS AND LIABILIT_3
FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021USD ($)t | Dec. 31, 2020USD ($)t | Mar. 31, 2020USD ($) | |
Derivative [Line Items] | |||
Fair value of operating lease right-of-use asset | $ 19,550 | $ 22,739 | |
Fair value of finance lease right-of-use asset | 106,069 | 113,480 | |
Level 3 | Fair Value | Nonrecurring | |||
Derivative [Line Items] | |||
Fair value of operating lease right-of-use asset | $ 119,300 | ||
Fair value of finance lease right-of-use asset | $ 25,000 | ||
Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 500,000 | $ 500,000 | |
Capesize, Forward Freight Agreements, Maturing in 2021 | Long | |||
Derivative [Line Items] | |||
Remaining maturities | 565 days | ||
Capesize, Forward Freight Agreements, Maturing in 2021 | Short | |||
Derivative [Line Items] | |||
Remaining maturities | 195 days | ||
Capesize, Forward Freight Agreements, Maturing in 2022 | Long | |||
Derivative [Line Items] | |||
Remaining maturities | 600 days | 180 days | |
Bunker derivatives | |||
Derivative [Line Items] | |||
Outstanding bunker derivatives | t | 700 | 2,900 | |
Currency swap | Norway, Krone | |||
Derivative [Line Items] | |||
Derivative notional amount | $ 600 | $ 1,500 |
FINANCIAL ASSETS AND LIABILIT_4
FINANCIAL ASSETS AND LIABILITIES - Interest rate contracts (Details) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 500,000,000 | $ 500,000,000 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 500,000,000 | |
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 | 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 | 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 | 2.51% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 100,000,000 | |
Fixed interest rate (percent) | 2.51% | |
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% |
FINANCIAL ASSETS AND LIABILIT_5
FINANCIAL ASSETS AND LIABILITIES - Fair values (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Fair Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | $ 154,655 | $ 153,093 |
Restricted cash | 20,162 | 22,009 |
Marketable securities | 4,056 | 3,684 |
Fair Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 6,228 | 6,228 |
Derivative assets | 1,394 | 572 |
Liabilities | ||
Derivative liabilities | 18,106 | 27,692 |
Fair Value | Level 2 | Floating rate debt | ||
Liabilities | ||
Long term debt - floating | 950,718 | 1,054,022 |
Related party debt | 413,600 | 0 |
Carrying Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 154,655 | 153,093 |
Restricted cash | 20,162 | 22,009 |
Marketable securities | 4,056 | 3,684 |
Carrying Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 6,228 | 6,228 |
Derivative assets | 1,394 | 572 |
Liabilities | ||
Derivative liabilities | 18,106 | 27,692 |
Carrying Value | Level 2 | Floating rate debt | ||
Liabilities | ||
Long term debt - floating | 950,718 | 1,054,022 |
Related party debt | $ 413,600 | $ 0 |
FINANCIAL ASSETS AND LIABILIT_6
FINANCIAL ASSETS AND LIABILITIES - Unobservable inputs (Details) - Level 3 - Nonrecurring | Mar. 31, 2020$ / ddaysPerYear |
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 |
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 |
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 |
Minimum | Offhire | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | daysPerYear | 1 |
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 |
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 |
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 |
Maximum | Offhire | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | daysPerYear | 38 |
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 |
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 |
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 |
Weighted average | Offhire | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Measurement input | daysPerYear | 5.61 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended | 6 Months Ended |
Sep. 30, 2015USD ($)vessel | Jun. 30, 2021USD ($)vessel | |
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 | |
Frontline and Trafigura | Performance guarantee of subsidiaries under a bunker supply arrangement | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Guarantee issued with respect to performance of subsidiary | $ 20,000,000 | |
SFL Leases | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||
Number of vessels sold and leased back | vessel | 8 | |
Lease term | 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] | ||
Number of vessels sold and leased back | vessel | 8 | |
Purchase option, vessels | $ 112,000,000 | |
Charter term, extension | 3 years | |
Daily charter rate, extension | $ 14,900 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Aug. 31, 2021USD ($)vessel | Jun. 30, 2021USD ($) | Aug. 26, 2021$ / shares | |
Subsequent Event [Line Items] | |||
Repayments of debt | $ 103,307 | ||
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Sale leaseback transaction cost | $ 260,000 | ||
Number of vessels sold and leased back | vessel | 12 | ||
Lease term | 7 years | ||
Adjusted amortization profile term | 22 years | ||
Dividends payable (in USD per share) | $ / shares | $ 0.50 | ||
Subsequent Event | Dry Bulk Carriers | Hemen Holdings Ltd | |||
Subsequent Event [Line Items] | |||
Repayments of debt | $ 170,000 | ||
Subsequent Event | $175 million term loan | |||
Subsequent Event [Line Items] | |||
Debt instrument, face amount | $ 175,000 | ||
Number of vessels financed | vessel | 6 | ||
Tenor term | 5 years | ||
Adjusted profile term | 19 years | ||
Revolving credit tranche | $ 50,000 | ||
Amount drawn on facility | 175,000 | ||
Debt amount utilized for general purposes | $ 5,000 | ||
Subsequent Event | London Interbank Offered Rate (LIBOR) | |||
Subsequent Event [Line Items] | |||
Variable interest rate (percent) | 2.00% | ||
Subsequent Event | London Interbank Offered Rate (LIBOR) | $175 million term loan | |||
Subsequent Event [Line Items] | |||
Variable interest rate (percent) | 1.90% |
Uncategorized Items - gogl-2021
Label | Element | Value |
Accounting Standards Update [Extensible List] | us-gaap_AccountingStandardsUpdateExtensibleList | us-gaap:AccountingStandardsUpdate201613Member |