Golden Ocean Group Limited (GOGL) 20-F 23 Mar 22 2021 FY Annual report (foreign) Financial data

Cover Page

Cover Page	12 Months Ended
	Dec. 31, 2021shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2021
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	000-29106
Entity Registrant Name	Golden Ocean Group Limited
Entity Incorporation, State or Country Code	D0
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, Country	BM
Entity Address, Postal Zip Code	HM 08
Title of 12(b) Security	Common Shares, Par Value $0.05 Per Share
Trading Symbol	GOGL
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding	200,435,621
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Central Index Key	0001029145
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Business Contact
Document Information [Line Items]
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, Country	BM
Entity Address, Postal Zip Code	HM 08
Contact Personnel Name	James Ayers
City Area Code	441
Local Phone Number	2956935
Contact Personnel Fax Number	(1) 441 295 3494

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021
Audit Information [Abstract]
Auditor Firm ID	1318
Auditor Name	PricewaterhouseCoopers AS
Auditor Location	Oslo, Norway

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating revenues
Total operating revenues	$ 1,203,181	$ 607,943	$ 705,799
Gain on sale of assets	9,788	0	0
Other operating income (expenses), net - related party	(2,008)	2,965	(1,170)
Operating expenses
Voyage expenses and commissions	252,865	194,544	185,088
Ship operating expenses (including related party amounts of $9,313, $11,574 and $5,758 for the years ended December 31, 2021, 2020 and 2019 respectively)	208,894	191,235	193,138
Charter hire expenses (including related party amounts of $60,885, $63,468 and $45,777 for the years ended December 31, 2021, 2020 and 2019 respectively)	89,559	66,812	117,779
Administrative expenses	18,149	13,722	14,123
Impairment loss on vessels	4,187	721	0
Impairment loss on right of use assets	0	94,233	0
Depreciation	123,699	111,303	93,845
Total operating expenses	697,353	672,570	603,973
Net operating income (loss)	513,608	(61,662)	100,656
Other income (expenses)
Interest income	484	1,193	4,434
Interest expense (including related party amounts of $3,395, nil and nil for the years ended December 31, 2021, 2020 and 2019 respectively)	(39,909)	(47,477)	(59,547)
Share of results of associated companies	24,482	(3,710)	505
Gain from disposal of associated companies	0	2,570	0
Gain (loss) on derivatives	30,465	(17,450)	(9,960)
Gain (loss) on marketable equity securities	(2,000)	(10,177)	1,828
Other financial items	477	(825)	(490)
Net other income (expenses)	13,999	(75,876)	(63,230)
Net income (loss) before income taxes	527,607	(137,538)	37,426
Income tax expense	389	131	237
Net income (loss)	$ 527,218	$ (137,669)	$ 37,189
Per share information:
Earnings (loss) per share : basic (in dollars per share)	$ 2.74	$ (0.96)	$ 0.26
Earnings (loss) per share : diluted (in dollars per share)	$ 2.73	$ (0.96)	$ 0.26
Time charter revenues
Operating revenues
Total operating revenues	$ 603,959	$ 235,673	$ 299,946
Voyage charter revenues
Operating revenues
Total operating revenues	597,812	370,130	404,184
Other revenues
Operating revenues
Total operating revenues	$ 1,410	$ 2,140	$ 1,669

Consolidated Statements of Op_2

Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenue from related parties	$ 14,656	$ 24,454	$ 1,609
Ship operating expenses, related party amount	9,313	11,574	5,758
Charter hire expenses, related party amount	60,885	63,468	45,777
Interest expense, related party amount	3,395	0	0
Time charter revenues
Revenue from related parties	$ 13,281	$ 19,528	$ 0

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets
Cash and cash equivalents	$ 197,032	$ 153,093
Restricted cash	12,985	22,009
Marketable securities	1,684	3,684
Trade accounts receivable, net	28,838	22,704
Other current assets	35,158	29,351
Related party receivables	8,615	3
Derivative instruments receivables	2,679	572
Inventories	43,383	25,165
Prepaid expenses	8,440	10,440
Voyages in progress	30,576	13,435
Favorable charter party contracts	0	4,073
Total current assets	369,390	284,529
Vessels and equipment, net	2,880,321	2,267,686
Vessels held for sale	0	9,504
Newbuildings	35,678	0
Finance leases, right of use assets, net	98,535	113,480
Operating leases, right of use assets, net	19,965	22,739
Investments in associated companies	41,343	16,399
Related party receivables	6,187	6,228
Other long-term assets	2,758	502
Total assets	3,454,177	2,721,067
Current liabilities
Current portion of long-term debt	105,864	87,831
Current portion of finance lease obligations - related party	21,755	23,475
Current portion of operating lease obligations (including related party balances of $2,537 and $2,667 as of December 31, 2021 and 2020 respectively)	13,860	16,783
Derivative instruments payables	10,364	27,692
Related party payables	13,934	4,865
Trade accounts payables	6,462	18,402
Accrued expenses	38,569	34,550
Other current liabilities	37,265	28,077
Total current liabilities	248,073	241,675
Long-term liabilities
Long-term debt	1,156,481	957,652
Non-current portion of finance lease obligations - related party	105,975	127,730
Non-current portion of operating lease obligations (including related party balances of $13,355 and $15,892 as of December 31, 2021 and 2020 respectively)	14,907	25,254
Total liabilities	1,525,436	1,352,311
Commitments and contingencies
Equity
Share capital (Shares issued: 2021: 201,190,621. 2020: 144,272,697. Outstanding shares: 2021: 200,435,621. 2020: 143,327,697 shares. All shares are issued and outstanding at par value $0.05)	10,061	7,215
Treasury shares	(4,309)	(5,386)
Additional paid in capital	285	979
Contributed capital surplus	1,762,649	1,732,670
Accumulated earnings (deficit)	160,055	(366,722)
Total equity	1,928,741	1,368,756
Total liabilities and equity	$ 3,454,177	$ 2,721,067

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Liabilities, Current [Abstract]
Current portion of operating lease obligations, related party amount	$ 2,537	$ 2,667
Long-term liabilities
Operating Lease, Liability, Related Parties, Non-Current	$ 13,355	$ 15,892
Equity
Share capital, shares issued (in shares)	201,190,621	144,272,697
Share capital, shares outstanding (in shares)	200,435,621	143,327,697
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Statement of Cash Flows [Abstract]
Net income (loss)	$ 527,218	$ (137,669)	$ 37,189
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation	123,699	111,303	93,845
Amortization of deferred charges	2,677	2,778	2,083
Gain from sale of vessels	(9,788)	0	0
Impairment loss on vessels	4,187	721	0
Impairment loss on right of use assets	0	94,233	0
Share option expenses	620	264	482
Share of results of associated companies	(24,482)	3,710	(505)
Dividends received from associated companies	0	450	150
Gain from disposal of associated companies	0	(2,570)	0
Amortization of charter party-out contracts	1,859	12,148	18,732
Amortization of other fair value adjustments, net, arising on the Merger	0	0	813
Mark to market (gain) loss on derivatives	(19,435)	20,542	14,733
Mark to market (gain) loss on marketable securities	2,000	10,177	(1,828)
Provision for onerous contracts	0	0	(299)
Non-cash lease expense	(10,496)	(6,459)	(4,351)
Other	(235)	(178)	(1,332)
Changes in operating assets and liabilities, net:
Trade accounts receivable	(6,134)	22,896	(18,241)
Related party balances	(570)	6,041	2,751
Other receivables	(6,407)	3,991	(4,827)
Inventories	(18,219)	3,070	(81)
Voyages in progress	(17,141)	8,472	(19,121)
Prepaid expenses	2,001	(4,105)	(208)
Trade accounts payables	(11,939)	6,000	4,649
Accrued expenses	12,256	(1,126)	18,096
Other current liabilities	8,727	(14,049)	15,701
Net cash provided by operating activities	560,398	140,640	158,431
Investing activities
Dividends received from marketable equity securities	26	76	176
Purchase of investment in associated companies	0	0	(19,470)
Proceeds from sale of shares in associated companies	937	1,694	0
Loan advance to related parties	0	(1,000)	(10,700)
Repayment of loans receivable from related parties	0	5,350	0
Additions to newbuildings (including related party amounts of $116,445, nil and nil for the years ended December 31, 2021, 2020 and 2019 respectively	(152,460)	0	0
Purchase of vessels and equipment (including related party amounts of $286,894, nil and nil for the years ended December 31, 2021, 2020 and 2019 respectively)	(292,539)	(25,271)	(44,118)
Proceeds from sale of vessels	54,012	0	0
Proceeds from sale of marketable securities	0	0	1,062
Net cash used in investing activities	(390,024)	(19,151)	(73,050)
Financing activities
Proceeds from long-term debt (including related party amounts of $62,975, nil and nil for the years ended December 31, 2021, 2020 and 2019 respectively)	497,975	322,014	389,894
Repayment of long-term debt (including related party amounts of $413,600, nil and $124,400 for the years ended December 31, 2021, 2020 and 2019 respectively)	(628,900)	(390,138)	(621,235)
Repayment of finance leases (including related party amounts of $32,237, $47,181 and nil for the years ended December 31, 2021, 2020 and 2019 respectively)	(32,237)	(48,972)	(5,650)
Debt fees paid	(4,466)	(3,040)	(6,727)
Net proceeds from share issuance	352,225	0	0
Share repurchases	0	0	(5,504)
Net proceeds from share distributions	636	169	1,097
Lease incentives received	0	17,500	0
Distributions to shareholders	(320,692)	(7,164)	(46,617)
Net cash used in financing activities	(135,459)	(109,631)	(294,742)
Net change in cash, cash equivalents and restricted cash	34,915	11,858	(209,361)
Cash, cash equivalents and restricted cash at beginning of year	175,102	163,244	372,605
Cash, cash equivalents and restricted cash at end of year	210,017	175,102	163,244
Supplemental disclosure of cash flow information:
Interest expenses paid	30,850	36,351	60,676
Income taxes paid	$ 153	$ 77	$ 61

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investing activities
Additions to newbuildings, related party amount	$ 116,445	$ 0	$ 0
Purchase of vessels and equipment, related party amount	286,894	0	0
Financing activities
Proceeds from long-term debt, related party amount	62,975	0	0
Repayment of long-term debt, related party amount	413,600	0	124,400
Repayment of finance leases, related party amount	$ 32,237	$ 47,181	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share capital	Treasury shares	Additional paid in capital	Contributed capital surplus	Accumulated earnings (deficit)	Accumulated earnings (deficit)Previously Reported	Accumulated earnings (deficit)Revision of Prior Period, Accounting Standards Update, Adjustment
Outstanding number of shares: Balance at beginning of year (in shares) at Dec. 31, 2018		143,827,697
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)		0
Repurchases of shares (in shares)		(855,000)
Distribution of treasury shares (in shares)		305,000
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2019	143,277,697	143,277,697
Balance at beginning of year at Dec. 31, 2018		$ 7,215	$ (2,643)	$ 233	$ 1,786,451		$ (267,744)	$ 2,485
Increase (decrease) in Equity [Roll Forward]
Shares issued		0		0
Repurchases of shares			(4,756)
Distribution of treasury shares			1,730			$ (634)
Stock option expense				482
Other				0
Reclassified to contributed surplus				0
Distributions to shareholders					(46,617)
Reclassified from additional paid in capital					0
Net (loss) income						37,189
Balance at end of year at Dec. 31, 2019	$ 1,513,391	$ 7,215	(5,669)	715	1,739,834	(228,704)	(228,704)	$ (234)
Increase (decrease) in Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-02 [Member]
Shares issued (in shares)		0
Repurchases of shares (in shares)		0
Distribution of treasury shares (in shares)		50,000
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2020	143,327,697	143,327,697
Increase (decrease) in Equity [Roll Forward]
Shares issued		$ 0		0
Repurchases of shares			0
Distribution of treasury shares			283			(115)
Stock option expense				264
Other				0
Reclassified to contributed surplus				0
Distributions to shareholders					(7,164)
Reclassified from additional paid in capital					0
Net (loss) income						(137,669)
Balance at end of year at Dec. 31, 2020	$ 1,368,756	$ 7,215	(5,386)	979	1,732,670	(366,722)	$ (366,722)
Increase (decrease) in Equity [Roll Forward]
Accounting Standards Update [Extensible Enumeration]	Accounting Standards Update 2016-13 [Member]
Shares issued (in shares)		56,917,924
Repurchases of shares (in shares)		0
Distribution of treasury shares (in shares)	545,000	190,000
Outstanding number of shares: Balance at end of year (in shares) at Dec. 31, 2021	200,435,621	200,435,621
Increase (decrease) in Equity [Roll Forward]
Shares issued		$ 2,846		349,379
Repurchases of shares			0
Distribution of treasury shares			1,077			(441)
Stock option expense				620
Other				(22)
Reclassified to contributed surplus				(350,671)
Distributions to shareholders					(320,692)
Reclassified from additional paid in capital					350,671
Net (loss) income						527,218
Balance at end of year at Dec. 31, 2021	$ 1,928,741	$ 10,061	$ (4,309)	$ 285	$ 1,762,649	$ 160,055

ORGANIZATION AND BUSINESS

ORGANIZATION AND BUSINESS	12 Months Ended
	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND BUSINESS	ORGANIZATION AND BUSINESS Historical Structure of the Company We were incorporated as Knightsbridge Tankers Limited in Bermuda as an exempted company under the Bermuda Companies Act of 1981 on September 18, 1996. We were originally established for the purpose of owning and operating five VLCCs. However, we expanded our business to the dry bulk segment from 2009 and onwards by acquiring secondhand vessels and by entering into newbuilding contracts. Between 2007 and 2013, we sold our five VLCCs and subsequently discontinued our crude oil tanker operations. In 2014, we made significant expansion in the dry bulk segment by acquiring 29 SPCs, from Frontline 2012, each owning a dry bulk newbuilding, all of which were delivered to us between 2014 and 2018. On October 7, 2014, we entered into the Merger Agreement, with the Former Golden Ocean, a dry bulk shipping company based in Bermuda and listed on the Oslo Stock Exchange ("OSE"), pursuant to which the two companies agreed to merge, with us as the surviving company. The Merger was completed on March 31, 2015. As of March 31, 2015, and following completion of the Merger, we owned 47 vessels and had 25 vessels under construction. Prior to entering into the Merger Agreement, we changed our name to Knightsbridge Shipping Limited and we subsequently changed our name to Golden Ocean Group Limited following completion of the Merger. Our common shares commenced trading on the NASDAQ in February 1997 and currently trade under the symbol "GOGL". We obtained a secondary listing on the OSE in April 2015. In 2017, we acquired 16 dry bulk vessels in transactions where we issued in aggregate 17.8 million consideration shares and assumed bank debt and seller credit loans of $285.2 million. Of the 16 acquired vessels, 14 were acquired from subsidiaries of Quintana and two Panamax vessels were acquired from affiliates of Hemen. Also in 2017, we entered into agreements to acquire two Capesize vessels from Hemen at an aggregated purchase price of $86.0 million. As settlement of the purchase price for the vessels, we issued in aggregate 4.0 million consideration shares, paid $9.0 million in cash and assumed seller's credit loans of $43.0 million with an affiliate of Hemen. In 2021, we acquired 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 Acquisition was financed by $338 million in new equity capital and a $414 million debt facility provided by affiliates of Hemen. Business We own and operate dry bulk carriers of primarily four sizes: Newcastlemax vessels, which are between 200,000 and 210,000 dwt, Capesize vessels, which are between 105,000 and 200,000 dwt, Panamax vessels, which are vessels between 65,000 and 105,000 dwt, and Ultramax vessels, which are between 55,000 and 65,000 dwt. We operate through subsidiaries located in Bermuda, Liberia, the Marshall Islands, Norway, Singapore and UK. We are also involved in the charter, purchase and sale of vessels.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price to each performance obligation, impairment of assets, the amount of uncollectible accounts and accounts receivable, the amount to be paid for certain liabilities, including contingent liabilities, the amount of costs to be capitalized in connection with the construction of newbuildings and the determination of useful life of our vessels. Actual results could differ from those estimates. Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets and liabilities requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels and the operating costs (including drydocking costs) of those vessels and the discount rate used in cash flow based valuations. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations. Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, where we charter the ship out to a charterer, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. After adoption of ASC 842 on January 1, 2019, time charter contracts are accounted for under ASC 842 leases and revenues are recorded over the term of the charter. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 or 95% freight paid within three We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. Several of our Capesize vessels operated under a pool arrangement for Capesize vessels with CCL in 2021, 2020 and 2019. All vessels were redelivered to us as of December 31, 2021. Revenues and expenses for our owned vessels generated through this pool arrangement are presented gross. We consider ourselves the principal under the charter parties with the customers for the vessels that operate under this pool arrangement, primarily because we consider ourselves to have control over the service to be transferred for the customer under the charter parties. CCL, as pool manager, calculates the total pool revenues, pool expenses and pool results based on each participant’s reported results. Based on the aggregated pool results as defined under the pool agreement and a pre-determined pool key, reflecting a vessel’s earning capacity, CCL calculates and allocates a pool result for each vessel. The difference between the calculated pool result for our owned vessels and the actual result from the charter party with the third party customer is a settlement amount with CCL. This settlement amount allocated under the pool arrangement, is presented as other operating income (expenses), net, in our consolidated statements of operations. Our Ultramax vessels operated under a RSA, for Supramax vessels managed by CTM in 2021, 2020 and 2019. All vessels were redelivered to us as of December 31, 2021. Under this RSA, CTM performs both commercial and operational functions related to the contracts with the third party customers. CTM as manager, records all revenues and voyage expenses for all vessels under the arrangement which include vessels owned by third parties. The revenues and voyage expenses are pooled together, allocated and the net result is distributed to each participant under the arrangement in accordance with an agreed-upon formula. Under this RSA, CTM also operates and therefore controls the use of our owned vessels included under the arrangement. As a result, the RSA for our vessels with CTM is considered to meet the definition of a lease. We account for the transactions with CTM as variable rate operating leases and recognize revenues for the applicable period based on the net amount to be distributed by CTM. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. Gains and losses on the sale of vessels Gains and losses on the sale of vessels are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the net proceeds received with the carrying value of the vessel. Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments included in our leases, are recognized when the contingent conditions have materialized. Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, applying the "expense as incurred" method. Impairment of vessels, newbuildings and right of use assets The carrying values of our vessels, newbuildings and right of use assets are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Indicators of impairment are identified based on a combination of factors which include amongst other, development of secondhand vessel values based on external appraisals of our ships, development of forward freight rates, spot rates and operating cash flow. If impairment indicators exist, we assess the recoverability of the carrying value of each asset on an individual basis. We assess recoverability of the carrying value of owned vessels and newbuildings on an individual basis by estimating the future undiscounted cash flows expected to result from the asset, including any remaining construction costs for newbuildings, and eventual disposal. Fair value for our owned vessels and newbuildings is estimated based on values achieved for the sale/purchase of similar vessels and external appraisals. In addition, owned vessels held for sale are reported at the lower of carrying amount and fair value less estimated costs to sell. Recoverability of right of use assets is assessed 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. For owned vessels, newbuildings and right of use assets, if the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's carrying value and estimated fair value derived from cash flow based valuations. Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. For any newbuildings that are constructed, we capitalize interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense inc urred in the period. As of December 31, 2021 the amounts that should have been capitalized are determined to be immaterial Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments. Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents. Restricted cash Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading. Marketable securities Our marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations. Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows. Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized. Receivables Trade receivables, other receivables and long-term receivables are presented net of allowances for doubtful balances and credit losses. The company creates the allowance for expected credit losses to reflect the risk of estimated loss during the lifetime of receivables. The Company makes significant judgements and assumptions to estimate its expected losses. The allowance for credit losses can be determined using various methods, such as loss-rate methods, probability-of-default method or methods that utilize an aging schedule. At each reporting date, the allowance for credit losses is recorded as a reduction of receivables. Net income is adjusted to reflect the change in estimate from prior period. On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The Company recorded a net decrease to retained earnings of $0.22 million as of January 1, 2020 for the cumulative effect of adopting the standard. If trade accounts receivable become uncollectible, they are charged as an operating expense. Allowance for doubtful balances is deducted from the allowance for credit losses and recorded separately as a reduction of accounts receivable. Allowance for doubtful balances are recorded in the period in which the financial assets are deemed uncollectible. Interest income on interest bearing receivables is recognized on an accrual basis using prevailing contractual interest rates. Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis. Vessels, newbuildings and depreciation Vessels are stated at cost less accumulated depreciation. Newbuildings represent the accumulated costs to the balance sheet date which we have paid by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. For vessels under construction ("Newbuildings") no charge for depreciation is made until the vessel is available for use. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10-year historical average up to the date we take ownership of the vessel, across the two main recycling market s (Indian sub-continent and Bangladesh). Re sidual values are reviewed annually. Finance leases We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment where we have substantially all the risks and rewards of ownership are classified as finance leases and we recognize on the balance sheet the right to use those assets and a corresponding liability. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We make significant judgements and assumptions to estimate our incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. We perform the following steps in estimating our incremental borrowing rate: (i) gather observable debt yields of our recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is expensed to the Consolidated Statement of Operations over the lease period. Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the Consolidated Statement of Operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful life or on a straight-line basis over the expected term of the lease if shorter. On January 1, 2019, we adopted the provisions of ASC 842 Leases using the modified retrospective approach. The adoption of the new accounting standard has not had any material impact for the accounting of our one and only finance lease arrangement which we had as of January 1, 2019. Operating leases Our operating leases relate to vessels, offices and equipment under leasing agreements that do not meet the criteria to be classified as finance leases. We recognize on the balance sheet the right to use those assets and a corresponding liability in respect of all material lease contracts with a duration, or lease term, of 12-months or above. Similar to our finance leases, the discount rate used for calculating the cost of the operating leases is the incremental cost of borrowing. The amortization of right of use assets relating to operating leased vessels is presented under charter hire expenses in the statement of operations. Impairment loss related to operating leases is presented in the income statement as a separate line within operating expense under Impairment loss on right of use assets. For our time charter-in contracts, a non-lease component, or service element has been determined which is reported under ship operating expenses. We make significant judgements and assumptions to separate the lease component from the non-lease component of our time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of our time charters, we have concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. We believe that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated and the residual transaction price is attributed to the vessel lease component. The amortization of right of use assets relating to office leases is reported under administrative expenses in the statement of operations. Value of long-term charter contracts We account for the fair value of acquired long-term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us. The amortization of time charter out contracts is recorded and presented under time charter revenues and the amortization of time charter-in contracts is amortized and presented under charter hire expenses in the consolidated statement of operations. Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share of results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second-hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Sales of shares of an investee is accounted for as gains or losses under non-operating items equal to the difference at the time of sale between selling price and carrying amount of the shares sold. Deferred charges Loan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt. Distributions to shareholders Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account. Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period. Comprehensive income

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	12 Months Ended
	Dec. 31, 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 ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate 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.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Bermuda We are incorporated in Bermuda. Under current Bermuda law, we are not required to pay taxes in Bermuda on either income or capital gains. We have received written assurance from the Minister of Finance in Bermuda that, in the event of any such taxes being imposed, we will be exempted from taxation until March 31, 2035. United States We do not accrue U.S. income taxes as we are not engaged in a U.S. trade or business and are exempted from a gross basis tax under Section 883 of the U.S. Internal Revenue Code. A reconciliation between the income tax expense resulting from applying the U.S. Federal statutory income tax rate and the reported income tax expense has not been presented herein as it would not provide additional useful information to users of the financial statements as our net income is subject to neither Bermuda nor U.S. tax. Singapore We are eligible and participate under the Maritime Sector Incentive-Approved International Shipping Enterprise (MSI- AIS) award in Singapore. All qualified shipping income derived from the shipping activity in our Singapore subsidiary is exempt from taxation for the duration of our MSI-AIS approval. The MSI-AIS approval was in June 2015 for a period of ten years. Other Jurisdictions Our subsidiary in Norway and United Kingdom are subject to income tax. The tax paid by subsidiaries of the Company that are subject to income tax is not material to our consolidated financial statements and related disclosures.

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2021
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION Our chief operating decision maker (the ''CODM''), measures performance based on our overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment. Our vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful. For the year ended December 31, 2021, one customer accounted for 10 percent or more of our consolidated revenues in the amount of $117.7 million. For the years ended December 31, 2020 and 2019, no customer accounted for 10 percent or more of our consolidated revenues.

EARNINGS PER SHARE

EARNINGS PER SHARE	12 Months Ended
	Dec. 31, 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 are as follows: (in thousands of $) 2021 2020 2019 Net income (loss) 527,218 (137,669) 37,189 (in thousands) 2021 2020 2019 Weighted average number of shares outstanding - basic 192,355 143,282 143,505 Dilutive impact of stock options 615 — 94 Weighted average number of shares outstanding - diluted 192,970 143,282 143,599 As of December 31, 2021, total outstanding share options were 1,100,000 which for the period ended December 31, 2021 were dilutive under the treasury stock method by 614,802 shares. No own shares were acquired in 2021 and 2020. In 2019, we acquired an aggregate of 855,000 of our own shares, in open market transactions under our share buy-back program. As of December 31, 2021, we have repurchased a total of 1,300,000 shares under our share buy-back program, and following a distribution of 545,000 shares in connection with our 2016 Share Option Plan, we held 755,000 treasury shares (December 31, 2020: 945,000 treasury shares, December 31, 2019: 995,000 treasury shares). All own shares and distributions have been weighted for the portion of the period they were outstanding. As a result, the treasury shares reduced the weighted average number of shares outstanding in 2021, 2020 and 2019 by 786,425, 990,765 and 767,836 shares, respectively.

OPERATING REVENUES

OPERATING REVENUES	12 Months Ended
	Dec. 31, 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 year ended December 31, 2021, 2020 and 2019: (in thousands of $) 2021 2020 2019 Time charter revenues 603,959 235,673 299,946 Voyage charter revenues 597,812 370,130 404,184 Other revenues 1,410 2,140 1,669 Total operating revenues 1,203,181 607,943 705,799 In 2021, 2020 and 2019, we recognized a total of $49.1 million, $16.6 million and $26.8 million, re spectively, in demurrage which is included under voyage charter revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes taken or the vessel speed. However, some of our voyage charter contracts could be considered to contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. When a lessor, we have elected the practical expedient for our time charter contracts and voyage charter contracts that qualify as leases to not separate the non-lease component, or service element, from the lease. Furthermore, ASC 842 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 h ave 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. For the year ended December 31, 2021 the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 603,959 — 603,959 Voyage charter revenues 192,895 404,917 597,812 Other revenues — 1,410 1,410 Total operating revenues 796,854 406,327 1,203,181 For the year ended December 31, 2020 the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 235,673 — 235,673 Voyage charter revenues 26,111 344,019 370,130 Other revenues — 2,140 2,140 Total operating revenues 261,784 346,159 607,943 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. $20.2 million of contract assets were capitalized in the year ended December 31, 2021 under "Other current assets", of which $17.0 million was amortized up to December 31, 2021, leaving a remaining balance of $3.2 million. In 2021, $3.2 million of contract assets were amortized in relation to voyages in progress at the end of December 31, 2020. $16.5 million of contract assets were capitalized in the year ended December 31, 2020 under "Other current assets", of which $13.3 million was amortized up to December 31, 2020, leaving a remaining balance of $3.2 million. $5.9 million of contract assets were amortized in 2020 in relation to voyages in progress at the end of December 31, 2019. In 2019, we amortized an aggregate of $22.0 million of capitalized voyage expenses, or contract assets classified as other current assets. No impairment losses related to capitalized fulfillment costs were recognized in any of the periods. As of December 31, we reported trade accounts receivable and 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 (contract assets) 14,476 13,105 Trade accounts receivable 15,916 14,774 Other current assets (capitalized fulfillment costs) 3,249 3,233 Total 33,641 31,112 As of December 31, 2021, we recor ded $20.0 million (2020: $15.9 million) in to tal deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In 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 December 31, 2021 relating to the contract assets above amounted to $0.1 million . No impairment losses were recognized as of December 31, 2021. Total revenues for 2021, 2020 a nd 2019 relating to our owned vessels that were under the CCL RSA or arrangements where we are considered the principal were $378.7 million, $264.1 million and $263.5 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 negative $2.0 million, a nd $1.2 million for 2019, and positive $3.0 million for 2020. These amounts are presented under the line item “other operating income (expenses), net”. Total lease revenues for 2021, 2020 and 2019 relating to our owned Supramax vessels that were under the C Transport Holding Ltd ("CTM") RSA and which have been accounted for as operating leases we re $17.3 million, $8.6 million and $11.9 million, respectively.

GAIN ON SALE OF ASSETS

GAIN ON SALE OF ASSETS	12 Months Ended
	Dec. 31, 2021
Gain on Sale of Assets [Abstract]
GAIN ON SALE OF ASSETS	GAIN ON SALE OF ASSETSIn October 2021, we announced the sale of two older Panamax vessels, Golden Opportunity and Golden Endurer, to unrelated third parties for an aggregate sale price of $37.2 million. We recorded a gain from sale of $4.9 million and $4.9 million related to Golden Opportunity and Golden Endurer, respectively. Both vessels were delivered to their new owners in November 2021.

IMPAIRMENT OF VESSELS

IMPAIRMENT OF VESSELS	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment Impairment or Disposal [Abstract]
IMPAIRMENT OF VESSELS	IMPAIRMENT OF 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 2021. The vessel was delivered to its new owner in April 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 March 2021.

IMPAIRMENT OF RIGHT OF USE ASSE

IMPAIRMENT OF RIGHT OF USE ASSETS	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
IMPAIRMENT OF RIGHT OF USE ASSETS	IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded in 2021. In 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL and $24.2 million related to four vessels on operating leases. As of December 31, 2021, we leased in one vessel (2020: one vessel) from SFL and three vessels (2020: three vessels) from third parties, all of which are classified as operating leases. Additionally, as of December 31, 2021 and 2020, respectively, we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, of which one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 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 28, "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 $17,489 for SFL operating lease in 2021 and there was $9.8 million in total profit share for all eight SFL vessels in 2021 recorded as charter hire expense ($37.9 thousand and $0.8 million in 2020 and 2019, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2021 as interest expense of $2.0 million. In 2020 and 2019 we recorded the variable lease expense of $0.7 million and $1.2 million, respectively. The profit share mechanism has not been adjusted with the increased rate. 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. For the Ultramax vessel, Golden Hawk, the daily rate is $13,200 until the expiration of the fixed term of the contract in the first quarter of 2022. Based on an agreement, 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. In 2021, the 6-T/C Baltic Exchange Supramax Index exceeded the daily rate of $13,200 and as of December 31, 2021, index linked compensation of $1.75 million has been paid in full. Further, in 2021, we extended Golden Hawk lease for approximately one year by using extension option in the contract. The daily rate during extension period is $13,700. 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 $19.3 million, $19.2 million and $20.1 million of the non-lease component, or service element, under ship operating expenses for 2021, 2020 and 2019, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.5 million and $0.5 million is recorded in Administrative expenses in the Consolidated Statement of Operations for 2021 and 2020, respectively. Our right of use assets for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 23,973 2,803 25,417 2,660 54,853 Additions — — 10 133 143 Amortization (1,918) (1,042) (4,504) (570) (8,034) Impairment (8,054) (607) (15,562) — (24,223) Balance as of December 31, 2020 14,001 1,154 5,361 2,223 22,739 Additions and modification — 3,240 — 229 3,469 Amortization (1,820) (1,013) (3,053) (357) (6,243) Impairment — — — — — Balance as of December 31, 2021 12,181 3,381 2,308 2,095 19,965 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 2021, we recorded no impairment of right of use assets for operating leases. In 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first quarter of 2020. Our lease obligations for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 21,070 7,224 25,417 2,676 56,387 Additions — — — — — Repayments (2,511) (2,477) (8,947) (437) (14,372) Foreign exchange translation — — — 22 22 Balance as of December 31, 2020 18,559 4,747 16,470 2,261 42,037 Additions — — — — — Repayments (2,667) (4,357) (9,294) (201) (16,519) Modification — 3,240 — — 3,240 Foreign exchange translation — — — 9 9 Balance as of December 31, 2021 15,892 3,630 7,176 2,069 28,767 Current portion 2,537 3,630 7,176 517 13,860 Non-current portion 13,355 — — 1,552 14,907 Charter hire and office rent expense The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 14,995 2023 3,369 2024 3,370 2025 3,289 2026 2,809 Thereafter 4,769 Total minimum lease payments 32,601 Less: Imputed interest (3,834) Present value of operating lease liabilities 28,767 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. As of December 31, 2021, the future rental payments include $2.2 million (2020: $2.6 million) in relation to office rent costs and $30.4 million (2020: $45.3 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases reflected as charter hire expense was $81.7 million in 2021 (2020: $29.0 million, 2019: $66.0 million), which included $62.4 million for short-term leases (2020: $23.5 million). Total cash paid in respect of operating leases was $88.4 million in 2021 (2020: $35.7 million). The weighted average discount rate in relation to our operating leases was 5.36% and 5.20% for 2021 and 2020, respectively. The weighted average lease term was 4.5 and 4.4 years in 2021 and 2020, respectively. Rental income As of December 31, 2021, we leased out eight vessels on fixed time charter rates (2020: eight vessels) and 26 vessels (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. The future operating lease receipts under our operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 31,494 2023 2,261 2024 — 2025 — 2026 — Thereafter — 33,755 An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and as such essentially these contracts are operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of December 31, 2021, the cost and accumulated depreciation of the 34 vessels which were leased out to third parties, were $1,637.3 million and $308.1 million, respectively.
IMPAIRMENT OF RIGHT OF USE ASSETS	IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded in 2021. In 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL and $24.2 million related to four vessels on operating leases. As of December 31, 2021, we held seven vessels under finance lease (December 31, 2020: seven vessels). With reference to Note 11, "Operating Leases", seven of the eight Capesize charters with SFL were amended in December 2019 and resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. The 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. For the calculation of the profit share element and payment structure, refer to Note 11, "Operating Leases". The average daily rate was calculated to be $19,024 for finance leases in 2021 and there was $9.8 million in profit share for all eight SFL vessels in 2021 ($37.9 thousand and $0.8 million in 2020 and 2019, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2021 as interest expense of $2.0 million. In 2020 and 2019 we recorded the variable lease expense of $0.7 million and $1.2 million, respectively. The profit share mechanism has not been adjusted with the increased rate. For a description of purchase options, refer to Note 11, "Operating Leases". The lease term for these vessels has been determined to be 13 years. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 193,987 Additions 6,430 Depreciation (16,928) Impairment (70,009) Balance as of December 31, 2020 113,480 Additions — Depreciation (14,945) Impairment — Balance as of December 31, 2021 98,535 In 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the start of 2020. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 168,708 Additions 17,500 Repayments (44,368) Interest expense on obligations under finance lease 9,365 Balance as of January 1, 2021 151,205 Additions — Repayments (32,237) Interest expense on obligations under finance lease 8,762 Balance as of December 31, 2021 127,730 Current portion 21,755 Non-current portion 105,975 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 6.6 years as of December 31, 2021. The weighted average discount rate was 6.3% and the weighted average lease term was 7.6 years as of December 31, 2020. The outstanding obligations under finance leases as of December 31, 2021 are payable as follows: (in thousands of $) 2022 29,061 2023 24,484 2024 24,553 2025 22,551 2026 20,617 Thereafter 32,977 Minimum lease payments 154,243 Less: imputed interest (26,513) Present value of obligations under finance leases 127,730

OPERATING LEASES

OPERATING LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES As of December 31, 2021, we leased in one vessel (2020: one vessel) from SFL and three vessels (2020: three vessels) from third parties, all of which are classified as operating leases. Additionally, as of December 31, 2021 and 2020, respectively, we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, of which one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 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 28, "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 $17,489 for SFL operating lease in 2021 and there was $9.8 million in total profit share for all eight SFL vessels in 2021 recorded as charter hire expense ($37.9 thousand and $0.8 million in 2020 and 2019, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2021 as interest expense of $2.0 million. In 2020 and 2019 we recorded the variable lease expense of $0.7 million and $1.2 million, respectively. The profit share mechanism has not been adjusted with the increased rate. 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. For the Ultramax vessel, Golden Hawk, the daily rate is $13,200 until the expiration of the fixed term of the contract in the first quarter of 2022. Based on an agreement, 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. In 2021, the 6-T/C Baltic Exchange Supramax Index exceeded the daily rate of $13,200 and as of December 31, 2021, index linked compensation of $1.75 million has been paid in full. Further, in 2021, we extended Golden Hawk lease for approximately one year by using extension option in the contract. The daily rate during extension period is $13,700. 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 $19.3 million, $19.2 million and $20.1 million of the non-lease component, or service element, under ship operating expenses for 2021, 2020 and 2019, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.5 million and $0.5 million is recorded in Administrative expenses in the Consolidated Statement of Operations for 2021 and 2020, respectively. Our right of use assets for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 23,973 2,803 25,417 2,660 54,853 Additions — — 10 133 143 Amortization (1,918) (1,042) (4,504) (570) (8,034) Impairment (8,054) (607) (15,562) — (24,223) Balance as of December 31, 2020 14,001 1,154 5,361 2,223 22,739 Additions and modification — 3,240 — 229 3,469 Amortization (1,820) (1,013) (3,053) (357) (6,243) Impairment — — — — — Balance as of December 31, 2021 12,181 3,381 2,308 2,095 19,965 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 2021, we recorded no impairment of right of use assets for operating leases. In 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first quarter of 2020. Our lease obligations for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 21,070 7,224 25,417 2,676 56,387 Additions — — — — — Repayments (2,511) (2,477) (8,947) (437) (14,372) Foreign exchange translation — — — 22 22 Balance as of December 31, 2020 18,559 4,747 16,470 2,261 42,037 Additions — — — — — Repayments (2,667) (4,357) (9,294) (201) (16,519) Modification — 3,240 — — 3,240 Foreign exchange translation — — — 9 9 Balance as of December 31, 2021 15,892 3,630 7,176 2,069 28,767 Current portion 2,537 3,630 7,176 517 13,860 Non-current portion 13,355 — — 1,552 14,907 Charter hire and office rent expense The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 14,995 2023 3,369 2024 3,370 2025 3,289 2026 2,809 Thereafter 4,769 Total minimum lease payments 32,601 Less: Imputed interest (3,834) Present value of operating lease liabilities 28,767 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. As of December 31, 2021, the future rental payments include $2.2 million (2020: $2.6 million) in relation to office rent costs and $30.4 million (2020: $45.3 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases reflected as charter hire expense was $81.7 million in 2021 (2020: $29.0 million, 2019: $66.0 million), which included $62.4 million for short-term leases (2020: $23.5 million). Total cash paid in respect of operating leases was $88.4 million in 2021 (2020: $35.7 million). The weighted average discount rate in relation to our operating leases was 5.36% and 5.20% for 2021 and 2020, respectively. The weighted average lease term was 4.5 and 4.4 years in 2021 and 2020, respectively. Rental income As of December 31, 2021, we leased out eight vessels on fixed time charter rates (2020: eight vessels) and 26 vessels (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. The future operating lease receipts under our operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 31,494 2023 2,261 2024 — 2025 — 2026 — Thereafter — 33,755 An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and as such essentially these contracts are operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of December 31, 2021, the cost and accumulated depreciation of the 34 vessels which were leased out to third parties, were $1,637.3 million and $308.1 million, respectively.
OPERATING LEASES	IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded in 2021. In 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL and $24.2 million related to four vessels on operating leases. As of December 31, 2021, we leased in one vessel (2020: one vessel) from SFL and three vessels (2020: three vessels) from third parties, all of which are classified as operating leases. Additionally, as of December 31, 2021 and 2020, respectively, we had two operating leases for our offices in Oslo and Singapore. All of these leases had an initial duration above 12 months. In total we have leased in eight vessels from SFL, of which one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of December 31, 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 28, "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 $17,489 for SFL operating lease in 2021 and there was $9.8 million in total profit share for all eight SFL vessels in 2021 recorded as charter hire expense ($37.9 thousand and $0.8 million in 2020 and 2019, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2021 as interest expense of $2.0 million. In 2020 and 2019 we recorded the variable lease expense of $0.7 million and $1.2 million, respectively. The profit share mechanism has not been adjusted with the increased rate. 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. For the Ultramax vessel, Golden Hawk, the daily rate is $13,200 until the expiration of the fixed term of the contract in the first quarter of 2022. Based on an agreement, 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. In 2021, the 6-T/C Baltic Exchange Supramax Index exceeded the daily rate of $13,200 and as of December 31, 2021, index linked compensation of $1.75 million has been paid in full. Further, in 2021, we extended Golden Hawk lease for approximately one year by using extension option in the contract. The daily rate during extension period is $13,700. 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 $19.3 million, $19.2 million and $20.1 million of the non-lease component, or service element, under ship operating expenses for 2021, 2020 and 2019, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.5 million and $0.5 million is recorded in Administrative expenses in the Consolidated Statement of Operations for 2021 and 2020, respectively. Our right of use assets for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 23,973 2,803 25,417 2,660 54,853 Additions — — 10 133 143 Amortization (1,918) (1,042) (4,504) (570) (8,034) Impairment (8,054) (607) (15,562) — (24,223) Balance as of December 31, 2020 14,001 1,154 5,361 2,223 22,739 Additions and modification — 3,240 — 229 3,469 Amortization (1,820) (1,013) (3,053) (357) (6,243) Impairment — — — — — Balance as of December 31, 2021 12,181 3,381 2,308 2,095 19,965 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 2021, we recorded no impairment of right of use assets for operating leases. In 2020, we recorded a total of $24.2 million in impairment of right of use assets for operating leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by impairment indicators identified in the first quarter of 2020. Our lease obligations for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 21,070 7,224 25,417 2,676 56,387 Additions — — — — — Repayments (2,511) (2,477) (8,947) (437) (14,372) Foreign exchange translation — — — 22 22 Balance as of December 31, 2020 18,559 4,747 16,470 2,261 42,037 Additions — — — — — Repayments (2,667) (4,357) (9,294) (201) (16,519) Modification — 3,240 — — 3,240 Foreign exchange translation — — — 9 9 Balance as of December 31, 2021 15,892 3,630 7,176 2,069 28,767 Current portion 2,537 3,630 7,176 517 13,860 Non-current portion 13,355 — — 1,552 14,907 Charter hire and office rent expense The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 14,995 2023 3,369 2024 3,370 2025 3,289 2026 2,809 Thereafter 4,769 Total minimum lease payments 32,601 Less: Imputed interest (3,834) Present value of operating lease liabilities 28,767 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. As of December 31, 2021, the future rental payments include $2.2 million (2020: $2.6 million) in relation to office rent costs and $30.4 million (2020: $45.3 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases reflected as charter hire expense was $81.7 million in 2021 (2020: $29.0 million, 2019: $66.0 million), which included $62.4 million for short-term leases (2020: $23.5 million). Total cash paid in respect of operating leases was $88.4 million in 2021 (2020: $35.7 million). The weighted average discount rate in relation to our operating leases was 5.36% and 5.20% for 2021 and 2020, respectively. The weighted average lease term was 4.5 and 4.4 years in 2021 and 2020, respectively. Rental income As of December 31, 2021, we leased out eight vessels on fixed time charter rates (2020: eight vessels) and 26 vessels (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. The future operating lease receipts under our operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 31,494 2023 2,261 2024 — 2025 — 2026 — Thereafter — 33,755 An index-linked rate in time charter operating leases usually refers to freight rate indices issued by the Baltic Exchange, such as the Baltic Capesize Index and the Baltic Panamax Index, and as such essentially these contracts are operating in the spot market. Index-linked time charter rate operating leases in the table above are included at the minimum rate level of zero. As of December 31, 2021, the cost and accumulated depreciation of the 34 vessels which were leased out to third parties, were $1,637.3 million and $308.1 million, respectively.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of December 31, 2021, 2020 and 2019, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2021 2020 2019 Cash and cash equivalents 197,032 153,093 153,060 Short-term restricted cash 12,985 22,009 10,184 Long-term restricted cash — — — Total cash, cash equivalents and restricted cash shown in the statement of cash flows 210,017 175,102 163,244 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 $69.5 million of cash and cash equivalents as of December 31, 2021 (as of December 31, 2020: $59.8 million and as of December 31, 2019: $64.1 million).

MARKETABLE EQUITY SECURITIES

MARKETABLE EQUITY SECURITIES	12 Months Ended
	Dec. 31, 2021
Marketable Securities [Abstract]
MARKETABLE EQUITY SECURITIES	MARKETABLE EQUITY 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 $) 2021 2020 Balance at start of year 3,684 13,861 Unrealized gain (loss), net (2,000) (10,177) Balance at end of year 1,684 3,684 In 2021, we have received approximately $26.1 thousand in dividends from our investment in Eneti Inc.

TRADE ACCOUNTS RECEIVABLE, NET

TRADE ACCOUNTS RECEIVABLE, NET	12 Months Ended
	Dec. 31, 2021
TRADE ACCOUNTS RECEIVABLE, NET [Abstract]
TRADE ACCOUNTS RECEIVABLE, NET	TRADE ACCOUNTS RECEIVABLE, NET Trade accounts receivables are stated net of a provision for doubtful accounts and credit loss allowance. (in thousands of $) 2021 2020 2019 Trade accounts receivable 29,135 22,904 46,229 Provision for doubtful accounts (253) (165) (594) Allowance for expected credit losses (44) (35) — Total trade accounts receivable, net 28,838 22,704 45,635 Allowance for credit losses for trade accounts receivable amounted to $44.0 thousand as of December 31, 2021 and $35.0 thousand as of December 31, 2020. Movements in the provision for doubtful accounts in the three years ended December 31, 2021 are summarized as follows: (in thousands of $) Balance as of December 31, 2018 337 Additions charged to income 594 Deductions credited to trade receivables (337) Balance as of December 31, 2019 594 Additions charged to income 165 Deductions credited to trade receivables (594) Balance as of December 31, 2020 165 Additions charged to income 253 Deductions credited to trade receivables (165) Balance as of December 31, 2021 253

OTHER CURRENT ASSETS

OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER CURRENT ASSETS	OTHER CURRENT ASSETS (in thousands of $) 2021 2020 Capitalized fulfillment costs 3,541 3,233 Agent receivables 1,227 961 Advances 1,644 1,375 Claims receivables 4,342 2,241 Bunker receivables on time charter-out contracts 16,312 12,053 Other receivables 8,092 9,488 35,158 29,351

VALUE OF CHARTER PARTY CONTRACT

VALUE OF CHARTER PARTY CONTRACTS	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
VALUE OF CHARTER PARTY CONTRACTS	VALUE OF CHARTER PARTY CONTRACTS The value of favorable charter-out contracts is summarized as follows: (in thousands of $) 2021 2020 2019 Opening balance 4,073 16,221 34,953 Amortization charge (4,073) (12,148) (18,732) Total — 4,073 16,221 Less: current portion — (4,073) (12,148) Non-current portion — — 4,073 Value of the favorable charter party contracts relates primarily to contracts acquired as part of the Merger. Time charter revenues in 2021, 2020 and 2019 have been reduced by $4.1 million, $12.1 million and $18.7 million, respectively, as a result of the amortization of these favorable charter-out contracts. As of December 31, 2021, the remaining value of these favorable charter-out contracts is nil. With reference to Note 17, "Vessels and equipment, net'', in co

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2019 2,706,794 (366,041) 2,340,753 Additions 31,531 — 31,531 Disposals — — — Impairment loss on vessels (721) — (721) Transfers to held for sale (11,499) 1,996 (9,503) Depreciation — (94,374) (94,374) Balance as of December 31, 2020 2,726,105 (458,419) 2,267,686 Additions Vessel Acquisitions 640,991 — 640,991 Additions BWTS 2,911 — 2,911 Disposals (18,746) 4,103 (14,643) Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (27,635) 7,506 (20,129) Impairment loss (4,187) — (4,187) Depreciation — (108,754) (108,754) Balance as of December 31, 2021 3,435,885 (555,564) 2,880,321 As of December 31, 2021, we owned 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes (as of 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”), whereas $637.5 million related to vessels and $114.5 million related to newbuildings. 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. With reference to our Consolidated Statements of Cash Flows, 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 . With reference to Note 18, ''Newbuildings'', remaining $63 million were drawn in cash. Total cash payment to Hemen for vessels and newbuildings 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 consideration, $2.2 million relating to unfavorable contracts (refer en ce to Note 16, "Value of Charter Party Contracts"), $2.1 million for newbuildings predelivery and technical supervision costs (reference to Note 18, "Newbuildings") and various other costs of $1.1 million. In 2021, we capitalized a total of $2.9 million in relation to the installation of ballast water treatment system. In 2020, we capitalized in total $1.2 million in relation to the installation of ballast water treatment system and $30.4 million in relation to the completed installation of scrubbers. In October 2021, we announced the sale of two older Panamax vessels, Golden Opportunity and Golden Endurer, to unrelated third parties for an aggregate sale price of $37.2 million. We recorded a gain from sale of $4.9 million and $4.9 million related to Golden Opportunity and Golden Endurer, respectively. Both vessels were delivered to their new owners in November 2021, upon which final payments were received and an aggregate of $14.3 million in debt was repaid. 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 owner in April 2021. An impairment loss of $4.2 million was recognized related to the sale of the vessel in the period. In December 2020, we entered into an agreement to sell the Golden Shea, a Panamax vessel, for $9.6 million. The vessel was delivered to her new owner in March 2021. An impairment loss of $0.7 million was recognized related to the sale of the vessel. Total depreciation expense was $108.8 million, $94.4 million and $93.0 million in 2021, 2020 and 2019, respectively.

NEWBUILDINGS

NEWBUILDINGS	12 Months Ended
	Dec. 31, 2021
Newbuildings [Abstract]
NEWBUILDINGS	NEWBUILDINGS As 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, and in addition included $0.6 million working capital payment which was recorded as ‘Other assets’. Furth er, final payments to the shipyards for all three newbuildings amounted to $68.4 million, which was paid net of $2.5 million penalty received from shipyards for late delivery of newbuildings (liquidated damages). 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. Out of total $2.5 million in liquidated damages received from the shipyards by us, $2.2 million were reimbursed to Hemen (for the period when newbuildings belonged to Hemen). In addition, we paid $2.1 million predelivery and technical supervision costs. Total newbuilding balance of $116.4 million was transferred to Vessel and Equipment upon delivery of newbuildings. There is no remaining newbuildings balance for Golden Spray, Golden Fast and Golden Furious as of December 31, 2021. In September 2021, the Company entered into an agreement for the construction of three high-specification latest generation 85,000 dwt ECO-type Kamsarmax vessel. In October 2021, the Company paid first installments of $15.2 million. Outstanding contractual commitments of $85 million are due between the first quarter of 2022 and first quarter of 2024. In October 2021, the Company entered into agreement to construct four Kamsarmax vessels. The contract price of $137.6 million is payable in several installments between the fourth quarter of 2021 and the fourth quarter of 2023. In 2021, the Company paid first installments of $20.9 million. The balance as of 31.12.2021 relates to seven Kamsarmax newbuildings described above and amounts to $35.7 million. Remaining Kamsarmax commitments will be partly financed with the proceeds from the sales of older vessels. Including the February 2022 sale of three older Panamax vessels (refer to Note 31, ''Subsequent events''), we generated aggregate net cash proceeds of around $60 million over the last 15 months, representing the majority of the estimated required equity to fund remaining commitments. Remaining contractual commitments will be financed through the above-mentioned vessel sales proceeds, operating cash flows and debt financing to be established closer to the delivery of the newbuildings.

FINANCE LEASES

FINANCE LEASES	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
FINANCE LEASES	IMPAIRMENT OF RIGHT OF USE ASSETS No impairment losses were recorded in 2021. In 2020, we recorded an impairment loss of $94.2 million related to our leased vessels. Based on impairment tests performed as of March 31, 2020 on an asset by asset basis, estimated undiscounted cash flows expected to be earned by each of our leased vessels over the remaining lease term were below carrying value of the vessels, and we have adjusted the carrying value of the leased vessels to the fair value of the leased vessels. The impairment consisted of $70.0 million related to seven vessels on financial lease from SFL and $24.2 million related to four vessels on operating leases. As of December 31, 2021, we held seven vessels under finance lease (December 31, 2020: seven vessels). With reference to Note 11, "Operating Leases", seven of the eight Capesize charters with SFL were amended in December 2019 and resulted in a lease modification whereby these seven leases were remeasured and re-classified to finance leases as of December 31, 2019. The 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. For the calculation of the profit share element and payment structure, refer to Note 11, "Operating Leases". The average daily rate was calculated to be $19,024 for finance leases in 2021 and there was $9.8 million in profit share for all eight SFL vessels in 2021 ($37.9 thousand and $0.8 million in 2020 and 2019, respectively). Contingent or variable lease expense for the eight SFL leases was recorded in 2021 as interest expense of $2.0 million. In 2020 and 2019 we recorded the variable lease expense of $0.7 million and $1.2 million, respectively. The profit share mechanism has not been adjusted with the increased rate. For a description of purchase options, refer to Note 11, "Operating Leases". The lease term for these vessels has been determined to be 13 years. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 193,987 Additions 6,430 Depreciation (16,928) Impairment (70,009) Balance as of December 31, 2020 113,480 Additions — Depreciation (14,945) Impairment — Balance as of December 31, 2021 98,535 In 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the start of 2020. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 168,708 Additions 17,500 Repayments (44,368) Interest expense on obligations under finance lease 9,365 Balance as of January 1, 2021 151,205 Additions — Repayments (32,237) Interest expense on obligations under finance lease 8,762 Balance as of December 31, 2021 127,730 Current portion 21,755 Non-current portion 105,975 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 6.6 years as of December 31, 2021. The weighted average discount rate was 6.3% and the weighted average lease term was 7.6 years as of December 31, 2020. The outstanding obligations under finance leases as of December 31, 2021 are payable as follows: (in thousands of $) 2022 29,061 2023 24,484 2024 24,553 2025 22,551 2026 20,617 Thereafter 32,977 Minimum lease payments 154,243 Less: imputed interest (26,513) Present value of obligations under finance leases 127,730

VESSELS HELD FOR SALE

VESSELS HELD FOR SALE	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
VESSELS HELD FOR SALE	VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2019 2,706,794 (366,041) 2,340,753 Additions 31,531 — 31,531 Disposals — — — Impairment loss on vessels (721) — (721) Transfers to held for sale (11,499) 1,996 (9,503) Depreciation — (94,374) (94,374) Balance as of December 31, 2020 2,726,105 (458,419) 2,267,686 Additions Vessel Acquisitions 640,991 — 640,991 Additions BWTS 2,911 — 2,911 Disposals (18,746) 4,103 (14,643) Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (27,635) 7,506 (20,129) Impairment loss (4,187) — (4,187) Depreciation — (108,754) (108,754) Balance as of December 31, 2021 3,435,885 (555,564) 2,880,321 As of December 31, 2021, we owned 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes (as of 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”), whereas $637.5 million related to vessels and $114.5 million related to newbuildings. 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. With reference to our Consolidated Statements of Cash Flows, 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 . With reference to Note 18, ''Newbuildings'', remaining $63 million were drawn in cash. Total cash payment to Hemen for vessels and newbuildings 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 consideration, $2.2 million relating to unfavorable contracts (refer en ce to Note 16, "Value of Charter Party Contracts"), $2.1 million for newbuildings predelivery and technical supervision costs (reference to Note 18, "Newbuildings") and various other costs of $1.1 million. In 2021, we capitalized a total of $2.9 million in relation to the installation of ballast water treatment system. In 2020, we capitalized in total $1.2 million in relation to the installation of ballast water treatment system and $30.4 million in relation to the completed installation of scrubbers. In October 2021, we announced the sale of two older Panamax vessels, Golden Opportunity and Golden Endurer, to unrelated third parties for an aggregate sale price of $37.2 million. We recorded a gain from sale of $4.9 million and $4.9 million related to Golden Opportunity and Golden Endurer, respectively. Both vessels were delivered to their new owners in November 2021, upon which final payments were received and an aggregate of $14.3 million in debt was repaid. 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 owner in April 2021. An impairment loss of $4.2 million was recognized related to the sale of the vessel in the period. In December 2020, we entered into an agreement to sell the Golden Shea, a Panamax vessel, for $9.6 million. The vessel was delivered to her new owner in March 2021. An impairment loss of $0.7 million was recognized related to the sale of the vessel. Total depreciation expense was $108.8 million, $94.4 million and $93.0 million in 2021, 2020 and 2019, respectively.

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS As of December 31, the Company 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 % Seateam Management Pte. Ltd. ("Seateam") — % — % Capesize Chartering Ltd. ("CCL")* 25.00 % 25.00 % *Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands . Movements in equity method investments for the years ended December 31, 2021 and 2020 are summarized as follows: (in thousands of $) Swiss Marine UFC SeaTeam TFG Marine Other Total Balance as of December 31, 2019 19,557 1,027 899 — — 21,483 Distributions received from associated companies — (450) — — — (450) Disposals of equity method investments — — (999) — — (999) Loss on disposal of equity method investments (32) — — — — (32) Equity contribution — — — 75 — 75 Share of income / (loss) (4,154) (32) 100 408 — (3,678) Balance as of December 31, 2020 15,371 545 — 483 — 16,399 Share of income / (loss) 24,351 1,073 — (483) (459) 24,482 Balance as of December 31, 2021 39,722 1,618 — — (459) 40,881 Asset 39,722 1,618 — — 3 41,343 Liability — — — — (462) (462) We have an equity investment of 17.5% in SwissMarine, formerly known as 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. The loan bears interests equivalent to the 12-month LIBOR plus a margin of 2%. 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 $5.35 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 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 also provided a shareholder loan of $1.0 million to TFG Marine, with outstanding amount of $0.9 million as of December 31, 2021. 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. In October 2020, we completed the sale of our 22.19% ownership interest in SeaTeam to OSM Maritime Group. Total consideration allocated to us amounted to $3.6 million, out of which $1.7 million was received on October 20, 2020 upon

DEBT

DEBT	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
DEBT	DEBT (in thousands of $) 2021 2020 $304.0 million term loan and revolving facility 235,315 304,014 $93.75 million term loan 77,314 83,888 $131.79 million term loan 98,681 114,036 $155.3 million term loan 121,573 142,400 $120.0 million term loan 81,071 99,661 $420.0 million term loan 280,387 310,023 $260.0 million lease financing 256,905 — $175.0 million term loan and revolving facility 122,477 — Total U.S. dollar denominated floating rate debt 1,273,723 1,054,022 Deferred charges (11,378) (8,539) Total debt 1,262,345 1,045,483 Current portion of debt (105,864) (87,831) Long-term portion of debt 1,156,481 957,652 Movements in 2021 and 2020 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance as of December 31, 2019 1,122,148 (8,278) 1,113,870 Loan repayments (390,138) — (390,138) Loan draw downs 322,012 — 322,012 Capitalization of debt issuance cost, net of amortization — (261) (261) Balance as of December 31, 2020 1,054,022 (8,539) 1,045,483 Loan repayments (628,900) — (628,900) Loan draw downs 848,601 — 848,601 Capitalization of debt issuance cost, net of amortization — (2,839) (2,839) Balance as of December 31, 2021 1,273,723 (11,378) 1,262,345 $175.0 million term loan facility In August 2021, we entered into the $175.0 million loan facility refinancing six Newcastlemax vessels acquired from Hemen, previously financed under the $413.6 million loan agreement with Sterna Finance Ltd., a related party (the "Sterna Facility"). The new $175 million loan facility has a five-year tenor and 19-year age adjusted repayment profile. The facility bears interest of LIBOR plus a margin of 1.9%. It also includes a $50 million non-amortizing revolving credit tranche. All tranches under the term loan facility mature in August 2026, with a balloon payment of $77.1 million. Repayments of term loan are made on a quarterly basis from fourth quarter of 2021 onward. During 2021, $2.5 million was repaid in regular repayments and we also repaid the full $50 million revolving credit tranche. Thus, we have $50 million in available undrawn amount. $260.0 million lease financing In August 2021, the Company signed a sale-and-leaseback agreement for an amount of $260.0 million, refinancing the remaining nine vessels and three newbuildings financed by the Sterna Facility. The lease financing has a seven-year tenor, carries an interest rate of LIBOR plus a margin of 2%, has a straight line amortization profile of 21 years and has purchase options throughout the term, with a purchase obligation at maturity. Repayments are made on a quarterly basis from fourth quarter of 2021 onward. During 2021, $3.1 million was repaid and there was no available undrawn amount. $304.0 million term loan facility In November 2020, we entered into the $304.0 million term loan and revolving credit facility to refinance our obligations under $425.0 million credit facility that was scheduled to mature in March 2021. This loan facility has been entered into with six reputable shipping banks, five of which were part of the group of banks that financed the $425.0 million credit facility and is secured by 14 Capesize vessels. The term loan facility of $254.0 million has a tenor of five years and a 20-year age adjusted repayment profile, carrying an interest cost of LIBOR plus a margin of 2.35%. All tranches under the term loan facility mature in November 2025, with a balloon payment of $165.2 million. Repayments of term loan are made on a quarterly basis from first quarter of 2021 onward. The facility includes a non-amortizing revolving credit tranche of $50.0 million with maturity date in November 2025. During 2021, $18.7 million (2020: Nil) was repaid in regular repayments and we also repaid the full $50.0 million revolving credit tranche. Thus, we have $50.0 million in available undrawn amount. $93.75 million and $131.79 million loan facilities In May 2019, we entered into two loan facilities, one for $93.75 million and one for $131.79 million, to refinance our obligations under the three non-recourse loan facilities, $102.7 million credit facility, $73.4 million credit facility and $80.2 million credit facility, which financed the 14 vessels acquired from Quintana in 2017. In connection with this refinancing, we prepaid the outstanding debt under the three non-recourse loan facilities of $222.1 million. $93.75 million loan facility This facility has a five-year tenor and a 19-year age adjusted amortization profile. The facility bears interest of LIBOR plus a margin of 2.15%. Repayments are made on a quarterly basis from third quarter of 2019 onward. All tranches under the facility mature in second quarter of 2024, with a balloon payment of in total $62.5 million. During 2021, $6.6 million (2020: $6.6 million) was repaid and there was no available undrawn amount. $131.79 million loan facility This facility has a five-year tenor and a 19-year age adjusted amortization profile. The facility bears interest of LIBOR plus a margin of 2.10%. Repayments are made on a quarterly basis from third quarter of 2019 onward. All tranches under the facility mature in second quarter of 2024, with a balloon payment of in total $76.6 million. During 2021, $15.4 million (2020: $11.8 million) was repaid and there was no available undrawn amount. $155.3 million loan facility In November 2019, we refinanced our $284.0 million loan facility that financed 15 vessels and was scheduled to mature in December 2019. A $155.3 million term loan facility was entered into with six reputable shipping banks, five of which were part of the group of banks that financed the $284.0 million facility. In connection with this refinancing, we prepaid the outstanding debt under the $284.0 million facility of $155.4 million. This facility bears interest of LIBOR plus a margin of 2.10%. Repayments are made on a quarterly basis from first quarter of 2020 onward. All tranches under the facility mature in fourth quarter of 2024, with a balloon payment of in total $88.3 million. During 2021, $20.8 million (2020: $13.0 million) was repaid and there was no available undrawn amount. $120.0 million term loan facility In May 2018, we entered into a $120.0 million term loan facility to refinance 10 vessels and repay $58.3 million due under the $34.0 million term loan facility and the $82.5 million term loan facilities with maturity in 2018 and prepay the full outstanding amounts under our related party seller credit loans of $65.5 million. This facility bears interest of LIBOR plus a margin of 2.25%. Repayments are made on a quarterly basis from third quarter of 2018 onward. All tranches under the facility mature in April 2025, with a balloon payment of in total $59.8 million. During 2021, $18.6 million (2020: $8.1 million) was repaid and there was no available, undrawn amount. $420.0 million term loan facility In June 2014, we entered into a term loan facility of up to $420.0 million, dependent on the market values of the vessels at the time of draw down, consisting of 14 tranches of up to $30.0 million to finance, in part, 14 newbuilding vessels. Each tranche is repayable by quarterly installments based on a 20-years profile from the delivery date of each vessel and all amounts outstanding shall be repaid on June 30, 2020. The facility has an interest rate of LIBOR plus a margin of 2.5%. In January 2016, following an accelerated repayment to comply with the minimum value covenant as of December 31, 2015, the quarterly repayment schedule was amended to $5.2 million, in total, for all 14 tranches. In February 2019, we extended our $420 million term loan facility for 14 vessels by three years from June 2020 to June 2023 at LIBOR plus a margin of 2.5% and upsized the facility to partially finance the installation of scrubbers on up to 11 vessels. Each scrubber installation was financed with up to $3 million in a separate tranche to be repaid over three years, commencing January 1, 2020. During 2021, $29.6 million (2020: $28.1 million) was repaid and nil was drawn down (2020: $18 million drawn down for the remaining six installations). As of December 31, 2021, $280.4 million (2020: $310.0 million) was outstanding under this facility and there was no available, undrawn amount. The facility is secured by 14 of our Capesize vessels. $425.0 million senior secured post-delivery term loan facility In February 2015, we entered into a senior secured post-delivery term loan facility of up to $425.0 million, depending on the market values of the vessels at the time of draw down, to partially finance 14 newbuilding vessels. The facility was initially divided into 12 tranches of $30.0 million and two tranches of $32.5 million. Each tranche was originally repayable in quarterly payments of 1/80 of the drawn down amount and all amounts outstanding are to be repaid on the final maturity date of March 31, 2021. The loan bore interest at LIBOR plus a margin of 2.0%. In December 2015, the loan agreement was amended and the minimum l evel of the loan to value was increased from 55% to 70%. The margin was also amended to 2.20% plus LIBOR and the quarterly repayments changed from 1/80 to 1/64 of the drawn down amount. The amendment also allowed us to substitute the optional additional borrowers with another of our wholly owned subsidiaries. In November 2020, we fully repaid the outstanding amounts under the $425.0 million credit facility and drew down on the new $304.0 million term loan and revolving credit facility. In total, during 2020, $322.5 million was repaid. Financial covenants Our loan agreements contain loan-to-value clauses, which could require us to post additional collateral or prepay a portion of the outstanding borrowings should the value of the vessels securing borrowings under each of such agreements decrease below required levels. In addition, the loan agreements contain certain financial covenants, including the requirement to maintain a certain level of free cash, positive working capital as defined in the loan agreement and a value adjusted equity covenant. Under most of our debt facilities the aggregate value of the collateral vessels shall not fall below 135% of the loan outstanding, depending on the facility (for $175 million loan facility and $260 million lease financing, the value should not fall below $130% and 115%, respectively). We need to maintain free cash of at least $20 million or 5% of total interest bearing debt, maintain positive working capital and maintain a value adjusted equity of at least 25% of value adjusted total assets. With regards to free cash, we have covenanted to retain at least $69.5 million of cash and cash equivalents as of December 31, 2021 (December 31, 2020: $59.8 million) and in accordance with our accounting policy this is classified under cash and cash equivalents. In addition, none of our vessel owning subsidiaries may sell, transfer or otherwise dispose of their interests in the vessels they own without the prior written consent of the applicable lenders unless, in the case of a vessel sale, the outstanding borrowings under the credit facility applicable to that vessel are repaid in full. Failure to comply with any of the covenants in the loan agreements could result in a default, which would permit the lender to accelerate the maturity of the debt and to foreclose upon any collateral securing the debt. Under those circumstances, we might not have sufficient funds or other resources to satisfy our obligations. As of December 31, 2021 and December 31, 2020, we were in compliance with our covenants. Deferred charges Debt issuance costs of $11.4 million as of December 31, 2021 (2020: $8.5 million) are presented as a deduction from the carrying value of our debt. The outstanding debt as of December 31, 2021 is repayable as follows: (in thousands of $) 2022 105,864 2023 326,979 2024 288,277 2025 263,108 2026 94,497 Thereafter 194,998 Total U.S. dollar denominated floating rate debt 1,273,723 Deferred charges (11,378) Total debt 1,262,345 Assets pledged As of December 31, 2021, 81 vessels (2020: 67 vessels) with an aggregate carrying value of $2,880.3 million (2020: $2,267.7 million) were pledged as security for our floating rate debt. Weighted average interest

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
ACCRUED EXPENSES	ACCRUED EXPENSES (in thousands of $) 2021 2020 Voyage expenses 11,204 16,785 Ship operating expenses 17,968 12,208 Administrative expenses 4,570 695 Tax expenses 394 171 Interest expenses 4,433 4,691 38,569 34,550

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	OTHER CURRENT LIABILITIES (in thousands of $) 2021 2020 Deferred charter revenue 34,626 25,504 Payroll and employee tax accruals 654 698 Bunker obligations on time charter out contracts 1,523 435 Other current liabilities 462 1,440 37,265 28,077

DERIVATIVE INSTRUMENTS PAYABLE

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	12 Months Ended
	Dec. 31, 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 are summarized as follows: (in thousands of $) 2021 2020 Interest rate swaps 2,608 — Foreign currency swaps 71 268 Bunker derivatives — 304 Forward freight agreements — — Asset Derivatives - Fair Value 2,679 572 (in thousands of $) 2021 2020 Interest rate swaps 10,364 27,558 Foreign currency swaps — — Bunker derivatives — 134 Forward freight agreements — — Liability Derivatives - Fair Value 10,364 27,692 During 2021, 2020 and 2019, the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2021 2020 2019 Interest rate swaps Interest income (expense) (8,349) (5,030) 2,163 Unrealized fair value gain (loss) 19,802 (19,868) (13,114) Foreign currency swaps Realized gain (loss) 60 71 (1,139) Unrealized fair value gain (loss) (257) 519 1,353 Forward freight agreements Realized gain (loss) 18,969 10,207 3,245 Options — (1,313) (2,171) Bunker derivatives Realized gain (loss) 410 (2,193) (635) Unrealized fair value gain (loss) (170) 157 338 30,465 (17,450) (9,960)

SHARE CAPITAL, TREASURY SHARES

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS	12 Months Ended
	Dec. 31, 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 2019 300 million common shares in 2021 and 200 million common shares in 2020 and 2019 with $0.05 par value 15,000 10,000 10,000 In March 2021, at our Annual General Meeting ("AGM"), the shareholders approved to increase our authorized share capital from $10,000,000 divided into 200,000,000 common shares of $0.05 par value to $15,000,000 divided into 300,000,000 common shares of $0.05 par value. In May 2021, at our Annual General Meeting, our shareholders approved a reduction of the Additional Paid in Capital account,. As a result, $350.7 million in additional paid in capital was reclassified to contributed surplus in 2021. Issued and outstanding number of shares: (number of shares of $0.05 each) 2021 2020 2019 Issued shares: Balance at start of year 144,272,697 144,272,697 144,272,697 - Shares issued 56,917,924 — — - Issue of consideration shares to Hemen — — — - Settlement of options — — — Issued shares: Balance at the end of year 201,190,621 144,272,697 144,272,697 Outstanding number of shares: Balance at start of year 143,327,697 143,277,697 143,827,697 - Shares issued 56,917,924 — — - Repurchases of shares — — (855,000) - Distribution of treasury shares 190,000 50,000 305,000 Outstanding number of shares: Balance at end of year 200,435,621 143,327,697 143,277,697 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. No own shares were ac quired in 2021 and 2020. In 2019, we acquired an aggregate of 855,000 of our own shares, in open market transactions under our share buy-back program. The shares were acquired on the Oslo Stock Exchange. As of December 31, 2021, we have repurchased a total of 1,300,000 shares under our share buy-back program, and following a distribution of 545,000 shares in connection with our 2016 Share Option Plan, we held 755,000 treasury shares (December 31, 2020: 945,000 treasury shares, December 31, 2019: 995,000 treasury shares). In the year ended December 31, 2021, we issued 190,000 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 2021, 2020 and 2019, we paid $320.7 million, $7.2 million and $46.6 million in dividends to our shareholders, respectively, corresponding to a dividend per share of $1.60, $0.05 and $0.33. Refer to Note 31, "Subsequent events", for any subsequent dividend declarations. As of December 31, 2021, 200,435,621 common shares were outstanding (December 31, 2020: 143,327,697 common shares, December 31, 2019: 143,277,697 common shares), which includes an adjustment for treasury shares in 2021, 2020 and 2019 of 755,000, 945,000 and 995,000, respectively.

SHARE OPTIONS

SHARE OPTIONS	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
SHARE OPTIONS	SHARE OPTIONS 2016 Share Option Plan: In November 2016, the Board approved the adoption of the 2016 Plan. The 2016 Plan permits share options to be granted to directors, officers and employees (the "Option holders"), of the Company and its subsidiaries. The plan has a 10-year term effective November 2016, unless otherwise determined by the Board. The share options entitle the Option holders to subscribe for common shares at a price per share equal to the exercise price as determined by the Board on the date the share options are granted. The share options have no voting or other shareholder rights. On April 24, 2020, 550,000 share options were granted to the Chief Executive Officer of Golden Ocean Management AS in accordance with the terms of the 2016 Plan. The share options will have a five-year term and vest equall y over three years with a subscription price per share as specified below. The total fair value for share option award is estimated to be $0.8 million. On September 14, 2020, 275,000 share options were granted to the Chief Financial Officer of Golden Ocean Management AS in accordance with the terms of the 2016 Plan. The share options will have a five-year term and vest equally over three years with a subscri ption price per share as specified below. The total fair value for share option award is estimated to be $0.4 million. On November 11, 2020, 275,000 share options were granted to the Chief Commercial Officer of Golden Ocean Management AS in accordan ce with the terms of the 2016 Plan. The share options will have a five-year term and vest equally over three years with a subscription price per share as specified below. The total fair value for share option award is estimated to be $0.4 million. 2020 Grant CEO 2020 Grant CFO 2020 Grant CCO Grant date April 24, 2020 September 14, 2020 November 11, 2020 Tranche 1 150,000 of the options are exercisable on April 6, 2021 at the earliest, at a subscription price of NOK 35 per share 75,000 of the options are exercisable on September 4, 2021 at the earliest, at a Subscription Price of NOK 32 per share 75,000 of the options are exercisable on December 1, 2021 at the earliest, at a Subscription Price of NOK 33 per share Tranche 2 150,000 of the options are exercisable on April 6, 2022 at the earliest, at a Subscription Price of NOK 52.50 per share 75,000 of the options are exercisable on September 4, 2022 at the earliest, at a Subscription Price of NOK 48 per share 75,000 of the options are exercisable on December 1, 2022 at the earliest, at a Subscription Price of NOK 49.50 per share Tranche 3 250,000 of the options are exercisable on April 6, 2023 at the earliest, at a Subscription Price of NOK 70.00 per share 125,000 of the options are exercisable on September 4, 2023 at the earliest, at a Subscription Price of NOK 64 per share 125,000 of the options are exercisable on December 1, 2023 at the earliest, at a Subscription Price of NOK 66 per share On November 10, 2016, the Board approved the issue of 700,000 share options to senior management in accordance with the terms of the 2016 Plan at an exercise price of $4.20, adjusted for any distribution of dividends made before the relevant options are exercised. The share options have a five years term and vest over a three years period equally at a rate of 1/3 of the number of share options granted on each annual anniversary of the date of grant, subject to the option holder continuing to provide services to the Company from the grant date through the applicable vesting date. All options were exercised as of 31.12.2021. Summary of assumptions for share options given in accordance with the terms of the Company's share option scheme from 2016: 2016 Grant 2020 Grant CEO 2020 Grant CFO 2020 Grant CCO Grant Date November 10, 2016 April 24, 2020 September 14, 2020 November 11, 2020 Expected Term (1) 5 years 5 years 5 years 5 years Expected Volatility (2) 71% 61% 62% 61% Expected Dividends (3) Nil Nil Nil Nil Dilution Adjustment (4) No No No No Risk-free Rate (5) 1.55 % 0.27 % 0.27 % 0.4 % Expected Forfeitures (6) Nil Nil Nil Nil The fair value of all share options listed above was calculated based on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below: • Expected Term (1) Given that the exercise price is adjustable for any distribution of dividends made before the relevant options are exercised and that most of the grants is given to top management, we expect that it is reasonable for holders of the granted options to avoid early exercise of the options. As a result, we assumed that the expected term of the options is their contractual term. • Expected Volatility (2) We used the historical volatility of the common shares to estimate the volatility of the prices of the shares underlying the share options. • Expected dividends (3) For all share options granted the share options exercise price is adjustable for distribution of dividend before the share options are exercised. Therefore, dividend protection features are incorporated to option pricing model by using a zero-dividend yield assumption. • Dilution Adjustment (4) The number of share options is considered immaterial as compared to the number of shares outstanding and no dilution adjustment was incorporated in the valuation model. • Risk-free Rate (5) We used the five-year US Government bond risk-free yield-to-maturity rate of as of respective grant date as an estimate for the risk-free rate to match the expected contractual term of the share options. • Expected Forfeitures (6) We expect that there will be no or very limited forfeitures of non-vested shares options during the terms. This is in line with our historical experience. The following table summarizes the option activity for the year ended December 31, 2021 and 2020: Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Exercisable as of December 31, 2019 150,000 240,000 $3.43 $2.47 Outstanding as of December 31, 2019 - Unvested — — — — Total Outstanding as of December 31, 2019 150,000 240,000 $3.43 $2.47 Granted during 2020 1,100,000 1,100,000 $5.48 $1.48 Exercised during 2020 50,000 50,000 $3.38 $2.47 Forfeited during 2020 — — — — Exercisable as of December 31, 2020 100,000 190,000 $3.38 $2.47 Outstanding as of December 31, 2020 - Unvested 1,100,000 1,100,000 $5.48 $1.48 Total Outstanding as of December 31, 2020 1,200,000 1,290,000 $5.17 $1.63 Granted during 2021 — — — — Exercised during 2021 100,000 190,000 $3.35 $2.47 Forfeited during 2021 — — — — Exercisable as of December 31, 2021 300,000 300,000 $3.80 $2.06 Outstanding as of December 31, 2021 - Unvested 800,000 800,000 $6.88 $1.65 Total Outstanding as of December 31, 2021 1,100,000 1,100,000 $6.04 $1.76 As of December 31, 2021 and 2020, outstanding vested options amounted to 300,000 and 190,000, respectively. The following table summarizes certain information about the options outstanding as of December 31, 2021 and 2020: Options Outstanding and Unvested, Options Outstanding and Exercisable, Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $6.88 800,000 $6.88 3.55 300,000 $3.80 3.55 Options Outstanding and Unvested, Options Outstanding and Exercisable, Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $5.48 1,100,000 $5.48 4.55 190,000 $3.38 0 For the year ended December 31, 2021 and 2020 the share based compensation was $0.6 million and $0.3 million, respectively, and are included in "Administrative expenses" in the consolidated statement of operations. In 2021, we settled the exercise of 190,000 share options by distributing the same amount of treasury shares. W ith reference to Note 26, "Share Capital, Treasury Shares and Dividends", we issued 50,000 shares in 2020 as a result of th e exercise of share options in 2020. As of December 31, 2021 and 2020, the estimated cost relating to non-vested share options not yet recognized was $0.9 million and $1.6 million respectively.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS We transact business with the following related parties, consisting of companies in which Hemen and companies associated with Hemen have a significant interest: Frontline Ltd and its subsidiaries (referred to as "Frontline"), SFL and Seatankers Management Co. Ltd and companies affiliated with it (referred to as "Seatankers"). We may also transact business with our associated companies. 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 11, "Operating Leases", and Note 19, "Finance Leases", for additional information related to these contracts. For the first half of 2021 we were the commercial manager for eight (full 2020: 9) dry bulk and 16 (full 2020: 16) container vessels owned and operated by SFL. The agreement was terminated in July 2021 and we are no longer the commercial manager for SFL vessels as of 31.12.2021. Pursuant to the management agreements, we received $125 per day per vessel for managing four of the eight dry bulk vessels, $75 per day per vessel for managing three of the eight dry bulk vessels and $37.5 per day per vessel for managing the remaining one dry bulk vessels (2020: $125 per day for four, $75 per day for three and $37.5 per day for the remaining two, 2019: $125 per day for seven and $75 per day for seven) and $75 per day per vessel for managing the 16 container vessels (2020: $75 per day per vessel for managing the 16 container vessels, 2019: $75 per day per vessel for managing the 14 container vessels). Seatankers We are the commercial manager of 12 (2020: 25) dry bulk vessel owned and operated by Seatankers. Number of vessels on commercial management reduced in 2021 due to Vessel Acquisitions, whereas some of acquired vessels were previously managed by us. Pursuant to the management agreements, we receive $125 (2020: $125, 2019: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessel owned by Seatankers on short-term time ch arters. Capesize Chartering In February 2015, Capesize Chartering Ltd ("CCL"), a joint venture company was incorporated and in January 2016, the joint venture partners, Golden Ocean, Bocimar International NV, C Transport Holding Ltd and Star Bulk Carriers Corp, entered into a revenue sharing agreement. The purpose of the joint venture was to combine and coordinate the chartering services of all the parties for their participating Capesize dry bulk vessels and ultimately achieve improved scheduling ability and enhance economic efficiencies. Each CCL participating vessel owner continued to be responsible for the operating, accounting and technical management of its respective vessels. In August 2021 we announced termination of our relationship with CCL. With Vessel Acquisition in 2021, we gained the critical mass to achieve the benefits of scale outside of the joint venture and during the fourth quarter of 2021, the last of the Company’s vessels trading in the CCL pool were redelivered. During 2021, 34 of our Capesize and Newcastlemax vessels that traded in the CCL pool contributed with an average of 256 days per vessel. United Freight Carriers United Freight Carriers LLC (''UFC''), is a dry cargo vessel operator and logistics service provider that primarily focuses its activity around smaller bulk carriers with deadweight of up to 50,000 tonnes. SwissMarine With reference to Note 21, "Equity Method Investments", in 2019 we made an equity investment in SwissMarine, a dry bulk freight operator of which we have determined to have significant influence. In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan bears interests 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 $5.35 million and interest of $0.3 million. Outstanding balance of the shareholder loan from SwissMarine after repayment amounts to $5.35 million. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $13.3 million in the year ended December 31, 2021 (December 31, 2020: $19.5 million). TFG Marine With referen ce to Note 21, "Equity Method Investments", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. We also entered into a bunker supply arrangement with TFG Marine, under which we have paid $174.3 million to TF G Marine in relation to bunker procurement in 2021 (2020: $67.5 million) and $6.6 million remains due as of December 31, 2021 (December 31, 2020: $2.4 million ). Upon purchase, bunkers were recorded as assets on the Consolidated Balance Sheet and, once consumed during voyage charter, were expensed using first-in, first-out basis. Practically it is not possible to accurately split out P&L related party voyage expense, and a such we have not summarized voyage expenses charged by related party in the table below. We also issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. As of December 31, 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 of December 31, 2021. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management. Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $27,375 per vessel (2020: $27,529 per vessel). 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 Frontline or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. We receive services in relation to sales and purchase activities, bunker procurement and administrative services in relation to the corporate headquarter. We may also provide certain financial management services to companies with the same main shareholder. Acquisition of vessels from affiliates 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 Finance Ltd. The loan had 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. The loan was fully refinanced in 2021. A summary of net amounts charged by related parties in 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Frontline 4,171 3,216 3,402 SFL 42,911 38,459 37,069 Seateam — 2,552 3,636 Seatankers 27,978 31,955 8,708 CCL 2,028 23 1,154 77,088 76,205 53,969 Net amounts charged by related parties comprise general management and commercial management fees, charter hire, settlement with CCL, interest costs and technical supervision fees. A summary of net amounts charged to related parties in 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Frontline 52 — — SFL 468 957 894 Seatankers 817 954 665 Northern Drilling 38 50 50 SwissMarine 13,281 19,528 — CCL — 2,965 — 14,656 24,454 1,609 Net amounts charged to related parties mainly comprise commercial management and general management fees and settlement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations is as follows: (in thousands of $) 2021 2020 2019 Time charter revenues 13,281 19,528 — Other revenues 1,375 1,961 1,609 Other operating income (expenses) (2,008) 2,965 (1,154) Ship operating expenses (9,313) (11,574) (5,758) Charter hire expenses 1 (60,885) (63,468) (45,777) Administrative expenses (1,487) (1,163) (1,280) Interest on credit facilities (3,395) — — (62,432) (51,751) (52,360) (1) Including charter hire expenses for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Frontline 2,604 — UFC — 3 SwissMarine 281 — Seatankers 5,751 — Credit loss allowance (21) 8,615 3 A summary of short-term balances owed to related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 CCL 2,378 1,440 Frontline — 322 Seatankers — 60 TFG Marine 6,563 2,424 Other 4,993 619 13,934 4,865 As of December 31, 2021 and December 31, 2020, receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. In addition to the balances stated above, we have recorded operating lease liabilities and finance lease liabilities related to the eight vessels ch artered from SFL. R efer to Note 11, "Operating Leases", and Note 19, "Finance Leases", for additional information.

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES	12 Months Ended
	Dec. 31, 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 payments. As of December 31, 2021, we have interest rate swaps whereby the floating rate (3-months LIBOR) on a notional principal amount of $500 million (De cember 31, 2020: $500 million) are swapped to fixed rate. Credit risk exists to the extent that the counterparties are unable to perform under the swap contracts but this risk is considered remote as the counterparties are well established banks, which may also participate in loan facilities to which the interest rate swaps are related. Our interest rate swap contracts as of December 31, 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 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 December 31, 2021, we had long positions through FFA of net 500 days with maturity in 2022 and we had long positions of net 180 days with maturity in 2023. 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 December 31, 2021 we had no outstanding bunker swap agreements. As of December 31, 2020, we had outstanding bunker swap agreements for about 2.9 thousand metric tonnes. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect of the value of our cash flows. 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 December 31, 2021, we had contracts to swap USD to NOK for a notional amount of $2.4 million. As of December 31, 2020, we had contracts to swap USD to NOK for a notional amount of $1.5 million. 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 as of December 31, 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 1 197,032 197,032 153,093 153,093 Restricted cash 1 12,985 12,985 22,009 22,009 Marketable securities 1 1,684 1,684 3,684 3,684 Related party shareholder loans 2 6,187 6,187 6,228 6,228 Derivative assets 2 2,679 2,679 572 572 Liabilities Long-term debt - floating 2 1,273,723 1,273,723 1,054,022 1,054,022 Derivative liabilities 2 10,364 10,364 27,692 27,692 There have been no transfers between different levels in the fair value hierarchy in 2021 and 2020. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. • Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. • Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. • 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. • Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. • 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. During the year ended December 31, 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 year ended December 31, 2021, the values of the Golden Saguenay, the Golden Opportunity and the Golden Endurer, all Panamax vessels sold in 2021 to unrelated parties, were measured at fair value. The fair values were 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 future 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. As of March 31, 2020, at the date of impairment tests, significant unobservable inputs were as follows: Significant unobservable input Range (all vessels) Weighted average Forward freight market rates adjusted for scrubber earnings $8,554 to $15,419 per day $15,044 per day Implied charter rates adjusted for scrubber earnings $12,715 to $15,584 per day $13,857 per day Ship operating expenses per day, including drydocking costs $5,328 to $7,754 per day $6,918 per day Offhire 1 to 38 days per year 5.61 days per year The weighted average was calculated by weighting the data based on fair value of vessels. During the year ended December 31, 2019, none of our assets were measured at fair value on a nonrecurring basis. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in Eneti Inc. and for which the fair value as of the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with SEB and DNB. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 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. As of December 31, 2021, we have seven vessels held under finance lease and four vessels held under operating lease. Refer to Note 11, "Operating Leases", and Note 19, "Finance Leases", for additional information. We sold eight vessels to SFL in 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 December 31, 2021, the Company had seven vessels under construction and outstanding contractual commitments of $201.7 million due by the first quarter of 2024. With reference to Note 21, "Equity Method Investments", and the joint venture company between us, Frontline and companies in the Trafigura Group, we issued a $20 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. As of December 31, 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 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 December 31, 2021.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In January 2022, SwissMarine fully repaid the outstanding loan of $5.35 million. For more information with respect to this loan, see Note 28, "Related Party Transactions". On February 16, 2022, our Board of Directors announced a cash dividend to the Company's shareholders of $0.90 per share in respect of the fourth quarter of 2021. The record date for the dividend was March 3, 2022. The ex-dividend date was March 2, 2022 and the dividend was paid on March 10, 2022. In February 2022, we entered into an agreement to sell en-bloc three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour to an unrelated third party for $52 million. The vessels are expected to be delivered to their new owner in the second quarter of 2022 and the total estimated net cash flows from the transaction are expected to be approximately $30.7 million. The Company expects to record a gain of approximately $9.6 million from the sale in the second quarter of 2022. In February 2022, following the termination of the pool agreement, our 25% share in CCL was sold for $17.5 thousands . In March 2022, our ownership in SwissMarine was diluted from 17.5% to 16.4%. There continues to be economic uncertainty relating to COVID-19 pandemic and war in Ukraine, the effect of this uncertainty remains unknown and can have a negative impact on our cash flows if market spot rates decrease to levels below our average cash break-even rates.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation Our consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America. The consolidated financial statements include the assets and liabilities of us and our wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
Use of estimates	Use of estimates The preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles requires us to make estimates and assumptions that affect the amounts reported in our financial statements and accompanying notes. Such estimates and assumptions impact, among others, the following: judgements involved in identifying performance obligations in revenue contracts, estimating the amount of variable consideration to include in the transaction price, and allocating the transaction price
Fair values	Fair values We have determined the estimated fair value amounts presented in these consolidated financial statements using available market information and appropriate methodologies. However, considerable judgment is required in interpreting market data to develop the estimates of fair value. The estimates presented in these consolidated financial statements are not necessarily indicative of the amounts that we could realize in a current market exchange. Estimating the fair value of assets and liabilities requires the use of estimates and significant judgments, among others, the following: the market assumptions used when valuing acquired time charter contracts, the expected revenues earned by vessels and the operating costs (including drydocking costs) of those vessels and the discount rate used in cash flow based valuations. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts.
Reporting and functional currency and Foreign currency	Reporting and functional currency Our functional currency is the United States dollar as all revenues are received in United States dollars and a majority of our expenditures are made in United States dollars. We and our subsidiaries report in United States dollars. Foreign currency Transactions in foreign currencies during the year are translated into United States dollars at the rates of exchange in effect at the date of the transaction. Foreign currency monetary assets and liabilities are translated using rates of exchange at the balance sheet date. Foreign currency non-monetary assets and liabilities are translated using historical rates of exchange. Foreign currency transaction gains or losses are included in the consolidated statements of operations.
Revenue and expense recognition and Charter hire expense and Contingent rental expense (income)	Revenue and expense recognition Revenue Recognition Our shipping revenues are primarily generated from time charters and voyage charters. In a time charter, the vessel is hired by the charterer for a specified period of time in exchange for consideration which is based on a daily hire rate. Generally, the charterer has the discretion over the ports visited, shipping routes and vessel speed. The contract/charter party generally provides typical warranties regarding the speed and performance of the vessel. The charter party generally has some owner protective restrictions such as that the vessel is sent only to safe ports by the charterer and carries only lawful or non-hazardous cargo. In a time charter contract, where we charter the ship out to a charterer, we are responsible for all the costs incurred for running the vessel such as crew costs, vessel insurance, repairs and maintenance and lubes. The charterer bears the voyage related costs such as bunker expenses, port charges, canal tolls during the hire period. The performance obligations in a time charter contract are satisfied over the term of the contract beginning when the vessel is delivered to the charterer until it is redelivered back to us. The charterer generally pays the charter hire in advance of the upcoming contract period. The time charter contracts are considered operating leases because (i) the vessel is an identifiable asset (ii) we do not have substantive substitution rights and (iii) the charterer has the right to control the use of the vessel during the term of the contract and derives the economic benefits from such use. After adoption of ASC 842 on January 1, 2019, time charter contracts are accounted for under ASC 842 leases and revenues are recorded over the term of the charter. When a time charter contract is linked to an index, we recognize revenue for the applicable period based on the actual index for that period. In a voyage charter contract, the charterer hires the vessel to transport a specific agreed-upon cargo for a single voyage. The consideration for such a contract is determined on the basis of a freight rate per metric ton of cargo carried or occasionally on a lump sum basis. The charterer is responsible for any short loading of cargo or "dead" freight. The voyage charter party generally has standard payment terms of 90 or 95% freight paid within three We have determined that our voyage charter contracts consist of a single performance obligation of transporting the cargo within a specified period. Therefore, the performance obligation is met evenly as the voyage progresses, and the revenue is recognized on a straight line basis over the voyage days from the commencement of loading to completion of discharge. The voyage charters generally have variable consideration in the form of demurrage or despatch, which is recognized as we satisfy the performance obligations under the contract. We estimate demurrage or despatch at contract inception using either the expected value or most likely amount approaches. Such estimate is reviewed and updated over the term of the voyage charter contract. In a voyage contract, we bear all voyage related costs such as fuel costs, port charges and canal tolls. To recognize costs incurred to fulfill a contract as an asset, the following criteria shall be met: (i) the costs relate directly to the contract, (ii) the costs generate or enhance resources of the entity that will be used in satisfying performance obligations in the future and (iii) the costs are expected to be recovered. The costs incurred during the period prior to commencement of loading the cargo, primarily bunkers, are deferred as they represent setup costs and recorded as a current asset and are subsequently amortized on a straight-line basis as we satisfy the performance obligations under the contract. Costs incurred to obtain a contract, such as commissions, are also deferred and expensed over the same period. Costs related to the voyage which are incurred during the period between loading and discharging the cargo, are expensed as incurred. Several of our Capesize vessels operated under a pool arrangement for Capesize vessels with CCL in 2021, 2020 and 2019. All vessels were redelivered to us as of December 31, 2021. Revenues and expenses for our owned vessels generated through this pool arrangement are presented gross. We consider ourselves the principal under the charter parties with the customers for the vessels that operate under this pool arrangement, primarily because we consider ourselves to have control over the service to be transferred for the customer under the charter parties. CCL, as pool manager, calculates the total pool revenues, pool expenses and pool results based on each participant’s reported results. Based on the aggregated pool results as defined under the pool agreement and a pre-determined pool key, reflecting a vessel’s earning capacity, CCL calculates and allocates a pool result for each vessel. The difference between the calculated pool result for our owned vessels and the actual result from the charter party with the third party customer is a settlement amount with CCL. This settlement amount allocated under the pool arrangement, is presented as other operating income (expenses), net, in our consolidated statements of operations. Our Ultramax vessels operated under a RSA, for Supramax vessels managed by CTM in 2021, 2020 and 2019. All vessels were redelivered to us as of December 31, 2021. Under this RSA, CTM performs both commercial and operational functions related to the contracts with the third party customers. CTM as manager, records all revenues and voyage expenses for all vessels under the arrangement which include vessels owned by third parties. The revenues and voyage expenses are pooled together, allocated and the net result is distributed to each participant under the arrangement in accordance with an agreed-upon formula. Under this RSA, CTM also operates and therefore controls the use of our owned vessels included under the arrangement. As a result, the RSA for our vessels with CTM is considered to meet the definition of a lease. We account for the transactions with CTM as variable rate operating leases and recognize revenues for the applicable period based on the net amount to be distributed by CTM. Other revenues primarily comprise revenues earned from the commercial management of related party vessels. Other revenues are recognized on an accruals basis as the services are provided and performance obligations are met. Gains and losses on the sale of vessels Gains and losses on the sale of vessels are recognized when the vessel has been delivered and all risks have been transferred and are determined by comparing the net proceeds received with the carrying value of the vessel. Charter hire expense Charter hire expense is charged to the consolidated statement of operations on a straight-line basis over the lease term. Contingent rental expense (income) Any contingent elements of rental expense (income), such as profit share or interest rate adjustments included in our leases, are recognized when the contingent conditions have materialized.
Drydocking	Drydocking Normal vessel repair and maintenance costs are expensed when incurred. We recognize the cost of a drydocking at the time the drydocking takes place, applying the "expense as incurred" method.
Impairment of vessels and right of use assets	Impairment of vessels, newbuildings and right of use assets The carrying values of our vessels, newbuildings and right of use assets are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Indicators of impairment are identified based on a combination of factors which include amongst other, development of secondhand vessel values based on external appraisals of our ships, development of forward freight rates, spot rates and operating cash flow. If impairment indicators exist, we assess the recoverability of the carrying value of each asset on an individual basis. We assess recoverability of the carrying value of owned vessels and newbuildings on an individual basis by estimating the future
Interest expense	Interest expense Interest costs are expensed as incurred except for interest costs that are capitalized. For any newbuildings that are constructed, we capitalize interest expenses are capitalized during construction of newbuildings based on accumulated expenditures for the applicable project at our current rate of borrowing. The capitalization of interest expenses ceases when the newbuilding is considered substantially completed. The amount of interest expense capitalized in an accounting period shall be determined by applying an interest rate (the "capitalization rate") to the average amount of accumulated expenditures for the asset during the period. The capitalization rates used in an accounting period are based on the rates applicable to borrowings outstanding during the period. We do not capitalize amounts beyond the actual interest expense inc urred in the period. As of December 31, 2021 the amounts that should have been capitalized are determined to be immaterial
Earnings per share	Earnings per share Basic earnings per share is computed based on the income available to common stockholders and the weighted average number of shares outstanding. Treasury shares are weighted for the portion of the period they are outstanding. Diluted earnings per share includes the effect of the assumed conversion of potentially dilutive instruments.
Cash and cash equivalents	Cash and cash equivalents All demand and time deposits and highly liquid, low risk investments with original maturities of three months or less at the date of purchase are considered equivalent to cash. Cash includes cash on hand and in the Company's bank accounts. The Company is required to maintain a minimum cash balance in accordance with its debt facility agreements with various banks. Such amounts are included in Cash and cash equivalents.
Restricted cash	Restricted cash Restricted cash consists of cash, which may only be used for certain purposes under our contractual arrangements and primarily comprises collateral deposits for derivative trading.
Marketable securities	Marketable securitiesOur marketable securities are investments in equity securities with readily determinable fair values. These investments are measured at fair value and any resulting unrealized gains and losses are recorded in the consolidated statement of operations.
Derivatives	Derivatives Our derivative instruments include interest-rate swaps, foreign currency swaps, forward freight agreements and bunker derivatives. These derivatives are considered to be economic hedges. However, none of these derivative instruments have been designated as hedges for accounting purposes. These transactions involve the conversion of floating rates into fixed rates over the life of the transactions without changes in the fair values are recognized as assets or liabilities. Changes in the fair value of these derivatives are recorded in Gain (loss) on derivatives in our consolidated statement of operations. Cash outflows and inflows resulting from economic derivative contracts are presented as cash flows from operations in the consolidated statement of cash flows.
Financial instruments	Financial instruments In determining the fair value of our financial instruments, we use a variety of methods and assumptions that are based on market conditions and risks, including determining the impact of nonperformance risks, existing at each balance sheet date. For the majority of financial instruments, including most derivatives and long-term debt, standard market conventions and techniques such as options pricing models are used to determine fair value. All methods of assessing fair value result in a general approximation of value, and such value may never actually be realized.
Receivables	Receivables Trade receivables, other receivables and long-term receivables are presented net of allowances for doubtful balances and credit losses. The company creates the allowance for expected credit losses to reflect the risk of estimated loss during the lifetime of receivables. The Company makes significant judgements and assumptions to estimate its expected losses. The allowance for credit losses can be determined using various methods, such as loss-rate methods, probability-of-default method or methods that utilize an aging schedule. At each reporting date, the allowance for credit losses is recorded as a reduction of receivables. Net income is adjusted to reflect the change in estimate from prior period. On January 1, 2020, we adopted ASU No 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, using a modified retrospective approach. The Company recorded a net decrease to retained earnings of $0.22 million as of January 1, 2020 for the cumulative effect of adopting the standard. If trade accounts receivable become uncollectible, they are charged as an operating expense. Allowance for doubtful balances is deducted from the allowance for credit losses and recorded separately as a reduction of accounts receivable. Allowance for doubtful balances are recorded in the period in which the financial assets are deemed uncollectible.
Inventories	Inventories Inventories, which are comprised principally of fuel and lubricating oils, are stated at the lower of cost and net realizable value. Cost is determined on a first-in, first-out basis.
Vessels, newbuildings and depreciation	Vessels, newbuildings and depreciation Vessels are stated at cost less accumulated depreciation. Newbuildings represent the accumulated costs to the balance sheet date which we have paid by way of purchase installments and other capital expenditures together with capitalized interest and associated finance costs. Depreciation is calculated based on cost less estimated residual value, using the straight-line method, over the useful life of each vessel. For vessels under construction ("Newbuildings") no charge for depreciation is made until the vessel is available for use. The useful life of each vessel is deemed to be 25 years. The residual value is calculated by multiplying the lightweight tonnage of the vessel by the market price of scrap per tonne. The market price of scrap per tonne is calculated as the 10-year historical average up to the date we take ownership of the vessel, across the two main recycling market s (Indian sub-continent and Bangladesh). Re sidual values are reviewed annually.
Finance leases and Operating leases	Finance leases We charter in certain vessels and equipment under leasing agreements. Leases of vessels and equipment where we have substantially all the risks and rewards of ownership are classified as finance leases and we recognize on the balance sheet the right to use those assets and a corresponding liability. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We make significant judgements and assumptions to estimate our incremental borrowing rate that a lessee would have to pay to borrow on a 100% collateralized basis over a term similar to the lease term and in an amount equal to the lease payments in a similar economic environment. We perform the following steps in estimating our incremental borrowing rate: (i) gather observable debt yields of our recently issued debt facilities; and (ii) make adjustments to the yields of the actual debt facilities to reflect changes in collateral level, terms, the risk-free interest rate, and credit ratings. Each lease payment is allocated between liability and finance charges to achieve a constant rate on the finance balance outstanding. The interest element of the finance cost is expensed to the Consolidated Statement of Operations over the lease period. Depreciation of vessels and equipment under finance lease is included within "Depreciation" in the Consolidated Statement of Operations. Vessels and equipment under finance lease are depreciated on a straight-line basis over the vessels' remaining economic useful life or on a straight-line basis over the expected term of the lease if shorter. On January 1, 2019, we adopted the provisions of ASC 842 Leases using the modified retrospective approach. The adoption of the new accounting standard has not had any material impact for the accounting of our one and only finance lease arrangement which we had as of January 1, 2019. Operating leases Our operating leases relate to vessels, offices and equipment under leasing agreements that do not meet the criteria to be classified as finance leases. We recognize on the balance sheet the right to use those assets and a corresponding liability in respect of all material lease contracts with a duration, or lease term, of 12-months or above. Similar to our finance leases, the discount rate used for calculating the cost of the operating leases is the incremental cost of borrowing. The amortization of right of use assets relating to operating leased vessels is presented under charter hire expenses in the statement of operations. Impairment loss related to operating leases is presented in the income statement as a separate line within operating expense under Impairment loss on right of use assets. For our time charter-in contracts, a non-lease component, or service element has been determined which is reported under ship operating expenses. We make significant judgements and assumptions to separate the lease component from the non-lease component of our time chartered-in vessels. For purposes of determining the standalone selling price of the vessel lease and technical management service components of our time charters, we have concluded that the residual approach would be the most appropriate method to use given that vessel lease rates are highly variable depending on shipping market conditions, the duration of such charters, and the age of the vessel. We believe that the standalone transaction price attributable to the technical management service component is more readily determinable than the price of the lease component and, accordingly, the price of the service component is estimated and the residual transaction price is attributed to the vessel lease component. The amortization of right of use assets relating to office leases is reported under administrative expenses in the statement of operations.
Value of long term charter contracts	Value of long-term charter contracts We account for the fair value of acquired long-term charter contracts, as either a separate asset or liability. The fair value is calculated as the net present value of the difference in cash flows arising over the period of the contract when the expected cash flows from the contract are compared to expected cash flows from comparable contracts at the acquisition date. An asset is recorded for contracts, which are favorable to us and a liability has been recorded for contracts, which are unfavorable to us.
Equity method investments	Equity method investments Investments in companies over which we have the ability to exercise significant influence but do not control are accounted for using the equity method. We record our investments in equity-method investees in the consolidated balance sheets as "Investment in associated companies" and our share of the investees' earnings or losses in the consolidated statements of operations as "Share of results of associated companies". The excess, if any, of purchase price over book value of our investments in equity method investees is included in the accompanying consolidated balance sheets in "Investment in associated companies". The carrying values of equity method investments are reviewed for potential impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may no longer be recoverable. Such indicators may include depressed spot rates and depressed second-hand vessel values. We assess recoverability of the carrying value of each individual equity method investments by estimating the fair value of the net assets of the company. An impairment loss is recorded equal to the difference between the investments carrying value and fair value. Fair value of investment is estimated based on values achieved for the sale/purchase of similar vessels and appraised valuations of the investments underlying assets. Sales of shares of an investee is accounted for as gains or losses under non-operating items equal to the difference at the time of sale between selling price and carrying amount of the shares sold.
Deferred charges	Deferred chargesLoan costs, including debt arrangement fees, are capitalized and amortized on a straight-line basis over the term of the relevant loan. The straight line basis of amortization approximates the effective interest method. If a loan is repaid early, any unamortized portion of the related deferred charges is charged against income in the period in which the loan is repaid. Amortization of deferred charges is included in interest expense. Debt issuance costs are presented in the balance sheet as a direct deduction from the carrying amount of the related debt.
Distributions to shareholders	Distributions to shareholders Distributions to shareholders are applied first to retained earnings. When retained earnings are not sufficient, distributions are applied to the contributed capital surplus account.
Stock-based compensation	Stock-based compensation Stock based compensation represents the cost of vested and non-vested shares and share options granted to employees and to directors, for their services, and is included in “General and administrative expenses” in the consolidated statements of operations. The fair value of share options grants is determined with reference to option pricing models, and depends on the terms of the granted options. The fair value is recognized as compensation expense over the requisite service period for all awards that vest based on the ’straight-line method’ which treats such awards as a single award and results in recognition of the cost ratably over the entire vesting period.
Comprehensive income	Comprehensive income The statement of comprehensive income presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of other comprehensive income on the face of the statement in which the components of other comprehensive income are presented or in the notes to the financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income (loss), items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements.
Recently Issued Accounting Standards	RECENTLY ISSUED ACCOUNTING STANDARDS Accounting Standards Updates, not yet adopted In March 2020, the FASB issued ASU 2020-04 (ASC 848 Reference Rate Reform), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by reference rate 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)	12 Months Ended
	Dec. 31, 2021
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The components of the numerator and the denominator in the calculation of basic and diluted earnings per share are as follows: (in thousands of $) 2021 2020 2019 Net income (loss) 527,218 (137,669) 37,189 (in thousands) 2021 2020 2019 Weighted average number of shares outstanding - basic 192,355 143,282 143,505 Dilutive impact of stock options 615 — 94 Weighted average number of shares outstanding - diluted 192,970 143,282 143,599

OPERATING REVENUES (Tables)

OPERATING REVENUES (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table shows the revenues earned from time charters, voyage charters and other revenues for the year ended December 31, 2021, 2020 and 2019: (in thousands of $) 2021 2020 2019 Time charter revenues 603,959 235,673 299,946 Voyage charter revenues 597,812 370,130 404,184 Other revenues 1,410 2,140 1,669 Total operating revenues 1,203,181 607,943 705,799 For the year ended December 31, 2021 the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 603,959 — 603,959 Voyage charter revenues 192,895 404,917 597,812 Other revenues — 1,410 1,410 Total operating revenues 796,854 406,327 1,203,181 For the year ended December 31, 2020 the split between lease and non-lease component was as follows: (in thousands of $) Lease Non-lease Total Time charter revenues 235,673 — 235,673 Voyage charter revenues 26,111 344,019 370,130 Other revenues — 2,140 2,140 Total operating revenues 261,784 346,159 607,943
Contract with Customer, Asset and Liability	As of December 31, we reported trade accounts receivable and 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 (contract assets) 14,476 13,105 Trade accounts receivable 15,916 14,774 Other current assets (capitalized fulfillment costs) 3,249 3,233 Total 33,641 31,112

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Schedule of Amortization of Finance Lease Assets and Obligations	Our right of use assets for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 23,973 2,803 25,417 2,660 54,853 Additions — — 10 133 143 Amortization (1,918) (1,042) (4,504) (570) (8,034) Impairment (8,054) (607) (15,562) — (24,223) Balance as of December 31, 2020 14,001 1,154 5,361 2,223 22,739 Additions and modification — 3,240 — 229 3,469 Amortization (1,820) (1,013) (3,053) (357) (6,243) Impairment — — — — — Balance as of December 31, 2021 12,181 3,381 2,308 2,095 19,965 Our lease obligations for long-term operating leases were as follows: (in thousands of $) SFL Leases Golden Hawk Lease Admiral Schmidt and Vitus Bering Leases Office Leases Total Balance as of December 31, 2019 21,070 7,224 25,417 2,676 56,387 Additions — — — — — Repayments (2,511) (2,477) (8,947) (437) (14,372) Foreign exchange translation — — — 22 22 Balance as of December 31, 2020 18,559 4,747 16,470 2,261 42,037 Additions — — — — — Repayments (2,667) (4,357) (9,294) (201) (16,519) Modification — 3,240 — — 3,240 Foreign exchange translation — — — 9 9 Balance as of December 31, 2021 15,892 3,630 7,176 2,069 28,767 Current portion 2,537 3,630 7,176 517 13,860 Non-current portion 13,355 — — 1,552 14,907
Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Leases	The future minimum operating lease expense payments under our non-cancelable fixed rate operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 14,995 2023 3,369 2024 3,370 2025 3,289 2026 2,809 Thereafter 4,769 Total minimum lease payments 32,601 Less: Imputed interest (3,834) Present value of operating lease liabilities 28,767
Schedule of Future Minimum Operating Lease Revenue Receipts Under Non-Cancelable Operating Leases	The future operating lease receipts under our operating leases as of December 31, 2021 are as follows: (in thousands of $) 2022 31,494 2023 2,261 2024 — 2025 — 2026 — Thereafter — 33,755

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	12 Months Ended
	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Schedule of Cash, Cash Equivalents and Restricted Cash	As of December 31, 2021, 2020 and 2019, the following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. (in thousands of $) 2021 2020 2019 Cash and cash equivalents 197,032 153,093 153,060 Short-term restricted cash 12,985 22,009 10,184 Long-term restricted cash — — — Total cash, cash equivalents and restricted cash shown in the statement of cash flows 210,017 175,102 163,244

MARKETABLE EQUITY SECURITIES (T

MARKETABLE EQUITY SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	(in thousands of $) 2021 2020 Balance at start of year 3,684 13,861 Unrealized gain (loss), net (2,000) (10,177) Balance at end of year 1,684 3,684

TRADE ACCOUNTS RECEIVABLE, NET

TRADE ACCOUNTS RECEIVABLE, NET (Tables)	12 Months Ended
	Dec. 31, 2021
TRADE ACCOUNTS RECEIVABLE, NET [Abstract]
Schedule of Trade Receivables	Trade accounts receivables are stated net of a provision for doubtful accounts and credit loss allowance. (in thousands of $) 2021 2020 2019 Trade accounts receivable 29,135 22,904 46,229 Provision for doubtful accounts (253) (165) (594) Allowance for expected credit losses (44) (35) — Total trade accounts receivable, net 28,838 22,704 45,635
Schedule of Changes in Allowance For Doubtful Accounts	Movements in the provision for doubtful accounts in the three years ended December 31, 2021 are summarized as follows: (in thousands of $) Balance as of December 31, 2018 337 Additions charged to income 594 Deductions credited to trade receivables (337) Balance as of December 31, 2019 594 Additions charged to income 165 Deductions credited to trade receivables (594) Balance as of December 31, 2020 165 Additions charged to income 253 Deductions credited to trade receivables (165) Balance as of December 31, 2021 253

OTHER CURRENT ASSETS (Tables)

OTHER CURRENT ASSETS (Tables)	12 Months Ended
	Dec. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	(in thousands of $) 2021 2020 Capitalized fulfillment costs 3,541 3,233 Agent receivables 1,227 961 Advances 1,644 1,375 Claims receivables 4,342 2,241 Bunker receivables on time charter-out contracts 16,312 12,053 Other receivables 8,092 9,488 35,158 29,351

VALUE OF CHARTER PARTY CONTRA_2

VALUE OF CHARTER PARTY CONTRACTS (Tables)	12 Months Ended
	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Value of Favorable Charter Party Contracts	The value of favorable charter-out contracts is summarized as follows: (in thousands of $) 2021 2020 2019 Opening balance 4,073 16,221 34,953 Amortization charge (4,073) (12,148) (18,732) Total — 4,073 16,221 Less: current portion — (4,073) (12,148) Non-current portion — — 4,073

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Table)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance as of December 31, 2019 2,706,794 (366,041) 2,340,753 Additions 31,531 — 31,531 Disposals — — — Impairment loss on vessels (721) — (721) Transfers to held for sale (11,499) 1,996 (9,503) Depreciation — (94,374) (94,374) Balance as of December 31, 2020 2,726,105 (458,419) 2,267,686 Additions Vessel Acquisitions 640,991 — 640,991 Additions BWTS 2,911 — 2,911 Disposals (18,746) 4,103 (14,643) Transfer from newbuildings 116,446 — 116,446 Transfer to held for sale (27,635) 7,506 (20,129) Impairment loss (4,187) — (4,187) Depreciation — (108,754) (108,754) Balance as of December 31, 2021 3,435,885 (555,564) 2,880,321

FINANCE LEASES (Tables)

FINANCE LEASES (Tables)	12 Months Ended
	Dec. 31, 2021
Leases [Abstract]
Changes in Right-of-Use Assets and Lease Liabilities	Our right of use asset for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 193,987 Additions 6,430 Depreciation (16,928) Impairment (70,009) Balance as of December 31, 2020 113,480 Additions — Depreciation (14,945) Impairment — Balance as of December 31, 2021 98,535 In 2020, we recorded a total of $70.0 million in impairment of right of use assets for vessels under finance leases. The loss recorded is equal to the difference between the carrying value of right of use assets and estimated fair value of the leased assets following an impairment review that was triggered by the negative market developments in the start of 2020. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance as of January 1, 2020 168,708 Additions 17,500 Repayments (44,368) Interest expense on obligations under finance lease 9,365 Balance as of January 1, 2021 151,205 Additions — Repayments (32,237) Interest expense on obligations under finance lease 8,762 Balance as of December 31, 2021 127,730 Current portion 21,755 Non-current portion 105,975
Schedule of Outstanding Obligations Under Finance Leases	The outstanding obligations under finance leases as of December 31, 2021 are payable as follows: (in thousands of $) 2022 29,061 2023 24,484 2024 24,553 2025 22,551 2026 20,617 Thereafter 32,977 Minimum lease payments 154,243 Less: imputed interest (26,513) Present value of obligations under finance leases 127,730

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	As of December 31, the Company 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 % Seateam Management Pte. Ltd. ("Seateam") — % — % Capesize Chartering Ltd. ("CCL")* 25.00 % 25.00 % *Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands . Movements in equity method investments for the years ended December 31, 2021 and 2020 are summarized as follows: (in thousands of $) Swiss Marine UFC SeaTeam TFG Marine Other Total Balance as of December 31, 2019 19,557 1,027 899 — — 21,483 Distributions received from associated companies — (450) — — — (450) Disposals of equity method investments — — (999) — — (999) Loss on disposal of equity method investments (32) — — — — (32) Equity contribution — — — 75 — 75 Share of income / (loss) (4,154) (32) 100 408 — (3,678) Balance as of December 31, 2020 15,371 545 — 483 — 16,399 Share of income / (loss) 24,351 1,073 — (483) (459) 24,482 Balance as of December 31, 2021 39,722 1,618 — — (459) 40,881 Asset 39,722 1,618 — — 3 41,343 Liability — — — — (462) (462)

DEBT (Tables)

DEBT (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	(in thousands of $) 2021 2020 $304.0 million term loan and revolving facility 235,315 304,014 $93.75 million term loan 77,314 83,888 $131.79 million term loan 98,681 114,036 $155.3 million term loan 121,573 142,400 $120.0 million term loan 81,071 99,661 $420.0 million term loan 280,387 310,023 $260.0 million lease financing 256,905 — $175.0 million term loan and revolving facility 122,477 — Total U.S. dollar denominated floating rate debt 1,273,723 1,054,022 Deferred charges (11,378) (8,539) Total debt 1,262,345 1,045,483 Current portion of debt (105,864) (87,831) Long-term portion of debt 1,156,481 957,652
Schedule of Debt	Movements in 2021 and 2020 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance as of December 31, 2019 1,122,148 (8,278) 1,113,870 Loan repayments (390,138) — (390,138) Loan draw downs 322,012 — 322,012 Capitalization of debt issuance cost, net of amortization — (261) (261) Balance as of December 31, 2020 1,054,022 (8,539) 1,045,483 Loan repayments (628,900) — (628,900) Loan draw downs 848,601 — 848,601 Capitalization of debt issuance cost, net of amortization — (2,839) (2,839) Balance as of December 31, 2021 1,273,723 (11,378) 1,262,345
Schedule of Maturities of Long-term Debt	The outstanding debt as of December 31, 2021 is repayable as follows: (in thousands of $) 2022 105,864 2023 326,979 2024 288,277 2025 263,108 2026 94,497 Thereafter 194,998 Total U.S. dollar denominated floating rate debt 1,273,723 Deferred charges (11,378) Total debt 1,262,345

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2021
Payables and Accruals [Abstract]
Accrued Expenses	(in thousands of $) 2021 2020 Voyage expenses 11,204 16,785 Ship operating expenses 17,968 12,208 Administrative expenses 4,570 695 Tax expenses 394 171 Interest expenses 4,433 4,691 38,569 34,550

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	(in thousands of $) 2021 2020 Deferred charter revenue 34,626 25,504 Payroll and employee tax accruals 654 698 Bunker obligations on time charter out contracts 1,523 435 Other current liabilities 462 1,440 37,265 28,077

DERIVATIVE INSTRUMENTS PAYABL_2

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	Our derivative instruments are not designated as hedging instruments and are summarized as follows: (in thousands of $) 2021 2020 Interest rate swaps 2,608 — Foreign currency swaps 71 268 Bunker derivatives — 304 Forward freight agreements — — Asset Derivatives - Fair Value 2,679 572 (in thousands of $) 2021 2020 Interest rate swaps 10,364 27,558 Foreign currency swaps — — Bunker derivatives — 134 Forward freight agreements — — Liability Derivatives - Fair Value 10,364 27,692
Derivative Instruments, Gain (Loss)	During 2021, 2020 and 2019, the following were recognized and presented under “Gain (loss) on derivatives” in the consolidated statement of comprehensive income: (in thousands of $) 2021 2020 2019 Interest rate swaps Interest income (expense) (8,349) (5,030) 2,163 Unrealized fair value gain (loss) 19,802 (19,868) (13,114) Foreign currency swaps Realized gain (loss) 60 71 (1,139) Unrealized fair value gain (loss) (257) 519 1,353 Forward freight agreements Realized gain (loss) 18,969 10,207 3,245 Options — (1,313) (2,171) Bunker derivatives Realized gain (loss) 410 (2,193) (635) Unrealized fair value gain (loss) (170) 157 338 30,465 (17,450) (9,960)

SHARE CAPITAL, TREASURY SHARE_2

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables)	12 Months Ended
	Dec. 31, 2021
Equity [Abstract]
Schedule of Stock by Class	Authorized share capital: (in thousands of $ except per share amount) 2021 2020 2019 300 million common shares in 2021 and 200 million common shares in 2020 and 2019 with $0.05 par value 15,000 10,000 10,000 Issued and outstanding number of shares: (number of shares of $0.05 each) 2021 2020 2019 Issued shares: Balance at start of year 144,272,697 144,272,697 144,272,697 - Shares issued 56,917,924 — — - Issue of consideration shares to Hemen — — — - Settlement of options — — — Issued shares: Balance at the end of year 201,190,621 144,272,697 144,272,697 Outstanding number of shares: Balance at start of year 143,327,697 143,277,697 143,827,697 - Shares issued 56,917,924 — — - Repurchases of shares — — (855,000) - Distribution of treasury shares 190,000 50,000 305,000 Outstanding number of shares: Balance at end of year 200,435,621 143,327,697 143,277,697

SHARE OPTIONS (Tables)

SHARE OPTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Number of Share Options Outstanding and Share Option Transactions	2020 Grant CEO 2020 Grant CFO 2020 Grant CCO Grant date April 24, 2020 September 14, 2020 November 11, 2020 Tranche 1 150,000 of the options are exercisable on April 6, 2021 at the earliest, at a subscription price of NOK 35 per share 75,000 of the options are exercisable on September 4, 2021 at the earliest, at a Subscription Price of NOK 32 per share 75,000 of the options are exercisable on December 1, 2021 at the earliest, at a Subscription Price of NOK 33 per share Tranche 2 150,000 of the options are exercisable on April 6, 2022 at the earliest, at a Subscription Price of NOK 52.50 per share 75,000 of the options are exercisable on September 4, 2022 at the earliest, at a Subscription Price of NOK 48 per share 75,000 of the options are exercisable on December 1, 2022 at the earliest, at a Subscription Price of NOK 49.50 per share Tranche 3 250,000 of the options are exercisable on April 6, 2023 at the earliest, at a Subscription Price of NOK 70.00 per share 125,000 of the options are exercisable on September 4, 2023 at the earliest, at a Subscription Price of NOK 64 per share 125,000 of the options are exercisable on December 1, 2023 at the earliest, at a Subscription Price of NOK 66 per share Summary of assumptions for share options given in accordance with the terms of the Company's share option scheme from 2016: 2016 Grant 2020 Grant CEO 2020 Grant CFO 2020 Grant CCO Grant Date November 10, 2016 April 24, 2020 September 14, 2020 November 11, 2020 Expected Term (1) 5 years 5 years 5 years 5 years Expected Volatility (2) 71% 61% 62% 61% Expected Dividends (3) Nil Nil Nil Nil Dilution Adjustment (4) No No No No Risk-free Rate (5) 1.55 % 0.27 % 0.27 % 0.4 % Expected Forfeitures (6) Nil Nil Nil Nil The following table summarizes the option activity for the year ended December 31, 2021 and 2020: Number of options Weighted Average Exercise Price Weighted Average Grant date Fair Value Management Total Exercisable as of December 31, 2019 150,000 240,000 $3.43 $2.47 Outstanding as of December 31, 2019 - Unvested — — — — Total Outstanding as of December 31, 2019 150,000 240,000 $3.43 $2.47 Granted during 2020 1,100,000 1,100,000 $5.48 $1.48 Exercised during 2020 50,000 50,000 $3.38 $2.47 Forfeited during 2020 — — — — Exercisable as of December 31, 2020 100,000 190,000 $3.38 $2.47 Outstanding as of December 31, 2020 - Unvested 1,100,000 1,100,000 $5.48 $1.48 Total Outstanding as of December 31, 2020 1,200,000 1,290,000 $5.17 $1.63 Granted during 2021 — — — — Exercised during 2021 100,000 190,000 $3.35 $2.47 Forfeited during 2021 — — — — Exercisable as of December 31, 2021 300,000 300,000 $3.80 $2.06 Outstanding as of December 31, 2021 - Unvested 800,000 800,000 $6.88 $1.65 Total Outstanding as of December 31, 2021 1,100,000 1,100,000 $6.04 $1.76 As of December 31, 2021 and 2020, outstanding vested options amounted to 300,000 and 190,000, respectively. The following table summarizes certain information about the options outstanding as of December 31, 2021 and 2020: Options Outstanding and Unvested, Options Outstanding and Exercisable, Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $6.88 800,000 $6.88 3.55 300,000 $3.80 3.55 Options Outstanding and Unvested, Options Outstanding and Exercisable, Weighted Average Exercise Price of Outstanding Options Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life Number of options Weighted Average Exercise Price Weighted Average Remaining Contractual Life $5.48 1,100,000 $5.48 4.55 190,000 $3.38 0
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	The fair value of all share options listed above was calculated based on the Black-Scholes method. The significant assumptions used to estimate the fair value of the share options are set out below: • Expected Term (1) Given that the exercise price is adjustable for any distribution of dividends made before the relevant options are exercised and that most of the grants is given to top management, we expect that it is reasonable for holders of the granted options to avoid early exercise of the options. As a result, we assumed that the expected term of the options is their contractual term. • Expected Volatility (2) We used the historical volatility of the common shares to estimate the volatility of the prices of the shares underlying the share options. • Expected dividends (3) For all share options granted the share options exercise price is adjustable for distribution of dividend before the share options are exercised. Therefore, dividend protection features are incorporated to option pricing model by using a zero-dividend yield assumption. • Dilution Adjustment (4) The number of share options is considered immaterial as compared to the number of shares outstanding and no dilution adjustment was incorporated in the valuation model. • Risk-free Rate (5) We used the five-year US Government bond risk-free yield-to-maturity rate of as of respective grant date as an estimate for the risk-free rate to match the expected contractual term of the share options. • Expected Forfeitures (6) We expect that there will be no or very limited forfeitures of non-vested shares options during the terms. This is in line with our historical experience.

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2021
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of net amounts charged by related parties in 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Frontline 4,171 3,216 3,402 SFL 42,911 38,459 37,069 Seateam — 2,552 3,636 Seatankers 27,978 31,955 8,708 CCL 2,028 23 1,154 77,088 76,205 53,969 Net amounts charged by related parties comprise general management and commercial management fees, charter hire, settlement with CCL, interest costs and technical supervision fees. A summary of net amounts charged to related parties in 2021, 2020 and 2019 is as follows: (in thousands of $) 2021 2020 2019 Frontline 52 — — SFL 468 957 894 Seatankers 817 954 665 Northern Drilling 38 50 50 SwissMarine 13,281 19,528 — CCL — 2,965 — 14,656 24,454 1,609 Net amounts charged to related parties mainly comprise commercial management and general management fees and settlement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations is as follows: (in thousands of $) 2021 2020 2019 Time charter revenues 13,281 19,528 — Other revenues 1,375 1,961 1,609 Other operating income (expenses) (2,008) 2,965 (1,154) Ship operating expenses (9,313) (11,574) (5,758) Charter hire expenses 1 (60,885) (63,468) (45,777) Administrative expenses (1,487) (1,163) (1,280) Interest on credit facilities (3,395) — — (62,432) (51,751) (52,360) (1) Including charter hire expenses for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 Frontline 2,604 — UFC — 3 SwissMarine 281 — Seatankers 5,751 — Credit loss allowance (21) 8,615 3 A summary of short-term balances owed to related parties as of December 31, 2021 and 2020 is as follows: (in thousands of $) 2021 2020 CCL 2,378 1,440 Frontline — 322 Seatankers — 60 TFG Marine 6,563 2,424 Other 4,993 619 13,934 4,865

FINANCIAL ASSETS AND LIABILIT_2

FINANCIAL ASSETS AND LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2021
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swaps Designated as Hedging Instruments	Our interest rate swap contracts as of December 31, 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 as of December 31, 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 1 197,032 197,032 153,093 153,093 Restricted cash 1 12,985 12,985 22,009 22,009 Marketable securities 1 1,684 1,684 3,684 3,684 Related party shareholder loans 2 6,187 6,187 6,228 6,228 Derivative assets 2 2,679 2,679 572 572 Liabilities Long-term debt - floating 2 1,273,723 1,273,723 1,054,022 1,054,022 Derivative liabilities 2 10,364 10,364 27,692 27,692
Schedule of Significant Unobservable Inputs	As of 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

ORGANIZATION AND BUSINESS (Deta

ORGANIZATION AND BUSINESS (Details) $ in Thousands, shares in Millions	Sep. 18, 1996crude_oil_carrier	Feb. 28, 2021USD ($)	Dec. 31, 2021vessel	Dec. 31, 2021USD ($)subsidiaryvesselnewbuilding	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)vesselshares	Dec. 31, 2014company	Feb. 28, 2021USD ($)	Mar. 31, 2015vesselnewbuilding	Oct. 07, 2014company
Business background [Line Items]
Number of crude oil carriers | crude_oil_carrier	5
Number of companies acquired | company								29
Number of companies involved in the merger | company											2
Number of owned vessels			81	81						47
Number of newbuildings under constructuion | newbuilding										25
Number of vessels acquired							16
Consideration shares issued (in shares) | shares							17.8
Debt assumed | $							$ 285,200
Consideration paid | $				$ 292,539	$ 25,271	$ 44,118
Number of newbuildings acquired			7
Number of vessel types				4
Number of vessels chartered-In			11	11
Number of vessels under operating lease from third parties			4	4
Number of subsidiaries | subsidiary				1
Quintana Vessels
Business background [Line Items]
Number of vessels acquired							14
Unrelated Third Parties
Business background [Line Items]
Number of vessels under operating lease from third parties			3	3
Hemen Holdings Ltd
Business background [Line Items]
Number of newbuildings acquired | newbuilding				3
Hemen Holdings Ltd | Dry Bulk Carriers
Business background [Line Items]
Number of vessels acquired				15
Debt assumed | $		$ 413,600							$ 413,600
Consideration | $									637,500
Hemen Holdings Ltd | Dry Bulk Carriers And Newbuildings
Business background [Line Items]
Debt assumed | $				$ 414,000
Consideration | $		$ 752,000		752,000					$ 752,000
Equity capital | $				$ 338,000
SFL
Business background [Line Items]
Number of vessels under operating lease from third parties			7	7
Number of vessels leased out under capital leases to third parties			1	1
Panamax Vessel | Hemen Holdings Ltd
Business background [Line Items]
Number of vessels acquired							2
Capesize Vessels | Hemen Holdings Ltd
Business background [Line Items]
Number of vessels acquired							2
Consideration shares issued (in shares) | shares							4
Debt assumed | $							$ 43,000
Consideration | $							86,000
Consideration paid | $							$ 9,000

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)market	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Decrease to retained earnings	$ (1,928,741)	$ (1,368,756)	$ (1,513,391)
Useful life	25 years
Average years used in market price scrap per ton calculation	10 years
Number of recycling markets | market	2
Accumulated earnings (deficit)
Property, Plant and Equipment [Line Items]
Decrease to retained earnings	$ (160,055)	$ 366,722	228,704
Cumulative Effect, Period of Adoption, Adjustment | Accumulated earnings (deficit)
Property, Plant and Equipment [Line Items]
Decrease to retained earnings			$ 220
Minimum
Property, Plant and Equipment [Line Items]
Standard payment terms, percent	90.00%
Days freight paid after completion of loading	3 days
Maximum
Property, Plant and Equipment [Line Items]
Standard payment terms, percent	95.00%
Days freight paid after completion of loading	5 days

INCOME TAXES (Details)

INCOME TAXES (Details)	12 Months Ended
	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Foreign tax exemption expiration date	March 31, 2035

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Revenue from External Customer [Line Items]
Number of reportable segments | segment	1
Total operating revenues	$ 1,203,181	$ 607,943	$ 705,799
Name of Major Customer 1
Revenue from External Customer [Line Items]
Total operating revenues	$ 117,700
Name of Major Customer 1 | Customer Concentration Risk | Revenue Benchmark
Revenue from External Customer [Line Items]
Concentration risk, percentage	10.00%

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Earnings Per Share [Abstract]
Net income (loss)	$ 527,218	$ (137,669)	$ 37,189
Weighted average number of shares outstanding - basic (in shares)	192,355,000	143,282,000	143,505,000
Dilutive impact of stock options (in shares)	614,802	0	94,000
Weighted average number of shares outstanding - diluted (in shares)	192,970,000	143,282,000	143,599,000
Options outstanding (in shares)	1,100,000	1,290,000	240,000	1,100,000
Treasury shares acquired (in shares)	0	0	855,000	1,300,000
Reduction to weighted average number of shares outstanding (in shares)	786,425	990,765	767,836
Treasury shares held (in shares)	755,000	945,000	995,000	755,000
Shares distribution (in shares)	545,000

OPERATING REVENUES - Schedule o

OPERATING REVENUES - Schedule of Revenues Earned From Time Charters, Voyage Charters and Other Revenues (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Lease	$ 796,854	$ 261,784
Non-lease	406,327	346,159
Total	1,203,181	607,943	$ 705,799
Time charter revenues
Disaggregation of Revenue [Line Items]
Lease	603,959	235,673
Non-lease	0	0
Total	603,959	235,673	299,946
Voyage charter revenues
Disaggregation of Revenue [Line Items]
Lease	192,895	26,111
Non-lease	404,917	344,019
Total	597,812	370,130	404,184
Other revenues
Disaggregation of Revenue [Line Items]
Lease	0	0
Non-lease	1,410	2,140
Total	$ 1,410	$ 2,140	$ 1,669

OPERATING REVENUES - Narrative

OPERATING REVENUES - Narrative (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 406,327,000	$ 346,159,000
Capitalized voyage expense during the period	20,200,000	16,500,000
Capitalized contract cost, accumulated amortization	17,000,000	13,300,000
Capitalized fulfillment costs	3,200,000	3,200,000
Capitalized contract cost, amortization	3,200,000	5,900,000	$ 22,000,000
Capitalized contract cost, impairment loss	0	0	0
Deferred charter revenue	34,626,000	25,504,000
Contract with customer, liability, revenue recognized	15,900,000
Allowance for credit loss	100,000
Total operating revenues	1,203,181,000	607,943,000	705,799,000
Other operating income (expenses), net - related party	(2,008,000)	2,965,000	(1,170,000)
CCL
Disaggregation of Revenue [Line Items]
Total operating revenues	378,700,000	264,100,000	263,500,000
Supramax Vessels
Disaggregation of Revenue [Line Items]
Lease revenue	17,300,000	8,600,000	11,900,000
Demurrage
Disaggregation of Revenue [Line Items]
Revenues	49,100,000	16,600,000	$ 26,800,000
Ongoing Voyages
Disaggregation of Revenue [Line Items]
Deferred charter revenue	$ 20,000,000	$ 15,900,000

OPERATING REVENUES - Schedule_2

OPERATING REVENUES - Schedule of Contract Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Voyages in progress (contract assets)	$ 14,476	$ 13,105
Trade accounts receivable	15,916	14,774
Other current assets (capitalized fulfillment costs)	3,249	3,233
Total	$ 33,641	$ 31,112

GAIN ON SALE OF ASSETS (Details

GAIN ON SALE OF ASSETS (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Oct. 31, 2021USD ($)vessel	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Property, Plant and Equipment [Line Items]
Cash consideration	$ 37,200
Gain from sale of vessels		$ 9,788	$ 0	$ 0
Panamax Vessel
Property, Plant and Equipment [Line Items]
Number of vessels sold | vessel	2
Golden Opportunity
Property, Plant and Equipment [Line Items]
Gain from sale of vessels	$ 4,900
Golden Endurer
Property, Plant and Equipment [Line Items]
Gain from sale of vessels	$ 4,900

IMPAIRMENT OF VESSELS (Details)

IMPAIRMENT OF VESSELS (Details) - USD ($) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2021	Jan. 31, 2021	Dec. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Cash consideration	$ 37,200
Impairment loss on vessels				$ 4,187	$ 721	$ 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		9,600
Impairment loss on vessels			$ 700		$ 700

IMPAIRMENT OF RIGHT OF USE AS_2

IMPAIRMENT OF RIGHT OF USE ASSETS (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Impairment loss on right of use assets	$ 0	$ 94,233	$ 0
Finance lease ROU impairment	0	$ 70,009
Number of impaired vessels | vessel		4
Impairment loss on right of use assets	$ 0	$ 24,223
SFL
Related Party Transaction [Line Items]
Number of impaired vessels | vessel		7

OPERATING LEASES - Narrative (D

OPERATING LEASES - Narrative (Details)	1 Months Ended					12 Months Ended
	Aug. 31, 2021vessel	Dec. 31, 2019vesselT	Jan. 31, 2018USD ($)	Jan. 31, 2016USD ($)	Apr. 30, 2015USD ($)vessel	Dec. 31, 2021USD ($)vessel	Dec. 31, 2021USD ($)contractvessel	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vesselcontract	Dec. 31, 2019USD ($)vesselT	Dec. 31, 2015USD ($)vessel
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel	9
Service element under ship operating expense								$ 19,300,000	$ 19,200,000	$ 20,100,000
Operating lease, expense								81,700,000	29,000,000	66,000,000
Impairment loss on right of use assets								0	24,223,000
Total minimum lease payments						$ 32,601,000	$ 32,601,000	32,601,000
Short-term lease cost								62,400,000	23,500,000
Operating lease, payments								$ 88,400,000	$ 35,700,000
Operating lease, weighted average discount rate, percent						5.36%	5.36%	5.36%	5.20%
Operating lease, weighted average remaining lease term						4 years 6 months	4 years 6 months	4 years 6 months	4 years 4 months 24 days
Number of vessels chartered-out on fixed rate time charters | vessel						8	8	8	8
Number of vessels leased out index linked time charters | vessel						26	26	26	18
Number of owned vessels | vessel						34	34	34	26
Minimum
Lessee, Lease, Description [Line Items]
Lease term						1 year	1 year	1 year
Maximum
Lessee, Lease, Description [Line Items]
Lease term									10 years
General and Administrative Expense
Lessee, Lease, Description [Line Items]
Operating lease, expense								$ 500,000	$ 500,000
MV Admiral Schmidt And Vitus Bering
Lessee, Lease, Description [Line Items]
Daily time charter rate										$ 9,000
Profit share expense								200,000
Charter contract term										3 years
Number of annual options to extend charter period | vessel										4
Lease term		3 years								3 years
Golden Hawk Lease
Lessee, Lease, Description [Line Items]
Daily time charter rate			$ 13,200	$ 13,200
Daily time charter rate extension				$ 13,700
Maximum amount of reimbursement payable						$ 1,750,000	$ 1,750,000	1,750,000
Amount of reimbursement paid						1,750,000	1,750,000	1,750,000
Impairment loss on right of use assets								0	607,000
MV Admiral Schmidt And Vitus Bering
Lessee, Lease, Description [Line Items]
Vessels deadweight capacity | T		104,550								104,550
Office Leases
Lessee, Lease, Description [Line Items]
Impairment loss on right of use assets								0	0
Total minimum lease payments						2,200,000	2,200,000	2,200,000	2,600,000
Charter Hire Expenses
Lessee, Lease, Description [Line Items]
Total minimum lease payments						$ 30,400,000	30,400,000	30,400,000	$ 45,300,000
Vessels Leased To Third Parties
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel						3			3
Property, plant and equipment, gross						$ 1,637,300,000	1,637,300,000	1,637,300,000	$ 1,258,400,000
Accumulated depreciation						$ 308,100,000	$ 308,100,000	308,100,000	$ 198,500,000
SFL
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased back | vessel						1			1
Number of finance leases | vessel						7
Number of vessels reclassified as finance lease | vessel		7
Daily time charter rate								19,135
Variable interest rate level											0.10%
Number of vessels sold and leased back | vessel						8
Variable lease expense								2,000,000	$ 700,000	$ 1,200,000
SFL | 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	8	8
Number of operating leases						1	2		2	8
Aggregate price sold en-bloc					$ 272,000,000
Duration of time charter					10 years
Daily time charter rate								17,489			$ 17,600
Daily operating expense rate								7,000			7,000
Daily time charter rate											$ 14,900
Profit share percentage											33.00%
Daily time charter rate, adjusted											$ 50
Charter term, contractual											7 years
Daily time charter rate, adjusted											$ 25
Charter term, contractual											3 years
Profit share expense								$ 9,800,000	$ 37,900	$ 800,000
Purchase option net of sellers credit					$ 112,000,000						$ 112,000,000
Charter contract term											10 years
Charter term extension					3 years						3 years
Daily time charter rate extension					$ 14,900						$ 14,900
Total minimum lease period											13 years
Number of vessels sold and leased back | vessel						8
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | London Interbank Offered Rate (LIBOR)
Lessee, Lease, Description [Line Items]
Basis spread on variable rate											0.40%

OPERATING LEASES - Schedule of

OPERATING LEASES - Schedule of Operating Lease, Right of Use Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Right Of Use Assets [Roll Forward]
Operating lease, right-of-use asset, beginning balance	$ 22,739	$ 54,853
Additions		143
Amortization	(6,243)	(8,034)
Impairment	0	(24,223)
Additions and modification	3,469
Operating lease, right-of-use asset, beginning balance	19,965	22,739
SFL
Schedule Of Right Of Use Assets [Roll Forward]
Operating lease, right-of-use asset, beginning balance	14,001	23,973
Additions		0
Amortization	(1,820)	(1,918)
Impairment	0	(8,054)
Additions and modification	0
Operating lease, right-of-use asset, beginning balance	12,181	14,001
Golden Hawk Lease
Schedule Of Right Of Use Assets [Roll Forward]
Operating lease, right-of-use asset, beginning balance	1,154	2,803
Additions		0
Amortization	(1,013)	(1,042)
Impairment	0	(607)
Additions and modification	3,240
Operating lease, right-of-use asset, beginning balance	3,381	1,154
Admiral Schmidt and Vitus Bering Leases
Schedule Of Right Of Use Assets [Roll Forward]
Operating lease, right-of-use asset, beginning balance	5,361	25,417
Additions		10
Amortization	(3,053)	(4,504)
Impairment	0	(15,562)
Additions and modification	0
Operating lease, right-of-use asset, beginning balance	2,308	5,361
Office Leases
Schedule Of Right Of Use Assets [Roll Forward]
Operating lease, right-of-use asset, beginning balance	2,223	2,660
Additions		133
Amortization	(357)	(570)
Impairment	0	0
Additions and modification	229
Operating lease, right-of-use asset, beginning balance	$ 2,095	$ 2,223

OPERATING LEASES - Schedule o_2

OPERATING LEASES - Schedule of Operating Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	$ 42,037	$ 56,387
Additions	0	0
Repayments	(16,519)	(14,372)
Modification	3,240
Foreign exchange translation	9	22
Operating lease obligation, ending balance	28,767	42,037
Current portion	13,860	16,783
Non-current portion	14,907	25,254
SFL
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	18,559	21,070
Additions	0	0
Repayments	(2,667)	(2,511)
Modification	0
Foreign exchange translation	0	0
Operating lease obligation, ending balance	15,892	18,559
Current portion	2,537
Non-current portion	13,355
Golden Hawk Lease
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	4,747	7,224
Additions	0	0
Repayments	(4,357)	(2,477)
Modification	3,240
Foreign exchange translation	0	0
Operating lease obligation, ending balance	3,630	4,747
Current portion	3,630
Non-current portion	0
Admiral Schmidt and Vitus Bering Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	16,470	25,417
Additions	0	0
Repayments	(9,294)	(8,947)
Modification	0
Foreign exchange translation	0	0
Operating lease obligation, ending balance	7,176	16,470
Current portion	7,176
Non-current portion	0
Office Leases
Change In Operating Lease Obligations [Roll Forward]
Operating lease obligation, beginning balance	2,261	2,676
Additions	0	0
Repayments	(201)	(437)
Modification	0
Foreign exchange translation	9	22
Operating lease obligation, ending balance	2,069	$ 2,261
Current portion	517
Non-current portion	$ 1,552

OPERATING LEASES - Charterhire

OPERATING LEASES - Charterhire and Office Rent Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
2022	$ 14,995
2023	3,369
2024	3,370
2025	3,289
2026	2,809
Thereafter	4,769
Total minimum lease payments	32,601
Less: Imputed interest	(3,834)
Present value of operating lease liabilities	$ 28,767	$ 42,037	$ 56,387

OPERATING LEASES - Schedule o_3

OPERATING LEASES - Schedule of Future Minimum Operating Lease Revenue Receipts (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 31,494
2023	2,261
2024	0
2025	0
2026	0
Thereafter	0
Total	$ 33,755

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Restricted Cash and Cash Equivalents Items [Line Items]
Cash and cash equivalents	$ 197,032,000	$ 153,093,000	$ 153,060,000
Short-term restricted cash	12,985,000	22,009,000	10,184,000
Long-term restricted cash	0	0	0
Total cash, cash equivalents and restricted cash shown in the statement of cash flows	210,017,000	175,102,000	163,244,000	$ 372,605,000
Minimum cash requirement	$ 20,000,000
Minimum cash requirement percentage	5.00%
Cash and cash equivalents covenanted to be retained	$ 69,500,000	$ 59,800,000	$ 64,100,000
Recourse Debt
Restricted Cash and Cash Equivalents Items [Line Items]
Minimum cash requirement	$ 20,000,000
Minimum cash requirement percentage	5.00%

MARKETABLE EQUITY SECURITIES -

MARKETABLE EQUITY SECURITIES - Summary of Available-For-Sale Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Available-for-sale Securities [Roll Forward]
Balance at start of year	$ 3,684	$ 13,861
Unrealized gain (loss), net	(2,000)	(10,177)	$ 1,828
Balance at end of year	$ 1,684	$ 3,684	$ 13,861

MARKETABLE EQUITY SECURITIES _2

MARKETABLE EQUITY SECURITIES - Additional Information (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Marketable Securities [Abstract]
Dividends received	$ 26,100

TRADE ACCOUNTS RECEIVABLE, NE_2

TRADE ACCOUNTS RECEIVABLE, NET - Summary of Trade Receivables (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
TRADE ACCOUNTS RECEIVABLE, NET [Abstract]
Trade accounts receivable	$ 29,135,000	$ 22,904,000	$ 46,229,000
Provision for doubtful accounts	(253,000)	(165,000)	(594,000)
Allowance for expected credit losses	(44,000)	(35,000)	0
Trade accounts receivable, net	$ 28,838,000	$ 22,704,000	$ 45,635,000

TRADE ACCOUNTS RECEIVABLE, NE_3

TRADE ACCOUNTS RECEIVABLE, NET - Summary of Changes in Allowance For Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts Receivable [Roll Forward]
Allowance for doubtful accounts balance, beginning balance	$ 165	$ 594	$ 337
Additions charged to income	253	165	594
Deductions credited to trade receivables	(165)	(594)	(337)
Allowance for doubtful accounts balance, ending balance	$ 253	$ 165	$ 594

OTHER CURRENT ASSETS (Details)

OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Capitalized fulfillment costs	$ 3,541,000	$ 3,233,000
Agent receivables	1,227,000	961,000
Advances	1,644,000	1,375,000
Claims receivables	4,342,000	2,241,000
Bunker receivables on time charter-out contracts	16,312,000	12,053,000
Other receivables	8,092,000	9,488,000
Other current assets	35,158,000	29,351,000
Allowance for credit losses	46,300	27,300
Allowance for doubtful accounts	$ 0	$ 0

VALUE OF CHARTER PARTY CONTRA_3

VALUE OF CHARTER PARTY CONTRACTS - Movement in Favorable Charter Party Contracts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Increase (Decrease) In Favorable Charter Party Contracts [Roll Forward]
Opening balance	$ 4,073	$ 16,221	$ 34,953
Amortization charge	(4,073)	(12,148)	(18,732)
Total	0	4,073	16,221
Less: current portion	0	(4,073)	(12,148)
Non-current portion	$ 0	$ 0	$ 4,073

VALUE OF CHARTER PARTY CONTRA_4

VALUE OF CHARTER PARTY CONTRACTS - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Amortization of charter party-out contracts	$ (4,073)	$ (12,148)	$ (18,732)
Charter-out contracts	0	$ 4,073	$ 16,221	$ 34,953
Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Unfavorable time charter-out contracts	2,200
Charter-out contracts	$ 0

VESSELS AND EQUIPMENT, NET - Su

VESSELS AND EQUIPMENT, NET - Summary of Changes in Vessels and Equipment, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Vessels and equipment [Roll Forward]
Impairment loss on vessels	$ (4,187)	$ (721)	$ 0
Depreciation	(123,699)	(111,303)	(93,845)
Vessels and Equipment
Vessels and equipment [Roll Forward]
Cost, beginning of period	2,726,105	2,706,794
Accumulated depreciation beginning balance	(458,419)	(366,041)
Vessels and equipment, net, beginning period	2,267,686	2,340,753
Additions		31,531
Disposals	(18,746)	0
Disposals, accumulated depreciation	4,103
Vessels and equipment, disposals, net	(14,643)	0
Impairment loss on vessels	(4,187)	(721)
Transfers to held for sale	(27,635)	(11,499)
Transfers to held for sale, accumulated depreciation	7,506	1,996
Transfers to held for sale, net	(20,129)	(9,503)
Depreciation	(108,754)	(94,374)
Transfer from newbuildings	116,446
Transfers from newbuildings, accumulated depreciation	0
Transfers from newbuildings, net	116,446
Balance, end of period	3,435,885	2,726,105	2,706,794
Accumulated depreciation ending balance	(555,564)	(458,419)	(366,041)
Vessels and equipment, net, ending period	2,880,321	$ 2,267,686	$ 2,340,753
Vessels and Equipment | Hemen
Vessels and equipment [Roll Forward]
Additions	640,991
Vessels and Equipment | BWTS
Vessels and equipment [Roll Forward]
Additions	$ 2,911

VESSELS AND EQUIPMENT, NET - Ad

VESSELS AND EQUIPMENT, NET - Additional Information (Details) $ in Thousands	1 Months Ended					3 Months Ended	6 Months Ended	12 Months Ended				37 Months Ended
	Nov. 30, 2021USD ($)	Oct. 31, 2021USD ($)vessel	Feb. 28, 2021USD ($)vessel	Jan. 31, 2021USD ($)	Dec. 31, 2020USD ($)vessel	Dec. 31, 2021vessel	Jun. 30, 2021vessel	Dec. 31, 2021USD ($)vesselnewbuilding	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2017USD ($)	Feb. 28, 2021USD ($)vessel
Property, Plant and Equipment [Line Items]
Number of newbuildings acquired | vessel						7
Debt assumed											$ 285,200
Proceeds from sale of vessels		$ 37,200
Gain from sale of vessels								$ 9,788	$ 0	$ 0
Impairment loss on vessels								4,187	721	0
Depreciation								$ 108,800	$ 94,400	$ 93,000
Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Number of newbuildings acquired | newbuilding								3
Unfavorable time charter-out contracts cost			$ 2,200
Additional capitalized cost, unfavorable time charter-out contracts			2,100
Technical supervision and other costs			$ 1,100
Dry Bulk Carriers | Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Number of vessels acquired under heads of agreement | vessel			15									15
Consideration for vessels and newbuildings acquired												$ 637,500
Number of vessels delivered | vessel							15
Debt assumed			$ 413,600									413,600
Debt assumed, sellers credit			350,600
Debt assumed, in cash			63,000
Dry Bulk Carriers And Newbuildings | Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Consideration for vessels and newbuildings acquired			$ 752,000					$ 752,000				752,000
Debt assumed								$ 414,000
Newbuildings | Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Consideration for vessels and newbuildings acquired												$ 114,500
Panamax Vessel
Property, Plant and Equipment [Line Items]
Number of vessels sold | vessel		2
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel					3	13		13	3
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel					35	35		35	35
Capesize Vessels | Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Consideration for vessels and newbuildings acquired											86,000
Debt assumed											$ 43,000
Panamax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel					27	31		31	27
Supramax Vessels
Property, Plant and Equipment [Line Items]
Number of vessels at year end | vessel					2	2		2	2
Golden Spray, Golden Fast And Golden Furious
Property, Plant and Equipment [Line Items]
Number of newbuildings acquired | vessel								3
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									3
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs									$ 31,531
Impairment loss on vessels								4,187	721
Vessels and Equipment | Hemen Holdings Ltd
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs			$ 757,400
Ballast Water Treatment System
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs								2,900	1,200
Scrubbers
Property, Plant and Equipment [Line Items]
Aggregate capitalized costs									30,400
Golden Opportunity and Golden Endurer
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels	$ 14,300	$ 37,200
Golden Opportunity
Property, Plant and Equipment [Line Items]
Gain from sale of vessels		4,900
Golden Endurer
Property, Plant and Equipment [Line Items]
Gain from sale of vessels		$ 4,900
Golden Saguenay
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels				$ 8,400
Impairment loss on vessels				$ 4,200				$ 4,200
Golden Shea
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels					$ 9,600				9,600
Impairment loss on vessels					$ 700				$ 700

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) $ in Thousands

1 Months Ended

3 Months Ended

4 Months Ended

12 Months Ended

14 Months Ended

37 Months Ended

Feb. 28, 2022vessel

Oct. 31, 2021USD ($)vessel

Feb. 28, 2021USD ($)vessel

Dec. 31, 2021USD ($)vessel

Dec. 31, 2021USD ($)

Dec. 31, 2021USD ($)vesselnewbuilding

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Dec. 31, 2017USD ($)

Feb. 28, 2022USD ($)

Feb. 28, 2021USD ($)vessel

Sep. 30, 2021vessel

Mar. 31, 2015newbuilding

Property, Plant and Equipment [Line Items]

Number of newbuildings acquired | vessel

7

Additions to newbuildings

$ 152,460

$ 0

$ 0

Reduction of cost due to late delivery

2,500

Debt assumed

$ 285,200

Number of newbuildings under constructuion | newbuilding

25

Committed amount

$ 35,700

Net cash flows from sale of vessels

$ 54,012

$ 0

$ 0

Subsequent Event

Property, Plant and Equipment [Line Items]

Net cash flows from sale of vessels

$ 60,000

Hemen Holdings Ltd

Property, Plant and Equipment [Line Items]

Number of newbuildings acquired | newbuilding

3

Technical supervision and other costs

$ 1,100

Dry Bulk Carriers | Hemen Holdings Ltd

Property, Plant and Equipment [Line Items]

Debt assumed

413,600

$ 413,600

Debt assumed, in cash

$ 63,000

Kamsarmax

Property, Plant and Equipment [Line Items]

Additions to newbuildings

$ 15,200

$ 20,900

Number of newbuildings under constructuion | vessel

4

3

Committed amount

$ 137,600

$ 85,000

Golden Empress, Golden Enterprise and Golden Endeavour | Subsequent Event

Property, Plant and Equipment [Line Items]

Number of vessels sold | vessel

3

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

Value of share consideration paid in connection with purchase of vessel

$ 44,200

Working capital payment

$ 600

$ 600

600

Additions to newbuildings

68,400

Liquidated damages

2,500

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

3

Liquidated damages reimbursed

$ 2,200

FINANCE LEASES - Narrative (Det

FINANCE LEASES - Narrative (Details)	Jun. 30, 2025USD ($)	Aug. 31, 2021vessel	Dec. 31, 2019vessel	Apr. 30, 2015USD ($)vessel	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2015USD ($)vessel	Jun. 30, 2025USD ($)
Lessee, Lease, Description [Line Items]
Number of vessels under finance lease | vessel					7	7		8
Number of vessels sold and leased back | vessel		9
Interest expense on obligations under finance lease					$ 8,762,000	$ 9,365,000
Finance lease ROU impairment					$ 0	$ 70,009,000
Weighted average discount rate (percent)					6.30%	6.30%
Weighted average lease term					6 years 7 months 6 days	7 years 7 months 6 days
SFL
Lessee, Lease, Description [Line Items]
Number of vessels sold and leased beck, reclassified as finance lease | vessel			7
Number of vessels sold and leased back | vessel					1	1
Daily time charter rate					$ 19,135
Number of vessels sold and leased back | vessel					8
Variable lease expense					$ 2,000,000	$ 700,000	$ 1,200,000
SFL | 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	8	8
Daily time charter rate								$ 14,900
Daily operating expense rate					$ 7,000			7,000
Profit share					$ 9,800,000	$ 37,900	$ 800,000
Number of vessels sold and leased back | vessel					8
Total minimum lease period					13 years
Purchase option net of sellers credit				$ 112,000,000				112,000,000
Daily time charter rate extension				$ 14,900				$ 14,900
SFL | 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					$ 19,024
SFL | 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
Ship Finance International Ltd
Lessee, Lease, Description [Line Items]
Purchase option net of sellers credit					$ 112,000,000
Charter term, extension					3 years
Daily time charter rate extension					$ 14,900

FINANCE LEASES - Right-of-Use F

FINANCE LEASES - Right-of-Use Finance Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Change In Right-Of-Use Finance Lease Assets [Roll Forward]
Vessel under capital leases, beginning balance	$ 113,480	$ 193,987
Additions	0	6,430
Depreciation	(14,945)	(16,928)
Impairment	0	(70,009)
Vessel under capital leases, ending balance	$ 98,535	$ 113,480

FINANCE LEASES - Changes in Lea

FINANCE LEASES - Changes in Lease Obligations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Changes In Finance Lease Liability [Roll Forward]
Beginning balance	$ 151,205	$ 168,708
Additions	0	17,500
Repayments	(32,237)	(44,368)
Interest expense on obligations under finance lease	8,762	9,365
Ending balance	127,730	151,205
Current portion	21,755	23,475
Non-current portion	$ 105,975	$ 127,730

FINANCE LEASES - Outstanding Ob

FINANCE LEASES - Outstanding Obligations Finance Leases (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Finance Lease, Liability, Payment, Due [Abstract]
2022	$ 29,061
2023	24,484
2024	24,553
2025	22,551
2026	20,617
Thereafter	32,977
Minimum lease payments	154,243
Less: imputed interest	(26,513)
Present value of obligations under finance leases	$ 127,730	$ 151,205	$ 168,708

VESSELS HELD FOR SALE (Details)

VESSELS HELD FOR SALE (Details) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2021vessel	Dec. 31, 2020USD ($)
Property, Plant and Equipment [Abstract]
Number of vessels held for sale | vessel		0
Proceeds from sale of vessels	$ 9.6
Impairment loss on vessels held for sale			$ 0.7

EQUITY METHOD INVESTMENTS - Mov

EQUITY METHOD INVESTMENTS - Movement in Equity Method Investments (Details) - USD ($)	Apr. 01, 2021	Oct. 20, 2020	Feb. 28, 2022	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2022	Feb. 29, 2020	Jan. 31, 2020	Jan. 01, 2020
Equity Method Investment [Roll Forward]
Beginning balance					$ 16,399,000
Distributions received from associated companies					0	$ (450,000)	$ (150,000)
Ending balance					41,343,000	16,399,000
Total assets					3,454,177,000	2,721,067,000
Liabilities					$ (1,525,436,000)	$ (1,352,311,000)
TFG Marine
Schedule of Equity Method Investments [Line Items]
Ownership percentage					10.00%	10.00%					10.00%
Equity Method Investment [Roll Forward]
Beginning balance					$ 483,000	$ 0
Distributions received from associated companies						0
Disposals of equity method investments						0
Loss on disposal of equity method investments						0
Equity contribution						75,000
Share of income / (loss)					(483,000)	408,000
Ending balance					0	$ 483,000	0
Total assets					0
Liabilities					$ 0
SwissMarine
Schedule of Equity Method Investments [Line Items]
Ownership percentage					17.50%	17.50%			17.50%	17.80%
Equity Method Investment [Roll Forward]
Beginning balance					$ 15,371,000	$ 19,557,000
Distributions received from associated companies						0
Disposals of equity method investments						0
Loss on disposal of equity method investments						(32,000)
Equity contribution						0
Share of income / (loss)					24,351,000	(4,154,000)
Ending balance					39,722,000	$ 15,371,000	19,557,000
Total assets					39,722,000
Liabilities					$ 0
SwissMarine | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage								16.40%
UFC
Schedule of Equity Method Investments [Line Items]
Ownership percentage					50.00%	50.00%
Equity Method Investment [Roll Forward]
Beginning balance					$ 545,000	$ 1,027,000
Distributions received from associated companies						(450,000)
Disposals of equity method investments						0
Loss on disposal of equity method investments						0
Equity contribution						0
Share of income / (loss)					1,073,000	(32,000)
Ending balance					1,618,000	$ 545,000	1,027,000
Total assets					1,618,000
Liabilities					$ 0
Seateam
Schedule of Equity Method Investments [Line Items]
Ownership percentage					0.00%	0.00%
Ownership percentage sold				22.19%
Proceeds from sale of equity method investments	$ 900,000	$ 1,700,000		$ 3,600,000
Equity Method Investment [Roll Forward]
Beginning balance					$ 0	$ 899,000
Distributions received from associated companies						0
Disposals of equity method investments						(999,000)
Loss on disposal of equity method investments						0
Equity contribution						0
Share of income / (loss)					0	100,000
Ending balance					0	$ 0	899,000
Total assets					0
Liabilities					$ 0
CCL
Schedule of Equity Method Investments [Line Items]
Ownership percentage					25.00%	25.00%
CCL | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership percentage sold			25.00%
Proceeds from sale of equity method investments			$ 17,500
Other Investments
Equity Method Investment [Roll Forward]
Beginning balance					$ 0	$ 0
Distributions received from associated companies						0
Disposals of equity method investments						0
Loss on disposal of equity method investments						0
Equity contribution						0
Share of income / (loss)					(459,000)	0
Ending balance					(459,000)	0	0
Total assets					3,000
Liabilities					(462,000)
Total
Equity Method Investment [Roll Forward]
Beginning balance					16,399,000	21,483,000
Distributions received from associated companies						(450,000)
Disposals of equity method investments						(999,000)
Loss on disposal of equity method investments						(32,000)
Equity contribution						75,000
Share of income / (loss)					24,482,000	(3,678,000)
Ending balance					40,881,000	$ 16,399,000	$ 21,483,000
Total assets					41,343,000
Liabilities					$ (462,000)

EQUITY METHOD INVESTMENTS - Add

EQUITY METHOD INVESTMENTS - Additional Information (Details) - USD ($) $ in Thousands	Apr. 01, 2021	Oct. 20, 2020	Oct. 31, 2020	May 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Feb. 29, 2020	Jan. 31, 2020	Jan. 01, 2020
Schedule of Equity Method Investments [Line Items]
Gain from disposal of associated companies						$ 0	$ 2,570	$ 0
Cash dividends received from equity method investees						$ 0	$ 500	$ 200
London Interbank Offered Rate (LIBOR) | SwissMarine
Schedule of Equity Method Investments [Line Items]
Variable interest rate								2.00%
London Interbank Offered Rate (LIBOR) | TFG Marine
Schedule of Equity Method Investments [Line Items]
Variable interest rate							7.00%
SwissMarine
Schedule of Equity Method Investments [Line Items]
Ownership percentage						17.50%	17.50%		17.50%	17.80%
Subordinated shareholder loan							$ 10,700
Debt term							5 years
Repayments of loans receivable from related party				$ 5,700
Proceeds from repayments of shareholder loan, principal				5,350
Proceeds from repayments of shareholder loan, interest				$ 300
TFG Marine
Schedule of Equity Method Investments [Line Items]
Ownership percentage						10.00%	10.00%				10.00%
Subordinated shareholder loan										$ 1,000
Debt term						5 years
Balance outstanding of shareholders loan						$ 900
TFG Marine | London Interbank Offered Rate (LIBOR) | TFG Marine | Shareholder Loan
Schedule of Equity Method Investments [Line Items]
Related party transaction, rate						7.00%
Seateam
Schedule of Equity Method Investments [Line Items]
Ownership percentage						0.00%	0.00%
Equity method ownership percentage sold			22.19%
Proceeds from sale of equity method investments	$ 900	$ 1,700	$ 3,600
Gain from disposal of associated companies						$ 2,600
Seateam | Forecast
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of equity method investments					$ 900

DEBT - Summary of Debt (Details

DEBT - Summary of Debt (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Nov. 30, 2020	Dec. 31, 2019	Nov. 30, 2019	May 31, 2019	Feb. 28, 2019	May 31, 2018	Jun. 30, 2015
Debt Instrument [Line Items]
Long-term debt	$ 1,273,723,000	$ 1,054,022,000
Deferred charges	(11,378,000)	(8,539,000)		$ (8,278,000)
Long-term Debt, Total	1,262,345,000	1,045,483,000		$ 1,113,870,000
Current portion of long-term debt	(105,864,000)	(87,831,000)
Noncurrent portion	1,156,481,000	957,652,000
$304.0 million term loan and revolving facility
Debt Instrument [Line Items]
Principal amount	304,000,000		$ 304,000,000
Long-term debt	235,315,000	304,014,000
$93.75 million term loan
Debt Instrument [Line Items]
Principal amount	93,750,000					$ 93,750,000
Long-term debt	77,314,000	83,888,000
$131.79 million term loan
Debt Instrument [Line Items]
Principal amount	131,790,000					$ 131,790,000
Long-term debt	98,681,000	114,036,000
$155.3 million term loan
Debt Instrument [Line Items]
Principal amount	155,300,000				$ 155,300,000
Long-term debt	121,573,000	142,400,000
$120.0 million term loan
Debt Instrument [Line Items]
Principal amount	120,000,000							$ 120,000,000
Long-term debt	81,071,000	99,661,000
$420.0 million term loan
Debt Instrument [Line Items]
Principal amount	420,000,000						$ 420,000,000		$ 420,000,000
Long-term debt	280,387,000	310,023,000
Long-term Debt, Total	280,400,000	310,000,000
$260.0 million lease financing
Debt Instrument [Line Items]
Principal amount	260,000,000
Long-term debt	256,905,000	0
$175.0 million term loan and revolving facility
Debt Instrument [Line Items]
Principal amount	175,000,000
Long-term debt	$ 122,477,000	$ 0

DEBT - Summary of Movements in

DEBT - Summary of Movements in Debt (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2019	Dec. 31, 2021	Dec. 31, 2020
Movement In Debt Balance [Roll Forward]
Long term debt, beginning balance		$ 1,054,022
Deferred charges, beginning balance		(8,539)	$ (8,278)
Total, beginning balance		1,045,483	1,113,870
Repayments of debt	$ (222,100)	(628,900)	(390,138)
Repayment of debt issuance cost		0	0
Proceeds from issuance of debt		848,601	322,012
Proceeds from debt issuance cost		0	0
Capitalization of debt issuance cost, net of amortization		(2,839)	(261)
Long term debt, ending balance		1,273,723	1,054,022
Deferred charges, ending balance		(11,378)	(8,539)
Total, ending balance		1,262,345	1,045,483
Secured Debt
Movement In Debt Balance [Roll Forward]
Long term debt, beginning balance		1,054,022	1,122,148
Repayments of debt		(628,900)	(390,138)
Proceeds from issuance of debt		848,601	322,012
Long term debt, ending balance		$ 1,273,723	$ 1,054,022

DEBT - Loan Facilities Addition

DEBT - Loan Facilities Additional Information (Details)

Nov. 30, 2020USD ($)financial_institutionvessel

Aug. 31, 2021USD ($)vesselnewbuilding

Nov. 30, 2020USD ($)financial_institutionvessel

Nov. 30, 2019USD ($)vessel

May 31, 2019USD ($)vesselloan_facility

Feb. 28, 2019USD ($)vessel

May 31, 2018USD ($)vessel

Jan. 31, 2016USD ($)

Dec. 31, 2015

Feb. 28, 2015USD ($)tranchevessel

Jun. 30, 2014USD ($)tranchevessel

Nov. 30, 2015

Dec. 31, 2021USD ($)vessel

Dec. 31, 2020USD ($)vessel

Dec. 31, 2019USD ($)

Dec. 31, 2017USD ($)

Feb. 28, 2021USD ($)

Dec. 31, 2016

Sep. 30, 2016

Jun. 30, 2015USD ($)

Debt Instrument [Line Items]

Debt assumed

$ 285,200,000

Repayments of long-term debt

$ 628,900,000

$ 390,138,000

$ 621,235,000

Number of vessels sold and leased back | vessel

9

Number of newbuilding sold and leased back | newbuilding

3

Lease term

7 years

Adjusted profile term

21 years

Number of vessels serving as security | vessel

81

67

Number of vessels financed | vessel

14

Loan repayments

$ 222,100,000

$ 628,900,000

$ 390,138,000

Loan drawdowns

18,000,000

Long term debt

1,262,345,000

1,045,483,000

$ 1,113,870,000

Dry Bulk Carriers | Hemen Holdings Ltd

Debt Instrument [Line Items]

Debt assumed

$ 413,600,000

$175.0 million term loan and revolving facility

Debt Instrument [Line Items]

Principal amount

175,000,000

Tenor term

5 years

Adjusted profile term

19 years

Balloon payment

$ 77,100,000

Repayments of long-term debt

2,500,000

Remaining borrowing capacity

50,000,000

Number of vessels financed | vessel

6

$304.0 million term loan and revolving facility

Debt Instrument [Line Items]

Principal amount

$ 304,000,000

$ 304,000,000

304,000,000

Repayments of long-term debt

18,700,000

0

Remaining borrowing capacity

50,000,000

Number of financial institutions | financial_institution

6

6

Number of financial institutions under previous agreement | financial_institution

5

5

Number of vessels serving as security | vessel

14

14

Term Loan Facility $254 Million

Debt Instrument [Line Items]

Principal amount

$ 254,000,000

$ 254,000,000

Tenor term

5 years

Adjusted profile term

20 years

Balloon payment

$ 165,200,000

165,200,000

Revolving Credit Facility $50 Million

Debt Instrument [Line Items]

Principal amount

50,000,000

50,000,000

Repayments of long-term debt

50,000,000

Term Loan Facility of $425 Million [Member]

Debt Instrument [Line Items]

Principal amount

$ 425,000,000

425,000,000

Variable interest rate

2.20%

2.00%

Number of vessels financed | vessel

14

Number of tranches | tranche

12

Debt instrument, value per tranche, value

$ 30,000,000

Loan repayments

322,500,000

Long term debt

$ 425,000,000

425,000,000

Number of tranches | tranche

2

Debt instrument, value per tranche

$ 32,500,000

Minimum value covenant

70.00%

55.00%

Quarterly repayment to principal borrowed ratio

1.5625%

1.25%

$304.0 Term Loan Facility [Member]

Debt Instrument [Line Items]

Proceeds from lines of credit

$ 304,000,000

$93.75 million term loan

Debt Instrument [Line Items]

Principal amount

$ 93,750,000

93,750,000

Tenor term

5 years

Adjusted profile term

19 years

Balloon payment

$ 62,500,000

Term loan facility, amount available, undrawn

0

Loan repayments

6,600,000

6,600,000

$131.79 million term loan

Debt Instrument [Line Items]

Principal amount

$ 131,790,000

131,790,000

Tenor term

5 years

Adjusted profile term

19 years

Balloon payment

$ 76,600,000

Term loan facility, amount available, undrawn

0

Loan repayments

15,400,000

11,800,000

Term Loan Facilities Of 93.75 Million And 131.79 Million [Member]

Debt Instrument [Line Items]

Number of facilities | loan_facility

2

Non-Recourse Loan Facilities Of $102.7 Million, $73.4 Million And $80.2 Million [Member]

Debt Instrument [Line Items]

Number of facilities | loan_facility

3

Term Loan Facility Of $102.7 Million [Member]

Debt Instrument [Line Items]

Principal amount

$ 102,700,000

Term Loan Facility of $73.4 Million [Member]

Debt Instrument [Line Items]

Principal amount

73,400,000

Term Loan Facility of $80.2 Million [Member]

Debt Instrument [Line Items]

Principal amount

$ 80,200,000

$155.3 million term loan

Debt Instrument [Line Items]

Principal amount

$ 155,300,000

155,300,000

Balloon payment

88,300,000

Term loan facility, amount available, undrawn

0

Loan repayments

20,800,000

13,000,000

Term Loan Facility of $284 Million [Member]

Debt Instrument [Line Items]

Principal amount

$ 284,000,000

Number of vessels financed | vessel

15

Loan repayments

$ 155,400,000

$120.0 million term loan

Debt Instrument [Line Items]

Principal amount

$ 120,000,000

120,000,000

Variable interest rate

2.25%

Balloon payment

$ 59,800,000

Number of vessels financed | vessel

10

Term loan facility, amount available, undrawn

0

Loan repayments

18,600,000

8,100,000

Term Loan Facility of $33.9 Million [Member]

Debt Instrument [Line Items]

Principal amount

$ 34,000,000

Loan repayments

58,300,000

Term Loan Facility of $82.5 Million [Member]

Debt Instrument [Line Items]

Principal amount

82,500,000

Other Debt Obligations [Member]

Debt Instrument [Line Items]

Principal amount

$ 65,500,000

$420.0 million term loan

Debt Instrument [Line Items]

Principal amount

$ 420,000,000

$ 420,000,000

$ 420,000,000

Variable interest rate

2.50%

2.50%

Number of vessels financed | vessel

11

14

14

Term loan facility, amount available, undrawn

$ 0

Number of tranches | tranche

14

Debt instrument, value per tranche, value

$ 30,000,000

Payment terms

20 years

Periodic payments

$ 5,200,000

Debt refinance extension term

3 years

Scrubber installation finance cost

$ 3,000,000

Scrubber installation repayment period

3 years

Loan repayments

29,600,000

28,100,000

Long term debt

280,400,000

$ 310,000,000

$50 Million Revolving Credit Tranche Of $175 Term Loan Facility

Debt Instrument [Line Items]

Principal amount

$ 50,000,000

Repayments of long-term debt

50,000,000

$260.0 million lease financing

Debt Instrument [Line Items]

Principal amount

260,000,000

Variable interest rate

2.00%

Repayments of long-term debt

3,100,000

Remaining borrowing capacity

$ 0

London Interbank Offered Rate (LIBOR) | $175.0 million term loan and revolving facility

Debt Instrument [Line Items]

Variable interest rate

1.90%

London Interbank Offered Rate (LIBOR) | Term Loan Facility $254 Million

Debt Instrument [Line Items]

Variable interest rate

2.35%

London Interbank Offered Rate (LIBOR) | $93.75 million term loan

Debt Instrument [Line Items]

Variable interest rate

2.15%

London Interbank Offered Rate (LIBOR) | $131.79 million term loan

Debt Instrument [Line Items]

Variable interest rate

2.10%

London Interbank Offered Rate (LIBOR) | $155.3 million term loan

Debt Instrument [Line Items]

Variable interest rate

2.10%

DEBT - Financial Covenants Addi

DEBT - Financial Covenants Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Minimum value percentage	135.00%
Minimum cash requirement	$ 20,000,000
Minimum cash requirement percentage	5.00%
Market adjusted equity	25.00%
Restricted cash	$ 69,500,000	$ 59,800,000
$175.0 million term loan and revolving facility
Debt Instrument [Line Items]
Minimum value percentage	130.00%
Principal amount	$ 175,000,000
$260.0 million lease financing
Debt Instrument [Line Items]
Minimum value percentage	115.00%
Principal amount	$ 260,000,000

DEBT - Deferred Charges Additio

DEBT - Deferred Charges Additional Information (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
Deferred charges	$ 11.4	$ 8.5

DEBT - Summary of Debt Maturiti

DEBT - Summary of Debt Maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2022	$ 105,864
2023	326,979
2024	288,277
2025	263,108
2026	94,497
Thereafter	194,998
Total	1,273,723	$ 1,054,022
Deferred charges	(11,378)	(8,539)	$ (8,278)
Long term debt	$ 1,262,345	$ 1,045,483	$ 1,113,870

DEBT - Assets Pledged and Weigh

DEBT - Assets Pledged and Weighted Average Interest Rate Additional Information (Details) $ in Thousands	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel
Debt Instrument [Line Items]
Number of vessels serving as security | vessel	81	67
Vessels and equipment, net	$ 2,880,321	$ 2,267,686
Weighted average interest rate	2.21%	2.31%
Collateral Pledged [Member]
Debt Instrument [Line Items]
Vessels and equipment, net	$ 2,880,300	$ 2,267,700

ACCRUED EXPENSES (Details)

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Payables and Accruals [Abstract]
Voyage expenses	$ 11,204	$ 16,785
Ship operating expenses	17,968	12,208
Administrative expenses	4,570	695
Tax expenses	394	171
Interest expenses	4,433	4,691
Accrued expenses	$ 38,569	$ 34,550

OTHER CURRENT LIABILITIES (Deta

OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Other Liabilities Disclosure [Abstract]
Deferred charter revenue	$ 34,626	$ 25,504
Payroll and employee tax accruals	654	698
Bunker obligations on time charter out contracts	1,523	435
Other current liabilities	462	1,440
Other current liabilities	$ 37,265	$ 28,077

DERIVATIVE INSTRUMENTS PAYABL_3

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Derivative [Line Items]
Asset Derivatives - Fair Value	$ 2,679	$ 572
Liability Derivatives - Fair Value	10,364	27,692
Gain (loss) on derivatives	30,465	(17,450)	$ (9,960)
Interest rate swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	2,608	0
Liability Derivatives - Fair Value	10,364	27,558
Interest income (expense)	(8,349)	(5,030)	2,163
Unrealized fair value gain (loss)	19,802	(19,868)	(13,114)
Foreign currency swaps
Derivative [Line Items]
Asset Derivatives - Fair Value	71	268
Liability Derivatives - Fair Value	0	0
Unrealized fair value gain (loss)	(257)	519	1,353
Realized gain (loss)	60	71	(1,139)
Bunker derivatives
Derivative [Line Items]
Asset Derivatives - Fair Value	0	304
Liability Derivatives - Fair Value	0	134
Unrealized fair value gain (loss)	(170)	157	338
Realized gain (loss)	410	(2,193)	(635)
Forward freight agreements
Derivative [Line Items]
Asset Derivatives - Fair Value	0	0
Liability Derivatives - Fair Value	0	0
Realized gain (loss)	18,969	10,207	3,245
Options	$ 0	$ (1,313)	$ (2,171)

SHARE CAPITAL, TREASURY SHARE_3

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of Authorized Capital (Details) - USD ($)	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Equity [Abstract]
Common stock, shares, authorized (in shares)	300,000,000	300,000,000	200,000,000	200,000,000
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Common stock, value, authorized	$ 15,000,000	$ 15,000,000	$ 10,000,000	$ 10,000,000

SHARE CAPITAL, TREASURY SHARE_4

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Additional Information (Details) kr / shares in Units, $ / shares in Units, kr in Millions	1 Months Ended				12 Months Ended			36 Months Ended
	May 31, 2021USD ($)shares	May 31, 2021NOK (kr)kr / sharesshares	Feb. 28, 2021USD ($)shares	Feb. 28, 2021NOK (kr)kr / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Mar. 31, 2021USD ($)$ / sharesshares
Class of Stock [Line Items]
Common stock, value, authorized | $					$ 15,000,000	$ 10,000,000	$ 10,000,000	$ 15,000,000	$ 15,000,000
Common stock, shares, authorized (in shares)					300,000,000	200,000,000	200,000,000	300,000,000	300,000,000
Share capital, par value (in dollars per share) | $ / shares					$ 0.05	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Net proceeds from share issuance | $					$ 352,225,000	$ 0	$ 0
Treasury shares acquired (in shares)					0	0	855,000	1,300,000
Shares distribution (in shares)					545,000
Treasury shares held (in shares)					755,000	945,000	995,000	755,000
Dividends to shareholders | $					$ 320,700,000	$ 7,200,000	$ 46,600,000
Dividends per share (in dollars per share) | $ / shares					$ 1.60	$ 0.05	$ 0.33
Share capital, shares outstanding (in shares)					200,435,621	143,327,697	143,277,697	200,435,621
2016 Share Option Scheme
Class of Stock [Line Items]
Shares issued for equity incentive plan (in shares)					190,000	50,000
Repurchases of 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 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		$ 335,300,000
Private Placement | Hemen Holdings Ltd
Class of Stock [Line Items]
Shares issued (in shares)			27,103,773	27,103,773
Consideration received on sale of stock | $			$ 169,000,000
Contributed capital surplus
Class of Stock [Line Items]
Reclassified from additional paid in capital | $	$ 350,700,000				$ 350,671,000	$ 0	$ 0

SHARE CAPITAL, TREASURY SHARE_5

SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of Share Capital (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Mar. 31, 2021
Class of Stock [Line Items]
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward]
Issued shares: Balance at start of year (in shares)	144,272,697
Issued shares: Balance at end of year (in shares)	201,190,621	144,272,697
Increase (Decrease) In Share Capital, Shares Outstanding [Roll Forward]
Outstanding number of shares: Balance at beginning of year (in shares)	143,327,697	143,277,697
Distribution of treasury shares (in shares)	545,000
Outstanding number of shares: Balance at end of year (in shares)	200,435,621	143,327,697	143,277,697
2016 Share Option Scheme
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward]
Settlement of options (in shares)	190,000	50,000
Share capital
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward]
Issued shares: Balance at start of year (in shares)	144,272,697	144,272,697	144,272,697
Shares issued (in shares)	56,917,924	0	0
Issued shares: Balance at end of year (in shares)	201,190,621	144,272,697	144,272,697
Increase (Decrease) In Share Capital, Shares Outstanding [Roll Forward]
Outstanding number of shares: Balance at beginning of year (in shares)	143,327,697	143,277,697	143,827,697
Shares issued (in shares)	56,917,924	0	0
Repurchases of shares (in shares)	0	0	(855,000)
Distribution of treasury shares (in shares)	190,000	50,000	305,000
Outstanding number of shares: Balance at end of year (in shares)	200,435,621	143,327,697	143,277,697
Share capital | 2016 Share Option Scheme
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward]
Settlement of options (in shares)	0	0	0
Share capital | Hemen Holdings Ltd
Increase (Decrease) In Share Capital, Shares Issued [Roll Forward]
Issue of consideration shares to Hemen (in shares)	0	0	0

SHARE OPTIONS - Additional Info

SHARE OPTIONS - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 11, 2020	Sep. 14, 2020	Apr. 24, 2020	Nov. 10, 2016	Nov. 30, 2016	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of share options	$ 0.4	$ 0.4	$ 0.8
Share based compensation cost						$ 0.6	$ 0.3
Exercised (in shares)						190,000	50,000
Compensation costs not yet recognized						$ 0.9	$ 1.6
2016 Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued for equity incentive plan (in shares)						190,000	50,000
2016 Share Option Scheme | Share Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Term of scheme					10 years
Term of share options	5 years	5 years	5 years	5 years
Vesting period	3 years	3 years		3 years
Vesting rate				33.33%
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate					33.33%
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate					33.33%
2016 Share Option Scheme | Share Option | Share-based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting rate					33.33%
Senior Management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercised (in shares)						100,000	50,000
Share Option | Chief Executive Officer | 2016 Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options approved for issuance to senior management (in shares)			550,000
Vesting period			3 years
Share Option | Chief Financial Officer | 2016 Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options approved for issuance to senior management (in shares)		275,000
Share Option | Chief Commercial Officer | 2016 Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options approved for issuance to senior management (in shares)	275,000
Share Option | Senior Management | 2016 Share Option Scheme
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options approved for issuance to senior management (in shares)				700,000
Exercise price (in dollars per share)				$ 4.20

SHARE OPTIONS - Summary of 2020

SHARE OPTIONS - Summary of 2020 Awards (Details)	Dec. 31, 2021$ / sharesshares	Dec. 31, 2020$ / sharesshares	Nov. 11, 2020kr / sharesshares	Sep. 14, 2020kr / sharesshares	Apr. 24, 2020kr / sharesshares	Dec. 31, 2019$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)	300,000	190,000				240,000
Share price (krone per share) | $ / shares	$ 3.80	$ 3.38				$ 3.43
Share-based Payment Arrangement, Tranche One | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)					150,000
Share price (krone per share) | kr / shares					kr 35
Share-based Payment Arrangement, Tranche One | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)				75,000
Share price (krone per share) | kr / shares				kr 32
Share-based Payment Arrangement, Tranche One | Chief Commercial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)			75,000
Share price (krone per share) | kr / shares			kr 33
Share-based Payment Arrangement, Tranche Two | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)					150,000
Share price (krone per share) | kr / shares					kr 52.50
Share-based Payment Arrangement, Tranche Two | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)				75,000
Share price (krone per share) | kr / shares				kr 48
Share-based Payment Arrangement, Tranche Two | Chief Commercial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)			75,000
Share price (krone per share) | kr / shares			kr 49.50
Share-based Payment Arrangement, Tranche Three | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)					250,000
Share price (krone per share) | kr / shares					kr 70
Share-based Payment Arrangement, Tranche Three | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)				125,000
Share price (krone per share) | kr / shares				kr 64
Share-based Payment Arrangement, Tranche Three | Chief Commercial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options Outstanding and Exercisable, Number of options (in shares)			125,000
Share price (krone per share) | kr / shares			kr 66

SHARE OPTIONS - Summary of Assu

SHARE OPTIONS - Summary of Assumptions for Share Options (Details) - Stock Compensation Plan - 2016 Share Option Scheme	Nov. 11, 2020	Sep. 14, 2020	Apr. 24, 2020	Nov. 10, 2016
November 10, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term				5 years
Expected volatility				71.00%
Risk-free rate				155.00%
April 24, 2020 | Chief Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term			5 years
Expected volatility			61.00%
Risk-free rate			27.00%
September 14, 2020 | Chief Financial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term		5 years
Expected volatility		62.00%
Risk-free rate		27.00%
November 11, 2020 | Chief Commercial Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term	5 years
Expected volatility	61.00%
Risk-free rate	40.00%

SHARE OPTIONS - Summary of Numb

SHARE OPTIONS - Summary of Number of Share Options Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Number of Options
Exercisable (in shares)	300,000	190,000	240,000
Outstanding - Unvested (in shares)	800,000	1,100,000	0
Total Outstanding (in shares)	1,290,000	240,000
Granted (in shares)	0	1,100,000
Exercised (in shares)	190,000	50,000
Forfeited (in shares)	0	0
Total Oustanding (in shares)	1,100,000	1,290,000
Weighted Average Exercise Price
Exercisable (in dollars per share)	$ 3.80	$ 3.38	$ 3.43
Outstanding - Unvested (in dollars per share)	6.88	5.48	0
Total Outstanding (in dollars per share)	5.17	3.43
Granted (in dollars per share)	0	5.48
Exercised (in dollars per share)	3.35	3.38
Forfeited (in dollars per share)	0	0
Total Outstanding (in dollars per share)	6.04	5.17
Weighted Average Grant date Fair Value
Exercisable (in dollars per share)	2.06	2.47	2.47
Outstanding - Unvested (in dollars per share)	1.65	1.48	$ 0
Outstanding (in dollars per share)	1.63	2.47
Granted (in dollars per share)	0	1.48
Exercised (in dollars per share)	2.47	2.47
Forfeited (in dollars per share)	0	0
Outstanding (in dollars per share)	$ 1.76	$ 1.63
Amount outstanding for options vested	$ 300,000	$ 190,000
Management
Number of Options
Exercisable (in shares)	300,000	100,000	150,000
Outstanding - Unvested (in shares)	800,000	1,100,000	0
Total Outstanding (in shares)	1,200,000	150,000
Granted (in shares)	0	1,100,000
Exercised (in shares)	100,000	50,000
Forfeited (in shares)	0	0
Total Oustanding (in shares)	1,100,000	1,200,000

SHARE OPTIONS - Summary of Shar

SHARE OPTIONS - Summary of Share Options Outstanding (Details) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Weighted Average Exercise Price of Outstanding Options (in dollars per share)	$ 6.88	$ 5.48
Outstanding - Unvested (in shares)	800,000	1,100,000	0
Weighted Average Exercise Price (in dollars per share)	$ 6.88	$ 5.48	$ 0
Options Outstanding and Unvested, Weighted Average Remaining Contractual Life	3 years 6 months 18 days	4 years 6 months 18 days
Options Outstanding and Exercisable, Number of options (in shares)	300,000	190,000	240,000
Options Outstanding and Exercisable, Weighted Average Exercise Price (in dollars per share)	$ 3.80	$ 3.38	$ 3.43
Options Outstanding and Exercisable, Weighted Average Remaining Contractual Life	3 years 6 months 18 days	0 years

RELATED PARTY TRANSACTIONS - Sh

RELATED PARTY TRANSACTIONS - Ship Finance Limited (Details)	1 Months Ended		12 Months Ended
	Aug. 31, 2021vessel	Apr. 30, 2015USD ($)vessel	Dec. 31, 2021vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)vessel	Dec. 31, 2015USD ($)vessel	Jun. 30, 2021vessel
Related Party Transaction [Line Items]
Number of vessels sold and leased back | vessel	9
SFL
Related Party Transaction [Line Items]
Number of vessels sold and leased back | vessel			1	1
SFL | Dry Bulk Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial management | vessel				9			8
Commercial management fee revenue per day for first seven dry bulk vessels | $				$ 125
Number of vessels for which management fee is $125 dollars per day | vessel				4	7
Commercial management fee revenue, rate 2 | $				$ 75	$ 75
Number of vessels for which management fee is $75 dollars per day | vessel				3	7
Commercial management fee revenue, rate 3 | $				$ 37.5
Commercial management fee revenue per day for managing vessels | $				$ 125	$ 125
Number of vessels for which management fee is $37.5 dollars per day | vessel			1	2
SFL | Container Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial management | vessel				16	14		16
Commercial management fee revenue per day for managing vessels | $				$ 75	$ 75
SFL | 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 | vessel		8	8	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				$ 112,000,000
Purchase option timing from lease inception		10 years
Charter term extension		3 years				3 years
Daily time charter rate extension | $		$ 14,900				$ 14,900

RELATED PARTY TRANSACTIONS - Se

RELATED PARTY TRANSACTIONS - Seatankers, Capesize Chartering, and United Freight Carriers (Details)	12 Months Ended
	Dec. 31, 2021USD ($)vessel	Dec. 31, 2020USD ($)vessel	Dec. 31, 2019USD ($)	Dec. 31, 2017vessel
Related Party Transaction [Line Items]
Number of vessels acquired				16
CCL
Related Party Transaction [Line Items]
Number of vessels acquired	34
Dry Bulk Carriers | Seatankers
Related Party Transaction [Line Items]
Number of vessels under commercial management	12	25
Commercial management fee revenue per day for managing vessels | $	$ 125	$ 125	$ 125

RELATED PARTY TRANSACTIONS - Sw

RELATED PARTY TRANSACTIONS - Swiss Marine (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party receivables		$ 8,615	$ 3
Shareholder loan		8,615	3
Revenue from related parties		14,656	24,454	$ 1,609
SwissMarine
Related Party Transaction [Line Items]
Repayments of loans receivable from related party	$ 5,700
Proceeds from repayments of shareholder loan, principal	5,350
Proceeds from repayments of shareholder loan, interest	300
SwissMarine
Related Party Transaction [Line Items]
Subordinated shareholder loan, term				5 years
Shareholder loan	$ 5,350	281	0
Revenue from related parties		$ 13,281	$ 19,528	$ 0
SwissMarine | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Spread on variable rate (percent)				2.00%
SwissMarine | Shareholder Loan
Related Party Transaction [Line Items]
Related party receivables				$ 10,700

RELATED PARTY TRANSACTIONS - TF

RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Related Party Transactions [Abstract]
Due from related parties	$ 8,615,000	$ 3,000
Related Party Transaction [Line Items]
Shareholder loan	8,615,000	3,000
Related party payables	13,934,000	4,865,000
Performance Guarantee
Related Party Transaction [Line Items]
Maximum liability under this guarantee	4,000,000
Amount payable under guarantee	0
TFG Marine
Related Party Transactions [Abstract]
Due from related parties		1,000,000
Related Party Transaction [Line Items]
Shareholder loan		$ 1,000,000
Subordinated shareholder loan, term		5 years
Related party payables	6,563,000	$ 2,424,000
TFG Marine | Bunker Procurement
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	174,300,000	67,500,000
Related party payables	6,600,000	$ 2,400,000
TFG Marine | Bunker Supply Agreement Guarantee
Related Party Transaction [Line Items]
Guarantee issued in respect of subsidiary performance under bunker supply agreement	$ 20,000,000
TFG Marine | London Interbank Offered Rate (LIBOR)
Related Party Transaction [Line Items]
Spread on variable rate (percent)		7.00%

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreements (Details) - $ / vessel	1 Months Ended	12 Months Ended
	Oct. 31, 2020	Dec. 31, 2021	Dec. 31, 2020
Frontline
Related Party Transaction [Line Items]
Management fee to be paid per annum		27,375	27,529
Seateam
Related Party Transaction [Line Items]
Equity method ownership percentage sold	22.19%

RELATED PARTY TRANSACTIONS - Ac

RELATED PARTY TRANSACTIONS - Acquisition of Vessels From Affiliates of Hemen (Details) $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended		37 Months Ended
	Feb. 28, 2021USD ($)vessel	Dec. 31, 2021vessel	Dec. 31, 2021vesselnewbuilding	Dec. 31, 2017USD ($)	Feb. 28, 2021USD ($)vessel
Related Party Transaction [Line Items]
Debt assumed | $				$ 285.2
Number of newbuildings acquired | vessel		7
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				17 years
Number of newbuildings acquired | newbuilding			3
Hemen Holdings Ltd | Golden Spray, Golden Fast And Golden Furious
Related Party Transaction [Line Items]
Number of newbuildings acquired | vessel	3				3
Hemen Holdings Ltd | Dry Bulk Carriers
Related Party Transaction [Line Items]
Debt assumed | $	$ 413.6				$ 413.6
Debt assumed, in cash | $	63
Debt assumed, sellers credit | $	$ 350.6
Number of vessels acquired under heads of agreement | vessel	15				15
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Minimum
Related Party Transaction [Line Items]
Variable interest rate	2.35%
Hemen Holdings Ltd | Dry Bulk Carriers | London Interbank Offered Rate (LIBOR) | Maximum
Related Party Transaction [Line Items]
Variable interest rate	4.70%

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged By Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Net amounts charged by related parties	$ 77,088	$ 76,205	$ 53,969
Frontline
Related Party Transaction [Line Items]
Net amounts charged by related parties	4,171	3,216	3,402
SFL
Related Party Transaction [Line Items]
Net amounts charged by related parties	42,911	38,459	37,069
Seateam
Related Party Transaction [Line Items]
Net amounts charged by related parties	0	2,552	3,636
Seatankers
Related Party Transaction [Line Items]
Net amounts charged by related parties	27,978	31,955	8,708
CCL
Related Party Transaction [Line Items]
Net amounts charged by related parties	$ 2,028	$ 23	$ 1,154

RELATED PARTY TRANSACTIONS - _2

RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged To Related Parties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Net amounts charged to related parties	$ 14,656	$ 24,454	$ 1,609
Frontline
Related Party Transaction [Line Items]
Net amounts charged to related parties	52	0	0
SFL
Related Party Transaction [Line Items]
Net amounts charged to related parties	468	957	894
Seatankers
Related Party Transaction [Line Items]
Net amounts charged to related parties	817	954	665
Northern Drilling
Related Party Transaction [Line Items]
Net amounts charged to related parties	38	50	50
SwissMarine
Related Party Transaction [Line Items]
Net amounts charged to related parties	13,281	19,528	0
CCL
Related Party Transaction [Line Items]
Net amounts charged to related parties	$ 0	$ 2,965	$ 0

RELATED PARTY TRANSACTIONS - _3

RELATED PARTY TRANSACTIONS - Summary of Related Parties Income/ (Expense) Amounts Included Into Consolidated Statements of Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Time charter revenues	$ 14,656	$ 24,454	$ 1,609
Other revenues	1,375	1,961	1,609
Other operating income (expenses)	(2,008)	2,965	(1,154)
Ship operating expenses	(9,313)	(11,574)	(5,758)
Charter hire expenses	(60,885)	(63,468)	(45,777)
Administrative expenses	(1,487)	(1,163)	(1,280)
Interest on credit facilities	(3,395)	0	0
Income (loss) from related party transaction	(62,432)	(51,751)	(52,360)
Time charter revenues
Related Party Transaction [Line Items]
Time charter revenues	$ 13,281	$ 19,528	$ 0

RELATED PARTY TRANSACTIONS - _4

RELATED PARTY TRANSACTIONS - Summary of Balances Due From Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020	May 31, 2020
Related Party Transaction [Line Items]
Due from related parties	$ 8,615	$ 3
Frontline
Related Party Transaction [Line Items]
Due from related parties	2,604	0
UFC
Related Party Transaction [Line Items]
Due from related parties	0	3
SwissMarine
Related Party Transaction [Line Items]
Due from related parties	281	0	$ 5,350
Seatankers
Related Party Transaction [Line Items]
Due from related parties	5,751	0
Credit loss allowance
Related Party Transaction [Line Items]
Due from related parties	$ 21

RELATED PARTY TRANSACTIONS - _5

RELATED PARTY TRANSACTIONS - Summary of Short-Term Balance Due to Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Short-term balances due to related parties	$ 13,934	$ 4,865
CCL
Related Party Transaction [Line Items]
Short-term balances due to related parties	2,378	1,440
Frontline
Related Party Transaction [Line Items]
Short-term balances due to related parties	0	322
Seatankers
Related Party Transaction [Line Items]
Short-term balances due to related parties	0	60
TFG Marine
Related Party Transaction [Line Items]
Short-term balances due to related parties	6,563	2,424
Other
Related Party Transaction [Line Items]
Short-term balances due to related parties	$ 4,993	$ 619

RELATED PARTY TRANSACTIONS - Ad

RELATED PARTY TRANSACTIONS - Additional Information (Details) - vessel	1 Months Ended		12 Months Ended
	Aug. 31, 2021	Apr. 30, 2015	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2015
Related Party Transaction [Line Items]
Number of vessels sold and leased back	9
SFL
Related Party Transaction [Line Items]
Number of vessels sold and leased back			1	1
SFL | 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	8	8

FINANCIAL ASSETS AND LIABILIT_3

FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 500,000	$ 500,000
Designated as Hedging Instrument | Interest rate swaps
Derivative [Line Items]
Notional Amount	500,000
Designated as Hedging Instrument | 1.90% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	1.90%
Designated as Hedging Instrument | 1.86% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	1.86%
Designated as Hedging Instrument | 2.41% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	2.41%
Designated as Hedging Instrument | 2.58% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	2.58%
Designated as Hedging Instrument | 1.39% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	1.39%
Designated as Hedging Instrument | 1.29% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	1.29%
Designated as Hedging Instrument | 2.51% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 100,000
Fixed Interest Rate	2.51%
Designated as Hedging Instrument | 0.94% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	0.94%
Designated as Hedging Instrument | 0.74% Interest rate swap
Derivative [Line Items]
Notional Amount	$ 50,000
Fixed Interest Rate	0.74%

FINANCIAL ASSETS AND LIABILIT_4

FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) - Long	12 Months Ended
	Dec. 31, 2021
Capesize, Forward Freight Agreements, Maturing in 2022
Derivative [Line Items]
Aggregate maturity period	500 days
Capesize, Forward Freight Agreements, Maturing in 2023
Derivative [Line Items]
Aggregate maturity period	180 days

FINANCIAL ASSETS AND LIABILIT_5

FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details)	12 Months Ended
	Dec. 31, 2020t
Bunker derivatives
Derivative [Line Items]
Outstanding bunker derivatives	2,900

FINANCIAL ASSETS AND LIABILIT_6

FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) - USD ($) $ in Millions	Dec. 31, 2021	Dec. 31, 2020
NOK | Foreign currency swaps
Derivative [Line Items]
Notional amount	$ 2.4	$ 1.5

FINANCIAL ASSETS AND LIABILIT_7

FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value | Level 1
Assets
Cash and cash equivalents	$ 197,032	$ 153,093
Restricted cash	12,985	22,009
Marketable securities	1,684	3,684
Fair Value | Level 2
Assets
Related party shareholder loans	6,187	6,228
Derivative assets	2,679	572
Liabilities
Derivative liabilities	10,364	27,692
Fair Value | Level 2 | Floating Rate Debt
Liabilities
Long-term debt - floating	1,273,723	1,054,022
Carrying Value | Level 1
Assets
Cash and cash equivalents	197,032	153,093
Restricted cash	12,985	22,009
Marketable securities	1,684	3,684
Carrying Value | Level 2
Assets
Related party shareholder loans	6,187	6,228
Derivative assets	2,679	572
Liabilities
Derivative liabilities	10,364	27,692
Carrying Value | Level 2 | Floating Rate Debt
Liabilities
Long-term debt - floating	$ 1,273,723	$ 1,054,022

FINANCIAL ASSETS AND LIABILIT_8

FINANCIAL ASSETS AND LIABILITIES - Assets Measured at Fair Value on a Nonrecurring Basis (Details) $ in Thousands	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020$ / d	Mar. 31, 2020daysPerYear	Dec. 31, 2019USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of operating lease right-of-use asset | $	$ 19,965	$ 22,739				$ 54,853
Fair value of finance lease right-of-use-asset | $	$ 98,535	$ 113,480
Level 3 | Nonrecurring | Forward freight market rates adjusted for scrubber earnings | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				8,554
Level 3 | Nonrecurring | Forward freight market rates adjusted for scrubber earnings | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				15,419
Level 3 | Nonrecurring | Forward freight market rates adjusted for scrubber earnings | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				15,044
Level 3 | Nonrecurring | Implied charter rates adjusted for scrubber earnings | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				12,715
Level 3 | Nonrecurring | Implied charter rates adjusted for scrubber earnings | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				15,584
Level 3 | Nonrecurring | Implied charter rates adjusted for scrubber earnings | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				13,857
Level 3 | Nonrecurring | Ship operating expenses per day, including drydocking costs | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				5,328
Level 3 | Nonrecurring | Ship operating expenses per day, including drydocking costs | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				7,754
Level 3 | Nonrecurring | Offhire | Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input | daysPerYear					1
Level 3 | Nonrecurring | Offhire | Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input | daysPerYear					38
Level 3 | Nonrecurring | Offhire | Weighted Average
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Measurement input				6,918	5.61
Fair Value | Level 3 | Nonrecurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of operating lease right-of-use asset | $			$ 119,300
Fair value of finance lease right-of-use-asset | $			$ 25,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Additional Information (Details)	1 Months Ended	12 Months Ended
	Apr. 30, 2015USD ($)	Dec. 31, 2021USD ($)vessel	Dec. 31, 2015USD ($)vessel	Dec. 31, 2020vessel
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under finance lease | vessel		7	8	7
Number of vessels under operating lease from third parties | vessel		4
Charter term, total			10 years
Number of vessels under construction | vessel		7
Outstanding contractual commitments		$ 201,700,000
Performance Guarantee
Unrecorded Unconditional Purchase Obligation [Line Items]
Maximum liability under this guarantee		4,000,000
Amount payable under guarantee		0
Frontline And Trafigura | Performance Guarantee
Unrecorded Unconditional Purchase Obligation [Line Items]
Guarantee issued with respect to performance of subsidiary		$ 20,000,000
SFL
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels under operating lease from third parties | vessel		7
Daily time charter rate		$ 19,135
SFL | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase option net of sellers credit	$ 112,000,000		$ 112,000,000
Charter contract term			10 years
Charter term extension	3 years		3 years
Daily time charter rate			$ 14,900

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

14 Months Ended

Feb. 28, 2022USD ($)vessel

Jan. 31, 2022USD ($)

Dec. 31, 2020USD ($)

May 31, 2020USD ($)

Jun. 30, 2022USD ($)

Dec. 31, 2021USD ($)

Dec. 31, 2020USD ($)

Dec. 31, 2019USD ($)

Feb. 28, 2022USD ($)

Mar. 31, 2022

Feb. 16, 2022$ / shares

Feb. 29, 2020

Jan. 31, 2020

Subsequent Event [Line Items]

Proceeds from sale of vessels

$ 9,600

Net cash flows from sale of vessels

$ 54,012

$ 0

$ 0

Gain from sale of vessels

$ 9,788

$ 0

$ 0

SwissMarine

Subsequent Event [Line Items]

Repayments of loans receivable from related party

$ 5,700

Ownership percentage

17.50%

17.50%

17.50%

17.50%

17.80%

Subsequent Event

Subsequent Event [Line Items]

Dividends payable (in USD per share) | $ / shares

$ 0.90

Net cash flows from sale of vessels

$ 60,000

Subsequent Event | SwissMarine

Subsequent Event [Line Items]

Ownership percentage

16.40%

Subsequent Event | Golden Empress, Golden Enterprise and Golden Endeavour

Subsequent Event [Line Items]

Number of vessels sold | vessel

3

Proceeds from sale of vessels

$ 52,000

Subsequent Event | Golden Empress, Golden Enterprise and Golden Endeavour | Forecast

Subsequent Event [Line Items]

Net cash flows from sale of vessels

$ 30,700

Gain from sale of vessels

$ 9,600

Subsequent Event | SwissMarine

Subsequent Event [Line Items]

Repayments of loans receivable from related party

$ 5,350