Cover Page
Cover Page | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Entity File Number | 000-29106 |
Entity Registrant Name | GOLDEN OCEAN GROUP LIMITED |
Entity Address, Address Line One | Par-la-Ville Place |
Entity Address, Address Line Two | 14 Par-la-Ville Road |
Entity Address, City or Town | Hamilton |
Entity Address, Postal Zip Code | HM 08 |
Entity Address, Country | BM |
Entity Central Index Key | 0001029145 |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Unaudited Interim Condensed Con
Unaudited Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating revenues | ||
Total operating revenues | $ 581,849 | $ 433,755 |
Gain on sale of assets | 9,516 | 0 |
Other operating income (expenses), net | (413) | 3,559 |
Operating expenses | ||
Voyage expenses and commissions | 122,901 | 102,188 |
Ship operating expenses (including related party amounts of $1,163 and $1,079 for the six months ended June 30, 2022 and 2021, respectively) | 108,534 | 98,900 |
Charter hire expenses (including related party amounts of $22,716 and $26,937 for the six months ended June 30, 2022 and 2021, respectively) | 25,683 | 47,072 |
Administrative expenses | 10,624 | 8,720 |
Impairment loss on vessels | 0 | 4,187 |
Depreciation | 64,968 | 57,046 |
Total operating expenses | 332,710 | 318,113 |
Net operating income | 258,242 | 119,201 |
Other income (expenses) | ||
Interest income | 294 | 254 |
Interest expense | (22,154) | (18,554) |
Equity results of associated companies | 27,120 | 3,533 |
Gain on derivatives | 25,877 | 23,655 |
Other financial items | (242) | 35 |
Net other income | 30,895 | 8,923 |
Net income before tax | 289,137 | 128,124 |
Income tax expense | 65 | 50 |
Net income | $ 289,072 | $ 128,074 |
Per share information: | ||
Basic earnings per share (in dollars per share) | $ 1.44 | $ 0.70 |
Diluted earnings per share (in dollars per share) | $ 1.43 | $ 0.69 |
Time charter revenues | ||
Operating revenues | ||
Total operating revenues | $ 345,241 | $ 205,518 |
Voyage charter revenues | ||
Operating revenues | ||
Total operating revenues | 236,158 | 227,223 |
Other revenues | ||
Operating revenues | ||
Total operating revenues | $ 450 | $ 1,014 |
Unaudited Interim Condensed C_2
Unaudited Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 163,981 | $ 197,032 |
Restricted cash | 4,340 | 12,985 |
Marketable securities | 1,336 | 1,684 |
Trade accounts receivable, net | 28,144 | 28,838 |
Other current assets | 81,161 | 35,158 |
Related party receivables | 2,752 | 8,615 |
Derivative instruments receivable | 172 | 2,679 |
Inventories | 47,880 | 43,383 |
Prepaid expenses | 11,407 | 8,440 |
Voyages in progress | 13,932 | 30,576 |
Total current assets | 355,105 | 369,390 |
Long-term assets | ||
Vessels and equipment, net | 2,744,961 | 2,880,321 |
Vessels held for sale | 39,884 | 0 |
Finance leases, right of use assets, net | 91,123 | 98,535 |
Operating leases, right of use assets, net | 25,652 | 19,965 |
Newbuildings | 49,830 | 35,678 |
Investments in associated companies | 60,504 | 41,343 |
Related party receivables | 837 | 6,187 |
Derivative instruments receivable long-term | 18,815 | 0 |
Other long-term assets | 994 | 2,758 |
Total assets | 3,387,705 | 3,454,177 |
Current liabilities | ||
Current portion of long-term debt | 96,070 | 105,864 |
Current portion of finance lease obligations - related party | 18,517 | 21,755 |
Current portion of operating lease obligations (including related party balances of $2,127 as of June 30, 2022 and $2,537 as of December 31, 2021) | 11,695 | 13,860 |
Derivative instruments payable | 202 | 10,364 |
Related party payables | 26,646 | 13,934 |
Trade accounts payables | 5,242 | 6,462 |
Accrued expenses | 35,198 | 38,569 |
Other current liabilities | 36,655 | 37,265 |
Total current liabilities | 230,225 | 248,073 |
Long-term liabilities | ||
Long-term debt | 1,101,399 | 1,156,481 |
Non-current portion of finance lease obligations - related party | 96,823 | 105,975 |
Non-current portion of operating lease obligations (including related party balances of $12,353 as of June 30, 2022 and $13,355 as of December 31, 2021) | 21,150 | 14,907 |
Total liabilities | 1,449,597 | 1,525,436 |
Commitments and contingencies | ||
Equity | ||
Share capital (Shares issued: 2022: 201,190,621 shares. 2021: 201,190,621 shares. Outstanding shares: 2022: 200,885,621 shares. 2021: 200,435,621 shares. All shares are issued and outstanding at par value $0.05) | 10,061 | 10,061 |
Treasury shares | (1,741) | (4,309) |
Additional paid in capital | 587 | 285 |
Contributed capital surplus | 1,582,257 | 1,762,649 |
Accumulated earnings | 346,944 | 160,055 |
Total equity | 1,938,108 | 1,928,741 |
Total liabilities and equity | $ 3,387,705 | $ 3,454,177 |
Unaudited Interim Condensed C_3
Unaudited Interim Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Liabilities, Current [Abstract] | ||
Current portion of operating lease obligations, related party amount | $ 2,127 | $ 2,537 |
Long-term liabilities | ||
Non-current portion of operating lease obligations, related party amount | $ 12,353 | $ 13,355 |
Equity | ||
Share capital, shares issued (in shares) | 201,190,621 | 201,190,621 |
Shares outstanding (in shares) | 200,885,621 | 200,435,621 |
Par value per share (in USD per share) | $ 0.05 | $ 0.05 |
Unaudited Interim Condensed C_4
Unaudited Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Net income (loss) | $ 289,072 | $ 128,074 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation | 64,968 | 57,046 |
Amortization of deferred charges | 1,662 | 1,193 |
Impairment loss on vessels | 0 | 4,187 |
Share option expenses | 300 | 313 |
Share of results of associated companies | (27,120) | (3,533) |
Dividends received from associated companies | 7,497 | 0 |
Amortization of charter party-out contracts | 0 | 1,010 |
Mark to market (gain) loss on derivatives | (26,471) | (10,407) |
Mark to market (gain) loss on marketable securities | 348 | (372) |
Non-cash lease expense | (1,608) | (4,273) |
Gain on sale of assets | (9,516) | 0 |
Other | (462) | (287) |
Changes in operating assets and liabilities, net: | ||
Trade accounts receivable | 696 | (28,187) |
Related party balances | 17,638 | 29,227 |
Other receivables | (46,003) | (9,683) |
Inventories | (4,497) | (23,655) |
Voyages in progress | 16,644 | (14,913) |
Prepaid expenses | (2,968) | (2,892) |
Trade accounts payables | (1,220) | (11,223) |
Accrued expenses | 290 | 10,579 |
Other current liabilities | (150) | 18,553 |
Net cash provided by operating activities | 279,100 | 140,757 |
Investing activities | ||
Additions to vessels and right of use assets (including related party amounts of nil and $286,894 for the six months ended June 30, 2022 and 2021 respectively) | (2,242) | (288,942) |
Additions to newbuildings (including related party amounts of nil and $116,445 for the six months ended June 30, 2022 and 2021 respectively) | (13,727) | (116,445) |
Proceeds from sale of vessels | 51,479 | 17,652 |
Proceeds from sale of shares in associated companies | 937 | 0 |
Repayments of loans receivable from related party | 5,350 | 0 |
Other investing activities, net | 4 | 22 |
Net cash provided by (used in) investing activities | 41,801 | (387,713) |
Financing activities | ||
Proceeds from long-term debt (including related party amounts of nil and $62,975 for the six months ended June 30, 2022 and 2021 respectively) | 275,000 | 62,975 |
Repayment of long-term debt | (338,648) | (103,307) |
Repayment of finance leases (including related party amounts of $16,192 and $15,692 for the six months ended June 30, 2022 and 2021 respectively) | (16,192) | (15,692) |
Debt fees paid | (2,750) | 0 |
Distributions to shareholders | (280,835) | (50,104) |
Net proceeds from share issuance | 0 | 352,225 |
Proceeds from share distributions | 828 | 574 |
Net cash provided by (used in) financing activities | (362,597) | 246,671 |
Net change in cash, cash equivalents and restricted cash | (41,696) | (285) |
Cash, cash equivalents and restricted cash at beginning of period | 210,017 | 175,102 |
Cash, cash equivalents and restricted cash at end of period | $ 168,321 | $ 174,817 |
Unaudited Interim Condensed C_5
Unaudited Interim Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Share capital | Treasury shares | Additional paid in capital | Contributed capital surplus | Accumulated earnings (deficit) |
Balance at beginning of period (in shares) at Dec. 31, 2020 | 143,327,697 | |||||
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares issued (in shares) | 56,917,924 | |||||
Distribution of treasury shares ( in shares) | 170,000 | |||||
Balance at end of period (in shares) at Jun. 30, 2021 | 200,415,621 | |||||
Balance at beginning of period at Dec. 31, 2020 | $ 7,215 | $ (5,386) | $ 979 | $ 1,732,670 | $ (366,722) | |
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares issued | 2,846 | 349,379 | ||||
Shares distributed | 964 | (390) | ||||
Stock option expense | 313 | |||||
Transfer to contributed surplus | (350,671) | 350,671 | ||||
Distributions to shareholders | (50,104) | |||||
Loss on distributed treasury shares | 964 | (390) | ||||
Net income | 128,074 | |||||
Balance at end of period at Jun. 30, 2021 | $ 1,799,838 | $ 10,061 | (4,422) | 0 | 2,033,237 | (239,038) |
Balance at beginning of period (in shares) at Dec. 31, 2021 | 200,435,621 | 200,435,621 | ||||
Increase (decrease) in Equity [Roll Forward] | ||||||
Distribution of treasury shares ( in shares) | 450,000 | |||||
Balance at end of period (in shares) at Jun. 30, 2022 | 200,885,621 | 200,885,621 | ||||
Balance at beginning of period at Dec. 31, 2021 | $ 1,928,741 | $ 10,061 | (4,309) | 285 | 1,762,649 | 160,055 |
Increase (decrease) in Equity [Roll Forward] | ||||||
Shares distributed | 2,568 | (1,740) | ||||
Stock option expense | 302 | |||||
Distributions to shareholders | (180,392) | (100,443) | ||||
Loss on distributed treasury shares | 2,568 | (1,740) | ||||
Net income | 289,072 | |||||
Balance at end of period at Jun. 30, 2022 | $ 1,938,108 | $ 10,061 | $ (1,741) | $ 587 | $ 1,582,257 | $ 346,944 |
Unaudited Interim Condensed C_6
Unaudited Interim Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Ship operating expenses, related party amount | $ 1,163 | $ 1,079 |
Charter hire expenses, related party amount | 22,716 | 26,937 |
Time charter revenues | ||
Revenue from related parties | $ 2,033 | $ 12,977 |
Unaudited Interim Condensed C_7
Unaudited Interim Condensed Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Investing activities | ||
Additions to newbuildings, related party amount | $ 116,445 | $ 0 |
Additions to vessels and right of use assets, related party amount | 286,894 | 0 |
Financing activities | ||
Proceeds from long-term debt, related party amount | 0 | 62,975 |
Repayment of finance leases, related party amount | $ 16,192 | $ 15,692 |
INTERIM FINANCIAL DATA
INTERIM FINANCIAL DATA | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
INTERIM FINANCIAL DATA | INTERIM FINANCIAL DATA The unaudited interim condensed consolidated financial statements of Golden Ocean Group Limited. ("Golden Ocean," the "Company," "we," or "our") have been stated on the same basis as the Company’s audited consolidated financial statements for the year ended December 31, 2021 and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of our consolidated financial statements, in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The unaudited interim condensed consolidated financial statements should be read in conjunction with the annual consolidated financial statements and notes included in our Annual Report on Form 20-F for the year ended December 31, 2021, filed with the Securities and Exchange Commission (the "SEC") on March 24, 2022 (our "Annual Report"). The condensed balance sheet at December 31, 2021, was derived from audited annual financial statements but does not contain all of the footnote disclosures from the annual financial statements. The results of operations for the interim period ended June 30, 2022 are not necessarily indicative of the results for the year ending December 31, 2022. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
ACCOUNTING POLICIES | ACCOUNTING POLICIES Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. Accounting Policies The preparation of these unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. Some accounting policies have a significant impact on amounts reported in these unaudited interim condensed consolidated financial statements. Our accounting policies have not changed from those reported in our Annual Report. |
RECENTLY ISSUED ACCOUNTING STAN
RECENTLY ISSUED ACCOUNTING STANDARDS | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
RECENTLY ISSUED ACCOUNTING STANDARDS | RECENTLY ISSUED ACCOUNTING STANDARDSIn March 2020, the FASB issued final ASU 2020-04 (ASC 848 Reference Rate Reform), which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications, hedge accounting and other transactions affected by reference reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2022 and 2021 are as follows: (in thousands of $) 2022 2021 Net income 289,072 128,074 (in thousands) 2022 2021 Weighted average number of shares outstanding - basic 200,540 184,147 Dilutive effect of share options 906 276 Weighted average number of shares outstanding - diluted 201,446 184,423 In the six months ended June 30, 2022, all 1,100,000 of outstanding during the period share options were dilutive. In May 2022, 450,000 share options held by the management were exercised and as of June 30, 2022 there are 650,000 outstanding options which are dilutive. In the six months ended June 30, 2021, all 1,120,000 of our outstanding share options were dilutive. 2022 2021 Cash dividends per share declared $ 1.10 $ 0.75 |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | SEGMENT INFORMATION The chief operating decision maker ("CODM") measures performance based on the overall return to shareholders using consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and we only have one reportable segment. |
OPERATING REVENUES
OPERATING REVENUES | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
OPERATING REVENUES | OPERATING REVENUES The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2022 and 2021 respectively: (in thousands of $) 2022 2021 Time charter revenues 345,241 205,518 Voyage charter revenues 236,158 227,223 Other revenues 450 1,014 Total operating revenues 581,849 433,755 In the six months ended June 30, 2022 and June 30, 2021, we recognized a total of $14.5 million and $17.4 million, resp ectively, in demurrage which is included under voyage revenues. Most of our voyage contracts are considered service contracts which fall under the provisions of ASC 606 because we, as the shipowner, retain control over the operations of the vessel such as directing the routes or the vessel speed. However, some of our voyage charter contracts could be considered to contain a lease. A voyage charter contains a lease component if the contract (i) specifies a specific vessel asset; and (ii) has terms that allow the charterer to exercise substantive decision-making rights, which have an economic value to the charterer and therefore allow the charterer to direct how and for what purpose the vessel is used. The ASC 842 lease standard provides a practical expedient for lessors in which the lessor may elect, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for these components as a single component if both of the following are met: (1) the timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (2) the lease component, if accounted for separately, would be classified as an operating lease. When a lessor, we have elected this practical expedient for our time charter contracts and voyage charter contracts that qualify as leases and thus do not separate the non-lease component, or service element, from the lease. Furthermore, the standard requires us to account for the combined component in accordance with ASC 606 revenues from contracts with customers if the non-lease components are the predominant components. Under this guidance we have assessed that the lease components were the predominant component for all of our time charter contracts. Furthermore, for certain of our voyage charter contracts the lease components were the predominant components. (in thousands of $) Lease Non- lease Total Time charter revenues 327,497 17,744 345,241 Voyage charter revenues 33,735 202,423 236,158 Other revenues — 450 450 Total operating revenues 361,232 220,617 581,849 Certain voyage expenses are capitalized between the previous discharge port, or contract date if later, and the next load port and amortized between load port and discharge port. $10.1 million of contract assets were capitalized in the period ended June 30, 2022 under "Other current assets", of which $8.2 million was amortized up to June 30, 2022, leaving a remaining balance of $1.9 million . $3.2 million of capitalized fulfillment costs were amortized in the six months ended June 30, 2022 in relation to voyages in progress at the end of December 31, 2021. As of June 30, 2022 and December 31, 2021, we reported the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2022 2021 Voyages in progress 10,822 14,476 Trade accounts receivable 5,153 15,916 Other current assets (capitalized fulfillment costs) 1,943 3,249 Total 17,918 33,641 As at June 30, 2022, we recorded $9.6 million in total deferred charter revenue for consideration received or unearned revenue related to ongoing voyages at period end. In the first six months of 2022, we recognized $20.0 million in revenue, which was deferred as at December 31, 2021, as the performance obligations were met. Credit loss allowance as of June 30, 2022 relating to the contract assets above amounted to $0.1 million. No impairment losses were recognized as of December 31, 2021. In 2021, we exited the CCL pool and, as such, no revenue was recognized relating to our vessels under the CCL revenue sharing agreements ("RSA") for the six months ended June 30, 2022. Total revenues for the six months ended June 30, 2021 relating to our owned vessels that were under the CCL RSA or arrangements where we are considered the principal were $198.7 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 $0.4 million and positive $3.6 million, in the six months ended June 30, 2022 and in the six months ended June 30, 2021, respectively. These amounts are presented under the line item "other operating income (expenses), net". Total lease revenues for the six months ended June 30, 2022 and the six months ended June 30, 2021, relating to our owned vessels that were under the C Transport Holding Ltd. Supramax RSA and which have been accounted for as operating leases were nil and $10.0 million, respectively. |
IMPAIRMENT LOSS ON VESSELS
IMPAIRMENT LOSS ON VESSELS | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment Impairment or Disposal [Abstract] | |
IMPAIRMENT LOSS ON VESSELS | IMPAIRMENT LOSS ON VESSELS No impairment loss on vessels was recognized in the first six months of 2022. In January 2021, we entered into an agreement to sell the Golden Saguenay, a Panamax vessel, to an unrelated third party for a total gross amount of $8.4 million. We recognized an impairment loss of $4.2 million from the sale in the first six months of 2021. The vessel was delivered to its new owner in April 2021. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of June 30, 2022 and June 30, 2021, 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 $) 2022 2021 Cash and cash equivalents 163,981 154,655 Short term restricted cash 4,340 20,162 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 168,321 174,817 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 $65.6 million of cash and cash equivalents as at June 30, 2022 (at June 30, 2021: $74.8 million). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | MARKETABLE SECURITIES Our marketable securities consist of equity securities in Eneti Inc, a company engaged in marine based renewable energy. Eneti Inc is listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2021 1,684 Unrealized loss (348) Balance at June 30, 2022 1,336 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | OTHER CURRENT ASSETS (in thousands of $) As of June 30, 2022 As of December 31, 2021 Capitalized fulfillment costs 2,851 3,541 Agent receivables 1,452 1,227 Advances 1,908 1,644 Claims receivables 6,082 4,342 Bunker receivables on time charter-out contracts 56,878 16,312 Other receivables 11,990 8,092 Total 81,161 35,158 Other receivables are presented net of allowances for credit losses amounting to $46.3 thousands as of June 30, 2022 and December 31, 2021. Provision for doubtful debts amounted to nil as of June 30, 2022 and December 31, 2021. |
VESSELS AND EQUIPMENT, NET
VESSELS AND EQUIPMENT, NET | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
VESSELS AND EQUIPMENT, NET | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2021 3,435,885 (555,564) 2,880,321 Additions 3,995 — 3,995 Transfer from newbuildings — — — Transfer to held for sale (107,525) 25,726 (81,799) Impairment loss — — — Depreciation — (57,556) (57,556) Balance at June 30, 2022 3,332,355 (587,394) 2,744,961 At June 30, 2022, we own ed 13 Newcastlemaxes, 35 Capesizes, 28 Panamaxes and two Ultramaxes (At December 31, 2021: 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes). For the six months ended June 30, 2022, we capitalized $4.0 million in total in relation to the installation of ballast water treatment systems on its owned vessels. Total depreciation expense for vessels and equipment was $57.6 million for the six months ended June 30, 2022. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2022. In February 2022, we entered into an agreement to sell three Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, to an unrelated third party for $52.0 million en-bloc. We recorded a gain of approximately $9.5 million from the sale in May 2022 upon delivery of vessels and vessels are no longer recorded as "Vessels held for sale" as of June 30, 2022. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. The vessels will be delivered to their new owner in the second half of 2022. We expect to record a gain of approximately $22.0 million from the sale by the end of 2022. As of June 30, 2022, the vessels are recorded as "Vessels held for sale". |
NEWBUILDINGS
NEWBUILDINGS | 6 Months Ended |
Jun. 30, 2022 | |
Newbuildings [Abstract] | |
NEWBUILDINGS | NEWBUILDINGS In the first six months of 2022, we paid the second installments totaling $13.7 million under four out of the seven Kamsarmax newbuilding contracts entered in 2021. As of June 30, 2022, we had capitalized costs of $49.8 million relating to construction contracts for the seven newbuildings. In June 2022, we entered into agreements to construct a total of three Kamsarmax vessels. The vessels are expected to be delivered to us by the first quarter of 2025. Capital commitments will be financed through the below-mentioned Ultramax vessels sales proceeds, with operating cash flows and debt financing to be established closer to the delivery of the newbuildings. |
VESSELS HELD FOR SALE
VESSELS HELD FOR SALE | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
VESSELS HELD FOR SALE | VESSELS AND EQUIPMENT, NET (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2021 3,435,885 (555,564) 2,880,321 Additions 3,995 — 3,995 Transfer from newbuildings — — — Transfer to held for sale (107,525) 25,726 (81,799) Impairment loss — — — Depreciation — (57,556) (57,556) Balance at June 30, 2022 3,332,355 (587,394) 2,744,961 At June 30, 2022, we own ed 13 Newcastlemaxes, 35 Capesizes, 28 Panamaxes and two Ultramaxes (At December 31, 2021: 13 Newcastlemaxes, 35 Capesizes, 31 Panamaxes and two Ultramaxes). For the six months ended June 30, 2022, we capitalized $4.0 million in total in relation to the installation of ballast water treatment systems on its owned vessels. Total depreciation expense for vessels and equipment was $57.6 million for the six months ended June 30, 2022. In addition, we depreciated $7.4 million of our finance leased assets during the six months ended June 30, 2022. In February 2022, we entered into an agreement to sell three Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, to an unrelated third party for $52.0 million en-bloc. We recorded a gain of approximately $9.5 million from the sale in May 2022 upon delivery of vessels and vessels are no longer recorded as "Vessels held for sale" as of June 30, 2022. In June 2022, we entered into an agreement to sell en-bloc two Ultramax vessels, Golden Cecilie and Golden Cathrine to an unrelated third party for $63.0 million. The vessels will be delivered to their new owner in the second half of 2022. We expect to record a gain of approximately $22.0 million from the sale by the end of 2022. As of June 30, 2022, the vessels are recorded as "Vessels held for sale". |
OPERATING LEASES
OPERATING LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
OPERATING LEASES | OPERATING LEASES As of June 30, 2022, we had leased in one vessel from SFL and three vessels from unrelated third parties, all of which were classified as operating leases. Additionally, as of June 30, 2022 and December 31, 2021 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, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2022. With reference to Note 21, "Re lated Party Transactions", charter 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) until the third 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 o f $17,695 for S FL operating lease in the first six months of 2022 and we incu rred $1.5 million i n total profit share for all eight SFL vessels in the first six months of 20 22 ($1.2 million profit share in the first six months of 2 021). Contingent or variable lease expense for the eight SFL leases was recorded in 2022 as interest expense of $0.9 million. In six months ended June 30, 2021, we recorded the variable lease expense of $1.2 million. 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 was $13,200 up to expiry of fixed term contract in February 2022. 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 2022 we did not pay any indexed linked compensation. In the first six months of 2021, index linked compensation amounted to $1.5 million and was based on the agreement, that if the 6-T/C Baltic Exchange Supramax index exceeds the daily rate of $13,200, any such excess should be paid to the lessor but limited to the agreed compensation of $1.75 million. Full compensation was paid in 2021. 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. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. Further, in May 2022, we signed a memoranda of agreement with owners of Admiral Schmidt and Vitus Bering, whereby we redelivered the vessels to their owners for a period of up to six months. The charterparty agreements remain unchanged and stay in force subject to the aforementioned memoranda of agreement. Exercise of extension options and suspension of the charter contract resulted in reassessment of lease liability which was recorded as additions to right of use assets and right of use liabilities as described below in the total amount of $9.5 million. Further, based on the contracts, for certain trades, a profit-sharing scheme between charterers and the owners comes into effect. In the first half of 2022, we did not incur any expense due to profit sharing schemes for these vessels ($0.2 million in the first half of 2021). 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 $7.5 million and $10.3 million of the non-lease component, or service element, under ship operating expenses for the first half of 2022 and 2021, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2022 and for the first six months of 2021, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 12,181 3,381 2,308 2,095 19,965 Additions — — 9,484 — 9,484 Amortization (903) (1,178) (1,456) (260) (3,797) Impairment — — — — — Balance at June 30, 2022 11,278 2,203 10,336 1,835 25,652 The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In the first six months of 2022, we recorded no impairment of right of use assets for operating leases. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 15,892 3,630 7,176 2,069 28,767 Additions — — 9,484 — 9,484 Repayments (1,412) (1,417) (2,214) (353) (5,396) Foreign exchange translation — — — (10) (10) Balance at June 30, 2022 14,480 2,213 14,446 1,706 32,845 Current portion 2,127 2,213 6,872 483 11,695 Non-current portion 12,353 — 7,574 1,223 21,150 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 6,465 2023 13,493 2024 5,991 2025 3,289 2026 2,809 2027 2,809 Thereafter 1,960 Total minimum lease payments 36,816 Less: Imputed interest (3,971) Present value of operating lease liabilities 32,845 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2022, the future rental payments include $1.9 million (in the six months ended June 30, 2021: $2.2 million) in relation to office rent costs and $34.9 million (six months ended June 2021: $37.2 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $26.2 million for the six months ended June 30, 2022 (six months ended June 30, 2021: $41.0 million). Total cash paid in respect of operating leases was $25.8 million in six months ended June 30, 2022 (six months ended June 30, 2021: $40.3 million). The weighted average discount rate in relation to our operating leases was 4.81% and 5.14% for the six months ended June 30, 2022 and June 30, 2021, respectively. The weighted average lease term was 4.0 years and 4.9 years for the period ended June 30, 2022 and June 30, 2021, respectively. Rental income As of June 30, 2022, we leased out six vessels on fixed time charter rates (December 31, 2021: eight vessels) and 27 vessels (December 31, 2021: 26 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 21,977 2023 5,888 2024 — 2025 — 2026 — Thereafter — Total minimum lease receipts 27,865 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, these contracts are essentially 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 June 30, 2022, the cost and accumulated depreciation of the 33 vessels which were leased out to third parties, were $1,668.9 million and $330.0 million, respectively. 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 | OPERATING LEASES As of June 30, 2022, we had leased in one vessel from SFL and three vessels from unrelated third parties, all of which were classified as operating leases. Additionally, as of June 30, 2022 and December 31, 2021 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, one of these vessels was classified as operating lease and remaining seven were classified as finance lease as of June 30, 2022. With reference to Note 21, "Re lated Party Transactions", charter 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) until the third 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 o f $17,695 for S FL operating lease in the first six months of 2022 and we incu rred $1.5 million i n total profit share for all eight SFL vessels in the first six months of 20 22 ($1.2 million profit share in the first six months of 2 021). Contingent or variable lease expense for the eight SFL leases was recorded in 2022 as interest expense of $0.9 million. In six months ended June 30, 2021, we recorded the variable lease expense of $1.2 million. 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 was $13,200 up to expiry of fixed term contract in February 2022. 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 2022 we did not pay any indexed linked compensation. In the first six months of 2021, index linked compensation amounted to $1.5 million and was based on the agreement, that if the 6-T/C Baltic Exchange Supramax index exceeds the daily rate of $13,200, any such excess should be paid to the lessor but limited to the agreed compensation of $1.75 million. Full compensation was paid in 2021. 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. In February 2022, we exercised the option to extend Admiral Schmidt and Vitus Bering contracts for one year each. Further, in May 2022, we signed a memoranda of agreement with owners of Admiral Schmidt and Vitus Bering, whereby we redelivered the vessels to their owners for a period of up to six months. The charterparty agreements remain unchanged and stay in force subject to the aforementioned memoranda of agreement. Exercise of extension options and suspension of the charter contract resulted in reassessment of lease liability which was recorded as additions to right of use assets and right of use liabilities as described below in the total amount of $9.5 million. Further, based on the contracts, for certain trades, a profit-sharing scheme between charterers and the owners comes into effect. In the first half of 2022, we did not incur any expense due to profit sharing schemes for these vessels ($0.2 million in the first half of 2021). 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 $7.5 million and $10.3 million of the non-lease component, or service element, under ship operating expenses for the first half of 2022 and 2021, respectively. Furthermore, we are committed to making rental payments under operating leases for office premises. A lease expense of $0.3 million and $0.3 million is recorded in Administrative expenses in the Consolidated Statement of Operations for the first six months of 2022 and for the first six months of 2021, respectively. We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 12,181 3,381 2,308 2,095 19,965 Additions — — 9,484 — 9,484 Amortization (903) (1,178) (1,456) (260) (3,797) Impairment — — — — — Balance at June 30, 2022 11,278 2,203 10,336 1,835 25,652 The amortization of right of use assets relating to leased vessels is presented under charter hire expenses in the statement of operations. The amortization of right of use assets relating to office leases is presented under administrative expenses in the statement of operations. In the first six months of 2022, we recorded no impairment of right of use assets for operating leases. We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 15,892 3,630 7,176 2,069 28,767 Additions — — 9,484 — 9,484 Repayments (1,412) (1,417) (2,214) (353) (5,396) Foreign exchange translation — — — (10) (10) Balance at June 30, 2022 14,480 2,213 14,446 1,706 32,845 Current portion 2,127 2,213 6,872 483 11,695 Non-current portion 12,353 — 7,574 1,223 21,150 Charter hire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 6,465 2023 13,493 2024 5,991 2025 3,289 2026 2,809 2027 2,809 Thereafter 1,960 Total minimum lease payments 36,816 Less: Imputed interest (3,971) Present value of operating lease liabilities 32,845 The future minimum operating lease expense payments are based on the contractual cash outflows under non-cancelable contracts. The charter hire expense recognition is based upon the straight-line basis. In the six months ended June 30, 2022, the future rental payments include $1.9 million (in the six months ended June 30, 2021: $2.2 million) in relation to office rent costs and $34.9 million (six months ended June 2021: $37.2 million) in relation to charter hire costs for leased in vessels. Total expense for operating leases, including short term leases, was $26.2 million for the six months ended June 30, 2022 (six months ended June 30, 2021: $41.0 million). Total cash paid in respect of operating leases was $25.8 million in six months ended June 30, 2022 (six months ended June 30, 2021: $40.3 million). The weighted average discount rate in relation to our operating leases was 4.81% and 5.14% for the six months ended June 30, 2022 and June 30, 2021, respectively. The weighted average lease term was 4.0 years and 4.9 years for the period ended June 30, 2022 and June 30, 2021, respectively. Rental income As of June 30, 2022, we leased out six vessels on fixed time charter rates (December 31, 2021: eight vessels) and 27 vessels (December 31, 2021: 26 vessels) on index-linked time charter rates to third parties with initial periods ranging between one year and ten years. All of these leases are classified as operating leases. Our revenues from these leases have been included with time charter revenues in the Condensed Consolidated Statement of Operations, which solely relates to leasing revenues. The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 21,977 2023 5,888 2024 — 2025 — 2026 — Thereafter — Total minimum lease receipts 27,865 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, these contracts are essentially 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 June 30, 2022, the cost and accumulated depreciation of the 33 vessels which were leased out to third parties, were $1,668.9 million and $330.0 million, respectively. 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. |
FINANCE LEASES
FINANCE LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
FINANCE LEASES | FINANCE LEASESAs of June 30, 2022, we held seven SFL vessels under finance lease (December 31, 2021: seven vessels). In addition, and with reference to Note 14, "Operating Leases", seven of the eight Capesize charters with SFL were classified finance leases as of June 30, 2022. The daily time charter rate for vessels classified as finance lease was $19,135 in 2022, of which $7,000 is for operating expenses (including drydocking costs) up until the third quarter of 2022 when the daily time charter rate will be reduced to $16,435 until June 30, 2025. Subsequently, the daily time charter rate will be reduced to $14,900 until the expiration of the contracts. In addition, 33% of our aggregate profit from revenues above the daily time charter rate for all eight vessels are calculated and paid on a quarterly basis to SFL. The daily hire payments will be adjusted if the actual three month LIBOR should deviate from a base LIBOR of 0.4% per annum. For each 0.1% point increase/decrease in the interest rate level, the daily charter hire will increase or decrease by $50 per day in the first seven years and $25 per day in the remaining three years. This resulted in an average daily rate of $19,230 for finance leases in 2022 and there was $1.5 million profit share in the first six months of 2022 for all eight SFL vessels ($1.2 million profit share in the first six months of 2021). We have a purchase option of $112 million en-bloc after 10 years since inception of the leases in 2015. If such option is not exercised, SFL has the option to extend the charters by three years at a daily time charter rate of $14,900 per day. The lease term for these vessels has been determined to be 13 years. Contingent or variable lease expense for the eight SFL leases was recorded in the six months ended June 30, 2022 as interest expense of $0.9 million. In the six months ended June 30, 2021 we recorded a variable lease expense of $1.2 million. The profit share mechanism has not been adjusted with the increased rate. Our right of use asset for our finance leases were as follows: (in thousands of $) Balance at January 1, 2022 98,535 Additions — Impairment — Depreciation (7,412) Balance at June 30, 2022 91,123 In the first six months of 2022, we recorded no impairments of right of use assets for vessels under finance leases. Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2022 127,730 Additions — Repayments (16,192) Interest expense on obligations under finance lease 3,802 Balance as of June 30, 2022 115,340 Current portion 18,517 Non-current portion 96,823 The weighted average discount rate in relation to our SFL finance leases was 6.3% and the weighted average lease term was 6.1 years as of June 30, 2022. 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 outstanding obligations under finance leases at June 30, 2022 are payable as follows: (in thousands of $) 2022 (remaining six months) 12,868 2023 24,484 2024 24,553 2025 22,551 2026 20,617 Thereafter 32,937 Minimum lease payments 138,010 Less: imputed interest (22,670) Present value of obligations under finance leases 115,340 |
INVESTMENTS IN ASSOCIATED COMPA
INVESTMENTS IN ASSOCIATED COMPANIES | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
INVESTMENTS IN ASSOCIATED COMPANIES | INVESTMENTS IN ASSOCIATED COMPANIES As at June 30, 2022 and December 31, 2021, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2022 2021 TFG Marine Pte Ltd ("TFG Marine") 10.00 % 10.00 % SwissMarine Pte. Ltd. ("SwissMarine") 16.38 % 17.50 % United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Capesize Chartering Ltd ("CCL") — % 25.00 % Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. (in thousands of $) SwissMarine Other Totals Balance at December 31, 2021 39,722 1,621 41,343 Dividend received from associated companies (6,552) (945) (7,497) Loss on disposal of equity method investments (891) — (891) Share of income 19,974 8,037 28,011 Other — (462) (462) Balance at June 30, 2022 52,253 8,251 60,504 We have an equity investment of 16.4% in SwissMarine, a dry bulk freight operator. We account for this investment under the equity method as we determined that we have a significant influence over the investee. Our ownership in SwissMarine was diluted in March 2022 from 17.5% to 16.4% as a result of issuance of additional shares by SwissMarine to its employees. In 2019 we have provided a $10.7 million subordinated shareholder loan with a five-year term to SwissMarine, which was partially repaid by SwissMarine in 2020 and remaining balance of subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in 2022. Further, in 2022, we received dividends from SwissMarine of $6.6 million. In January 2020, we entered into a joint venture agreement with Frontline Ltd. ("Frontline") and its subsidiary Bandama Investments Ltd and Trafigura Pte. Ltd. ("Trafigura") to establish TFG Marine, a leading global supplier of marine fuels. As a result, we acquired a 10% interest in TFG Marine. We have also provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. We account for this investment under the equity method as we determined that we have a significant influence over the investee. We also have an equity investment of 50% of the shares in UFC, a dry cargo vessel operator and logistics service provider. We account for this investment under the equity method, and the book value of the investment amounted to $4.0 million as of June 30, 2022. Further, in 2022, we received dividends from UFC |
DEBT
DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
DEBT | DEBT Debt at June 30, 2022 and December 31, 2021 is summarized as follows: (in thousands of $) 2022 2021 $275.0 million term loan and revolving facility 275,000 — $304.0 million loan and revolving facility 225,970 235,315 $155.3 million term loan 95,373 121,573 $93.75 million term loan 74,027 77,314 $131.79 million term loan 93,768 98,681 $420.0 million term loan — 280,387 $175.0 million term loan and revolving facility 117,432 122,477 $260.0 million term loan 250,715 256,905 $120.0 million term loan 77,790 81,071 U.S. dollar denominated floating rate debt 1,210,075 1,273,723 Deferred charges (12,606) (11,378) Total debt 1,197,469 1,262,345 Less: current portion (96,070) (105,864) Total 1,101,399 1,156,481 Movements during the six months ended June 30, 2022 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance at December 31, 2021 1,273,723 (11,378) 1,262,345 Loan draw downs 275,000 — 275,000 Loan repayments (338,648) — (338,648) Capitalized financing fees and expenses — (2,890) (2,890) Amortization of capitalized fees and expenses — 1,662 1,662 Balance at June 30, 2022 1,210,075 (12,606) 1,197,469 In the six months ended June 30, 2022, we made total repayments of $338.7 million including full repayment of $265.6 million refinanced $420 million facility, repayment of debt in connection with sale of Golden Empress, Golden Endeavour and Golden Enterprise of $20.7 million and ordinary repayment of long-term debt of $52.3 million. In May 2022, we signed a loan agreement for a $275.0 million credit facility with a group of leading shipping banks to refinance debt secured by 14 Capesize vessels. The new financing has an interest rate of SOFR plus 190 basis points, which basis the historical spread between LIBOR and SOFR reference rates corresponds to a LIBOR based credit margin of around 165 bps. Facility was fully drawn down as of June 30, 2022. As of June 30, 2022, we recorded net deferred charges of $12.6 million as a direct deduction from the carrying amount of the related debt. The total outstanding debt at June 30, 2022 is repayable as follows: (in thousands of $) 2022 (remaining six months) 67,603 2023 94,479 2024 275,672 2025 285,222 2026 116,610 2027 187,870 2028 182,619 Total 1,210,075 Deferred charges (12,606) Balance at June 30, 2022 1,197,469 As of June 30, 2022, our current portion of bank long-term debt was $96.1 million. Assets pledged As of June 30, 2022, 78 vessels (December 31, 2021: 81 vessels) with an aggregate carrying value of $2,745.0 million (December 31, 2021: $2,880.3 million) were pledged as security for our floating rate debt. |
OTHER CURRENT LIABILITIES
OTHER CURRENT LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
OTHER CURRENT LIABILITIES | OTHER CURRENT LIABILITIES As of June 30, 2022 and December 31, 2021 our current liabilities were as follows: (in thousands of $) 2022 2021 Deferred charter revenue 32,401 34,626 Other current liabilities 4,254 2,639 Total 36,655 37,265 |
DERIVATIVE INSTRUMENTS PAYABLE
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE | DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2022 and December 31, 2021 are summarized as follows: (in thousands of $) 2022 2021 Interest rate swaps 18,815 2,608 Bunker derivatives 172 — Foreign currency swaps — 71 Forward freight agreements — — Asset - Derivatives fair value 18,987 2,679 (in thousands of $) 2022 2021 Interest rate swaps — 10,364 Foreign currency swaps 119 — Bunker derivatives 83 — Forward freight agreements — — Liability - Derivatives fair value 202 10,364 During the six months ended June 30, 2022 and June 30, 2021, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2022 2021 Interest rate swaps Mark to market gain 23,798 6,628 Foreign currency swaps Mark to market loss (189) (160) Forward freight agreements Mark to market gain 481 16,912 Bunker derivatives Mark to market gain 1,787 275 Total 25,877 23,655 |
SHARE CAPITAL, TREASURY SHARES
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS | SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS Authorized share capital: (in thousands of $, except per share amount) 2022 2021 300 million common shares of $0.05 par value 15,000 15,000 As of June 30, 2022, 200,885,621 common shares were outstanding (December 31, 2021: 200,435,621 common shares), each with a par value of $0.05. As of June 30, 2022 we hold 305,000 treasury shares. As of December 31, 2021 we he ld 755,000 treasury shares. In the six months ended June 30, 2022, several holders of share options granted in 2020 exercised options to acquire a total number of 450,000 shares in the Company. We settled the applicable options using the equal amount of treasury shares and recorded a loss of $1.7 million in the equity statement. During 2021, several holders of share options granted in 2016 exercised options to acquire a total number of 190,000 shares in the Company. 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 the six months ended June 30, 2022, we paid an aggrega te of $280.8 million in dividends to our shareholders, or $1.40 per share (six months ended June 30, 2021, $50.1 million, or $0.25 per share). We have recorded a first quarter of 2022 dividend distribution of $180.4 million as a reduction of contributed surplus account since Accumulated earnings (deficit) were not sufficient. Dividend distribution of $100.4 million paid in the second quarter was applied to Accumulated earnings (deficit) account. |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | RELATED PARTY TRANSACTIONS SFL In April 2015, we agreed to a sale and leaseback transaction with SFL for eight Capesize vessels. These vessels were sold en-bloc for an aggregate price of $272.0 million. The vessels were delivered to SFL in the third quarter of 2015 and were time chartered-in by one of our subsidiaries for a period of ten years. Refer to "Note 14, Operating Leases" and "Note 15, Finance leases" for additional information related to these contracts. The management agreement with SFL was terminated in July 2021 and we are no longer the commercial manager for SFL vessels as of June 30, 2022. In the six months ended June 30, 2021, we were the commercial manager for eight dry bulk and 16 container vessels owned and operated by SFL. 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 dry bulk vessels and $37.5 per day for managing the remaining vessel and $75 per day per vessel for managing the 16 container vessels. Seatankers Management Co Ltd ("Seatankers") During the first six months of 2022, we have been a commercial manager of 12 (six months ended June 30, 2021: 27) dry bulk vessels owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 (six months ended June 30, 2021: $125) per day per vessel for managing the dry bulk vessels. From time to time we may also charter in dry bulk vessels owned by Seatankers on short-term time charters. CCL In August 2021, we exited the CCL pool and, as such, no revenue was recognized relating to our vessels under the CCL revenue sharing agreement for the six months ended June 30, 2022 (six months ended June 30, 2021: $3.6 million). SwissMarine In 2019, we provided SwissMarine with a $10.7 million subordinated shareholder loan, non-amortizing, with a five-year term. The loan had interest equivalent to the 12-month LIBOR plus a margin of 2%. In May 2020, the subordinated shareholder loan was partially repaid by SwissMa rine, which included principal loan amount of $5.35 million. Remaining subordinated shareholder loan of $5.35 million was fully repaid by SwissMarine in the first quarter of 2022 and there is no outstanding balance as of June 30, 2022. In addition, we have entered into several time charter agreements with SwissMarine and total time charter revenues from SwissMarine amounted to $2.0 million in the six months ended June 30, 2022 (six months ended June 30, 2021: $13.0 million). TFG Marine With reference to Note 16, "Investments in associated companies", in 2020 we made an equity investment in TFG Marine, in which we have determined to have significant influence. We provided a shareholder loan of $1.0 million to TFG Marine. In 2020, the shareholder loan in the total amount of $75,000 was converted to equity of TFG Marine, reducing the balance of the loan to $0.9 million. The loan has a five-year term and bears interest of LIBOR plus a margin of 7%. In six months ended June 30, 2022, we have paid $88.1 million to TFG Marine in relation to bunker procurement (six months ended June 30, 2021: $56.9 million). Upon purchase, bunkers were recorded as assets on the Consolidated Balance Sheet and were expensed using first-in, first-out basis once consumed during voyage charters. Practically it is not possible to accurately split out related party voyage expenses, and, as such, we have not summarized voyage expenses charged by related party in the table below. In 2020, we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with the joint venture. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2022 there are no exposures under the guarantee and liability recorded relating to the exposure. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by Trafigura and becomes payable, we shall pay an amount equal to our equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as at June 30, 2022. Management Agreements Technical Supervision Services We receive technical supervision services from Frontline Management (Bermuda) Ltd ("Frontline Management"). Pursuant to the terms of the agreement, Frontline Management receives an annual management fee of $26,714 per vessel in 2022 ($27,375 per vessel in 2021). This fee is subject to annual review. Other Management Services We aim to operate efficiently through utilizing competence from other companies with the same main shareholder and these costs are allocated based on a cost-plus mark-up model. We buy services from related companies in relation to sales and purchase activities and administrative services in relation to our corporate headquarters. We may also provide certain financial management services to companies with the same main shareholder. Acquisition of vessels from affiliates of Hemen In connection with the Vessel Acquisitions in February 2021, we drew down an aggregate of $413.6 million in debt under the loan agreement with Sterna Finance. $63.0 million was drawn in cash for the three acquired newbuildings and was used for payment of final installments to the shipyards. $350.6 million related to 15 acquired vessels was drawn down non-cash. The loan was fully refinanced in 2021. A summary of net amounts recorded as expense from related parties in the six months ended June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 Frontline Management 1,163 1,476 SFL 18,375 18,002 Seatankers 4,793 9,236 CCL 395 (3) Front Ocean Management AS 155 — 24,881 28,711 Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 SFL 64 387 Seatankers 256 533 CCL — 3,559 SwissMarine 2,033 12,977 Other 22 58 2,375 17,514 Net amounts charged to related parties mainly comprise of commercial management fees, charter hire and net income under the revenue sharing agreement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 Time charter revenues 2,033 12,977 Other revenues 342 978 Other operating income (expenses) (413) 3,559 Ship operating expenses (1,163) (1,079) Charter hire expenses 1 (22,716) (26,937) Administrative expenses (589) (696) (22,506) (11,198) 1) Including charter hire expense for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 Frontline 1,832 2,604 UFC 879 — Seatankers 62 5,751 Swiss Marine — 281 Credit loss allowance (21) (21) 2,752 8,615 A summary of balances owed to related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 CCL 40 2,378 Seatankers 7,120 — TFG Marine 17,855 6,563 Other 1,631 4,993 26,646 13,934 As of June 30, 2022 and December 31, 2021, current receivables and payables with related parties mainly comprise unpaid fees for services rendered from and to related parties. |
FINANCIAL ASSETS AND LIABILITIE
FINANCIAL ASSETS AND LIABILITIES | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
FINANCIAL ASSETS AND LIABILITIES | FINANCIAL ASSETS AND LIABILITIES Interest rate risk management Our interest rate swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rates on an original principal amount of $450 million (December 31, 2021: $500 million) are swapped to fixed rate. Our interest rate swap contracts as at June 30, 2022 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 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% Receiving floating pay fixed 50,000 April 2022* March 2032 2.17% 450,000 • SOFR-based forward-looking swap: first payment date for the interest rate swap is September 2024. Forward freight agreements ("FFA") We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are fully settled in cash through what we consider reputable clearing houses on a daily basis, as such there are no balances relating to FFAs on the Consolidated Balance Sheets. Credit risk exists to the extent that our counterparties are unable to perform under the FFA contracts but this risk is considered remote as well as participants post collateral security for their positions. As of June 30, 2022, we had long positions through FFA of net 10 days and net 225 days, with maturity in 2022 and 2023, respectively. 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 June 30, 2022, we had no outstanding bunker swap agreements for 2022, and about 3.0 thousand metric tonnes for 2023. As of December 31, 2021, we had no outstanding bunker swap agreements. Foreign currency risk The majority of our transactions, assets and liabilities are denominated in United States dollars, our functional currency. However, we incur expenditure in currencies other than the functional currency, mainly in Norwegian Kroner and Singapore Dollars for personnel costs and administrative expenses, and Euro for some of our scrubber equipment investments. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect on the value of our cash flows. Due to the exposure of currency fluctuations we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are what we consider major banking and financial institutions. Credit risk exists to the extent that the counterparties are unable to perform under the contracts but this risk is considered remote as the counterparties are what we consider well established banks. As of June 30, 2022, we had contracts to swap USD to NOK for a notional amount of $1.7 million. As of December 31, 2021, we had contracts to swap USD to NOK for a notional amount of $2.4 million. The fair value and changes in fair value of our derivative instruments are further disclosed in Note 19, ''Derivative Instruments Payable and Receivable". Fair values The guidance for fair value measurements applies to all assets and liabilities that are being measured and reported on a fair value basis. This guidance enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The same guidance requires that assets and liabilities carried at fair value should be classified and disclosed in one of the following three categories based on the inputs used to determine its fair value: Level 1: Quoted market prices in active markets for identical assets or liabilities; Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data; Level 3: Unobservable inputs that are not corroborated by market data. In addition, ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position. The carrying value and estimated fair value of our financial instruments at June 30, 2022 and December 31, 2021 are as follows: 2022 2022 2021 2021 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 163,981 163,981 197,032 197,032 Restricted cash 1 4,340 4,340 12,985 12,985 Marketable securities 1 1,336 1,336 1,684 1,684 Related party shareholder loans 2 837 837 6,187 6,187 Derivative assets 2 18,987 18,987 2,679 2,679 Liabilities Long term debt - floating 2 1,210,075 1,210,075 1,273,723 1,273,723 Derivative liabilities 2 202 202 10,364 10,364 In the six months ended June 30, 2022 and 2021, respectively, there have been no transfers between different levels in the fair value hierarchy. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: • The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. • Restricted cash - the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. • Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. • Marketable securities - are listed equity securities for which the fair value is based on quoted market prices. • Shareholder loans - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on an annual basis. • Derivatives - are based on the present value of the estimated future cash flows that we would receive or pay to terminate the agreeme nts at the balance sheet date. Assets Measured at Fair Value on a Nonrecurring Basis During the six months ended June 30, 2022, the value of the three older Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour, 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. In June 2021, we closed Vessel Acquisitions from affiliates of Hemen and recorded the cost of vessels and newbuildings acquired based on the fair value of the total consideration paid. During the six months ended June 30, 2021, fair value of unfavorable time charter contracts acquired as part of the Vessel Acquisitions from Hemen, was measured at fair value. The fair value was based on level three inputs and calculated as the net present value of the difference in cash flows arising over the period of the contracts between the expected cash flows from the contracts and expected cash flows from comparable contracts at the acquisition date. During the six months ended June 30, 2021, the value of the Golden Saguenay, a Panamax vessel, classified as held for sale, was measured at fair value. The fair value was based on level three inputs and the expected market values based on sales agreements. Assets Measured at Fair Value on a Recurring Basis Marketable securities are equity securities in a company listed on a U.S. stock exchange and for which the fair value as at the balance sheet date is the aggregate market value based on quoted market prices (level 1). The fair value (level 2) of interest rate swap, currency swap, bunker and freight derivative agreements is the present value of the estimated future cash flows that we would receive or pay to terminate the agreements at the balance sheet date, taking into account, as applicable, fixed interest rates on interest rate swaps, current interest rates, forward rate curves, current and future bunker prices and the credit worthiness of both us and the derivative counterparty. Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with SEB and DnB ASA. However, we believe this risk is remote, as these financial institutions are established and reputable establishments with no prior history of default. We do not require collateral or other security to support financial instruments subject to credit risk. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES We insure the legal liability risks for our shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. We are subject to calls payable to the associations based on our claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. To the best of our knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on our financial position or profitability and no such proceedings are pending or known to be contemplated. We sold eight vessels to SFL in the third quarter of 2015 and leased them back on charters for an initial period of ten years. We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, SFL will have the option to extend the charters by three years at $14,900 per day. As of June 30, 2022, we had 10 vessels under construction and outstanding contractual commitments of $295.0 million due by the first quarter of 2025. With reference to Note 16, "Investments in associated companies", we issued a $20.0 million guarantee in respect of the performance of our subsidiaries under a bunker supply arrangement with TFG Marine. In May 2022, we increased this guarantee under a bunker supply arrangement with TFG Marine from $20.0 million to $30.0 million. As of June 30, 2022, there are no exposures under this guarantee. In addition, should TFG Marine be required to provide a parent company guarantee to its bunker suppliers or finance providers then for any guarantee that is provided by the Trafigura group and becomes payable, we shall pay an amount equal to its equity proportion of that amount payable. The maximum liability under this guarantee is $4.0 million. There are no amounts payable under this guarantee as of June 30, 2022. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS In July 2022, we paid the first installments totaling $16.2 million under three Kamsarmax newbuilding contracts entered in June 2022. In July 2022, we paid the second installments totaling $7.0 million under two out of the seven Kamsarmax newbuilding contracts entered in 2021. In August 2022, we received dividend from UFC of $3.3 million. On August 25, 2022, our Board of Directors determined to announce a cash dividend to the Company's shareholders of $0.60 per share. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of accounting | Basis of accounting These unaudited interim condensed consolidated financial statements are stated in accordance with U.S. GAAP. These unaudited interim condensed consolidated financial statements include the assets and liabilities of the Company and those of the Company's subsidiaries. All intercompany balances and transactions have been eliminated on consolidation. |
Recently issued accounting standards | In March 2020, the FASB issued final ASU 2020-04 (ASC 848 Reference Rate Reform), which provides temporary optional expedients and exceptions to the guidance in US GAAP on contract modifications, hedge accounting and other transactions affected by reference reform if certain criteria are met. The amendments in this update are elective and apply to all entities, subject to meeting certain criteria, that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The amendments in this update are effective for all entities as of March 12, 2020 through December 31, 2022. The Company has determined that reference rate reforms will primarily impact its floating rate debt facilities and the interest rate derivatives to which it is a party. We expect to take advantage of the expedients and exceptions for applying GAAP provided by the updates when reference rates currently in use are discontinued and replaced with alternative reference rates. |
EARNING PER SHARE (Tables)
EARNING PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Share Calculation | The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2022 and 2021 are as follows: (in thousands of $) 2022 2021 Net income 289,072 128,074 (in thousands) 2022 2021 Weighted average number of shares outstanding - basic 200,540 184,147 Dilutive effect of share options 906 276 Weighted average number of shares outstanding - diluted 201,446 184,423 |
Schedule of Dividends Declared | 2022 2021 Cash dividends per share declared $ 1.10 $ 0.75 |
OPERATING REVENUES (Tables)
OPERATING REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Revenues Earned From Time Charters, Voyage Charters and Other Revenues | The following table shows the revenues earned from time charters, voyage charters and other revenues for the six months ended June 30, 2022 and 2021 respectively: (in thousands of $) 2022 2021 Time charter revenues 345,241 205,518 Voyage charter revenues 236,158 227,223 Other revenues 450 1,014 Total operating revenues 581,849 433,755 (in thousands of $) Lease Non- lease Total Time charter revenues 327,497 17,744 345,241 Voyage charter revenues 33,735 202,423 236,158 Other revenues — 450 450 Total operating revenues 361,232 220,617 581,849 |
Schedule of Contract Assets | As of June 30, 2022 and December 31, 2021, we reported the following contract assets in relation to our contracts with customers, including contracts containing lease components where the non-lease component was the predominant component and the revenues where therefore accounted for under ASC 606: (in thousands of $) 2022 2021 Voyages in progress 10,822 14,476 Trade accounts receivable 5,153 15,916 Other current assets (capitalized fulfillment costs) 1,943 3,249 Total 17,918 33,641 |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | As of June 30, 2022 and June 30, 2021, 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 $) 2022 2021 Cash and cash equivalents 163,981 154,655 Short term restricted cash 4,340 20,162 Total cash, cash equivalents and restricted cash shown in the statement of cash flows 168,321 174,817 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities [Abstract] | |
Schedule of Equity Securities Reconciliation | Our marketable securities consist of equity securities in Eneti Inc, a company engaged in marine based renewable energy. Eneti Inc is listed on the New York Stock Exchange. (in thousands of $) Balance at December 31, 2021 1,684 Unrealized loss (348) Balance at June 30, 2022 1,336 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | (in thousands of $) As of June 30, 2022 As of December 31, 2021 Capitalized fulfillment costs 2,851 3,541 Agent receivables 1,452 1,227 Advances 1,908 1,644 Claims receivables 6,082 4,342 Bunker receivables on time charter-out contracts 56,878 16,312 Other receivables 11,990 8,092 Total 81,161 35,158 |
VESSELS AND EQUIPMENT, NET (Tab
VESSELS AND EQUIPMENT, NET (Table) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Summary Rollforward of Vessels and Equipment | (in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2021 3,435,885 (555,564) 2,880,321 Additions 3,995 — 3,995 Transfer from newbuildings — — — Transfer to held for sale (107,525) 25,726 (81,799) Impairment loss — — — Depreciation — (57,556) (57,556) Balance at June 30, 2022 3,332,355 (587,394) 2,744,961 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Amortization Of Finance Lease Assets And Obligations | We have recognized right of use assets for our long-term operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 12,181 3,381 2,308 2,095 19,965 Additions — — 9,484 — 9,484 Amortization (903) (1,178) (1,456) (260) (3,797) Impairment — — — — — Balance at June 30, 2022 11,278 2,203 10,336 1,835 25,652 We have recognized lease obligations for our operating leases as follows: (in thousands of $) SFL Leases Golden Hawk Lease A. Schmidt and V. Bering Leases Office Leases Total Balance at January 1, 2022 15,892 3,630 7,176 2,069 28,767 Additions — — 9,484 — 9,484 Repayments (1,412) (1,417) (2,214) (353) (5,396) Foreign exchange translation — — — (10) (10) Balance at June 30, 2022 14,480 2,213 14,446 1,706 32,845 Current portion 2,127 2,213 6,872 483 11,695 Non-current portion 12,353 — 7,574 1,223 21,150 |
Summary of Future Minimum Rental Payments Under Non-Cancelable Operating Leases | The future minimum rental payments under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 6,465 2023 13,493 2024 5,991 2025 3,289 2026 2,809 2027 2,809 Thereafter 1,960 Total minimum lease payments 36,816 Less: Imputed interest (3,971) Present value of operating lease liabilities 32,845 |
Schedule of Future Minimum Operating Lease Revenue Receipts Under Non-Cancelable Operating Leases | The future minimum operating lease revenue receipts under our non-cancelable operating leases as of June 30, 2022 are as follows: (in thousands of $) 2022 (remaining six months) 21,977 2023 5,888 2024 — 2025 — 2026 — Thereafter — Total minimum lease receipts 27,865 |
FINANCE LEASES (Tables)
FINANCE LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of Changes in Right-of-Use Asset and Lease Liabilities | Our right of use asset for our finance leases were as follows: (in thousands of $) Balance at January 1, 2022 98,535 Additions — Impairment — Depreciation (7,412) Balance at June 30, 2022 91,123 Our lease obligations for our finance leases were as follows: (in thousands of $) Balance at January 1, 2022 127,730 Additions — Repayments (16,192) Interest expense on obligations under finance lease 3,802 Balance as of June 30, 2022 115,340 Current portion 18,517 Non-current portion 96,823 |
Schedule of Outstanding Obligations Under Finance Leases | The outstanding obligations under finance leases at June 30, 2022 are payable as follows: (in thousands of $) 2022 (remaining six months) 12,868 2023 24,484 2024 24,553 2025 22,551 2026 20,617 Thereafter 32,937 Minimum lease payments 138,010 Less: imputed interest (22,670) Present value of obligations under finance leases 115,340 |
INVESTMENTS IN ASSOCIATED COM_2
INVESTMENTS IN ASSOCIATED COMPANIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Equity Method Investments | As at June 30, 2022 and December 31, 2021, we had the following participation in investments that are recorded using the equity method: (% of ownership) 2022 2021 TFG Marine Pte Ltd ("TFG Marine") 10.00 % 10.00 % SwissMarine Pte. Ltd. ("SwissMarine") 16.38 % 17.50 % United Freight Carriers LLC ("UFC") 50.00 % 50.00 % Capesize Chartering Ltd ("CCL") — % 25.00 % Following the termination of the pool agreement, in February 2022 our 25% share in CCL was sold for $17.5 thousands. (in thousands of $) SwissMarine Other Totals Balance at December 31, 2021 39,722 1,621 41,343 Dividend received from associated companies (6,552) (945) (7,497) Loss on disposal of equity method investments (891) — (891) Share of income 19,974 8,037 28,011 Other — (462) (462) Balance at June 30, 2022 52,253 8,251 60,504 |
DEBT (Tables)
DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | Debt at June 30, 2022 and December 31, 2021 is summarized as follows: (in thousands of $) 2022 2021 $275.0 million term loan and revolving facility 275,000 — $304.0 million loan and revolving facility 225,970 235,315 $155.3 million term loan 95,373 121,573 $93.75 million term loan 74,027 77,314 $131.79 million term loan 93,768 98,681 $420.0 million term loan — 280,387 $175.0 million term loan and revolving facility 117,432 122,477 $260.0 million term loan 250,715 256,905 $120.0 million term loan 77,790 81,071 U.S. dollar denominated floating rate debt 1,210,075 1,273,723 Deferred charges (12,606) (11,378) Total debt 1,197,469 1,262,345 Less: current portion (96,070) (105,864) Total 1,101,399 1,156,481 Movements during the six months ended June 30, 2022 are summarized as follows: (in thousands of $) Floating rate debt Deferred charges Total Balance at December 31, 2021 1,273,723 (11,378) 1,262,345 Loan draw downs 275,000 — 275,000 Loan repayments (338,648) — (338,648) Capitalized financing fees and expenses — (2,890) (2,890) Amortization of capitalized fees and expenses — 1,662 1,662 Balance at June 30, 2022 1,210,075 (12,606) 1,197,469 |
Schedule of Maturities of Long-term Debt | The total outstanding debt at June 30, 2022 is repayable as follows: (in thousands of $) 2022 (remaining six months) 67,603 2023 94,479 2024 275,672 2025 285,222 2026 116,610 2027 187,870 2028 182,619 Total 1,210,075 Deferred charges (12,606) Balance at June 30, 2022 1,197,469 |
OTHER CURRENT LIABILITIES (Tabl
OTHER CURRENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | As of June 30, 2022 and December 31, 2021 our current liabilities were as follows: (in thousands of $) 2022 2021 Deferred charter revenue 32,401 34,626 Other current liabilities 4,254 2,639 Total 36,655 37,265 |
DERIVATIVE INSTRUMENTS PAYABL_2
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | Our derivative instruments are not designated as hedging instruments and the positions at June 30, 2022 and December 31, 2021 are summarized as follows: (in thousands of $) 2022 2021 Interest rate swaps 18,815 2,608 Bunker derivatives 172 — Foreign currency swaps — 71 Forward freight agreements — — Asset - Derivatives fair value 18,987 2,679 (in thousands of $) 2022 2021 Interest rate swaps — 10,364 Foreign currency swaps 119 — Bunker derivatives 83 — Forward freight agreements — — Liability - Derivatives fair value 202 10,364 |
Derivative Instruments Gain (Loss) | During the six months ended June 30, 2022 and June 30, 2021, the following amounts were recognized in the consolidated statement of operations under the line item "Gain (loss) on derivatives": (in thousands of $) 2022 2021 Interest rate swaps Mark to market gain 23,798 6,628 Foreign currency swaps Mark to market loss (189) (160) Forward freight agreements Mark to market gain 481 16,912 Bunker derivatives Mark to market gain 1,787 275 Total 25,877 23,655 |
SHARE CAPITAL, TREASURY SHARE_2
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Stock By Class | Authorized share capital: (in thousands of $, except per share amount) 2022 2021 300 million common shares of $0.05 par value 15,000 15,000 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | A summary of net amounts recorded as expense from related parties in the six months ended June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 Frontline Management 1,163 1,476 SFL 18,375 18,002 Seatankers 4,793 9,236 CCL 395 (3) Front Ocean Management AS 155 — 24,881 28,711 Net amounts recorded as expense from related parties comprise of charter hire costs, bunker costs, general management and commercial management fees. A summary of net amounts charged to related parties in the six months ended June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 SFL 64 387 Seatankers 256 533 CCL — 3,559 SwissMarine 2,033 12,977 Other 22 58 2,375 17,514 Net amounts charged to related parties mainly comprise of commercial management fees, charter hire and net income under the revenue sharing agreement with CCL. A summary of related parties income (expense) amounts included into Consolidated Statements of Operations as of June 30, 2022 and June 30, 2021 is as follows: (in thousands of $) 2022 2021 Time charter revenues 2,033 12,977 Other revenues 342 978 Other operating income (expenses) (413) 3,559 Ship operating expenses (1,163) (1,079) Charter hire expenses 1 (22,716) (26,937) Administrative expenses (589) (696) (22,506) (11,198) 1) Including charter hire expense for SFL leases which is subsequently credited to Depreciation and Interest expense A summary of balances due from related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 Frontline 1,832 2,604 UFC 879 — Seatankers 62 5,751 Swiss Marine — 281 Credit loss allowance (21) (21) 2,752 8,615 A summary of balances owed to related parties as of June 30, 2022 and December 31, 2021 is as follows: (in thousands of $) 2022 2021 CCL 40 2,378 Seatankers 7,120 — TFG Marine 17,855 6,563 Other 1,631 4,993 26,646 13,934 |
FINANCIAL ASSETS AND LIABILIT_2
FINANCIAL ASSETS AND LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Swaps Designated as Hedging Instruments | Our interest rate swap contracts as at June 30, 2022 of which none are designated as hedging instruments are summarized as follows: (in thousands of $) Notional amount Inception date Maturity date Fixed Interest Rate Receiving floating pay fixed 50,000 August 2017 August 2025 2.41% Receiving floating pay fixed 50,000 August 2017 August 2025 2.58% Receiving floating pay fixed 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% Receiving floating pay fixed 50,000 April 2022* March 2032 2.17% 450,000 |
Carrying Value and Fair Value of Financial Instruments | The carrying value and estimated fair value of our financial instruments at June 30, 2022 and December 31, 2021 are as follows: 2022 2022 2021 2021 (in thousands of $) Level Fair Carrying Fair Carrying Assets Cash and cash equivalents 1 163,981 163,981 197,032 197,032 Restricted cash 1 4,340 4,340 12,985 12,985 Marketable securities 1 1,336 1,336 1,684 1,684 Related party shareholder loans 2 837 837 6,187 6,187 Derivative assets 2 18,987 18,987 2,679 2,679 Liabilities Long term debt - floating 2 1,210,075 1,210,075 1,273,723 1,273,723 Derivative liabilities 2 202 202 10,364 10,364 |
EARNINGS PER SHARE - Summary of
EARNINGS PER SHARE - Summary of earnings per share (Details) - USD ($) shares in Thousands, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Net income | $ 289,072 | $ 128,074 |
Weighted average number of shares outstanding - basic (in shares) | 200,540 | 184,147 |
Dilutive effect of share options (in shares) | 906 | 276 |
Weighted average number of shares outstanding - diluted (in shares) | 201,446 | 184,423 |
EARNINGS PER SHARE - Narrative
EARNINGS PER SHARE - Narrative (Details) - shares | 1 Months Ended | ||
May 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | |
Options outstanding (shares) | 1,100,000 | 1,120,000 | |
Management | |||
Options outstanding (shares) | 650,000 | ||
Options exercised (in shares) | 450,000 |
EARNINGS PER SHARE - Dividends
EARNINGS PER SHARE - Dividends (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings Per Share [Abstract] | ||
Cash dividends per share declared (in dollars per share) | $ 0.0110 | $ 0.0075 |
SEGMENT INFORMATION (Details)
SEGMENT INFORMATION (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
OPERATING REVENUES - Schedule o
OPERATING REVENUES - Schedule of revenues earned from time charters, voyage charters and other revenues (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | ||
Lease | $ 361,232 | |
Non- lease | 220,617 | |
Total | 581,849 | $ 433,755 |
Time charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 327,497 | |
Non- lease | 17,744 | |
Total | 345,241 | 205,518 |
Voyage charter revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 33,735 | |
Non- lease | 202,423 | |
Total | 236,158 | 227,223 |
Other revenues | ||
Disaggregation of Revenue [Line Items] | ||
Lease | 0 | |
Non- lease | 450 | |
Total | $ 450 | $ 1,014 |
OPERATING REVENUES - Narrative
OPERATING REVENUES - Narrative (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Non- lease | $ 220,617 | ||
Capitalized contract assets | 10,100 | ||
Capitalized contract cost, accumulated amortization | 8,200 | ||
Capitalized contract assets, remaining balance | 1,900 | ||
Capitalized contract assets, amortization | 3,200 | ||
Revenue recognized that was deferred | 20,000 | ||
Credit loss allowance | 100 | $ 100 | |
Capitalized contract assets, impairment loss | $ 0 | ||
Total operating revenues | 581,849 | 433,755 | |
Other operating income (expenses), net | (413) | 3,559 | |
Capesize Chartering Ltd ("CCL") | |||
Disaggregation of Revenue [Line Items] | |||
Total operating revenues | 0 | 198,700 | |
Supramax Vessels | |||
Disaggregation of Revenue [Line Items] | |||
Operating lease revenues | 0 | 10,000 | |
Demurrage Revenue | |||
Disaggregation of Revenue [Line Items] | |||
Non- lease | 14,500 | $ 17,400 | |
Ongoing Voyages | |||
Disaggregation of Revenue [Line Items] | |||
Total deferred charter revenue | $ 9,600 |
OPERATING REVENUES - Schedule_2
OPERATING REVENUES - Schedule of contract assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Revenue from Contract with Customer [Abstract] | ||
Voyages in progress | $ 10,822 | $ 14,476 |
Trade accounts receivable | 5,153 | 15,916 |
Other current assets (capitalized fulfillment costs) | 1,943 | 3,249 |
Total | $ 17,918 | $ 33,641 |
IMPAIRMENT LOSS ON VESSELS (Det
IMPAIRMENT LOSS ON VESSELS (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Impairment loss on vessels | $ 0 | $ 4,187 | |
Golden Saguenay | |||
Property, Plant and Equipment [Line Items] | |||
Impairment loss on vessels | $ 4,200 | ||
Cash consideration | $ 8,400 |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | 6 Months Ended | |||
Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | ||||
Cash and cash equivalents | $ 163,981 | $ 197,032 | $ 154,655 | |
Short term restricted cash | 4,340 | 12,985 | 20,162 | |
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | 168,321 | $ 210,017 | 174,817 | $ 175,102 |
Cash and cash equivalents covenanted to be retained | 65,600 | $ 74,800 | ||
Recourse Debt | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, covenant compliance, minimum cash requirement | $ 20,000 | |||
Debt instrument, covenant compliance, minimum cash requirement, percentage | 5% |
MARKETABLE SECURITIES (Details)
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Equity Securities [Roll Forward] | ||
Equity securities, beginning balance | $ 1,684 | |
Unrealized loss | (348) | $ 372 |
Equity securities, ending balance | $ 1,336 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||
Capitalized fulfillment costs | $ 2,851,000 | $ 3,541,000 | |
Agent receivables | 1,452,000 | 1,227,000 | |
Advances | 1,908,000 | 1,644,000 | |
Claims receivables | 6,082,000 | 4,342,000 | |
Bunker receivables on time charter-out contracts | 56,878,000 | 16,312,000 | |
Other receivables | 11,990,000 | 8,092,000 | |
Other current assets | 81,161,000 | $ 35,158,000 | $ 35,158,000 |
Allowance for credit losses | 46,300 | 46,300 | |
Provision for doubtful debts | $ 0 | $ 0 |
VESSELS AND EQUIPMENT, NET (Det
VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Movement in Property, Plant and Equipment [Roll Forward] | ||
Impairment loss | $ 0 | $ (4,187) |
Depreciation | (64,968) | $ (57,046) |
Vessels and Equipment | ||
Movement in Property, Plant and Equipment [Roll Forward] | ||
Cost, beginning balance | 3,435,885 | |
Accumulated depreciation beginning balance | (555,564) | |
Vessels and equipment, net, beginning balance | 2,880,321 | |
Additions | 3,995 | |
Transfer from newbuildings | 0 | |
Transfers from newbuildings, accumulated depreciation | 0 | |
Transfers from newbuildings, net | 0 | |
Transfer to held for sale | (107,525) | |
Vessel and equipment, transfer to held for sale, accumulated depreciation | 25,726 | |
Vessel and equipment, transfer to held for sale, net | (81,799) | |
Impairment loss | 0 | |
Depreciation | (57,556) | |
Cost, ending balance | 3,332,355 | |
Accumulated depreciation ending balance | (587,394) | |
Vessels and equipment, net, ending balance | $ 2,744,961 |
VESSELS AND EQUIPMENT, NET - Na
VESSELS AND EQUIPMENT, NET - Narrative (Details) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 USD ($) vessel | Jun. 30, 2021 USD ($) | Dec. 31, 2021 vessel | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ | $ 64,968 | $ 57,046 | |
Depreciation, capital leases | $ | $ 7,400 | ||
Number of vessels held for sale | 5 | ||
Newcastlemax Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels at period end | 13 | 13 | |
Capesize Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels at period end | 35 | 35 | |
Panamax Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels at period end | 28 | 31 | |
Number of vessels delivered | 3 | ||
Supramax Vessels | |||
Property, Plant and Equipment [Line Items] | |||
Number of vessels at period end | 2 | 2 | |
Number of vessels held for sale | 2 | ||
Ballast Water Treatment System | |||
Property, Plant and Equipment [Line Items] | |||
Aggregate capitalized costs | $ | $ 4,000 | ||
Vessels and Equipment | |||
Property, Plant and Equipment [Line Items] | |||
Aggregate capitalized costs | $ | 3,995 | ||
Depreciation | $ | $ 57,556 |
NEWBUILDINGS (Details)
NEWBUILDINGS (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 USD ($) vessel | Jun. 30, 2022 USD ($) vessel | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) vessel | Oct. 31, 2021 vessel | |
Property, Plant and Equipment [Line Items] | |||||
Payments to acquire newbuildings | $ 13,727 | $ 116,445 | |||
Newbuildings | $ 35,678 | 49,830 | $ 35,678 | ||
Kamsarmax | |||||
Property, Plant and Equipment [Line Items] | |||||
Payments to acquire newbuildings | $ 13,700 | ||||
Number of newbuildings under construction | vessel | 3 | 4 | |||
Number of newbuildings acquired | vessel | 7 | 7 |
VESSELS HELD FOR SALE (Details)
VESSELS HELD FOR SALE (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) vessel | Feb. 28, 2022 USD ($) vessel | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) vessel | Jun. 30, 2021 USD ($) | |
Long Lived Assets Held-for-sale [Line Items] | |||||
Number of vessels held for sale | vessel | 5 | ||||
Gain on sale of assets | $ 9,516 | $ 0 | |||
Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number of vessels held for sale | vessel | 3 | 3 | |||
Proceeds from sale of vessels | $ 52,000 | ||||
Gain on sale of assets | $ 9,500 | ||||
Ultramax vessels, Golden Cecilie and Golden Cathrine | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Number of vessels held for sale | vessel | 2 | ||||
Proceeds from sale of vessels | $ 63,000 | ||||
Ultramax vessels, Golden Cecilie and Golden Cathrine | Forecast | |||||
Long Lived Assets Held-for-sale [Line Items] | |||||
Gain from sale of vessels | $ 22,000 |
OPERATING LEASES - Narrative (D
OPERATING LEASES - Narrative (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2022 USD ($) | Sep. 30, 2015 USD ($) | Jun. 30, 2022 USD ($) vessel lease | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) lease vessel | Dec. 31, 2019 USD ($) lease_renewal T | Dec. 31, 2015 USD ($) vessel | |
Lessee, Lease, Description [Line Items] | |||||||
Variable lease expense | $ 900,000 | $ 1,200,000 | |||||
Additions | 9,484,000 | ||||||
Service element, under ship operating expense | 7,500,000 | 10,300,000 | |||||
Operating lease, impairment loss | 0 | ||||||
Future minimum rental payments | 36,816,000 | ||||||
Charter hire expense minimum rentals | 34,900,000 | 37,200,000 | |||||
Short term lease | 26,200,000 | 41,000,000 | |||||
Payments | $ 25,800,000 | $ 40,300,000 | |||||
Weighted average discount rate, percent | 4.81% | 5.14% | |||||
Weighted average remaining lease term | 4 years | 4 years 10 months 24 days | |||||
Vessels leased out, fixed rate time charter | vessel | 6 | 8 | |||||
Number of vessels leased out index linked time charters | vessel | 27 | 26 | |||||
Number of vessels leased out | vessel | 33 | 34 | |||||
Minimum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract | 1 year | ||||||
Maximum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Term of contract | 10 years | ||||||
General and Administrative Expense | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Ship operating expenses | $ 300,000 | $ 300,000 | |||||
MV Admiral Schmidt and Vitus Bering | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Profit share | 200,000 | ||||||
Golden Hawk Lease | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Daily time charter rate | $ 13,200 | ||||||
Daily charter rate, extension | $ 13,700 | ||||||
Maximum amount of reimbursement paid | 1,500,000 | ||||||
Maximum amount of reimbursement payable | 1,750,000 | ||||||
Additions | 0 | ||||||
Operating lease, impairment loss | 0 | ||||||
MV Admiral Schmidt and Vitus Bering | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Daily time charter rate | $ 9,000 | ||||||
Vessels' deadweight capacity | T | 104,550 | ||||||
Term of contract | 3 years | ||||||
Number of annual lease renewals | lease_renewal | 4 | ||||||
Office Leases | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Additions | 0 | ||||||
Operating lease, impairment loss | 0 | ||||||
Future minimum rental payments | $ 1,900,000 | 2,200,000 | |||||
Vessels leased to third parties | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Number of vessels sold and leased back | vessel | 3 | ||||||
Vessels leased out to third parties | $ 1,668,900,000 | 1,637,300,000 | |||||
Accumulated depreciation | $ 330,000,000 | $ 308,100,000 | |||||
SFL Leases | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Number of vessels sold and leased back | vessel | 1 | ||||||
Number of vessels reclassified as finance leases | vessel | 7 | ||||||
Daily time charter rate | $ 19,135 | ||||||
Variable interest rate level | 0.10% | ||||||
Variable lease expense | 900,000 | 1,200,000 | |||||
Purchase option net of sellers credit | $ 112,000,000 | ||||||
Charter term, extension | 3 years | ||||||
Daily charter rate, extension | $ 14,900 | ||||||
SFL Leases | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Number of vessels sold and leased back | vessel | 8 | 8 | |||||
Number of operating leases | lease | 2 | 2 | |||||
Number of leased vessels under operating leases | vessel | 1 | ||||||
Aggregate price sold en-bloc | $ 272,000,000 | ||||||
Duration of time charter | 10 years | ||||||
Daily time charter rate | $ 17,600 | ||||||
Daily operating expenses rate | 7,000 | ||||||
Daily time charter rate | $ 14,900 | $ 14,900 | |||||
Profit share percentage (percent) | 33% | ||||||
Base LIBOR rate (percent) | 0.40% | ||||||
Daily time charter rate, adjusted | $ 50 | ||||||
Charter term, contractual | 7 years | ||||||
Daily time charter rate, adjusted | $ 25 | ||||||
Charter term, contractual | 3 years | ||||||
Operating leases average daily rate | $ 17,695 | ||||||
Profit share | $ 1,500,000 | $ 1,200,000 | |||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | |||||
Purchase option timing from lease inception | 10 years | ||||||
Charter term, extension | 3 years | ||||||
Daily charter rate, extension | $ 14,900 | ||||||
Total minimum lease period | 13 years |
OPERATING LEASES - Schedule of
OPERATING LEASES - Schedule of operating lease, right of use assets (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Schedule Of Right Of Use Assets [Roll Forward] | |
Balance at January 1, 2022 | $ 19,965 |
Additions | 9,484 |
Amortization | (3,797) |
Impairment | 0 |
Balance at June 30, 2022 | 25,652 |
SFL Leases | |
Schedule Of Right Of Use Assets [Roll Forward] | |
Balance at January 1, 2022 | 12,181 |
Additions | 0 |
Amortization | (903) |
Impairment | 0 |
Balance at June 30, 2022 | 11,278 |
Golden Hawk Lease | |
Schedule Of Right Of Use Assets [Roll Forward] | |
Balance at January 1, 2022 | 3,381 |
Additions | 0 |
Amortization | (1,178) |
Impairment | 0 |
Balance at June 30, 2022 | 2,203 |
A. Schmidt and V. Bering Leases | |
Schedule Of Right Of Use Assets [Roll Forward] | |
Balance at January 1, 2022 | 2,308 |
Additions | 9,484 |
Amortization | (1,456) |
Impairment | 0 |
Balance at June 30, 2022 | 10,336 |
Office Leases | |
Schedule Of Right Of Use Assets [Roll Forward] | |
Balance at January 1, 2022 | 2,095 |
Additions | 0 |
Amortization | (260) |
Impairment | 0 |
Balance at June 30, 2022 | $ 1,835 |
OPERATING LEASES - Schedule o_2
OPERATING LEASES - Schedule of operating lease obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | $ 28,767 | |
Additions | 9,484 | |
Repayments | (5,396) | |
Foreign exchange translation | (10) | |
Operating lease obligation, ending balance | 32,845 | |
Current portion | 11,695 | $ 13,860 |
Non-current portion | 21,150 | $ 14,907 |
SFL Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 15,892 | |
Additions | 0 | |
Repayments | (1,412) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 14,480 | |
Current portion | 2,127 | |
Non-current portion | 12,353 | |
Golden Hawk Lease | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 3,630 | |
Additions | 0 | |
Repayments | (1,417) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 2,213 | |
Current portion | 2,213 | |
Non-current portion | 0 | |
A. Schmidt and V. Bering Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 7,176 | |
Additions | 9,484 | |
Repayments | (2,214) | |
Foreign exchange translation | 0 | |
Operating lease obligation, ending balance | 14,446 | |
Current portion | 6,872 | |
Non-current portion | 7,574 | |
Office Leases | ||
Change In Operating Lease Obligations [Roll Forward] | ||
Operating lease obligation, beginning balance | 2,069 | |
Additions | 0 | |
Repayments | (353) | |
Foreign exchange translation | (10) | |
Operating lease obligation, ending balance | 1,706 | |
Current portion | 483 | |
Non-current portion | $ 1,223 |
OPERATING LEASES - Charter hire
OPERATING LEASES - Charter hire and office rent expense (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Operating Lease Liabilities, Payments Due [Abstract] | ||
2022 (remaining six months) | $ 6,465 | |
2023 | 13,493 | |
2024 | 5,991 | |
2025 | 3,289 | |
2026 | 2,809 | |
2027 | 2,809 | |
Thereafter | 1,960 | |
Total minimum lease payments | 36,816 | |
Less: Imputed interest | (3,971) | |
Present value of operating lease liabilities | $ 32,845 | $ 28,767 |
OPERATING LEASES - Schedule o_3
OPERATING LEASES - Schedule of future minimum operating lease revenue receipts (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Leases [Abstract] | |
2022 (remaining six months) | $ 21,977 |
2023 | 5,888 |
2024 | 0 |
2025 | 0 |
2026 | 0 |
Thereafter | 0 |
Total minimum lease receipts | $ 27,865 |
FINANCE LEASES - Narrative (Det
FINANCE LEASES - Narrative (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | 36 Months Ended | ||
Sep. 30, 2015 USD ($) | Jun. 30, 2022 USD ($) vessel | Jun. 30, 2021 USD ($) | Dec. 31, 2015 USD ($) vessel | Jun. 30, 2025 USD ($) | Dec. 31, 2021 vessel | |
Lessee, Lease, Description [Line Items] | ||||||
Number of vessels under finance lease | vessel | 7 | 7 | ||||
Variable lease expense | $ 900,000 | $ 1,200,000 | ||||
Finance lease ROU impairment | $ 0 | |||||
Weighted average discount rate (percent) | 6.30% | 6.30% | ||||
Weighted average lease term | 6 years 1 month 6 days | 6 years 7 months 6 days | ||||
SFL | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Number of vessels reclassified as finance leases | vessel | 7 | |||||
Number of vessels sold and leased back | vessel | 1 | |||||
Daily time charter rate | $ 19,135 | |||||
Variable interest rate level | 0.10% | |||||
Number of vessels sold and leased back | vessel | 8 | |||||
Purchase option net of sellers credit | $ 112,000,000 | |||||
Charter term, extension | 3 years | |||||
Daily charter rate, extension | $ 14,900 | |||||
Variable lease expense | $ 900,000 | 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 | ||||
Daily time charter rate | $ 14,900 | $ 14,900 | ||||
Daily operating expenses rate | $ 7,000 | |||||
Profit share percentage (percent) | 33% | |||||
Base LIBOR rate (percent) | 0.40% | |||||
Daily time charter rate, adjusted | $ 50 | |||||
Charter term, contractual | 7 years | |||||
Daily time charter rate, adjusted | $ 25 | |||||
Charter term, contractual | 3 years | |||||
Profit share | $ 1,500,000 | $ 1,200,000 | ||||
Number of vessels sold and leased back | vessel | 8 | |||||
Purchase option net of sellers credit | $ 112,000,000 | $ 112,000,000 | ||||
Purchase option timing from lease inception | 10 years | |||||
Charter term, extension | 3 years | |||||
Daily charter rate, extension | $ 14,900 | |||||
Total minimum lease period | 13 years | |||||
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 | $ 19,230 | |||||
SFL | Forecast | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||||||
Lessee, Lease, Description [Line Items] | ||||||
Daily time charter rate | $ 16,435 |
FINANCE LEASES - Right-of-use a
FINANCE LEASES - Right-of-use asset for finance leases (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Finance Lease Right-Of-Use Asset [Roll Forward] | |
Balance at January 1, 2022 | $ 98,535 |
Additions | 0 |
Impairment | 0 |
Depreciation | (7,412) |
Balance at June 30, 2022 | $ 91,123 |
FINANCE LEASES - Changes in fin
FINANCE LEASES - Changes in finance lease obligations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Finance Lease Obligations [Roll Forward] | ||
Balance at January 1, 2022 | $ 127,730 | |
Additions | 0 | |
Repayments | (16,192) | |
Interest expense on obligations under finance lease | 3,802 | |
Balance as of June 30, 2022 | 115,340 | |
Current portion | 18,517 | $ 21,755 |
Non-current portion | $ 96,823 | $ 105,975 |
FINANCE LEASES - Outstanding ob
FINANCE LEASES - Outstanding obligations under capital leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Finance Lease Liabilities, Payments, Due [Abstract] | ||
2022 (remaining six months) | $ 12,868 | |
2023 | 24,484 | |
2024 | 24,553 | |
2025 | 22,551 | |
2026 | 20,617 | |
Thereafter | 32,937 | |
Minimum lease payments | 138,010 | |
Less: imputed interest | (22,670) | |
Present value of obligations under finance leases | $ 115,340 | $ 127,730 |
INVESTMENTS IN ASSOCIATED COM_3
INVESTMENTS IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |||||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2021 | Jan. 31, 2020 | |
Equity Method Investment [Roll Forward] | ||||||
Balance at December 31, 2021 | $ 41,343 | |||||
Dividend received from associated companies | (7,497) | $ 0 | ||||
Loss on disposal of equity method investments | (891) | |||||
Share of income | 28,011 | |||||
Other | (462) | |||||
Balance at June 30, 2022 | $ 60,504 | |||||
TFG Marine Pte Ltd ("TFG Marine") | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage (percent) | 10% | 10% | 10% | |||
SwissMarine Pte. Ltd. ("SwissMarine") | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage (percent) | 16.38% | 16.40% | 17.50% | 17.50% | ||
Equity Method Investment [Roll Forward] | ||||||
Balance at December 31, 2021 | $ 39,722 | |||||
Dividend received from associated companies | (6,552) | |||||
Loss on disposal of equity method investments | (891) | |||||
Share of income | 19,974 | |||||
Other | 0 | |||||
Balance at June 30, 2022 | $ 52,253 | |||||
United Freight Carriers LLC ("UFC") | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage (percent) | 50% | 50% | ||||
Equity Method Investment [Roll Forward] | ||||||
Dividend received from associated companies | $ (900) | |||||
Balance at June 30, 2022 | $ 4,000 | |||||
Capesize Chartering Ltd ("CCL") | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Ownership percentage (percent) | 0% | 25% | ||||
Other | ||||||
Equity Method Investment [Roll Forward] | ||||||
Balance at December 31, 2021 | $ 1,621 | |||||
Dividend received from associated companies | (945) | |||||
Loss on disposal of equity method investments | 0 | |||||
Share of income | 8,037 | |||||
Other | (462) | |||||
Balance at June 30, 2022 | $ 8,251 |
INVESTMENTS IN ASSOCIATED COM_4
INVESTMENTS IN ASSOCIATED COMPANIES - Narrative (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 28, 2022 | Jan. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||||||
Repayments of loans receivable from related party | $ 5,350,000 | $ 0 | |||||
Investments in associated companies | 60,504,000 | $ 41,343,000 | |||||
Dividends received from associated companies | $ 7,497,000 | $ 0 | |||||
Capesize Chartering Ltd ("CCL") | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Equity method ownership percentage sold | 25% | ||||||
Proceeds from sale of shares in associated companies | $ 17,500 | ||||||
Ownership percentage (percent) | 0% | 25% | |||||
SwissMarine Pte. Ltd. ("SwissMarine") | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (percent) | 17.50% | 16.38% | 16.40% | 17.50% | |||
Increased availability | $ 10,700,000 | ||||||
Loan term | 5 years | ||||||
Repayments of loans receivable from related party | $ 5,350,000 | ||||||
Dividends received | 6,600,000 | ||||||
Investments in associated companies | 52,253,000 | $ 39,722,000 | |||||
Dividends received from associated companies | $ 6,552,000 | ||||||
TFG Marine Pte Ltd ("TFG Marine") | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (percent) | 10% | 10% | 10% | ||||
Increased availability | $ 1,000,000 | ||||||
Loan term | 5 years | ||||||
Loan converted to equity | $ 75,000 | ||||||
Balance of shareholder loan | $ 900,000 | ||||||
TFG Marine Pte Ltd ("TFG Marine") | London Interbank Offered Rate (LIBOR) | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Spread on variable rate (percent) | 7% | ||||||
United Freight Carriers LLC ("UFC") | |||||||
Schedule of Equity Method Investments [Line Items] | |||||||
Ownership percentage (percent) | 50% | 50% | |||||
Investments in associated companies | $ 4,000,000 | ||||||
Dividends received from associated companies | $ 900,000 |
DEBT - Schedule of debt (Detail
DEBT - Schedule of debt (Details) - USD ($) | Jun. 30, 2022 | May 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | |||
Long-term debt | $ 1,210,075,000 | ||
Deferred charges | (12,606,000) | $ (11,378,000) | |
Total debt | 1,197,469,000 | 1,262,345,000 | |
Less: current portion | (96,070,000) | (105,864,000) | |
Total | 1,101,399,000 | 1,156,481,000 | |
U.S. dollar denominated floating rate debt | |||
Debt Instrument [Line Items] | |||
Long-term debt | 1,210,075,000 | 1,273,723,000 | |
$275.0 million term loan and revolving facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 275,000,000 | $ 275,000,000 | |
Long-term debt | 275,000,000 | 0 | |
$304.0 million loan and revolving facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 304,000,000 | ||
Long-term debt | 225,970,000 | 235,315,000 | |
$155.3 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 155,300,000 | ||
Long-term debt | 95,373,000 | 121,573,000 | |
$93.75 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 93,750,000 | ||
Long-term debt | 74,027,000 | 77,314,000 | |
$131.79 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 131,790,000 | ||
Long-term debt | 93,768,000 | 98,681,000 | |
$420.0 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 420,000,000 | ||
Long-term debt | 0 | 280,387,000 | |
$175.0 million term loan and revolving facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 175,000,000 | ||
Long-term debt | 117,432,000 | 122,477,000 | |
$260.0 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 260,000,000 | ||
Long-term debt | 250,715,000 | 256,905,000 | |
$120.0 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 120,000,000 | ||
Long-term debt | $ 77,790,000 | $ 81,071,000 |
DEBT - Summary of movements in
DEBT - Summary of movements in debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Movement In Debt Balance [Roll Forward] | ||
Deferred charges, beginning balance | $ (11,378) | |
Long-term debt, beginning balance | 1,262,345 | |
Loan draw downs | 275,000 | |
Proceeds from issuance of debt | 0 | |
Loan repayments | (338,648) | |
Repayment of debt issuance cost | 0 | |
Capitalized financing fees and expenses | (2,890) | |
Amortization of deferred charges | 1,662 | $ 1,193 |
Long-term debt, gross, ending balance | 1,210,075 | |
Deferred charges, ending balance | (12,606) | |
Long-term debt, ending balance | 1,197,469 | |
Floating rate debt | ||
Movement In Debt Balance [Roll Forward] | ||
Long-term debt, gross, beginning balance | 1,273,723 | |
Loan draw downs | 275,000 | |
Loan repayments | (338,648) | |
Long-term debt, gross, ending balance | $ 1,210,075 |
DEBT - Narrative (Details)
DEBT - Narrative (Details) | 1 Months Ended | 6 Months Ended | |
May 31, 2022 USD ($) vessel | Jun. 30, 2022 USD ($) vessel | Dec. 31, 2021 USD ($) vessel | |
Debt Instrument [Line Items] | |||
Repayments of debt | $ 338,648,000 | ||
Net deferred charges | 12,600,000 | ||
Current portion of long-term debt | 96,070,000 | $ 105,864,000 | |
Vessels and equipment, net | 2,744,961,000 | $ 2,880,321,000 | |
$420.0 million term loan | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | 420,000,000 | ||
$265.6 million term loan | |||
Debt Instrument [Line Items] | |||
Repayments of debt | 265,600,000 | ||
Ordinary debt | |||
Debt Instrument [Line Items] | |||
Repayments of debt | 52,300,000 | ||
$275.0 million term loan and revolving facility | |||
Debt Instrument [Line Items] | |||
Debt instrument, face amount | $ 275,000,000 | 275,000,000 | |
Number of vessels serving as security | vessel | 14 | ||
$275.0 million term loan and revolving facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||
Debt Instrument [Line Items] | |||
Variable interest rate (percent) | 1.90% | ||
$275.0 million term loan and revolving facility | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Variable interest rate (percent) | 1.65% | ||
Golden Empress, Golden Endeavour and Golden Enterprise | |||
Debt Instrument [Line Items] | |||
Repayments of debt | 20,700,000 | ||
U.S. dollar denominated floating rate debt | |||
Debt Instrument [Line Items] | |||
Repayments of debt | $ 338,700,000 | ||
Number of vessels serving as security | vessel | 78 | 81 | |
U.S. dollar denominated floating rate debt | Collateral Pledged | |||
Debt Instrument [Line Items] | |||
Vessels and equipment, net | $ 2,745,000,000 | $ 2,880,300,000 |
DEBT - Schedule of debt maturit
DEBT - Schedule of debt maturities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Debt Disclosure [Abstract] | ||
2022 (remaining six months) | $ 67,603 | |
2023 | 94,479 | |
2024 | 275,672 | |
2025 | 285,222 | |
2026 | 116,610 | |
2027 | 187,870 | |
2028 | 182,619 | |
Total | 1,210,075 | |
Deferred charges | (12,606) | |
Total debt | $ 1,197,469 | $ 1,262,345 |
OTHER CURRENT LIABILITIES (Deta
OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Liabilities Disclosure [Abstract] | ||
Deferred charter revenue | $ 32,401 | $ 34,626 |
Other current liabilities | 4,254 | 2,639 |
Total | $ 36,655 | $ 37,265 |
DERIVATIVE INSTRUMENTS PAYABL_3
DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Asset - Derivatives fair value | $ 18,987 | $ 2,679 | |
Liability - Derivatives fair value | 202 | 10,364 | |
Mark to market derivative gain (loss) | 25,877 | $ 23,655 | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 18,815 | 2,608 | |
Liability - Derivatives fair value | 0 | 10,364 | |
Mark to market derivative gain (loss) | 23,798 | 6,628 | |
Bunker derivatives | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 172 | 0 | |
Liability - Derivatives fair value | 83 | 0 | |
Mark to market derivative gain (loss) | 1,787 | 275 | |
Foreign currency swaps | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 0 | 71 | |
Liability - Derivatives fair value | 119 | 0 | |
Mark to market derivative gain (loss) | (189) | (160) | |
Forward freight agreements | |||
Derivative [Line Items] | |||
Asset - Derivatives fair value | 0 | 0 | |
Liability - Derivatives fair value | 0 | $ 0 | |
Mark to market derivative gain (loss) | $ 481 | $ 16,912 |
SHARE CAPITAL, TREASURY SHARE_3
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Summary of authorized capital (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Equity [Abstract] | ||
Common stock, shares, authorized (in shares) | 300,000,000 | |
Common stock, par value (in dollars per share) | $ 0.05 | $ 0.05 |
Common stock, value, authorized | $ 15,000,000 | $ 15,000,000 |
SHARE CAPITAL, TREASURY SHARE_4
SHARE CAPITAL, TREASURY SHARES AND DIVIDENDS - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||
Common stock, shares, outstanding (in shares) | 200,885,621 | 200,885,621 | 200,435,621 | ||
Par value per share (in USD per share) | $ 0.05 | $ 0.05 | $ 0.05 | ||
Number of treasury shares (in shares) | 305,000 | 305,000 | 755,000 | ||
Dividends to shareholders | $ 100.4 | $ 180.4 | $ 280.8 | $ 50.1 | |
Dividends per share (in dollars per share) | $ 1.40 | $ 0.25 | |||
2020 Exercised Options | |||||
Class of Stock [Line Items] | |||||
Shares issued for equity incentive plan (in shares) | 450,000 | ||||
Loss on distributed treasury shares | $ 1.7 | ||||
2016 Exercised Options | |||||
Class of Stock [Line Items] | |||||
Shares issued for equity incentive plan (in shares) | 190,000 | ||||
Loss on distributed treasury shares | $ 0.4 |
RELATED PARTY TRANSACTIONS - Sh
RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details) - SFL $ in Millions | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 vessel | Jun. 30, 2021 vessel $ / d | Dec. 31, 2015 USD ($) vessel | |
Related Party Transaction [Line Items] | |||
Number of vessels sold and leased back | 1 | ||
Commercial management fee revenue for first 4 vessels (in dollars per day) | $ / d | 125 | ||
Dry Bulk Carriers | |||
Related Party Transaction [Line Items] | |||
Number of vessels managed | 8 | ||
Number of vessels under $125 management fee | 4 | ||
Commercial management fee revenue for first 3 vessels (in dollars per day) | $ / d | 75 | ||
Commercial management fee revenue for remaining vessels (in dollars per day) | $ / d | 37.5 | ||
Number of vessels under $75 management fee | 3 | ||
Container Carriers | |||
Related Party Transaction [Line Items] | |||
Number of vessels managed | 16 | ||
Commercial management fee revenue for first 4 vessels (in dollars per day) | $ / d | 75 | ||
Number of vessels under $75 management fee | 16 | ||
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | |||
Related Party Transaction [Line Items] | |||
Number of vessels sold and leased back | 8 | 8 | |
Aggregate price sold en-bloc | $ | $ 272 | ||
Duration of time charter | 10 years |
RELATED PARTY TRANSACTIONS - Se
RELATED PARTY TRANSACTIONS - Seatankers Management Co (Details) - Dry Bulk Carriers - Seatankers Management Co, Ltd | 6 Months Ended | |
Jun. 30, 2022 vessel $ / d | Jun. 30, 2021 vessel $ / d | |
Related Party Transaction [Line Items] | ||
Number of vessels managed | vessel | 12 | 27 |
Commercial management fee revenue per day for managing vessels (in dollars per day) | $ / d | 125 | 125 |
RELATED PARTY TRANSACTIONS - Ca
RELATED PARTY TRANSACTIONS - Capesize Chartering LTD (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CCL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 0 | $ 3,559 |
RELATED PARTY TRANSACTIONS - Sw
RELATED PARTY TRANSACTIONS - SwissMarine (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
May 31, 2020 | Mar. 31, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2019 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Shareholder loan | $ 2,752 | $ 8,615 | ||||
SwissMarine | ||||||
Related Party Transaction [Line Items] | ||||||
Shareholder loan | 0 | $ 10,700 | $ 281 | |||
Subordinated shareholder loan, term | 5 years | |||||
Variable interest rate (percent) | 2% | |||||
Proceeds from repayments of shareholder loan - principal portion | $ 5,350 | |||||
Proceeds from collection of long-term loans to related parties | $ 5,350 | |||||
Revenue from related parties | $ 2,033 | $ 12,977 |
RELATED PARTY TRANSACTIONS - TF
RELATED PARTY TRANSACTIONS - TFG Marine (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 31, 2022 | Jan. 31, 2020 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | ||||||
Shareholder loan | $ 2,752,000 | $ 8,615,000 | ||||
Performance guarantee of subsidiaries under a bunker supply arrangement | Trafigura | ||||||
Related Party Transaction [Line Items] | ||||||
Maximum liability under guarantee | 4,000,000 | |||||
Amount payable under guarantee | 0 | |||||
TFG Marine Pte Ltd ("TFG Marine") | ||||||
Related Party Transaction [Line Items] | ||||||
Loan converted to equity | $ 75,000 | |||||
Balance of shareholder loan | $ 900,000 | |||||
TFG Marine Pte Ltd ("TFG Marine") | ||||||
Related Party Transaction [Line Items] | ||||||
Shareholder loan | $ 1,000,000 | |||||
Subordinated shareholder loan, term | 5 years | |||||
TFG Marine Pte Ltd ("TFG Marine") | Bunker procurement | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantee issued in respect of subsidiary performance under bunker supply agreement | $ 88,100,000 | $ 56,900,000 | ||||
TFG Marine Pte Ltd ("TFG Marine") | Guarantee of bunker supply agreement | ||||||
Related Party Transaction [Line Items] | ||||||
Guarantee issued in respect of subsidiary performance under bunker supply agreement | $ 30,000,000 | $ 20,000,000 | ||||
TFG Marine Pte Ltd ("TFG Marine") | London Interbank Offered Rate (LIBOR) | ||||||
Related Party Transaction [Line Items] | ||||||
Variable interest rate (percent) | 7% |
RELATED PARTY TRANSACTIONS - Ma
RELATED PARTY TRANSACTIONS - Management Agreements (Details) - $ / vessel | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Frontline Management (Bermuda) Ltd | ||
Related Party Transaction [Line Items] | ||
Technical management fees expenses | 26,714 | 27,375 |
RELATED PARTY TRANSACTIONS - Ac
RELATED PARTY TRANSACTIONS - Acquisition of vessels from affiliates of Hemen (Details) - Hemen Holdings Ltd $ in Millions | 1 Months Ended | |
Feb. 28, 2022 vessel | Feb. 28, 2021 USD ($) vessel | |
Golden Spray, Golden Fast and Golden Furious | ||
Related Party Transaction [Line Items] | ||
Number of newbuildings acquired | vessel | 3 | |
Dry Bulk Carriers | ||
Related Party Transaction [Line Items] | ||
Debt assumed | $ 413.6 | |
Debt assumed, in cash | 63 | |
Debt assumed, sellers credit | $ 350.6 | |
Number of vessels acquired | vessel | 15 |
RELATED PARTY TRANSACTIONS - Su
RELATED PARTY TRANSACTIONS - Summary of net amounts charged by related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Related party charges | $ 24,881 | $ 28,711 |
Other revenues | (342) | (978) |
Frontline Management | ||
Related Party Transaction [Line Items] | ||
Related party charges | 1,163 | 1,476 |
SFL | ||
Related Party Transaction [Line Items] | ||
Related party charges | 18,375 | 18,002 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Related party charges | 4,793 | 9,236 |
CCL | ||
Related Party Transaction [Line Items] | ||
Related party charges | 395 | |
Other revenues | (3) | |
Front Ocean Management AS | ||
Related Party Transaction [Line Items] | ||
Related party charges | $ 155 | $ 0 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Summary of net amounts charged to related parties (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Affiliated Entity | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 2,375 | $ 17,514 |
SFL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 64 | 387 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 256 | 533 |
CCL | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 0 | 3,559 |
SwissMarine | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | 2,033 | 12,977 |
Other | ||
Related Party Transaction [Line Items] | ||
Revenue from related parties | $ 22 | $ 58 |
RELATED PARTY TRANSACTIONS - _3
RELATED PARTY TRANSACTIONS - Summary of related parties income / (expense) amounts included into consolidated statements of operations (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Related Party Transaction [Line Items] | ||
Other revenues | $ 342 | $ 978 |
Other operating income (expenses) | (413) | 3,559 |
Ship operating expenses | (1,163) | (1,079) |
Charter hire expenses | (22,716) | (26,937) |
Administrative expenses | (589) | (696) |
Income (loss) from related party transaction | (22,506) | (11,198) |
Time charter revenues | ||
Related Party Transaction [Line Items] | ||
Time charter revenues | $ 2,033 | $ 12,977 |
RELATED PARTY TRANSACTIONS - _4
RELATED PARTY TRANSACTIONS - Summary of balances due from related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2019 |
Related Party Transaction [Line Items] | |||
Due from related parties | $ (2,752) | $ (8,615) | |
Frontline | |||
Related Party Transaction [Line Items] | |||
Due from related parties | (1,832) | (2,604) | |
UFC | |||
Related Party Transaction [Line Items] | |||
Due from related parties | (879) | 0 | |
Seatankers | |||
Related Party Transaction [Line Items] | |||
Due from related parties | (62) | (5,751) | |
SwissMarine | |||
Related Party Transaction [Line Items] | |||
Due from related parties | 0 | (281) | $ (10,700) |
Credit loss allowance | |||
Related Party Transaction [Line Items] | |||
Due from related parties | $ (21) | $ (21) |
RELATED PARTY TRANSACTIONS - _5
RELATED PARTY TRANSACTIONS - Summary of balance due to related parties (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Due to related parties | $ 26,646 | $ 13,934 |
CCL | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 40 | 2,378 |
Seatankers | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 7,120 | 0 |
TFG Marine | ||
Related Party Transaction [Line Items] | ||
Due to related parties | 17,855 | 6,563 |
Other | ||
Related Party Transaction [Line Items] | ||
Due to related parties | $ 1,631 | $ 4,993 |
RELATED PARTY TRANSACTIONS - Na
RELATED PARTY TRANSACTIONS - Narrative (Details) - SFL Leases - vessel | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||
Number of vessels sold and leased back | 1 | |
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum | ||
Related Party Transaction [Line Items] | ||
Number of vessels sold and leased back | 8 | 8 |
FINANCIAL ASSETS AND LIABILIT_3
FINANCIAL ASSETS AND LIABILITIES - Narrative (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 28, 2022 vessel | Jun. 30, 2022 USD ($) vessel t | Dec. 31, 2021 USD ($) | |
Derivative [Line Items] | |||
Number of vessels held for sale | vessel | 5 | ||
Panamax vessels, Golden Empress, Golden Enterprise and Golden Endeavour | |||
Derivative [Line Items] | |||
Number of vessels held for sale | vessel | 3 | 3 | |
Interest rate swaps | |||
Derivative [Line Items] | |||
Derivative notional amount | $ | $ 450 | $ 500 | |
Capesize, Forward Freight Agreements, Maturing in 2021 | Long | |||
Derivative [Line Items] | |||
Remaining maturities | 10 days | 500 days | |
Capesize, Forward Freight Agreements, Maturing in 2022 | Long | |||
Derivative [Line Items] | |||
Remaining maturities | 225 days | 180 days | |
Bunker derivatives | |||
Derivative [Line Items] | |||
Outstanding bunker derivatives | t | 3,000 | ||
Currency swap | Norway, Krone | |||
Derivative [Line Items] | |||
Derivative notional amount | $ | $ 1.7 | $ 2.4 |
FINANCIAL ASSETS AND LIABILIT_4
FINANCIAL ASSETS AND LIABILITIES - Interest rate contracts (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 450,000,000 | $ 500,000,000 |
Designated as Hedging Instrument | Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative notional amount | 450,000,000 | |
Designated as Hedging Instrument | 2.41% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 2.41% | |
Designated as Hedging Instrument | 2.58% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 2.58% | |
Designated as Hedging Instrument | 1.39% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 1.39% | |
Designated as Hedging Instrument | 1.29% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 1.29% | |
Designated as Hedging Instrument | 2.51% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 100,000,000 | |
Fixed interest rate (percent) | 2.51% | |
Designated as Hedging Instrument | 0.94% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 0.94% | |
Designated as Hedging Instrument | 0.74% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 0.74% | |
Designated as Hedging Instrument | 2.17% Interest rate swap | ||
Derivative [Line Items] | ||
Derivative notional amount | $ 50,000,000 | |
Fixed interest rate (percent) | 2.17% |
FINANCIAL ASSETS AND LIABILIT_5
FINANCIAL ASSETS AND LIABILITIES - Fair values (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | $ 163,981 | $ 197,032 |
Restricted cash | 4,340 | 12,985 |
Marketable securities | 1,336 | 1,684 |
Fair Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 837 | 6,187 |
Derivative assets | 18,987 | 2,679 |
Liabilities | ||
Derivative liabilities | 202 | 10,364 |
Fair Value | Level 2 | Floating rate debt | ||
Liabilities | ||
Long term debt - floating | 1,210,075 | 1,273,723 |
Carrying Value | Level 1 | ||
Assets | ||
Cash and cash equivalents | 163,981 | 197,032 |
Restricted cash | 4,340 | 12,985 |
Marketable securities | 1,336 | 1,684 |
Carrying Value | Level 2 | ||
Assets | ||
Related party shareholder loans | 837 | 6,187 |
Derivative assets | 18,987 | 2,679 |
Liabilities | ||
Derivative liabilities | 202 | 10,364 |
Carrying Value | Level 2 | Floating rate debt | ||
Liabilities | ||
Long term debt - floating | $ 1,210,075 | $ 1,273,723 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2015 USD ($) vessel | Jun. 30, 2022 USD ($) vessel | Dec. 31, 2015 USD ($) | May 31, 2022 USD ($) | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Number of vessels under construction | vessel | 10 | |||
Outstanding contractual commitments | $ 295,000,000 | |||
TFG Marine | Performance guarantee of subsidiaries under a bunker supply arrangement | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Guarantee issued with respect to performance of subsidiary | $ 20,000,000 | |||
Maximum liability under guarantee | $ 30,000,000 | |||
Amount payable under guarantee | 0 | |||
Trafigura | Performance guarantee of subsidiaries under a bunker supply arrangement | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Guarantee issued with respect to performance of subsidiary | 4,000,000 | |||
Amount payable under guarantee | 0 | |||
SFL | ||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ||||
Number of vessels under finance leases | vessel | 8 | |||
Charter term | 10 years | |||
Purchase option net of sellers credit | 112,000,000 | |||
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 | |||
Daily time charter rate | $ 14,900 | $ 14,900 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Aug. 31, 2022 USD ($) | Jul. 31, 2022 USD ($) vessel | Dec. 31, 2021 vessel | Jun. 30, 2022 USD ($) vessel | Jun. 30, 2021 USD ($) | Dec. 31, 2021 vessel | Aug. 25, 2022 $ / shares | Oct. 31, 2021 vessel | |
Subsequent Event [Line Items] | ||||||||
Payments to acquire newbuildings | $ 13,727 | $ 116,445 | ||||||
Dividends received from associated companies | 7,497 | $ 0 | ||||||
United Freight Carriers LLC ("UFC") | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends received from associated companies | 900 | |||||||
Kamsarmax | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to acquire newbuildings | $ 13,700 | |||||||
Number of newbuildings under construction | vessel | 3 | 4 | ||||||
Number of newbuildings acquired | vessel | 7 | 7 | ||||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends payable (in USD per share) | $ / shares | $ 0.60 | |||||||
Subsequent Event | United Freight Carriers LLC ("UFC") | ||||||||
Subsequent Event [Line Items] | ||||||||
Dividends received from associated companies | $ 3,300 | |||||||
Subsequent Event | Kamsarmax | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of newbuildings under construction | vessel | 2 | |||||||
Subsequent Event | Kamsarmax | First Installment | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to acquire newbuildings | $ 16,200 | |||||||
Subsequent Event | Kamsarmax | Second Installment | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments to acquire newbuildings | $ 7,000 |