Golden Ocean Group Limited (GOGL) 6-K 17 Oct 13 2013 Q2 Current report (foreign) Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2013
Entity Information [Line Items]
Entity Registrant Name	KNIGHTSBRIDGE TANKERS LTD
Entity Central Index Key	1029145
Current Fiscal Year End Date	-19
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding	24,472,061
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q2
Document Type	6-K
Amendment Flag	FALSE
Document Period End Date	30-Jun-13

Consolidated_Statements_of_Ope

Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating revenues
Time charter revenues	$5,788	$3,905	$12,257	$17,543
Voyage charter revenues	1,872	0	1,872	0
Total operating revenues	7,660	3,905	14,129	17,543
Operating expenses
Voyage expenses and commission	1,519	612	1,652	1,303
Ship operating expenses	1,859	1,867	3,832	3,609
Administrative expenses	1,345	1,125	2,415	2,110
Depreciation	2,750	2,762	5,494	5,530
Total operating expenses	7,473	6,366	13,393	12,552
Net operating income (loss)	187	-2,461	736	4,991
Other income (expenses)
Interest income	9	17	29	21
Interest expense	-708	-939	-1,553	-1,894
Other financial items	-116	-101	-266	-228
Net other expenses	-815	-1,023	-1,790	-2,101
Net (loss) income from continuing operations	-628	-3,484	-1,054	2,890
Net (loss) income from discontinued operations	-356	202	-6,868	962
Net (loss) income	($984)	($3,282)	($7,922)	$3,852
Income (Loss) from Continuing Operations, Per Basic and Diluted Share	($0.03)	($0.14)	($0.04)	$0.12
Per share information:
(Loss) earnings per share from discontinued operations: basic	($0.01)	$0.01	($0.28)	$0.04
(Loss) earnings per share: basic	($0.04)	($0.13)	($0.32)	$0.16
Common Stock, Dividends, Per Share, Declared	$0.18	$0.35	$0.35	$0.85

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Jun. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current Assets
Cash and cash equivalents	$58,003	$79,259
Trade accounts receivable, net	1,111	2,102
Other receivables	699	2,691
Inventories	2,278	1,181
Voyages in progress	648	0
Prepaid expenses and accrued income	496	616
Total current assets	63,235	85,849
Long term assets
Restricted cash	15,000	15,000
Vessels, net	268,332	273,826
Vessel held for sale	0	21,523
Newbuildings	15,343	0
Deferred charges	900	1,222
Total assets	362,810	397,420
Current liabilities
Current portion of long-term debt	0	4,700
Trade accounts payable	1,984	1,277
Accrued expenses	1,497	2,501
Deferred charter revenue	2,523	3,020
Total current liabilities	6,004	11,498
Long-term liabilities
Long-term debt	95,000	106,978
Deferred charter revenue	250	1,250
Total liabilities	101,254	119,726
Commitments and contingencies
Equity
Share capital (24,472,061shares outstanding, par value $0.01 (2012: 24,437,000))	245	244
Additional paid in capital	132,115	131,766
Contributed capital surplus	141,134	149,700
Retained deficit	-11,938	-4,016
Total equity	261,556	277,694
Total liabilities and equity	$362,810	$397,420

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
Equity
Par value of shares	$0.01	$0.01	$0.01	$0.01
Share capital, shares outstanding (in shares)	24,472,061	24,437,000	24,437,000	24,425,699

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012
Statement of Cash Flows [Abstract]
Net cash provided by operating activities	$2,479	$24,488
Investing activities
Additions to newbuildings	-15,343	0
Proceeds from sale of vessels	16,852	0
Net cash provided by investing activities	1,509	0
Financing activities
Repayments of long-term debt	-16,678	-1,800
Distributions to shareholders	-8,566	-20,766
Net cash used in financing activities	-25,244	-22,566
Net (decrease) increase in cash and cash equivalents	-21,256	1,922
Cash and cash equivalents at start of period	79,259	46,848
Cash and cash equivalents at end of period	$58,003	$48,770

Consolidated_Statements_of_Cha

Consolidated Statements of Changes in Equity (USD $)	Total	Share Capital [Member]	Additional Paid in Capital [Member]	Contributed Capital Surplus [Member]	Retained (Deficit) Earnings [Member]
In Thousands, except Share data, unless otherwise specified
Balance at beginning of period at Dec. 31, 2011		$244	$131,256	$179,019	$49,413
Balance at beginning of period (in shares) at Dec. 31, 2011	24,425,699
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)	11,301
Shares issued		0	0
Restricted stock unit expense			288
Net (loss) income	3,852				3,852
Distributions to shareholders				-20,766
Balance at end of period at Jun. 30, 2012	343,306	244	131,544	158,253	53,265
Balance at end of period (in shares) at Jun. 30, 2012	24,437,000
Balance at beginning of period at Dec. 31, 2012	277,694	244	131,766	149,700	-4,016
Balance at beginning of period (in shares) at Dec. 31, 2012	24,437,000
Increase (decrease) in Equity [Roll Forward]
Shares issued (in shares)	35,061
Shares issued		1	0
Restricted stock unit expense			349
Net (loss) income	-7,922				-7,922
Distributions to shareholders				-8,566
Balance at end of period at Jun. 30, 2013	$261,556	$245	$132,115	$141,134	($11,938)
Balance at end of period (in shares) at Jun. 30, 2013	24,472,061

INTERIM_FINANACIAL_DATA_Notes

INTERIM FINANACIAL DATA (Notes)	6 Months Ended
	Jun. 30, 2013
Interim Financial Data [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure	1.    INTERIM FINANCIAL DATA
	The unaudited condensed interim financial statements of Knightsbridge Tankers Limited (“KTL” or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's financial statements, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying unaudited condensed interim financial statements should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2012, filed with the Securities and Exchange Commission on April 15, 2013. The results of operations for the interim period ended June 30, 2013 are not necessarily indicative of the results for the entire year ending December 31, 2013.

SUMMARY_OF_SIGNIFICANT_ACCOUNT

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Basis of presentation
	The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements include the assets and liabilities of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
	The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company Annual Report on Form 20-F for the year ended December 31, 2012.
	Interest is capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of vessels constructed for the Company's own use.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS	6 Months Ended
	Jun. 30, 2013
Discontinued Operations [Abstract]
DISCONTINUED OPERATIONS	3. DISCONTINUED OPERATIONS
	In March 2013, the VLCC Mayfair was sold for net proceeds of $16.9 million. The vessel was delivered to its new owner in April 2013. The Company recorded an impairment loss of $5.3 million in the three months ended March 31, 2013 and a gain on sale of $31,000 in the three months ended June 30, 2013 in connection with this vessel. The impairment loss is equal to the difference between the carrying value and the estimated fair value of the vessel. Amounts recorded in respect of discontinued operations in the three and six months ended June 30, 2013 and June 30, 2012 are as follows;
		Three months ended June 30,			Six months ended June 30,
	(in thousands of $)	2013		2012	2013		2012
	Operating revenues	—		9,053	—		18,639
	Net gain on sale of vessel	31		—	31		—
	Impairment loss on vessel	—		—	(5,342	)	—
	Net (loss) income	(356	)	202	(6,868	)	962

EARNINGS_PER_SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2013
Earnings Per Share [Abstract]
EARNINGS PER SHARE	4.   EARNINGS PER SHARE
	The computation of basic earnings per share is based on net (loss) income and the weighted average number of shares outstanding during the period. The restricted stock units ("RSUs") based on the treasury stock method were anti-dilutive for all periods presented, except for the six months ended June 30, 2012. 176,316 RSUs were excluded from the denominator in each calculation for the three and six months ended June 30, 2013 and 132,618 RSUs were excluded from the denominator for the three months ended June 30, 2012. 132,618 RSUs were included in the denominator for the six months ended June 30, 2012
	The components of the numerator for the calculation of basic EPS and diluted EPS for net (loss) income from continuing operations, net (loss) income from discontinued operations and net (loss) income are as follows:
		Three months ended June 30,				Six months ended June 30,
	(in thousands of $)	2013		2012		2013		2012
	Net (loss) income from continuing operations	(628	)	(3,484	)	(1,054	)	2,890
	Net (loss) income from discontinued operations	(356	)	202		(6,868	)	962
	Net (loss) income	(984	)	(3,282	)	(7,922	)	3,852
	The components of the denominator for the calculation of basic EPS and diluted EPS are as follows:
		Three months ended June 30,				Six months ended June 30,
	(in thousands)	2013		2012		2013		2012
	Weighted average number of shares outstanding - basic	24,472		24,430		24,467		24,428
	Weighted average number of shares outstanding - diluted	24,472		24,430		24,467		24,560

VESSEL_HELD_FOR_SALE_Notes

VESSEL HELD FOR SALE (Notes)	6 Months Ended
	Jun. 30, 2013
VESSEL HELD FOR SALE [Abstract]
Long Lived Assets held for sale [Text Block]	5. VESSEL HELD FOR SALE
	The balance at December 31, 2012 represented the VLCC Mayfair. This vessel was sold in March 2013 and was delivered to its buyer in April 2013.

NEWBUILDINGS_Notes

NEWBUILDINGS (Notes)	6 Months Ended
	Jun. 30, 2013
Significant Acquisitions and Disposals [Line Items]
NEWBUILDINGS	6. NEWBUILDINGS
	In March 2013, the Company concluded two newbuilding contracts for 182,000 dwt Capesize bulk carriers with Japan Marine United Corporation in Japan. The vessels are expected to be delivered during 2015. Interest of $136,000 has been capitalized in the six months ended June 30, 2013.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2013
Debt Disclosure [Abstract]
DEBT	7.   DEBT
	The $58.2 million DnB loan was repaid in April 2013. Loan payments of $16.7 million in the six months ended June 30, 2013 included $12.4 million that was repaid upon the sale of VLCC Mayfair.
	The $175.0 million loan facility was amended in May 2013 such that the $75.0 million revolving credit facility was reduced to $40.0 million. We were in compliance with all of the financial covenants contained in our loan agreement as of June 30, 2013.

RESTRICTED_STOCK_UNITS

RESTRICTED STOCK UNITS	6 Months Ended
	Jun. 30, 2013
Restricted Stock Units [Abstract]
RESTRICTED STOCK UNITS	8.   RESTRICTED STOCK UNITS
	In January 2013, the Company issued 35,061 common shares and paid $181,610 to members of the Board of Directors and to the General Manger and the Dry Bulk Manager in settlement of the first and second tranches of the RSUs granted in December 2011 and December 2010, respectively, which vested on December 29, 2012. These settlements represent 50% of the value in common shares and 50% of the value in cash for each of the directors and each of the two management companies.
	On January 24, 2013, the Board of Directors granted a total of 94,476 RSUs pursuant to the 2010 Equity Plan to members of the Board and the two management companies. These RSUs will vest over three years at a rate of 1/3 of the number of RSUs granted on each anniversary of the date of grant.
	Total RSUs outstanding at June 30, 2013 is 176,316. As of December 31, 2012, total RSUs outstanding were 132,618.

FINANCIAL_iNSTRUMENTS

FINANCIAL iNSTRUMENTS	6 Months Ended
	Jun. 30, 2013
FINANCIAL INSTRUMENTS [Abstract]
FINANCIAL INSTRUMENTS	9.   FINANCIAL INSTRUMENTS
	Foreign currency risk
	The majority of the Company's transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company's cash flows.
	Fair values
	The carrying value and estimated fair value of the Company's financial instruments at June 30, 2013 and December 31, 2012 are as follows:
		2013	2013	2012	2012
		Fair	Carrying	Fair	Carrying
	(in thousands of $)	Value	Value	Value	Value
	Cash and cash equivalents	58,003	58,003	79,259	79,259
	Restricted cash	15,000	15,000	15,000	15,000
	Floating rate debt	95,000	95,000	111,678	111,678
	The carrying value of cash and cash equivalents, and restricted cash, is a reasonable estimate of fair value.
	The estimated fair value for floating rate long-term debt is considered to be equal to the carrying value since it bears variable interest rates, which are reset on a quarterly basis.
	Assets Measured at Fair Value on a Nonrecurring Basis
	One of the Company's VLCCs was classified as 'held for sale' at December 31, 2012. This vessel was measured at an estimated fair value of $21.5 million at December 31, 2012, which was determined using level two inputs being the average of three broker values for a vessel of a similar age and type to be sold as a trading vessel less estimated selling costs. The sale of this vessel as a trading vessel was considered the principal market as of December 31, 2012. The Company recorded an impairment loss of $5.3 million in discontinued operations in the three months ended March 31, 2013 on the sale of this vessel for scrap.
	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 Skandinaviska Enskilda Banken AB, DnB ASA and Nordea Bank Norge ASA. The Company does 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, 2013
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	10.   COMMITMENTS AND CONTINGENCIES
	The General Manager procures insurance on the legal liability risks for the Company's shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company's 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.
	As of June 30, 2013, the Company was committed to make newbuilding installments of $87.0 million with expected payments of $2.6 million in 2014 and $84.4 million in 2015.
	The Company has claims for unpaid charter hire owed by (i) Hong Xiang with respect to its time charter of the Golden Zhejiang, and (ii) Titan Petrochemicals Limited with respect to its bareboat charters of the Titan Venus and Mayfair. The Company is also seeking recovery of damages for the remaining periods of these charter contracts. The aggregate amount of these claims is approximately $54 million. The Company is unable to predict the outcome of these cases at this time.
	Except as described above, to the best of the Company's knowledge, there are no legal or arbitration proceedings existing or pending which have had or may have significant effects on the Company's financial position or profitability and no such proceedings are pending or known to be contemplated.

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2013
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	11.   SUBSEQUENT EVENTS
	On August 14, 2013, the Board of Directors declared a cash distribution of $0.175 per share. The record date was August 28, 2013 and the cash distribution was paid on September 10, 2013.
	On September 13, 2013, the Company signed a letter of intent with a Korean shipyard, which the Company expects to result in the delivery of two 180,000 dwt bulk carriers in 2015 and 2016.
	In October 2013, the Company agreed to a settlement with Sanko Steamship Co., Ltd, or Sanko, whereby Sanko will pay the Company $756,000 with respect to unpaid charter hire and claims of the Battersea, which was redelivered by Sanko in July 2012 prior to the expiration of the minimum period of the charter. This settlement agreement is subject to court approval in Japan. This amount will be recorded as income when payment is received.

SUMMARY_OF_SIGNIFICANT_ACCOUNT1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2013
Accounting Policies [Abstract]
Basis of presentation	Basis of presentation
	The consolidated financial statements are prepared in accordance with US GAAP. The consolidated financial statements include the assets and liabilities of the Company and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation.
	The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company Annual Report on Form 20-F for the year ended December 31, 2012.
	Interest is capitalized on all qualifying assets that require a period of time to get them ready for their intended use. Qualifying assets consist of vessels constructed for the Company's own use.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS (Tables)	6 Months Ended
	Jun. 30, 2013
Discontinued Operations [Abstract]
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures	Amounts recorded in respect of discontinued operations in the three and six months ended June 30, 2013 and June 30, 2012 are as follows;
		Three months ended June 30,			Six months ended June 30,
	(in thousands of $)	2013		2012	2013		2012
	Operating revenues	—		9,053	—		18,639
	Net gain on sale of vessel	31		—	31		—
	Impairment loss on vessel	—		—	(5,342	)	—
	Net (loss) income	(356	)	202	(6,868	)	962

EARNING_PER_SHARE_Tables

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2013
Earnings Per Share [Abstract]
Schedule of Calculation of Numerator in Earnings Per Share	The components of the numerator for the calculation of basic EPS and diluted EPS for net (loss) income from continuing operations, net (loss) income from discontinued operations and net (loss) income are as follows:
		Three months ended June 30,				Six months ended June 30,
	(in thousands of $)	2013		2012		2013		2012
	Net (loss) income from continuing operations	(628	)	(3,484	)	(1,054	)	2,890
	Net (loss) income from discontinued operations	(356	)	202		(6,868	)	962
	Net (loss) income	(984	)	(3,282	)	(7,922	)	3,852
Schedule of Calculation of Denominator in Earnings Per Share	The components of the denominator for the calculation of basic EPS and diluted EPS are as follows:
		Three months ended June 30,				Six months ended June 30,
	(in thousands)	2013		2012		2013		2012
	Weighted average number of shares outstanding - basic	24,472		24,430		24,467		24,428
	Weighted average number of shares outstanding - diluted	24,472		24,430		24,467		24,560

FINANCIAL_INSTRUMENTS_Tables

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2013
Statement of Financial Position [Abstract]
Fair Value, by Balance Sheet Grouping	The carrying value and estimated fair value of the Company's financial instruments at June 30, 2013 and December 31, 2012 are as follows:
		2013	2013	2012	2012
		Fair	Carrying	Fair	Carrying
	(in thousands of $)	Value	Value	Value	Value
	Cash and cash equivalents	58,003	58,003	79,259	79,259
	Restricted cash	15,000	15,000	15,000	15,000
	Floating rate debt	95,000	95,000	111,678	111,678

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS (Details) (USD $)	3 Months Ended			6 Months Ended
	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Operating revenues	$0		$9,053,000	$0	$18,639,000
Net (loss) income from discontinued operations	-356,000		202,000	-6,868,000	962,000
VLCC Mayfair [Member]
Net gain on sale of vessels	31,000		0	31,000	0
Impairment loss on vessels	0	-5,342,000	0	-5,342,000	0
Proceeds from sale of vessels		$16,900,000

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Share data, unless otherwise specified	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
Net (loss) income from continuing operations	($628)	($3,484)	($1,054)	$2,890
Net (loss) income from discontinued operations	($356)	$202	($6,868)	$962
Weighted average number of shares outstanding - basic	24,472,000	24,430,000	24,467,000	24,428,000
Weighted Average Number of Shares Outstanding, Diluted	24,472,000	24,430,000	24,467,000	24,560,000
Restricted Stock Units excluded from denominator [Member]
Restricted Stock Units	176,316	132,618	176,316
Restricted Stock Units included in denominator [Member]
Restricted Stock Units				132,618

NEWBUILDINGS_Details

NEWBUILDINGS (Details) (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2013	Sep. 13, 2013	Mar. 31, 2013
		newbuilding_contract	vessel
Property, Plant and Equipment [Abstract]
Number of Newbuildings on Order		2	2
Interest Costs Capitalized	$136

DEBT_2_Details

DEBT 2 (Details) (USD $)	6 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2013	Apr. 01, 2013	31-May-13
			DnB $58.24M loan [Member]	DnB $58.24M loan [Member]	DnB $58.24M loan [Member]	Nordea $175M loan [Member]
Debt instrument, face amount					$58,200,000	$175,000,000
Repayments of Long-term Debt	16,678,000	1,800,000		16,700,000
Debt instrument, borrowing capacity amount						75,000,000
Repayment of bank debt as result of sale of vessel during period			12,400,000
Debt Instrument, Unused Borrowing Capacity, Amount						$40,000,000

RESTRICTED_STOCK_UNITS_Details

RESTRICTED STOCK UNITS (Details) (USD $)	6 Months Ended
	Jun. 30, 2013	Jan. 24, 2013	Dec. 31, 2012
Common stock, shares, issued	35,061
Share-based payment award, total share-based liabilities paid		$181,610
Number of RSU vesting years	3 years
Share-based payment award, award vesting period	3-Jan
RSU outstanding	176,316		132,618
RSU share settlement (Percent)	50.00%
RSU cash settlement (Percent)	50.00%
Restricted Stock Units [Member]
RSUs granted	94,476
Number of management companies	2

FINANCIAL_INSTRUMENTS_1_Detail

FINANCIAL INSTRUMENTS 1 (Details) (USD $)	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2012	Dec. 31, 2011
In Thousands, unless otherwise specified		broker_value
Number of independent broker valuations		3
Cash and cash equivalents, at carrying value	$58,003	$79,259	$48,770	$46,848
Restricted cash and cash equivalents, noncurrent	15,000	15,000
Carrying (Reported) Amount, Fair Value Disclosure [Member]
Cash and cash equivalents, at carrying value	58,003	79,259
Restricted cash and cash equivalents, noncurrent	15,000	15,000
Total debt	95,000	111,678
Estimate of Fair Value, Fair Value Disclosure [Member]
Cash and cash equivalents, fair value disclosure	58,003	79,259
Restricted cash and investments, fair value disclosure	15,000	15,000
Total debt, fair value	$95,000	$111,678

FINANCIAL_INTSRUMENTS_FINANCIA

FINANCIAL INTSRUMENTS FINANCIAL INSTRUMENTS 2 (Details) (USD $)	Dec. 31, 2012	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2012	Jun. 30, 2013	Jun. 30, 2012
	broker_value	VLCC Mayfair [Member]	VLCC Mayfair [Member]	VLCC Mayfair [Member]	VLCC Mayfair [Member]	VLCC Mayfair [Member]
Vessel held for sale	$21,500,000
Number of independent broker valuations	3
Impairment loss on vessels		$0	$5,342,000	$0	$5,342,000	$0

COMMITMENTS_AND_CONTINGENCIES_

COMMITMENTS AND CONTINGENCIES (Details) (USD $)	12 Months Ended
In Millions, unless otherwise specified	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2013
Claims for damages against charterers			$54
Capesize Newbuildings [Member]
Newbuilding commitments			87
Newbuilding installments	$84.40	$2.60

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS (Details) (USD $)	Sep. 13, 2013	Aug. 14, 2013	Mar. 31, 2013	Oct. 31, 2013
In Thousands, except Per Share data, unless otherwise specified	t		vessel	Sanko Steamship Co. Ltd [Member]
	newbuilding_contract
Dividends payable per share		$0.18
Number of Newbuildings on Order	2		2
Number of Newbuildings which the company has an option to order	2
Capesize Drybulk Size Range	180,000
Proceeds from Legal Settlements				$756