Golden Ocean Group Limited (GOGL) 6-K 16 Dec 16 2016 Q2 Current report (foreign) Financial data

Document And Entity Information

Document And Entity Information	6 Months Ended
	Jun. 30, 2016shares
Document and Entity Information [Abstract]
Entity Registrant Name	Golden Ocean Group Ltd
Entity Central Index Key	1,029,145
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Document Type	6-K
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding	529,728,928
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating revenues
Time charter revenues	$ 38,527	$ 24,429
Voyage charter revenues	56,473	42,708
Bareboat charter revenues	2,387	0
Other operating income	3,192	279
Total operating revenues	100,579	67,416
Gain on sale of assets and amortization of deferred gains	166	0
Operating expenses
Voyage expenses and commission	37,942	34,971
Ship operating expenses	50,667	30,974
Charter hire expenses	26,920	5,348
Administrative expenses	6,886	5,963
Provision for uncollectible receivables	1,800	0
Impairment loss on vessels owned and leased	985	140,962
Depreciation	30,794	24,596
Total operating expenses	155,994	242,814
Net operating loss	(55,249)	(175,398)
Other income (expenses)
Interest income	831	385
Interest expense	(20,352)	(12,863)
Equity results of associated companies, including impairment	(2,952)	(571)
Impairment loss on marketable securities	(10,050)	0
Loss on derivatives	(17,821)	(495)
Bargain purchase gain arising on consolidation	0	78,876
Other financial items	(1,839)	(822)
Net other (expenses) income	(52,183)	64,510
Net loss before income taxes	(107,432)	(110,888)
Income tax expense	(20)	0
Net loss	$ (107,452)	$ (110,888)
Per share information:
Loss per share: basic and diluted (in USD per share)	$ (1.27)	$ (4.30)

Condensed Consolidated Stateme3

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
Net loss	$ (107,452)	$ (110,888)
Unrealized losses from marketable securities	(10,683)	(5,203)
Impairment losses reclassified to the statement of operations	10,050	0
Other comprehensive loss	(633)	(5,203)
Comprehensive loss	$ (108,085)	$ (116,091)

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 210,773	$ 102,617
Restricted cash	15,779	351
Marketable securities	3,604	14,615
Trade accounts receivable, net	8,802	9,631
Other receivables	13,305	14,992
Related party receivables	2,099	8,451
Derivative instruments receivable	826	1,641
Inventories	21,925	15,156
Prepaid expenses and accrued income	6,834	5,687
Voyages in progress	5,218	1,690
Favorable charter party contracts	26,946	28,829
Total current assets	316,111	203,660
Restricted cash	54,129	48,521
Vessels and equipment, net	1,764,813	1,488,205
Vessels under capital leases, net	6,880	8,354
Newbuildings	193,784	338,614
Favorable charter party contracts	63,659	74,547
Equity method investments	3,794	6,225
Other long term assets	6,317	4,744
Total assets	2,409,487	2,172,870
Current liabilities
Current portion of long-term debt	0	20,380
Current portion of obligations under capital leases	14,601	15,749
Derivative instruments payable	20,602	5,400
Related party payables	1,596	4,101
Trade accounts payables	6,495	2,533
Accrued expenses	14,354	17,878
Other current liabilities	19,510	13,993
Total current liabilities	77,158	80,034
Long-term liabilities
Long-term debt	1,052,815	908,116
Obligations under capital leases	15,168	17,531
Other long term liabilities	8,385	8,540
Total liabilities	1,153,526	1,014,221
Commitments and contingencies
Equity
Share capital (105,948,238 shares. 2015: 34,535,127 shares. All shares are issued and outstanding at par value $0.05)	5,297	1,727
Additional paid in capital	201,784	0
Contributed capital surplus	1,378,809	1,378,766
Other comprehensive loss	(633)	0
Retained deficit	(329,296)	(221,844)
Total equity	1,255,961	1,158,649
Total liabilities and equity	$ 2,409,487	$ 2,172,870

Condensed Consolidated Balance5

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Equity
Share capital, shares outstanding (in shares)	105,948,238	34,535,127
Share capital, shares issued (in shares)	105,948,238	34,535,127
Share capital, par value (in dollars per share)	$ 0.05	$ 0.05

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Statement of Cash Flows [Abstract]
Net cash used in operating activities	$ (36,447)	$ (10,956)
Investing activities
Changes in restricted cash	(21,037)	(6,915)
Additions to newbuildings and vessels	(203,035)	(339,543)
Cash acquired upon purchase of SPCs	0	108,645
Cash acquired upon merger with Former Golden Ocean	0	129,084
Investment in associated companies	(754)	0
Dividends received from associated company	256	88
Refund of newbuilding installments	0	40,148
Purchase of marketable securities	0	(19,873)
Proceeds from sale of marketable securities	125	0
Proceeds from sale of vessels	48,122	16,747
Net cash used in investing activities	(176,323)	(71,619)
Financing activities
Proceeds from long-term debt	142,200	162,350
Repayment of long-term debt	(22,219)	(33,216)
Repayment of capital leases	(3,511)	(1,739)
Debt fees paid	(898)	(3,825)
Net proceeds from share issuance	205,354	0
Net cash provided by financing activities	320,926	123,570
Net change in cash and cash equivalents	108,156	40,995
Cash and cash equivalents at beginning of period	102,617	42,221
Cash and cash equivalents at end of period	$ 210,773	$ 83,216

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Total	Share Capital	Additional Paid in Capital	Contributed Capital Surplus	Other Comprehensive Loss	Retained Deficit
Balance at beginning of period (in shares) at Dec. 31, 2014		80,121,550
Increase (decrease) in Equity [Roll Forward]
Shares issued		92,554,087
Balance at end of period (in shares) (Pro Forma) at Jun. 30, 2015		34,535,127,000
Balance at end of period (in shares) at Jun. 30, 2015		172,675,637
Balance at beginning of period at Dec. 31, 2014		$ 801	$ 772,863	$ 111,614	$ 0	$ (1,005)
Increase (decrease) in Equity [Roll Forward]
Shares issued		926	433,526
Restricted stock unit expense			92	0
Stock option expense			41	0
Contributions from shareholder				59,746
Other comprehensive loss	$ (5,203)				(5,203)
Net loss						(110,888)
Balance at end of period at Jun. 30, 2015	$ 1,263,439	$ 1,727	1,207,448	171,360	(5,203)	(111,893)
Increase (decrease) in Equity [Roll Forward]
Value of vested options in Former Golden Ocean			926
Balance at beginning of period (in shares) at Dec. 31, 2015	34,535,127	172,675,637
Increase (decrease) in Equity [Roll Forward]
Shares issued		357,053,291
Balance at end of period (in shares) (Pro Forma) at Jun. 30, 2016		105,948,238,000
Balance at end of period (in shares) at Jun. 30, 2016	105,948,238	529,728,928
Balance at beginning of period at Dec. 31, 2015	$ 1,158,649	$ 1,727	0	1,378,766	0	(221,844)
Increase (decrease) in Equity [Roll Forward]
Shares issued		3,570	201,784
Restricted stock unit expense			0	8
Stock option expense			0	35
Contributions from shareholder				0
Other comprehensive loss	(633)				(633)
Net loss						(107,452)
Balance at end of period at Jun. 30, 2016	$ 1,255,961	$ 5,297	201,784	$ 1,378,809	$ (633)	$ (329,296)
Increase (decrease) in Equity [Roll Forward]
Value of vested options in Former Golden Ocean			$ 0

Condensed Consolidated Stateme8

Condensed Consolidated Statements of Changes in Equity (Parenthetical)	Aug. 01, 2016	Aug. 31, 2016
Subsequent Event
Reverse share split, conversion ratio	0.2	0.2

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
INTERIM FINANCIAL DATA	INTERIM FINANCIAL DATA The unaudited condensed interim financial statements of Golden Ocean Group Ltd. (“Golden Ocean” 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 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, 2015, filed with the Securities and Exchange Commission on April 14, 2016. The unaudited condensed interim financial statements do not include all the disclosures required by US GAAP. The results of operations for the interim period ended June 30, 2016 are not necessarily indicative of the results for the year ending December 31, 2016.

ACCOUNTING POLCIES

ACCOUNTING POLCIES	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
ACCOUNTING POLICIES	ACCOUNTING POLICIES Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries. All inter company balances and transactions have been eliminated on consolidation. Accounting Policies Preparation of these condensed consolidated financial statements requires management to make judgments and estimates. Some accounting policies have a significant impact on amounts reported in these condensed consolidated financial statements. Other than as described below, our accounting policies have not changed from those reported in our 2015 Annual Report on Form 20-F. Pool revenues Revenues and voyage expenses of the vessels operating under the Revenue Sharing Agreement, or RSA, which commenced in the first quarter of 2016, are pooled with all of the other vessels operating under the RSA and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the RSA participants according to an agreed formula on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect its different capacity and performance capability. The revenue and voyage expense recognition principles followed in determining net pool revenues are not materially different to those followed by the Company. Revenues and voyage expenses of the vessels operating under the RSA are recorded on a gross basis in voyage charter revenues and voyage expenses and commissions, respectively.

RECENTLY ISSUED ACCOUNTING STAN

RECENTLY ISSUED ACCOUNTING STANDARDS	6 Months Ended
	Jun. 30, 2016
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
RECENTLY ISSUED ACCOUNTING STANDARDS	RECENTLY ISSUED ACCOUNTING STANDARDS Recently Adopted Accounting Standards The condensed consolidated financial statements are prepared in accordance with the accounting policies, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2015, except for the retrospective implementation of the changes relating to the presentation of deferred charges as outlined in Accounting Standards Update 2015-03. The Company has recorded debt issuance costs (i.e. deferred charges) of $6.1 million at June 30, 2016 (December 31, 2015: $5.8 million ) as a direct deduction from the carrying amount of the related debt rather than as an asset following its adoption of Accounting Standards Update 2015-03 and has applied this on a retrospective basis to December 31, 2015. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance further requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company adopted this ASU effective January 1, 2016 with prospective application. The adoption of this ASU did not impact the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides new authoritative guidance on the methods of revenue recognition and related disclosure requirements. This new standard supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard also requires additional qualitative and quantitative disclosures. In April 2015 the FASB proposed to defer the effective date of the guidance by one year. Based on this proposal, public entities would need to apply the new guidance for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides new authoritative guidance with regards to management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The ASU will be effective for all entities in the first annual period ending after December 15, 2016 (December 31, 2016 for calendar year-end entities) and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which made targeted improvements to the recognition and measurement of financial assets and financial liabilities. The update changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted in some cases. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The update clarifies principal vs agent accounting of the new revenue standard. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The update provide more clarification about identifying performance obligations and licensing. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606):Narrow-Scope Improvements and Practical Expedients. The update provide some further guidance on assessing the collectability criteria, presentation of sales tax and other similar taxes collected from customers, non-cash considerations and certain other matters related to transition and technical corrections. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2016
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, 2016 and 2015 are as follows: (in thousands of $) 2016 2015 Net loss (107,452 ) (110,888 ) (in thousands) 2016 2015 Weighted average number of shares outstanding - basic 84,405 25,881 Impact of restricted stock units 2 30 Weighted average number of shares outstanding - diluted 84,407 25,911 The exercise of stock options using the treasury stock method was anti-dilutive as at June 30, 2016 as the exercise price was higher than the share price as at June 30, 2016, therefore, 88,000 shares were excluded from the denominator in each calculation. The convertible bonds using the if-converted method were anti dilutive at June 30, 2016 and 2015, therefore, 2,268,860 shares were excluded from the denominator in each calculation. The weighted average numbers of shares basic and diluted calculations, have been adjusted 1-for-5 reverse share split that was effected in August 2016.

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2016
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The chief operating decision maker, or the CODM, measures performance based on the overall return to shareholders based on consolidated net income. The CODM does not review a measure of operating result at a lower level than the consolidated group and the Company only has one reportable segment. The vessels operate worldwide and therefore management does not evaluate performance by geographical region as this information is not meaningful.

RESTRICTED CASH

RESTRICTED CASH	6 Months Ended
	Jun. 30, 2016
Cash and Cash Equivalents [Abstract]
Restricted Cash	RESTRICTED CASH Non-current restricted cash balances are related to the minimum cash covenant in our loan agreements, while current restricted cash balances are mainly related to margin calls on derivative positions, in addition to deposits secured for employee tax payments and other security deposits.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	6 Months Ended
	Jun. 30, 2016
Marketable Securities [Abstract]
MARKETABLE SECURITIES	MARKETABLE SECURITIES Our marketable securities are equity securities considered to be available-for-sale securities as at June 30, 2016 and December 31, 2015 are as follows: (in thousands of $) 2016 2015 Opening balance 14,615 — Acquired as a result of the Merger — 5,779 Purchases — 32,159 Disposals (328 ) — Other than temporary impairment loss (10,050 ) (23,323 ) Unrealized impairment loss included in other comprehensive income (633 ) — 3,604 14,615 The other than temporary impairment loss in the six months ended June 30, 2016 was incurred in the first quarter and comprised a loss of $8.5 million in respect of an investment in a company listed on a U.S. stock exchange that was acquired during 2015 and a loss of $1.5 million in respect of an investment in a company listed on the Norwegian 'Over the Counter' market that was acquired as a result of the Merger. The aggregate fair value of Investments in an unrealized loss position at June 30, 2016 is $3.6 million (December 31, 2015: nil ), the aggregate value of unrealized losses at June 30, 2016 is $0.6 million (December 31, 2015: nil ). In 2016, the Company sold 33,151 shares in a U.S. listed company for proceeds of $0.1 million and recorded a loss on sale of $0.2 million in 'other financial items'.

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2016
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, 2015 1,540,559 (52,354 ) 1,488,205 Additions 38 — Disposals (46,127 ) — Transfer from newbuildings 353,002 — Depreciation — (30,305 ) Balance at June 30, 2016 1,847,472 (82,659 ) 1,764,813 In January 2016, the Company took delivery of Golden Barnet , Golden Bexley, Golden Scape and Golden Swift , two Capesize and two Newcastlemax dry bulk newbuildings. In February 2016, the Company took delivery of, and simultaneously sold (further to a prior agreement), the Front Caribbean and chartered the vessel in for a period of twelve months, the company recognized a gain of $0.1 million on this sale. In May 2016, the Company took delivery of Golden Fulham, a Capesize newbuilding. As at June 30, 2016, the difference between (i) disposals of $46.1 million and (ii) proceeds from sale of vessels per the consolidated statement of cash flows of $48.1 million relates to proceeds received in 2016 on the sale of two newbuilding contracts to Frontline Ltd completed in December 2015.

NEWBUILDINGS

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2016
Newbuildings [Abstract]
Newbuildings	NEWBUILDINGS (in thousands of $) Balance at December 31, 2015 338,614 Installments and newbuilding supervision fees 205,972 Interest capitalized 2,200 Transfers to Vessels and Equipment (353,002 ) Balance at June 30, 2016 193,784 The carrying value of newbuildings represents the accumulated costs we have paid ,or accrued for ,by way of purchase installments and other capital expenditures together with capitalized loan interest. As of June 30, 2016 two installments of $5.2 million in total were accrued for. The carrying value of newbuildings at June 30, 2016 relates to nine Capesize and three Supramax dry bulk newbuildings (December 31, 2015: thirteen Capesize, two Newcastlemax and three Supramax dry bulk newbuildings). In 2015, we sold two newbuilding contracts to Frontline for $1.9 million and the proceeds for this sale were received in 2016.

VESSELS HELD UNDER CAPITAL LEAS

VESSELS HELD UNDER CAPITAL LEASE	6 Months Ended
	Jun. 30, 2016
Vessels Under Capital Leases [Abstract]
VESSELS HELD UNDER CAPITAL LEASE	VESSELS HELD UNDER CAPITAL LEASE (in thousands of $) Balance at December 31, 2015 8,354 Impairment loss (985 ) Depreciation (489 ) Balance at June 30, 2016 6,880 In May 2016, the owner of the Golden Lyderhorn , which is chartered in by the Company and recorded as a vessel held under capital lease, declared their put option to sell the vessel to the Company for a net price of $9.5 million with intended delivery in August. This put option is included in the minimum lease payments such that the outstanding balance payable at the date the put option becomes exercisable is equal to the put option amount. In July 2016, the Company entered into an agreement to sell the vessel at the time of its re-delivery to the Company to an unrelated third party for net proceeds of $3.5 million and has recorded an impairment loss of $1.0 million in the six months ended June 30, 2016. The vessel was delivered to its new owner on August 22, 2016. The outstanding obligations under capital leases at June 30, 2016 are payable as follows: (in thousands of $) 2016 (remaining six months) 13,036 2017 5,944 2018 5,944 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 32,659 Less: imputed interest (2,890 ) Present value of obligations under capital leases 29,769 As of June 30, 2016, we held two vessels under capital lease (December 31, 2015: two vessels). The leases are both for an initial term of 10 years. The remaining periods on these leases at June 30, 2016 range from two months to four years. As of June 30, 2016, we had the following purchase options for these two vessels: (in thousands of $) Purchase option exercise date Purchase option amount Golden Lyderhorn August 2016 9,500 Golden Eclipse December 2016 39,935 Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550 Our lease obligations are secured by the lessors' title to the leased assets and by a guarantee issued to one of the lessors ( Golden Eclipse ). The Company did not exercise its option in August 2016 to purchase the Golden Lyderhorn .

EQUITY METHOD INVESTMENTS

EQUITY METHOD INVESTMENTS	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
EQUITY METHOD INVESTMENTS	EQUITY METHOD INVESTMENTS (in thousands of $) Capesize Chartering UFC Golden Opus Inc. Seateam Total Ownership 25 % 50 % 50 % 22.29 % At December 31, 2015 — 770 4,958 497 6,225 Dividend received from associated companies — — — (256 ) (256 ) Gain on purchase of additional capital — — — 23 23 Purchase of additional capital — — 750 4 754 Share of (loss) income — (310 ) (661 ) 161 (810 ) Impairment loss — — (2,142 ) — (2,142 ) At June 30, 2016 — 460 2,905 429 3,794 During the first quarter of 2016, we recorded an impairment loss of $2.1 million in respect of our investment in Golden Opus Inc following an impairment review that was triggered by the significant fall in rates in the Baltic Dry Index. The loss recorded is equal to the difference between our carrying value of $5.2 million and its estimated fair value of $3.1 million . In February 2016, Golden Union Shipping Co S.A. equally transferred its 20% stake in Capesize Chartering Ltd to the remaining four joint venture partners (Bocimar International NV, C Transport Holding Ltd, Star Bulk Carrier Corp and the Company). Capesize Chartering Ltd was established in 2015 to provide chartering services in respect of the Capesize tonnage for all of the initial five dry bulk shipowning groups. In April 2016, we purchased an additional 5,156 shares in Seateam Management Pte. at par value for a consideration of $4,000 . This increased the Company's ownership from 21.25% to 22.29% . The purchase resulted in a gain of $23,000 .

OTHER LONG TERM ASSETS

OTHER LONG TERM ASSETS	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER LONG TERM ASSETS	OTHER LONG TERM ASSETS (in thousands of $) Other long term asset Prepaid charter hire expenses Total Balance at December 31, 2015 4,744 — 4,744 Accreted interest 56 — 56 Provision for uncollectible receivables (1,800 ) — (1,800 ) Straight line lease adjustments — 3,317 3,317 Balance at June 30, 2016 3,000 3,317 6,317 The other long term asset was acquired as a result of the Merger and is the fair value of the amount owed following the sale of a vessel by the Former Golden Ocean in 2009. The balance falls due on March 31, 2017 and was valued at $9.1 million based on the actual amount of $10.0 million that is owed and a 7% discount rate. The amount owed bears interest of 2% . In the six months ended June 30, 2016 an impairment review was carried out resulting in re-measurement of the asset to $3.0 million and a provision for uncollectible receivables of $1.8 million recorded in the period's results. At the end of the second quarter the Company was in a process to amend the terms under the credit agreement, including repayment schedule and extending maturity to December 31, 2019. The asset was therefore still considered long term as of June 30, 2016. The agreement was formally concluded in the third quarter of 2016. In the third quarter of 2015, eight vessels were sold and leased back from Ship Finance for a period of ten years. The daily time charter rate is $17,600 during the first seven years and $14,900 in the remaining three years, of which $7,000 is for operating expenses (including dry docking costs). We have a purchase option of $112 million en-bloc after ten years and, if such option is not exercised, Ship Finance will have the option to extend the charters by three years at $14,900 per day. Since the daily time charter rate is not constant over the extended lease term, we have straight lined the total expense over the term, an amount of $3.3 million was credited to charter hire expenses for the six months ended June 30, 2016 with the corresponding asset presented as part of other long term asset. We will begin to amortize this asset when the daily charter hire rate reduces in the third quarter of 2022.

DEBT

DEBT	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
DEBT	DEBT Debt at June 30, 2016 and December 31, 2015 is summarized as follows: (in thousands of $) 2016 2015 U.S. dollar denominated floating rate debt 886,467 761,739 U.S. dollar denominated fixed rate debt 172,399 167,815 Seller's credit — 4,739 Deferred charges (6,051 ) (5,797 ) Total debt 1,052,815 928,496 Less: current portion — (20,380 ) 1,052,815 908,116 In the six months ended June 30, 2016, the Company drew down $142.2 million from its $425 million term loan facility in connection with the three Capesize and two Newcastlemax newbuildings delivered in that period and repaid floating rate debt of $17.5 million (including a prepayment of $4.2 million on two loan facilities in order to comply with minimum value covenant requirements). The seller's credit of $4.7 million was repaid in January 2016. The movement of $4.6 million on the U.S dollar denominated fixed rate debt in 2016 represents the amortization of purchase price adjustments arising from the Merger. The Company has recorded deferred charges of $6.1 million at June 30, 2016 as a direct deduction from the carrying amount of the related debt rather than as an asset following its adoption of Accounting Standards Update 2015-03 and has applied this on a retrospective basis to December 31, 2015. During the six months ended June 30, 2016, debt restructuring fees of $0.9 million were capitalized in connection with the loan amendments described below and $0.7 million amortization in total was recognized. Loan Amendments In February 2016, we agreed with our lenders to amend certain of the terms on the $420.0 million term loan facility, $425.0 million senior secured post-delivery term facility, $33.93 million credit facility, $82.5 million credit facility and the $284.0 million credit facility, or the Loan Facilities. For the period from April 1, 2016 to September 30, 2018 there will be no repayments on these facilities, the minimum value covenant is set at 100% with a subsequent increase to 125% or 135% (depending on the facility) on October 1, 2018 and anytime thereafter and the market adjusted equity ratio is waived. We have also agreed that for the nine remaining newbuilding contracts where we have financing in the $425.0 million term loan facility, there will be a fixed draw down of $25.0 million per vessel subject to compliance with the minimum value covenant of 100% for the period. The margins on the loans are unchanged and average 2.3% , however, we will pay an increased margin of 4.25% for the deferred repayments under the loan facilities. We will resume repayment of each loan on October 1, 2018 based on the repayment model as if October 1, 2018 was April 1, 2016 regardless of any repayment made during the period in accordance with the cash sweep mechanism described below and without affecting the final maturity date. A cash sweep mechanism will be put in place whereby we will pay down on the deferred repayment amount should our cash position improve. We will furnish our lenders at the end of each first and third quarter a calculation of free projected cash anticipated at September 30, 2018, or the Free Projected Cash. All Free Projected Cash above a threshold of $25 million will be used to repay the loans on the cash sweep repayment date, which is when the compliance certificates fall due. The first cash sweep repayment date will fall due at the end of the third quarter of 2016. The cash sweep that we will pay to each lender will be based on a percentage of the excess cash as calculated as per end of that half year period equal to: • the installments that had fallen due and payable under the agreements during that period had not such installments been suspended in accordance; over • all regular installments that had fallen due and payable under all existing credit facilities during that period had not such installments been suspended. Existing credit facilities include the Loan Facilities and the $22 million senior secured term loan agreement made between Golden Opus Inc, and us as guarantor of 50% of the facility. Any repayments made under the cash sweep will be applied against balloon payments due on the loans. Due to the operation of the cash sweep mechanism, we will not be permitted to make any cash dividend payments without the prior approval of our lenders in the period to September 30, 2018. The agreement with the lenders was subject to us raising $200 million in equity. We announced in February 2016 that we had successfully completed a private placement that raised net proceeds of $205.4 million , comprising $208.0 million gross proceeds from the placement net of issue costs of $2.6 million . The impact of these loan amendments was to defer $113.9 million of loan repayments due in the period from April, 1 2016 to September 30, 2018 and to postpone repayments on future drawings on the delivery of newbuilding vessels and Golden Opus in this period. The amendments to the loan agreements resulted in presentation of the total floating rate debt as long term at June 30, 2016 and December 31, 2015. U.S. Dollar Denominated Fixed Rate Debt 3.07% Convertible Bonds due 2019 The conversion price on the $200 million convertible bond, or the Convertible Bond, was adjusted in accordance with clause 14.6 of the Bond Agreement from $19.93 to $17.63 per share effective from February 23, 2016 as a result of the private placement. The outstanding debt at June 30, 2016 is repayable as follows; (in thousands of $) 2016 (remaining six months) — 2017 — 2018 84,452 2019 485,759 2020 373,339 Thereafter 142,918 1,086,468 Amortization of purchase price adjustment and deferred charges (33,653 ) 1,052,815 Assets pledged As of June 30, 2016 , forty-five vessels (December 31 2015: forty vessels) with an aggregate carrying value of $1,764.8 million (December 31, 2015: $1,488.2 million ) were pledged as security for our floating rate debt.

DERIVATIVE INSTRUMENTS PAYABLE

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 is summarized as follows: (in thousands of $) 2016 2015 Interest rate swaps — 1,641 Currency swaps 826 — Asset - Derivatives fair value 826 1,641 (in thousands of $) 2016 2015 Interest rate swaps 18,959 1,879 Currency swaps — 183 Bunker derivatives 1,643 3,338 Liability - Derivatives fair value 20,602 5,400 During the six months ended June 30, 2016 and June 30, 2015 the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2016 2015 Interest rate swaps Interest expense 991 686 Unrealized fair value loss 18,721 88 Foreign currency swaps Unrealized fair value gain (974 ) — Realized gain (35 ) — Forward freight agreements Realized loss 38 — Bunker derivatives Realized loss (gain) 624 (112 ) Unrealized fair value gain (1,544 ) (167 ) 17,821 495

SHARE CAPITAL

SHARE CAPITAL	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
SHARE CAPITAL	SHARE CAPITAL On February 22, 2016, our shareholders approved the increase of our authorized share capital to $6,000,000.00 divided into 600,000,000 common shares of $0.01 par value each. In February 2016, we announced a private placement of 343,684,000 new shares, or the Private Placement Shares, at NOK 5.00 per share, generating gross proceeds of NOK 1.7 billion (approximately $200 million ). The Private Placement Shares are restricted shares in the U.S. and were subject to a six month holding period during which they cannot be traded in the U.S. As such, the Private Placement Shares were delivered and registered on a separate ISIN BMG396371145 and were listed on the OSE only under a separate trading symbol "GOGL R", on February 24, 2016. In February 2016, we announced a subsequent offering, or the Subsequent Offering, of up to 34,368,400 new common shares at NOK 5.00 per share for gross proceeds of up to NOK 171.8 million (approximately $20 million ). Ultimately, 13,369,291 new common shares, or the Subsequent Offering Shares, were issued in connection with the Subsequent Offering. As with the Private Placement Shares, the Subsequent Offering Shares issued as part of the Subsequent Offering are restricted shares in the U.S. and were listed on the OSE only under a separate trading symbol "GOGL R", on March 18, 2016. In the first quarter of 2016, net proceeds from the private placement were $205.4 million comprising $208.0 million gross proceeds from the placement net of issue costs of $2.6 million . 529,728,928 ordinary shares were outstanding as of June 30, 2016 ( December 31, 2015 : 172,675,637 ordinary shares). On August 1, 2016 the Company effected 1-for- 5 reverse share split of the Company's ordinary shares where every five shares of the Company's issued and outstanding ordinary shares par value $0.01 per share was automatically combined into one issued and outstanding ordinary share par value $0.05 per share. This reduced the number of outstanding common shares from 529,728,928 to 105,945,238 . Share capital amounts in the balance sheet at June 30, 2016 and December 31, 2015 have been restated for the 1-for-5 reverse share split.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Ship Finance International Limited We paid charter hire expense of $15.4 million in the six months ended June 30, 2016 ( six months ended June 30, 2015 : nil ) in respect of the eight vessels leased from Ship Finance. Due to the straight lining of the total expenses on these leases, $12.1 million was recorded as charter hire expense and $3.3 million has been recorded as prepaid charter hire expense in Long term assets. In 2013, United Freight Carriers LLC, the joint venture acquired in the Merger and of which we own 50% , entered into charter contracts with Ship Finance for five (2015: four ) dry bulk carriers. The charter contracts include profit sharing and the joint venture has paid $1.5 million to Ship Finance related to these vessels in the June 30, 2016 ( six months ended June 30, 2015 : nil ). We are the commercial manager for fourteen (2015: twelve ) dry bulk and nine (2015: eleven ) container vessel owned and operated by Ship Finance. Pursuant to the management agreements, we receive $125 per day (2015: $125 per day) for managing the dry bulk vessels and $75 per day (2015: $65 per day) for managing the container vessels. Seatankers Management Co, Ltd We are the commercial manager of 21 (2015: 21 ) dry bulk vessel owned and operated by Seatankers. Pursuant to the management agreements, we receive $125 per day (2015 $125 per day) for managing the dry bulk vessels. United Freight Carriers LLC Pursuant to the LLC agreement, we received $0.2 million in the six months ended June 30, 2016 for management and administration services provided to UFC ( six months ended June 30, 2015 : $ nil ). Capesize Chartering Ltd In the six months ended June 30, 2016, we recorded pool earnings of $0.3 million (six months ended June 30, 2015: nil ) in respect of the RSA. At June 30, 2016, the net balance due from Capesize Chartering was $0.6 million , of which $0.1 million is receivable on behalf of Seatankers Management Co. Ltd and $0.1 million payable on behalf of Golden Opus Inc. The balances due in respect of our related parties are reflected in the outstanding balances at June 30, 2016 with these related parties. Management Agreements Technical Management We receive technical management services from Frontline Ltd. Pursuant to the terms of the agreement, Frontline Ltd receives a management fee of $31,875 per vessel in 2016. ( $31,500 per vessel in 2015). This fee is subject to annual review. Frontline Ltd also manages our newbuilding supervision and charges us for the costs incurred in relation to the supervision. Ship Management The ship management of our vessels is provided by ship managers subcontracted by Frontline Ltd. Technical management for fifteen vessels (December 31, 2015: fourteen vessels) is provided by SeaTeam Management Pte. Ltd, a majority owned subsidiary of Frontline Ltd. Other Management Services We aim to operate efficiently through utilizing competence from Frontline Ltd or other companies with the same main shareholder and these costs are allocated based on a cost plus mark-up model. Specifically, we receive assistance in relation to consolidation and reporting as well as management of its Sarbanes Oxley compliance from Frontline Ltd. We currently pay a fee of $115,000 per quarter for this service. A summary of net amounts charged by related parties in the six months ended June 30, 2016 and June 30, 2015 is as follows: (in thousands of $) 2016 2015 ICB Shipping (Bermuda) Ltd — 579 Frontline Management (Bermuda) Ltd 3,765 6,005 The Former Golden Ocean — 134 Ship Finance International Limited 15,372 — Seateam Management Pte Ltd 954 711 Seatankers Management Co., Ltd 171 — Capesize Chartering Ltd 35 — Net amounts charged by related parties comprise of general management and commercial management fees, newbuilding supervision fees and newbuilding commission fees. A summary of net amounts charged to related parties in the six months ended June 30, 2016 and June 30, 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 404 164 Seatankers Management Co Ltd 474 42 United Freight Carriers LLC 150 — ADS Kristiansand 15 — Net amounts charged to related parties mainly comprise of commercial management fees from April 1, 2015. Such fees were charged by the Former Golden Ocean prior to that. A summary of balances due from related parties as of June 30, 2016 and December 31, 2015 is as follows: (in thousands of $) 2016 2015 Frontline Ltd — 4,455 Ship Finance International Ltd 259 36 United Freight Carriers 522 2 Seatankers Management Co Ltd 688 1,139 Golden Opus Inc 51 2,534 Capesize Chartering Ltd 579 — Management — 285 2,099 8,451 A summary of balances owed to related parties as of June 30, 2016 and December 31, 2015 is as follows: (in thousands of $) 2016 2015 Frontline Management (Bermuda) Ltd — 3,924 Frontline Ltd 1,310 176 Seateam Management Pte Ltd — — 1 Seatankers Management Co Ltd 274 — Capesize Chartering Ltd 12 — 1,596 4,101 Receivables and payables with related parties mainly comprise unpaid commercial management fees, technical management fees and newbuilding supervision fees. In addition, certain payables and receivables arise when we pay an invoice on behalf of a related party and vice versa.

FINANCIAL ASSETS AND LIABILITIE

FINANCIAL ASSETS AND LIABILITIES	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL ASSETS AND LIABILITIES	FINANCIAL ASSETS AND LIABILITIES Interest rate risk management During 2015, we assumed four interest rate swaps as a result of the Merger and have subsequently entered into three interest rate swaps. These swaps are intended to reduce the risk associated with fluctuations in interest rates whereby the floating interest rate on an original principal amount of $400 million of the then anticipated debt was switched to fixed rate. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are banks, which participate in loan facilities to which the interest rate swaps are related. Changes in the fair value of the interest rate swap transactions are recorded in "Loss on derivatives" in the consolidated statement of operations. Forward freight agreements We take positions from time to time in the freight forward market, either as a hedge to a physical contract or as a speculative position. All such contracts are cleared through clearing houses and the Company uses NasdaqOMX in this respect. Credit risk exists to the extent that NasdaqOMX is unable to perform under the contracts but this risk is considered remote. As of June 30, 2016 and December 31, 2015 , we had one contract outstanding with notional principal of $1.1 million (December 31, 2015: $2.3 million ). The losses on freight forward agreements are recorded in "Loss on derivatives" in the consolidated statement of operations. Bunker derivatives We enter into cargo contracts from time to time. We are then exposed to fluctuations in bunker prices, as the cargo contract price is based on an assumed bunker price for the trade. 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 counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks. As of June 30, 2016, we had outstanding bunker swap agreements with notional principal (metric tonnes multiplied by fixed price) of $7.5 million (December 31, 2015: $7.6 million ). As of June 30, 2016 and December 31, 2015 , we had ten contracts outstanding, respectively. During the six months ended June 30, 2016, we have entered into seven new contracts and seven contracts matured. Losses on bunker derivatives are recorded in "Loss on derivatives" in the consolidated statement of operations. 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. There is a risk that currency fluctuations in transactions incurred in currencies other than the functional currency will have a negative effect of the value of our cash flows. We are then exposed to currency fluctuations and we may enter into foreign currency swaps to mitigate such risk exposures. The counterparties to such contracts are major banking and financial institutions. Credit risk exists to the extent that the counter parties are unable to perform under the contracts but this risk is considered remote as the counter parties are well established banks. As of June 30, 2016 and December 31, 2015 , we had twelve and twenty-four contracts outstanding, respectively. During the six months ended June 30, 2016, six foreign currency swaps matured. Changes in the fair value of foreign currency swaps are recorded in "Loss on derivatives" in the consolidated statement of operations. During the six months ended June 30, 2016, the Company entered into a USD-EUR deposit-swap contract which was outstanding at June 30, 2016 whereby the Company sold $75 million and bought €66.9 million . The €66.9 million are held in a fixed deposit account for 91 days earning interest and the Company is committed to buy back $75 million upon maturity of the deposit. At June 30, 2016, the Company recorded an unrealized foreign exchange loss of $0.7 million in 'Other financial items' resulting from re-translation at quarter end rates of the foreign denominated deposit from EUR to USD and a mark to market gain of $0.8 million which has been recorded in 'Loss on derivatives'. Fair values The carrying value and estimated fair value of our financial instruments at June 30, 2016 and December 31, 2015 are as follows: 2016 2016 2015 2015 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 210,773 210,773 102,617 102,617 Restricted cash 69,908 69,908 48,872 48,872 Liabilities Long term debt - floating 886,467 886,467 761,739 761,739 Long term debt - convertible bond 120,000 172,399 165,500 167,815 Long term debt - sellers credit — — 4,739 4,739 The fair value hierarchy of our financial instruments at June 30, 2016 is as follows: (in thousands of $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 210,773 210,773 — — Restricted cash 69,908 69,908 — — Liabilities Long term debt - floating 886,467 — 886,467 — Long term debt - convertible bond 120,000 — 120,000 — The fair value hierarchy of our financial instruments at December 31, 2015 is as follows: (in thousands of $) 2015 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 102,617 102,617 — — Restricted cash 48,872 48,872 — — Liabilities Long term debt - floating 761,739 — 761,739 — Long term debt - convertible bond 165,500 — 165,500 — Long term debt - sellers credit 4,739 — — 4,739 There have been no transfers between different levels in the fair value hierarchy in 2016 and 2015. The following methods and assumptions were used to estimate the fair value of each class of financial instrument: The carrying value of cash and cash equivalents, which are highly liquid, approximate fair value. Restricted cash and investments – the balances relate entirely to restricted cash and the carrying values in the balance sheet approximate their fair value. Floating rate debt - the carrying value in the balance sheet approximates the fair value since it bears a variable interest rate, which is reset on a quarterly basis. Convertible bond – quoted market prices are not available, however the bonds are traded "over the counter" and the fair value of bonds is based on the market price on offer at the balance sheet date. Sellers credit - the fair value at December 31, 2015 was determined by discounting the expected future cash outflow of $4.7 million , which was paid upon maturity in the first quarter of 2016, by 7.0% . Assets Measured at Fair Value on a Nonrecurring Basis At June 30, 2016 and December 31, 2015 , the investment in Golden Opus Inc was measured at fair value based on the expected market values of the underlying assets and liabilities (level three inputs). At June 30, 2016 and December 31, 2015 , the Golden Lyderhorn, a vessel held under capital lease, was measured at fair value based on the discounted expected future cash flows for the vessel (level three inputs). Assets Measured at Fair Value on a Recurring Basis Marketable securities are listed equity securities considered to be available-for-sale securities for which the fair value as at the balance sheet date is their aggregate market value based on quoted market prices (level 1) for the investment in a company listed on a U.S. stock exchange and level two for the investment in the company listed on the Norwegian 'over the counter' market. The fair value (level 2) of interest rate, currency swap, deposit-swap contract and bunker swap 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 Skandinaviska Enskilda Banken, DnB and Nordea Bank Norge 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, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES The General Manager insures 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. We have one vessel held under capital lease, the Golden Lyderhorn, that was sold by the Former Golden Ocean in 2006 and leased back for a period of ten years . At the time of the sale a sellers credit for $2.7 million was given to lessor and becomes payable on redelivery and sale of the vessel. The lessor exercised their option to put the vessel on us at the end of the lease terms for $12.2 million less the sellers credit. The total amount that we are required to pay in August 2016 under this put options is $9.5 million . As of June 30, 2016 , the joint venture that owns the Golden Opus had total bank debt outstanding of $17.9 million (December 31, 2015: $18.3 million ) and we had guaranteed 50% of this amount. Consequently, our maximum potential liability was $8.95 million ( December 31, 2015 : $9.15 million ). We have not recorded any liability in respect of this arrangement. We sold eight vessels to Ship Finance 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, Ship Finance will have the option to extend the charters by 3 years at $14,900 per day. At June 30, 2016 , we had twelve newbuildings under construction. Our outstanding commitments at June 30, 2016 for these newbuildings amounted to $367.3 million with a split between 2016 and 2017 of $168.0 million and $199.3 million , respectively for delivery of six vessels in 2016 and six vessels in 2017. In June 2016, we received $2.4 million from Titan Petrochemicals Limited in respect of final settlement of claims for unpaid charter hire and damages for early termination of the time charter of the VLCCs Titan Venus and Mayfair . Except as described above, 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. Charterhire and office rent expense The future minimum rental payments under our non-cancelable operating leases as of June 30, 2016, net of future amortization of unfavorable time charters-in, are as follows: (in thousands of $) 2016 (six months to December 31) 22,080 2017 34,857 2018 34,397 2019 34,397 2020 34,488 Thereafter 200,404 360,623

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In July 2016, the Company announced that the Board of Directors had resolved to carry out a 1-for-5 reverse share split of the Company's ordinary shares. This was effected on August 1, 2016, at which time every five shares of the Company's issued and outstanding ordinary shares par value $0.01 per share was automatically combined into one issued and outstanding ordinary share par value $0.05 per share. This reduced the number of outstanding common shares from 529,728,928 to 105,945,238 . Share capital amounts in the balance sheet at June 30, 2016 and December 31, 2015 have been restated for the 1-for-5 reverse share split. No fractional shares were issued in connection with this reverse split. The Company purchased fractional shares for cancellation for a cash payment equal to the closing price per share for the Company's shares on the NASDAQ at the last trading day prior to the effective date for the reverse share split. On August 1, 2016, the conversion price of the $200 million convertible bond was adjusted from $17.63 per share to $88.15 per share as a result of the 1-for-5 reverse share split. On August 22, 2016 the Company delivered the Golden Lyderhorn to its new owner. In September 2016, we took delivery of the Supramax newbuilding, Golden Leo , and a final installment of $15.7 million was paid on delivery. The "GOGL R" shares, which were issued in the private placement and subsequent offering in February 2016 and registered on a separate ISIN BMG396371145, assumed the ordinary ISIN of the Company and commenced trading under the Company's ordinary ticker "GOGL" on the OSE on September 22, 2016. Upon completion of the ISIN change on September 26, 2016, the shares that formerly traded under the ticker "GOGL R" will no longer be subject to the U.S. transfer restrictions having been placed on the "GOGL R Shares" and all of the Company's 105,945,238 shares will trade under the ticker "GOGL" and ISIN BMG396372051 on the Oslo Stock Exchange. The above does not imply any changes to the Company's share capital. At the Company's annual general meeting of shareholders on September 23, 2016, the Company's authorized share capital was increased from $6,000,000 divided into 120,000,000 common shares of $0.05 par value each to $7,500,000 divided into 150,000,000 common shares of $0.05 par value. On October 17, 2016 the Company took delivery of the Capesize newbuilding the Front Mediterranean and immediately sold and delivered the vessel to its new owner. The agreed net sales price was $46.2 million and the expected net cash flow from the transaction in the fourth quarter is $12.7 million . The Company expects to record a $0.1 million gain in the fourth quarter from the sale. On October 24, 2016 the Company issued an aggregate of 19,954 common shares, par value $0.05 per share, in connection with the Company's 2010 Equity Incentive Plan (the “Plan”) and the restricted stock unit award agreements related to the Plan. As a result of the share issuance, there are currently no outstanding awards under the Plan. At the date of this report, the Company has 105,965,192 common shares outstanding, each with a par value of $ 0.05 and its share capital is $5,298,260 . In November, the Company reached an agreement, pending final documentation, with one of its yard for postponed delivery until January 2017 for two newbuildings. On November 11, 2016 the Company announced that 700,000 share options have been issued to senior management in accordance with the terms of the Company's share option scheme. The share options will have a five -year term and will vest in equal amounts over a three -year vesting period. The exercise price of $4.20 will be adjusted for any distribution of dividends made before the relevant options are exercised.

ACCOUNTING POLICIES (Policies)

ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Basis of accounting	Basis of accounting The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries. All inter company balances and transactions have been eliminated on consolidation.
Revenue revenues	Pool revenues Revenues and voyage expenses of the vessels operating under the Revenue Sharing Agreement, or RSA, which commenced in the first quarter of 2016, are pooled with all of the other vessels operating under the RSA and the resulting net pool revenues, calculated on a time charter equivalent basis, are allocated to the RSA participants according to an agreed formula on the basis of the number of days a vessel operates in the pool with weighting adjustments made to reflect its different capacity and performance capability. The revenue and voyage expense recognition principles followed in determining net pool revenues are not materially different to those followed by the Company. Revenues and voyage expenses of the vessels operating under the RSA are recorded on a gross basis in voyage charter revenues and voyage expenses and commissions, respectively.
Recently issued accounting standards	Recently Adopted Accounting Standards The condensed consolidated financial statements are prepared in accordance with the accounting policies, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2015, except for the retrospective implementation of the changes relating to the presentation of deferred charges as outlined in Accounting Standards Update 2015-03. The Company has recorded debt issuance costs (i.e. deferred charges) of $6.1 million at June 30, 2016 (December 31, 2015: $5.8 million ) as a direct deduction from the carrying amount of the related debt rather than as an asset following its adoption of Accounting Standards Update 2015-03 and has applied this on a retrospective basis to December 31, 2015. In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. The amendments in this update require that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined. The guidance further requires that the acquirer record, in the same period’s financial statements, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date and present separately on the face of the income statement or disclose in the notes the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. The Company adopted this ASU effective January 1, 2016 with prospective application. The adoption of this ASU did not impact the Company’s consolidated financial statements and related disclosures. Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers, which provides new authoritative guidance on the methods of revenue recognition and related disclosure requirements. This new standard supersedes all existing revenue recognition requirements, including most industry-specific guidance. The new standard requires a company to recognize revenue when it transfers goods or services to customers in an amount that reflects the consideration that the company expects to receive for those goods or services. The new standard also requires additional qualitative and quantitative disclosures. In April 2015 the FASB proposed to defer the effective date of the guidance by one year. Based on this proposal, public entities would need to apply the new guidance for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides new authoritative guidance with regards to management's responsibility to assess an entity's ability to continue as a going concern, and to provide related footnote disclosures in certain circumstances. The ASU will be effective for all entities in the first annual period ending after December 15, 2016 (December 31, 2016 for calendar year-end entities) and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, which made targeted improvements to the recognition and measurement of financial assets and financial liabilities. The update changes how entities measure equity investments that do not result in consolidation and are not accounted for under the equity method and how they present changes in the fair value of financial liabilities measured under the fair value option that are attributable to their own credit. The new guidance also changes certain disclosure requirements and other aspects of current US GAAP. The guidance will be effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years and early adoption is permitted in some cases. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard include a significant increase in required disclosures. Management is analyzing the impact of the adoption of this guidance on the Company’s consolidated financial statements, including assessing changes that might be necessary to information technology systems, processes and internal controls to capture new data and address changes in financial reporting. Management expects that the Company will recognize increases in reported amounts for property, plant and equipment and related lease liabilities upon adoption of the new standard. In March 2016, the FASB issued ASU 2016-07, Investments-Equity Method and Joint Ventures (Topic 323): Simplifying the Transition to the Equity Method of Accounting. The update eliminates the requirement that an investor retrospectively apply equity method accounting when an investment that it had accounted for by another method initially qualifies for use of the equity method. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net). The update clarifies principal vs agent accounting of the new revenue standard. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The update simplifies the accounting for share based payment transactions. The guidance will be effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years and early adoption is permitted. The Company does not expect the adoption of this standard to have a material impact on its consolidated financial statements and related disclosures. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing. The update provide more clarification about identifying performance obligations and licensing. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606):Narrow-Scope Improvements and Practical Expedients. The update provide some further guidance on assessing the collectability criteria, presentation of sales tax and other similar taxes collected from customers, non-cash considerations and certain other matters related to transition and technical corrections. The guidance will be effective for annual and interim periods beginning after December 15, 2017, and shall be applied, at the Company’s option, retrospectively to each period presented or as a cumulative-effect adjustment as of the date of adoption. Early adoption is not permitted until periods beginning after December 15, 2016. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which revises guidance for the accounting for credit losses on financial instruments within its scope. The new standard introduces an approach, based on expected losses, to estimate credit losses on certain types of financial instruments and modifies the impairment model for available-for-sale debt securities. The guidance will be effective January 1, 2020, with early adoption permitted. Entities are required to apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments. This ASU addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The amendments in this Update should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of cash flows (Topic 230): Restricted Cash. The new standard requires that the statement of cash flows explains the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. The amendments in this Update are effective for the Company for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. The amendments in this Update should be applied using a retrospective transition method to each period presented. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures.

EARNING PER SHARE (Tables)

EARNING PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Earnings Per Share Calculation	The components of the numerator and the denominator in the calculation of basic and diluted earnings per share for the six months ended June 30, 2016 and 2015 are as follows: (in thousands of $) 2016 2015 Net loss (107,452 ) (110,888 ) (in thousands) 2016 2015 Weighted average number of shares outstanding - basic 84,405 25,881 Impact of restricted stock units 2 30 Weighted average number of shares outstanding - diluted 84,407 25,911

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Marketable Securities [Abstract]
Schedule of Available-for-sale Securities Reconciliation	Our marketable securities are equity securities considered to be available-for-sale securities as at June 30, 2016 and December 31, 2015 are as follows: (in thousands of $) 2016 2015 Opening balance 14,615 — Acquired as a result of the Merger — 5,779 Purchases — 32,159 Disposals (328 ) — Other than temporary impairment loss (10,050 ) (23,323 ) Unrealized impairment loss included in other comprehensive income (633 ) — 3,604 14,615

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Table)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Summary Rollforward of Vessels and Equipment	(in thousands of $) Cost Accumulated Depreciation Net Book Value Balance at December 31, 2015 1,540,559 (52,354 ) 1,488,205 Additions 38 — Disposals (46,127 ) — Transfer from newbuildings 353,002 — Depreciation — (30,305 ) Balance at June 30, 2016 1,847,472 (82,659 ) 1,764,813

NEWBUILDINGS (Tables)

NEWBUILDINGS (Tables)	6 Months Ended
	Jun. 30, 2016
Newbuildings [Abstract]
Newbuilings	(in thousands of $) Balance at December 31, 2015 338,614 Installments and newbuilding supervision fees 205,972 Interest capitalized 2,200 Transfers to Vessels and Equipment (353,002 ) Balance at June 30, 2016 193,784

VESSELS HELD UNDER CAPITAL LE33

VESSELS HELD UNDER CAPITAL LEASE (Tables)	6 Months Ended
	Jun. 30, 2016
Vessels Under Capital Leases [Abstract]
Schedule of book value of vessels under capital lease	(in thousands of $) Balance at December 31, 2015 8,354 Impairment loss (985 ) Depreciation (489 ) Balance at June 30, 2016 6,880
Schedule of outstanding obligations under capital leases	The outstanding obligations under capital leases at June 30, 2016 are payable as follows: (in thousands of $) 2016 (remaining six months) 13,036 2017 5,944 2018 5,944 2019 5,944 2020 1,791 Thereafter — Minimum lease payments 32,659 Less: imputed interest (2,890 ) Present value of obligations under capital leases 29,769
Schedule of purchase options	As of June 30, 2016, we had the following purchase options for these two vessels: (in thousands of $) Purchase option exercise date Purchase option amount Golden Lyderhorn August 2016 9,500 Golden Eclipse December 2016 39,935 Golden Eclipse December 2017 38,000 Golden Eclipse December 2018 36,250 Golden Eclipse December 2019 33,550

EQUITY METHOD INVESTMENTS (Tabl

EQUITY METHOD INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
Equity Method Investments and Joint Ventures [Abstract]
Schedule of equity method investments	(in thousands of $) Capesize Chartering UFC Golden Opus Inc. Seateam Total Ownership 25 % 50 % 50 % 22.29 % At December 31, 2015 — 770 4,958 497 6,225 Dividend received from associated companies — — — (256 ) (256 ) Gain on purchase of additional capital — — — 23 23 Purchase of additional capital — — 750 4 754 Share of (loss) income — (310 ) (661 ) 161 (810 ) Impairment loss — — (2,142 ) — (2,142 ) At June 30, 2016 — 460 2,905 429 3,794

OTHER LONG TERM ASSETS (Tables)

OTHER LONG TERM ASSETS (Tables)	6 Months Ended
	Jun. 30, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Long Term Assets	(in thousands of $) Other long term asset Prepaid charter hire expenses Total Balance at December 31, 2015 4,744 — 4,744 Accreted interest 56 — 56 Provision for uncollectible receivables (1,800 ) — (1,800 ) Straight line lease adjustments — 3,317 3,317 Balance at June 30, 2016 3,000 3,317 6,317

DEBT (Tables)

DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Schedule of Debt	Debt at June 30, 2016 and December 31, 2015 is summarized as follows: (in thousands of $) 2016 2015 U.S. dollar denominated floating rate debt 886,467 761,739 U.S. dollar denominated fixed rate debt 172,399 167,815 Seller's credit — 4,739 Deferred charges (6,051 ) (5,797 ) Total debt 1,052,815 928,496 Less: current portion — (20,380 ) 1,052,815 908,116
Schedule of Maturities of Long-term Debt	The outstanding debt at June 30, 2016 is repayable as follows; (in thousands of $) 2016 (remaining six months) — 2017 — 2018 84,452 2019 485,759 2020 373,339 Thereafter 142,918 1,086,468 Amortization of purchase price adjustment and deferred charges (33,653 ) 1,052,815

DERIVATIVE INSTRUMENTS PAYABL37

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 and December 31, 2015 is summarized as follows: (in thousands of $) 2016 2015 Interest rate swaps — 1,641 Currency swaps 826 — Asset - Derivatives fair value 826 1,641 (in thousands of $) 2016 2015 Interest rate swaps 18,959 1,879 Currency swaps — 183 Bunker derivatives 1,643 3,338 Liability - Derivatives fair value 20,602 5,400
Derivative Instruments Loss (Gain)	During the six months ended June 30, 2016 and June 30, 2015 the following amounts were recognized in the consolidated statement of operations: (in thousands of $) 2016 2015 Interest rate swaps Interest expense 991 686 Unrealized fair value loss 18,721 88 Foreign currency swaps Unrealized fair value gain (974 ) — Realized gain (35 ) — Forward freight agreements Realized loss 38 — Bunker derivatives Realized loss (gain) 624 (112 ) Unrealized fair value gain (1,544 ) (167 ) 17,821 495

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
Related Party Transactions [Abstract]
Schedule of Related Party Transactions	A summary of net amounts charged by related parties in the six months ended June 30, 2016 and June 30, 2015 is as follows: (in thousands of $) 2016 2015 ICB Shipping (Bermuda) Ltd — 579 Frontline Management (Bermuda) Ltd 3,765 6,005 The Former Golden Ocean — 134 Ship Finance International Limited 15,372 — Seateam Management Pte Ltd 954 711 Seatankers Management Co., Ltd 171 — Capesize Chartering Ltd 35 — A summary of balances due from related parties as of June 30, 2016 and December 31, 2015 is as follows: (in thousands of $) 2016 2015 Frontline Ltd — 4,455 Ship Finance International Ltd 259 36 United Freight Carriers 522 2 Seatankers Management Co Ltd 688 1,139 Golden Opus Inc 51 2,534 Capesize Chartering Ltd 579 — Management — 285 2,099 8,451 A summary of balances owed to related parties as of June 30, 2016 and December 31, 2015 is as follows: (in thousands of $) 2016 2015 Frontline Management (Bermuda) Ltd — 3,924 Frontline Ltd 1,310 176 Seateam Management Pte Ltd — — 1 Seatankers Management Co Ltd 274 — Capesize Chartering Ltd 12 — 1,596 4,101 A summary of net amounts charged to related parties in the six months ended June 30, 2016 and June 30, 2015 is as follows: (in thousands of $) 2016 2015 Ship Finance International Limited 404 164 Seatankers Management Co Ltd 474 42 United Freight Carriers LLC 150 — ADS Kristiansand 15 —

FINANCIAL ASSETS AND LIABILIT39

FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Carrying Value and Fair Value of Financial Instruments	The carrying value and estimated fair value of our financial instruments at June 30, 2016 and December 31, 2015 are as follows: 2016 2016 2015 2015 (in thousands of $) Fair Value Carrying Value Fair Value Carrying Value Assets Cash and cash equivalents 210,773 210,773 102,617 102,617 Restricted cash 69,908 69,908 48,872 48,872 Liabilities Long term debt - floating 886,467 886,467 761,739 761,739 Long term debt - convertible bond 120,000 172,399 165,500 167,815 Long term debt - sellers credit — — 4,739 4,739
Fair Value Hierarchy of Financial Instruments	The fair value hierarchy of our financial instruments at June 30, 2016 is as follows: (in thousands of $) 2016 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 210,773 210,773 — — Restricted cash 69,908 69,908 — — Liabilities Long term debt - floating 886,467 — 886,467 — Long term debt - convertible bond 120,000 — 120,000 — The fair value hierarchy of our financial instruments at December 31, 2015 is as follows: (in thousands of $) 2015 Fair Value Level 1 Level 2 Level 3 Assets Cash and cash equivalents 102,617 102,617 — — Restricted cash 48,872 48,872 — — Liabilities Long term debt - floating 761,739 — 761,739 — Long term debt - convertible bond 165,500 — 165,500 — Long term debt - sellers credit 4,739 — — 4,739

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
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, 2016, net of future amortization of unfavorable time charters-in, are as follows: (in thousands of $) 2016 (six months to December 31) 22,080 2017 34,857 2018 34,397 2019 34,397 2020 34,488 Thereafter 200,404 360,623

RECENTLY ISSUED ACCOUNTING ST41

RECENTLY ISSUED ACCOUNTING STANDARDS RECENTLY ISSUED ACCOUNTING STANDARDS (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Debt issuance costs	$ 6,051	$ 5,797

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) $ in Thousands	Aug. 01, 2016	Aug. 31, 2016	Jun. 30, 2016USD ($)shares	Jun. 30, 2015USD ($)shares
Earnings Per Share [Abstract]
Net loss | $			$ (107,452)	$ (110,888)
Weighted average number of shares outstanding - basic			84,405,000	25,881,000
Impact of restricted stock units			2,000	30,000
Weighted average number of shares outstanding - diluted			84,407,000	25,911,000
Stock Compensation Plan
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share			88,000
Convertible Debt
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Antidilutive securities excluded from computation of earnings per share			2,268,860	2,268,860
Subsequent Event
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Reverse share split, conversion ratio	0.2	0.2

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details)	6 Months Ended
	Jun. 30, 2016reportable_segment
Segment Reporting [Abstract]
Number of reportable segments	1

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Available-for-sale Securities [Roll Forward]
Available-for-sale securities, opening balance	$ 14,615,000	$ 0	$ 0
Acquired as a result of the Merger	0		5,779,000
Purchases	0		32,159,000
Disposals	(328,000)		0
Other than temporary impairment loss	(10,050,000)	0	(23,323,000)
Unrealized impairment loss included in other comprehensive income	(633,000)		0
Available-for-sale securities, ending balance	3,604,000		14,615,000
Investments in an unrealized loss position, fair value	3,600,000		0
Aggregate value of unrealized losses	$ 600,000		$ 0
Shares sold	33,151
Proceeds from sale of marketable securities	$ 125,000	$ 0
Loss on sale of marketable securities	200,000
U.S. Stock Exchange Investment
Available-for-sale Securities [Roll Forward]
Other than temporary impairment loss	(8,500,000)
Norwegian Over the Counter Investment
Available-for-sale Securities [Roll Forward]
Other than temporary impairment loss	$ (1,500,000)

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Vessels and Equipment, Cost
Transfer from newbuildings	$ 353,002
Vessels and Equipment, Accumulated Depreciation
Depreciation	(30,794)	$ (24,596)
Vessels and Equipment
Vessels and Equipment, Cost
Beginning balance	1,540,559
Additions	38
Disposals	(46,127)
Transfer from newbuildings	353,002
Ending balance	1,847,472
Vessels and Equipment, Accumulated Depreciation
Accumulated depreciation beginning balance	(52,354)
Depreciation	(30,305)
Accumulated depreciation ending balance	(82,659)
Vessels and equipment, net	$ 1,764,813		$ 1,488,205

VESSELS AND EQUIPMENT, NET - Ad

VESSELS AND EQUIPMENT, NET - Additional Information (Details) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	Feb. 29, 2016USD ($)	Jan. 31, 2016vessel	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2015newbuilding_contract
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessel			$ 166	$ 0
Proceeds from sale of vessels			48,122	$ 16,747
Frontline Ltd
Property, Plant and Equipment [Line Items]
Proceeds from sale of vessels			1,900
Number of newbuilding delivered and sold | newbuilding_contract					2
Front Caribbean [Member]
Property, Plant and Equipment [Line Items]
Gain (loss) on sale of vessel	$ 100
Capesize Vessels
Property, Plant and Equipment [Line Items]
Number of Capesize newbuildings delivered | vessel		2
Newcastlemax Vessels
Property, Plant and Equipment [Line Items]
Number of Capesize newbuildings delivered | vessel		2
Vessels and Equipment
Property, Plant and Equipment [Line Items]
Disposals of vessels			$ 46,127

NEWBUILDINGS - Movement in Newb

NEWBUILDINGS - Movement in Newbuilding Balance (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Movement In Newbuilding Balance [Roll Forward]
Balance at December 31, 2015	$ 338,614
Installments and newbuilding supervision fees	205,972
Interest capitalized	2,200
Transfers to Vessels and Equipment	(353,002)
Balance at June 30, 2016	$ 193,784

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016USD ($)installmentvessel	Jun. 30, 2015USD ($)	Dec. 31, 2015newbuilding_contractvessel
Business Acquisition [Line Items]
Number of purchase installments | installment	2
Newbuilding costs accrued | $	$ 5,200
Proceeds from sale of newbuilding contracts | $	48,122	$ 16,747
Frontline Ltd
Business Acquisition [Line Items]
Number of newbuilding delivered and sold | newbuilding_contract			2
Proceeds from sale of newbuilding contracts | $	$ 1,900
Capesize Newbuildings
Business Acquisition [Line Items]
Number of newbuilding contracts | vessel	9		13
Newcastlemax Newbuildings
Business Acquisition [Line Items]
Number of newbuilding contracts | vessel			2
Supramax Newbuildings
Business Acquisition [Line Items]
Number of newbuilding contracts | vessel	3		3

VESSELS HELD UNDER CAPITAL LE49

VESSELS HELD UNDER CAPITAL LEASE - Book Value of Vessels Held Under Capital Lease (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Capital Leased Assets [Roll Forward]
Balance at December 31, 2015	$ 8,354
Impairment losses on vessels	(985)	$ (140,962)
Depreciation	(489)
Balance at June 30, 2016	$ 6,880

VESSELS HELD UNDER CAPITAL LE50

VESSELS HELD UNDER CAPITAL LEASE - Additional Information (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2016USD ($)	Jun. 30, 2016USD ($)vessel	Jun. 30, 2015USD ($)	Dec. 31, 2015vessel	May 31, 2016USD ($)
Capital Leased Assets [Line Items]
Put option on vessels					$ 9,500
Impairment loss on vessels owned and leased		$ 985	$ 140,962
Number of vessels under capital lease | vessel		2		2
Lease term		10 years
Subsequent Event
Capital Leased Assets [Line Items]
Proceeds from sale of vessel	$ 3,500
Minimum
Capital Leased Assets [Line Items]
Lease term		2 months
Maximum
Capital Leased Assets [Line Items]
Lease term		4 years

VESSELS HELD UNDER CAPITAL LE51

VESSELS HELD UNDER CAPITAL LEASE - Outstanding Obligations Under Capital Leases (Details) $ in Thousands	Jun. 30, 2016USD ($)
Vessels Under Capital Leases [Abstract]
2016 (remaining six months)	$ 13,036
2,017	5,944
2,018	5,944
2,019	5,944
2,020	1,791
Thereafter	0
Minimum lease payments	32,659
Less: imputed interest	(2,890)
Present value of obligations under capital leases	$ 29,769

VESSELS HELD UNDER CAPITAL LE52

VESSELS HELD UNDER CAPITAL LEASE - Schedule of Purchase Options (Details) $ in Thousands	Jun. 30, 2016USD ($)
Golden Lydernhorn
Capital Leased Assets [Line Items]
Purchase option net of sellers credit, remainder of fiscal year	$ 9,500
Golden Eclipse
Capital Leased Assets [Line Items]
Purchase option net of sellers credit, remainder of fiscal year	39,935
Purchase option net of sellers credit, year two	38,000
Purchase option net of sellers credit, year three	36,250
Purchase option net of sellers credit, year four	$ 33,550

EQUITY METHOD INVESTMENTS (Deta

EQUITY METHOD INVESTMENTS (Details) $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2016USD ($)shares	Feb. 29, 2016joint_venture_partnercompany	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2013
Equity Method Investment [Roll Forward]
At December 31, 2015			$ 6,225	$ 6,225
Dividend received from associated companies				(256)
Gain on purchase of additional capital				23
Purchase of additional capital				754	$ 0
Share of (loss) income				(810)
Impairment loss				(2,142)
At June 30, 2016				$ 3,794
Number of dry bulk shipowning groups | company		5
Capesize Chartering
Schedule of Equity Method Investments [Line Items]
Ownership		20.00%		25.00%
Equity Method Investment [Roll Forward]
At December 31, 2015			0	$ 0
Dividend received from associated companies				0
Gain on purchase of additional capital				0
Purchase of additional capital				0
Share of (loss) income				0
Impairment loss				0
At June 30, 2016				$ 0
Number of joint venture partners | joint_venture_partner		4
United Freight Carriers LLC
Schedule of Equity Method Investments [Line Items]
Ownership				50.00%		50.00%
Equity Method Investment [Roll Forward]
At December 31, 2015			770	$ 770
Dividend received from associated companies				0
Gain on purchase of additional capital				0
Purchase of additional capital				0
Share of (loss) income				(310)
Impairment loss				0
At June 30, 2016				$ 460
Golden Opus Inc.
Schedule of Equity Method Investments [Line Items]
Ownership				50.00%
Equity Method Investment [Roll Forward]
At December 31, 2015			4,958	$ 4,958
Dividend received from associated companies				0
Gain on purchase of additional capital				0
Purchase of additional capital				750
Share of (loss) income				(661)
Impairment loss			(2,100)	(2,142)
At June 30, 2016				$ 2,905
Carrying value of equity method investments			5,200
Fair value of equity method investments			$ 3,100
Seateam
Schedule of Equity Method Investments [Line Items]
Ownership	22.29%		21.25%	22.29%
Equity Method Investment [Roll Forward]
At December 31, 2015			$ 497	$ 497
Dividend received from associated companies				(256)
Gain on purchase of additional capital	$ 23			23
Purchase of additional capital	$ 4			4
Share of (loss) income				161
Impairment loss				0
At June 30, 2016				$ 429
Additional shares acquired | shares	5,156

OTHER LONG TERM ASSETS (Details

OTHER LONG TERM ASSETS (Details)	3 Months Ended	6 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2016USD ($)vessel	Jun. 30, 2015USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2015USD ($)
Other Long Term Assets [Roll Forward]
Balance at December 31, 2015		$ 4,744,000
Accreted interest		56,000
Provision for uncollectible receivables		(1,800,000)	$ 0
Straight line lease adjustments		3,317,000
Balance at June 30, 2016		6,317,000
Other long term assets		4,744,000		$ 6,317,000	$ 4,744,000
Provision for uncollectible receivables		$ 1,800,000	$ 0
Lease term		10 years
Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Straight line lease adjustments		$ 3,300,000
Number of vessels sold and leased back | vessel	8	8
Lease term	10 years
KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum [Member] | Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Daily time charter rate in first period		$ 17,600
Contractual charter term in first period		7 years
Daily time charter rate in second period		$ 14,900
Contractual charter term in second period		3 years
Daily operating expenses rate		$ 7,000
Purchase option net of sellers credit				112,000,000
Contractual charter term		10 years
Charter term extension		3 years
Daily time charter rate, extension		$ 14,900
Other Long Term Assets [Member]
Other Long Term Assets [Roll Forward]
Balance at December 31, 2015		4,744,000
Accreted interest		56,000
Provision for uncollectible receivables		(1,800,000)
Straight line lease adjustments		0
Balance at June 30, 2016		3,000,000
Other long term assets		4,744,000		3,000,000	4,744,000
Provision for uncollectible receivables		1,800,000
Prepaid Charter Hire Expenses [Member] | Ship Finance International Limited
Other Long Term Assets [Roll Forward]
Balance at December 31, 2015		0
Accreted interest		0
Provision for uncollectible receivables		0
Straight line lease adjustments		3,317,000
Balance at June 30, 2016		3,317,000
Other long term assets		0		$ 3,317,000	0
Provision for uncollectible receivables		0
Merger with former Golden Ocean [Member]
Other Long Term Assets [Roll Forward]
Balance at December 31, 2015		9,100,000
Other long term assets acquired upon the merger, principal					$ 10,000,000
Other long term assets acquired upon the merger, discount rate					7.00%
Other long term assets acquired upon the merger, interest rate					2.00%
Other long term assets		$ 9,100,000			$ 9,100,000

DEBT - Schedule of Debt (Detail

DEBT - Schedule of Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Deferred charges	$ (6,051)	$ (5,797)
Total debt	1,052,815	928,496
Less: current portion	0	(20,380)
Long-term debt	1,052,815	908,116
U.S. dollar denominated floating rate debt
Debt Instrument [Line Items]
Long-term debt	886,467	761,739
U.S. dollar denominated fixed rate debt
Debt Instrument [Line Items]
Long-term debt	172,399	167,815
Seller's credit
Debt Instrument [Line Items]
Long-term debt	$ 0	$ 4,739

DEBT - Additional Information (

DEBT - Additional Information (Details)	1 Months Ended	6 Months Ended
	Jan. 31, 2016USD ($)	Jun. 30, 2016USD ($)loan_facilityvessel	Jun. 30, 2015USD ($)	Feb. 29, 2016USD ($)
Debt Instrument [Line Items]
Proceeds from long-term debt		$ 142,200,000	$ 162,350,000
Number of Capesize newbuildings delivered | vessel		3
Number of Newcastlemax newbuildings delivered | vessel		2
Repayment of long-term debt	$ 4,700,000	$ 22,219,000	$ 33,216,000
Repayments of debt		4,200,000
Amortization of purchase price adjustment		4,600,000
Deferred charges		6,100,000
Debt restructuring fees		900,000
Amortization of debt issuance costs		700,000
Term Loan Facility of $425 Million
Debt Instrument [Line Items]
Debt face amount		425,000,000		$ 425,000,000
Floating Rate Debt
Debt Instrument [Line Items]
Repayment of long-term debt		$ 17,500,000
Seller's credit
Debt Instrument [Line Items]
Number of facilities in breach of covenants | loan_facility		2

DEBT - Loan Amendments (Details

DEBT - Loan Amendments (Details)	1 Months Ended	3 Months Ended	6 Months Ended
	Feb. 29, 2016USD ($)vessel	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)
Debt Instrument [Line Items]
Minimum value covenant	100.00%
Minimum value increase, option one	125.00%
Minimum value increase, option two	135.00%
Average basis spread on variable rate	2.30%
Repayment deferral period	4.25%
Free projected cash anticipated, loan amendment			$ 25,000,000
Percentage of debt guaranteed for joint venture			50.00%
Proceeds from issuance or sale of equity	$ 200,000,000
Net proceeds from share issuance	205,400,000	$ 205,400,000	$ 205,354,000	$ 0
Proceeds from the issuance of private placement, gross	208,000,000	208,000,000
Payment of stock issuance costs	2,600,000	$ 2,600,000
Deferral of loan repayments	113,900,000
Term Loan Facility of $420 Million
Debt Instrument [Line Items]
Debt face amount	420,000,000
Term Loan Facility of $425 Million
Debt Instrument [Line Items]
Debt face amount	$ 425,000,000		425,000,000
Number of vessels remaining to be financed | vessel	9
Proceeds from issuance of debt	$ 25,000,000
Term Loan Facility of $33.93 Million
Debt Instrument [Line Items]
Debt face amount	33,930,000
Term Loan Facility of $82.5 Million
Debt Instrument [Line Items]
Debt face amount	82,500,000
Term Loan Facility of $284 Million
Debt Instrument [Line Items]
Debt face amount	$ 284,000,000
Senior Secured Term Loan Facility Of $22 Million | Golden Opus Inc.
Debt Instrument [Line Items]
Debt face amount			$ 22,000,000
Percentage of debt guaranteed for joint venture			50.00%

DEBT - US Dollar Dominated Fixe

DEBT - US Dollar Dominated Fixed Rate Debt (Details) - Convertible Debt - USD ($)	Jun. 30, 2016	Feb. 23, 2016	Feb. 22, 2016
Debt Instrument [Line Items]
Stated interest rate	3.07%
Debt face amount	$ 200,000,000
Debt instrument conversion price (in dollars per share)		$ 17.63	$ 19.93

DEBT - Schedule of Debt Maturit

DEBT - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Debt Disclosure [Abstract]
2016 (remaining six months)	$ 0
2,017	0
2,018	84,452
2,019	485,759
2,020	373,339
Thereafter	142,918
Total debt	1,086,468
Amortization of purchase price adjustment and deferred charges	(33,653)
Total debt	$ 1,052,815	$ 928,496

DEBT - Assets Pledged (Details)

DEBT - Assets Pledged (Details) $ in Thousands	Jun. 30, 2016USD ($)vessel	Dec. 31, 2015USD ($)vessel
Debt Disclosure [Abstract]
Number of vessels serving as security | vessel	45	40
Vessels and equipment, net | $	$ 1,764,813	$ 1,488,205

DERIVATIVE INSTRUMENTS PAYABL61

DERIVATIVE INSTRUMENTS PAYABLE AND RECEIVABLE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Derivative [Line Items]
Derivative asset, fair value	$ 826		$ 1,641
Derivative liability, fair value	20,602		5,400
Interest expense	20,352	$ 12,863
Loss on derivatives	17,821	495
Interest Rate Swap
Derivative [Line Items]
Derivative asset, fair value	0		1,641
Derivative liability, fair value	18,959		1,879
Interest expense	991	686
Unrealized (gain) loss on derivatives	18,721	88
Currency Swap
Derivative [Line Items]
Derivative asset, fair value	826		0
Derivative liability, fair value	0		183
Unrealized (gain) loss on derivatives	(974)	0
(Gain) loss on sale of derivatives	(35)	0
Forward Freight Agreements
Derivative [Line Items]
(Gain) loss on sale of derivatives	38	0
Bunker derivatives
Derivative [Line Items]
Derivative liability, fair value	1,643		$ 3,338
Unrealized (gain) loss on derivatives	(1,544)	(167)
(Gain) loss on sale of derivatives	$ 624	$ (112)

SHARE CAPITAL - Additional Info

SHARE CAPITAL - Additional Information (Details) NOK / shares in Units, $ / shares in Units, NOK in Millions	Aug. 01, 2016$ / sharesshares	Aug. 31, 2016	Feb. 29, 2016USD ($)shares	Feb. 29, 2016NOKNOK / sharesshares	Mar. 31, 2016USD ($)	Jun. 30, 2016USD ($)$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 16, 2016$ / sharesshares	Oct. 24, 2016$ / shares	Sep. 26, 2016shares	Sep. 23, 2016USD ($)$ / sharesshares	Sep. 22, 2016USD ($)$ / sharesshares	Jul. 31, 2016$ / sharesshares	Feb. 22, 2016USD ($)$ / sharesshares	Dec. 31, 2015$ / sharesshares	Dec. 31, 2014shares
Class of Stock [Line Items]
Common stock, value, authorized | $														$ 6,000,000
Common stock authorized (in shares)														600,000,000
Common stock, par value (in dollars per share) | $ / shares						$ 0.05								$ 0.01	$ 0.05
Net proceeds from share issuance | $			$ 205,400,000		$ 205,400,000	$ 205,354,000	$ 0
Proceeds from the issuance of private placement, gross | $			208,000,000		208,000,000
Payment of stock issuance costs | $			$ 2,600,000		$ 2,600,000
Number of outstanding common shares (in shares)						105,948,238									34,535,127
Common Stock
Class of Stock [Line Items]
Shares issued						357,053,291	92,554,087
Number of outstanding common shares (in shares)						529,728,928	172,675,637								172,675,637	80,121,550
Common Stock | Private Placement
Class of Stock [Line Items]
Shares issued			343,684,000	343,684,000
Share price (in USD per share) | NOK / shares				NOK 5
Proceeds from sale of equity			$ 200,000,000	NOK 1,700
Share trading restriction period			6 months	6 months
Common Stock | Subsequent Offering
Class of Stock [Line Items]
Common stock authorized (in shares)				34,368,400
Shares issued			13,369,291	13,369,291
Share price (in USD per share) | NOK / shares				NOK 5
Proceeds from sale of equity			$ 20,000,000	NOK 171.8
Subsequent Event
Class of Stock [Line Items]
Common stock, value, authorized | $											$ 7,500,000	$ 6,000,000
Common stock authorized (in shares)											150,000,000	120,000,000
Common stock, par value (in dollars per share) | $ / shares	$ 0.05							$ 0.05	$ 0.05		$ 0.05	$ 0.05	$ 0.01
Number of outstanding common shares (in shares)	105,945,238							105,965,192		105,945,238			529,728,928
Reverse share split, conversion ratio	0.2	0.2
Scenario, Previously Reported
Class of Stock [Line Items]
Number of outstanding common shares (in shares)						529,728,928									172,675,637

RELATED PARTY TRANSACTIONS - Sh

RELATED PARTY TRANSACTIONS - Ship Finance International Limited (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2016USD ($)vessel$ / d	Jun. 30, 2015USD ($)	Dec. 31, 2015vessel$ / d	Dec. 31, 2013vessel
Related Party Transaction [Line Items]
Charter hire expenses		$ 26,920,000	$ 5,348,000
United Freight Carriers LLC
Related Party Transaction [Line Items]
Ownership		50.00%			50.00%
Ship Finance International Limited
Related Party Transaction [Line Items]
Charter hire expense		$ 15,400,000	0
Number of vessels sold and leased back | vessel	8	8
Charter hire expenses		$ 12,100,000
Ship Finance International Limited | Dry Bulk Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel		14		12
Commercial management fee revenue (in dollars per day) | $ / d		125		125
Ship Finance International Limited | Container Carriers
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel		9		11
Commercial management fee revenue (in dollars per day) | $ / d		75		65
Ship Finance International Limited | United Freight Carriers LLC
Related Party Transaction [Line Items]
Number of vessels under capital lease | vessel				4	5
Contingent rental expenses		$ 1,500,000	$ 0
Ship Finance International Limited | Prepaid Charter Hire Expenses [Member]
Related Party Transaction [Line Items]
Prepaid charter hire expense		$ 3,300,000

RELATED PARTY TRANSACTIONS - Se

RELATED PARTY TRANSACTIONS - Seatankers Management Co, United Freight Carriers, Capesize Chartering (Details)	6 Months Ended
	Jun. 30, 2016USD ($)vessel$ / d	Jun. 30, 2015USD ($)$ / d	Dec. 31, 2015vessel
Related Party Transaction [Line Items]
Pool earnings	$ 300,000	$ 0
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Revenue from related parties	474,000	42,000
United Freight Carriers LLC
Related Party Transaction [Line Items]
Revenue from related parties	150,000	$ 0
Capesize Chartering
Related Party Transaction [Line Items]
Receivables from related parties	$ 600,000
Dry Bulk Carriers | Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Number of vessels under commercial managment | vessel	21		21
Commercial management fee revenue (in dollars per day) | $ / d	125	125
Management And Administration | United Freight Carriers LLC
Related Party Transaction [Line Items]
Revenue from related parties	$ 200,000	$ 0
Golden Opus Inc. | Capesize Chartering
Related Party Transaction [Line Items]
Receivables from related parties	100,000
Seatankers Management Co., Ltd | Capesize Chartering
Related Party Transaction [Line Items]
Receivables from related parties	$ 100,000

RELATED PARTY TRANSACTIONS - Ma

RELATED PARTY TRANSACTIONS - Management Agreements (Details)	6 Months Ended
	Jun. 30, 2016USD ($)vessel$ / vessel	Jun. 30, 2015$ / vessel	Dec. 31, 2015vessel
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Management Fee to be Paid Per Annum | $ / vessel	31,875	31,500
Seateam
Related Party Transaction [Line Items]
Number of vessels under ship management | vessel	15		14
Frontline Ltd
Related Party Transaction [Line Items]
Quarterly management fee expenses | $	$ 115,000

RELATED PARTY TRANSACTIONS - Su

RELATED PARTY TRANSACTIONS - Summary of Net Amounts Charged by/to Related Parties (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
ICB Shipping (Bermuda) Ltd
Related Party Transaction [Line Items]
Amounts due to related parties	$ 0	$ 579
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Amounts due to related parties	3,765	6,005
The Former Golden Ocean
Related Party Transaction [Line Items]
Amounts due to related parties	0	134
Ship Finance International Limited
Related Party Transaction [Line Items]
Amounts due to related parties	15,372	0
Amounts due from related parties	404	164
Seateam
Related Party Transaction [Line Items]
Amounts due to related parties	954	711
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Amounts due to related parties	171	0
Amounts due from related parties	474	42
Capesize Chartering
Related Party Transaction [Line Items]
Amounts due to related parties	35	0
United Freight Carriers LLC
Related Party Transaction [Line Items]
Amounts due from related parties	150	0
ADS Kristiansand
Related Party Transaction [Line Items]
Amounts due from related parties	$ 15	$ 0

RELATED PARTY TRANSACTIONS - 67

RELATED PARTY TRANSACTIONS - Summary of Balances Owed from/to Related Parties (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Jun. 30, 2015
Related Party Transaction [Line Items]
Related party receivables	$ 2,099	$ 8,451
Related party payables	1,596	4,101
Frontline Management (Bermuda) Ltd
Related Party Transaction [Line Items]
Related party payables	0	3,924
Frontline Ltd
Related Party Transaction [Line Items]
Related party receivables	0	4,455
Related party payables	1,310	176
Ship Finance International Limited
Related Party Transaction [Line Items]
Related party receivables	259	36
United Freight Carriers LLC
Related Party Transaction [Line Items]
Related party receivables	522	2
Seateam
Related Party Transaction [Line Items]
Related party payables	0	1
Seatankers Management Co., Ltd
Related Party Transaction [Line Items]
Related party receivables	688	1,139
Related party payables	274	0
Golden Opus Inc.
Related Party Transaction [Line Items]
Related party receivables	51	2,534
Capesize Chartering
Related Party Transaction [Line Items]
Related party receivables	579	0
Related party payables	12	0
Management
Related Party Transaction [Line Items]
Related party receivables	$ 0	$ 285

FINANCIAL ASSETS AND LIABILIT68

FINANCIAL ASSETS AND LIABILITIES - Interest Rate Risk Management (Details)	12 Months Ended
	Dec. 31, 2015swaps	Jun. 30, 2016USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of interest rate swaps assumed upon merger	4
Number of interest rate swaps entered into	3
Principal amount | $		$ 400,000,000

FINANCIAL ASSETS AND LIABILIT69

FINANCIAL ASSETS AND LIABILITIES - Forward Freight Agreements (Details) € in Millions, $ in Millions	Jun. 30, 2016EUR (€)contract	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Number of forward freight agreement contracts outstanding | contract	1	1
Derivative [Line Items]
Derivative, notional amount | €	€ 66.9
Forward Freight Agreements
Derivative [Line Items]
Derivative, notional amount | $		$ 1.1	$ 2.3

FINANCIAL ASSETS AND LIABILIT70

FINANCIAL ASSETS AND LIABILITIES - Bunker Derivatives (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016EUR (€)contract	Jun. 30, 2016USD ($)contract	Dec. 31, 2015USD ($)contract
Derivative [Line Items]
Derivative, notional amount | €	€ 66.9
Number of bunker derivatives contracts outstanding	10	10	10
Number of bunker derivatives contracts entered into	7
Number of bunker derivatives contracts matured	7
Bunker derivatives [Member]
Derivative [Line Items]
Derivative, notional amount | $		$ 7.5	$ 7.6

FINANCIAL ASSETS AND LIABILIT71

FINANCIAL ASSETS AND LIABILITIES - Foreign Currency Risk (Details) € in Millions, $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)swaps	Jun. 30, 2016EUR (€)contract	Dec. 31, 2015contract
Derivative [Line Items]
Number of foreign currency swap contracts outstanding | contract		12	24
Number of foreign currency swaps maturing during the period | swaps	6
Proceeds from sale of derivative instruments	$ 75
Derivative, notional amount | €		€ 66.9
USD/EUR Deposit Swap Contract [Member]
Derivative [Line Items]
Derivative, term of contract	91 days
Unrealized foreign exchange loss	$ 0.7
Foreign exchange mark to market gain	$ 0.8

FINANCIAL ASSETS AND LIABILIT72

FINANCIAL ASSETS AND LIABILITIES - Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Liabilities
Discount rate of expected future cash flows		7.00%
Fair Value
Assets
Cash and cash equivalents	$ 210,773	$ 102,617
Restricted cash	69,908	48,872
Fair Value | Floating
Liabilities
Long-term debt	886,467	761,739
Fair Value | Convertible Debt
Liabilities
Long-term debt	120,000	165,500
Fair Value | Sellers Credit
Liabilities
Long-term debt	0	4,739
Carrying Value
Assets
Cash and cash equivalents	210,773	102,617
Restricted cash	69,908	48,872
Carrying Value | Floating
Liabilities
Long-term debt	886,467	761,739
Carrying Value | Convertible Debt
Liabilities
Long-term debt	172,399	167,815
Carrying Value | Sellers Credit
Liabilities
Long-term debt	0	4,739
Fair Value, Measurements, Recurring
Assets
Cash and cash equivalents	210,773	102,617
Restricted cash	69,908	48,872
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1
Assets
Cash and cash equivalents	210,773	102,617
Restricted cash	69,908	48,872
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3
Assets
Cash and cash equivalents	0	0
Restricted cash	0	0
Fair Value, Measurements, Recurring | Floating
Liabilities
Long-term debt	886,467	761,739
Fair Value, Measurements, Recurring | Floating | Fair Value, Inputs, Level 1
Liabilities
Long-term debt	0	0
Fair Value, Measurements, Recurring | Floating | Fair Value, Inputs, Level 2
Liabilities
Long-term debt	886,467	761,739
Fair Value, Measurements, Recurring | Floating | Fair Value, Inputs, Level 3
Liabilities
Long-term debt	0	0
Fair Value, Measurements, Recurring | Convertible Debt
Liabilities
Long-term debt	120,000	165,500
Fair Value, Measurements, Recurring | Convertible Debt | Fair Value, Inputs, Level 1
Liabilities
Long-term debt	0	0
Fair Value, Measurements, Recurring | Convertible Debt | Fair Value, Inputs, Level 2
Liabilities
Long-term debt	120,000	165,500
Fair Value, Measurements, Recurring | Convertible Debt | Fair Value, Inputs, Level 3
Liabilities
Long-term debt	$ 0	0
Fair Value, Measurements, Recurring | Sellers Credit
Liabilities
Long-term debt		4,739
Fair Value, Measurements, Recurring | Sellers Credit | Fair Value, Inputs, Level 1
Liabilities
Long-term debt		0
Fair Value, Measurements, Recurring | Sellers Credit | Fair Value, Inputs, Level 2
Liabilities
Long-term debt		0
Fair Value, Measurements, Recurring | Sellers Credit | Fair Value, Inputs, Level 3
Liabilities
Long-term debt		$ 4,739

COMMITMENTS AND CONTINGENCIES73

COMMITMENTS AND CONTINGENCIES (Details)	3 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2015vessel	Jun. 30, 2016USD ($)vessel	Dec. 31, 2017vessel	Dec. 31, 2016vessel	Dec. 31, 2006USD ($)	Dec. 31, 2015USD ($)
Unrecorded Unconditional Purchase Obligation [Line Items]
Lease term					10 years
Sellers credit, total value					$ 2,700,000
Purchase option net of sellers credit, exercised by the lessor		$ 12,200,000
Percentage of joint venture debt guaranteed		50.00%
Sale Leaseback Transaction, Lease Term		10 years
Number of newbuildings under construction | vessel		12
Newbuilding commitments		$ 367,300,000
Claims for damages against charterers		2,400,000
2016 (six months to December 31)		22,080,000
2,017		34,857,000
2,018		34,397,000
2,019		34,397,000
2,020		34,488,000
Thereafter		200,404,000
Total		$ 360,623,000
Scenario, Forecast
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels expected to be delivered | vessel			6	6
Ship Finance International Ltd
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels sold and leased back | vessel	8	8
Sale Leaseback Transaction, Lease Term	10 years
Ship Finance International Ltd | KSL China, Battersea, Belgravia, Golden Future, Golden Zhejiang, Golden Zhoushan, Golden Beijing and Golden Magnum
Unrecorded Unconditional Purchase Obligation [Line Items]
Purchase option, vessels		$ 112,000,000
Charter term, extension		3 years
Daily charter rate, extension		$ 14,900
Golden Opus Inc.
Unrecorded Unconditional Purchase Obligation [Line Items]
Joint venture obligation, amount outstanding		$ 17,900,000				$ 18,300,000
Golden Lydernhorn
Unrecorded Unconditional Purchase Obligation [Line Items]
Number of vessels sold, owned prior to the merger with the Former Golden Ocean | vessel		1
Newbuilding purchase commitments
Unrecorded Unconditional Purchase Obligation [Line Items]
Expected newbuilding payments in 2016		$ 168,000,000
Expected newbuilding payments in 2017		199,300,000
Golden Opus Inc.
Unrecorded Unconditional Purchase Obligation [Line Items]
Maximum potential liability under Joint and Several Liability Arrangement		$ 8,950,000				$ 9,150,000

POOL REVENUES (Details)

POOL REVENUES (Details) - USD ($)	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Pool earnings	$ 300,000	$ 0

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details)

Nov. 11, 2016$ / sharesshares

Oct. 24, 2016$ / sharesshares

Oct. 17, 2016USD ($)

Aug. 01, 2016USD ($)$ / sharesshares

Sep. 30, 2016USD ($)

Aug. 31, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 16, 2016USD ($)$ / sharesshares

Nov. 30, 2016vessel

Sep. 26, 2016shares

Sep. 23, 2016USD ($)$ / sharesshares

Sep. 22, 2016USD ($)$ / sharesshares

Jul. 31, 2016$ / sharesshares

Jun. 30, 2016USD ($)$ / sharesshares

Feb. 23, 2016$ / shares

Feb. 22, 2016USD ($)$ / sharesshares

Dec. 31, 2015USD ($)$ / sharesshares

Subsequent Event [Line Items]

Common stock, par value (in dollars per share) | $ / shares

$ 0.05

$ 0.01

$ 0.05

Number of outstanding common shares (in shares) | shares

105,948,238

34,535,127

Common stock authorized (in shares) | shares

600,000,000

Common stock, value, authorized

$ 6,000,000

Share capital

$ 5,297,000

$ 1,727,000

Subsequent Event

Subsequent Event [Line Items]

Reverse share split, conversion ratio

0.2

0.2

Common stock, par value (in dollars per share) | $ / shares

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.05

$ 0.01

Number of outstanding common shares (in shares) | shares

105,945,238

105,965,192

105,945,238

529,728,928

Common stock authorized (in shares) | shares

150,000,000

120,000,000

Common stock, value, authorized

$ 7,500,000

$ 6,000,000

Proceeds from sale of vessel

$ 3,500,000

Share capital

$ 5,298,260

Number of newbuildings with postponed delivery | vessel

2

Subsequent Event | Management

Subsequent Event [Line Items]

Shares issued | shares

700,000

Award term

5 years

Vesting period

3 years

Exercise prices (in dollars per share) | $ / shares

$ 4.20

Golden Leo | Subsequent Event

Subsequent Event [Line Items]

Newbuilding installments

$ 15,700,000

Front Mediterranean | Subsequent Event

Subsequent Event [Line Items]

Net sales price

$ 46,200,000

Front Mediterranean | Subsequent Event | Scenario, Forecast

Subsequent Event [Line Items]

Proceeds from sale of vessel

$ 12,700,000

Gain on sale of newbuilding

$ 100,000

Convertible Debt

Subsequent Event [Line Items]

Debt face amount

$ 200,000,000

Debt instrument conversion price (in dollars per share) | $ / shares

$ 17.63

$ 19.93

Convertible Debt | Subsequent Event

Subsequent Event [Line Items]

Debt face amount

$ 200,000,000

Debt instrument conversion price (in dollars per share) | $ / shares

$ 88.15

$ 17.63

Equity Incentive Plan 2010 [Member] | Subsequent Event

Subsequent Event [Line Items]

Common shares issued | shares

19,954