SFL (SFL) 6-K 8 Sep 15 2015 Q2 Current report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Ship Finance International LTD
Entity Central Index Key	1,289,877
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	6-K
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Operating revenues
Direct financing lease interest income - related parties	$ 19,504	$ 23,164	$ 45,363
Finance lease service revenues - related parties	20,001	23,530	46,488
Profit sharing revenues from related parties	21,009	14,290	33,756
Time charter revenues - related parties	5,181	4,846	10,039
Time charter revenues - other	64,504	37,045	83,013
Bareboat charter revenues - related parties	6,198	9,071	16,364
Bareboat charter revenues - other	28,399	24,539	53,407
Voyage charter revenues - other	14,692	16,866	34,608
Other operating income	2,626	2,305	4,449
Total operating revenues	182,114	155,656	327,487
(Loss)/gain on sale of assets and termination of charters, net	(114)	15,197	23,931
Operating expenses
Vessel operating expenses - related parties	21,223	24,807	49,170
Vessel operating expenses - other	32,248	32,935	70,300
Depreciation	36,301	31,661	67,393
Vessel Impairment Charge	29,161	0	11,800
Administrative expenses - related parties	542	495	965
Administrative expenses - other	3,605	3,523	6,644
Total operating expenses	123,080	93,421	206,272
Net operating income	58,920	77,432	145,146
Non-operating income / (expense)
Interest income - related parties, long term loans to associated companies	9,338	11,866	24,464
Interest income – related parties, other	6,347	1,868	4,029
Interest income - other	4,620	7,652	11,958
Interest expense - other	(35,687)	(42,573)	(86,081)
Gain/(loss) on repurchase of bonds	438	(21)	(21)
Gain on sale of investment in associated company	0	0	6,055
Other financial items, net	39,979	(7,151)	(16,232)
Net income before equity in earnings of associated companies	83,955	49,073	89,318
Equity in earnings of associated companies	17,098	14,019	33,497
Net income	$ 101,053	$ 63,092	$ 122,815
Per share information:
Basic earnings per share	$ 1.08	$ 0.68	$ 1.32
Diluted earnings per share	$ 0.94	$ 0.64	$ 1.24

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 101,053	$ 63,092	$ 122,815
Fair value adjustments to hedging financial instruments	23,167	(8,996)	(351)
Fair value adjustments to hedging financial instruments in associated companies	(481)	(913)	(5)
Reclassification into net income of previous fair value adjustments to hedging financial instruments	173	5,196	(4,504)
Fair value adjustments to available for sale securities	(1,206)	(346)	(8,355)
Fair value adjustments to other financial instruments in associated companies	(28)	0	0
Other comprehensive (loss)/income	(44)	3	(179)
Other comprehensive income/(loss), net of tax	21,581	(5,056)	(13,394)
Comprehensive income	$ 122,634	$ 58,036	$ 109,421

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 61,571	$ 50,818
Available for sale securities	48,416	73,656
Trade accounts receivable	2,693	3,253
Due from related parties	62,667	152,491
Other receivables	11,517	10,488
Inventories	6,120	6,927
Prepaid expenses and accrued income	4,525	5,075
Investment in direct financing leases, current portion	38,165	37,517
Total current assets	235,674	340,225
Vessels and equipment, net	1,314,039	1,377,133
Newbuildings and vessel purchase deposits	43,425	87,567
Investment in direct financing leases, long-term portion	541,373	709,014
Investment in associated companies	220,196	53,457
Loans to related parties - associated companies, long-term	300,773	346,031
Long-term receivables from related parties	78,817	79,294
Other long-term assets	10,914	8,581
Deferred charges	33,847	36,958
Financial instruments (long-term): at fair value	3,947	3,294
Total assets	2,783,005	3,041,554
Current liabilities
Short-term debt and current portion of long-term debt	202,896	182,415
Trade accounts payable	1,611	2,432
Due to related parties	484	1,109
Accrued expenses	13,662	18,190
Financial instruments (short-term): at fair value	0	517
Other current liabilities	5,313	9,092
Total current liabilities	223,966	213,755
Long-term liabilities
Long-term debt	1,258,816	1,550,044
Financial instruments (long-term): at fair value	87,283	106,679
Other long-term liabilities	13,510	17,584
Total liabilities	$ 1,583,575	$ 1,888,062
Commitments and contingent liabilities
Stockholders' equity
Share capital ($1 par value; 125,000,000 shares authorized; 93,468,000 and 93,404,000 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively)	$ 93,468	$ 93,404
Additional paid-in capital	285,859	285,248
Contributed surplus	588,133	586,089
Accumulated other comprehensive loss	(26,150)	(48,240)
Accumulated other comprehensive loss – associated companies	(2,793)	(2,284)
Retained earnings	260,913	239,275
Total stockholders' equity	1,199,430	1,153,492
Total liabilities and stockholders' equity	$ 2,783,005	$ 3,041,554

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Stockholders' equity
Share capital, par value (in dollars per share)	$ 1	$ 1
Share Capital, shares authorized	125,000,000	125,000,000
Share Capital, shares issued	93,468,000	93,404,000
Share Capital, shares outstanding	93,468,000	93,404,000	93,359,000	93,260,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Operating activities
Net income	$ 101,053	$ 63,092	$ 122,815
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	36,301	31,661	67,393
Vessel Impairment Charge	29,161	0	11,800
Amortization of deferred charges	6,037	5,424	11,271
Amortization of seller's credit	(959)	(957)	(1,903)
Equity in earnings of associated companies	(17,098)	(14,019)	(33,497)
Loss/(gain) on sale of assets and termination of charters	114	(15,197)	(23,931)
Gain on sale of investment in associated company	0	0	(6,055)
Gain on redemption of Horizon loan notes and warrants	(44,552)	0	0
Adjustment of derivatives to fair value recognized in net income	1,184	2,705	7,699
(Gain)/loss on repurchase of bonds	(438)	21	21
Interest receivable in form of notes	(2,182)	(1,532)	(3,197)
Other, net	(827)	(1,960)	(458)
Changes in operating assets and liabilities
Trade accounts receivable	560	2,241	5,109
Due from related parties	9,020	(4,650)	(20,634)
Other receivables	(1,884)	(5,444)	(9,418)
Inventories	(3,593)	1,051	(320)
Prepaid expenses and accrued income	550	355	(1,104)
Trade accounts payable	(822)	(2,442)	(1,095)
Accrued expenses	(4,220)	(791)	4,358
Other current liabilities	(3,778)	(2,481)	3,547
Net cash provided by operating activities	103,627	57,077	132,401
Investing activities
Repayments from investments in direct financing leases	18,502	21,921	43,120
Additions to newbuildings	(129,210)	(84,239)	(202,333)
Purchase of vessels	(1,740)	(122,870)	(192,864)
(Payments)/proceeds from sale of vessels and termination of charters	(2,003)	90,746	199,429
Proceeds from sale of investment in associated company	111,095	0	0
Net amounts (paid to)/ received from associated companies	15,211	44,402	88,585
Proceeds from repayment of investment loan	0	(50,000)	(50,000)
Proceeds from redemption of Horizon loan notes and warrants	71,681	0	0
(Purchase)/redemption of available for sale securities	(4,898)	16,064	(7,877)
Net cash (used in)/generated by investing activities	78,638	16,024	(21,940)
Financing activities
Shares issued, net of issuance costs	675	463	927
Payments in lieu of issuing shares for exercised share options	0	(1,196)	(1,196)
Repurchase of bonds	(5,079)	(75,262)	(75,262)
Proceeds from issuance of long-term debt	130,366	397,332	733,632
Repayments of long-term debt	(215,062)	(325,783)	(616,783)
Debt fees paid	(2,997)	(2,254)	(7,460)
Cash dividends paid	(79,415)	(75,562)	(152,142)
Net cash used in financing activities	(171,512)	(82,262)	(118,284)
Net change in cash and cash equivalents	10,753	(9,161)	(7,823)
Cash and cash equivalents at start of the period	50,818	58,641	58,641
Cash and cash equivalents at end of the period	61,571	49,480	50,818
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 34,707	$ 39,952	$ 82,524

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Contributed Surplus [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated other comprehensive loss associated companies [Member]	Retained Earnings [Member]
Balance, at beginning of year at Dec. 31, 2013	$ 994,768	$ 93,260	$ 285,632	$ 581,569	$ (34,851)	$ (2,279)	$ 268,602
Balance, at beginning of year (in shares) at Dec. 31, 2013	93,260,000	93,260,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	99,000	99,000
Shares issued	$ 463	$ 99	364
Payments in lieu of issuing shares for exercised share options	(1,196)		(1,196)
Amortization of stock based compensation	29		29
Amortization of deferred equity contributions	2,319			2,319
Loss on hedging financial instruments reclassified into earnings	5,196				5,196
Fair value adjustments to hedging financial instruments	(9,909)				(8,996)	(913)
Fair value adjustments to available for sale securities	(346)				(346)
Fair value adjustments to other financial instruments	0					0
Other comprehensive (loss)/income	3				3
Net income	63,092						63,092
Dividends declared	(75,562)						(75,562)
Balance, at end of year at Jun. 30, 2014	$ 1,176,022	$ 93,359	284,829	583,888	(38,994)	(3,192)	256,132
Balance, at end of year (in shares) at Jun. 30, 2014	93,359,000	93,359,000
Balance, at beginning of year at Dec. 31, 2013	$ 994,768	$ 93,260	285,632	581,569	(34,851)	(2,279)	268,602
Balance, at beginning of year (in shares) at Dec. 31, 2013	93,260,000	93,260,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	144,000	144,000
Shares issued	$ 927	$ 144	783
Payments in lieu of issuing shares for exercised share options	(1,196)		(1,196)
Amortization of stock based compensation	29		29
Amortization of deferred equity contributions	4,520			4,520
Loss on hedging financial instruments reclassified into earnings	(4,504)				(4,504)
Fair value adjustments to hedging financial instruments	(356)				(351)	(5)
Fair value adjustments to available for sale securities	(8,355)				(8,355)
Fair value adjustments to other financial instruments	0					0
Other comprehensive (loss)/income	(179)				(179)
Net income	122,815						122,815
Dividends declared	(152,142)						(152,142)
Balance, at end of year at Dec. 31, 2014	$ 1,153,492	$ 93,404	285,248	586,089	(48,240)	(2,284)	239,275
Balance, at end of year (in shares) at Dec. 31, 2014	93,404,000	93,404,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	64,000	64,000
Shares issued	$ 675	$ 64	611
Payments in lieu of issuing shares for exercised share options	0		0
Amortization of stock based compensation	0		0
Amortization of deferred equity contributions	2,044			2,044
Loss on hedging financial instruments reclassified into earnings	173				173
Fair value adjustments to hedging financial instruments	22,686				23,167	(481)
Fair value adjustments to available for sale securities	(1,206)				(1,206)
Fair value adjustments to other financial instruments	(28)					(28)
Other comprehensive (loss)/income	(44)				(44)
Net income	101,053						101,053
Dividends declared	(79,415)						(79,415)
Balance, at end of year at Jun. 30, 2015	$ 1,199,430	$ 93,468	$ 285,859	$ 588,133	$ (26,150)	$ (2,793)	$ 260,913
Balance, at end of year (in shares) at Jun. 30, 2015	93,468,000	93,468,000

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2015
INTERIM FINANCIAL DATA [Abstract]
INTERIM FINANCIAL DATA	INTERIM FINANCIAL DATA The unaudited condensed interim financial statements of Ship Finance International Limited (“Ship Finance” 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 in order to make the interim financial statements not misleading, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying unaudited condensed interim financial statements should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2014 . The results of operations for the interim period ended June 30, 2015 are not necessarily indicative of the results for the entire year ending December 31, 2015 . Basis of accounting The condensed consolidated financial statements are prepared in accordance with US GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Ship Finance is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation. The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2014 . Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” to replace existing revenue recognition guidance and is intended to improve and converge the requirements for revenue from contracts with customers under US GAAP and International Financial Reporting Standards (“IFRS”). ASU 2014-09 is intended to remove inconsistencies and provide a more robust framework for addressing revenue issues. Initially, ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. Subsequently, in August 2015, the FASB issued ASU 2015-14 deferring the effective date of ASU 2014-09 by one year, however, early adoption as of the original effective date will be permitted. The Company is currently evaluating the impact that the adoption of ASU 2014-09 will have on its consolidated financial position, results of operations and cash flows. In November 2014, the FASB issued ASU 2014-16 “Derivatives and Hedging” in order to standardize the determination of whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. ASU 2014-16 requires that all terms and features of the hybrid instrument, including the embedded derivative feature itself, must be taken into account when establishing separate accounting for the embedded derivative. ASU 2014-16 is effective for fiscal years and interim periods beginning on or after December 15, 2015. The Company is currently assessing the impact of ASU 2014-16 on its consolidated financial position, results of operations and cash flows. In February 2015, the FASB issued ASU 2015-02 “Consolidation: Amendments to the Consolidation Analysis” in order to clarify the basis for consolidation of certain legal entities. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. ASU 2015-02 is effective for public business entities for fiscal years and interim periods beginning on or after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-02 on its consolidated financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for public entities with reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company believes that the implementation of this update will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying balance sheets.

GAIN ON SALE OF ASSETS AND TERM

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	6 Months Ended
	Jun. 30, 2015
Gain (Loss) on Disposition of Assets [Abstract]
GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS In January 2015, the indirect limited performance guarantee provided by Ship Finance International Limited in respect of the $210.0 million secured term loan facility relating to five container vessels became exhausted (see Note 9: Short-Term and Long-Term Debt). In February 2015, the Company signed an agreement with the lenders under the loan facility whereby ownership of the vessels together with associated working capital was transferred to unrelated third parties, and Ship Finance International Limited and its subsidiaries ceased to have any further interest in the vessels or obligations under the loan facility. In the period ended June 30, 2015 , an aggregate loss of $114,000 was recorded on disposal of the vessels. An impairment charge of $11.8 million had been recorded against the carrying value of these vessels in the fourth quarter of 2014.

OTHER FINANCIAL ITEMS, NET OTHE

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET	6 Months Ended
	Jun. 30, 2015
Other Financial Items [Abstract]
OTHER FINANCIAL ITEMS, NET	OTHER FINANCIAL ITEMS, NET Other financial items comprise the following items: Six months ended Year ended June 30, December 31, (in thousands of $) 2015 2014 2014 Fair value gain/(loss) of non-designated derivatives, net (1,243 ) (2,682 ) (7,636 ) Net cash payments on non-designated derivatives (2,833 ) (3,451 ) (7,196 ) Fair value gain/(loss) of designated derivatives (ineffective portion) 59 (23 ) (63 ) Gain on sale of loan notes and share warrants 44,552 — — Other items (556 ) (995 ) (1,337 ) Other financial items, net 39,979 (7,151 ) (16,232 ) The net movement in the fair values of non-designated derivatives and net cash payments thereon relate to non-designated, terminated or de-designated interest rate swaps and cross currency interest rate swaps. The net movement in the fair values of designated derivatives relates to the ineffective portion of interest rate swaps and cross currency interest rate swaps that have been designated as cash flow hedges. Changes in the fair values of the effective portion of interest rate swaps that are designated as cash flow hedges are reported under “Other comprehensive income”. The above net decrease in valuation of non-designated derivatives in the six months ended June 30, 2015 , includes $173,000 reclassified from “Other comprehensive income”, as a result of certain interest rate swaps relating to loan facilities no longer being designated as cash flow hedges (six months ended June 30, 2014 : $5.2 million reclassified from “Other comprehensive income”; year ended December 31, 2014 : $4.5 million reclassified to “Other comprehensive income”). In May 2015, the Company sold its holding of loan notes in Horizon Lines, LLC and share warrants in Horizon Lines, Inc. for total net cash proceeds of approximately $71.7 million . These unlisted second lien interest-bearing loan notes and share warrants were received as compensation on termination of charters to Horizon Lines, LLC in April 2012. At the time of disposal, the notes had a carrying value of approximately $25.9 million ( December 31, 2014 : $23.7 million ) and the warrants had a carrying value of approximately $1.2 million ( December 31, 2014 : $1.2 million ), resulting in a gain of $44.6 million on disposal. Other items include bank charges, fees relating to loan facilities and foreign currency translation adjustments.

AVAILABLE FOR SALE SECURITIES

AVAILABLE FOR SALE SECURITIES	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
AVAILABLE FOR SALE SECURITIES	AVAILABLE FOR SALE SECURITIES Marketable securities held by the Company are debt securities considered to be available-for-sale securities. (in thousands of $) June 30, 2015 December 31, 2014 Amortized cost 56,709 80,743 Accumulated net unrealized loss (8,293 ) (7,087 ) Carrying value 48,416 73,656 The Company's investment in marketable securities consists of investments in secured notes. The net unrealized accumulated loss on available-for-sale securities included in other comprehensive income as at June 30, 2015 was $8.3 million ( December 31, 2014 : $7.1 million ). The above available for sale securities consist of listed and unlisted corporate bonds with a total carrying value of $48.4 million ( December 31, 2014 : $49.9 million ) and unlisted second lien interest-bearing loan notes with carrying value $ nil ( December 31, 2014 : $23.7 million ). The second lien loan notes were issued by Horizon Lines, LLC as part of compensation received on termination of charters in April 2012 and were redeemed on May 29, 2015 (see Note 3: Other Financial Items). The total face value of the second lien loan notes at December 31, 2014 was $59.4 million .

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) June 30, 2015 December 31, 2014 Cost 1,595,800 1,715,510 Accumulated depreciation (281,761 ) (338,377 ) Vessels and equipment, net 1,314,039 1,377,133 During the six month period ended June 30, 2015 , the Company took delivery of two 8,700 twenty-foot equivalent units (“TEU”) newbuilding container vessels at an aggregate cost of $173.2 million , and disposed of five container vessels with carrying values totaling $172.5 million . During the six month period ended June 30, 2015 , the Company recorded an impairment charge of $29.2 million against the carrying value of two container vessels.

NEWBUILDINGS

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2015
NEWBUILDINGS [Abstract]
NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS	NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS In January 2015, the Company took delivery of two 8,700 TEU newbuilding container vessels, which were under construction at December 31, 2014 . In June 2015, the Company agreed to acquire three 9,300-9,500 TEU newbuilding container vessels from an unrelated third party. The vessels, which are currently under construction, are expected to be delivered between the fourth quarter 2015 and second quarter 2016. The Company has made deposit payments totaling $43.4 million in respect of these three vessels.

INVESTMENTS IN DIRECT FINANCING

INVESTMENTS IN DIRECT FINANCING LEASES	6 Months Ended
	Jun. 30, 2015
Net Investment in Direct Financing and Sales Type Leases [Abstract]
INVESTMENTS IN DIRECT FINANCING LEASES	INVESTMENTS IN DIRECT FINANCING LEASES As at June 30, 2015 , the Company had 12 VLCCs and five Suezmax tankers on charter to Frontline Shipping Limited (“Frontline Shipping”) on long-term, fixed rate time charters which extend for various periods depending on the age of the vessels, ranging from approximately three to 12 years. Frontline Shipping is a subsidiary of Frontline Ltd. (“Frontline”), a related party, and the terms of the charters do not provide them with an option to terminate the charters before the end of their terms. One of the Company’s offshore supply vessels is chartered on a long-term bareboat charter to DESS Cyprus Limited, a wholly-owned subsidiary of Deep Sea Supply Plc., a related party. Another of the Company's offshore supply vessels is chartered on a long term bareboat charter to Deep Sea Supply Shipowning II B.V., a wholly owned subsidiary of Deep Sea Supply BTG B.V., which is a joint venture owned 50% by Deep Sea Supply Plc. and 50% by BTG Pactual Oil & Gas Empreendimentos e Particapacoes S.A., or BTG Pactual. We refer to Deep Sea Supply Plc. and Deep Sea Supply BTG B.V. together as “Deep Sea”. The terms of the charters provide the charterer with various call options to acquire the vessels at certain dates throughout the charters, which expire in 2020. The above assets ( 19 vessels) of the Company are accounted for as direct financing leases, all of which are leased to related parties. The following lists the components of the investments in direct financing leases as at June 30, 2015 . (in thousands of $) June 30, 2015 December 31, 2014 Total minimum lease payments to be received 950,931 1,174,327 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (429,307 ) (330,056 ) Net minimum lease payments receivable 521,624 844,271 Estimated residual values of leased property (un-guaranteed) 239,002 239,002 Less : unearned income (181,088 ) (243,419 ) 579,538 839,854 Less : deferred deemed equity contribution — (86,585 ) Less : unamortized gains — (6,738 ) Total investment in direct financing and sales-type leases 579,538 746,531 Current portion 38,165 37,517 Long-term portion 541,373 709,014 579,538 746,531 On June 5, 2015, amendments were made to the charter agreements with Frontline Shipping and Frontline Shipping II Limited, which relate to 12 VLCCs and five Suezmax tankers accounted for as direct financing leases. The amendments, which are presented in more detail in Note 14: Related Party Transactions, resulted in a reduction in minimum lease payments to be received and an increase in executory costs from July 1, 2015, onwards. These amendments, together with the $150.2 million fair value of Frontline shares received as compensation, are reflected in the above position as at June 30, 2015. Under the provisions of ASC Topic 840 “Leases”, the modifications to the lease agreements do not constitute new leases. In the course of re-stating the amended leases, it was concluded that the amortization of the deferred deemed equity contribution and other gains is no longer appropriate, and these items are now incorporated into the revised lease schedules.

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2015
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
INVESTMENT IN ASSOCIATED COMPANIES	INVESTMENT IN ASSOCIATED COMPANIES The Company has certain wholly-owned subsidiaries which are accounted for using the equity method, as it has been determined under ASC 810 that they are variable interest entities in which Ship Finance is not the primary beneficiary. In addition, the Company received 55 million shares in Frontline on June 5, 2015 (see Note 7 and Note 14), which following receipt was determined to be an associated company. Frontline is listed on the New York Stock Exchange and reports its operating results on a quarterly basis. At June 30, 2015 , June 30, 2014 and December 31, 2014 , the Company has the following participation in investments that are recorded using the equity method: June 30, 2015 June 30, 2014 December 31, 2014 SFL West Polaris Limited (“SFL West Polaris”) — % 100.00 % — % SFL Deepwater Ltd (“SFL Deepwater”) 100.00 % 100.00 % 100.00 % Bluelot Shipping Company Limited (“Bluelot”) — % — % — % SFL Corte Real Limited (“Corte Real”) — % — % — % SFL Hercules Ltd (“SFL Hercules”) 100.00 % 100.00 % 100.00 % SFL Linus Ltd (“SFL Linus”) 100.00 % 100.00 % 100.00 % Frontline 27.73 % — % — % Summarized balance sheet information of the Company’s wholly-owned equity method investees is as follows: As of June 30, 2015 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Current assets 116,319 — — — 32,386 37,882 46,051 Non-current assets 1,269,854 — — — 382,503 380,073 507,278 Total assets 1,386,173 — — — 414,889 417,955 553,329 Current liabilities 135,282 — — — 25,197 28,580 81,505 Non-current liabilities 1,182,100 — — — 353,902 374,148 454,050 Total Liabilities 1,317,382 — — — 379,099 402,728 535,555 Total stockholders’ equity 68,791 — — — 35,790 15,227 17,774 As of December 31, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Current assets 127,268 — — — 44,297 38,619 44,352 Non-current assets 1,324,765 — — — 397,191 397,226 530,348 Total assets 1,452,033 — — — 441,488 435,845 574,700 Current liabilities 122,861 — — — 38,376 32,945 51,540 Non-current liabilities 1,275,715 — — — 371,147 391,500 513,068 Total Liabilities 1,398,576 — — — 409,523 424,445 564,608 Total stockholders’ equity 53,457 — — — 31,965 11,400 10,092 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2015 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 41,929 — — — 11,335 11,768 18,826 Net operating revenues 41,923 — — — 11,333 11,766 18,824 Net income 15,815 — — — 3,825 3,827 8,163 Six months ended June 30, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 52,653 1,171 2,492 11,151 12,936 12,686 12,217 Net operating revenues 49,601 232 431 11,136 12,924 12,672 12,206 Net income 14,019 232 431 2,005 4,239 4,077 3,035 Year ended December 31, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 108,632 1,171 2,492 22,251 24,917 24,565 33,236 Net operating revenues 105,567 232 431 22,234 24,905 24,544 33,221 Net income 33,497 232 431 4,643 8,023 7,755 12,413 At June 30, 2015, the carrying value of the Company's investment in Frontline was $151.4 million and its share of the net income of Frontline since receipt of the shares on June 5, 2015 amounted to $1.3 million . As at June 30, 2015, the quoted value of the Company's investment in Frontline was $134.2 million . SFL West Polaris was a 100% owned subsidiary of Ship Finance, incorporated in 2008 for the purpose of holding an ultra deepwater drillship and leasing that vessel to Seadrill Polaris Ltd. ("Seadrill Polaris"), fully guaranteed by its parent company Seadrill Limited (“Seadrill”), a related party. The vessel was chartered on a bareboat basis and the terms of the charter provided the charterer with various call options to acquire the vessel at certain dates throughout the charter. In addition, SFL West Polaris had a put option to sell the vessel to Seadrill Polaris at a fixed price at the end of the charter, which expired in 2023. Because the main asset of SFL West Polaris was the subject of a lease which included both fixed price call options and a fixed price put option, it was determined that this subsidiary of Ship Finance was a variable interest entity in which Ship Finance was not the primary beneficiary. In December 2014, the parent company of the charterer advised the Company of its intention to exercise a purchase option, and the transaction was effected on December 30, 2014 as a sale of SFL West Polaris. The Company recorded a gain of $6.1 million on the sale, which was recorded as “Gain on sale of investment in associated company”. In December 2012, SFL West Polaris entered into a $420 million five year term loan and revolving credit facility, which was used in January 2013 to refinance the previous facility established in 2008. Although SFL West Polaris was no longer one of its subsidiaries, the Company guaranteed $88.0 million of this debt until June 19, 2015, when the guarantee obligation was released. SFL Deepwater is a 100% owned subsidiary of Ship Finance, incorporated in 2008 for the purpose of holding two ultra-deepwater drilling rigs and leasing those rigs to Seadrill Deepwater Charterer Ltd. (“Seadrill Deepwater”) and Seadrill Offshore AS (“Seadrill Offshore”), two wholly-owned subsidiaries of Seadrill whose performances under the leasing arrangements are fully guaranteed by Seadrill. In June 2013, one of the rigs, West Hercules , was transferred from SFL Deepwater to SFL Hercules, also a 100% owned subsidiary of Ship Finance, at the carrying value of the investment in finance lease. The remaining rig, West Taurus , is chartered on a bareboat basis and the terms of the charter provide Seadrill Deepwater with various call options to acquire the rig at certain dates throughout the charter. In addition, there is an obligation for the charterer to purchase the rig at a fixed price at the end of the charter, which expires in 2023. Because the main asset of SFL Deepwater is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. In October 2013, SFL Deepwater entered into a $390.0 million five year term loan and revolving credit facility, which was used in November 2013 to refinance the outstanding balance under the previous facility entered into in September 2008, and for general corporate purposes. At June 30, 2015 , the balance outstanding under the new facility was $282.4 million . The Company guaranteed $85.0 million of this debt at June 30, 2015 . SFL Hercules is a 100% owned subsidiary of Ship Finance which was incorporated in January 2012 for the purpose of holding the ultra-deepwater drilling rig West Hercules and leasing that rig to Seadrill Offshore, fully guaranteed by its parent company Seadrill. The rig was transferred, together with the corresponding lease, to SFL Hercules from SFL Deepwater in June 2013. The terms of the charter provide the charterer with various call options to acquire the vessel at certain dates throughout the charter. In addition, there is an obligation for the charterer to purchase the rig at a fixed price at the end of the charter, which expires in 2023. Because the main asset of SFL Hercules is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. In May 2013, SFL Hercules entered into a $375 million secured term loan and revolving credit facility with a syndicate of banks to partly fund its acquisition of the rig from SFL Deepwater. The facility was drawn in June 2013 and at June 30, 2015 , the balance outstanding under this facility was $320.0 million . The Company guaranteed $80.0 million of this debt at June 30, 2015 . SFL Linus is a 100% owned subsidiary of Ship Finance, acquired from North Atlantic Drilling Ltd (“NADL”), a related party, in 2013. SFL Linus held a newbuilding harsh environment jack-up drilling rig which upon delivery in February 2014 was leased to North Atlantic Linus Charterer Ltd. (“North Atlantic Charterer”), fully guaranteed by its parent company NADL. The vessel is chartered on a bareboat basis and the terms of the charter provide the charterer with various call options to acquire the vessel at certain dates throughout the charter. In addition, SFL Linus has a put option to sell the vessel to North Atlantic Charterer at a fixed price at the end of the charter, which expires in 2029. Because the main asset of SFL Linus is the subject of a lease which includes both fixed price call options and a fixed price put option, it has been determined that this subsidiary of Ship Finance is a variable interest entity in which Ship Finance is not the primary beneficiary. In October 2013, SFL Linus entered into a $475 million five year term loan and revolving credit facility to partly finance the acquisition of the rig. The facility was drawn when the rig was delivered to SFL Linus and the charter commenced in February 2014. At June 30, 2015 , the balance outstanding under this facility was $377.5 million , and in addition $50.0 million was available to draw under the revolving part of the facility. The Company guaranteed $90.0 million of the debt at June 30, 2015 . In February 2015, amendments were made to the lease, whereby Seadrill replaced NADL as lease guarantor. Bluelot and Corte Real are 100% owned subsidiaries of Ship Finance, each incorporated in 2010 for the purpose of leasing in a 13,800 TEU container vessel on a bareboat charter basis, and leasing out the vessel on a time-charter basis to CMA CGM S.A. (“CMA CGM”). In November and December 2013, CMA CGM exercised its options to acquire the two vessel-owning entities, and the charter agreements were terminated in January and March 2014, respectively. The business activities of Bluelot and Corte Real were discontinued upon the re-delivery of their respective vessels to CMA CGM, since when they have been fully consolidated. SFL Deepwater, SFL Hercules and SFL Linus have loan facilities for which Ship Finance provides limited guarantees, as indicated above. These loan facilities contain financial covenants, with which both Ship Finance and Seadrill must comply. As at June 30, 2015 , Ship Finance and Seadrill were in compliance with all of the covenants under these long-term debt facilities.

SHORT-TERM AND LONG-TERM DEBT

SHORT-TERM AND LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2015
Long-term Debt, by Current and Noncurrent [Abstract]
SHORT-TERM AND LONG-TERM DEBT	SHORT-TERM AND LONG-TERM DEBT (in thousands of $) June 30, 2015 December 31, 2014 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 125,000 125,000 NOK600 million senior unsecured floating rate bonds due 2017 72,025 76,487 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 NOK900 million senior unsecured floating rate bonds due 2019 109,121 119,277 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 805,566 1,061,695 1,461,712 1,732,459 Less : Current portion of long-term debt (202,896 ) (182,415 ) 1,258,816 1,550,044 The outstanding debt as of June 30, 2015 is repayable as follows: (in thousands of $) Year ending December 31 2015 (remaining six months) 40,351 2016 200,110 2017 178,335 2018 444,325 2019 270,189 Thereafter 328,402 Total debt 1,461,712 The weighted average interest rate for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) was 4.54% per annum at June 30, 2015 ( December 31, 2014 : 4.98% ). This rate takes into consideration the effect of related interest rate swaps. At June 30, 2015 , the three month US Dollar London Interbank Offered Rate, or LIBOR, was 0.283% ( December 31, 2014 : 0.256% ) and the Norwegian Interbank Offered Rate, or NIBOR, was 1.33% ( December 31, 2014 : 1.48% ). 3.75% senior unsecured convertible bonds due 2016 On February 10, 2011, the Company issued a senior unsecured convertible bond loan totaling $125.0 million . Interest on the bonds is fixed at 3.75% per annum and is payable in cash semi-annually in arrears on February 10 and August 10. The bonds are convertible into Ship Finance International Limited common shares at any time up to 10 banking days prior to February 10, 2016 . The conversion price at the time of issue was $27.05 per share, representing a 35% premium to the share price at the time. Since then, dividend distributions have reduced the conversion price to $17.53 . The Company has the right to call the bonds after March 3, 2014, if the value of the shares underlying each bond exceeds, for a specified period of time, 130% of the principal amount of the bond. NOK600 million senior unsecured bonds due 2017 On October 19, 2012, the Company issued a senior unsecured bond loan totaling NOK 600 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on October 19, 2017 . The bonds may, in their entirety, be redeemed at the Company's option from April 19, 2017 , upon giving bondholders at least 30 business days notice and paying 100.5% of par value plus accrued interest. Since their issue, the Company has purchased bonds with principal amounts totaling NOK43.0 million , of which NOK8.0 million have subsequently been sold. The Company holds bonds purchased as treasury bonds. The net amount outstanding at June 30, 2015 , was NOK565.0 million , equivalent to $72.0 million ( December 31, 2014 : NOK572 million , equivalent to $76.5 million ). 3.25% senior unsecured convertible bonds due 2018 On January 30, 2013, the Company issued a senior unsecured convertible bond loan totaling $350.0 million . Interest on the bonds is fixed at 3.25% per annum and is payable in cash quarterly in arrears on February 1, May 1, August 1 and November 1. The bonds are convertible into Ship Finance International Limited common shares at any time up to 10 banking days prior to February 1, 2018 . The conversion price at the time of issue was $21.945 per share, representing a 33% premium to the share price at the time. Since then, dividend distributions have reduced the conversion price to $17.7043 . In conjunction with the bond issue, the Company loaned up to 6,060,606 of its common shares to an affiliate of one of the underwriters of the issue, in order to assist investors in the bonds to hedge their position. The shares that were lent by the Company were borrowed from Hemen Holding Ltd., the largest shareholder of the Company, for a one-time loan fee of $1.0 million . As required by ASC 470-20 “Debt with conversion and other options”, the Company calculated the equity component of the convertible bond taking into account both the fair value of the conversion option and the fair value of the share lending arrangement. The equity component was valued at $20.7 million in 2013 and this amount was recorded as “Additional paid-in capital”, with a corresponding adjustment to “Deferred charges” which are amortized to “Interest expense” over the appropriate period. The amortization of this item amounted to $2.1 million for the six months ended June 30, 2015 . NOK900 million senior unsecured bonds due 2019 On March 19, 2014, the Company issued a senior unsecured bond loan totaling NOK900 million in the Norwegian credit market. The bonds bear quarterly interest at NIBOR plus a margin and are redeemable in full on March 19, 2019 . The bonds may, in their entirety, be redeemed at the Company's option from September 19, 2018 , upon giving bondholders at least 30 business days notice and paying 100.5% of par value plus accrued interest. Subsequent to their issue, the Company has purchased bonds with principal amounts totaling NOK44.0 million at June 30, 2015 , which are being held as treasury bonds. The net amount outstanding at June 30, 2015 , was NOK856 million , equivalent to $109.1 million ( December 31, 2014 : NOK892 million , equivalent to $119.3 million ). $210 million secured term loan facility In April 2006, five wholly-owned subsidiaries of the Company entered into a $210.0 million secured term loan facility with a syndicate of banks to partly fund the acquisition of five new container vessels. The terms of the loan were initially linked to long-term charters of the vessels, and the Company did not provide a corporate guarantee for the facility. In April 2012, the long-term charters were terminated and the terms of the loan agreement were amended. Although the facility continued without recourse to the Company, as part of the amended agreement the Company guaranteed that revenues received by the vessel-owning subsidiaries would achieve certain minimum levels for each vessel. In January 2015, this indirect limited performance guarantee became exhausted and in February 2015 the Company signed an agreement with the lenders under the facility whereby ownership of the vessels together with associated working capital was transferred to unrelated third parties, and Ship Finance International Limited and its subsidiaries have no future interest in the vessels or obligations under the loan facility. Accordingly, the amount outstanding at June 30, 2015 , was $ nil ( December 31, 2014 : $171.4 million ). $30 million secured revolving credit facility In February 2008, a wholly-owned subsidiary of the Company entered into a $30.0 million secured revolving credit facility with a bank. The proceeds of the facility were used to partly fund the acquisition of a 1,700 TEU container vessel, which also served as security for this facility. The facility, which was fully prepaid and canceled in January 2015, bore interest at LIBOR plus a margin and had a term of seven years. The amount outstanding at June 30, 2015 , was $ nil ( December 31, 2014 : $3.0 million ). $49 million secured term loan and revolving credit facility In March 2008, two wholly-owned subsidiaries of the Company entered into a $49.0 million secured term loan and revolving credit facility with a bank. The proceeds of the facility were used to partly fund the acquisition of two newbuilding chemical tankers, which also serve as security for this facility. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of ten years. At June 30, 2015 , the available amount under the revolving part of the facility was $3.9 million . The net amount outstanding at June 30, 2015 , was $18.7 million ( December 31, 2014 : $28.0 million ). $43 million secured term loan facility In February 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of approximately five years. The facility is secured against a Suezmax tanker. In November 2014, the terms of the loan were amended and restated, and the facility now matures in November 2019. The net amount outstanding at June 30, 2015 , was $27.7 million ( December 31, 2014 : $29.1 million ). $725 million secured term loan and revolving credit facility In March 2010, the Company entered into a $725.0 million secured term loan and revolving credit facility with a syndicate of banks, secured by 26 vessels chartered to subsidiaries of Frontline. Twelve of these vessels have since been sold and at December 31, 2014 , the facility was secured against the remaining 14 vessels. The facility, which was fully prepaid and canceled in February 2015, bore interest at LIBOR plus a margin and was repayable over a term of five years. The amount outstanding at June 30, 2015 , was $ nil ( December 31, 2014 : $71.5 million ). $43 million secured term loan facility In March 2010, a wholly-owned subsidiary of the Company entered into a $42.6 million secured term loan facility with a bank, bearing interest at LIBOR plus a margin and with a term of five years. The facility is secured against a Suezmax tanker. In March 2015, the terms of the loan were amended and restated, and the facility now matures in March 2020. The net amount outstanding at June 30, 2015 , was $27.7 million ( December 31, 2014 : $29.1 million ). $54 million secured term loan facility In November 2010, two wholly-owned subsidiaries of the Company entered into a $53.7 million secured term loan facility with a bank, secured by two Supramax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of eight years. The net amount outstanding at June 30, 2015 , was $36.1 million ( December 31, 2014 : $38.0 million ). $95 million secured term loan and revolving credit facility In February 2011, a wholly-owned subsidiary of the Company entered into a $95.0 million secured term loan and revolving credit facility with a bank, secured by a jack-up drilling rig. The facility bears interest at LIBOR plus a margin and has a term of seven years. At June 30, 2015 , the available amount under the revolving part of the facility was $25.0 million . The net amount outstanding at June 30, 2015 , was $27.5 million ( December 31, 2014 : $57.5 million ). $75 million secured term loan facility In March 2011, three wholly-owned subsidiaries of the Company entered into a $75.4 million secured term loan facility with a bank, secured by three Supramax dry bulk carriers. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately eight years. The net amount outstanding at June 30, 2015 , was $53.7 million ( December 31, 2014 : $56.6 million ). $171 million secured term loan facility In May 2011, eight wholly-owned subsidiaries of the Company entered into a $171.0 million secured loan facility with a syndicate of banks. The facility is supported by China Export & Credit Insurance Corporation, or SINOSURE, which provides an insurance policy in favor of the banks for part of the outstanding loan. The facility is secured by a 1,700 TEU container vessel, and seven Handysize dry bulk carriers. The facility bears interest at LIBOR plus a margin and has a term of approximately ten years from delivery of each vessel. The net amount outstanding at June 30, 2015 , was $128.2 million ( December 31, 2014 : $134.2 million ). $167 million secured term loan and revolving credit facility In July 2011, five wholly-owned subsidiaries entered into a $166.8 million secured term loan and revolving credit facility agreement with a syndicate of banks, secured against five VLCCs chartered to subsidiaries of Frontline. Two of the VLCCs were sold in 2013 and at December 31, 2014 the facility was secured against the three remaining VLCCs. The facility, which was fully prepaid and canceled in June 2015, bore interest at LIBOR plus a margin and was repayable over a term of six years. The amount outstanding at June 30, 2015 , was $ nil ( December 31, 2014 : $72.2 million ). $53 million secured term loan facility In November 2012, two wholly-owned subsidiaries of the Company entered into a $53.2 million secured term loan facility with a bank, secured against two car carriers. The facility bears interest at LIBOR plus a margin and has a term of approximately five years. The net amount outstanding at June 30, 2015 was $42.1 million ( December 31, 2014 : $44.3 million ). $45 million secured term loan facility and revolving credit facility In June 2014, seven wholly-owned subsidiaries of the Company entered into a $ 45.0 million secured term loan and revolving credit facility with a bank, secured against seven 4,100 TEU container vessels acquired in the year ended December 31, 2014 . The facility bears interest at LIBOR plus a margin and has a term of five years. At June 30, 2015 , the available amount under the revolving part of the facility was fully drawn. The net amount outstanding at June 30, 2015 , was $45.0 million ( December 31, 2014 : $45.0 million ). $101 million secured term loan facility In August 2014, six wholly-owned subsidiaries of the Company entered into a $101.4 million secured term loan facility with a syndicate of banks, secured against six offshore supply vessels. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of five years. The net amount outstanding at June 30, 2015 , was $93.3 million ( December 31, 2014 : $98.7 million ). $20 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $20.0 million secured term loan facility with a bank, secured against two 5,800 TEU container vessels acquired in the year ended December 31, 2014 . The facility bears interest at LIBOR plus a margin and has a term of five years . The net amount outstanding at June 30, 2015 , was $20.0 million ( December 31, 2014 : $20.0 million ). $128 million secured term loan facility In September 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, for the post-delivery financing of two 8,700 TEU newbuilding container vessels. The vessels were delivered from the shipyard in the year ended December 31, 2014 . The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years . The net amount outstanding at June 30, 2015 , was $122.2 million ( December 31, 2014 : $126.4 million ). $128 million secured term loan facility In November 2014, two wholly-owned subsidiaries of the Company entered into a $127.5 million secured term loan facility with a bank, for the post-delivery financing of two 8,700 TEU newbuilding container vessels. The vessels were delivered from the shipyard in January 2015. The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years . The net amount outstanding at June 30, 2015 , was $125.4 million ( December 31, 2014 : $ nil ). $39 million secured term loan facility In December 2014, two wholly-owned subsidiaries of the Company entered into a $39.0 million secured term loan facility with a bank, secured against two Kamsarmax dry bulk carriers acquired in the year ended December 31, 2014 . The Company has provided a limited corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of approximately eight years. The net amount outstanding at June 30, 2015 , was $35.2 million ( December 31, 2014 : $36.4 million ). $250 million secured revolving credit facility In June 2015, 17 wholly-owned subsidiaries of the Company entered into a $250.0 million secured revolving credit facility with a syndicate of banks, secured against 17 tankers chartered to Frontline Shipping. The facility bears interest at LIBOR plus a margin and has a term of three years. At June 30, 2015 , the facility had not been utilized and the net amount outstanding was $ nil ( December 31, 2014 : $ nil ). At June 30, 2015 , the available amount under the facility was $250.0 million . The aggregate book value of assets pledged as security against borrowings at June 30, 2015 , was $1,826 million ( December 31, 2014 : $2,062 million ). Agreements related to long-term debt provide limitations on the amount of total borrowings and secured debt, and acceleration of payment under certain circumstances, including failure to satisfy certain financial covenants. As of June 30, 2015 , the Company is in compliance with all of the covenants under its long-term debt facilities. The $101.4 million secured term loan facility entered into in August 2014 contains certain financial covenants on Deep Sea Supply Plc. and Deep Sea Supply BTG B.V. As at June 30, 2015 , Deep Sea Supply Plc. and Deep Sea Supply BTG B.V. were in compliance with all covenants under the loan agreement.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates and exchange rates. The Company has a portfolio of swaps which swap floating rate interest to fixed rate, and which also fix the Norwegian kroner to US dollar exchange rate applicable to the interest payable and principal repayment on the NOK denominated bonds due 2017 and 2019. From a financial perspective, these swaps hedge interest rate and exchange rate exposure. The counterparties to such contracts are DNB Bank, Nordea Bank Finland Plc, ABN AMRO Bank N.V., NIBC Bank N.V., Skandinaviska Enskilda Banken AB (publ), ING Bank N.V., Danske Bank A/S and Swedbank AB (publ). Credit risk exists to the extent that the counterparties are unable to perform under the contracts, but this risk is considered remote as the counterparties are all banks which have provided the Company with loans to which the swaps relate. The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated: (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments - long-term assets: Interest rate swaps 917 710 Non-designated derivative instruments - long-term assets: Interest rate swaps 3,030 2,584 Total derivative instruments - long-term assets 3,947 3,294 (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments -short-term liabilities: Interest rate swaps — 292 Non-designated derivative instruments -short-term liabilities: Interest rate swaps — 225 Total derivative instruments - short-term liabilities — 517 (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments - long-term liabilities: Interest rate swaps 9,854 40,058 Cross currency interest rate swaps 71,976 63,083 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 1,398 1,565 Cross currency interest rate swaps 4,055 1,973 Total derivative instruments - long-term liabilities 87,283 106,679 Interest rate risk management The Company manages its debt portfolio with interest rate swap agreements denominated in U.S. dollars and Norwegian kroner to achieve an overall desired position of fixed and floating interest rates. At June 30, 2015 , the Company and its consolidated subsidiaries had entered into interest rate swap transactions, involving the payment of fixed rates in exchange for LIBOR or NIBOR, as summarized below. The summary includes all swap transactions, most of which are hedges against specific loans. Notional Principal (in thousands of $) Inception date Maturity date Fixed interest rate $33,004 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $36,094 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $53,704 (reducing to $34,044) May 2011 January 2019 0.80% - 2.58% $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $164,067 (reducing to $79,733) May 2012 August 2022 1.76% - 1.85% $105,436 (equivalent to NOK600 million) October 2012 October 2017 5.92% - 6.23% * $42,117 (reducing to $32,142) February 2013 December 2017 0.81% - 0.82% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $151,008 (equivalent to NOK900 million) March 2014 March 2019 6.03% * $108,375 (reducing to $70,125) December 2016 December 2021 1.86% - 3.33% $110,500 (reducing to $70,125) January 2017 January 2022 1.56% - 3.09% * These swaps relate to the NOK 600 million and NOK 900 million senior unsecured bonds due 2017 and 2019 respectively, and the fixed interest rates paid are exchanged for the NIBOR plus the margin on the bonds. For the remaining swaps the fixed interest rate paid is exchanged for LIBOR, excluding margin on the underlying loans. The interest rate swaps with a notional principal of $108.4 million have an inception date of December 2016, and the interest rate swaps with a notional principal of $110.5 million have an inception date of January 2017. The total notional principal amount subject to swap agreements as at June 30, 2015 , excluding those with inception dates in the future, was $785.4 million ( December 31, 2014 : $1,094.1 million ). Foreign currency risk management The Company has entered into currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK 600 million senior unsecured bonds due 2017 and NOK 900 million senior unsecured bonds due 2019. Principal Receivable Principal Payable Inception date Maturity date NOK600 million $ 105.4 million October 2012 October 2017 NOK900 million $ 151.0 million March 2014 March 2019 Apart from the NOK 600 million and NOK 900 million senior unsecured bonds due 2017 and 2019, respectively, the majority of the Company’s transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. Other than the corresponding currency swap transactions summarized above, the Company has not entered into forward contracts for either transaction or translation risk. Accordingly, there is a risk that currency fluctuations could have an adverse effect on the Company’s cash flows, financial condition and results of operations. Fair Values The carrying value and estimated fair value of the Company’s financial assets and liabilities at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 June 30, 2015 December 31, 2014 December 31, 2014 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 48,416 48,416 73,656 73,656 Floating rate NOK bonds due 2017 72,025 73,166 76,487 75,210 Floating rate NOK bonds due 2019 109,121 106,314 119,277 108,542 3.75% unsecured convertible bonds due 2016 125,000 129,855 125,000 124,375 3.25% unsecured convertible bonds due 2018 350,000 376,950 350,000 335,563 Derivatives: Interest rate/ currency swap contracts - long-term receivables 3,947 3,947 3,294 3,294 Interest rate/ currency swap contracts - short-term payables — — 517 517 Interest rate/ currency swap contracts - long-term payables 87,283 87,283 106,679 106,679 The above long-term receivables relating to interest rate/ currency swap contracts at June 30, 2015 , include $3.0 million which relates to non-designated swap contracts ( December 31, 2014 : $2.6 million ), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency swap contracts at June 30, 2015 , include $ nil which relates to non-designated swap contracts ( December 31, 2014 : $0.2 million ), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency swap contracts at June 30, 2015 , include $5.5 million which relates to non-designated swap contracts ( December 31, 2014 : $3.5 million ), with the balance relating to designated hedges. In accordance with the accounting policy relating to interest rate and currency swaps described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2014 , where the Company has designated the swap as a hedge, and to the extent that the hedge is effective, changes in the fair values of interest rate swaps are recognized in other comprehensive income. Changes in the fair value of other swaps and the ineffective portion of swaps designated as hedges are recognized in the Consolidated Statement of Operations. The above fair values of financial assets and liabilities as at June 30, 2015 , were measured as follows: Fair value measurements using (in thousands of $) June 30, 2015 Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities 48,416 48,416 — Interest rate/ currency swap contracts - long-term receivables 3,947 3,947 Total assets 52,363 48,416 3,947 — Liabilities: Floating rate NOK bonds due 2017 73,166 73,166 Floating rate NOK bonds due 2019 106,314 106,314 3.75% unsecured convertible bonds due 2016 129,855 129,855 3.25% unsecured convertible bonds due 2018 376,950 376,950 Interest rate/ currency swap contracts - long-term payables 87,283 87,283 Total liabilities 773,568 686,285 87,283 — Fair value is measured in accordance with FASB ASC Topic 820 “Fair Value Measurement and Disclosures”. ASC 820 establishes a fair value hierarchy as follows: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Observable market based inputs other than quoted prices or unobservable inputs that are corroborated by market data. Level 3 - Unobservable inputs for assets or liabilities that are not corroborated by market data. Listed available-for-sale securities are recorded at fair value, being their market value as at the balance sheet date. The estimated fair values for the floating rate NOK denominated bonds due 2017 and 2019, and the unsecured 3.75% and 3.25% convertible bonds due 2016 and 2018 respectively, are all based on their quoted market prices as at the balance sheet date. The fair value of interest rate and currency swap contracts is calculated using a well-established independent valuation technique applied to contracted cash flows and LIBOR/NIBOR interest rates as at June 30, 2015 . Concentrations of risk There is a concentration of credit risk with respect to cash and cash equivalents to the extent that most of the amounts are carried with Skandinaviska Enskilda Banken, ABN AMRO, Nordea, DNB and Credit Agricole Corporate and Investment Bank. However, the Company believes this risk is remote. Since the Company was spun-off from Frontline in 2004, Frontline has accounted for a significant proportion of our operating revenues. In the six months ended June 30, 2015 , Frontline accounted for approximately 32% of our consolidated operating revenues ( six months ended June 30, 2014 : 38% ; year ended December 31, 2014 : 37% ). There is thus a concentration of revenue risk with Frontline.

SHARE CAPITAL, ADDITIONAL PAID-

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	SHARE CAPITAL ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2015 December 31, 2014 125,000,000 common shares of $1.00 par value each 125,000 125,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2015 December 31, 2014 93,468,000 common shares of $1.00 par value each (December 31, 2014: 93,404,000 shares) 93,468 93,404 The Company’s common shares are listed on the New York Stock Exchange. During the six months ended June 30, 2015 , the Company issued a total of 64,000 shares in order to satisfy options exercised by two employees and three officers. The weighted average exercise price of the options was $10.55 per share, resulting in a premium on issue of $0.6 million . The Company has accounted for the acquisition of vessels from Frontline at Frontline’s historical carrying value. The difference between the historical carrying values and the net investment in the leases has been recorded as a deferred deemed equity contribution, which is presented as a reduction in net investment in direct financing leases in the balance sheet. This accounting treatment arises from the related party nature of both the initial transfer of the vessels and the subsequent leases. The deferred deemed equity contribution is amortized to contributed surplus over the life of the lease arrangements, as lease payments are applied to the principal balance of the lease receivable. In the six months ended June 30, 2015 , the Company has credited contributed surplus with $2.0 million of such deemed equity contributions (year ended December 31, 2014 : $4.5 million ). On June 5, 2015, the charter agreements with the subsidiaries of Frontline were amended with effect from July 1, 2015 (see Note 14: Related Party Transactions), following which the unamortized deferred deemed equity contributions have been incorporated into the lease schedules and no further amounts will be credited to contributed surplus.

SHARE OPTION PLAN

SHARE OPTION PLAN	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN No options were granted in the six months ended June 30, 2015 . As of June 30, 2015 , the unrecognized compensation cost relating to non-vested options granted under the Company's Option Scheme was $ nil ( December 31, 2014 : $ nil ).

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding during the period. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. The components of the numerator for the calculation of basic and diluted EPS are as follows: Six months ended June 30, Year ended December 31, (in thousands of $) 2015 2014 2014 Basic: Net income available to stockholders 101,053 63,092 122,815 Diluted: Net income available to stockholders 101,053 63,092 122,815 Interest expense on convertible bonds 11,203 11,203 22,431 112,256 74,295 145,246 The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended June 30, Year ended December 31, (in thousands) 2015 2014 2014 Basic earnings per share: Weighted average number of common shares outstanding 93,432 93,277 93,331 Diluted earnings per share: Weighted average number of common shares outstanding 93,432 93,277 93,331 Effect of dilutive share options 18 58 84 Effect of dilutive convertible debt 25,535 23,333 23,332 118,985 116,668 116,747

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company, which was formed in 2003 as a wholly-owned subsidiary of Frontline, was partially spun-off in 2004 and its shares commenced trading on the New York Stock Exchange in June 2004. A significant proportion of the Company’s business continues to be transacted with related parties. The Company has transactions with the following related parties, being companies in which our principal shareholders Hemen Holding Ltd. and Farahead Investment Inc. (hereafter jointly referred to as “Hemen”) and companies associated with Hemen have, or had, a significant direct or indirect interest: • Frontline • Frontline Shipping and Frontline Shipping II Limited (collectively “Frontline Charterers”) • Frontline 2012 Ltd. (“Frontline 2012”) • Seadrill • NADL • Golden Ocean Group Limited (“Golden Ocean”) • Deep Sea • Golar LNG Limited (“Golar”) • United Freight Carriers LLC (“UFC”) • Arcadia Petroleum Limited (“Arcadia”) From September 2014, Golar ceased to be a related party to the Company following disassociation through the sale of shares held by a company associated with Hemen. The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding direct financing lease balances (See Note 7: Investment in Direct Financing Leases). (in thousands of $) June 30, 2015 December 31, 2014 Amounts due from: Frontline Charterers 17,816 30,714 Frontline 13,021 9,012 Frontline 2012 230 — UFC 1,088 232 Deep Sea 41 1,338 Seadrill 424 111,195 SFL Linus 30,047 — Total amount due from related parties 62,667 152,491 Loans to related parties - associated companies, long-term SFL Deepwater 94,124 100,036 SFL Hercules 81,649 135,250 SFL Linus 125,000 110,745 Total loans to related parties - associated companies, long-term 300,773 346,031 Long-term receivables from related parties Frontline 78,817 79,294 Total long-term receivables from related parties 78,817 79,294 Amounts due to: Frontline Charterers 196 196 Frontline Management 95 848 Frontline 2012 — 65 Golden Ocean 193 — Other related parties — — Total amount due to related parties 484 1,109 SFL Deepwater, SFL Hercules and SFL Linus are wholly-owned subsidiaries which are not fully consolidated but are accounted for under the equity method as at June 30, 2015 within the financial statements (see Note 8: Investment In Associated Companies). As described below in “Related party loans”, at June 30, 2015 the long-term loans from Ship Finance to SFL Deepwater, SFL Hercules and SFL Linus, are presented net of their respective current accounts to the extent that it is an amount due to the associates. Related party leasing and service contracts As at June 30, 2015 , 17 of the Company’s vessels which were leased to the Frontline Charterers ( December 31, 2014 : 17 ) and two of its offshore supply vessels which were leased to subsidiaries of Deep Sea ( December 31, 2014 : two ) have been recorded as direct financing leases. In addition, included under operating leases at June 30, 2015 , there were four offshore supply vessels leased to subsidiaries of Deep Sea ( December 31, 2014 : four ) and five dry bulk carriers leased to UFC ( December 31, 2014 : four ). At June 30, 2015 , the combined balance of net investments in direct financing leases with the Frontline Charterers and Deep Sea was $579.5 million ( December 31, 2014 : $839.9 million ), of which $38.2 million ( December 31, 2014 : $37.5 million ) represents short-term maturities. At June 30, 2015 , the net book value of assets leased under operating leases to Deep Sea and UFC was $216.6 million ( December 31, 2014 : $198.9 million ). On June 5, 2015, amendments were made to the charter agreements with Frontline Charterers, which relate to the 12 VLCCs and five Suezmax tankers accounted for as direct financing leases. The amendments, which do not affect the duration of the leases and are effective from July 1, 2015, consist of reductions in the long-term daily time-charter rates to $20,000 per day for VLCCs and $15,000 per day for Suezmax tankers, and increases in the daily management and operating fees payable to a subsidiary of Frontline to $9,000 per day for all vessels. The charters for three of the vessels were transferred from Frontline Shipping II Limited to Frontline Shipping, who is now the charter counterparty for all the vessels. Frontline has been released from their guarantee obligations under the charters, and in exchange, a cash buffer of $2 million per vessel will be built up in the chartering company as security for the obligations under the charters. As part of the amended agreements, the Company's profit sharing percentage increased from 25% to 50% , and will be calculated and paid on a quarterly basis. In consideration for the agreed amendments, the Company received 55 million ordinary shares in Frontline, the fair value of which amounted to $150.2 million . The Company's investment in Frontline shares amounts to approximately 28% of Frontline's issued share capital and is accounted for as an investment in an associated company, using the equity method (See Note 8: Investment in Associated Companies). A summary of leasing revenues earned from the Frontline Charterers, UFC and Deep Sea is as follows: Six months ended Year ended Payments (in millions of $) June 30, 2015 June 30, 2014 December 31, 2014 Operating lease income 11.4 13.9 26.4 Direct financing lease interest income 19.5 23.2 45.4 Finance lease service revenue 20.0 23.5 46.5 Direct financing lease repayments 18.5 21.9 43.1 Cash sweep and profit share income 21.0 14.3 33.8 In April 2015, the Company announced the agreement to acquire eight Capesize dry bulk carriers from subsidiaries of Golden Ocean for an aggregate acquisition price of $272 million . The vessels were delivered in the third quarter of 2015. The vessels will be chartered on a time-charter basis to a fully guaranteed subsidiary of Golden Ocean for a period of ten years with daily base charter rates of $17,600 per vessel during the first seven years and $14,900 per vessel thereafter. The charters include a charter rate adjustment element linked to movements in the interest rate level. The Company is entitled to a 33% profit share for revenues above the base charter rates, calculated and paid on a quarterly basis. Golden Ocean has a purchase option for the vessels at the end of year 10 , and, if not exercised, Ship Finance can extend the charters for another three years at $14,900 per day. The vessel owning subsidiaries will enter into fixed price technical management agreements with a subsidiary of Golden Ocean at $7,000 per vessel per day, including drydocking (See Note 17: Subsequent Events). In addition to revenues, the Company paid the following fees to related parties: Six months ended Year ended Payments (in millions of $) June 30, 2015 June 30, 2014 December 31, 2014 Frontline: Vessel Management Fees 20.8 24.5 48.4 Management Supervision Fees 0.1 1.6 2.9 Administration Services and other 0.2 0.3 0.9 Golden Ocean: Operating Management Fees 0.4 0.4 0.8 Office Facilities: Golar Management UK Limited — 0.1 0.1 Arcadia 0.1 — — Frontline Management AS 0.2 0.2 0.4 Related party loans – associated companies Ship Finance has entered into agreements with SFL Deepwater, SFL Hercules and SFL Linus granting them loans of $145 million , $145 million , and $125 million , respectively at fixed interest rates. These loans are repayable in full on July 11, 2023, October 1, 2023, and June 30, 2029, respectively, or earlier if the companies sell their drilling units. Ship Finance is entitled to take excess cash from these companies, and such amounts are recorded within their current accounts with Ship Finance. The loan agreements specify that the balance on the current accounts will have no interest applied and will be settled, to the extent that it is a receivable from Ship Finance, by offset against the eventual repayments of the fixed interest loans. Ship Finance had also previously entered into an agreement with SFL West Polaris for a loan of $145 million at a fixed interest rate. This was fully repaid when SFL West Polaris was sold on December 30, 2014 at which point it ceased to be an associated company. In the six months ended June 30, 2015 , the Company received interest income on these loans of $3.3 million from SFL Deepwater ( six months ended June 30, 2014 : $3.3 million ; year ended December 31, 2014 : $6.5 million ), $3.3 million from SFL Hercules ( six months ended June 30, 2014 : $3.3 million ; year ended December 31, 2014 : $6.5 million ) and $2.8 million from SFL Linus ( six months ended June 30, 2014 : $2.1 million ; year ended December 31, 2014 : $4.9 million ). In addition, the Company received interest income from the loan it had with SFL West Polaris of $3.3 million in the six months ended June 30, 2014 and $6.5 million in the year ended December 31, 2014 . Long-term receivables from related parties The Company received loan notes from Frontline as compensation for the early termination of the charters on five vessels in 2013 and 2014. In the six months ended June 30, 2015 , interest receivable on these loan notes amounted to $6.3 million ( six months ended June 30, 2014 : $1.9 million ; year ended December 31, 2014 : $4.0 million ).

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) June 30, 2015 Book value of consolidated assets pledged under ship mortgages $1,826 The Company and its equity-accounted subsidiaries have funded their acquisition of vessels, jack-up rigs and ultra-deepwater drilling units through a combination of equity, short-term debt and long-term debt. Providers of long-term loan facilities usually require that the loans be secured by mortgages against the assets being acquired. As at June 30, 2015 , the Company ( $1.5 billion ) and its equity-accounted subsidiaries ( $979.9 million ) had a combined outstanding indebtedness of $2.4 billion ( December 31, 2014 : $2.8 billion ) under various credit facilities. Most of the Company’s vessels and rigs have been pledged under mortgages in respect of this outstanding indebtedness, excluding three 1,700 TEU container vessels and three newbuilding container vessels. Other Contractual Commitments and Contingencies The Company has arranged insurance for the legal liability risks for its shipping activities with Gard P.& I. (Bermuda) Ltd, Assuranceforeningen Skuld (Gjensidig), The Steamship Mutual Underwriting Association Limited, The Korea Shipowner’s Mutual Protection & Indemnity Association, The West of England Ship Owners Mutual Insurance Association (Luxembourg), North of England P&I Association Limited, The Standard Club Europe Ltd and The United Kingdom Mutual Steam Ship Assurance Association (Europe) Limited, all of which are mutual protection and indemnity associations. The Company is subject to calls payable to the associations based on the Company’s claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which may result in additional calls on the members. SFL Deepwater, SFL Hercules and SFL Linus are wholly-owned subsidiaries of the Company accounted for using the equity method. Accordingly, their assets and liabilities are not consolidated in the Company's Consolidated Balance Sheets, but are presented on a net basis under “Investment in associated companies”. As of June 30, 2015 , their combined borrowings amounted to $979.9 million ( December 31, 2014 : $1,038.3 million ) and the Company guaranteed $255 million ( December 31, 2014 : $260 million ) of this debt. At June 30, 2015 , the Company had contractual commitments under acquisition agreements and newbuilding contracts totaling approximately $518 million ( December 31, 2014 : $85 million ). This consisted of the agreement to acquire eight Capesize dry bulk carriers from subsidiaries of Golden Ocean for an aggregate acquisition price of $272 million and $246 million committed to acquire three 9,300-9,500 TEU container vessels. The Company is routinely party both as plaintiff and defendant to lawsuits in various jurisdictions under charter hire obligations arising from the operation of its vessels in the ordinary course of business. The Company believes that the resolution of such claims will not have a material adverse effect on its results of operations or financial position. The Company has not recognized any contingent gains or losses arising from the pending results of any such lawsuits.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2015
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES The Company’s consolidated financial statements include 18 variable interest entities, all of which are wholly-owned subsidiaries. These subsidiaries own vessels with existing charters during which related and third parties have fixed price options to purchase the respective vessels, at dates varying from September 2017 to January 2020 . It has been determined that the Company is the primary beneficiary of these entities, as none of the purchase options are deemed to be at bargain prices and none of the charters include sales options. At June 30, 2015 , the vessels of two of these entities are accounted for as direct financing leases with a combined carrying value of $61.3 million , unearned lease income of $13.7 million and estimated residual values of $21.7 million . The outstanding loan balances in these two entities total $26.2 million , of which the short-term portion is $4.8 million . The other 16 fully consolidated variable interest entities each own vessels which are accounted for as operating lease assets, with a total net book value at June 30, 2015 , of $358.7 million . The outstanding loan balances in these entities total $178.2 million , of which the short-term portion is $18.8 million .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In July 2015, eight wholly-owned subsidiaries entered into a $166.4 million secured term loan facility to partly finance the acquisition of eight dry bulk carriers from Golden Ocean. The vessels were delivered in the third quarter 2015. In July 2015, Frontline and Frontline 2012 announced an agreement to merge, leaving Frontline as the surviving legal entity. The merger is subject to approval by the shareholders of Frontline and Frontline 2012 in special general meetings expected to be held in the fourth quarter of 2015. Ship Finance has agreed to vote in favor of the merger, and will own approximately 7% of the combined company. In August 2015, the Company announced that it has agreed to sell the 1995 built Suezmax Front Glory to an unrelated third party. The vessel is expected to be delivered to its new owner in September 2015, and Ship Finance will receive a net amount of approximately $13.8 million , after compensation of approximately $2.2 million to Frontline for the termination of the current charter. On August 26, 2015, the Board of Directors of the Company declared a dividend of $0.44 per share, which will be paid in cash on or about September 30, 2015.

INTERIM FINANCIAL DATA (Policie

INTERIM FINANCIAL DATA (Policies)	6 Months Ended
	Jun. 30, 2015
INTERIM FINANCIAL DATA [Abstract]
Basis of Accounting	Basis of accounting The condensed consolidated financial statements are prepared in accordance with US GAAP. The condensed consolidated financial statements include the assets and liabilities and results of operations of the Company and its subsidiaries including variable interest entities in which the Ship Finance is deemed to be the primary beneficiary. All inter-company balances and transactions have been eliminated on consolidation. The condensed consolidated financial statements are prepared in accordance with the accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2014 .
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2014-09 “Revenue from Contracts with Customers” to replace existing revenue recognition guidance and is intended to improve and converge the requirements for revenue from contracts with customers under US GAAP and International Financial Reporting Standards (“IFRS”). ASU 2014-09 is intended to remove inconsistencies and provide a more robust framework for addressing revenue issues. Initially, ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. Subsequently, in August 2015, the FASB issued ASU 2015-14 deferring the effective date of ASU 2014-09 by one year, however, early adoption as of the original effective date will be permitted. The Company is currently evaluating the impact that the adoption of ASU 2014-09 will have on its consolidated financial position, results of operations and cash flows. In November 2014, the FASB issued ASU 2014-16 “Derivatives and Hedging” in order to standardize the determination of whether the host contract in a hybrid financial instrument issued in the form of a share is more akin to debt or to equity. ASU 2014-16 requires that all terms and features of the hybrid instrument, including the embedded derivative feature itself, must be taken into account when establishing separate accounting for the embedded derivative. ASU 2014-16 is effective for fiscal years and interim periods beginning on or after December 15, 2015. The Company is currently assessing the impact of ASU 2014-16 on its consolidated financial position, results of operations and cash flows. In February 2015, the FASB issued ASU 2015-02 “Consolidation: Amendments to the Consolidation Analysis” in order to clarify the basis for consolidation of certain legal entities. ASU 2015-02 changes the analysis that a reporting entity must perform to determine whether it should consolidate certain types of legal entities. Specifically, ASU 2015-02 (i) modifies the evaluation of whether limited partnerships and similar legal entities are variable interest entities (VIEs) or voting interest entities, (ii) eliminates the presumption that a general partner should consolidate a limited partnership, (iii) affects the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships, and (iv) provides a scope exception from consolidation guidance for reporting entities with interests in certain legal entities. ASU 2015-02 is effective for public business entities for fiscal years and interim periods beginning on or after December 15, 2015. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-02 on its consolidated financial position, results of operations and cash flows. In April 2015, the FASB issued ASU 2015-03 “Simplifying the Presentation of Debt Issuance Costs” to simplify presentation of debt issuance costs. The amendments in this update require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. ASU 2015-03 is effective for public entities with reporting periods beginning after December 15, 2015. Early adoption is permitted for financial statements that have not been previously issued. The Company believes that the implementation of this update will only affect the presentation of debt issuance costs which will be shown as a direct deduction of the related debt instead of under non-current assets in the accompanying balance sheets.

OTHER FINANCIAL ITEMS, NET OT26

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2015
Other Financial Items [Abstract]
Schedule of other financial items	Other financial items comprise the following items: Six months ended Year ended June 30, December 31, (in thousands of $) 2015 2014 2014 Fair value gain/(loss) of non-designated derivatives, net (1,243 ) (2,682 ) (7,636 ) Net cash payments on non-designated derivatives (2,833 ) (3,451 ) (7,196 ) Fair value gain/(loss) of designated derivatives (ineffective portion) 59 (23 ) (63 ) Gain on sale of loan notes and share warrants 44,552 — — Other items (556 ) (995 ) (1,337 ) Other financial items, net 39,979 (7,151 ) (16,232 )

AVAILABLE FOR SALE SECURITIES (

AVAILABLE FOR SALE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities	Marketable securities held by the Company are debt securities considered to be available-for-sale securities. (in thousands of $) June 30, 2015 December 31, 2014 Amortized cost 56,709 80,743 Accumulated net unrealized loss (8,293 ) (7,087 ) Carrying value 48,416 73,656

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2015
Property, Plant and Equipment [Abstract]
Vessels and equipment	(in thousands of $) June 30, 2015 December 31, 2014 Cost 1,595,800 1,715,510 Accumulated depreciation (281,761 ) (338,377 ) Vessels and equipment, net 1,314,039 1,377,133

INVESTMENTS IN DIRECT FINANCI29

INVESTMENTS IN DIRECT FINANCING LEASES (Tables)	6 Months Ended
	Jun. 30, 2015
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Components of the investments in direct financing and sales-type leases	The following lists the components of the investments in direct financing leases as at June 30, 2015 . (in thousands of $) June 30, 2015 December 31, 2014 Total minimum lease payments to be received 950,931 1,174,327 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (429,307 ) (330,056 ) Net minimum lease payments receivable 521,624 844,271 Estimated residual values of leased property (un-guaranteed) 239,002 239,002 Less : unearned income (181,088 ) (243,419 ) 579,538 839,854 Less : deferred deemed equity contribution — (86,585 ) Less : unamortized gains — (6,738 ) Total investment in direct financing and sales-type leases 579,538 746,531 Current portion 38,165 37,517 Long-term portion 541,373 709,014 579,538 746,531 On June 5, 2015, amendments were made to the charter agreements with Frontline Shipping and Frontline Shipping II Limited, which relate to 12 VLCCs and five Suezmax tankers accounted for as direct financing leases. The amendments, which are presented in more detail in Note 14: Related Party Transactions, resulted in a reduction in minimum lease payments to be received and an increase in executory costs from July 1, 2015, onwards. These amendments, together with the $150.2 million fair value of Frontline shares received as compensation, are reflected in the above position as at June 30, 2015. Under the provisions of ASC Topic 840 “Leases”, the modifications to the lease agreements do not constitute new leases. In the course of re-stating the amended leases, it was concluded that the amortization of the deferred deemed equity contribution and other gains is no longer appropriate, and these items are now incorporated into the revised lease schedules.

INVESTMENT IN ASSOCIATED COMP30

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2015
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	At June 30, 2015 , June 30, 2014 and December 31, 2014 , the Company has the following participation in investments that are recorded using the equity method: June 30, 2015 June 30, 2014 December 31, 2014 SFL West Polaris Limited (“SFL West Polaris”) — % 100.00 % — % SFL Deepwater Ltd (“SFL Deepwater”) 100.00 % 100.00 % 100.00 % Bluelot Shipping Company Limited (“Bluelot”) — % — % — % SFL Corte Real Limited (“Corte Real”) — % — % — % SFL Hercules Ltd (“SFL Hercules”) 100.00 % 100.00 % 100.00 % SFL Linus Ltd (“SFL Linus”) 100.00 % 100.00 % 100.00 % Frontline 27.73 % — % — %
Summarized financial statement information of equity method investees	Summarized balance sheet information of the Company’s wholly-owned equity method investees is as follows: As of June 30, 2015 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Current assets 116,319 — — — 32,386 37,882 46,051 Non-current assets 1,269,854 — — — 382,503 380,073 507,278 Total assets 1,386,173 — — — 414,889 417,955 553,329 Current liabilities 135,282 — — — 25,197 28,580 81,505 Non-current liabilities 1,182,100 — — — 353,902 374,148 454,050 Total Liabilities 1,317,382 — — — 379,099 402,728 535,555 Total stockholders’ equity 68,791 — — — 35,790 15,227 17,774 As of December 31, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Current assets 127,268 — — — 44,297 38,619 44,352 Non-current assets 1,324,765 — — — 397,191 397,226 530,348 Total assets 1,452,033 — — — 441,488 435,845 574,700 Current liabilities 122,861 — — — 38,376 32,945 51,540 Non-current liabilities 1,275,715 — — — 371,147 391,500 513,068 Total Liabilities 1,398,576 — — — 409,523 424,445 564,608 Total stockholders’ equity 53,457 — — — 31,965 11,400 10,092 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2015 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 41,929 — — — 11,335 11,768 18,826 Net operating revenues 41,923 — — — 11,333 11,766 18,824 Net income 15,815 — — — 3,825 3,827 8,163 Six months ended June 30, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 52,653 1,171 2,492 11,151 12,936 12,686 12,217 Net operating revenues 49,601 232 431 11,136 12,924 12,672 12,206 Net income 14,019 232 431 2,005 4,239 4,077 3,035 Year ended December 31, 2014 (in thousands of $) TOTAL Bluelot Corte Real SFL West Polaris SFL Deepwater SFL Hercules SFL Linus Operating revenues 108,632 1,171 2,492 22,251 24,917 24,565 33,236 Net operating revenues 105,567 232 431 22,234 24,905 24,544 33,221 Net income 33,497 232 431 4,643 8,023 7,755 12,413

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2015
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of short-term and long-term debt	(in thousands of $) June 30, 2015 December 31, 2014 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 125,000 125,000 NOK600 million senior unsecured floating rate bonds due 2017 72,025 76,487 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 NOK900 million senior unsecured floating rate bonds due 2019 109,121 119,277 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 805,566 1,061,695 1,461,712 1,732,459 Less : Current portion of long-term debt (202,896 ) (182,415 ) 1,258,816 1,550,044
Schedule of maturities of debt	The outstanding debt as of June 30, 2015 is repayable as follows: (in thousands of $) Year ending December 31 2015 (remaining six months) 40,351 2016 200,110 2017 178,335 2018 444,325 2019 270,189 Thereafter 328,402 Total debt 1,461,712

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Fair values of derivative instruments designated and not designated as cash flow hedges	The following table presents the fair values of the Company’s derivative instruments that were designated as cash flow hedges and qualified as part of a hedging relationship, and those that were not designated: (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments - long-term assets: Interest rate swaps 917 710 Non-designated derivative instruments - long-term assets: Interest rate swaps 3,030 2,584 Total derivative instruments - long-term assets 3,947 3,294 (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments -short-term liabilities: Interest rate swaps — 292 Non-designated derivative instruments -short-term liabilities: Interest rate swaps — 225 Total derivative instruments - short-term liabilities — 517 (in thousands of $) June 30, 2015 December 31, 2014 Designated derivative instruments - long-term liabilities: Interest rate swaps 9,854 40,058 Cross currency interest rate swaps 71,976 63,083 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 1,398 1,565 Cross currency interest rate swaps 4,055 1,973 Total derivative instruments - long-term liabilities 87,283 106,679
Schedule of interest rate swap transactions designated as hedges against specific loans	The summary includes all swap transactions, most of which are hedges against specific loans. Notional Principal (in thousands of $) Inception date Maturity date Fixed interest rate $33,004 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $36,094 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $53,704 (reducing to $34,044) May 2011 January 2019 0.80% - 2.58% $100,000 (remaining at $100,000) August 2011 August 2021 2.50% - 2.93% $164,067 (reducing to $79,733) May 2012 August 2022 1.76% - 1.85% $105,436 (equivalent to NOK600 million) October 2012 October 2017 5.92% - 6.23% * $42,117 (reducing to $32,142) February 2013 December 2017 0.81% - 0.82% $100,000 (remaining at $100,000) March 2013 April 2023 1.85% - 1.97% $151,008 (equivalent to NOK900 million) March 2014 March 2019 6.03% * $108,375 (reducing to $70,125) December 2016 December 2021 1.86% - 3.33% $110,500 (reducing to $70,125) January 2017 January 2022 1.56% - 3.09%
Schedule of currency swap transactions	The Company has entered into currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK 600 million senior unsecured bonds due 2017 and NOK 900 million senior unsecured bonds due 2019. Principal Receivable Principal Payable Inception date Maturity date NOK600 million $ 105.4 million October 2012 October 2017 NOK900 million $ 151.0 million March 2014 March 2019
Schedule of carrying value and estimated fair value of financial assets and liabilities	The carrying value and estimated fair value of the Company’s financial assets and liabilities at June 30, 2015 and December 31, 2014 are as follows: June 30, 2015 June 30, 2015 December 31, 2014 December 31, 2014 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 48,416 48,416 73,656 73,656 Floating rate NOK bonds due 2017 72,025 73,166 76,487 75,210 Floating rate NOK bonds due 2019 109,121 106,314 119,277 108,542 3.75% unsecured convertible bonds due 2016 125,000 129,855 125,000 124,375 3.25% unsecured convertible bonds due 2018 350,000 376,950 350,000 335,563 Derivatives: Interest rate/ currency swap contracts - long-term receivables 3,947 3,947 3,294 3,294 Interest rate/ currency swap contracts - short-term payables — — 517 517 Interest rate/ currency swap contracts - long-term payables 87,283 87,283 106,679 106,679
Schedule of financial assets and liabilities measured at fair value on a recurring basis	The above fair values of financial assets and liabilities as at June 30, 2015 , were measured as follows: Fair value measurements using (in thousands of $) June 30, 2015 Quoted Prices in Active Markets for identical Assets/Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Available for sale securities 48,416 48,416 — Interest rate/ currency swap contracts - long-term receivables 3,947 3,947 Total assets 52,363 48,416 3,947 — Liabilities: Floating rate NOK bonds due 2017 73,166 73,166 Floating rate NOK bonds due 2019 106,314 106,314 3.75% unsecured convertible bonds due 2016 129,855 129,855 3.25% unsecured convertible bonds due 2018 376,950 376,950 Interest rate/ currency swap contracts - long-term payables 87,283 87,283 Total liabilities 773,568 686,285 87,283 —

SHARE CAPITAL, ADDITIONAL PAI33

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2015 December 31, 2014 125,000,000 common shares of $1.00 par value each 125,000 125,000 Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2015 December 31, 2014 93,468,000 common shares of $1.00 par value each (December 31, 2014: 93,404,000 shares) 93,468 93,404

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Components of calculation of earnings per share	The components of the numerator for the calculation of basic and diluted EPS are as follows: Six months ended June 30, Year ended December 31, (in thousands of $) 2015 2014 2014 Basic: Net income available to stockholders 101,053 63,092 122,815 Diluted: Net income available to stockholders 101,053 63,092 122,815 Interest expense on convertible bonds 11,203 11,203 22,431 112,256 74,295 145,246 The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended June 30, Year ended December 31, (in thousands) 2015 2014 2014 Basic earnings per share: Weighted average number of common shares outstanding 93,432 93,277 93,331 Diluted earnings per share: Weighted average number of common shares outstanding 93,432 93,277 93,331 Effect of dilutive share options 18 58 84 Effect of dilutive convertible debt 25,535 23,333 23,332 118,985 116,668 116,747

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Amounts due from and to related parties, excluding direct financing lease balances	The Condensed Consolidated Balance Sheets include the following amounts due from and to related parties and associated companies, excluding direct financing lease balances (See Note 7: Investment in Direct Financing Leases). (in thousands of $) June 30, 2015 December 31, 2014 Amounts due from: Frontline Charterers 17,816 30,714 Frontline 13,021 9,012 Frontline 2012 230 — UFC 1,088 232 Deep Sea 41 1,338 Seadrill 424 111,195 SFL Linus 30,047 — Total amount due from related parties 62,667 152,491 Loans to related parties - associated companies, long-term SFL Deepwater 94,124 100,036 SFL Hercules 81,649 135,250 SFL Linus 125,000 110,745 Total loans to related parties - associated companies, long-term 300,773 346,031 Long-term receivables from related parties Frontline 78,817 79,294 Total long-term receivables from related parties 78,817 79,294 Amounts due to: Frontline Charterers 196 196 Frontline Management 95 848 Frontline 2012 — 65 Golden Ocean 193 — Other related parties — — Total amount due to related parties 484 1,109
Summary of leasing revenues earned from related parties	A summary of leasing revenues earned from the Frontline Charterers, UFC and Deep Sea is as follows: Six months ended Year ended Payments (in millions of $) June 30, 2015 June 30, 2014 December 31, 2014 Operating lease income 11.4 13.9 26.4 Direct financing lease interest income 19.5 23.2 45.4 Finance lease service revenue 20.0 23.5 46.5 Direct financing lease repayments 18.5 21.9 43.1 Cash sweep and profit share income 21.0 14.3 33.8 In April 2015, the Company announced the agreement to acquire eight Capesize dry bulk carriers from subsidiaries of Golden Ocean for an aggregate acquisition price of $272 million . The vessels were delivered in the third quarter of 2015. The vessels will be chartered on a time-charter basis to a fully guaranteed subsidiary of Golden Ocean for a period of ten years with daily base charter rates of $17,600 per vessel during the first seven years and $14,900 per vessel thereafter. The charters include a charter rate adjustment element linked to movements in the interest rate level. The Company is entitled to a 33% profit share for revenues above the base charter rates, calculated and paid on a quarterly basis. Golden Ocean has a purchase option for the vessels at the end of year 10 , and, if not exercised, Ship Finance can extend the charters for another three years at $14,900 per day. The vessel owning subsidiaries will enter into fixed price technical management agreements with a subsidiary of Golden Ocean at $7,000 per vessel per day, including drydocking (See Note 17: Subsequent Events). In addition to revenues, the Company paid the following fees to related parties: Six months ended Year ended Payments (in millions of $) June 30, 2015 June 30, 2014 December 31, 2014 Frontline: Vessel Management Fees 20.8 24.5 48.4 Management Supervision Fees 0.1 1.6 2.9 Administration Services and other 0.2 0.3 0.9 Golden Ocean: Operating Management Fees 0.4 0.4 0.8 Office Facilities: Golar Management UK Limited — 0.1 0.1 Arcadia 0.1 — — Frontline Management AS 0.2 0.2 0.4

COMMITMENTS AND CONTINGENT LI36

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) June 30, 2015 Book value of consolidated assets pledged under ship mortgages $1,826

GAIN ON SALE OF ASSETS AND TE37

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Apr. 30, 2006USD ($)vessel	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Loss/(gain) on sale of assets and termination of charters		$ 114	$ (15,197)	$ (23,931)
Vessel Impairment Charge		29,161	$ 0	11,800
US$ 210 million secured term loan facility [Member]
Debt Instrument, Face Amount	$ 210,000	$ 0		$ 171,400
Number Of New Vessels Acquired That Were Partly Funded By Secured Term Loan Facility | vessel	5

OTHER FINANCIAL ITEMS, NET OT38

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Other Financial Items [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (1,243)	$ (2,682)	$ (7,636)
Derivative Instruments, Not Designated as Hedging Instruments, Net Cash Payments	2,833	3,451	7,196
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	59	(23)	(63)
Gain on redemption of Horizon loan notes and warrants	44,552	0	0
Other Nonoperating Expense	556	995	1,337
Other Nonoperating Income (Expense)	$ 39,979	$ (7,151)	$ (16,232)

OTHER FINANCIAL ITEMS, NET OT39

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	May. 31, 2015
Other Financial Items- Text Details [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 173,000	$ 5,200,000	$ (4,500,000)
Proceeds from redemption of Horizon loan notes and warrants	71,681,000	0	0
Accounts and Notes Receivable, Net	0		23,700,000	$ 25,900,000
Warrants and Rights Outstanding			1,200,000	$ 1,200,000
Gain on redemption of Horizon loan notes and warrants	$ 44,552,000	$ 0	$ 0

AVAILABLE FOR SALE SECURITIES40

AVAILABLE FOR SALE SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	May. 31, 2015
Amortized cost	$ 56,709	$ 80,743
Accumulated net unrealized loss	(8,293)	(7,087)
Available-for-sale Securities	48,416	73,656
Accounts and Notes Receivable, Net	0	23,700	$ 25,900
Corporate Bond Securities [Member]
Available-for-sale Securities	$ 48,400	49,900
Second Lien Interest-Bearing Loan Notes [Member]
Available-for-sale Securities		$ 59,400

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Cost	$ 1,595,800	$ 1,715,510
Accumulated depreciation	(281,761)	(338,377)
Vessels and equipment, net	$ 1,314,039	$ 1,377,133

VESSELS AND EQUIPMENT, NET (Nar

VESSELS AND EQUIPMENT, NET (Narrative) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)containership	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Vessel And Equipment [Line Items]
Cost of newbuilding container vessels delivered	$ 173,200
Vessel Impairment Charge	$ 29,161	$ 0	$ 11,800
Number of container vessels impaired | containership	2
5 container vessels (ex Horizon) [Member]
Vessel And Equipment [Line Items]
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment	$ 172,500
8,700 TEU Container Vessel [Member]
Vessel And Equipment [Line Items]
Number of newbuilding container vessels delivered | containership	2

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) - Jun. 30, 2015 $ in Millions	USD ($)containershipvessel
Property, Plant and Equipment [Line Items]
Deposit Assets | $	$ 43.4
8,700 TEU Container Vessel [Member]
Property, Plant and Equipment [Line Items]
Number of newbuilding container vessels delivered | containership	2
9,300 - 9,500 TEU Container vessel [Member]
Property, Plant and Equipment [Line Items]
Number of container vessels contracted to be acquired	3

INVESTMENTS IN DIRECT FINANCI44

INVESTMENTS IN DIRECT FINANCING LEASES (Details) $ in Millions	6 Months Ended
	Jun. 30, 2015USD ($)vesselRate	Dec. 31, 2014vessel
Related Party Transaction [Line Items]
Number of VLCCs	12
Number of Suezmax crude oil carriers	5
Term of charters, minimum (in years)	3 years
Term of charters, maximum (in years)	12 years
Number of offshore supply vessels chartered on long-term bareboat charters	1
Joint venture, ownership percentage | Rate	50.00%
Assets accounted for as direct financing leases and leased to related parties	19
Frontline Charterers [Member]
Related Party Transaction [Line Items]
Compensation Payment Received for Lease Amendments | $	$ 150.2
Assets accounted for as direct financing leases and leased to related parties	17	17

INVESTMENTS IN DIRECT FINANCI45

INVESTMENTS IN DIRECT FINANCING LEASES (Components of Investments in Direct Financing and Sales-type Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Total minimum lease payments to be received	$ 950,931	$ 1,174,327
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(429,307)	(330,056)
Net minimum lease payments receivable	521,624	844,271
Estimated residual values of leased property (un-guaranteed)	239,002	239,002
Less: unearned income	(181,088)	(243,419)
Net investment in direct financing and sales-type leases before deferred deemed equity contribution and unamortized gains	579,538	839,854
Less: deferred deemed equity contribution	0	(86,585)
Less: unamortized gains	0	(6,738)
Total investment in direct financing and sales-type leases	579,538	746,531
Current portion	38,165	37,517
Long-term portion	$ 541,373	$ 709,014

INVESTMENT IN ASSOCIATED COMP46

INVESTMENT IN ASSOCIATED COMPANIES (Details) $ in Thousands, shares in Millions	1 Months Ended	3 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2013USD ($)	Mar. 31, 2015Rate	Jun. 30, 2015USD ($)vesselsubsidiariesRateshares	Jun. 30, 2014USD ($)Rate	Dec. 31, 2014USD ($)Rate	May. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Schedule of Equity Method Investments [Line Items]
Investment in associated companies			$ 220,196		$ 53,457
Income/(loss) from Equity Method Investments (Frontline only)			$ 17,098	$ 14,019	33,497
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			55
Gain on sale of investment in associated company			$ 0	$ 0	6,055
Term loan facility, amount outstanding			$ 1,461,712		$ 1,732,459
SFL Hercules [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			100.00%	100.00%	100.00%
Debt Instrument, Face Amount						$ 375,000
Term loan facility, amount outstanding			$ 320,000
Term loan facility, amount guaranteed			$ 80,000
Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations | vessel			1
Summarized balance sheet information [Abstract]
Current assets			$ 37,882		$ 38,619
Non-current assets			380,073		397,226
Total assets			417,955		435,845
Current liabilities			28,580		32,945
Non-current liabilities			374,148		391,500
Total liabilities			402,728		424,445
Total shareholders' equity			15,227		11,400
Statement of operations information [Abstract]
Operating revenues			11,768	$ 12,686	24,565
Net operating revenues			11,766	12,672	24,544
Net income			$ 3,827	$ 4,077	$ 7,755
SFL Linus [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			100.00%	100.00%	100.00%
Debt Instrument, Face Amount	$ 475,000
Debt Instrument, Term	5 years
Term loan facility, amount outstanding			$ 377,500
Available amount under revolving part of credit facility			50,000
Term loan facility, amount guaranteed			90,000
Summarized balance sheet information [Abstract]
Current assets			46,051		$ 44,352
Non-current assets			507,278		530,348
Total assets			553,329		574,700
Current liabilities			81,505		51,540
Non-current liabilities			454,050		513,068
Total liabilities			535,555		564,608
Total shareholders' equity			17,774		10,092
Statement of operations information [Abstract]
Operating revenues			18,826	$ 12,217	33,236
Net operating revenues			18,824	12,206	33,221
Net income			8,163	$ 3,035	$ 12,413
Frontline Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Quoted Market Value			134,200
Investment in associated companies			151,400
Income/(loss) from Equity Method Investments (Frontline only)			$ 1,300
Statement of operations information [Abstract]
Equity Method Investment, Ownership Percentage | Rate			27.725%	0.00%	0.00%
SFL Deepwater [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			100.00%	100.00%	100.00%
Debt Instrument, Face Amount	$ 390,000
Debt Instrument, Term	5 years
Term loan facility, amount outstanding			$ 282,400
Term loan facility, amount guaranteed			$ 85,000
Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations | vessel			2
Summarized balance sheet information [Abstract]
Current assets			$ 32,386		$ 44,297
Non-current assets			382,503		397,191
Total assets			414,889		441,488
Current liabilities			25,197		38,376
Non-current liabilities			353,902		371,147
Total liabilities			379,099		409,523
Total shareholders' equity			35,790		31,965
Statement of operations information [Abstract]
Operating revenues			11,335	$ 12,936	24,917
Net operating revenues			11,333	12,924	24,905
Net income			$ 3,825	$ 4,239	$ 8,023
SFL West Polaris [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			0.00%	100.00%	0.00%
Debt Instrument, Face Amount							$ 420,000
Term loan facility, amount guaranteed			$ 88,000
Summarized balance sheet information [Abstract]
Current assets			0		$ 0
Non-current assets			0		0
Total assets			0		0
Current liabilities			0		0
Non-current liabilities			0		0
Total liabilities			0		0
Total shareholders' equity			0		0
Statement of operations information [Abstract]
Operating revenues			0	$ 11,151	22,251
Net operating revenues			0	11,136	22,234
Net income			$ 0	$ 2,005	$ 4,643
Bluelot Shipping Company [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			0.00%	0.00%	0.00%
Summarized balance sheet information [Abstract]
Current assets			$ 0		$ 0
Non-current assets			0		0
Total assets			0		0
Current liabilities			0		0
Non-current liabilities			0		0
Total liabilities			0		0
Total shareholders' equity			0		0
Statement of operations information [Abstract]
Operating revenues			0	$ 1,171	1,171
Net operating revenues			0	232	232
Net income			$ 0	$ 232	$ 232
SFL Corte Real [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate			0.00%	0.00%	0.00%
Summarized balance sheet information [Abstract]
Current assets			$ 0		$ 0
Non-current assets			0		0
Total assets			0		0
Current liabilities			0		0
Non-current liabilities			0		0
Total liabilities			0		0
Total shareholders' equity			0		0
Statement of operations information [Abstract]
Operating revenues			0	$ 2,492	2,492
Net operating revenues			0	431	431
Net income			0	431	431
Variable Interest Entity, Not Primary Beneficiary [Member]
Summarized balance sheet information [Abstract]
Current assets			116,319		127,268
Non-current assets			1,269,854		1,324,765
Total assets			1,386,173		1,452,033
Current liabilities			135,282		122,861
Non-current liabilities			1,182,100		1,275,715
Total liabilities			1,317,382		1,398,576
Total shareholders' equity			68,791		53,457
Statement of operations information [Abstract]
Net operating revenues			41,923	49,601	105,567
Net income			$ 15,815	14,019	33,497
Bluelot Shipping Company and SFL Corte Real [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths) | Rate		100.00%
Seadrill [Member]
Schedule of Equity Method Investments [Line Items]
Number of Wholly Owned Subsidiaries | subsidiaries			2
Bluelot Shipping Company and SFL Corte Real [Member]
Schedule of Equity Method Investments [Line Items]
Number of Wholly Owned Subsidiaries | subsidiaries			2
Customer Concentration Risk [Member]
Statement of operations information [Abstract]
Operating revenues			$ 41,929	$ 52,653	$ 108,632

SHORT-TERM AND LONG-TERM DEBT47

SHORT-TERM AND LONG-TERM DEBT (Details) $ / shares in Units, NOK in Millions	1 Months Ended																					3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2015USD ($)vesselsubsidiaries$ / sharesRate	Dec. 31, 2014USD ($)vesselsubsidiariescarriersRate	Nov. 30, 2014USD ($)containershipsubsidiaries	Sep. 30, 2014USD ($)subsidiaries	Aug. 31, 2014USD ($)vesselsubsidiaries	Jun. 30, 2014containershipvesselsubsidiaries	Mar. 31, 2014	Oct. 31, 2013USD ($)	Jan. 31, 2013USD ($)$ / sharesRate	Nov. 30, 2012USD ($)vesselsubsidiaries	Oct. 31, 2012	Jul. 31, 2011USD ($)vesselsubsidiaries	May. 31, 2011USD ($)vesselsubsidiaries	Mar. 31, 2011USD ($)vesselsubsidiaries	Feb. 28, 2011USD ($)	Nov. 30, 2010USD ($)vesselsubsidiaries	Mar. 31, 2010USD ($)vessel	Feb. 28, 2010USD ($)	Mar. 31, 2008USD ($)vesselsubsidiaries	Feb. 29, 2008	Apr. 30, 2006USD ($)vesselsubsidiaries	Jun. 30, 2015NOK	Mar. 31, 2014shares	Jun. 30, 2015USD ($)vessel$ / sharesRate	Jun. 30, 2015NOK	Jun. 30, 2014USD ($)containership	Dec. 31, 2014USD ($)vesselcarriersRate	Dec. 31, 2014NOK	Dec. 31, 2013USD ($)	Jun. 30, 2015NOKvesselRate	Dec. 31, 2014NOKvesselcarriersRate	Mar. 19, 2014NOKRate	Oct. 19, 2012NOKRate	Feb. 10, 2011USD ($)$ / sharesRate	Feb. 28, 2008USD ($)
Debt Instrument [Line Items]
Long-term debt	$ 1,461,712,000	$ 1,732,459,000																						$ 1,461,712,000			$ 1,732,459,000
Less : current portion of long-term debt	(202,896,000)	(182,415,000)																						(202,896,000)			(182,415,000)
Total long-term debt, non-current portion	1,258,816,000	1,550,044,000																						1,258,816,000			1,550,044,000
Long-term Debt, by Maturity [Abstract]
2,014	40,351,000																							40,351,000
2,015	200,110,000																							200,110,000
2,016	178,335,000																							178,335,000
2,017	444,325,000																							444,325,000
2,018	270,189,000																							270,189,000
Thereafter	328,402,000																							328,402,000
Long-term debt	$ 1,461,712,000	$ 1,732,459,000																						$ 1,461,712,000			$ 1,732,459,000
Weighted average interest rate (in hundredths) | Rate	4.537%	4.98%																						4.537%			4.98%			4.537%	4.98%
Three month dollar LIBOR rate (in hundredths) | Rate	0.2832%	0.256%																						0.2832%			0.256%			0.2832%	0.256%
Three month Norwegian kroner NIBOR rate (in hundredths) | Rate	1.33%	1.48%																						1.33%			1.48%			1.33%	1.48%
Gain/(loss) on repurchase of bonds																								$ 438,000		$ (21,000)	$ (21,000)
US$ 210 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	$ 0	$ 171,400,000																			$ 210,000,000			0			171,400,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																					5
Number of new vessels acquired that were partly funded by secured term loan facility | vessel																					5
US$ 30 million secured revolving credit facility (February 2008) [Member]
Long-term Debt, by Maturity [Abstract]
Term of Loan																				7 years
Available amount under revolving part of credit facility																																			$ 30,000,000
Revolving credit facility, amount drawn	0	3,000,000																						0			3,000,000
US$ 49 million secured term loan and revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	18,700,000	28,000,000																	$ 49,000,000					18,700,000			28,000,000
Term of Loan																			10 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																			2
Number of new vessels acquired that were partly funded by secured term loan facility | vessel																			2
Amount available to draw	3,900,000																							3,900,000
US$ 43 million secured term loan facility (February 2010) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	27,700,000	29,100,000																$ 42,600,000						27,700,000			29,100,000
Term of Loan																		5 years
US$ 725 million secured term loan and revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	$ 0	$ 71,500,000															$ 725,000,000							$ 0			$ 71,500,000
Term of Loan																	5 years
Number of vessels sold | vessel		12																									12				12
Number of vessels against which loan was secured | vessel	14																26							14						14
US$ 43 million secured term loan facility (March 2010) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	$ 27,700,000	$ 29,100,000															$ 42,600,000							$ 27,700,000			$ 29,100,000
Term of Loan																	5 years
US$ 54 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	36,100,000	38,000,000														$ 53,700,000								36,100,000			38,000,000
Term of Loan																8 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries																2
Number of new vessels acquired that were partly funded by secured term loan facility | vessel																2
US$ 95 million secured term loan and revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	27,500,000	57,500,000													$ 95,000,000									27,500,000			57,500,000
Term of Loan															7 years
Amount available to draw	25,000,000																							25,000,000
US$ 75 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	53,700,000	56,600,000												$ 75,400,000										53,700,000			56,600,000
Term of Loan														8 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries														3
Number of new vessels acquired that were partly funded by secured term loan facility | vessel														3
US$ 171 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	128,200,000	134,200,000											$ 171,000,000											128,200,000			134,200,000
Term of Loan													10 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries													8
Number of new vessels acquired that were partly funded by secured term loan facility | vessel													7
US$ 167 million secured term loan facility
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	0	$ 72,200,000										$ 166,800,000												0			$ 72,200,000
Term of Loan												6 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries												5
Number of new vessels acquired that were partly funded by secured term loan facility | vessel												5
Number of vessels sold | vessel		2																									2				2
US Dollar 53.2 Million Secured Term Loan Facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	42,100,000	$ 44,300,000								$ 53,200,000														42,100,000			$ 44,300,000
Term of Loan										5 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries										2
Number of new vessels acquired that were partly funded by secured term loan facility | vessel										2
US Dollar 45 million Secured Term Loan Facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	45,000,000	45,000,000																						45,000,000			45,000,000
Term of Loan						5 years
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries						7
Number of new vessels acquired that were partly funded by secured term loan facility | vessel						7
Book value of assets pledged under ship mortgages	1,826,000,000	2,062,000,000																						1,826,000,000			2,062,000,000
US dollar 250 million secured revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	$ 250,000,000	0																						250,000,000			0
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries	17
Number of new vessels acquired that were partly funded by secured term loan facility | vessel	17
Amount available to draw	$ 250,000,000																							250,000,000
US dollar 250 million secured revolving credit facility [Domain]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	$ 0																							$ 0
Term of Loan	3 years
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Long-term Debt, by Maturity [Abstract]
Stated interest rate | Rate									3.25%
Debt Instrument Convertible Bond Period									10 days
Debt Instrument, Face Amount									$ 350,000,000
Conversion price (in dollars per share) | $ / shares	$ 17.7043								$ 21.945															$ 17.7043
Premium of conversion price to share price | Rate									33.00%
Common shares loaned to affiliate | shares																							6,060,606
Related party share loan fee									$ 1,000,000
Equity component of convertible bond issuance, net																													$ 20,700,000
Amortization of deferred charges																								$ 2,100,000
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 125,000,000	125,000,000																						125,000,000			125,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	$ 125,000,000	125,000,000																						$ 125,000,000			125,000,000
Stated interest rate | Rate																																		3.75%
Debt Instrument Convertible Bond Period															10 days
Debt Instrument, Face Amount																																		$ 125,000,000
Conversion price (in dollars per share) | $ / shares	$ 17.53																							$ 17.53										$ 27.05
Premium of conversion price to share price | Rate																																		35.00%
Threshold percentage of value of shares underlying each bond to principal amount of bond for the bonds to be callable (in hundredths) | Rate																																		130.00%
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt	$ 72,025,000	76,487,000																						$ 72,025,000			76,487,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	72,025,000	76,487,000																						72,025,000			76,487,000
Debt Instrument, Face Amount | NOK																														NOK 565	NOK 572		NOK 600
Amount of debt repurchased | NOK																												NOK 43
Proceeds from resale of debt previous purchased | NOK																						NOK 8
Notice of redemption (in days)											30 days
Redemption price of debt (in hundredths) | Rate																																	100.50%
NOK 600 Million Senior Unsecured Floating Rate Bonds Due 2017 (USD) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	72,000,000	76,500,000																						72,000,000			76,500,000
Senior Unsecured Convertible Bonds Due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt	350,000,000	350,000,000																						350,000,000			350,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	350,000,000	350,000,000																						350,000,000			350,000,000
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt	109,121,000	119,277,000																						109,121,000			119,277,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	109,121,000	119,277,000																						109,121,000			119,277,000
Debt Instrument, Face Amount | NOK																														NOK 856	NOK 892	NOK 900
Amount of debt repurchased | NOK																									NOK 44
Notice of redemption (in days)							30 days
Redemption price of debt (in hundredths) | Rate																																100.50%
NOK 900 million senior unsecured floating rate bonds due 2019 (USD) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount	109,100,000	119,300,000																						109,100,000			119,300,000
USD denominated floating rate debt (libor plus margin) due through 2026 [Member]
Debt Instrument [Line Items]
Long-term debt	805,566,000	1,061,695,000																						805,566,000			1,061,695,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	805,566,000	1,061,695,000																						805,566,000			1,061,695,000
Floating Rate Debt [Member] | US dollar 101 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt	93,300,000	98,700,000																						93,300,000			98,700,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	93,300,000	98,700,000																						93,300,000			98,700,000
Debt Instrument, Face Amount					$ 101,400,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries					6
Number of offshore supply vessels | vessel					6
Debt Instrument, Term					5 years
Floating Rate Debt [Member] | US dollar 20 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt	20,000,000	20,000,000																						20,000,000			20,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	20,000,000	20,000,000																						20,000,000			20,000,000
Debt Instrument, Face Amount				$ 20,000,000
Number of container vessels | containership						2																				2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries				2
Debt Instrument, Term				5 years
Floating Rate Debt [Member] | US dollar 128 million secured term loan facility (September 2014) [Member]
Debt Instrument [Line Items]
Long-term debt	122,200,000	126,400,000																						122,200,000			126,400,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	122,200,000	126,400,000																						122,200,000			126,400,000
Debt Instrument, Face Amount				$ 127,500,000
Number of container vessels | containership						2																				2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries				2
Debt Instrument, Term				7 years
Floating Rate Debt [Member] | US dollar 128 million secured term loan facility (November 2014) [Member]
Debt Instrument [Line Items]
Long-term debt	125,400,000	0																						125,400,000			0
Long-term Debt, by Maturity [Abstract]
Long-term debt	125,400,000	$ 0																						125,400,000			0
Debt Instrument, Face Amount			$ 127,500,000
Number of container vessels | containership			2
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries		2	2
Debt Instrument, Term		8 years	7 years
Floating Rate Debt [Member] | US dollar 39 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt	35,200,000	$ 36,400,000																						35,200,000			36,400,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	35,200,000	36,400,000																						35,200,000			36,400,000
Debt Instrument, Face Amount		$ 39,000,000																									$ 39,000,000
Number of drybulk carriers | carriers		2																									2				2
SFL Linus [Member]
Debt Instrument [Line Items]
Long-term debt	377,500,000																							377,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt	377,500,000																							377,500,000
Debt Instrument, Face Amount								$ 475,000,000
Available amount under revolving part of credit facility	$ 50,000,000																							$ 50,000,000
Debt Instrument, Term								5 years

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) - Debt Instrument, Name [Domain] $ in Thousands, NOK in Millions	6 Months Ended
	Jun. 30, 2015USD ($)Rate	Jun. 30, 2015NOKRate	Dec. 31, 2014USD ($)	Dec. 31, 2014NOK	Mar. 19, 2014NOK	Oct. 19, 2012NOK
Derivative, Fair value [Abstract]
Assets	$ 3,947		$ 3,294
Financial instruments (short-term): at fair value	0		517
Liabilities	87,283		106,679
Interest rate swaps [Abstract]
Notional principal	785,400		1,094,100
Notional principal, at maturity	70,125
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Assets	917		710
Financial instruments (short-term): at fair value	0		292
Liabilities	9,854		40,058
Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Assets	3,030		2,584
Financial instruments (short-term): at fair value	0		225
Liabilities	1,398		1,565
Cross Currency Interest Rate Swap [Member] | Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Liabilities	71,976		63,083
Cross Currency Interest Rate Swap [Member] | Not Designated as Hedging Instrument [Member]
Derivative, Fair value [Abstract]
Liabilities	$ 4,055		$ 1,973
Interest Rate Swap 3 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 31, 2008
Maturity date	Aug. 31, 2018
Notional principal	$ 33,004
Notional principal, at maturity	$ 24,794
Fixed interest rate range, low end (in hundredths) | Rate	4.05%	4.05%
Fixed interest rate range, high end (in hundredths) | Rate	4.15%	4.15%
Interest Rate Swap 4 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Apr. 30, 2011
Maturity date	Dec. 31, 2018
Notional principal	$ 36,094
Notional principal, at maturity	$ 23,394
Fixed interest rate range, low end (in hundredths) | Rate	2.13%	2.13%
Fixed interest rate range, high end (in hundredths) | Rate	2.80%	2.80%
Interest Rate Swap 5 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	May 31, 2011
Maturity date	Jan. 31, 2019
Notional principal	$ 53,704
Notional principal, at maturity	$ 34,044
Fixed interest rate range, low end (in hundredths) | Rate	0.80%	0.80%
Fixed interest rate range, high end (in hundredths) | Rate	2.58%	2.58%
Interest Rate Swap 6 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Aug. 31, 2011
Maturity date	Aug. 31, 2021
Notional principal	$ 100,000
Notional principal, at maturity	$ 100,000
Fixed interest rate range, low end (in hundredths) | Rate	2.50%	2.50%
Fixed interest rate range, high end (in hundredths) | Rate	2.93%	2.93%
Interest Rate Swap 8 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	May 31, 2012
Maturity date	Aug. 31, 2022
Notional principal	$ 164,067
Notional principal, at maturity	$ 79,733
Fixed interest rate range, low end (in hundredths) | Rate	1.76%	1.76%
Fixed interest rate range, high end (in hundredths) | Rate	1.85%	1.85%
Interest Rate Swap 9 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Oct. 31, 2012
Maturity date	Oct. 31, 2017
Notional principal	$ 42,117
Notional principal, at maturity	$ 32,142
Fixed interest rate range, low end (in hundredths) | Rate	0.81%	0.81%
Fixed interest rate range, high end (in hundredths) | Rate	0.82%	0.82%
Interest Rate Swap 10 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Feb. 28, 2013
Maturity date	Dec. 21, 2017
Notional principal	$ 100,000
Notional principal, at maturity	$ 100,000
Fixed interest rate range, low end (in hundredths) | Rate	1.85%	1.85%
Fixed interest rate range, high end (in hundredths) | Rate	1.97%	1.97%
Interest Rate Swap 11 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 4, 2013
Maturity date	Apr. 25, 2023
Notional principal	$ 151,008
Fixed Interest Rate | Rate	6.03%	6.03%
Cross Currency Interest Rate Contract 2 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 5, 2014
Maturity date	Mar. 19, 2019
Notional principal	$ 105,436
Notional principal, at maturity
Fixed interest rate range, low end (in hundredths) | Rate	5.92%	5.92%
Fixed interest rate range, high end (in hundredths) | Rate	6.23%	6.23%
Interest Rate Swap 14 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Dec. 28, 2016
Maturity date	Dec. 29, 2021
Notional principal	$ 108,375
Fixed interest rate range, low end (in hundredths) | Rate	1.86%	1.86%
Fixed interest rate range, high end (in hundredths) | Rate	3.33%	3.33%
Interest Rate Swap 15 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Jan. 6, 2017
Maturity date	Jan. 6, 2022
Notional principal	$ 110,500
Fixed interest rate range, low end (in hundredths) | Rate	1.56%	1.56%
Fixed interest rate range, high end (in hundredths) | Rate	3.09%	3.09%
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount | NOK		NOK 565		NOK 572		NOK 600
NOK 600 million senior unsecured floating rate bonds due 2017 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Oct. 19, 2012
Maturity date	Oct. 19, 2017
Notional principal	$ 105,400
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Derivative [Line Items]
Debt Instrument, Face Amount | NOK		NOK 856		NOK 892	NOK 900
NOK 900 million senior unsecured floating rate bonds due 2019 [Member] | Designated as Hedging Instrument [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 5, 2014
Maturity date	Mar. 19, 2019
Notional principal	$ 151,000

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Non-derivatives:
Available-for-sale Securities	$ 48,416	$ 73,656
Carrying Value [Member]
Non-derivatives:
Available-for-sale Securities	48,416	73,656
Floating rate NOK bonds due 2017	72,025	76,487
Floating rate NOK bonds due 2019	109,121	119,277
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	3,947	3,294
Interest rate/ currency swap contracts – short-term payables	0	517
Interest rate/ currency swap contracts – long-term payables	87,283	106,679
Fair Value [Member]
Non-derivatives:
Available-for-sale Securities	48,416	73,656
Floating rate NOK bonds due 2017	73,166	75,210
Floating rate NOK bonds due 2019	106,314	108,542
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	3,947	3,294
Interest rate/ currency swap contracts – short-term payables	0	517
Interest rate/ currency swap contracts – long-term payables	87,283	106,679
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Carrying Value [Member]
Non-derivatives:
Unsecured convertible bonds	125,000	125,000
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Fair Value [Member]
Non-derivatives:
Unsecured convertible bonds	129,855	124,375
Senior Unsecured Convertible Bonds Due 2018 [Member] | Carrying Value [Member]
Non-derivatives:
Unsecured convertible bonds	350,000	350,000
Senior Unsecured Convertible Bonds Due 2018 [Member] | Fair Value [Member]
Non-derivatives:
Unsecured convertible bonds	376,950	335,563
Not Designated as Hedging Instrument [Member]
Derivatives:
Long term receivables, non-designated swap contracts	3,000	2,600
Short term payables, non-designated swap contracts	0	200
Long term payables, non-designated swap contracts	$ 5,500	$ 3,500

FINANCIAL INSTRUMENTS (Fair V50

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Assets:
Available-for-sale Securities	$ 48,416	$ 73,656
Recurring Basis [Member]
Assets:
Available-for-sale Securities	48,416
Interest rate/currency swap contracts - long term receivables	3,947
Total assets	52,363
Liabilities:
Floating rate NOK bonds due 2017	73,166
Floating rate NOK bonds due 2019	106,314
Interest rate/ currency swap contracts – long-term payables	87,283
Total liabilities	773,568
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets:
Available-for-sale Securities	48,416
Total assets	48,416
Liabilities:
Floating rate NOK bonds due 2017	73,166
Floating rate NOK bonds due 2019	106,314
Total liabilities	686,285
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets:
Interest rate/currency swap contracts - long term receivables	3,947
Total assets	3,947
Liabilities:
Interest rate/ currency swap contracts – long-term payables	87,283
Total liabilities	87,283
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets:
Available-for-sale Securities	0
Total assets	0
Liabilities:
Total liabilities	$ 0
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member]
Liabilities:
Stated interest rate	3.75%
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	$ 129,855
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	$ 129,855
Senior Unsecured Convertible Bonds Due 2018 [Member]
Liabilities:
Stated interest rate	3.25%
Senior Unsecured Convertible Bonds Due 2018 [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	$ 376,950
Senior Unsecured Convertible Bonds Due 2018 [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Liabilities:
Unsecured convertible bonds	$ 376,950

FINANCIAL INSTRUMENTS (Concentr

FINANCIAL INSTRUMENTS (Concentration Risk) (Details) - Customer Concentration Risk [Member] - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Operating revenues	$ 41,929	$ 52,653	$ 108,632
Sales Revenue, Net [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Concentration risk, percentage	31.76%	38.00%	37.00%

SHARE CAPITAL, ADDITIONAL PAI52

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Stockholders' Equity Note [Abstract]
Share Capital, shares authorized	125,000,000	125,000,000
Common stock, value authorized	$ 125,000	$ 125,000
Share capital, par value (in dollars per share)	$ 1	$ 1
Share Capital, shares issued	93,468,000	93,404,000
Common Stock, Value, Issued	$ 93,468	$ 93,404

SHARE CAPITAL, ADDITIONAL PAI53

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Narrative) (Details) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)employees$ / sharesshares	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization Of Deferred Equity Contribution	$ 2,044	$ 2,319	$ 4,520
Number of employees who exercised | employees	2
Number of officers who exercised options | employees	3
Ship Finance International Limited Share Option Scheme [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued (in shares) | shares	64,000
Exercised share price (in dollars per share) | $ / shares	$ 10.55
Premium on stock options exercised	$ 600
Frontline Ltd [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Amortization Of Deferred Equity Contribution	$ 2,000		$ 4,500

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Granted (in shares)	0
Unrecognized compensation costs related to non-vested options granted	$ 0	$ 0

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Basic:
Net income available to stockholders	$ 101,053	$ 63,092	$ 122,815
Diluted:
Interest paid on 3.75% convertible bonds	11,203	11,203	22,431
Net income available to stockholders, diluted	$ 112,256	$ 74,295	$ 145,246
Basic earnings per share:
Weighted average number of common shares outstanding	93,432	93,277	93,331
Diluted earnings per share:
Effect of dilutive share options	18	58	84
Effect of dilutive convertible debt	25,535	23,333	23,332
Weighted average number of diluted common shares outstanding	118,985	116,668	116,747

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details)	1 Months Ended		6 Months Ended		12 Months Ended	24 Months Ended
	Jul. 31, 2015USD ($)	Apr. 30, 2015USD ($)vessel	Jun. 30, 2015USD ($)vesselRate	Jun. 30, 2014USD ($)Rate	Dec. 31, 2014USD ($)vesselRate	Dec. 31, 2014USD ($)vesselRate	Jul. 01, 2015USD ($)
Related Party Transaction [Line Items]
Term of time charter, minimum period			3 years
Amounts due from and to related parties [Abstract]
Due from related parties			$ 62,667,000		$ 152,491,000	$ 152,491,000
Loans to related parties			300,773,000		346,031,000	346,031,000
Loans to related parties - others, long-term			78,817,000		79,294,000	79,294,000
Due to related parties			484,000		1,109,000	1,109,000
Leasing revenues earned from related parties [Abstract]
Direct financing lease interest income			19,504,000	$ 23,164,000	45,363,000
Finance lease service revenue			20,001,000	23,530,000	46,488,000
Profit sharing revenues			$ 21,009,000	14,290,000	33,756,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel			19
Management fees paid, vessels			$ 21,223,000	24,807,000	49,170,000
Administrative expenses - related parties			$ 542,000	495,000	965,000
Related party loans [Abstract]
Number of VLCCs | vessel			12
Number of Suezmax crude oil carriers | vessel			5
Frontline Charterers, Deep Sea and UFC [Member]
Leasing revenues earned from related parties [Abstract]
Operating lease income			$ 11,400,000	13,900,000	26,400,000
Direct financing lease interest income			19,500,000	23,200,000	45,400,000
Finance lease service revenue			20,000,000	23,500,000	46,500,000
Direct financing lease repayments			18,500,000	21,900,000	43,100,000
Profit sharing revenues			21,000,000	14,300,000	33,800,000
Related party leasing and service contracts [Abstract]
Vessels and equipment, net			216,600,000		198,900,000	198,900,000
Frontline Charterers [Member]
Related Party Transaction [Line Items]
Compensation Payment Received for Lease Amendments			150,200,000
Amounts due from and to related parties [Abstract]
Due from related parties			17,816,000		30,714,000	30,714,000
Due to related parties			$ 196,000		$ 196,000	$ 196,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel			17		17	17
Management fees paid, vessels			$ 20,800,000	24,500,000	$ 48,400,000
Management fees paid, supervision of newbuildings			100,000	1,600,000	2,900,000
Administrative expenses - related parties			200,000	300,000	900,000
Related party loans [Abstract]
Increase Profit sharing percentage of earnings from Frontline for use of fleet (in hundredths)						25.00%
Deep Sea [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			$ 41,000		$ 1,338,000	$ 1,338,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel			2		2	2
Number of vessels leased to related parties classified as operating leases | vessel			4		4	4
United Freight Carriers Inc [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			$ 1,088,000		$ 232,000	$ 232,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as operating leases | vessel			5		4	4
Frontline Charterers, Deep Sea [Member]
Related party leasing and service contracts [Abstract]
Combined balance of net investments in direct financing leases			$ 579,500,000		$ 839,900,000	$ 839,900,000
Combined balance of net investments in direct financing leases, short-term maturities			38,200,000		37,500,000	37,500,000
Frontline Ltd [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			13,021,000		9,012,000	9,012,000
Loans to related parties - others, long-term			78,817,000		79,294,000	79,294,000
Frontline 2012 [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			230,000		0	0
Due to related parties			0		65,000	65,000
Frontline Management [Member]
Amounts due from and to related parties [Abstract]
Due to related parties			$ 95,000		848,000	848,000
Frontline Shipping and Frontline Shipping II [Member]
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel			3
Golar Management UK Limited [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities			$ 0	100,000	100,000
Arcadia [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities			100,000	0	0
Frontline Management AS [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities			$ 200,000	200,000	400,000
Golden Ocean [Member]
Related Party Transaction [Line Items]
Term of time charter, minimum period		10 years
Daily time charter rate payable to Golden Ocean in first 7 years			17,600
Daily time charter rate payable to Golden Ocean after 7 years			14,900
Number of drybulk carriers contracted to be acquired | vessel		8
Number ofyears before purchase option			10 years
Amounts due from and to related parties [Abstract]
Due to related parties			$ 193,000		0	0
Related party leasing and service contracts [Abstract]
Management fees paid, vessels			$ 400,000	400,000	800,000
Related party loans [Abstract]
Related Party Transactions Daily Vessel Management Fee		$ 7,000
Number of years charter can be extended			3 years
Seadrill [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			$ 424,000		111,195,000	111,195,000
Associated companies [Member]
Amounts due from and to related parties [Abstract]
Due from related parties			30,047,000		0	0
Other related parties [Member]
Amounts due from and to related parties [Abstract]
Due to related parties			0		0	0
Frontline Ltd [Member]
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			$ 6,300,000	$ 1,900,000	$ 4,000,000	$ 4,000,000
Equity Method Investment, Ownership Percentage | Rate			27.725%	0.00%	0.00%	0.00%
SFL West Polaris [Member]
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties				$ 3,300,000	$ 6,500,000	$ 6,500,000
Loans advanced to related parties					145,000,000	145,000,000
SFL Deepwater [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties			$ 94,124,000		100,036,000	100,036,000
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			3,300,000	3,300,000	6,500,000	6,500,000
Loans advanced to related parties			145,000,000
SFL Hercules [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties			81,649,000		135,250,000	135,250,000
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			3,300,000	3,300,000	6,500,000	6,500,000
Loans advanced to related parties			145,000,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties			125,000,000		110,745,000	110,745,000
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			2,800,000	$ 2,100,000	$ 4,900,000	$ 4,900,000
Loans advanced to related parties			$ 125,000,000
Subsequent Event [Member] | Frontline Charterers [Member]
Related party leasing and service contracts [Abstract]
Restricted Cash and Cash Equivalents, Noncurrent							$ 2,000,000
Related party loans [Abstract]
Daily time charter rate for VLCCs payable to Frontline	20,000
Daily time charter rate for Suezmax tankers payable to Frontline	15,000
Increase Profit sharing percentage of earnings from Frontline for use of fleet (in hundredths)	50.00%
Subsequent Event [Member] | Golden Ocean [Member]
Related Party Transaction [Line Items]
Related Party Transactions Profit Share Of Earnings On Lease Vessels Received From Related Party	33.00%
Subsequent Event [Member] | Vessels Leased to Frontline Charterers [Member] | Frontline Management [Member]
Related party loans [Abstract]
Related Party Transactions Daily Vessel Management Fee	$ 9,000

COMMITMENTS AND CONTINGENT LI57

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Apr. 30, 2015USD ($)vessel	Jun. 30, 2015USD ($)vessel	Dec. 31, 2014USD ($)
Commitments and Contingencies [Line Items]
Long-term Debt		$ 1,461,712	$ 1,732,459
Contractual commitments under newbuilding contracts		518,000	85,000
Ship Finance Ltd [Member]
Commitments and Contingencies [Line Items]
Long-term Debt		1,500,000
Equity Accounted Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term Debt		979,900	1,038,300
Ship Finance Ltd and Equity Accounting Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term Debt		2,400,000	2,800,000
Financial Guarantee [Member]
Commitments and Contingencies [Line Items]
Guarantee on loan facility		$ 255,000	260,000
1700 TEU Container Vessel [Member]
Commitments and Contingencies [Line Items]
Number of vessels not pledged under mortgages | vessel		3
9,300 - 9,500 TEU Container vessel [Member]
Commitments and Contingencies [Line Items]
Number of vessels not pledged under mortgages | vessel		3
Contractual commitments under newbuilding contracts	$ 246,000
Number of container vessels contracted to be acquired | vessel		3
Golden Ocean [Member]
Commitments and Contingencies [Line Items]
Number of drybulk carriers contracted to be acquired | vessel	8
Contractual commitments under newbuilding contracts	$ 272,000
US Dollar 45 million Secured Term Loan Facility [Member]
Commitments and Contingencies [Line Items]
Book value of assets pledged under ship mortgages		$ 1,826,000	$ 2,062,000

CONSOLIDATED VARIABLE INTERES58

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands	Jun. 30, 2015USD ($)subsidiaries	Dec. 31, 2014USD ($)
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	18
Estimated residual values of leased property (un-guaranteed)	$ 239,002	$ 239,002
Variable Interest Entities With Assets Accounted for as Direct Financing Leases [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	2
Carrying value of vessels	$ 61,300
Unearned lease income	13,700
Estimated residual values of leased property (un-guaranteed)	21,700
Outstanding loan balance	26,200
Outstanding loan balance, current portion	$ 4,800
Variable Interest Entities With Assets Accounted for as Operating Lease Assets [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	16
Carrying value of vessels	$ 358,700
Outstanding loan balance	178,200
Outstanding loan balance, current portion	$ 18,800

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Aug. 31, 2015$ / shares	Jul. 31, 2015USD ($)vesselsubsidiaries	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Subsequent Event [Line Items]
Compensation payable (receivable) for early contract termination of charter				$ (2,003)	$ 90,746	$ 199,429
Subsequent Event [Member]
Subsequent Event [Line Items]
Compensation payable (receivable) for early contract termination of charter			$ 13,800
Compensation payable (receivable) for early contract termination of charter, upfront payment (receipt)			$ 2,200
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.44
US dollar $166.4 million secured term loan facility [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Number Of Wholly Owned Subsidiaries Of Company That Entered Into Secured Term Loan Facility Agreement | subsidiaries		8
Debt Instrument, Face Amount		$ 166,400
Number of new vessels acquired that were partly funded by secured term loan facility | vessel		8
Frontline Ltd [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Investment Holdings Additional Information			0.07