SFL (SFL) 6-K 19 Sep 16 2016 Q2 Current report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2016
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, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating revenues
Direct financing lease interest income - related parties	$ 12,208	$ 19,504	$ 34,193
Finance lease service revenues - related parties	22,932	20,001	46,460
Profit sharing revenues - related parties	38,937	21,009	59,607
Profit sharing revenues - other	74	0	0
Time charter revenues - related parties	28,755	5,181	30,319
Time charter revenues - other	80,956	64,504	130,459
Bareboat charter revenues - related parties	6,188	6,198	12,596
Bareboat charter revenues - other	19,287	28,399	55,419
Voyage charter revenues - other	9,022	14,692	35,783
Other operating income	3,215	2,626	1,904
Total operating revenues	221,574	182,114	406,740
Gain/(loss) on sale of assets and termination of charters, net	14	(114)	7,364
Operating expenses
Vessel operating expenses - related parties	34,224	21,223	56,939
Vessel operating expenses - other	34,590	32,248	63,892
Depreciation	46,304	36,301	78,080
Vessel impairment charge	0	29,161	42,410
Administrative expenses - related parties	730	542	1,032
Administrative expenses - other	4,058	3,605	5,705
Total operating expenses	119,906	123,080	248,058
Net operating income	101,682	58,920	166,046
Non-operating income / (expense)
Interest income - related parties, long term loans to associated companies	9,338	9,338	18,672
Interest income – related parties, other	383	6,347	13,395
Interest income - other	666	4,620	7,075
Interest expense - other	(35,274)	(35,687)	(70,583)
(Loss)/gain on repurchase of bonds	(38)	438	1,007
Gain on redemption of loan notes from related parties	0	0	28,904
Gain on sale of loan notes and share warrants - other	0	44,552	44,552
Available for sale securities impairment charge	0	0	(20,552)
Dividend Income - related parties	8,250	0	0
Other financial items, net	(13,718)	(4,573)	(21,289)
Net income before equity in earnings of associated companies	71,289	83,955	167,227
Equity in earnings of associated companies	14,322	17,098	33,605
Net income	$ 85,611	$ 101,053	$ 200,832
Per share information:
Basic earnings per share	$ 0.92	$ 1.08	$ 2.15
Diluted earnings per share	$ 0.78	$ 0.94	$ 1.88

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 85,611	$ 101,053	$ 200,832
Fair value adjustments to hedging financial instruments	(14,540)	23,167	27,154
Fair value adjustments to hedging financial instruments in associated companies	(1,767)	(481)	158
Reclassification into net income of previous fair value adjustments to hedging financial instruments	0	173	(1,348)
Fair value adjustments to available for sale securities	(92,077)	(1,206)	981
Reclassification into net income of previous fair value adjustments to available for sale securities	0	0	20,552
Fair value adjustments to other financial instruments in associated companies	0	(28)	0
Other comprehensive income/(loss)	11	(44)	(136)
Other comprehensive (loss)/income, net of tax	(108,373)	21,581	47,361
Comprehensive (loss)/income	$ (22,762)	$ 122,634	$ 248,193

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 82,016	$ 70,175
Available for sale securities	119,975	199,594
Trade accounts receivable	5,239	2,057
Due from related parties	18,663	45,659
Other receivables	9,135	10,441
Inventories	5,050	5,056
Prepaid expenses and accrued income	2,911	5,790
Investment in direct financing leases, current portion	31,634	37,145
Total current assets	274,623	375,917
Vessels and equipment, net	1,789,816	1,641,317
Newbuildings and vessel purchase deposits	21,991	40,149
Investment in direct financing leases, long-term portion	442,910	474,298
Investment in associated companies	171	84,615
Loans to related parties - associated companies, long-term	336,997	387,712
Long-term receivables from related parties	9,955	0
Other long-term assets	27,992	27,746
Financial instruments (long-term): at fair value	0	800
Total assets	2,904,455	3,032,554
Current liabilities
Short-term debt and current portion of long-term debt	96,881	208,031
Trade accounts payable	1,071	835
Due to related parties	1,104	416
Accrued expenses	11,178	12,646
Other current liabilities	2,224	17,037
Total current liabilities	112,458	238,965
Long-term liabilities
Long-term debt	1,520,321	1,426,174
Financial instruments (long-term): at fair value	129,165	113,642
Other long-term liabilities	7,216	11,963
Total liabilities	1,769,160	1,790,744
Commitments and contingent liabilities
Stockholders' equity
Share capital ($1 par value; 125,000,000 shares authorized; 93,504,575 and 93,468,000 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively)	93,505	93,468
Additional paid-in capital	286,204	285,859
Contributed surplus	588,133	588,133
Accumulated other comprehensive loss	(107,643)	(1,037)
Accumulated other comprehensive loss – associated companies	(3,893)	(2,126)
Retained earnings	278,989	277,513
Total stockholders' equity	1,135,295	1,241,810
Total liabilities and stockholders' equity	$ 2,904,455	$ 3,032,554

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
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	93,504,575	93,468,000
Share Capital, shares outstanding	93,504,575	93,468,000	93,468,000	93,404,000

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Operating activities
Net income	$ 85,611	$ 101,053	$ 200,832
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	46,304	36,301	78,080
Vessel impairment charge	0	29,161	42,410
Available for sale securities impairment charge	0	0	20,552
Amortization of deferred charges	5,663	6,037	11,613
Amortization of seller's credit	(694)	(959)	(1,904)
Equity in earnings of associated companies	(14,322)	(17,098)	(33,605)
Loss/(gain) on sale of assets and termination of charters	(14)	114	(7,364)
Gain on redemption of Horizon loan notes and warrants	0	(44,552)	(44,552)
Gain on redemption of Frontline loan notes	0	0	(28,904)
Adjustment of derivatives to fair value recognized in net income	10,408	1,184	13,278
(Gain)/loss on repurchase of bonds	38	(438)	(1,007)
Interest receivable in form of notes	(633)	(2,182)	(2,182)
Other, net	157	(827)	(1,134)
Changes in operating assets and liabilities
Trade accounts receivable	(3,182)	560	1,196
Due from related parties	6,197	9,020	14,105
Other receivables	1,307	(1,884)	(840)
Inventories	6	(3,593)	(2,529)
Prepaid expenses and accrued income	2,878	550	(715)
Trade accounts payable	235	(822)	(1,572)
Accrued expenses	(1,426)	(4,220)	(5,302)
Other current liabilities	(14,812)	(3,778)	7,945
Net cash provided by operating activities	123,721	103,627	258,401
Investing activities
Repayments from investments in direct financing leases	16,309	18,502	35,946
Additions to newbuildings	(176,686)	(129,210)	(223,109)
Purchase of vessels	0	(1,740)	(273,552)
Proceeds/(payments) from sales of vessels and termination of charters	4,932	(2,003)	42,275
Proceeds from sale of investment in associated company	0	111,095	111,095
Net amounts received from/(paid to) associated companies	170,866	15,211	(62,083)
Proceeds from redemption of Horizon loan notes and warrants	0	71,681	71,681
Proceeds from redemption of Frontline loan notes	0	0	112,687
Other investments and long term assets, net	(12,072)	(4,898)	(20,722)
Net cash provided by/(used in) investing activities	3,349	78,638	(205,782)
Financing activities
Shares issued, net of issuance costs	243	675	675
Repurchase of bonds	(117,509)	(5,079)	(23,787)
Proceeds from issuance of long-term debt	277,000	130,366	595,305
Repayments of long-term debt	(190,612)	(215,062)	(435,706)
Debt fees paid	(217)	(2,997)	(7,155)
Cash dividends paid	(84,134)	(79,415)	(162,594)
Net cash used in financing activities	(115,229)	(171,512)	(33,262)
Net change in cash and cash equivalents	11,841	10,753	19,357
Cash and cash equivalents at start of the period	70,175	50,818	50,818
Cash and cash equivalents at end of the period	82,016	61,571	70,175
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 33,521	$ 34,707	$ 68,215

UNAUDITED CONDENSED CONSOLIDAT7

UNAUDITED CONDENSED 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]
Starting Balance at Dec. 31, 2014	$ 1,153,492	$ 93,404	$ 285,248	$ 586,089	$ (48,240)	$ (2,284)	$ 239,275
Starting Balance (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
Amortization of stock based compensation	0		0
Payments in lieu of issuing shares	0
Equity component of convertible bond issuance, net	0
Amortization of deferred equity contributions	2,044			2,044
Gain/(loss) on hedging financial instruments reclassified into earnings	173				173
Fair value adjustments to hedging financial instruments	22,686				23,167	(481)
Loss on available for sale securities reclassified into earnings	0				0
Fair value adjustments to available for sale securities	(1,206)				(1,206)
Fair value adjustments to other financial instruments	(28)					(28)
Other comprehensive income/(loss)	(44)				(44)
Net income	101,053						101,053
Dividends declared	(79,415)						(79,415)
Ending Balance at Jun. 30, 2015	$ 1,199,430	$ 93,468	285,859	588,133	(26,150)	(2,793)	260,913
Ending Balance (in shares) at Jun. 30, 2015	93,468,000	93,468,000
Starting Balance at Dec. 31, 2014	$ 1,153,492	$ 93,404	285,248	586,089	(48,240)	(2,284)	239,275
Starting Balance (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
Amortization of stock based compensation	0		0
Payments in lieu of issuing shares	0
Equity component of convertible bond issuance, net	0
Amortization of deferred equity contributions	2,044			2,044
Gain/(loss) on hedging financial instruments reclassified into earnings	(1,348)				(1,348)
Fair value adjustments to hedging financial instruments	27,312				27,154	158
Loss on available for sale securities reclassified into earnings	20,552				20,552
Fair value adjustments to available for sale securities	981				981
Fair value adjustments to other financial instruments	0					0
Other comprehensive income/(loss)	(136)				(136)
Net income	200,832						200,832
Dividends declared	(162,594)						(162,594)
Ending Balance at Dec. 31, 2015	$ 1,241,810	$ 93,468	285,859	588,133	(1,037)	(2,126)	277,513
Ending Balance (in shares) at Dec. 31, 2015	93,468,000	93,468,000
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	36,575	36,575
Shares issued	$ 243	$ 37	206
Amortization of stock based compensation	139		139
Payments in lieu of issuing shares	0
Equity component of convertible bond issuance, net	0
Amortization of deferred equity contributions	0			0
Gain/(loss) on hedging financial instruments reclassified into earnings	0				0
Fair value adjustments to hedging financial instruments	(16,307)				(14,540)	(1,767)
Loss on available for sale securities reclassified into earnings	0				0
Fair value adjustments to available for sale securities	(92,077)				(92,077)
Fair value adjustments to other financial instruments	0					0
Other comprehensive income/(loss)	11				11
Net income	85,611						85,611
Dividends declared	(84,134)						(84,135)
Ending Balance at Jun. 30, 2016	$ 1,135,295	$ 93,505	$ 286,204	$ 588,133	$ (107,643)	$ (3,893)	$ 278,989
Ending Balance (in shares) at Jun. 30, 2016	93,504,575	93,504,575

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2016
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, 2015 . The results of operations for the interim period ended June 30, 2016 are not necessarily indicative of the results for the entire year ending December 31, 2016 . 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, 2015 . Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company is currently assessing the impact of ASU 2014-09 on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" to reduce the complexity and cost of the subsequent measurement of inventory, in particular when using the first-in, first-out (FIFO) or average cost methods. The provisions of ASU 2015-11 specifically exclude inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. Entities should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-11 on its consolidated financial position, results of operations and cash flows. In January 2016, the FASB issued ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 particularly relates to the fair value and impairment of equity investments, financial instruments measured at amortized cost, and the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for certain particular amendments within ASU 2016-01, where financial statements have not yet been issued. The Company is currently assessing the impact of ASU 2016-01 on its consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures" to simplify the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-07 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09 "Compensation - Stock Compensation" to introduce improvements to the employee share-based payment accounting. ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, the classification of awards as either equity or liabilities and the classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-09 on its consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses" to introduce new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 requires among other things, the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial position, results of operations and cash flows. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. It addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently assessing the impact of ASU 2016-15 on its statement of consolidated cash flows. Recently Adopted Accounting Standards During the period, the Company adopted ASU 2015-03 "Interest - Imputation of Interest, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This ASU was effective for the first interim period beginning after December 15, 2015 and is effective retrospectively. As a result, at June 30, 2016 , $26.8 million ( December 31, 2015 : $32.3 million ) of debt issuance costs have been reclassified from Non-Current Assets to Non-Current Liabilities as a direct deduction from long-term debt (see Note 10 - Short-Term and Long-Term Debt).

GAIN ON SALE OF ASSETS AND TERM

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	6 Months Ended
	Jun. 30, 2016
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 February 2016, the offshore support vessel Sea Bear , which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A gain of $14,000 was recorded on the disposal, the proceeds of which included $5.1 million gross sales proceeds and an early termination of charter compensation of $11.6 million , at fair value (see Note 15: Related party transactions). An impairment charge of $8.1 million had been recorded against the carrying value of this vessel in the year ended December 31, 2015 .

GAIN ON SALE OF LOAN NOTES AND

GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER (Notes)	6 Months Ended
	Jun. 30, 2016
GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER [Abstract]
Gain on sale of loan notes and share warrants [Text Block]	GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER In May 2015, the Company recorded a total gain of $44.6 million on the disposal of its holding of loan notes in Horizon Lines, LLC and share warrants in Horizon Lines, Inc. These unlisted second lien interest-bearing loan notes and share warrants had been received as compensation on termination of charters to Horizon Lines, LLC in April 2012.

OTHER FINANCIAL ITEMS, NET OTHE

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET	6 Months Ended
	Jun. 30, 2016
Other Financial Items [Abstract]
OTHER FINANCIAL ITEMS, NET	OTHER FINANCIAL ITEMS, NET Other financial items comprise the following items: Six months ended June 30, Year ended December 31, (in thousands of $) 2016 2015 2015 Fair value loss on non-designated derivatives, net (9,568 ) (1,243 ) (13,051 ) Net cash payments on non-designated derivatives (2,641 ) (2,833 ) (6,453 ) Fair value (loss)/gain of designated derivatives (ineffective portion) (840 ) 59 (227 ) Other items (669 ) (556 ) (1,558 ) Other financial items, net (13,718 ) (4,573 ) (21,289 ) The net movement in the fair values of non-designated derivatives and net cash payments thereon relates 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”. In the event that an interest rate swap, or portion thereof, relating to a loan facility is no longer designated as a cash flow hedge, then corresponding gains/losses previously recorded in "Other comprehensive income" are reclassified as "Other financial items, net" in the Consolidated Statement of Operations. The above net decrease in the valuation of non-designated derivatives includes reclassifications from "Other comprehensive income" of $0 in the six months ended June 30, 2016 ( six months ended June 30, 2015 : $0.2 million gain reclassified from “Other comprehensive income”; year ended December 31, 2015 : $1.3 million loss reclassified from “Other comprehensive income”). 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, 2016
Investments, Debt and Equity Securities [Abstract]
AVAILABLE FOR SALE SECURITIES	AVAILABLE-FOR-SALE SECURITIES Marketable securities held by the Company are debt securities and share investments considered to be available-for-sale securities. (in thousands of $) June 30, 2016 December 31, 2015 Amortized cost 197,606 185,148 Accumulated net unrealized (loss)/gain (77,631 ) 14,446 Carrying value 119,975 199,594 The Company's investment in marketable securities consists of investments in listed shares and secured notes which mature in 2019. Available-for-sale securities are recorded at fair value, with unrealized gains and losses generally recorded as a separate component of "Other comprehensive income". The accumulated net unrealized loss on available-for-sale securities included in "Other comprehensive income" at June 30, 2016 , was $77.6 million ( December 31, 2015 : net gain of $14.4 million ). The investment in listed shares at June 30, 2016 , consists of shares in Frontline Ltd. (“Frontline”) with a carrying value of $86.6 million ( December 31, 2015 : $164.5 million ). The investment in secured notes at June 30, 2016 , consists of listed and unlisted corporate bonds with a total carrying value of $33.4 million ( December 31, 2015 : $35.1 million ). In December 2015, the Company determined that the bonds were other than temporarily impaired and recorded an impairment charge of $20.6 million , reducing their amortized cost to fair value at December 31, 2015 .

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) June 30, 2016 December 31, 2015 Cost 2,159,655 1,964,852 Accumulated depreciation (369,839 ) (323,535 ) Vessels and equipment, net 1,789,816 1,641,317 During the six months ended June 30, 2016 , the Company took delivery of two 9,300-9,500 twenty-foot equivalent units (“TEU”) newbuilding container vessels at an aggregate cost of $194.8 million .

NEWBUILDINGS

NEWBUILDINGS	6 Months Ended
	Jun. 30, 2016
NEWBUILDINGS [Abstract]
NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS	NEWBUILDINGS AND VESSEL PURCHASE DEPOSITS During the six months ended June 30, 2016 , the Company took delivery of two 9,300-9,500 TEU newbuilding container vessels, which were under construction at December 31, 2015 . Upon delivery, the vessels were transferred from Newbuildings to Vessels and Equipment, net. As at June 30, 2016 , the Company had agreements for the delivery of two newbuilding oil product carriers. Total costs of $176.7 million including capitalized interest of $0.7 million were paid in respect of newbuildings in the six months ended June 30, 2016 .

INVESTMENTS IN DIRECT FINANCING

INVESTMENTS IN DIRECT FINANCING LEASES	6 Months Ended
	Jun. 30, 2016
Net Investment in Direct Financing and Sales Type Leases [Abstract]
INVESTMENTS IN DIRECT FINANCING LEASES	INVESTMENTS IN DIRECT FINANCING LEASES As at June 30, 2016 , the Company had 12 VLCCs and two 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 four to 11 years. Frontline Shipping is a subsidiary of 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. Subsequent to June 30, 2016 , one of the above 12 VLCC oil tankers was sold and delivered to its new owner in July 2016 (see Note 18: Subsequent Events). Also at June 30, 2016 , the Company had one offshore suppot vessel chartered on a long-term bareboat charter to Deep Sea Supply Shipowning II AS, a wholly owned subsidiary of Deep Sea Supply BTG AS (“Deep Sea Supply BTG”), which is a joint venture owned 50% by BTG Pactual Oil & Gas Empreendimentos e Particapacoes S.A. (“BTG Pactual”), and 50% by Deep Sea Supply Plc. (“Deep Sea”), a related party. In July 2016, the Company and the charterer agreed amendments to the charter agreements whereby the charter rates are temporarily reduced until May 2018, in exchange for extending the charter period by three years and introducing a 50% profit share on charter revenues earned by the vessels above the new base charter rates. The amendments to the charter rates were effective from June 7, 2016. Also, as part of the amendments to the charter agreements, Deep Sea will join Deep Sea Supply BTG as charter guarantor. At December 31, 2015 , another one of the Company's offshore support vessels was chartered on a long-term bareboat charter to DESS Cyprus Limited, a wholly owned subsidiary of Deep Sea. This vessel was sold in February 2016 (see Note 2: Gain on sale of assets and termination of charters). The above assets of the Company, i.e. 15 vessels as at June 30, 2016 are accounted for as direct financing leases, all of which are leased to related parties ( December 31, 2015 : 16 vessels) . The following lists the components of the investments in direct financing leases as at June 30, 2016 . (in thousands of $) June 30, 2016 December 31, 2015 Total minimum lease payments to be received 747,714 825,460 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (340,027 ) (362,959 ) Net minimum lease payments receivable 407,687 462,501 Estimated residual values of leased property (un-guaranteed) 193,299 195,238 Less : unearned income (126,442 ) (146,296 ) Total investment in direct financing and sales-type leases 474,544 511,443 Current portion 31,634 37,145 Long-term portion 442,910 474,298 474,544 511,443

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2016
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, on June 5, 2015, the Company received 55 million shares in Frontline, equivalent to approximately 28% of Frontline's issued share capital at the time. Frontline, which is listed on the New York Stock Exchange and the Oslo Stock Exchange and reports its operating results on a quarterly basis, was determined to be an associated company following receipt of these shares. On November 30, 2015, Frontline merged with Frontline 2012 Ltd. ("Frontline 2012"), and increased its issued share capital, thereby reducing the Company's shareholding in Frontline to approximately 7% . Accordingly, Frontline was assessed as no longer being an associated company and the Frontline shares are now held as available for sale securities (see Note 5: Available-for-sale securities). The Company's share of the net income of Frontline for the year ended December 31, 2015 , during which it was an associated company accounted for using the equity method, was $2.6 million ( six months ended June 30, 2016 : $0 ; six months ended June 30, 2015 : $1.3 million ). At June 30, 2016 , June 30, 2015 and December 31, 2015 , the Company had the following participation in investments that are recorded using the equity method: June 30, 2016 June 30, 2015 December 31, 2015 SFL Deepwater Ltd (“SFL Deepwater”) 100 % 100 % 100 % SFL Hercules Ltd (“SFL Hercules”) 100 % 100 % 100 % SFL Linus Ltd (“SFL Linus”) 100 % 100 % 100 % Summarized balance sheet information of the Company’s wholly-owned equity method investees is as follows: As of June 30, 2016 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 120,965 33,722 38,308 48,935 Non-current assets 1,152,779 350,233 343,981 458,565 Total assets 1,273,744 383,955 382,289 507,500 Current liabilities 105,680 25,456 28,660 51,564 Non-current liabilities 1,167,893 358,453 353,573 455,867 Total liabilities 1,273,573 383,909 382,233 507,431 Total stockholders’ equity 171 46 56 69 As of December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 120,251 33,735 38,936 47,580 Non-current assets 1,207,755 364,550 360,215 482,990 Total assets 1,328,006 398,285 399,151 530,570 Current liabilities 128,455 25,221 28,624 74,610 Non-current liabilities 1,114,936 333,538 351,821 429,577 Total liabilities 1,243,391 358,759 380,445 504,187 Total stockholders’ equity 84,615 39,526 18,706 26,383 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2016 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 40,565 11,112 11,738 17,715 Net operating revenues 40,565 11,112 11,738 17,715 Net income 14,322 3,520 3,350 7,452 Six months ended June 30, 2015 (in thousands of $) TOTAL 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 Year ended December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 82,731 22,424 23,315 36,992 Net operating revenues 82,725 22,422 23,313 36,990 Net income 31,001 7,561 7,306 16,134 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. and Seadrill Offshore AS, fully guaranteed by their parent company Seadrill Limited (“Seadrill”). In June 2013, SFL Deepwater transferred one of the rigs and the corresponding lease to SFL Hercules (see below). Accordingly, SFL Deepwater now holds one ultra-deepwater drilling rig which is leased to Seadrill Deepwater Charterer Ltd. 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 previous loan facility. At June 30, 2016 , the balance outstanding under the new facility was $259.8 million , and the available amount under the revolving part of the facility was fully drawn. The Company guaranteed $80.0 million of this debt at June 30, 2016 . The rig is chartered on a bareboat basis and the terms of the charter provide the charterer 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 the six months ended June 30, 2016 , SFL Deepwater paid dividends of $43.0 million ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $0 ). SFL Hercules is a 100% owned subsidiary of Ship Finance, incorporated in January 2012 for the purpose of holding an ultra-deepwater drilling rig and leasing that rig to Seadrill Offshore AS, 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. In May 2013, SFL Hercules entered into a $375 million six year term loan and revolving credit facility to partly fund its acquisition of the rig from SFL Deepwater. The facility was drawn in June 2013 and at June 30, 2016 , the balance outstanding under this facility was $292.5 million . At June 30, 2016 , the available amount under the revolving part of the facility was fully drawn. The Company guaranteed $75.0 million of this debt at June 30, 2016 . The rig is chartered on a bareboat basis and the terms of the charter provide the charterer 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 Hercules is the subject of a lease which includes both fixed price call options and a fixed price purchase obligation at the end of the charter, 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 the six months ended June 30, 2016 , SFL Hercules paid dividends of $22.0 million ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $0 ). SFL Linus is a 100% owned subsidiary of Ship Finance, acquired in 2013 from North Atlantic Drilling Ltd (“NADL”), a related party. SFL Linus holds a harsh environment jack-up drilling rig which was delivered from the ship yard in February 2014 and immediately leased to North Atlantic Linus Charterer Ltd., fully guaranteed by its parent company NADL. 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 in February 2014, and at June 30, 2016 , the balance outstanding under this facility was $380.0 million . At June 30, 2016 , the available amount under the revolving part of the facility was fully drawn. The Company guaranteed $90.0 million of this debt at June 30, 2016 . In February 2015, amendments were made to the lease, whereby Seadrill replaced NADL as lease guarantor. The rig is chartered on a bareboat basis and the terms of the charter provide the charterer with various call options to acquire the rig at certain dates throughout the charter. In addition, the charter includes a fixed price put option at expiry of the charter 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 the six months ended June 30, 2016 , SFL Linus paid dividends of $32.0 million ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $0 ). 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, 2016 , 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, 2016
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, 2016 December 31, 2015 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 — 117,500 NOK600 million senior unsecured floating rate bonds due 2017 67,368 63,681 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 NOK900 million senior unsecured floating rate bonds due 2019 90,380 85,434 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 1,136,249 1,049,861 Total debt principal 1,643,997 1,666,476 Less : Unamortized debt issuance costs (26,795 ) (32,271 ) Less : Current portion of long-term debt (96,881 ) (208,031 ) 1,520,321 1,426,174 The outstanding debt as of June 30, 2016 is repayable as follows: (in thousands of $) Year ending December 31, 2016 (remaining six months) 48,451 2017 195,302 2018 537,385 2019 272,060 2020 172,060 Thereafter 418,739 Total debt principal 1,643,997 The weighted average interest rate for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) was 4.00% per annum at June 30, 2016 ( December 31, 2015 : 4.22% ). This rate takes into consideration the effect of related interest rate swaps. At June 30, 2016 , the three month US Dollar London Interbank Offered Rate, or LIBOR, was 0.654% ( December 31, 2015 : 0.613% ) and the Norwegian Interbank Offered Rate, or NIBOR, was 1.01% ( December 31, 2015 : 1.13% ). 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 was fixed at 3.75% per annum and was payable in cash semi-annually in arrears. The bonds were 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. In February 2016, the amount outstanding was fully redeemed in cash without any conversion into shares having taken place. 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 were subsequently re-sold. The Company holds bonds purchased as treasury bonds. The net amount outstanding at June 30, 2016 , was NOK565.0 million , equivalent to $67.4 million ( December 31, 2015 : NOK565 million , equivalent to $63.7 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 $15.3109 . 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, 2016 . 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 NOK142.0 million at June 30, 2016 , which are being held as treasury bonds. The net amount outstanding at June 30, 2016 , was NOK758 million , equivalent to $90.4 million ( December 31, 2015 : NOK758 million , equivalent to $85.4 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 serves 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, 2016 , the amount available under the revolving part of the facility was $20.0 million . The net amount outstanding at June 30, 2016 , was $0 ( December 31, 2015 : $8.0 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, 2016 , was $24.9 million ( December 31, 2015 : $26.3 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, 2016 , was $24.9 million ( December 31, 2015 : $26.3 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 against 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, 2016 , was $32.2 million ( December 31, 2015 : $34.1 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 against a jack-up drilling rig. The facility bears interest at LIBOR plus a margin and has a term of seven years. At June 30, 2016 , the available amount under the revolving part of the facility was $0 . The net amount outstanding at June 30, 2016 , was $22.5 million ( December 31, 2015 : $22.5 million ). Subsequent to June 30, 2016 , the total amount outstanding under this facility was prepaid and the facility cancelled in July 2016. $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 against 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, 2016 , was $47.8 million ( December 31, 2015 : $50.8 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 against 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, 2016 , was $116.1 million ( December 31, 2015 : $122.2 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, 2016 , was $37.7 million ( December 31, 2015 : $39.9 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. The facility bears interest at LIBOR plus a margin and has a term of five years. At June 30, 2016 , the available amount under the revolving part of the facility was $9.0 million . The net amount outstanding at June 30, 2016 , was $36.0 million ( December 31, 2015 : $36.0 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 support vessels. One of the vessels was sold in February 2016, and the facility now relates to the remaining five 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, 2016 , was $71.7 million ( December 31, 2015 : $87.8 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. The facility bears interest at LIBOR plus a margin and has a term of five years . The net amount outstanding at June 30, 2016 , was $20.0 million ( December 31, 2015 : $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, secured against two 8,700 TEU container vessels which were delivered in 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, 2016 , was $113.7 million ( December 31, 2015 : $117.9 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, secured against two 8,700 TEU container vessels which were delivered in 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, 2016 , was $116.9 million ( December 31, 2015 : $121.1 million ). $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. 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, 2016 , was $32.8 million ( December 31, 2015 : $34.0 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. Three of the tankers were sold and delivered to their new owners prior to June 30, 2016 , and the facility was secured against the remaining 14 tankers at June 30, 2016 . A further vessel was sold and delivered to its new owner subsequent to June 30, 2016 . The facility bears interest at LIBOR plus a margin and has a term of three years. At June 30, 2016 , the available amount under the facility was $135.6 million . The net amount outstanding at June 30, 2016 , was $80.0 million ( December 31, 2015 : $73.5 million ). $166 million secured term loan facility In July 2015, eight wholly-owned subsidiaries of the Company entered into a $166.4 million secured term loan facility with a syndicate of banks, secured against eight Capesize 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 seven years . The net amount outstanding at June 30, 2016 , was $152.6 million ( December 31, 2015 : $159.5 million ). $210 million secured term loan facility In November 2015, three subsidiaries entered into a $210.0 million secured term loan facility with a syndicate of banks, to partly fund the acquisition of three newbuilding container vessels, against which the facility is secured. One of the vessels was delivered in November 2015, a second was delivered in February 2016, and the remaining vessel was delivered in May 2016. 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 from the delivery of each vessel. At June 30, 2016 , the net amount outstanding was $206.7 million ( December 31, 2015 : $70.0 million ). The aggregate book value of assets pledged as security against borrowings at June 30, 2016 , was $2,159 million ( December 31, 2015 : $2,087 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, 2016 , 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 BTG. As at June 30, 2016 , Deep Sea Supply BTG was in compliance with all covenants under the loan agreement.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2016
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 U.S. 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, Credit Agricole Corporate and Investment Bank, Swedbank AB (publ) and Commonwealth Bank of Australia. 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, 2016 December 31, 2015 Designated derivative instruments - long-term assets: Interest rate swaps — 487 Non-designated derivative instruments - long-term assets: Interest rate swaps — 313 Total derivative instruments - long-term assets — 800 (in thousands of $) June 30, 2016 December 31, 2015 Designated derivative instruments - long-term liabilities: Interest rate swaps 26,693 11,458 Cross currency interest rate swaps 78,674 87,642 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 13,296 2,897 Cross currency interest rate swaps 10,502 11,645 Total derivative instruments - long-term liabilities 129,165 113,642 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, 2016 , 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 $30,163 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $32,186 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $47,816 (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% $151,800 (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% * $37,683 (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% $32,760 (reducing to $19,413) September 2015 March 2022 1.67% $206,719 (reducing to $149,844) February 2016 February 2021 1.0725% - 1.2625% * 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, 2016 , excluding those with inception dates in the future, was $995.6 million ( December 31, 2015 : $804.8 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, 2016 and December 31, 2015 are as follows: June 30, 2016 June 30, 2016 December 31, 2015 December 31, 2015 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 119,975 119,975 199,594 199,594 Floating rate NOK bonds due 2017 67,368 66,006 63,681 63,719 Floating rate NOK bonds due 2019 90,380 83,170 85,434 79,549 3.75% unsecured convertible bonds due 2016 — — 117,500 118,021 3.25% unsecured convertible bonds due 2018 350,000 372,505 350,000 378,315 Derivatives: Interest rate/ currency swap contracts - long-term receivables — — 800 800 Interest rate/ currency swap contracts - long-term payables 129,165 129,165 113,642 113,642 The above long-term receivables relating to interest rate/ currency swap contracts at June 30, 2016 , include $0 which relates to non-designated swap contracts ( December 31, 2015 : $0.3 million ), with the balance relating to designated hedges. The above long-term payables relating to interest rate/ currency swap contracts at June 30, 2016 , include $23.8 million which relates to non-designated swap contracts ( December 31, 2015 : $14.5 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, 2015 , 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, 2016 , were measured as follows: Fair value measurements using (in thousands of $) June 30, 2016 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 119,975 119,975 — Interest rate/ currency swap contracts - long-term receivables — — Total assets 119,975 119,975 — — Liabilities: Floating rate NOK bonds due 2017 66,006 66,006 Floating rate NOK bonds due 2019 83,170 83,170 3.25% unsecured convertible bonds due 2018 372,505 372,505 Interest rate/ currency swap contracts - long-term payables 129,165 129,165 Total liabilities 650,846 521,681 129,165 — 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 3.25% convertible bonds due 2018, 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, 2016 . 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, 2016 , Frontline accounted for approximately 33% of our consolidated operating revenues ( six months ended June 30, 2015 : 32% ; year ended December 31, 2015 : 33% ). 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, 2016
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, 2016 December 31, 2015 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, 2016 December 31, 2015 93,504,575 common shares of $1.00 par value each (December 31, 2015: 93,468,000 shares) 93,505 93,468 The Company’s common shares are listed on the New York Stock Exchange. In November 2006, the Board of Directors approved the Ship Finance International Limited Share Option Scheme (the "Option Scheme"). The Option Scheme permits the Board of Directors, at its discretion, to grant options to employees, officers and directors of the Company or its subsidiaries. The fair value cost of options granted is recognized in the statement of operations, and the corresponding amount is credited to additional paid in capital. In the six months ended June 30, 2016 , additional paid-in capital was credited with $139,000 relating to the fair value of options granted in March 2016. During the six months ended June 30, 2016 , the Company issued a total of 36,575 shares following the exercise of options that had been granted in 2011. The total premium on the shares issued was $0.2 million .

SHARE OPTION PLAN

SHARE OPTION PLAN	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN In the six months ended June 30, 2016 , 125,000 options granted in 2011 were exercised by three employees and two officers. In March 2016, a total of 279,000 options were granted to six directors, two officers and five employees of the Company. There were no other options outstanding at June 30, 2016 . As at June 30, 2016 , the unrecognized compensation cost relating to non-vested options granted under the Company's Option Scheme was $0.7 million ( December 31, 2015 : $0 ).

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2016
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 $) 2016 2015 2015 Basic: Net income available to stockholders 85,611 101,053 200,832 Diluted: Net income available to stockholders 85,611 101,053 200,832 Interest expense on convertible bonds 9,151 11,203 22,449 94,762 112,256 223,281 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) 2016 2015 2015 Basic earnings per share: Weighted average number of common shares outstanding 93,489 93,432 93,450 Diluted earnings per share: Weighted average number of common shares outstanding 93,489 93,432 93,450 Effect of dilutive share options — 18 23 Effect of dilutive convertible debt 27,935 25,535 25,535 121,424 118,985 119,008

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2016
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 (1) – Frontline 2012 (1) – Frontline Shipping and Frontline Shipping II (collectively the Frontline Charterers) – Seadrill – NADL – Golden Ocean Group Limited (“Golden Ocean”) (2) – United Freight Carriers (“UFC” - which is a joint venture approximately 50% owned by Golden Ocean) – Deep Sea – Deep Sea Supply BTG (which is a joint venture 50% owned by Deep Sea) – Seatankers Management Co. Ltd. (“Seatankers”) – Arcadia Petroleum Limited (“Arcadia”) (1) On November 30, 2015, Frontline and Frontline 2012 merged, leaving Frontline as the surviving legal entity and Frontline 2012 becoming a wholly-owned subsidiary of Frontline. (2) In March 2015, Golden Ocean Group Limited merged with Knightsbridge Tankers Limited, leaving Knightsbridge Tankers Limited as the surviving legal entity and changing its name to Golden Ocean Group Limited. 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 8: Investment in Direct Financing Leases). (in thousands of $) June 30, 2016 December 31, 2015 Amounts due from: Frontline Charterers 13,649 18,052 Frontline 1,674 2,816 UFC 463 1,639 SFL Linus — 23,152 Deep Sea and Deep Sea Supply BTG 2,877 — Total amount due from related parties 18,663 45,659 Loans to related parties - associated companies, long-term SFL Deepwater 123,275 137,437 SFL Hercules 90,460 125,275 SFL Linus 123,262 125,000 Total loans to related parties - associated companies, long-term 336,997 387,712 Long-term receivables from related parties Deep Sea 9,955 — Total long-term receivables from related parties 9,955 — Amounts due to: Frontline Charterers 229 229 Frontline 542 143 Golden Ocean 197 — Seatankers 110 — Other related parties 26 44 Total amount due to related parties 1,104 416 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, 2016 within the financial statements (see Note 9: Investment In Associated Companies). As described below in “Related party loans”, at June 30, 2016 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, 2016 , 14 of the Company’s vessels leased to Frontline Shipping ( December 31, 2015 : 14 ) and one of its offshore support vessels leased to a subsidiary of Deep Sea Supply BTG ( December 31, 2015 : one ) are recorded as direct financing leases. At December 31, 2015 , there was also one offshore support vessel leased to a subsidiary of Deep Sea recorded as a direct financing lease, which was sold in February 2016. At June 30, 2016 , the combined balance of net investments in direct financing leases with Frontline Shipping and Deep Sea Supply BTG was $474.5 million ( December 31, 2015 : $511.4 million , including the vessel leased to Deep Sea), of which $31.6 million ( December 31, 2015 : $37.1 million ) represents short-term maturities. In addition, included under operating leases at June 30, 2016 , there were four offshore support vessels leased to a subsidiary of Deep Sea Supply BTG ( December 31, 2015 : four ), eight Capesize dry bulk carriers leased to a subsidiary of Golden Ocean ( December 31, 2015 : eight ) and three dry bulk carriers leased to UFC ( December 31, 2015 : six ). At June 30, 2016 , the net book value of assets leased under operating leases to Golden Ocean, Deep Sea Supply BTG and UFC was $412.4 million ( December 31, 2015 : $499.6 million ). On June 5, 2015, amendments were made to the charter agreements with Frontline Shipping, relating to VLCCs and Suezmax tankers accounted for as direct financing leases. The amendments, which do not affect the duration of the leases and were 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. As part of the amended agreements, the Company's profit sharing percentage increased from 25% to 50% , and is now calculated and paid on a quarterly basis. In the six months ended June 30, 2016 , the Company recorded profit share revenues of $38.7 million ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $37.3 million ), all of which related to the 50% arrangement effective from July 1, 2015. In December 2011, amendments were made to the charter agreements then in place with Frontline Shipping and Frontline Shipping II providing for a $6,500 per day reduction in charter rates for the period January 1, 2012, to December 31, 2015. Thereafter the charter rates were to revert to the previously agreed daily amounts. The amendments provided that for the four year period of the temporary reduction in charter rates, Frontline Shipping and Frontline Shipping II would pay the Company 100% of any earnings on a time-charter equivalent basis above the temporarily reduced time charter rates, subject to a maximum of $6,500 per day per vessel. This arrangement was discontinued from July 1, 2015, when the amendments agreed in June 2015 became effective. In the six months ended June 30, 2016 , the Company earned and recognized no revenue under this arrangement ( six months ended June 30, 2015 : $19.9 million ; year ended December 31, 2015 : $19.9 million ), which is also reported under "Profit sharing revenues". In consideration for the amendments to the charter agreements made on June 5, 2015, the Company received 55 million ordinary shares in Frontline, representing approximately 28% of the issued share capital of Frontline at the time of receipt in June 2015. On November 30, 2015, Frontline merged with Frontline 2012 and increased its issued share capital, reducing the Company's holding to approximately 7% . Accordingly, from June 5, 2015 to November 30, 2015, the Company's shareholding in Frontline was accounted for as an investment in associated companies (see Note 9: Investment in associated companies). Since December 1, 2015, the Company's holding in Frontline shares has been held under available-for-sale securities (see Note 5: Available-for-sale securities). In February 2016, Frontline enacted a 1-for-5 reverse stock split of its ordinary shares. Accordingly, the Company's holding in Frontline changed from 55 million shares to 11 million shares, remaining at approximately 7% of Frontline's issued share capital. In the six months ended June 30, 2016 , the Company received dividends of $8.3 million on its holding of shares in Frontline. In the six months ended June 30, 2016 , the Company had eight dry bulk carriers operating on time-charters to a subsidiary of Golden Ocean, which include profit sharing arrangements whereby the Company earns a 33% share of profits earned by the vessels above threshold levels. In the six months ended June 30, 2016 , the Company earned no profit share revenue under this arrangement ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $0 ). In the six months ended June 30, 2016 , the Company had six dry bulk carriers operating on time-charters to UFC, which include profit sharing arrangements whereby the Company earns a 50% share of profits earned by the vessels above threshold levels. In the six months ended June 30, 2016 , the Company earned and recognized $0.3 million under this arrangement ( six months ended June 30, 2015 : $1.1 million ; year ended December 31, 2015 : $2.5 million ). A summary of leasing revenues and repayments from the Frontline Charterers, Golden Ocean, UFC, Deep Sea Supply BTG and Deep Sea is as follows: Six months ended Year ended (in millions of $) June 30, 2016 June 30, 2015 December 31, 2015 Operating lease income 34.9 11.4 42.9 Direct financing lease interest income 12.2 19.5 34.2 Finance lease service revenue 22.9 20.0 46.5 Direct financing lease repayments 16.3 18.5 35.9 Profit share and cash sweep income 38.9 21.0 59.6 In February 2016, the Company sold the offshore support vessel Sea Bear to an unrelated third party, and simultaneously agreed to terminate the corresponding charter with a subsidiary of Deep Sea. As compensation for the early termination of the charter, termination fees were received from Deep Sea in the form of an amortizing senior unsecured loan note, receivable over a period of six years . The initial face value of the note, on which interest at 7.25% is receivable, was $14.6 million and their initial fair value of $11.6 million was determined from analysis of projected cash flows, based on factors including terms, provisions and other characteristics of the notes, default risk of the issuing entity, the fundamental and other characteristics of that entity, and the current economic environment and trading activity in the debt market. In addition to revenues and repayments, the Company paid the following fees to related parties: Six months ended Year ended (in millions of $) June 30, 2016 June 30, 2015 December 31, 2015 Frontline: Vessel Management Fees 23.6 20.8 48.0 Newbuilding Supervision Fees — 0.1 0.1 Administration Services Fees 0.4 0.5 0.9 Golden Ocean: Vessel Management Fees 10.2 — 8.2 Operating Management Fees 0.4 0.4 0.8 Office Facilities: Arcadia — 0.1 0.1 Frontline Management AS 0.2 0.2 0.4 Frontline Corporate Services 0.2 — — In addition to the above, the Company paid $0.2 million for the six months ended June 30, 2016 in relation to a new agreement with Seatankers effective January 1, 2016 for the provision of advisory and support services. 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. In the six months ended June 30, 2016 , the Company received interest income on these loans of $3.3 million from SFL Deepwater ( six months ended June 30, 2015 : $3.3 million ; year ended December 31, 2015 : $6.5 million ), $3.3 million from SFL Hercules ( six months ended June 30, 2015 : $3.3 million ; year ended December 31, 2015 : $6.5 million ) and $2.8 million from SFL Linus ( six months ended June 30, 2015 : $2.8 million ; year ended December 31, 2015 : $5.6 million ). 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. The loan notes were redeemed in full in December 2015, and a gain on redemption of $28.9 million was recorded. In the six months ended June 30, 2016 , the Company received no interest on these loan notes ( six months ended June 30, 2015 : $6.3 million ; year ended December 31, 2015 : $13.4 million ). The Company received a loan note from Deep Sea as compensation for the early termination of the charter on an offshore support vessel in February 2016. In the six months ended June 30, 2016 , the Company received $0.4 million interest on the loan note ( six months ended June 30, 2015 : $0 ; year ended December 31, 2015 : $0 ).

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) June 30, 2016 Book value of consolidated assets pledged under ship mortgages $2,159 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, 2016 , the Company ( $1.6 billion ) and its 100% equity-accounted subsidiaries ( $932 million ) had a combined outstanding principal indebtedness of $2.6 billion ( December 31, 2015 : $2.5 billion ) under various credit facilities. Most of the Company’s vessels and rigs have been pledged under mortgages in respect of this outstanding indebtedness as at June 30, 2016 , excluding three 1,700 TEU container vessels and the newbuilding vessels not yet delivered. 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, 2016 , their combined borrowings amounted to $932.3 million ( December 31, 2015 : $831.2 million ) and the Company guaranteed $245 million ( December 31, 2015 : $250 million ) of this debt. At June 30, 2016 , the Company had commitments under contracts to acquire newbuilding vessels totaling $87.0 million ( December 31, 2015 : $261.9 million ). In addition, two subsidiaries had contractual commitments relating to the chartering-in of two 19,200 TEU container vessels on 15 year bareboat charters amounting to $406.1 million at June 30, 2016 ( December 31, 2015 : $406.1 million ), of which $30.0 million represents initial payments due on delivery of the vessels. There are no other contractual commitments at June 30, 2016 . The Company is routinely party both as plaintiff and defendant to law suits 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 law suits.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2016
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES The Company’s consolidated financial statements include 25 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 July 2025 . 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, 2016 , the vessel of one of these entities is accounted for as a direct financing lease with a carrying value of $21.6 million , unearned lease income of $0.9 million and estimated residual value of $4.0 million . The outstanding loan balance in this entity is $10.7 million , of which the short-term portion is $2.4 million . The other 24 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, 2016 , of $587.1 million . The outstanding loan balances in these entities total $292.0 million , of which the short-term portion is $29.9 million .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS In July 2016, the Company delivered the 1998 built VLCC Front Vanguard to an unrelated third party. Net sales proceeds were approximately $24 million , including compensation receivable from Frontline of approximately $0.3 million for the early termination of the charter. In July 2016, the Company agreed to amend the terms of the long-term chartering agreements with an affiliate of Deep Sea relating to five offshore support vessels acquired in 2007 and early 2008. Under the amended agreements, the charter rates will be temporarily reduced until May 2018, in exchange for extending the original charter period by three years and introducing a 50% profit share on charter revenues earned by the vessels above the new base charter rates. The previous charter guarantor was Deep Sea Supply BTG, which was a joint venture owned 50% by Deep Sea and 50% by the Brazilian company, BTG Pactual. In September 2016, Deep Sea acquired BTG Pactual’s share in the joint venture and Deep Sea will join Deep Sea Supply BTG as charter guarantor under the amended chartering agreements. On August 31, 2016, the Board of Directors of the Company declared a dividend of $0.45 per share, which will be paid in cash on or around September 29, 2016. In September 2016, the Company agreed to terminate the charter agreement relating to its jack-up drilling rig Soehanah which has been chartered to a subsidiary of the Indonesia-based drilling company Apexindo since 2011. In return, the Company received a $6 million non-amortizing loan note which bears an interest rate of 2.25% per annum if paid in cash and 4.5% per annum if capitalized. The loan note has a term of approximately six years .

INTERIM FINANCIAL DATA (Policie

INTERIM FINANCIAL DATA (Policies)	6 Months Ended
	Jun. 30, 2016
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, 2015 .
Recently Issued Accounting Standards	Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09 "Revenue from Contracts with Customers" in order to ensure that revenue recognition requirements are the same under both US GAAP and International Financial Reporting Standards ("IFRS"). ASU 2014-09 removes inconsistencies and provides a more robust framework for addressing revenue issues. ASU 2014-09 was effective for reporting periods and interim periods beginning on or after December 15, 2016. In August 2015, the FASB issued ASU 2015-14 "Deferral of the Effective Date" to delay the implementation of ASU 2014-09 by one year, in response to feedback from preparers, practitioners and users of financial statements. Accordingly, ASU 2014-09 is now effective for reporting periods and interim periods beginning on or after December 15, 2017. Early adoption is permitted for reporting and interim periods beginning on or after December 15, 2016. The Company is currently assessing the impact of ASU 2014-09 on its consolidated financial position, results of operations and cash flows. In July 2015, the FASB issued ASU 2015-11 "Simplifying the Measurement of Inventory" to reduce the complexity and cost of the subsequent measurement of inventory, in particular when using the first-in, first-out (FIFO) or average cost methods. The provisions of ASU 2015-11 specifically exclude inventory that is measured using the last-in, first-out (LIFO) or the retail inventory method. Entities should measure inventory within the scope of ASU 2015-11 at the lower of cost and net realizable value. ASU 2015-11 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2015-11 on its consolidated financial position, results of operations and cash flows. In January 2016, the FASB issued ASU 2016-01 "Recognition and Measurement of Financial Assets and Financial Liabilities" to enhance the reporting model for financial instruments to provide users of financial statements with more decision-useful information. ASU 2016-01 particularly relates to the fair value and impairment of equity investments, financial instruments measured at amortized cost, and the use of the exit price notion when measuring the fair value of financial instruments for disclosure purposes. ASU 2016-01 is effective for fiscal years and interim periods beginning after December 15, 2017. Early adoption is only permitted for certain particular amendments within ASU 2016-01, where financial statements have not yet been issued. The Company is currently assessing the impact of ASU 2016-01 on its consolidated financial position, results of operations and cash flows. In February 2016, the FASB issued ASU 2016-02 "Leases" to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU 2016-02 creates a new Accounting Standards Codification Topic 842 "Leases" to replace the previous Topic 840 "Leases." ASU 2016-02 affects both lessees and lessors, although for the latter the provisions are similar to the previous model, but updated to align with certain changes to the lessee model and also the new revenue recognition provisions contained in ASU 2014-09 (see above). ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-02 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-07 "Investments - Equity Method and Joint Ventures" to simplify the transition to the equity method of accounting. ASU 2016-07 eliminates the requirement that when an investment qualifies for the use of the equity method as a result of an increase in the level of ownership, the investor must adjust the investment, results of operations and retained earnings retrospectively as if the equity method had been in effect during all previous periods in which the investment had been held. ASU 2016-07 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-07 on its consolidated financial position, results of operations and cash flows. In March 2016, the FASB issued ASU 2016-09 "Compensation - Stock Compensation" to introduce improvements to the employee share-based payment accounting. ASU 2016-09 simplifies several aspects of the accounting for share-based payment award transactions, including the income tax consequences, the classification of awards as either equity or liabilities and the classification on the statement of cash flows. ASU 2016-09 is effective for fiscal years and interim periods beginning after December 15, 2016. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-09 on its consolidated financial position, results of operations and cash flows. In June 2016, the FASB issued ASU 2016-13 "Financial Instruments - Credit Losses" to introduce new guidance for the accounting for credit losses on instruments within its scope. ASU 2016-13 requires among other things, the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable supportable forecasts. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to reflect the full amount of expected credit losses. In addition, the ASU 2016-13 amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. ASU 2016-13 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company is currently assessing the impact of ASU 2016-13 on its consolidated financial position, results of operations and cash flows. In August 2016, the FASB issued ASU 2016-15 "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments", to address diversity in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. It addresses the following eight specific cash flow issues: Debt prepayment or debt extinguishment costs; settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing; contingent consideration payments made after a business combination; proceeds from the settlement of insurance claims; proceeds from the settlement of corporate-owned life insurance policies (COLIs) (including bank-owned life insurance policies (BOLIs)); distributions received from equity method investees; beneficial interests in securitization transactions; and separately identifiable cash flows and application of the predominance principle. The amendments are effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years with early adoption permitted. The amendments should be applied using a retrospective transition method to each period presented. If it is impracticable to apply the amendments retrospectively for some of the issues, the amendments for those issues would be applied prospectively as of the earliest date practicable. The Company is currently assessing the impact of ASU 2016-15 on its statement of consolidated cash flows. Recently Adopted Accounting Standards During the period, the Company adopted ASU 2015-03 "Interest - Imputation of Interest, (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs", which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts and premiums. This ASU was effective for the first interim period beginning after December 15, 2015 and is effective retrospectively. As a result, at June 30, 2016 , $26.8 million ( December 31, 2015 : $32.3 million ) of debt issuance costs have been reclassified from Non-Current Assets to Non-Current Liabilities as a direct deduction from long-term debt (see Note 10 - Short-Term and Long-Term Debt).

OTHER FINANCIAL ITEMS, NET OT27

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2016
Other Financial Items [Abstract]
Schedule of other financial items	Other financial items comprise the following items: Six months ended June 30, Year ended December 31, (in thousands of $) 2016 2015 2015 Fair value loss on non-designated derivatives, net (9,568 ) (1,243 ) (13,051 ) Net cash payments on non-designated derivatives (2,641 ) (2,833 ) (6,453 ) Fair value (loss)/gain of designated derivatives (ineffective portion) (840 ) 59 (227 ) Other items (669 ) (556 ) (1,558 ) Other financial items, net (13,718 ) (4,573 ) (21,289 )

AVAILABLE FOR SALE SECURITIES (

AVAILABLE FOR SALE SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale debt securities	Marketable securities held by the Company are debt securities and share investments considered to be available-for-sale securities. (in thousands of $) June 30, 2016 December 31, 2015 Amortized cost 197,606 185,148 Accumulated net unrealized (loss)/gain (77,631 ) 14,446 Carrying value 119,975 199,594

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2016
Property, Plant and Equipment [Abstract]
Vessels and equipment	VESSELS AND EQUIPMENT, NET (in thousands of $) June 30, 2016 December 31, 2015 Cost 2,159,655 1,964,852 Accumulated depreciation (369,839 ) (323,535 ) Vessels and equipment, net 1,789,816 1,641,317

INVESTMENTS IN DIRECT FINANCI30

INVESTMENTS IN DIRECT FINANCING LEASES (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 . (in thousands of $) June 30, 2016 December 31, 2015 Total minimum lease payments to be received 747,714 825,460 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (340,027 ) (362,959 ) Net minimum lease payments receivable 407,687 462,501 Estimated residual values of leased property (un-guaranteed) 193,299 195,238 Less : unearned income (126,442 ) (146,296 ) Total investment in direct financing and sales-type leases 474,544 511,443 Current portion 31,634 37,145 Long-term portion 442,910 474,298 474,544 511,443

INVESTMENT IN ASSOCIATED COMP31

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2016
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	At June 30, 2016 , June 30, 2015 and December 31, 2015 , the Company had the following participation in investments that are recorded using the equity method: June 30, 2016 June 30, 2015 December 31, 2015 SFL Deepwater Ltd (“SFL Deepwater”) 100 % 100 % 100 % SFL Hercules Ltd (“SFL Hercules”) 100 % 100 % 100 % SFL Linus Ltd (“SFL Linus”) 100 % 100 % 100 %
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, 2016 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 120,965 33,722 38,308 48,935 Non-current assets 1,152,779 350,233 343,981 458,565 Total assets 1,273,744 383,955 382,289 507,500 Current liabilities 105,680 25,456 28,660 51,564 Non-current liabilities 1,167,893 358,453 353,573 455,867 Total liabilities 1,273,573 383,909 382,233 507,431 Total stockholders’ equity 171 46 56 69 As of December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 120,251 33,735 38,936 47,580 Non-current assets 1,207,755 364,550 360,215 482,990 Total assets 1,328,006 398,285 399,151 530,570 Current liabilities 128,455 25,221 28,624 74,610 Non-current liabilities 1,114,936 333,538 351,821 429,577 Total liabilities 1,243,391 358,759 380,445 504,187 Total stockholders’ equity 84,615 39,526 18,706 26,383 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2016 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 40,565 11,112 11,738 17,715 Net operating revenues 40,565 11,112 11,738 17,715 Net income 14,322 3,520 3,350 7,452 Six months ended June 30, 2015 (in thousands of $) TOTAL 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 Year ended December 31, 2015 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 82,731 22,424 23,315 36,992 Net operating revenues 82,725 22,422 23,313 36,990 Net income 31,001 7,561 7,306 16,134

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2016
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of short-term and long-term debt	(in thousands of $) June 30, 2016 December 31, 2015 Long-term debt: 3.75% senior unsecured convertible bonds due 2016 — 117,500 NOK600 million senior unsecured floating rate bonds due 2017 67,368 63,681 3.25% senior unsecured convertible bonds due 2018 350,000 350,000 NOK900 million senior unsecured floating rate bonds due 2019 90,380 85,434 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2023 1,136,249 1,049,861 Total debt principal 1,643,997 1,666,476 Less : Unamortized debt issuance costs (26,795 ) (32,271 ) Less : Current portion of long-term debt (96,881 ) (208,031 ) 1,520,321 1,426,174
Schedule of maturities of debt	The outstanding debt as of June 30, 2016 is repayable as follows: (in thousands of $) Year ending December 31, 2016 (remaining six months) 48,451 2017 195,302 2018 537,385 2019 272,060 2020 172,060 Thereafter 418,739 Total debt principal 1,643,997

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2016
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, 2016 December 31, 2015 Designated derivative instruments - long-term assets: Interest rate swaps — 487 Non-designated derivative instruments - long-term assets: Interest rate swaps — 313 Total derivative instruments - long-term assets — 800 (in thousands of $) June 30, 2016 December 31, 2015 Designated derivative instruments - long-term liabilities: Interest rate swaps 26,693 11,458 Cross currency interest rate swaps 78,674 87,642 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 13,296 2,897 Cross currency interest rate swaps 10,502 11,645 Total derivative instruments - long-term liabilities 129,165 113,642
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 $30,163 (reducing to $24,794) March 2008 August 2018 4.05% - 4.15% $32,186 (reducing to $23,394) April 2011 December 2018 2.13% - 2.80% $47,816 (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% $151,800 (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% * $37,683 (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% $32,760 (reducing to $19,413) September 2015 March 2022 1.67% $206,719 (reducing to $149,844) February 2016 February 2021 1.0725% - 1.2625%
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, 2016 and December 31, 2015 are as follows: June 30, 2016 June 30, 2016 December 31, 2015 December 31, 2015 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available for sale securities 119,975 119,975 199,594 199,594 Floating rate NOK bonds due 2017 67,368 66,006 63,681 63,719 Floating rate NOK bonds due 2019 90,380 83,170 85,434 79,549 3.75% unsecured convertible bonds due 2016 — — 117,500 118,021 3.25% unsecured convertible bonds due 2018 350,000 372,505 350,000 378,315 Derivatives: Interest rate/ currency swap contracts - long-term receivables — — 800 800 Interest rate/ currency swap contracts - long-term payables 129,165 129,165 113,642 113,642
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, 2016 , were measured as follows: Fair value measurements using (in thousands of $) June 30, 2016 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 119,975 119,975 — Interest rate/ currency swap contracts - long-term receivables — — Total assets 119,975 119,975 — — Liabilities: Floating rate NOK bonds due 2017 66,006 66,006 Floating rate NOK bonds due 2019 83,170 83,170 3.25% unsecured convertible bonds due 2018 372,505 372,505 Interest rate/ currency swap contracts - long-term payables 129,165 129,165 Total liabilities 650,846 521,681 129,165 —

SHARE CAPITAL, ADDITIONAL PAI34

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	6 Months Ended
	Jun. 30, 2016
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2016 December 31, 2015 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, 2016 December 31, 2015 93,504,575 common shares of $1.00 par value each (December 31, 2015: 93,468,000 shares) 93,505 93,468

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2016
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 $) 2016 2015 2015 Basic: Net income available to stockholders 85,611 101,053 200,832 Diluted: Net income available to stockholders 85,611 101,053 200,832 Interest expense on convertible bonds 9,151 11,203 22,449 94,762 112,256 223,281 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) 2016 2015 2015 Basic earnings per share: Weighted average number of common shares outstanding 93,489 93,432 93,450 Diluted earnings per share: Weighted average number of common shares outstanding 93,489 93,432 93,450 Effect of dilutive share options — 18 23 Effect of dilutive convertible debt 27,935 25,535 25,535 121,424 118,985 119,008

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2016
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 8: Investment in Direct Financing Leases). (in thousands of $) June 30, 2016 December 31, 2015 Amounts due from: Frontline Charterers 13,649 18,052 Frontline 1,674 2,816 UFC 463 1,639 SFL Linus — 23,152 Deep Sea and Deep Sea Supply BTG 2,877 — Total amount due from related parties 18,663 45,659 Loans to related parties - associated companies, long-term SFL Deepwater 123,275 137,437 SFL Hercules 90,460 125,275 SFL Linus 123,262 125,000 Total loans to related parties - associated companies, long-term 336,997 387,712 Long-term receivables from related parties Deep Sea 9,955 — Total long-term receivables from related parties 9,955 — Amounts due to: Frontline Charterers 229 229 Frontline 542 143 Golden Ocean 197 — Seatankers 110 — Other related parties 26 44 Total amount due to related parties 1,104 416
Summary of leasing revenues earned from related parties	A summary of leasing revenues and repayments from the Frontline Charterers, Golden Ocean, UFC, Deep Sea Supply BTG and Deep Sea is as follows: Six months ended Year ended (in millions of $) June 30, 2016 June 30, 2015 December 31, 2015 Operating lease income 34.9 11.4 42.9 Direct financing lease interest income 12.2 19.5 34.2 Finance lease service revenue 22.9 20.0 46.5 Direct financing lease repayments 16.3 18.5 35.9 Profit share and cash sweep income 38.9 21.0 59.6 In February 2016, the Company sold the offshore support vessel Sea Bear to an unrelated third party, and simultaneously agreed to terminate the corresponding charter with a subsidiary of Deep Sea. As compensation for the early termination of the charter, termination fees were received from Deep Sea in the form of an amortizing senior unsecured loan note, receivable over a period of six years . The initial face value of the note, on which interest at 7.25% is receivable, was $14.6 million and their initial fair value of $11.6 million was determined from analysis of projected cash flows, based on factors including terms, provisions and other characteristics of the notes, default risk of the issuing entity, the fundamental and other characteristics of that entity, and the current economic environment and trading activity in the debt market. In addition to revenues and repayments, the Company paid the following fees to related parties: Six months ended Year ended (in millions of $) June 30, 2016 June 30, 2015 December 31, 2015 Frontline: Vessel Management Fees 23.6 20.8 48.0 Newbuilding Supervision Fees — 0.1 0.1 Administration Services Fees 0.4 0.5 0.9 Golden Ocean: Vessel Management Fees 10.2 — 8.2 Operating Management Fees 0.4 0.4 0.8 Office Facilities: Arcadia — 0.1 0.1 Frontline Management AS 0.2 0.2 0.4 Frontline Corporate Services 0.2 — —

COMMITMENTS AND CONTINGENT LI37

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) June 30, 2016 Book value of consolidated assets pledged under ship mortgages $2,159

INTERIM FINANCIAL DATA Interim

INTERIM FINANCIAL DATA Interim Financial Data (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Interim Financial Information Disclosure [Abstract]
Deferred Finance Costs, Noncurrent, Net	$ (26,795)	$ (32,271)

GAIN ON SALE OF ASSETS AND TE39

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 29, 2016	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Long Lived Assets Held-for-sale [Line Items]
Loss/(gain) on sale of assets and termination of charters		$ (14)	$ 114	$ (7,364)
Proceeds from sale of vessels and termination of charters		4,932	(2,003)	42,275
Vessel impairment charge		$ 0	$ 29,161	42,410
Sale of offshore supply vessel Sea Bear [Member]
Long Lived Assets Held-for-sale [Line Items]
Loss/(gain) on sale of assets and termination of charters	$ (14)
Proceeds from sale of vessels and termination of charters	$ 5,100
Vessel impairment charge				$ 8,100

GAIN ON SALE OF LOAN NOTES AN40

GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
GAIN ON SALE OF LOAN NOTES AND SHARE WARRANTS - OTHER [Abstract]
Gain on redemption of Horizon loan notes and warrants	$ 0	$ (44,552)	$ (44,552)

OTHER FINANCIAL ITEMS, NET OT41

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other Financial Items [Abstract]
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net	$ (9,568)	$ (1,243)	$ (13,051)
Derivative Instruments, Not Designated as Hedging Instruments, Net Cash Payments	2,641	2,833	6,453
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net	(840)	59	(227)
Other Nonoperating Expense	669	556	1,558
Other Nonoperating Income (Expense)	$ (13,718)	$ (4,573)	$ (21,289)

OTHER FINANCIAL ITEMS, NET OT42

OTHER FINANCIAL ITEMS, NET OTHER FINANCIAL ITEMS, NET (Narrative) (Details) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Other Financial Items- Text Details [Abstract]
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net	$ 0	$ 200,000	$ (1,300,000)

AVAILABLE FOR SALE SECURITIES43

AVAILABLE FOR SALE SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Amortized cost	$ 197,606		$ 185,148
Accumulated net unrealized (loss)/gain	(77,631)		14,446
Available-for-sale Securities	119,975		199,594
Available for sale securities impairment charge	0	$ 0	20,552
Corporate Bond Securities [Member]
Available-for-sale Securities	33,400		35,100
Common Stock [Member]
Available-for-sale Securities	$ 86,600		$ 164,500

VESSELS AND EQUIPMENT, NET (Det

VESSELS AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Cost	$ 2,159,655	$ 1,964,852
Accumulated depreciation	(369,839)	(323,535)
Vessels and equipment, net	$ 1,789,816	$ 1,641,317

VESSELS AND EQUIPMENT, NET (Nar

VESSELS AND EQUIPMENT, NET (Narrative) (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)containership
Vessel And Equipment [Line Items]
Cost of newbuilding container vessels delivered | $	$ 194.8
9,300 - 9,500 TEU Container vessel [Member]
Vessel And Equipment [Line Items]
Number of newbuilding container vessels delivered | containership	2

NEWBUILDINGS (Details)

NEWBUILDINGS (Details) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)containership
Property, Plant and Equipment [Line Items]
Construction in Progress, Gross	$ 176.7
Interest Costs Capitalized	$ 0.7
9,300 - 9,500 TEU Container vessel [Member]
Property, Plant and Equipment [Line Items]
Number of newbuilding container vessels delivered | containership	2

INVESTMENTS IN DIRECT FINANCI47

INVESTMENTS IN DIRECT FINANCING LEASES (Details)	1 Months Ended	6 Months Ended
	Jul. 31, 2016	Jun. 30, 2016vesselsvesselRate	Jul. 01, 2016Rate	Feb. 29, 2016vessel	Dec. 31, 2015vesselsvessel
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Number of VLCCs		12
Number of Suezmax crude oil carriers		2
Term of charters, minimum (in years)		4 years
Term of charters, maximum (in years)		11 years
Number of offshore supply vessels chartered on long-term bareboat charters | vessel		1
Term of lease or charter		15 years
Related Party Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties		15			16
Deep Sea [Member]
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Joint Venture, Ownership Percentage | Rate		50.00%
Related Party Transaction [Line Items]
Assets accounted for as direct financing leases and leased to related parties | vessel		1		1	1
Subsequent Event [Member] | Deep Sea [Member]
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Term of lease or charter	3 years
Related Party Transaction [Line Items]
Profit sharing percentage | Rate			50.00%

INVESTMENTS IN DIRECT FINANCI48

INVESTMENTS IN DIRECT FINANCING LEASES (Components of Investments in Direct Financing and Sales-type Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Total minimum lease payments to be received	$ 747,714	$ 825,460
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments	(340,027)	(362,959)
Net minimum lease payments receivable	407,687	462,501
Estimated residual values of leased property (un-guaranteed)	193,299	195,238
Less: unearned income	(126,442)	(146,296)
Total investment in direct financing and sales-type leases	474,544	511,443
Current portion	31,634	37,145
Long-term portion	$ 442,910	$ 474,298

INVESTMENT IN ASSOCIATED COMP49

INVESTMENT IN ASSOCIATED COMPANIES (Details) $ in Thousands, shares in Millions	1 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2015Rateshares	Oct. 31, 2013USD ($)	May 31, 2013	Jun. 30, 2016USD ($)vesselRate	Jun. 30, 2015USD ($)Rate	Dec. 31, 2015USD ($)Rate	May 31, 2014USD ($)
Schedule of Equity Method Investments [Line Items]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares	55
Income/(loss) from Equity Method Investments (Frontline only)				$ 14,322	$ 17,098	$ 33,605
Term loan facility, amount outstanding				1,643,997
Summarized balance sheet information [Abstract]
Current assets				120,965		120,251
Non-current assets				1,152,779		1,207,755
Total assets				1,273,744		1,328,006
Current liabilities				105,680		128,455
Non-current liabilities				1,167,893		1,114,936
Total liabilities				1,273,573		1,243,391
Total shareholders' equity				171		84,615
Statement of operations information [Abstract]
Net operating revenues				40,565	41,923	82,725
Net income				$ 14,322	$ 15,815	$ 31,001
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
Debt Instrument, Term			6 years
Term loan facility, amount outstanding				$ 292,500
Term loan facility, amount guaranteed				75,000
Dividends				$ 22,000	$ 0	$ 0
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				$ 38,308		38,936
Non-current assets				343,981		360,215
Total assets				382,289		399,151
Current liabilities				28,660		28,624
Non-current liabilities				353,573		351,821
Total liabilities				382,233		380,445
Total shareholders' equity				56		18,706
Statement of operations information [Abstract]
Operating revenues				11,738	11,768	23,315
Net operating revenues				11,738	11,766	23,313
Net income				$ 3,350	$ 3,827	$ 7,306
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				$ 380,000
Term loan facility, amount guaranteed				90,000
Dividends				32,000	$ 0	$ 0
Summarized balance sheet information [Abstract]
Current assets				48,935		47,580
Non-current assets				458,565		482,990
Total assets				507,500		530,570
Current liabilities				51,564		74,610
Non-current liabilities				455,867		429,577
Total liabilities				507,431		504,187
Total shareholders' equity				69		26,383
Statement of operations information [Abstract]
Operating revenues				17,715	18,826	36,992
Net operating revenues				17,715	18,824	36,990
Net income				$ 7,452	$ 8,163	16,134
Frontline Ltd [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage | Rate	27.73%			7.03%	27.73%
Income/(loss) from Equity Method Investments (Frontline only)				$ 0	$ 1,300	$ 2,600
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				$ 259,800
Term loan facility, amount guaranteed				80,000
Dividends				$ 43,000	$ 0	$ 0
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				$ 33,722		33,735
Non-current assets				350,233		364,550
Total assets				383,955		398,285
Current liabilities				25,456		25,221
Non-current liabilities				358,453		333,538
Total liabilities				383,909		358,759
Total shareholders' equity				46		39,526
Statement of operations information [Abstract]
Operating revenues				11,112	11,335	22,424
Net operating revenues				11,112	11,333	22,422
Net income				$ 3,520	3,825	7,561
SFL Hercules and SFL Taurus [Member]
Schedule of Equity Method Investments [Line Items]
Number of main assets subject of leases which includes both fixed price call options and fixed price purchase obligations | vessel				2
Customer Concentration Risk [Member]
Statement of operations information [Abstract]
Operating revenues				$ 40,565	$ 41,929	$ 82,731

SHORT-TERM AND LONG-TERM DEBT50

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
	Nov. 30, 2015USD ($)carrierssubsidiaries	Jul. 31, 2015USD ($)carrierssubsidiaries	Jun. 30, 2015containershipvesselsubsidiaries	Dec. 31, 2014subsidiaries	Nov. 30, 2014USD ($)containershipsubsidiaries	Sep. 30, 2014USD ($)subsidiaries	Aug. 31, 2014USD ($)vesselsubsidiaries	Jun. 30, 2014vesselsubsidiaries	Mar. 31, 2014	Jan. 31, 2013USD ($)$ / sharesRate	Nov. 30, 2012USD ($)vesselsubsidiaries	Oct. 31, 2012	May 31, 2011USD ($)vesselsubsidiaries	Mar. 31, 2011USD ($)vesselsubsidiaries	Feb. 28, 2011USD ($)	Nov. 30, 2010USD ($)vesselsubsidiaries	Mar. 31, 2010USD ($)	Feb. 28, 2010USD ($)	Mar. 31, 2008USD ($)vesselsubsidiaries	Jun. 30, 2015NOKcontainership	Mar. 31, 2014shares	Jun. 30, 2016NOKvesselscarriersvesselRate	Jun. 30, 2016USD ($)	Jun. 30, 2015USD ($)containership	Dec. 31, 2015NOKvesselscarriersvesselRate	Dec. 31, 2015USD ($)	Dec. 31, 2013USD ($)	Jun. 30, 2016USD ($)vesselscarriersvessel$ / sharesRate	Feb. 29, 2016vessel	Dec. 31, 2015USD ($)vesselscarriersvesselRate	Mar. 19, 2014NOKRate	Oct. 19, 2012NOKRate	Feb. 10, 2011USD ($)$ / sharesRate
Debt Instrument [Line Items]
Debt, Long-term and Short-term, Combined Amount																												$ 1,643,997,000		$ 1,666,476,000
Deferred Finance Costs, Noncurrent, Net																												(26,795,000)		(32,271,000)
Long-term debt																												1,643,997,000
Less : current portion of long-term debt																												(96,881,000)		(208,031,000)
Total long-term debt, non-current portion																												1,520,321,000		$ 1,426,174,000
Long-term Debt, by Maturity [Abstract]
2,014																												48,451,000
2,015																												195,302,000
2,016																												537,385,000
2,017																												272,060,000
2,018																												172,060,000
Thereafter																												418,739,000
Long-term debt																												$ 1,643,997,000
Weighted average interest rate (in hundredths) | Rate																						3.998%			4.22%			3.998%		4.22%
Three month dollar LIBOR rate (in hundredths) | Rate																						0.6541%			0.6127%			0.6541%		0.6127%
Three month Norwegian kroner NIBOR rate (in hundredths) | Rate																						1.01%			1.13%			1.01%		1.13%
Equity component of convertible bond issuance, net																							$ 0	$ 0		$ 0
Number of offshore supply vessels | vessels																						5						5
Assets accounted for as direct financing leases and leased to related parties | vessels																						15			16			15		16
US$ 49 million secured term loan and revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount																			$ 49,000,000									$ 0		$ 8,000,000
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																												20,000,000
US$ 43 million secured term loan facility (February 2010) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount																		$ 42,600,000										24,900,000		26,300,000
Term of Loan																		5 years
US$ 43 million secured term loan facility (March 2010) [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount																	$ 42,600,000											24,900,000		26,300,000
Term of Loan																	5 years
US$ 54 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount																$ 53,700,000												32,200,000		34,100,000
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															$ 95,000,000													22,500,000		22,500,000
Term of Loan															7 years
Amount available to draw																												0
US$ 75 million secured term loan facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount														$ 75,400,000														47,800,000		50,800,000
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													$ 171,000,000															116,100,000		122,200,000
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 Dollar 53.2 Million Secured Term Loan Facility [Member]
Long-term Debt, by Maturity [Abstract]
Debt Instrument, Face Amount											$ 53,200,000																	37,700,000		39,900,000
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]
Debt Instrument [Line Items]
Long-term debt																												36,000,000		36,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												36,000,000		36,000,000
Debt Instrument, Face Amount																												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																												2,159,000,000		2,087,000,000
US dollar 250 million secured revolving credit facility [Member]
Debt Instrument [Line Items]
Long-term debt																												80,000,000		73,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												80,000,000		73,500,000
Debt Instrument, Face Amount																												250,000,000
Term of Loan			3 years
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																												$ 135,600,000
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										$ 21.945																		$ 15.3109
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																												$ 0		117,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												0		117,500,000
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																																	$ 27.05
Premium of conversion price to share price | Rate																																	35.00%
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Debt Instrument [Line Items]
Long-term debt																												67,368,000		63,681,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												67,368,000		63,681,000
Debt Instrument, Face Amount | NOK																						NOK 565			NOK 565							NOK 600
Amount of debt repurchased | 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																												67,400,000		63,700,000
Senior Unsecured Convertible Bonds Due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt																												350,000,000		350,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												350,000,000		350,000,000
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt																												90,380,000		85,434,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												90,380,000		85,434,000
Debt Instrument, Face Amount | NOK																						758			NOK 758						NOK 900
Amount of debt repurchased | NOK																						NOK 142
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																												90,400,000		85,400,000
USD denominated floating rate debt (libor plus margin) due through 2026 [Member]
Debt Instrument [Line Items]
Long-term debt																												1,136,249,000		1,049,861,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												1,136,249,000		1,049,861,000
Floating Rate Debt [Member] | US Dollar 45 million Secured Term Loan Facility [Member]
Long-term Debt, by Maturity [Abstract]
Line of Credit Facility, Remaining Borrowing Capacity																												9,000,000
Floating Rate Debt [Member] | US dollar 101 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt																												71,700,000		87,800,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												71,700,000		87,800,000
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
Long-term Debt, by Maturity [Abstract]
Long-term debt																												20,000,000		20,000,000
Debt Instrument, Face Amount						$ 20,000,000
Number of container vessels | containership			2																	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																												113,700,000		117,900,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												113,700,000		117,900,000
Debt Instrument, Face Amount						$ 127,500,000
Number of container vessels | containership			2																	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																												116,900,000		121,100,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												116,900,000		121,100,000
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																												32,800,000		34,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												$ 32,800,000		34,000,000
Debt Instrument, Face Amount																														$ 39,000,000
Number of drybulk carriers | carriers																									2					2
Floating Rate Debt [Member] | US dollar 250 million secured revolving credit facility [Member]
Long-term Debt, by Maturity [Abstract]
Number Of Vessels Sold | carriers																						3						3
Floating Rate Debt [Member] | US dollar 166 million secured term loan facility [Member]
Debt Instrument [Line Items]
Long-term debt																												$ 152,600,000		$ 159,500,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												152,600,000		159,500,000
Debt Instrument, Face Amount		$ 166,400,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries		8
Number of vessels against which loan was secured | carriers		8
Debt Instrument, Term		7 years
Floating Rate Debt [Member] | US dollar 210 million secured term loan facility (Maersk) [Member]
Debt Instrument [Line Items]
Long-term debt																												206,700,000		70,000,000
Long-term Debt, by Maturity [Abstract]
Long-term debt																												$ 206,700,000		$ 70,000,000
Debt Instrument, Face Amount	$ 210,000,000
Number of wholly-owned subsidiaries of the Company that entered into secured term loan facility agreement | subsidiaries	3
Number of vessels against which loan was secured | carriers	3
Debt Instrument, Term	5 years
Deep Sea [Member]
Long-term Debt, by Maturity [Abstract]
Assets accounted for as direct financing leases and leased to related parties | vessel																						1			1			1	1	1

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands, NOK in Millions	6 Months Ended
	Jun. 30, 2016NOKRate	Jun. 30, 2016USD ($)Rate	Dec. 31, 2015NOK	Dec. 31, 2015USD ($)	Mar. 19, 2014NOK	Oct. 19, 2012NOK
Derivative, Fair value [Abstract]
Assets		$ 0		$ 800
Liabilities		129,165		113,642
Interest rate swaps [Abstract]
Notional principal		995,600		804,800
NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Interest rate swaps [Abstract]
Debt Instrument, Face Amount | NOK	NOK 565		NOK 565			NOK 600
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Interest rate swaps [Abstract]
Debt Instrument, Face Amount | NOK	NOK 758		NOK 758		NOK 900
Designated as Hedging Instrument [Member] | NOK 600 million senior unsecured floating rate bonds due 2017 [Member]
Interest rate swaps [Abstract]
Inception date	Oct. 19, 2012
Maturity date	Oct. 19, 2017
Notional principal		105,400
Designated as Hedging Instrument [Member] | NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 5, 2014
Maturity date	Mar. 19, 2019
Notional principal		151,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Assets		0		487
Liabilities		26,693		11,458
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Liabilities		78,674		87,642
Designated as Hedging Instrument [Member] | Interest Rate Swap 3 [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 31, 2008
Maturity date	Aug. 31, 2018
Notional principal		30,163
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 4 [Member]
Interest rate swaps [Abstract]
Inception date	Apr. 30, 2011
Maturity date	Dec. 31, 2018
Notional principal		$ 32,186
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 5 [Member]
Interest rate swaps [Abstract]
Inception date	May 31, 2011
Maturity date	Jan. 31, 2019
Notional principal		$ 47,816
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 6 [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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 8 [Member]
Interest rate swaps [Abstract]
Inception date	May 31, 2012
Maturity date	Aug. 31, 2022
Notional principal		$ 151,800
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%
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract Two [Member]
Interest rate swaps [Abstract]
Inception date	Oct. 31, 2012
Maturity date	Oct. 31, 2017
Notional principal		$ 105,436
Notional principal, at maturity		$ 600,000,000
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 9 [Member]
Interest rate swaps [Abstract]
Notional principal		$ 37,683
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 10 [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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 11 [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 4, 2013
Maturity date	Apr. 25, 2023
Fixed Interest Rate | Rate	6.03%	6.03%
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract 3 [Member]
Interest rate swaps [Abstract]
Inception date	Mar. 5, 2014
Maturity date	Mar. 19, 2019
Notional principal		$ 151,008
Notional principal, at maturity		900,000
Designated as Hedging Instrument [Member] | Interest Rate Swap 14 [Member]
Interest rate swaps [Abstract]
Inception date	Dec. 28, 2016
Maturity date	Dec. 29, 2021
Notional principal		108,375
Notional principal, at maturity		$ 70,125
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 15 [Member]
Interest rate swaps [Abstract]
Inception date	Jan. 6, 2017
Maturity date	Jan. 6, 2022
Notional principal		$ 110,500
Notional principal, at maturity		$ 70,125
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%
Designated as Hedging Instrument [Member] | Interest Rate Swap 16 [Member]
Interest rate swaps [Abstract]
Inception date	Sep. 21, 2015
Maturity date	Mar. 19, 2022
Notional principal		$ 32,760
Notional principal, at maturity		$ 19,413
Fixed Interest Rate | Rate	1.67%	1.67%
Designated as Hedging Instrument [Member] | Interest Rate Swap 17 [Member]
Interest rate swaps [Abstract]
Inception date	Feb. 23, 2016
Maturity date	Feb. 4, 2021
Notional principal		$ 206,719
Notional principal, at maturity		$ 149,844
Fixed interest rate range, low end (in hundredths) | Rate	1.0725%	1.0725%
Fixed interest rate range, high end (in hundredths) | Rate	1.2625%	1.2625%
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Assets		$ 0		313
Liabilities		13,296		2,897
Not Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Liabilities		$ 10,502		$ 11,645

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Non-derivatives:
Available-for-sale Securities	$ 119,975	$ 199,594
Carrying Value [Member]
Non-derivatives:
Available-for-sale Securities	119,975	199,594
Floating rate NOK bonds due 2017	67,368	63,681
Floating rate NOK bonds due 2019	90,380	85,434
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	0	800
Interest rate/ currency swap contracts – long-term payables	129,165	113,642
Fair Value [Member]
Non-derivatives:
Available-for-sale Securities	119,975	199,594
Floating rate NOK bonds due 2017	66,006	63,719
Floating rate NOK bonds due 2019	83,170	79,549
Derivatives:
Interest rate/ currency swap contracts – long-term receivables	0	800
Interest rate/ currency swap contracts – long-term payables	129,165	113,642
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Carrying Value [Member]
Non-derivatives:
Unsecured convertible bonds	0	117,500
3.75% Senior Unsecured Convertible Bonds Due 2016 [Member] | Fair Value [Member]
Non-derivatives:
Unsecured convertible bonds	0	118,021
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	372,505	378,315
Not Designated as Hedging Instrument [Member]
Derivatives:
Long term receivables, non-designated swap contracts	0	300
Long term payables, non-designated swap contracts	$ 23,800	$ 14,500

FINANCIAL INSTRUMENTS (Fair V53

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Available-for-sale Securities	$ 119,975	$ 199,594
Recurring Basis [Member]
Assets:
Available-for-sale Securities	119,975
Interest rate/currency swap contracts - long term receivables	0
Total assets	119,975
Liabilities:
Floating rate NOK bonds due 2017	66,006
Floating rate NOK bonds due 2019	83,170
Interest rate/ currency swap contracts – long-term payables	129,165
Total liabilities	650,846
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Recurring Basis [Member]
Assets:
Available-for-sale Securities	119,975
Total assets	119,975
Liabilities:
Floating rate NOK bonds due 2017	66,006
Floating rate NOK bonds due 2019	83,170
Total liabilities	521,681
Significant Other Observable Inputs (Level 2) [Member] | Recurring Basis [Member]
Assets:
Interest rate/currency swap contracts - long term receivables	0
Total assets	0
Liabilities:
Interest rate/ currency swap contracts – long-term payables	129,165
Total liabilities	129,165
Significant Unobservable Inputs (Level 3) [Member] | Recurring Basis [Member]
Assets:
Available-for-sale Securities	0
Total assets	0
Liabilities:
Total liabilities	$ 0
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	$ 372,505
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	$ 372,505

FINANCIAL INSTRUMENTS (Concentr

FINANCIAL INSTRUMENTS (Concentration Risk) (Details)	6 Months Ended		12 Months Ended
	Jun. 30, 2016Rate	Jun. 30, 2015Rate	Dec. 31, 2015Rate
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Concentration risk, percentage	33.11%	31.76%	33.00%

SHARE CAPITAL, ADDITIONAL PAI55

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Schedule Line Items) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
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	93,504,575	93,468,000
Common Stock, Value, Issued	$ 93,505	$ 93,468

SHARE CAPITAL, ADDITIONAL PAI56

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Narrative) (Details) - Ship Finance International Limited Share Option Scheme [Member]	6 Months Ended
	Jun. 30, 2016USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Adjustments to Additional Paid in Capital, Share-based Compensation, Stock Options, Requisite Service Period Recognition	$ 139,000
Shares issued (in shares) | shares	36,575
Premium on stock options exercised	$ 200,000

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details)	6 Months Ended
	Jun. 30, 2016USD ($)employeesshares	Dec. 31, 2015USD ($)
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised | shares	125,000
Number of employees who exercised	3
Number of officers who exercised options	2
Granted (in shares) | shares	279,000
Unrecognized compensation costs related to non-vested options granted | $	$ 714,667	$ 0
Number of directors granted options	6
Number of officers granted options	2
Number of employees granted options	5

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Basic:
Net income available to stockholders	$ 85,611	$ 101,053	$ 200,832
Diluted:
Interest paid on 3.75% convertible bonds	9,151	11,203	22,449
Net income available to stockholders, diluted	$ 94,762	$ 112,256	$ 223,281
Basic earnings per share:
Weighted average number of common shares outstanding	93,489	93,432	93,450
Diluted earnings per share:
Effect of dilutive share options	0	18	23
Effect of dilutive convertible debt	27,935	25,535	25,535
Weighted average number of diluted common shares outstanding	121,424	118,985	119,008

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) shares in Millions	1 Months Ended					3 Months Ended	6 Months Ended		12 Months Ended	24 Months Ended
	Feb. 29, 2016USD ($)vessel	Jul. 31, 2015USD ($)$ / dRate	Jun. 30, 2015USD ($)Rateshares	Jan. 31, 2012	Dec. 31, 2011USD ($)	Mar. 31, 2015USD ($)	Jun. 30, 2016USD ($)vesselvesselsRate	Jun. 30, 2015USD ($)Rate	Dec. 31, 2015USD ($)vesselvessels	Dec. 31, 2014Rate	Mar. 31, 2016vessel
Amounts due from and to related parties [Abstract]
Due from related parties							$ 18,663,000		$ 45,659,000
Loans to related parties							336,997,000		387,712,000
Loans to related parties - others, long-term							9,955,000		0
Due to related parties							1,104,000		416,000
Notes Compensation Received on Termination of Charters, Face Value	$ 14,600,000
Leasing revenues earned from related parties [Abstract]
Direct financing lease interest income							12,208,000	$ 19,504,000	34,193,000
Finance lease service revenue							22,932,000	20,001,000	46,460,000
Profit sharing revenues							$ 38,937,000	21,009,000	$ 59,607,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessels							15		16
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			55
Investment Income, Dividend							$ 8,250,000	0	$ 0
Management fees paid, vessels							34,224,000	21,223,000	56,939,000
Administrative expenses - related parties							730,000	542,000	1,032,000
Related party loans [Abstract]
Gain on redemption of loan notes from related parties							0	0	28,904,000
Frontline Charterers and Deep Sea [Member]
Related party leasing and service contracts [Abstract]
Combined balance of net investments in direct financing leases							474,500,000		511,400,000
Combined balance of net investments in direct financing leases, short-term maturities							31,600,000		37,100,000
Frontline Charterers [Member]
Amounts due from and to related parties [Abstract]
Due from related parties							13,649,000		18,052,000
Due to related parties							$ 229,000		$ 229,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel							14		14
Daily time charter rate for VLCCs payable to Frontline		20,000
Daily time charter rate for Suezmax tankers payable to Frontline | $ / d		15,000
Increase Profit sharing percentage of earnings from Frontline for use of fleet (in hundredths) | Rate		50.00%								25.00%
Profit sharing percent of earnings from Frontline from July 1 2015 onwards | Rate							50.00%
Agreed Temporary Reduction in Daily Time Charter Rates					$ 6,500
Agreed Temporary Reduction in Daily Time Charter Rates, Period				4 years
Maximum Daily Amount to Which Temporary Earnings Related Payment Applies					$ 6,500
Management fees paid, vessels							$ 23,600,000	20,800,000	$ 48,000,000
Management fees paid, supervision of newbuildings							0	100,000	100,000
Administrative expenses - related parties							400,000	500,000	$ 900,000
Related party loans [Abstract]
Number Of Vessels Sold | vessel									5
Frontline Ltd [Member]
Amounts due from and to related parties [Abstract]
Due from related parties							1,674,000		$ 2,816,000
Loans to related parties - others, long-term							$ 9,955,000		0
United Freight Carriers Inc [Member]
Related Party Transaction [Line Items]
Joint Venture, Ownership Percentage | Rate							50.00%
Amounts due from and to related parties [Abstract]
Due from related parties							$ 463,000		1,639,000
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues							$ 300,000	1,100,000	$ 2,500,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as operating leases | vessel							3		6		6
Related Party Transactions Profit Share Of Earnings On Lease Vessels Received From Related Party							50.00%
Frontline Charterers, Deep Sea and UFC [Member]
Leasing revenues earned from related parties [Abstract]
Operating lease income							$ 34,900,000	11,400,000	$ 42,900,000
Direct financing lease interest income							12,200,000	19,500,000	34,200,000
Finance lease service revenue							22,900,000	20,000,000	46,500,000
Direct financing lease repayments							16,300,000	18,500,000	35,900,000
Profit sharing revenues							38,900,000	21,000,000	59,600,000
Related party leasing and service contracts [Abstract]
Vessels and equipment, net							412,400,000		499,600,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Due from related parties							$ 0		23,152,000
Deep Sea [Member]
Related Party Transaction [Line Items]
Term of loan notes	6 years
Joint Venture, Ownership Percentage | Rate							50.00%
Amounts due from and to related parties [Abstract]
Due from related parties							$ 2,877,000		$ 0
Receivable, Interest Rate, Stated Percentage	7.25%
Compensation Received on Termination of Charters, Notes Receivable	$ 11,600,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel	1						1		1
Number of vessels leased to related parties classified as operating leases | vessel							4		4
Frontline reverse stock split [Member]
Related party leasing and service contracts [Abstract]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares			11
Frontline Management [Member]
Amounts due from and to related parties [Abstract]
Due to related parties							$ 542,000		$ 143,000
Frontline Shipping and Frontline Shipping II [Member]
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues							0	19,900,000	19,900,000
Related party leasing and service contracts [Abstract]
Profit share income from July 1 2015 onwards						$ 37,300,000	38,700,000	0
Related Party Transactions Profit Share Of Earnings On Lease Vessels Received From Related Party				100.00%
Arcadia [Member]
Related party leasing and service contracts [Abstract]
Management fees paid, provision of office facilities							0	100,000	100,000
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]
Amounts due from and to related parties [Abstract]
Due to related parties							197,000		0
Leasing revenues earned from related parties [Abstract]
Profit sharing revenues							$ 0	0	$ 0
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as operating leases | vessel							8		8
Related Party Transactions Profit Share Of Earnings On Lease Vessels Received From Related Party | Rate							33.00%
Management fees paid, vessels							$ 10,200,000	0	$ 8,200,000
Operating Management Fees							400,000	400,000	800,000
Seatankers [Member]
Amounts due from and to related parties [Abstract]
Due to related parties							110,000		0
Related party leasing and service contracts [Abstract]
Administrative expenses - related parties							200,000
Other related parties [Member]
Amounts due from and to related parties [Abstract]
Due to related parties							26,000		44,000
Frontline Corporate Services [Member]
Related party leasing and service contracts [Abstract]
Administrative expenses - related parties							200,000	0	0
Deep Sea [Member]
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			$ 0				$ 400,000	$ 0	0
Frontline Ltd [Member]
Related party leasing and service contracts [Abstract]
Equity Method Investment, Ownership Percentage | Rate			27.73%				7.03%	27.73%
Investment in Shares, Ownership Percentage | Rate							7.00%
Related party loans [Abstract]
Accrued interest on loan notes receivable with related parties			$ 6,300,000				$ 0	$ 6,300,000	13,400,000
SFL Deepwater [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties							123,275,000		137,437,000
Related party loans [Abstract]
Loans advanced to related parties							145,000,000
Accrued interest on loan notes receivable with related parties			3,300,000				3,300,000	3,300,000	6,500,000
SFL Hercules [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties							90,460,000		125,275,000
Related party loans [Abstract]
Loans advanced to related parties							145,000,000
Accrued interest on loan notes receivable with related parties			3,300,000				3,300,000	3,300,000	6,500,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties							123,262,000		125,000,000
Related party loans [Abstract]
Loans advanced to related parties							125,000,000
Accrued interest on loan notes receivable with related parties			$ 2,800,000				$ 2,800,000	$ 2,800,000	$ 5,600,000
Vessels Leased to Frontline Charterers [Member] | Frontline Management [Member]
Related party leasing and service contracts [Abstract]
Related Party Transactions Daily Vessel Management Fee | $ / d		9,000

COMMITMENTS AND CONTINGENT LI60

COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2016USD ($)vesselsvesselsubsidiaries	Dec. 31, 2015USD ($)
Commitments and Contingencies [Line Items]
Long-term Debt	$ 1,643,997
Contractual commitments under newbuilding contracts	$ 87,000	$ 262,000
Number of wholly owned subsidiaries that have chartered-in vessels, long term | subsidiaries	2
Number of Chartered In Vessels | vessels	2
Term of lease or charter	15 years
Contractual commitments relating to chartering-in agreements	$ 406,100	406,100
Contractual Commitment, Initial Payment Amount Due On Delivery	30,000
Ship Finance Ltd [Member]
Commitments and Contingencies [Line Items]
Long-term Debt	1,600,000
Equity Accounted Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term Debt	932,300	831,200
Ship Finance Ltd and Equity Accounting Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term Debt	2,600,000	2,500,000
Financial Guarantee [Member]
Commitments and Contingencies [Line Items]
Guarantee on loan facility	$ 245,000	250,000
1700 TEU Container Vessel [Member]
Commitments and Contingencies [Line Items]
Number of vessels not pledged under mortgages | vessel	3
US Dollar 45 million Secured Term Loan Facility [Member]
Commitments and Contingencies [Line Items]
Book value of assets pledged under ship mortgages	$ 2,159,000	2,087,000
Long-term Debt	$ 36,000	$ 36,000

CONSOLIDATED VARIABLE INTERES61

CONSOLIDATED VARIABLE INTEREST ENTITIES (Details) $ in Thousands	Jun. 30, 2016USD ($)subsidiaries	Dec. 31, 2015USD ($)
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	25
Estimated residual values of leased property (un-guaranteed)	$ 193,299	$ 195,238
Variable Interest Entities With Assets Accounted for as Direct Financing Leases [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	1
Carrying value of vessels	$ 21,600
Unearned lease income	900
Estimated residual values of leased property (un-guaranteed)	4,000
Outstanding loan balance	10,700
Outstanding loan balance, current portion	$ 2,400
Variable Interest Entities With Assets Accounted for as Operating Lease Assets [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiaries	24
Carrying value of vessels	$ 587,100
Outstanding loan balance	292,000
Outstanding loan balance, current portion	$ 29,900

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Jul. 31, 2016	Feb. 29, 2016USD ($)	Sep. 30, 2016USD ($)$ / sharesRate	Jun. 30, 2016USD ($)vesselsRate	Jun. 30, 2015USD ($)	Dec. 31, 2015USD ($)	Jul. 01, 2016Rate
Subsequent Event [Line Items]
Proceeds from sale of vessels and termination of charters				$ 4,932	$ (2,003)	$ 42,275
Number of offshore supply vessels | vessels				5
Term of lease or charter				15 years
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from sale of vessels and termination of charters			$ 24,000
Compensation payable (receivable) for early contract termination of charter, upfront payment (receipt)			$ 300
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.45
Receivable, Interest Rate, Stated Percentage | Rate			2.25%
Interest Rate on Paid-in-Kind Interest | Rate			4.50%
Term of loan notes			6 years
Compensation Received on Termination of Charters, Notes Receivable			$ 6,000
Deep Sea [Member]
Subsequent Event [Line Items]
Joint Venture, Ownership Percentage | Rate				50.00%
Receivable, Interest Rate, Stated Percentage		7.25%
Term of loan notes		6 years
Compensation Received on Termination of Charters, Notes Receivable		$ 11,600
Deep Sea [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Term of lease or charter	3 years
Profit sharing percentage | Rate							50.00%