SFL (SFL) 6-K 21 Sep 18 2018 Q2 Current report (foreign) Financial data

DOCUMENT AND ENTITY INFORMATION

DOCUMENT AND ENTITY INFORMATION	6 Months Ended
	Jun. 30, 2018
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, 2018
Document Fiscal Year Focus	2,018
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, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating revenues
Direct financing lease interest income - related parties	$ 5,986	$ 9,385	$ 16,362
Direct financing and sales-type lease interest income - other	13,905	9,604	21,903
Finance lease service revenues - related parties	13,428	19,827	35,010
Profit sharing revenues - related parties	0	5,591	5,753
Profit sharing revenues - other	0	61	61
Time charter revenues - related parties	26,498	25,717	51,832
Time charter revenues - other	100,499	90,862	186,577
Bareboat charter revenues - related parties	0	3,823	5,736
Bareboat charter revenues - other	18,850	15,523	34,860
Voyage charter revenues - other	9,381	9,701	21,037
Other operating income	597	1,009	1,747
Total operating revenues	189,144	191,103	380,878
Gain/(loss) on sale of assets and termination of charters, net	(1,623)	779	1,124
Operating expenses
Vessel operating expenses - related parties	24,847	31,013	57,714
Vessel operating expenses - other	36,711	35,097	74,080
Depreciation	46,444	43,364	88,150
Vessel impairment charge	21,779	0	0
Administrative expenses - related parties	495	405	831
Administrative expenses - other	4,662	3,601	6,601
Total operating expenses	134,938	113,480	227,376
Net operating income	52,583	78,402	154,626
Non-operating income / (expense)
Interest income - related parties, long term loans to associated companies	7,064	8,200	15,265
Interest income – related parties, other	0	1,372	422
Interest income - other	1,112	1,017	3,643
Interest expense - related parties	(1,422)	0	0
Interest expense - other	(47,383)	(44,307)	(90,414)
(Loss)/gain on repurchase of bonds	0	(756)	(2,305)
Other than Temporary Impairment Losses, Investments	0	0	(4,410)
Dividend income from related parties	0	3,300	3,300
Other financial items, net	21,016	(8,690)	(2,684)
Net income before equity in earnings of associated companies	32,970	38,538	77,443
Equity in earnings of associated companies	7,451	13,855	23,766
Net income	$ 40,421	$ 52,393	$ 101,209
Per share information:
Basic earnings per share	$ 0.39	$ 0.56	$ 1.06
Diluted earnings per share	$ 0.39	$ 0.54	$ 1.03

UNAUDITED CONDENSED CONSOLIDAT3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 40,421	$ 52,393	$ 101,209
Fair value adjustments to hedging financial instruments	9,119	3,221	9,974
Reclassification into net income of previous fair value adjustments to hedging financial instruments	126	708	1,555
Fair value adjustments to available for sale securities	4,540	(8,806)	(23,528)
Unrealized loss from investment securities classified as available-for-sale securities reclassified to Consolidated Statement of Operations	0	0	2,106
Fair value adjustments to hedging financial instruments in associated companies	361	505	1,182
Other comprehensive income/(loss)	(1)	39	60
Other comprehensive (loss)/income, net of tax	14,145	(4,333)	(8,651)
Comprehensive (loss)/income	$ 54,566	$ 48,060	$ 92,558

UNAUDITED CONDENSED CONSOLIDAT4

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Current assets
Cash and cash equivalents	$ 144,787	$ 153,052
Available for sale securities	113,627	93,802
Due from related parties	6,851	9,625
Trade accounts receivable	2,679	12,583
Other receivables	12,789	9,012
Inventories	6,789	5,126
Prepaid expenses and accrued income	2,764	2,291
Investment in direct financing leases, current portion	40,085	32,096
Assets held for sale	76,265	0
Total derivative instruments - short-term assets	99	108
Total current assets	406,735	317,695
Vessels and equipment, net	2,072,290	1,762,596
Investment in direct financing leases, long-term portion	621,011	585,975
Investment in associated companies	18,491	10,678
Loans to related parties - associated companies, long-term	293,710	314,000
Long-term receivables from related parties	4,446	0
Financial instruments (long-term): at fair value	16,826	8,347
Other long-term assets	30,539	12,791
Total assets	3,464,048	3,012,082
Current liabilities
Short-term debt and current portion of long-term debt	734,438	313,823
Due to related parties	4,608	857
Trade accounts payable	906	487
Total derivative instruments - short-term liabilities	39,720	503
Accrued expenses	12,240	13,351
Other current liabilities	17,171	14,724
Total current liabilities	809,083	343,745
Long-term liabilities
Long-term debt, net of current portion	1,181,692	1,190,184
Financial instruments (long-term): at fair value	1,520	48,618
Other long-term liabilities	229,929	234,538
Total liabilities	2,222,224	1,817,085
Commitments and contingent liabilities
Stockholders' equity
Share capital ($0.01 par value; 150,000,000 shares authorized; 119,373,064 shares issued and outstanding at June 30, 2018 and 110,930,873 at December 31, 2017)	1,194	1,109
Additional paid-in capital	469,752	403,659
Contributed surplus	680,703	680,703
Accumulated other comprehensive income (loss)	17,953	(94,612)
Accumulated other comprehensive income (loss) – associated companies	567	206
Retained earnings	71,655	203,932
Total stockholders' equity	1,241,824	1,194,997
Total liabilities and stockholders' equity	$ 3,464,048	$ 3,012,082

UNAUDITED CONDENSED CONSOLIDAT5

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017	Dec. 31, 2016
Stockholders' equity
Share capital, par value (in dollars per share)	$ 0.01	$ 0.01
Share capital, shares authorized (in shares)	150,000,000	150,000,000
Share capital, shares issued (in shares)	119,373,064	110,930,873
Share capital, shares outstanding (in shares)	119,373,064	110,930,873	101,504,575	101,504,575

UNAUDITED CONDENSED CONSOLIDAT6

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Operating activities
Net income	$ 40,421	$ 52,393	$ 101,209
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	46,444	43,364	88,150
Vessel impairment charge	21,779	0	0
Available for sale securities impairment charge	0	0	4,410
Amortization of deferred charges	3,988	4,694	9,013
Amortization of seller's credit	(308)	(619)	(1,249)
Amortization of Intangible Assets	238	0	0
Equity in earnings of associated companies	(7,451)	(13,855)	(23,766)
(Gain)/loss on sale of assets and termination of charters	1,623	(779)	(1,124)
Adjustment of derivatives to fair value recognized in net income	(6,458)	4,159	(8,208)
Adjustment of equity investments recognised in the income statement	(15,304)	0	0
Loss/(gain) on repurchase of bonds	0	756	2,305
Interest receivable in form of notes	0	(635)	(635)
Other, net	219	932	3,959
Changes in operating assets and liabilities
Trade accounts receivable	9,601	(2,760)	(9,034)
Due from related parties	2,698	16,382	10,543
Other receivables	(3,774)	(4,073)	2,418
Inventories	(1,664)	49	(42)
Prepaid expenses and accrued income	(473)	(1,084)	1,317
Trade accounts payable	419	(97)	(742)
Accrued expenses	(911)	(735)	(1,188)
Other current liabilities	3,017	3,055	460
Net cash provided by operating activities	94,104	101,147	177,796
Investing activities
Net maturities/(deposits) of restricted cash	0	(9,000)	0
Repayments from investments in direct financing leases	17,064	16,669	31,929
Additions to newbuildings	0	(12,460)	(81,664)
Purchase of vessels	(511,016)	0	0
Proceeds/(payments) from sales of vessels and termination of charters	30,169	62,762	74,791
Net amounts received from/(paid to) associated companies	24,116	21,241	27,322
Other investments and long term assets, net	0	(15,736)	(4,016)
Net cash provided by/(used in) investing activities	(439,667)	63,476	48,362
Financing activities
Shares issued, net of issuance costs	0	0	88
Principal settlements of cross currency swaps, net	0	0	(29,186)
(Repurchase)/resale of bonds	(63,218)	(50,128)	(68,383)
Drawdowns	553,000	226,104	302,104
Repayments of long-term debt	(132,444)	(67,274)	(179,354)
Debt fees paid	(5,611)	(700)	(2,554)
Repayment of lease obligation liability	(3,730)	(1,854)	(5,296)
Cash dividends paid	(73,917)	(84,154)	(152,907)
Net cash used in financing activities	337,298	21,994	(135,488)
Net change in cash and cash equivalents	(8,265)	186,617	90,670
Cash and cash equivalents at start of the period	153,052	62,382	62,382
Cash and cash equivalents at end of the period	144,787	248,999	153,052
Supplemental disclosure of cash flow information:
Interest paid, net of capitalized interest	$ 45,301	$ 42,694	$ 88,201

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]	Senior Unsecured Convertible Bonds due 2023 [Member]Additional Paid-in Capital [Member]
Starting Balance at Dec. 31, 2016	$ 1,134,095	$ 1,015	$ 282,502	$ 680,703	$ (84,779)	$ (976)	$ 255,630
Starting Balance (in shares) at Dec. 31, 2016	101,504,575	101,504,575
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	0	0
Shares issued	$ 0	$ 0	0
Amortization of stock based compensation	181		181
Shares issued arising from conversion of 3.25% convertible bonds due 2018			0
Adjustment to equity component arising from reacquisition of 3.25% convertible bonds due 2018	0		0
Shares issued arising from consideration paid on vessel acquisitions			0
Equity component of convertible bond issuance, net	0							$ 0
Gain/(loss) on hedging financial instruments reclassified into earnings	708				708
Fair value adjustments to hedging financial instruments	3,726				3,221	505
Reclassification of unrealized losses upon adoption of ASU 2016-01					0		0
Fair value adjustments to available-for-sale securities	0				(8,806)
Loss on marketable securities reclassified into earnings	(8,806)				0
Other comprehensive income/(loss)	39				39
Net income	52,393						52,393
Dividends declared	(84,135)						(84,154)
Ending Balance at Jun. 30, 2017	$ 1,098,182	$ 1,015	282,683	680,703	(89,617)	(471)	223,869
Ending Balance (in shares) at Jun. 30, 2017	101,504,575	101,504,575
Starting Balance at Dec. 31, 2016	$ 1,134,095	$ 1,015	282,502	680,703	(84,779)	(976)	255,630
Starting Balance (in shares) at Dec. 31, 2016	101,504,575	101,504,575
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	9,426,298	9,426,298
Shares issued	$ 137,245	$ 94	88
Amortization of stock based compensation	374		374
Shares issued arising from conversion of 3.25% convertible bonds due 2018			137,063
Adjustment to equity component arising from reacquisition of 3.25% convertible bonds due 2018	16,368		(16,368)
Shares issued arising from consideration paid on vessel acquisitions			0
Equity component of convertible bond issuance, net	0							0
Gain/(loss) on hedging financial instruments reclassified into earnings	1,555				1,555
Fair value adjustments to hedging financial instruments	11,156				9,974	1,182
Reclassification of unrealized losses upon adoption of ASU 2016-01					0		0
Fair value adjustments to available-for-sale securities	2,106				(23,528)
Loss on marketable securities reclassified into earnings	(23,528)				2,106
Other comprehensive income/(loss)	60				60
Net income	101,209						101,209
Dividends declared	(152,907)						(152,907)
Ending Balance at Dec. 31, 2017	$ 1,194,997	$ 1,109	403,659	680,703	(94,612)	206	203,932
Ending Balance (in shares) at Dec. 31, 2017	110,930,873	110,930,873
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Shares issued (in shares)	8,442,191	8,442,191
Shares issued	$ 67,972	$ 85	0
Amortization of stock based compensation	234		234
Shares issued arising from conversion of 3.25% convertible bonds due 2018			9,927
Adjustment to equity component arising from reacquisition of 3.25% convertible bonds due 2018	9,933		(9,933)
Shares issued arising from consideration paid on vessel acquisitions	58,000		57,960
Equity component of convertible bond issuance, net	7,905							$ 7,905
Gain/(loss) on hedging financial instruments reclassified into earnings	126				126
Fair value adjustments to hedging financial instruments	9,480				9,119	361
Reclassification of unrealized losses upon adoption of ASU 2016-01					98,782		(98,782)
Fair value adjustments to available-for-sale securities	0				4,540
Loss on marketable securities reclassified into earnings	4,540				0
Other comprehensive income/(loss)	(1)				(1)
Net income	40,421						40,421
Dividends declared	(73,917)						(73,917)
Ending Balance at Jun. 30, 2018	$ 1,241,824	$ 1,194	$ 469,752	$ 680,703	$ 17,954	$ 567	$ 71,654
Ending Balance (in shares) at Jun. 30, 2018	119,373,064	119,373,064

INTERIM FINANCIAL DATA

INTERIM FINANCIAL DATA	6 Months Ended
	Jun. 30, 2018
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, 2017 . The results of operations for the interim period ended June 30, 2018 are not necessarily indicative of the results for the entire year ending December 31, 2018 . 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 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, 2017 . Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Topic 606. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. Accounting Standards Codification ("ASC") 842 provides a group of practical expedients that allows entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. The Company plans to adopt ASC 842 on January 1, 2019 and expects to elect the use of the practical expedients. The Company has not completed its evaluation of the impact of ASC 842 on its consolidated financial statements and related disclosures, however, based on a preliminary assessment, the Company does not expect that the adoption of ASC 842 will have a material effect since the Company is primarily a lessor. 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, 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 March 2017, the FASB issued ASU 2017-08 "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities" to amend the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The impact on the consolidated financial statements of the Company will depend on the facts and circumstances of any specific future transactions. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The amendments also simplify the application of hedge accounting in certain situations. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 includes certain removals, modifications and additions to the disclosure requirements on fair value measurements in Topic 820. The updated guidance is effective for fiscal years, and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The impact on the consolidated financial statements of the Company will depend on the facts and circumstances of any specific future transactions. Recently Adopted Accounting Standards In May 2014, issued ASU 2014-09 "Revenue from Contracts with Customers", subsequently amended and collectively Topic 606. The standard replaced almost all existing revenue recognition guidance in U.S. GAAP, with the intention to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. The core principle of ASC 606 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASC 606 allows for adoption either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application, which became effective for the Company beginning January 1, 2018. The majority of vessels are on bareboat or time charters and these continue to be accounted as operating or finance leases in accordance with ASC 840 Leases and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts. The Company adopted ASC 606 in the first quarter of fiscal 2018 on a modified retrospective basis with no changes recognized in the prior year comparative financial statements. The adoption of this standard only impacted our vessels operating on voyage charters. For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Certain voyage expenses, primarily bunker fuel expenses, are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment costs under ASC 340 Deferred Costs and Other Assets. ASC 606 has been applied to those voyage contracts that were not completed at the date of initial application. Upon adoption, the cumulative effect of adopting this guidance resulted in a net minor adjustment of $0.1 million to the opening balance of retained earnings as of January 1, 2018 and the Company did not consider this material enough to record. In addition, the adoption of this standard did not have a material impact on the consolidated financial statements of the Company for the six months ended June 30, 2018 . 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 became effective for fiscal years and interim periods beginning after December 15, 2017. The Company adopted ASU 2016-01 in the first quarter of fiscal 2018 on a modified retrospective basis, with no changes recognized in the prior year comparatives and a cumulative catch up adjustment recognized in the opening retained earnings. Upon adoption of ASU 2016-01, the Company reclassified approximately $98.8 million of unrealized losses related to its equity investments from accumulated other comprehensive income to retained earnings. As a result of the adoption of this guidance the Company is required to recognize the movement in the fair value of our equity securities in the consolidated statement of operations. For the six months ended June 30, 2018 , the adoption of the standard resulted in a net unrealized gain of $15.3 million being included in the condensed consolidated statement of operations. The Company anticipates additional volatility to the Company's statements of operations in future periods, due to changes in market prices of the Company's investments in equity securities.

GAIN ON SALE OF ASSETS AND TERM

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS	6 Months Ended
	Jun. 30, 2018
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 2018, the VLCC Front Circassia , which was accounted for as a direct financing lease asset, was sold to an unrelated third party. A loss of $1.4 million was recorded on the disposal, the proceeds of which included $17.9 million gross sales proceeds and compensation in the form of a loan note of $4.4 million at fair value was received for the early termination of the charter. (see Note 15: Related party transactions). In May 2018, the container vessel SFL Avon , which was accounted for as an operating lease asset, was sold to an unrelated third party. Gross proceeds of $12.7 million were received on the sale, resulting in a loss of $0.2 million on disposal.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2018
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 Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: Net income available to stockholders 40,421 52,393 101,209 Diluted earnings per share: Net income available to stockholders 40,421 52,393 101,209 Interest and other expenses attributable to convertible bonds 261 4,571 4,511 Net income assuming dilution 40,682 56,964 105,720 The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended Year ended (in thousands) June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: Weighted average number of common shares outstanding 104,160 93,505 95,597 Diluted earnings per share: Weighted average number of common shares outstanding* 104,160 93,505 95,597 Effect of dilutive share options 62 15 26 Effect of dilutive convertible bonds 818 12,410 7,277 Weighted average number of common shares outstanding assuming dilution 105,040 105,930 102,900 Six months ended Year ended June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: $ 0.39 $ 0.56 $ 1.06 Diluted earnings per share: $ 0.39 $ 0.54 $ 1.03 *The weighted average number of common shares outstanding excludes 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible bonds in October 2016. It also excludes 3,765,842 shares issued as of June 30, 2018 from up to 7,000,000 shares issuable under a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. These lent shares are owned by the Company and will be returned on or before maturity of the bonds in 2021 and 2023, respectively. In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issue of 651,365 new shares. The 5.75% senior unsecured convertible bonds issued in October 2016 and the 4.875% senior unsecured convertible bonds issued in April and May 2018 were not dilutive as of June 30, 2018 .

OTHER FINANCIAL ITEMS, NET

OTHER FINANCIAL ITEMS, NET	6 Months Ended
	Jun. 30, 2018
Other Financial Items [Abstract]
OTHER FINANCIAL ITEMS, NET	OTHER FINANCIAL ITEMS, NET Other financial items comprise the following items: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Net cash payments on non-designated derivatives (647 ) (2,779 ) (5,124 ) Net increase/(decrease) in fair value of non-designated derivatives 6,492 (4,297 ) 8,068 Net increase/(decrease) in fair value of designated derivatives (ineffective portion) (34 ) 138 140 Net increase in fair value of equity investments 15,304 — — Other items (99 ) (1,752 ) (5,768 ) Other financial items, net 21,016 (8,690 ) (2,684 ) 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”. The above net movement in the valuation of non-designated derivatives in the six months ended June 30, 2018 includes $0.1 million reclassified from "Other comprehensive income", as a result of certain interest rate swaps relating to loan facilities no longer being designated as cash flow hedges. In the year ended December 31, 2017 : $1.6 million ( six months ended June 30, 2017 : $0.7 million ) was reclassified from "Other comprehensive income". Other items in the six months ended June 30, 2018 include a gain of $0.1 million arising from foreign currency translation. In the year ended December 31, 2017 other items included foreign currency translation net loss of $4.5 million ( six months ended June 30, 2017 : loss $0.8 million ). Other items also include bank charges and fees relating to loan facilities. Following the adoption of ASU 2016-01 from January 2018, the Company now recognizes any changes in the fair value of equity investments in net income. The adoption of the standard resulted in a net unrealized gain of $15.3 million recorded in the condensed consolidated statement of operations for the six months ended June 30, 2018 . See also Recently Adopted Accounting Standards within Note 1.

INVESTMENTS IN DEBT AND EQUITY

INVESTMENTS IN DEBT AND EQUITY SECURITIES	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
INVESTMENTS IN DEBT AND EQUITY SECURITIES	INVESTMENT S IN DEBT AND EQUITY SECURITIES Investment securities held by the Company consist of the following investments in equity securities and corporate bonds: Six months ended June 30, 2018 Year ended December 31, 2017 (in thousands of $) Amortised Cost Unrealised gains/(losses)* Fair value Amortised Cost Unrealised gains/(losses) Fair value Corporate bonds: Golden Close Senior 17,754 (1,953 ) 15,801 17,754 (2,240 ) 15,514 Golden Close Convertible 9,960 4,226 14,186 9,960 — 9,960 Golden Close Super Senior 2,561 267 2,828 2,561 347 2,908 NorAm Drilling 5,181 315 5,496 5,181 293 5,474 Oro Negro 7,886 84 7,970 7,886 — 7,886 Total corporate bonds 43,342 2,939 46,281 43,342 (1,600 ) 41,742 Shares: Total shares 52,060 15,286 67,346 150,842 (98,782 ) 52,060 Total Investments 95,402 18,225 113,627 194,184 (100,382 ) 93,802 * This includes foreign currency gains or losses on non U.S. dollar denominated equity investments in addition to the changes in the fair value from market prices movements. The investments in corporate bonds at June 30, 2018 , consist of listed and unlisted corporate bonds which have a total carrying value of $46.3 million ( December 31, 2017 : $41.7 million ) and have maturities between 2019 and 2022. The corporate bonds are classified as available-for-sale securities and are recorded at fair value, with unrealized gains and losses recorded as a separate component of "Other comprehensive income". The accumulated net unrealized gain on these available-for-sale corporate debt securities included in "Other comprehensive income" at June 30, 2018 , was $2.9 million ( December 31, 2017 : loss of $1.6 million ). The investment in shares at June 30, 2018 consists of shareholding in various related party entities, which is comprised of listed shares in a Frontline Ltd. (“Frontline”) with a carrying value of $64.2 million ( December 31, 2017 : $50.5 million ), shares in NorAm Drilling Company AS (“NorAm Drilling”) traded on the Norwegian Over the Counter market ("OTC") with a carrying value of $1.5 million ( December 31, 2017 : $1.5 million ), and shares in Golden Close Maritime Corp. Ltd. (“Golden Close”) traded on the Norwegian OTC with a carrying value of $1.6 million ( December 31, 2017 : $0.1 million ). See also Note 15: Related party transactions. Following the adoption of ASU 2016-01 from January 2018, the Company now recognizes any changes in the fair value of equity investments in net income. The adoption of the standard resulted in a net unrealized gain of $15.3 million recorded in the condensed consolidated statement of operations for the six months ended June 30, 2018 . See also Note 4:Other financial items, net.

VESSELS AND EQUIPMENT, NET

VESSELS AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
VESSELS AND EQUIPMENT, NET	VESSELS AND EQUIPMENT, NET (in thousands of $) June 30, 2018 December 31, 2017 Cost 2,530,361 2,256,747 Accumulated depreciation 458,071 494,151 Vessels and equipment, net 2,072,290 1,762,596 During the six months ended June 30, 2018 , the Company took delivery of four 2014 built container vessels, each with approximately 14,000 TEU carrying capacity. The Company recorded additions to cost of vessels and equipment of $445.0 million which included the issuance of 4,024,984 common shares with a value of $58.0 million as part of the consideration. An additional $18.0 million of the consideration paid was assigned to the long term time charter contracts acquired with the vessels which was recorded separately within long term assets and is being amortized to revenue over the remaining period of each contract. The Company disposed of one container vessel with a net carrying value of $12.3 million during the six months ended June 30, 2018 (Refer Note 2: Gain on Sale of Assets and Termination of Charters). Acquisitions and disposals in respect of vessels accounted for as direct financing and sales-type leases are discussed in Note 8: Investments in direct financing and sales-type leases.

ASSETS HELD FOR SALE

ASSETS HELD FOR SALE	6 Months Ended
	Jun. 30, 2018
NEWBUILDINGS [Abstract]
ASSETS HELD FOR SALE	ASSETS HELD FOR SALE In July 2018, the Company announced an agreement to sell its fully owned subsidiary, Rig Finance Limited to an unrelated third party. Rig Finance Limited owns the jack up drilling rig Soehanah , which is currently employed under a bareboat charter until June 2019. Delivery to the new owner is expected to occur in the second half of 2018. In accordance with US GAAP, it was determined that the disposal group which includes the net book value of the rig and any charter balances including the charter deposit, met the criteria for classification as Held for Sale as at June 30, 2018 and therefore reclassified as such and presented on the balance sheet as "Asset held for sale". The rig had a carrying value of $76.9 million at reclassification from vessels and equipment at June 30, 2018 .

INVESTMENTS IN DIRECT FINANCING

INVESTMENTS IN DIRECT FINANCING AND SALES-TYPE LEASES	6 Months Ended
	Jun. 30, 2018
Net Investment in Direct Financing and Sales Type Leases [Abstract]
INVESTMENTS IN DIRECT FINANCING LEASES AND SALES-TYPE LEASES	INVESTMENTS IN DIRECT FINANCING AND SALES-TYPE LEASES As at June 30, 2018 , the Company had eight VLCC crude tankers accounted for as direct financing leases ( December 31, 2017 : nine VLCCs). These vessels are on charter to Frontline Shipping Limited (“Frontline Shipping”) on long-term, fixed rate time charters which span various periods depending on the age of the vessels, ranging from approximately five to nine years. Frontline Shipping is a wholly owned subsidiary of Frontline, a related party. The terms of the charters do not provide Frontline Shipping with an option to terminate the charters before the end of their terms. The VLCC Front Circassia , which was accounted for as a direct financing lease at December 31, 2017, was sold in February 2018 (see Note 2: Gain on sale of assets and termination of charters and Note 15: Related party transactions). An impairment charge of $21.8 million was recorded against the carrying value of three VLCCs leased to Frontline Shipping. The three tankers were disposed of at various delivery dates between July and September 2018 (see Note 18: Subsequent Events). One of the Company's offshore support vessels is chartered on a long-term bareboat charter to Deep Sea Supply Shipowning II AS (the “Solstad Charterer”), an indirect wholly owned subsidiary of Solship Invest 3 AS (“Solship”) which is in turn a wholly owned subsidiary of Solstad Farstad ASA (“Solstad Farstad”). In July 2018, the Company entered into a restructuring agreement with subsidiaries of Solstad Farstad ASA whereby the Company will receive 50% of the agreed charter hire for two of the offshore support vessels. All other contracted charter hire income earned from fixed assets and finance lease assets will be deferred until the end of 2019. In addition to the above nine vessels leased to related and unrelated third parties, the Company also had two container vessels accounted for as direct financing leases and one container vessel accounted for as a sales-type lease as at June 30, 2018 , which are on long-term bareboat charters to MSC Mediterranean Shipping Company S.A. ("MSC"), an unrelated party. The terms of the charters provide a fixed price put option or purchase obligation at the expiry of the 15 year charter period for two of the container vessels and a minimum fixed price purchase obligation at the expiry of the five year charter period for the third container vessel. In April 2018, the Company acquired 15 second hand feeder size container vessels for a purchase consideration of $105.5 million from a subsidiary of MSC. The vessels were immediately leased back to the seller under seven year bareboat charters. The charterer has purchase options throughout the term of the charters and the Company has a put option at the end of the seven year period. As at June 30, 2018 , the Company had a total of 27 vessels accounted for as direct financing and sales-type leases ( December 31, 2017 : 13 vessels). The following lists the components of the investments in direct financing and sales-type leases as at June 30, 2018 and December 31, 2017 : (in thousands of $) June 30, 2018 December 31, 2017 Total minimum lease payments to be received 954,546 916,765 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (185,484 ) (211,508 ) Net minimum lease payments receivable 769,062 705,257 Estimated residual values of leased property (un-guaranteed) 219,048 232,424 Less : unearned income (327,014 ) (319,610 ) Total investment in direct financing and sales-type leases 661,096 618,071 Current portion 40,085 32,096 Long-term portion 621,011 585,975 Total investment in direct financing and sales-type leases 661,096 618,071

INVESTMENT IN ASSOCIATED COMPAN

INVESTMENT IN ASSOCIATED COMPANIES	6 Months Ended
	Jun. 30, 2018
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
INVESTMENT IN ASSOCIATED COMPANIES	INVESTMENTS 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. At June 30, 2018 , June 30, 2017 and December 31, 2017 , the Company had the following participation in investments that were recorded using the equity method: June 30, 2018 June 30, 2017 December 31, 2017 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, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 90,154 24,903 26,071 39,180 Non-current assets 990,444 309,978 298,421 382,045 Total assets 1,080,598 334,881 324,492 421,225 Current liabilities 123,383 28,740 37,541 57,102 Non-current liabilities 938,724 301,542 282,388 354,794 Total liabilities 1,062,107 330,282 319,929 411,896 Total stockholders’ equity 18,491 4,599 4,563 9,329 As of December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 97,723 26,242 29,152 42,329 Non-current assets 1,020,067 317,450 305,852 396,765 Total assets 1,117,790 343,692 335,004 439,094 Current liabilities 106,628 25,642 29,443 51,543 Non-current liabilities 1,000,484 315,415 302,819 382,250 Total liabilities 1,107,112 341,057 332,262 433,793 Total stockholders’ equity 10,678 2,635 2,742 5,301 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 32,271 9,651 9,552 13,068 Net operating revenues 32,271 9,651 9,552 13,068 Net income 7,451 1,964 1,821 3,666 Six months ended June 30, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 38,987 10,879 11,614 16,494 Net operating revenues 38,987 10,879 11,614 16,494 Net income 13,855 3,382 3,730 6,743 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 73,487 20,873 21,827 30,787 Net operating revenues 73,487 20,873 21,827 30,787 Net income 23,766 5,981 6,462 11,323 SFL Deepwater, SFL Hercules and SFL Linus each own drilling units which have been leased to subsidiaries of Seadrill Limited (“Seadrill”), a related party. Because the main assets of SFL Deepwater, SFL Hercules and SFL Linus are the subject of leases which includes both fixed price call options and a fixed price purchase obligation or put option, it has been determined that these subsidiaries of Ship Finance are variable interest entities in which Ship Finance is not the primary beneficiary. Each subsidiary has entered into a term loan and revolving credit facility as follows: Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 736,944 214,444 237,500 285,000 Amount available to draw down — — — — Amount guaranteed by Ship Finance 266,114 84,697 78,947 102,470 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 785,778 225,778 251,250 308,750 Amount available to draw down — — — — Amount guaranteed by Ship Finance 235,000 75,000 70,000 90,000 In the six months ended June 30, 2018 and the year ended December 31, 2017 , SFL Deepwater, SFL Hercules and SFL Linus paid dividends as follows: Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid — — — — Six months ended June 30, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid 14,400 3,400 3,750 7,250 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid 14,400 3,400 3,750 7,250 SFL Deepwater, SFL Hercules and SFL Linus have loan facilities for which Ship Finance provides limited guarantees, as indicated above. These loan facilities originally contained financial covenants with which both Ship Finance and Seadrill must comply. In September 2017, Seadrill announced that it had entered into a restructuring agreement (the “Restructuring Plan”) with more than 97% of its secured bank lenders, approximately 40% of its bondholders and a consortium of investors led by its largest shareholder, Hemen Holding Ltd, who is also the largest shareholder in the Company. The Company, SFL Deepwater, SFL Hercules and SFL Linus have also entered into the Restructuring Plan, which has been implemented by way of prearranged Chapter 11 cases. As part of the Restructuring Plan, the financial covenants on Seadrill have been replaced by financial covenants on a newly established subsidiary of Seadrill, who also acts as guarantor for the obligations under the leases for the three drilling units, on a subordinated basis to the senior secured lenders in Seadrill and new secured notes. The financial covenants on Seadrill were suspended until the Restructuring Plan was implemented in July 2018. As at June 30, 2018 , Ship Finance was 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, 2018
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, 2018 December 31, 2017 Long-term debt: 3.25% senior unsecured convertible bonds due 2018 — 63,218 NOK900 million senior unsecured floating rate bonds due 2019 92,867 92,477 5.75% senior unsecured convertible bonds due 2021 225,000 225,000 NOK500 million senior unsecured floating rate bonds due 2020 61,259 61,001 4.875% senior unsecured convertible bonds due 2023 164,000 — $320 million unsecured intermediary loan facility 320,000 — Total Fixed Rate Debt 863,126 441,696 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2025 1,080,978 1,081,204 Total debt principal 1,944,104 1,522,900 Less: Unamortized debt issuance costs (27,974 ) (18,893 ) Less: Current portion of long-term debt (734,438 ) (313,823 ) Total long-term debt 1,181,692 1,190,184 (in thousands of $) Fixed Rate Debt Floating Rate Debt Total debt principal Balance at December 31, 2017 441,696 1,081,204 1,522,900 Repayments and redemptions (63,218 ) (69,226 ) (132,444 ) Drawdowns 484,000 69,000 553,000 Effects of foreign exchange 648 — 648 Balance at June 30, 2018 863,126 1,080,978 1,944,104 The outstanding debt as of June 30, 2018 is repayable as follows: (in thousands of $) Year ending December 31, 2018 (remaining six months) 207,005 2019 600,532 2020 197,683 2021 474,447 2022 197,626 Thereafter 266,811 Total debt principal 1,944,104 The weighted average interest rate for floating rate debt denominated in U.S. dollars and Norwegian kroner (“NOK”) was 4.45% per annum at June 30, 2018 ( December 31, 2017 : 4.26% ). This rate takes into consideration the effect of related interest rate swaps. At June 30, 2018 , the three month US Dollar London Interbank Offered Rate, or LIBOR, was 2.336% ( December 31, 2017 : 1.694% ) and the Norwegian Interbank Offered Rate, or NIBOR, was 0.98% ( December 31, 2017 : 0.81% ). In the six months ended June 30, 2018 , the following redemption occurred: 3.25% senior unsecured convertible bonds due 2018 In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issuance of 651,365 new shares (see Note 12. Share Capital, Additional Paid in Capital and Contributed Surplus). In the six months ended June 30, 2018 , the following loan agreements were entered into: $50 million secured term credit facility In June 2018, 15 wholly-owned subsidiaries of the Company entered into a $50.0 million secured term loan facility with a bank, secured against 15 feeder size container vessels. The 15 vessels were delivered in April 2018. The Company has provided a corporate guarantee for this facility, which bears interest at LIBOR plus a margin and has a term of seven years. $320 million unsecured intermediary loan facility In May 2018, four wholly-owned subsidiaries of the Company entered into a $320.0 million unsecured loan facility provided by Sterna Finance Ltd. (“Sterna Finance”), an affiliate of Hemen Holdings Ltd., a related party. The unsecured intermediary loan facility was entered into to partly fund the acquisition of four 14,000 TEU container vessels acquired in May 2018. The Company has provided a corporate guarantee for this loan facility, which has a fixed interest rate, is non-amortizing and has a term of 13 months from the drawdown date of the loan. See also Note 15: Related party transactions. 4.875% senior unsecured convertible bonds due 2023 On April 23, 2018, the Company issued a senior unsecured convertible bond loan totaling $150.0 million . Additional bonds were issued on May 4, 2018 at a principal amount of $14.0 million . Interest on the bonds is fixed at 4.875% 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 and mature on May 1, 2023. The net amount outstanding at June 30, 2018 was $164.0 million ( December 31, 2017 : $nil ). The initial conversion rate at the time of issuance was 52.8157 common shares per $1,000 bond, equivalent to a conversion price of approximately $18.93 per share. Since the issuance, dividend distributions have increased the conversion rate and as of June 30, 2018 , the conversion rate was 54.0658 , equivalent to a conversion price of approximately $18.50 per share). In conjunction with the bond issue, the Company agreed to loan up to 7,000,000 of its common shares to affiliates of the underwriters of the issue, in order to assist investors in the bonds to hedge their position. As at June 30, 2018 , a total of 3,765,842 shares were issued from up to 7,000,000 shares issuable under a share lending arrangement. 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 $7.9 million at issue date 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 $0.3 million in the six months ended June 30, 2018 ( December 31, 2017 : $nil ). In the six months ended June 30, 2018 , the following drawings were made under revolving credit facilities: (in thousands of $) Facility Amount Drawn $49 million secured term loan and revolving credit facility 10,000 $45 million secured term loan and revolving credit facility 9,000 Total Drawdown 19,000 The aggregate book value of assets pledged as security against borrowings at June 30, 2018 , was $1,903 million ( December 31, 2017 : $1,908 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, 2018 , the Company is in compliance with all of the covenants under its long-term debt facilities. In addition, the $101.4 million secured term loan facility entered into in August 2014 contains certain financial covenants on Solship, which have been temporarily waived in connection with the standstill agreement entered into at the end of March 2018.

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL INSTRUMENTS	FINANCIAL INSTRUMENTS In certain situations, the Company may enter into financial instruments to reduce the risk associated with fluctuations in interest rates and exchange rates. The Company has a portfolio of swaps which swap floating rate interest to fixed rate, and which also fix the Norwegian kroner to US dollar exchange rate applicable to the interest payable and principal repayment on the NOK bonds. 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, Swedbank AB (publ), Credit Agricole Corporate & Investment Bank 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 not to be substantial as the counterparties are all banks which have provided the Company with loans. 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, 2018 December 31, 2017 Designated derivative instruments - short-term assets: Interest rate swaps 98 108 Non-designated derivative instruments - short-term assets: Interest rate swaps 1 — Total derivative instruments - short-term assets 99 108 Designated derivative instruments - long-term assets: Interest rate swaps 8,118 5,136 Cross currency interest rate swaps — — Non-designated derivative instruments - long-term assets: Interest rate swaps 8,708 3,211 Total derivative instruments - long-term assets 16,826 8,347 (in thousands of $) June 30, 2018 December 31, 2017 Designated derivative instruments -short-term liabilities: Interest rate swaps 49 248 Cross currency interest rate swaps 33,054 — Non-designated derivative instruments -short-term liabilities: Interest rate swaps 29 255 Cross currency interest rate swaps 6,588 — Total derivative instruments - short-term liabilities 39,720 503 Designated derivative instruments - long-term liabilities: Interest rate swaps 620 5,109 Cross currency interest rate swaps 867 36,120 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 33 553 Cross currency interest rate swaps — 6,836 Total derivative instruments - long-term liabilities 1,520 48,618 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, 2018 , 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. The total notional principal amount subject to swap agreements as at June 30, 2018 , was $1.0 billion ( December 31, 2017 : $1.1 billion ). The Company has not entered into any new swap agreements in the six months ended June 30, 2018 . Foreign currency risk management The Company is party to currency swap transactions, involving the payment of U.S. dollars in exchange for Norwegian kroner, which are designated as hedges against the NOK900 million and NOK500 million senior unsecured bonds due 2019 and 2020 respectively. Principal Receivable Principal Payable Inception date Maturity date NOK900 million US$151.0 million March 2014 March 2019 NOK500 million US$64.0 million October 2017 March - June 2020 Apart from the NOK900 million and NOK500 million senior unsecured bonds due 2019 and 2020, 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, 2018 and December 31, 2017 are as follows: June 30, 2018 June 30, 2018 December 31, 2017 December 31, 2017 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 46,281 46,281 41,742 41,742 Equity securities 67,346 67,346 52,060 52,060 Floating rate NOK bonds due 2019 92,867 93,843 92,477 92,709 Floating rate NOK bonds due 2020 61,259 62,714 61,001 61,306 3.25% unsecured convertible bonds due 2018 — — 63,218 71,662 5.75% unsecured convertible bonds due 2021 225,000 234,281 225,000 242,719 4.875% unsecured convertible bonds due 2023 164,000 171,380 — — Derivatives: Interest rate/ currency swap contracts - short-term receivables 99 99 108 108 Interest rate/ currency swap contracts - long-term receivables 16,826 16,826 8,347 8,347 Interest rate/ currency swap contracts - short-term payables 39,720 39,720 503 503 Interest rate/ currency swap contracts - long-term payables 1,520 1,520 48,618 48,618 The above short-term receivables relating to interest rate/ currency swap contracts all relate to designated hedges at June 30, 2018 and December 31, 2017 . The above long-term receivables relating to interest rate/ currency swap contracts at June 30, 2018 , include $8.7 million which relates to non-designated swap contracts ( December 31, 2017 : $3.2 million ), with the balance relating to designated hedges. The above short-term payables relating to interest rate/ currency swap contracts at June 30, 2018 , include $6.6 million which relates to non-designated swap contracts ( December 31, 2017 : $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, 2018 , include $0.03 million which relates to non-designated swap contracts ( December 31, 2017 : $7.4 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, 2017 , 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, 2018 , were measured as follows: Fair value measurements using, (in thousands of $) June 30, 2018 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 debt securities 46,281 46,281 Equity securities 67,346 67,346 Interest rate/ currency swap contracts – short-term receivables 99 99 Interest rate/ currency swap contracts - long-term receivables 16,826 16,826 Total assets 130,552 113,627 16,925 Liabilities: Floating rate NOK bonds due 2019 93,843 93,843 Floating rate NOK bonds due 2020 62,714 62,714 5.75% unsecured convertible bonds due 2021 234,281 234,281 4.875% unsecured convertible bonds due 2023 171,380 171,380 Interest rate/ currency swap contracts – short-term payables 39,720 39,720 Interest rate/ currency swap contracts – long-term payables 1,520 1,520 Total liabilities 923,458 882,218 41,240 ASC Topic 820 "Fair Value Measurement and Disclosures" ("ASC 820") emphasizes that fair value is a market-based measurement, not an entity-specific measurement, and should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within levels one and two of the hierarchy) and the reporting entity's own assumptions about market participant assumptions (unobservable inputs classified within level three of the hierarchy). Level 1 inputs utilize unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in level one that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability, other than quoted prices, such as interest rates, foreign exchange rates and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the assets or liabilities, which typically are based on an entity's own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. Investments in equity securities consist of (i) listed Frontline shares (ii) NorAm Drilling shares traded in the OTC market (iii) Golden Close shares traded in the OTC market whilst the investments in available-for-sale debt securities consist of listed and unlisted corporate bonds. The estimated fair value of the debt and equity securities consists of their aggregate market value as at the balance sheet date. The estimated fair values for the floating rate NOK denominated bonds due 2019 and 2020, and the 5.75% and 4.875% unsecured convertible bonds due 2021 and 2023 are all based on their quoted market prices as at the balance sheet date. The estimated 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, 2018 . 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, Bank of Valletta and Credit Agricole Corporate and Investment Bank. However, the Company believes this risk is remote. There is also a concentration of revenue risk with certain customers to whom the Company has chartered multiple vessels. In the six months ended June 30, 2018 , Frontline Shipping accounted for approximately 10% of our consolidated operating revenues ( six months ended June 30, 2017 : 18% ; year ended December 31, 2017 : 15% ). Frontline Shipping is a 100% owned subsidiary of Frontline, but the performance under the leases is not guaranteed by Frontline following amendments to the leases agreed in 2015. There is no requirement for a minimum cash balance in Frontline Shipping, but in exchange for releasing the guarantee a dividend restriction was introduced on Frontline Shipping whereby it can only make distributions to its parent company if it can demonstrate it will have minimum free cash of $2 million per vessel both prior to and following (i) such distribution and (ii) the payment of the next hire due and any profit share accrued under the charters. Due to the current depressed tanker market, there is a risk that Frontline Shipping may not have sufficient funds to pay the agreed charterhires. However the performance under the fixed price agreements with Frontline Management whereby we pay management fees of $9,000 per day for each vessel to cover all operating costs including drydocking costs, is guaranteed by Frontline. In the six months ended June 30, 2018 , the Company had eight Capesize dry bulk carriers leased to a fully guaranteed subsidiary of Golden Ocean Group Limited (“Golden Ocean”) which accounted for approximately 14% of our consolidated operating revenues ( six months ended June 30, 2017 : 14% ; year ended December 31, 2017 : 14% ). The Company also had 27 container vessels on long-term bareboat charters to MSC, which accounted for approximately 11% of our consolidated operating revenues in the six months ended June 30, 2018 ( six months ended June 30, 2017 : 9% ; year ended December 31, 2017 : 10% ). Following the acquisition of Hamburg Süd by Maersk Line A/S (“Maersk”) in November 2017, the Company had seven container vessels on long-term time charters to Maersk at June 30, 2018 , which accounted for approximately 26% of our consolidated operating revenues in the six months ended June 30, 2018 ( six months ended June 30, 2017 : 11% ; year ended December 31, 2017 : 14% ). In addition, a significant portion of our net income is generated from our associated companies that lease rigs to subsidiaries of Seadrill. In the six months ended June 30, 2018 , income from our associated companies accounted for approximately 36% of our consolidated net income ( six months ended June 30, 2017 : 42% ; year ended, December 31, 2017 : 39% ). The Company and three of the Company's subsidiaries, who own and lease the drilling rigs West Linus, West Hercules and West Taurus to subsidiaries of Seadrill, agreed to the Restructuring Plan announced by Seadrill in September 2017. As part of the agreement, Ship Finance and its relevant subsidiaries have agreed to reduce the contractual charter hire payable by the relevant Seadrill subsidiaries by approximately 29% for a 5 -year period with economic effect from January 1, 2018, with the reduced amounts added back in the period thereafter. The call options on behalf of the Seadrill subsidiaries under the relevant leases were also amended as part of the Restructuring Plan. The leases for West Hercules and West Taurus have been extended for a period of 13 months until December 2024, with amended purchase obligations at the new expiry of the charters. Concurrently, the banks who finance the three rigs have extended the loan period by approximately four years under each of the facilities, with reduced amortization in the extension period compared to the current amortization. The Restructuring Plan was implemented in July 2018, at which time Seadrill emerged from Chapter 11. As discussed in Note 16: Commitments and Contingent Liabilities, the Company, at June 30, 2018 , guaranteed a total of $266 million ( December 31, 2017 : $235 million ) of the bank debt in these companies and had an outstanding receivable balance on loans granted by the Company to these associated companies totaling $293.7 million at June 30, 2018 ( December 31, 2017 : $317.8 million ). The loans granted by the Company are considered not impaired at June 30, 2018 , due to the fair value of the jack-up rig owned by SFL Linus and the ultra deepwater drilling rigs owned by SFL Deepwater and SFL Hercules exceeding the book values at June 30, 2018 .

SHARE CAPITAL, ADDITIONAL PAID-

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS	6 Months Ended
	Jun. 30, 2018
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, 2018 December 31, 2017 150,000,000 common shares of $0.01 par value each (December 31, 2017: 150,000,000 shares of $0.01 par value each) 1,500 1,500 Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2018 December 31, 2017 119,373,064 common shares of $0.01 par value each (December 31, 2017: 110,930,873 shares of $0.01 par value each) 1,194 1,109 The Company’s common shares are listed on the New York Stock Exchange. In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issue of 651,365 new shares (see Note 19: Long-term Debt). In April 2018, the Company issued a total of 3,765,842 new shares of par value $0.01 each from up to 7,000,000 issuable under a share lending arrangement in relation with the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. The shares issued have been loaned to affiliates of the underwriters of the bond issue in order to assist investors in the bonds to hedge their position. The bonds are convertible into common shares and mature on May 1, 2023. As required by ASC 470-20 "Debt with conversion and other options", the Company calculated the equity component of the convertible bond, which was valued at $7.9 million at issue date and recorded as "Additional paid-in capital" (see Note 19: Long-term Debt). In May 2018, the Company issued a total of 4,024,984 new shares as part of the consideration paid for the acquisition of four 2014 built container vessels, each with approximately 14,000 TEU carrying capacity. The vessels are employed under long-term time-charters to an unrelated third party (see Note 6: Vessels and equipment, net).

OTHER LONG-TERM LIABILITIES

OTHER LONG-TERM LIABILITIES	6 Months Ended
	Jun. 30, 2018
Other Liabilities Disclosure [Abstract]
OTHER LONG-TERM LIABILITIES	OTHER LONG-TERM LIABILITIES (in thousands of $) June 30, 2018 December 31, 2017 Unamortized sellers' credit 3,421 3,958 Obligations under capital leases - long-term portion 226,504 230,576 Other items 4 4 229,929 234,538 The unamortized seller's credit is in respect of the five offshore support vessels on long-term bareboat charters to the Solstad Charterer. In October 2015, the Company entered into agreements to charter-in two newbuilding container vessels on a bareboat basis, each for a period of 15 years from delivery by the shipyard, and to charter-out each vessel for the same 15 -year period on a bareboat basis to MSC, an unrelated party. The first vessel was delivered in December 2016 and the second vessel was delivered in March 2017. These two vessels are accounted for as direct financing lease assets. The Company's future minimum lease obligations under the non-cancellable lease are as follows: Year ending December 31, (in thousands of $) 2018 (remaining six months) 13,933 2019 25,054 2020 25,122 2021 25,054 2022 25,054 Thereafter 281,850 Total lease obligations 396,067 Less: imputed interest payable (160,189 ) Present value of obligations under capital lease 235,878 Less: current portion (9,374 ) Obligations under capital lease - long-term portion 226,504 Interest incurred on capital leases in the six months ended June 30, 2018 was $8.6 million ( six months ended June 30, 2017 : $7.1 million ; year ended December 31, 2017 : $16.0 million ).

SHARE OPTION PLAN

SHARE OPTION PLAN	6 Months Ended
	Jun. 30, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
SHARE OPTION PLAN	SHARE OPTION PLAN In November 2006, the Board of Directors approved the Ship Finance International Limited Share Option Scheme (the "Option Scheme"). The Option Scheme will expire in November 2026, following the renewal in November 2016. The terms and conditions remain unchanged from those originally adopted in November 2006 and 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, 2018 , additional paid-in capital was credited with $0.2 million relating to the fair value of options granted in March 2016, September 2017 and April 2018. No options were exercised under the Option Scheme in the six months ended June 30, 2018 . In April 2018, the Company awarded a total of 83,000 options to officers and employees, pursuant to the Company's Share Option Scheme. The options have a five year term and a three year vesting period and the first options will be exercisable from April 2019 onwards. The initial strike price was $14.67 per share. Total unrecognized compensation cost relating to the outstanding options under the Company's Option Scheme was $0.6 million as at June 30, 2018 ( December 31, 2017 : $0.5 million ).

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS The Company has transactions with the following related parties, being companies in which our principal shareholder Hemen Holding Ltd. (“Hemen”) and companies associated with Hemen have, or had, a significant direct or indirect interest: – Frontline – Frontline Shipping – Seadrill – Golden Ocean – United Freight Carriers (“UFC” - which is a joint venture approximately 50% owned by Golden Ocean) – Deep Sea Supply Plc. (“Deep Sea”) (1) – Seatankers Management Co. Ltd. (“Seatankers”) – NorAm Drilling – Golden Close – Sterna Finance (1) From October 2017, Deep Sea was determined to no longer be a related party. 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: Investments in Direct Financing and Sales-Type Leases). (in thousands of $) June 30, 2018 December 31, 2017 Amounts due from: Frontline 6,424 5,579 SFL Linus — 3,559 SFL Deepwater — 171 SFL Hercules — 97 Seadrill 368 — Golden Ocean — 153 Other related parties 59 66 Total amount due from related parties 6,851 9,625 Loans to related parties - associated companies, long-term SFL Deepwater 106,029 113,000 SFL Hercules 73,004 80,000 SFL Linus 114,677 121,000 Total loans to related parties - associated companies, long-term 293,710 314,000 Long-term receivables from related parties Frontline 4,446 — Total long-term receivables from related parties 4,446 — Amounts due to: Frontline Shipping 2,550 539 Frontline 491 147 Seatankers 145 60 Sterna Finance 1,422 — Other related parties — 111 Total amount due to related parties 4,608 857 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, 2018 within the financial statements (see Note 9: Investments In Associated Companies). As described below in “Related party loans”, at June 30, 2018 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, 2018 , eight of the Company’s vessels leased to Frontline Shipping ( December 31, 2017 : nine ) are recorded as direct financing leases. At June 30, 2018 , the balance of net investments in direct financing leases with Frontline Shipping was $258.6 million ( December 31, 2017 : $314.0 million ), of which $20.4 million ( December 31, 2017 : $22.3 million ) represents short-term maturities. During the six months ended June 30, 2018 , the Company sold the Suezmax Front Circassia to an unrelated third party. The vessel was delivered to the new owner in February 2018, and a termination fee of $4.4 million at fair value was received from Frontline Shipping in the form of a loan note. The loan note bears interest at a rate of 7.50% and matures in December 2021. In addition, included under operating leases at June 30, 2018 , there were eight Capesize dry bulk carriers leased to a fully guaranteed subsidiary of Golden Ocean ( December 31, 2017 : eight ). At June 30, 2018 , the net book value of assets leased under operating leases to Golden Ocean was $225.7 million ( December 31, 2017 : $233.7 million ). The charter agreements with Frontline Shipping include profit sharing arrangements, whereby the Company earns a 50% profit share on charter revenues earned by the vessels above the set base charter rates, calculated on a time charter equivalent basis and payable quarterly. In the six months ended June 30, 2018 , the Company recorded no profit share revenues ( six months ended June 30, 2017 : $5.6 million ; year ended December 31, 2017 : $5.6 million ). At June 30, 2018 , the Company held 11 million ordinary shares in Frontline, representing approximately 6.48% of the issued share capital of Frontline ( December 31, 2017 : 11 million ordinary shares representing approximately 6.48% ). In the six months ended June 30, 2018 , 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% profit share on charter revenues earned by the vessels above certain threshold levels, calculated on a time charter equivalent basis and payable on a quarterly basis. In the six months ended June 30, 2018 , the Company earned no profit share revenue under this arrangement ( six months ended June 30, 2017 : $ nil ; year ended December 31, 2017 : $0.2 million ). A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Deep Sea is as follows: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Operating lease income 26,498 29,540 57,568 Direct financing lease interest income 5,986 9,385 16,362 Finance lease service revenue 13,428 19,827 35,010 Direct financing lease repayments 10,247 14,064 25,091 Profit share and cash sweep income — 5,591 5,753 In addition to leasing revenues and repayments, the Company incurred the following fees with related parties: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Frontline: Vessel Management Fees 14,351 20,506 36,536 Newbuilding Supervision Fees — — 979 Commissions and Brokerage 132 112 269 Administration Services Fees 161 172 335 Golden Ocean: Vessel Management Fees 10,136 10,136 20,440 Operating Management Fees 360 370 738 Seatankers: Administration Services Fees 145 22 82 Office Facilities: Seatankers Management Norway AS 55 80 105 Frontline Management AS 73 — 136 Frontline Corporate Services Ltd 61 131 173 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 by October 1, 2023, October 1, 2023, and June 30, 2029, respectively, or earlier if the companies sell their drilling units. The net outstanding loan balances as at June 30, 2018 , were $106.0 million , $73.0 million , and $114.7 million for SFL Deepwater, SFL Hercules and SFL Linus, respectively. In the six months ended June 30, 2018 , the Company received interest income on these loans of $2.5 million from SFL Deepwater ( six months ended June 30, 2017 : $2.9 million ; year ended December 31, 2017 : $5.4 million ), $1.8 million from SFL Hercules ( six months ended June 30, 2017 : $2.5 million ; year ended December 31, 2017 : $4.3 million ) and $2.7 million from SFL Linus ( six months ended June 30, 2017 : $2.8 million ; year ended December 31, 2017 : $5.5 million ). Long-term receivables from related parties The Company received a loan note from Frontline Shipping as compensation for the early termination of the charter of Front Circassia in February 2018. The initial face value of the note was $8.9 million , however, Ship Finance recorded the loan note at an initial fair market value of $4.4 million . The loan note bears interest at a rate of 7.50% and matures in December 2021. In the six months ended June 30, 2018 , the Company has received $nil in interest income on the loan note. $320 million unsecured intermediary loan facility In May 2018, four wholly-owned subsidiaries of the Company entered into a $320.0 million unsecured loan facility provided by an affiliate of Hemen, Sterna Finance. The unsecured intermediary loan facility was entered into to partly fund the acquisition of four 14,000 TEU container vessels acquired in May 2018. The Company has provided a corporate guarantee for this loan facility, which has a fixed interest rate, is non-amortizing and has a term of 13 months from the drawdown date of the loan. Interest expense incurred on the loan in the six months ended June 30, 2018 was $1.4 million . Other related party transactions In the six months ended June 30, 2018 , the Company received no dividends on its holding of shares in Frontline ( six months ended June 30, 2017 : $3.3 million ; year ended December 31, 2017 : $3.3 million ). In the six months ended June 30, 2018 , the Company recorded $0.3 million interest income and no other income on its holding of investments in secured notes issued by NorAm Drilling ( six months ended June 30, 2017 : $0.3 million ; year ended December 31, 2017 : $0.5 million interest income and $0.1 million other income). In the six months ended June 30, 2018 , the Company recorded no interest income on its holding of investments in secured notes issued by Golden Close ( six months ended June 30, 2017 : $0.6 million ; year ended December 31, 2017 : $0.6 million ).

COMMITMENTS AND CONTINGENT LIAB

COMMITMENTS AND CONTINGENT LIABILITIES	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENT LIABILITIES	COMMITMENTS AND CONTINGENT LIABILITIES Assets Pledged (in millions of $) June 30, 2018 December 31, 2017 Book value of consolidated assets pledged under ship mortgages 1,903 1,908 Of the above, $1,525.6 million relates to assets recorded as vessels and equipment ( December 31, 2017 : $1,576.3 million ) and $377.9 million relates to assets accounted for as investments in direct financing leases ( December 31, 2017 : $331.3 million ). 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, 2018 , the Company ( $1.9 billion ) and its 100% equity-accounted subsidiaries ( $736.9 million ) had a combined outstanding principal indebtedness of $2.7 billion ( December 31, 2017 : $2.3 billion ) under various credit facilities. 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, 2018 , their combined borrowings amounted to $736.9 million ( December 31, 2017 : $785.8 million ) and the Company guaranteed $266 million ( December 31, 2017 : $235 million ) of this debt which is secured by first priority mortgages over the relevant rigs. In addition, the Company has assigned all claims it may have under its secured loans to SFL Deepwater, SFL Hercules and SFL Linus, in favor of the lenders under the respective credit facilities. These loans had a net outstanding balance of $293.7 million at June 30, 2018 ( December 31, 2017 : $317.8 million ) and are secured by second priority mortgages over each of the rigs, which have been assigned to the lenders under the respective credit facilities. The lenders under the respective credit facilities have also been granted a first priority pledge over all shares of the relevant asset owning subsidiaries. At June 30, 2018 , the Company had no commitments under contracts to acquire newbuilding vessels ( December 31, 2017 : $nil ). There were no other material contractual commitments at June 30, 2018 . The Company is routinely party both as plaintiff and defendant to lawsuits in various jurisdictions under charter hire obligations arising from the operation of its vessels in the ordinary course of business. The Company believes that the resolution of such claims will not have a material adverse effect on its results of operations or financial position. The Company has not recognized any contingent gains or losses arising from the pending results of any such law suits.

CONSOLIDATED VARIABLE INTEREST

CONSOLIDATED VARIABLE INTEREST ENTITIES	6 Months Ended
	Jun. 30, 2018
CONSOLIDATED VARIABLE INTEREST ENTITIES [Abstract]
CONSOLIDATED VARIABLE INTEREST ENTITIES	CONSOLIDATED VARIABLE INTEREST ENTITIES As at June 30, 2018 , the Company’s consolidated financial statements included 35 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 March 2019 to September 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, 2018 , 16 of the consolidated variable interest entities have a vessel which is accounted for as a direct financing lease asset. At June 30, 2018 , the vessels had a carrying value of $105.5 million and unearned lease income of $31.6 million . The vessels had a $50.0 million outstanding loan balance as at June 30, 2018 . The other 19 fully consolidated variable interest entities each own vessels which are accounted for as operating lease assets and had a total net book value of $366.1 million at June 30, 2018 . The outstanding loan balances in these entities was a total of $199.8 million , of which the short-term portion was $68.9 million as at June 30, 2018 .

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2018
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On July 2, 2018, Seadrill announced that it had emerged from Chapter 11 after successfully completing its reorganization pursuant to its Chapter 11 plan of reorganization. Under the Restructuring Plan, the Company agreed to restructure the lease payments to its 100% equity-accounted subsidiaries with economic effect from January 1, 2018. (See Concentrations of risk section of Note 10: Financial Instruments). In July 2018, the Company announced an agreement to sell its fully owned subsidiary, Rig Finance Limited to an unrelated third party. Rig Finance Limited owns the jack up drilling rig Soehanah , which is currently employed under a bareboat charter until June 2019. Delivery to the new owner is expected to occur in the second half of 2018. In July 2018, the Company agreed to sell three 2002-built VLCCs, Front Page, Front Stratus and Front Serenade to ADS Crude Carriers Ltd. (“ADS”), a newly established company in which Ship Finance has acquired a 17% interest. Net proceeds from the sale were approximately $77.6 million , including $10.1 million charter termination compensation received from Frontline Ltd. in the form of interest-bearing loan notes. The vessels were delivered to ADS in July, August and September, respectively. In July 2018, the Company and other financial creditors entered into a restructuring agreement with a subsidiary of Solstad Farstad ASA ("Solstad") where 50% of the agreed charter hire for the two vessels Sea Cheetah and Sea Jaguar will be received until the end of 2019. All other payments under the respective charters, including the remaining 50% on Sea Cheetah and Sea Jaguar, will be deferred until the end of 2019. In August 2018, the Company agreed to acquire three 10,600 TEU container vessels in combination with long term charters to Maersk Line A/S, two of which have been delivered during September 2018. We expect to take delivery of the third vessel during Q4 2018. In connection with the acquisition, the Company entered into a $200 million intermediary secured credit facility to part finance the acquisition. The facility bears interest at LIBOR plus a margin and has a term of 13 months . In August 2018, the Company issued NOK600 million five-year senior unsecured bonds, equivalent to approximately $71.9 million . The bonds bear interest at NIBOR plus a margin. The proceeds from the bond issue will be used for refinancing of existing debt and general corporate purposes. On August 22, 2018, the Board of Directors of the Company declared a dividend of $0.35 per share, which will be paid in cash on or around September 27, 2018.

INTERIM FINANCIAL DATA (Policie

INTERIM FINANCIAL DATA (Policies)	6 Months Ended
	Jun. 30, 2018
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 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, 2017 .
Recently Issued Accounting Standards	Recently Issued Accounting Standards In February 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("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 Topic 606. ASU 2016-02 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. Accounting Standards Codification ("ASC") 842 provides a group of practical expedients that allows entities to not (i) reassess whether any expired or existing contracts are considered or contain leases; (ii) reassess the lease classification for any expired or existing leases; and (iii) reassess initial direct costs for any existing leases. The Company plans to adopt ASC 842 on January 1, 2019 and expects to elect the use of the practical expedients. The Company has not completed its evaluation of the impact of ASC 842 on its consolidated financial statements and related disclosures, however, based on a preliminary assessment, the Company does not expect that the adoption of ASC 842 will have a material effect since the Company is primarily a lessor. 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, 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 March 2017, the FASB issued ASU 2017-08 "Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities" to amend the amortization period for certain purchased callable debt securities held at a premium. Specifically, the amendments require the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. ASU 2017-08 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The impact on the consolidated financial statements of the Company will depend on the facts and circumstances of any specific future transactions. In August 2017, the FASB issued ASU 2017-12 "Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities" to enable entities to better portray the economics of their risk management activities in the financial statements and enhance the transparency and understandability of hedge results. The amendments also simplify the application of hedge accounting in certain situations. ASU 2017-12 is effective for fiscal years and interim periods beginning after December 15, 2018. Early adoption is permitted. The Company is in the process of evaluating the impact of this standard update on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13 "Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement". ASU 2018-13 includes certain removals, modifications and additions to the disclosure requirements on fair value measurements in Topic 820. The updated guidance is effective for fiscal years, and interim periods beginning after December 15, 2019. Early adoption is permitted. The Company is permitted to early adopt any removed or modified disclosures upon issuance of ASU 2018-13 and delay adoption of the additional disclosures until their effective date. The impact on the consolidated financial statements of the Company will depend on the facts and circumstances of any specific future transactions. Recently Adopted Accounting Standards In May 2014, issued ASU 2014-09 "Revenue from Contracts with Customers", subsequently amended and collectively Topic 606. The standard replaced almost all existing revenue recognition guidance in U.S. GAAP, with the intention to improve and converge with international standards the financial reporting requirements for revenue from contracts with customers. The core principle of ASC 606 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. ASC 606 allows for adoption either on a full retrospective basis to each prior reporting period presented or on a modified retrospective basis with the cumulative effect of initially applying the new guidance recognized at the date of initial application, which became effective for the Company beginning January 1, 2018. The majority of vessels are on bareboat or time charters and these continue to be accounted as operating or finance leases in accordance with ASC 840 Leases and related interpretations and the implementation of the new revenue standard therefore did not have an effect on income recognition from such contracts. The Company adopted ASC 606 in the first quarter of fiscal 2018 on a modified retrospective basis with no changes recognized in the prior year comparative financial statements. The adoption of this standard only impacted our vessels operating on voyage charters. For vessels operating on spot charters, voyage revenues are, under the new revenue standard, recognized ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. Certain voyage expenses, primarily bunker fuel expenses, are capitalized between the previous discharge port, or contract date if later, and the next load port if they qualify as fulfillment costs under ASC 340 Deferred Costs and Other Assets. ASC 606 has been applied to those voyage contracts that were not completed at the date of initial application. Upon adoption, the cumulative effect of adopting this guidance resulted in a net minor adjustment of $0.1 million to the opening balance of retained earnings as of January 1, 2018 and the Company did not consider this material enough to record. In addition, the adoption of this standard did not have a material impact on the consolidated financial statements of the Company for the six months ended June 30, 2018 . 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 became effective for fiscal years and interim periods beginning after December 15, 2017. The Company adopted ASU 2016-01 in the first quarter of fiscal 2018 on a modified retrospective basis, with no changes recognized in the prior year comparatives and a cumulative catch up adjustment recognized in the opening retained earnings. Upon adoption of ASU 2016-01, the Company reclassified approximately $98.8 million of unrealized losses related to its equity investments from accumulated other comprehensive income to retained earnings. As a result of the adoption of this guidance the Company is required to recognize the movement in the fair value of our equity securities in the consolidated statement of operations. For the six months ended June 30, 2018 , the adoption of the standard resulted in a net unrealized gain of $15.3 million being included in the condensed consolidated statement of operations. The Company anticipates additional volatility to the Company's statements of operations in future periods, due to changes in market prices of the Company's investments in equity securities.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
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 Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: Net income available to stockholders 40,421 52,393 101,209 Diluted earnings per share: Net income available to stockholders 40,421 52,393 101,209 Interest and other expenses attributable to convertible bonds 261 4,571 4,511 Net income assuming dilution 40,682 56,964 105,720 The components of the denominator for the calculation of basic and diluted EPS are as follows: Six months ended Year ended (in thousands) June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: Weighted average number of common shares outstanding 104,160 93,505 95,597 Diluted earnings per share: Weighted average number of common shares outstanding* 104,160 93,505 95,597 Effect of dilutive share options 62 15 26 Effect of dilutive convertible bonds 818 12,410 7,277 Weighted average number of common shares outstanding assuming dilution 105,040 105,930 102,900 Six months ended Year ended June 30, 2018 June 30, 2017 December 31, 2017 Basic earnings per share: $ 0.39 $ 0.56 $ 1.06 Diluted earnings per share: $ 0.39 $ 0.54 $ 1.03

OTHER FINANCIAL ITEMS, NET (Tab

OTHER FINANCIAL ITEMS, NET (Tables)	6 Months Ended
	Jun. 30, 2018
Other Financial Items [Abstract]
Schedule of other financial items	Other financial items comprise the following items: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Net cash payments on non-designated derivatives (647 ) (2,779 ) (5,124 ) Net increase/(decrease) in fair value of non-designated derivatives 6,492 (4,297 ) 8,068 Net increase/(decrease) in fair value of designated derivatives (ineffective portion) (34 ) 138 140 Net increase in fair value of equity investments 15,304 — — Other items (99 ) (1,752 ) (5,768 ) Other financial items, net 21,016 (8,690 ) (2,684 )

INVESTMENTS IN DEBT AND EQUIT29

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Investments, Debt and Equity Securities [Abstract]
Marketable Securities [Table Text Block]	Six months ended June 30, 2018 Year ended December 31, 2017 (in thousands of $) Amortised Cost Unrealised gains/(losses)* Fair value Amortised Cost Unrealised gains/(losses) Fair value Corporate bonds: Golden Close Senior 17,754 (1,953 ) 15,801 17,754 (2,240 ) 15,514 Golden Close Convertible 9,960 4,226 14,186 9,960 — 9,960 Golden Close Super Senior 2,561 267 2,828 2,561 347 2,908 NorAm Drilling 5,181 315 5,496 5,181 293 5,474 Oro Negro 7,886 84 7,970 7,886 — 7,886 Total corporate bonds 43,342 2,939 46,281 43,342 (1,600 ) 41,742 Shares: Total shares 52,060 15,286 67,346 150,842 (98,782 ) 52,060 Total Investments 95,402 18,225 113,627 194,184 (100,382 ) 93,802 * This includes foreign currency gains or losses on non U.S. dollar denominated equity investments in addition to the changes in the fair value from market prices movements.

VESSELS AND EQUIPMENT, NET (Tab

VESSELS AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2018
Property, Plant and Equipment [Abstract]
Vessels and equipment	(in thousands of $) June 30, 2018 December 31, 2017 Cost 2,530,361 2,256,747 Accumulated depreciation 458,071 494,151 Vessels and equipment, net 2,072,290 1,762,596

INVESTMENTS IN DIRECT FINANCI31

INVESTMENTS IN DIRECT FINANCING AND SALES-TYPE LEASES (Tables)	6 Months Ended
	Jun. 30, 2018
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 and sales-type leases as at June 30, 2018 and December 31, 2017 : (in thousands of $) June 30, 2018 December 31, 2017 Total minimum lease payments to be received 954,546 916,765 Less : amounts representing estimated executory costs including profit thereon, included in total minimum lease payments (185,484 ) (211,508 ) Net minimum lease payments receivable 769,062 705,257 Estimated residual values of leased property (un-guaranteed) 219,048 232,424 Less : unearned income (327,014 ) (319,610 ) Total investment in direct financing and sales-type leases 661,096 618,071 Current portion 40,085 32,096 Long-term portion 621,011 585,975 Total investment in direct financing and sales-type leases 661,096 618,071

INVESTMENT IN ASSOCIATED COMP32

INVESTMENT IN ASSOCIATED COMPANIES (Tables)	6 Months Ended
	Jun. 30, 2018
Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]
Percentage participation using the equity method of accounting	At June 30, 2018 , June 30, 2017 and December 31, 2017 , the Company had the following participation in investments that were recorded using the equity method: June 30, 2018 June 30, 2017 December 31, 2017 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, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 90,154 24,903 26,071 39,180 Non-current assets 990,444 309,978 298,421 382,045 Total assets 1,080,598 334,881 324,492 421,225 Current liabilities 123,383 28,740 37,541 57,102 Non-current liabilities 938,724 301,542 282,388 354,794 Total liabilities 1,062,107 330,282 319,929 411,896 Total stockholders’ equity 18,491 4,599 4,563 9,329 As of December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Current assets 97,723 26,242 29,152 42,329 Non-current assets 1,020,067 317,450 305,852 396,765 Total assets 1,117,790 343,692 335,004 439,094 Current liabilities 106,628 25,642 29,443 51,543 Non-current liabilities 1,000,484 315,415 302,819 382,250 Total liabilities 1,107,112 341,057 332,262 433,793 Total stockholders’ equity 10,678 2,635 2,742 5,301 Summarized statement of operations information of the Company’s wholly-owned equity method investees is as follows: Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 32,271 9,651 9,552 13,068 Net operating revenues 32,271 9,651 9,552 13,068 Net income 7,451 1,964 1,821 3,666 Six months ended June 30, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 38,987 10,879 11,614 16,494 Net operating revenues 38,987 10,879 11,614 16,494 Net income 13,855 3,382 3,730 6,743 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Operating revenues 73,487 20,873 21,827 30,787 Net operating revenues 73,487 20,873 21,827 30,787 Net income 23,766 5,981 6,462 11,323
Schedule of Debt [Table Text Block]	Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 736,944 214,444 237,500 285,000 Amount available to draw down — — — — Amount guaranteed by Ship Finance 266,114 84,697 78,947 102,470 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 785,778 225,778 251,250 308,750 Amount available to draw down — — — — Amount guaranteed by Ship Finance 235,000 75,000 70,000 90,000 (in thousands of $) June 30, 2018 December 31, 2017 Long-term debt: 3.25% senior unsecured convertible bonds due 2018 — 63,218 NOK900 million senior unsecured floating rate bonds due 2019 92,867 92,477 5.75% senior unsecured convertible bonds due 2021 225,000 225,000 NOK500 million senior unsecured floating rate bonds due 2020 61,259 61,001 4.875% senior unsecured convertible bonds due 2023 164,000 — $320 million unsecured intermediary loan facility 320,000 — Total Fixed Rate Debt 863,126 441,696 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2025 1,080,978 1,081,204 Total debt principal 1,944,104 1,522,900 Less: Unamortized debt issuance costs (27,974 ) (18,893 ) Less: Current portion of long-term debt (734,438 ) (313,823 ) Total long-term debt 1,181,692 1,190,184
Dividends Declared [Table Text Block]	Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid — — — — Six months ended June 30, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid 14,400 3,400 3,750 7,250 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Dividends Paid 14,400 3,400 3,750 7,250

SHORT-TERM AND LONG-TERM DEBT (

SHORT-TERM AND LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2018
Long-term Debt, by Current and Noncurrent [Abstract]
Schedule of short-term and long-term debt	Six months ended June 30, 2018 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 736,944 214,444 237,500 285,000 Amount available to draw down — — — — Amount guaranteed by Ship Finance 266,114 84,697 78,947 102,470 Year ended December 31, 2017 (in thousands of $) TOTAL SFL Deepwater SFL Hercules SFL Linus Loan balance outstanding 785,778 225,778 251,250 308,750 Amount available to draw down — — — — Amount guaranteed by Ship Finance 235,000 75,000 70,000 90,000 (in thousands of $) June 30, 2018 December 31, 2017 Long-term debt: 3.25% senior unsecured convertible bonds due 2018 — 63,218 NOK900 million senior unsecured floating rate bonds due 2019 92,867 92,477 5.75% senior unsecured convertible bonds due 2021 225,000 225,000 NOK500 million senior unsecured floating rate bonds due 2020 61,259 61,001 4.875% senior unsecured convertible bonds due 2023 164,000 — $320 million unsecured intermediary loan facility 320,000 — Total Fixed Rate Debt 863,126 441,696 U.S. dollar denominated floating rate debt (LIBOR plus margin) due through 2025 1,080,978 1,081,204 Total debt principal 1,944,104 1,522,900 Less: Unamortized debt issuance costs (27,974 ) (18,893 ) Less: Current portion of long-term debt (734,438 ) (313,823 ) Total long-term debt 1,181,692 1,190,184
Schedule of maturities of debt	(in thousands of $) Fixed Rate Debt Floating Rate Debt Total debt principal Balance at December 31, 2017 441,696 1,081,204 1,522,900 Repayments and redemptions (63,218 ) (69,226 ) (132,444 ) Drawdowns 484,000 69,000 553,000 Effects of foreign exchange 648 — 648 Balance at June 30, 2018 863,126 1,080,978 1,944,104 The outstanding debt as of June 30, 2018 is repayable as follows: (in thousands of $) Year ending December 31, 2018 (remaining six months) 207,005 2019 600,532 2020 197,683 2021 474,447 2022 197,626 Thereafter 266,811 Total debt principal 1,944,104
Schedule of debt drawdowns	In the six months ended June 30, 2018 , the following drawings were made under revolving credit facilities: (in thousands of $) Facility Amount Drawn $49 million secured term loan and revolving credit facility 10,000 $45 million secured term loan and revolving credit facility 9,000 Total Drawdown 19,000

FINANCIAL INSTRUMENTS (Tables)

FINANCIAL INSTRUMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
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, 2018 December 31, 2017 Designated derivative instruments - short-term assets: Interest rate swaps 98 108 Non-designated derivative instruments - short-term assets: Interest rate swaps 1 — Total derivative instruments - short-term assets 99 108 Designated derivative instruments - long-term assets: Interest rate swaps 8,118 5,136 Cross currency interest rate swaps — — Non-designated derivative instruments - long-term assets: Interest rate swaps 8,708 3,211 Total derivative instruments - long-term assets 16,826 8,347 (in thousands of $) June 30, 2018 December 31, 2017 Designated derivative instruments -short-term liabilities: Interest rate swaps 49 248 Cross currency interest rate swaps 33,054 — Non-designated derivative instruments -short-term liabilities: Interest rate swaps 29 255 Cross currency interest rate swaps 6,588 — Total derivative instruments - short-term liabilities 39,720 503 Designated derivative instruments - long-term liabilities: Interest rate swaps 620 5,109 Cross currency interest rate swaps 867 36,120 Non-designated derivative instruments - long-term liabilities: Interest rate swaps 33 553 Cross currency interest rate swaps — 6,836 Total derivative instruments - long-term liabilities 1,520 48,618
Schedule of currency swap transactions	Principal Receivable Principal Payable Inception date Maturity date NOK900 million US$151.0 million March 2014 March 2019 NOK500 million US$64.0 million October 2017 March - June 2020
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, 2018 and December 31, 2017 are as follows: June 30, 2018 June 30, 2018 December 31, 2017 December 31, 2017 (in thousands of $) Carrying value Fair value Carrying value Fair value Non-derivatives: Available-for-sale debt securities 46,281 46,281 41,742 41,742 Equity securities 67,346 67,346 52,060 52,060 Floating rate NOK bonds due 2019 92,867 93,843 92,477 92,709 Floating rate NOK bonds due 2020 61,259 62,714 61,001 61,306 3.25% unsecured convertible bonds due 2018 — — 63,218 71,662 5.75% unsecured convertible bonds due 2021 225,000 234,281 225,000 242,719 4.875% unsecured convertible bonds due 2023 164,000 171,380 — — Derivatives: Interest rate/ currency swap contracts - short-term receivables 99 99 108 108 Interest rate/ currency swap contracts - long-term receivables 16,826 16,826 8,347 8,347 Interest rate/ currency swap contracts - short-term payables 39,720 39,720 503 503 Interest rate/ currency swap contracts - long-term payables 1,520 1,520 48,618 48,618
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, 2018 , were measured as follows: Fair value measurements using, (in thousands of $) June 30, 2018 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 debt securities 46,281 46,281 Equity securities 67,346 67,346 Interest rate/ currency swap contracts – short-term receivables 99 99 Interest rate/ currency swap contracts - long-term receivables 16,826 16,826 Total assets 130,552 113,627 16,925 Liabilities: Floating rate NOK bonds due 2019 93,843 93,843 Floating rate NOK bonds due 2020 62,714 62,714 5.75% unsecured convertible bonds due 2021 234,281 234,281 4.875% unsecured convertible bonds due 2023 171,380 171,380 Interest rate/ currency swap contracts – short-term payables 39,720 39,720 Interest rate/ currency swap contracts – long-term payables 1,520 1,520 Total liabilities 923,458 882,218 41,240

SHARE CAPITAL, ADDITIONAL PAI35

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Tables)	6 Months Ended
	Jun. 30, 2018
Stockholders' Equity Note [Abstract]
Schedule of Share Capital	Authorized share capital is as follows: (in thousands of $, except share data) June 30, 2018 December 31, 2017 150,000,000 common shares of $0.01 par value each (December 31, 2017: 150,000,000 shares of $0.01 par value each) 1,500 1,500 Issued and fully paid share capital is as follows: (in thousands of $, except share data) June 30, 2018 December 31, 2017 119,373,064 common shares of $0.01 par value each (December 31, 2017: 110,930,873 shares of $0.01 par value each) 1,194 1,109

OTHER LONG-TERM LIABILITIES (Ta

OTHER LONG-TERM LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Other Liabilities Disclosure [Abstract]
Schedule of Other Long Term Liabilities	(in thousands of $) June 30, 2018 December 31, 2017 Unamortized sellers' credit 3,421 3,958 Obligations under capital leases - long-term portion 226,504 230,576 Other items 4 4 229,929 234,538
Schedule of Future Minimum Lease Payments for Capital Leases	The Company's future minimum lease obligations under the non-cancellable lease are as follows: Year ending December 31, (in thousands of $) 2018 (remaining six months) 13,933 2019 25,054 2020 25,122 2021 25,054 2022 25,054 Thereafter 281,850 Total lease obligations 396,067 Less: imputed interest payable (160,189 ) Present value of obligations under capital lease 235,878 Less: current portion (9,374 ) Obligations under capital lease - long-term portion 226,504

RELATED PARTY TRANSACTIONS (Tab

RELATED PARTY TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2018
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: Investments in Direct Financing and Sales-Type Leases). (in thousands of $) June 30, 2018 December 31, 2017 Amounts due from: Frontline 6,424 5,579 SFL Linus — 3,559 SFL Deepwater — 171 SFL Hercules — 97 Seadrill 368 — Golden Ocean — 153 Other related parties 59 66 Total amount due from related parties 6,851 9,625 Loans to related parties - associated companies, long-term SFL Deepwater 106,029 113,000 SFL Hercules 73,004 80,000 SFL Linus 114,677 121,000 Total loans to related parties - associated companies, long-term 293,710 314,000 Long-term receivables from related parties Frontline 4,446 — Total long-term receivables from related parties 4,446 — Amounts due to: Frontline Shipping 2,550 539 Frontline 491 147 Seatankers 145 60 Sterna Finance 1,422 — Other related parties — 111 Total amount due to related parties 4,608 857
Summary of leasing revenues earned from related parties	A summary of leasing revenues and repayments from Frontline Shipping, Golden Ocean and Deep Sea is as follows: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Operating lease income 26,498 29,540 57,568 Direct financing lease interest income 5,986 9,385 16,362 Finance lease service revenue 13,428 19,827 35,010 Direct financing lease repayments 10,247 14,064 25,091 Profit share and cash sweep income — 5,591 5,753 In addition to leasing revenues and repayments, the Company incurred the following fees with related parties: Six months ended Year ended (in thousands of $) June 30, 2018 June 30, 2017 December 31, 2017 Frontline: Vessel Management Fees 14,351 20,506 36,536 Newbuilding Supervision Fees — — 979 Commissions and Brokerage 132 112 269 Administration Services Fees 161 172 335 Golden Ocean: Vessel Management Fees 10,136 10,136 20,440 Operating Management Fees 360 370 738 Seatankers: Administration Services Fees 145 22 82 Office Facilities: Seatankers Management Norway AS 55 80 105 Frontline Management AS 73 — 136 Frontline Corporate Services Ltd 61 131 173

COMMITMENTS AND CONTINGENT LI38

COMMITMENTS AND CONTINGENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of assets pledged	Assets Pledged (in millions of $) June 30, 2018 December 31, 2017 Book value of consolidated assets pledged under ship mortgages 1,903 1,908

INTERIM FINANCIAL DATA Interim

INTERIM FINANCIAL DATA Interim Financial Data (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Jan. 01, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net unrealized gain	$ 15,304	$ 0	$ 0
Accounting Standards Update 2014-09 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 100
Accounting Standards Update 2016-01 [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets				$ 98,800

GAIN ON SALE OF ASSETS AND TE40

GAIN ON SALE OF ASSETS AND TERMINATION OF CHARTERS (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended		12 Months Ended
	May 31, 2018	Feb. 28, 2018	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Other Income and Expenses [Abstract]
Gain/(loss) on sale of assets and termination of charters, net	$ (200)	$ (1,400)	$ (1,623)	$ 779	$ 1,124
Proceeds from sale of vessels and termination of charters	$ 12,700	17,900	$ 30,169	$ 62,762	$ 74,791
Compensation in the form of a loan note		$ 4,400

EARNINGS PER SHARE (Components

EARNINGS PER SHARE (Components of EPS) (Details) - USD ($) shares in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Earnings Per Share [Abstract]
Net income available to stockholders	$ 40,421	$ 52,393	$ 101,209
Interest and other expenses attributable to convertible bonds	261	4,571	4,511
Net income assuming dilution	$ 40,682	$ 56,964	$ 105,720
Weighted average number of common shares outstanding, basic	104,160	93,505	95,597
Effect of dilutive share options	62	15	26
Effect of dilutive convertible bonds	818	12,410	7,277
Weighted average number of common shares outstanding assuming dilution	105,040	105,930	102,900

EARNINGS PER SHARE (Narrative)

EARNINGS PER SHARE (Narrative) (Details) kr in Millions	1 Months Ended		6 Months Ended		12 Months Ended
	Feb. 28, 2018NOK (kr)	Oct. 31, 2016shares	Jun. 30, 2018$ / sharesshares	Jun. 30, 2017$ / shares	Dec. 31, 2017$ / shares	Apr. 23, 2018shares	Feb. 01, 2018shares	Oct. 05, 2016	Jan. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Basic earnings per share | $ / shares			$ 0.39	$ 0.56	$ 1.06
Diluted earnings per share | $ / shares			$ 0.39	$ 0.54	$ 1.03
Shares issued and loaned to affiliate		8,000,000
Shares issuable under a share lending arrangement						7,000,000
Senior Unsecured Convertible Bonds due 2021 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate			5.75%					5.75%
Senior Unsecured Convertible Bonds due 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate						4.875%
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Interest rate									3.25%
Debt paid in cash | kr	kr 63.2
Shares issued on conversion of convertible debt							651,365
Senior Unsecured Convertible Bonds due 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Issued shares excluded from weighted average common shares outstanding						3,765,842
Shares issued on conversion of convertible debt			54.0658			52.8157

OTHER FINANCIAL ITEMS, NET (Sum

OTHER FINANCIAL ITEMS, NET (Summary of Other Financial Items) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Other Financial Items [Abstract]
Net cash payments on non-designated derivatives	$ (647)	$ (2,779)	$ (5,124)
Net increase/(decrease) in fair value of non-designated derivatives	6,492	(4,297)	8,068
Net increase/(decrease) in fair value of designated derivatives (ineffective portion)	(34)	138	140
Net increase in fair value of equity investments	(15,304)	0	0
Other items	(99)	(1,752)	(5,768)
Other financial items, net	$ 21,016	$ (8,690)	$ (2,684)

OTHER FINANCIAL ITEMS, NET (Na

OTHER FINANCIAL ITEMS, NET (Narrative) (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Other Financial Items- Text Details [Abstract]
Reclassified from Other comprehensive income as a result of certain interest rate swaps	$ 100	$ 700	$ 1,600
Gain (loss) from foreign currency translation	100	(800)	(4,500)
Net unrealized gain	$ 15,304	$ 0	$ 0

INVESTMENTS IN DEBT AND EQUIT45

INVESTMENTS IN DEBT AND EQUITY SECURITIES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Amortised Cost	$ 95,402		$ 194,184
Unrealised gains/(losses)	18,225		(100,382)
Fair value	113,627		93,802
Net unrealized gain	15,304	$ 0	0
Corporate Bond Securities [Member]
Carrying value of listed and unlisted corporate bonds	46,300		41,700
Corporate Bond Securities_Golden Close Senior [Member]
Amortised Cost	17,754		17,754
Unrealised gains/(losses)	(1,953)		(2,240)
Fair value	15,801		15,514
Coporate Bond Securities_Golden Close Convertible [Member]
Amortised Cost	9,960		9,960
Unrealised gains/(losses)	4,226		0
Fair value	14,186		9,960
Corproate Bond Securities_Golden Close Super Senior [Member]
Amortised Cost	2,561		2,561
Unrealised gains/(losses)	267		347
Fair value	2,828		2,908
Corporate Bond Securities_NorAm Drilling [Member]
Amortised Cost	5,181		5,181
Unrealised gains/(losses)	315		293
Fair value	5,496		5,474
Corporate Bond Securities_Oro Negro [Member]
Amortised Cost	7,886		7,886
Unrealised gains/(losses)	84		0
Fair value	7,970		7,886
Common stock - Frontline Ltd [Member]
Fair value	64,240		50,490
Common stock - NorAm Drilling [Member]
Fair value	1,471		1,462
Common Stock, Golden Close [Member]
Fair value	1,635		108
Corporate Bond Securities [Member]
Amortised Cost	43,342		43,342
Unrealised gains/(losses)	2,939		(1,600)
Fair value	46,281		41,742
Common Stock [Member]
Amortised Cost	52,060		150,842
Unrealised gains/(losses)	15,286			$ (98,782)
Fair value	$ 67,346		$ 52,060

VESSELS AND EQUIPMENT, NET (Sum

VESSELS AND EQUIPMENT, NET (Summary of Vessels and Equipment, Net) (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018USD ($)shares	May 31, 2018USD ($)containership	May 16, 2018USD ($)containership	Apr. 05, 2018containership	Dec. 31, 2017USD ($)
Property, Plant and Equipment [Abstract]
Cost	$ 2,530,361				$ 2,256,747
Accumulated depreciation	458,071				494,151
Vessels and equipment, net	$ 2,072,290				$ 1,762,596
Number of container vessels | containership		4		15
Value of vessels acquired- part non cash acquisition		$ 445,000
Stock issued as consideration for container vessels, number of shares | shares	4,024,984
Shares issued arising from consideration paid on vessel acquisitions	$ 58,000
Additional consideration paid		$ 18,000
Number of container vessels disposed of | containership			1
Container vessels [Member]
Property, Plant and Equipment [Line Items]
Net carrying value of container vessel			$ 12,300

ASSETS HELD FOR SALE (Narrative

ASSETS HELD FOR SALE (Narrative) (Details) $ in Millions	Jun. 30, 2018USD ($)
NEWBUILDINGS [Abstract]
Carrying value of vessels classified as held for sale	$ 76.9

INVESTMENTS IN DIRECT FINANCI48

INVESTMENTS IN DIRECT FINANCING AND SALES-TYPE LEASES (Narrative) (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018USD ($)vesseltanker	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Jul. 31, 2018Rate
Net Investment in Direct Financing and Sales Type Leases [Abstract]
Number of VLCC crude tankers accounted for as direct financing leases	8
Term of charters, minimum (in years)	5 years
Term of charters, maximum (in years)	9 years
Vessel impairment charge | $	$ 21,779	$ 0	$ 0
Number of VLCCs impaired | tanker	3
Number of offshore supply vessels chartered on long-term bareboat charters	1
Subsequent Event [Member]
Subsequent Event [Line Items]
Agreed Proportion of temporary reduction to daily charter rate | Rate				100.00%

INVESTMENTS IN DIRECT FINANCI49

INVESTMENTS IN DIRECT FINANCING AND SALES-TYPE LEASES (Components of the Investments in Direct Financing and Sales-Type Leases) (Details) $ in Thousands	1 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2015	Jun. 30, 2018USD ($)vessel	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)vessel	May 31, 2018containership	Apr. 05, 2018containership
Assets accounted for as direct financing and sales type leases | vessel		27		13
Number of container vessels | containership					4	15
Purchase of vessels		$ 511,016	$ 0	$ 0
Term of lease or charter	15 years	7 years
Total minimum lease payments to be received		$ 954,546		916,765
Less: amounts representing estimated executory costs including profit thereon, included in total minimum lease payments		(185,484)		(211,508)
Net minimum lease payments receivable		769,062		705,257
Estimated residual values of leased property (un-guaranteed)		219,048		232,424
Less: unearned income		(327,014)		(319,610)
Total investment in direct financing and sales-type leases		661,096		618,071
Current portion		40,085		32,096
Long-term portion		$ 621,011		$ 585,975
MSC [Member]
Assets accounted for as direct financing leases | vessel		2
Assets accounted for as sales-type lease | vessel		1
Purchase of vessels		$ 105,500
Frontline Shipping [Member] | Solship [Member]
Assets accounted for as direct financing and sales type leases | vessel		9

INVESTMENT IN ASSOCIATED COMP50

INVESTMENT IN ASSOCIATED COMPANIES (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Sep. 30, 2017
Summarized balance sheet information [Abstract]
Current assets	$ 90,154		$ 97,723
Non-current assets	990,444		1,020,067
Total assets	1,080,598		1,117,790
Current liabilities	123,383		106,628
Non-current liabilities	938,724		1,000,484
Total liabilities	1,062,107		1,107,112
Total shareholders' equity	18,491		10,678
Statement of operations information [Abstract]
Net operating revenues	32,271	$ 38,987	73,487
Net income	7,451	$ 13,855	$ 23,766
Loan balance outstanding	$ 1,944,104
Proportion of secured bank lenders in restructuring agreement with Seadrill Limited				97.00%
Proportion of bondholders in restructuring agreement with Seadrill Limited				40.00%
SFL Deepwater [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)	100.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets	$ 24,903		$ 26,242
Non-current assets	309,978		317,450
Total assets	334,881		343,692
Current liabilities	28,740		25,642
Non-current liabilities	301,542		315,415
Total liabilities	330,282		341,057
Total shareholders' equity	4,599		2,635
Statement of operations information [Abstract]
Operating revenues	9,651	$ 10,879	20,873
Net operating revenues	9,651	10,879	20,873
Net income	1,964	3,382	5,981
Loan balance outstanding	214,444		225,778
Amount available to draw down	0		0
Dividends Paid	$ 0	$ 3,400	$ 3,400
SFL Hercules [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)	100.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets	$ 26,071		$ 29,152
Non-current assets	298,421		305,852
Total assets	324,492		335,004
Current liabilities	37,541		29,443
Non-current liabilities	282,388		302,819
Total liabilities	319,929		332,262
Total shareholders' equity	4,563		2,742
Statement of operations information [Abstract]
Operating revenues	9,552	$ 11,614	21,827
Net operating revenues	9,552	11,614	21,827
Net income	1,821	3,730	6,462
Loan balance outstanding	237,500		251,250
Amount available to draw down	0		0
Dividends Paid	$ 0	$ 3,750	$ 3,750
SFL Linus [Member]
Schedule of Equity Method Investments [Line Items]
Participation in equity method investee (in hundredths)	100.00%	100.00%	100.00%
Summarized balance sheet information [Abstract]
Current assets	$ 39,180		$ 42,329
Non-current assets	382,045		396,765
Total assets	421,225		439,094
Current liabilities	57,102		51,543
Non-current liabilities	354,794		382,250
Total liabilities	411,896		433,793
Total shareholders' equity	9,329		5,301
Statement of operations information [Abstract]
Operating revenues	13,068	$ 16,494	30,787
Net operating revenues	13,068	16,494	30,787
Net income	3,666	6,743	11,323
Loan balance outstanding	285,000		308,750
Amount available to draw down	0		0
Dividends Paid	0	7,250	7,250
Customer Concentration Risk [Member]
Statement of operations information [Abstract]
Operating revenues	32,271	38,987	73,487
Financial Guarantee [Member] | SFL Deepwater [Member]
Statement of operations information [Abstract]
Amount guaranteed by Ship Finance	84,697		75,000
Financial Guarantee [Member] | SFL Hercules [Member]
Statement of operations information [Abstract]
Amount guaranteed by Ship Finance	78,947		70,000
Financial Guarantee [Member] | SFL Linus [Member]
Statement of operations information [Abstract]
Amount guaranteed by Ship Finance	102,470		90,000
Equity Accounted Subsidiaries [Member]
Statement of operations information [Abstract]
Loan balance outstanding	736,944		785,778
Amount available to draw down	0		0
Dividends Paid	0	$ 14,400	14,400
Equity Accounted Subsidiaries [Member] | Financial Guarantee [Member]
Statement of operations information [Abstract]
Amount guaranteed by Ship Finance	$ 266,114		$ 235,000

SHORT-TERM AND LONG-TERM DEBT51

SHORT-TERM AND LONG-TERM DEBT (Details)	1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 28, 2018NOK (kr)	Jun. 30, 2018USD ($)$ / sharesRateshares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)Rate	Jun. 27, 2018USD ($)	May 31, 2018containership	May 04, 2018USD ($)	Apr. 23, 2018USD ($)$ / sharesshares	Apr. 05, 2018containership	Feb. 01, 2018shares	Oct. 31, 2017NOK (kr)	Oct. 05, 2016	Aug. 31, 2014USD ($)	Mar. 19, 2014NOK (kr)	Jan. 31, 2013
Debt Instrument [Line Items]
Long-term debt		$ 1,944,104,000
Long Term Debt- Fixed Interest Rate		863,126,000		$ 441,696,000
Total debt		1,944,104,000		1,522,900,000
Deferred Finance Costs, Noncurrent, Net		(27,974,000)		(18,893,000)
Less : current portion of long-term debt		(734,438,000)		(313,823,000)
Total long-term debt, non-current portion		1,181,692,000		1,190,184,000
Repayments and redemptions		63,218,000	$ 50,128,000	68,383,000
Repayments and redemptions		(132,444,000)	(67,274,000)	(179,354,000)
Drawdowns		19,000,000
Drawdowns		553,000,000	226,104,000	$ 302,104,000
Effects of foreign exchange		648,000
Year ending December 31,
2018 (remaining six months)		207,005,000
2,019		600,532,000
2,020		197,683,000
2,021		474,447,000
2,022		197,626,000
Thereafter		266,811,000
Long-term debt		$ 1,944,104,000
Weighted average interest rate (in hundredths) | Rate		4.45%		4.26%
Three month dollar LIBOR rate (in hundredths) | Rate		2.336%		1.694%
Three month Norwegian kroner NIBOR rate (in hundredths) | Rate		0.98%		0.81%
Number of container vessels | containership						4			15
Issuable under a share lending arrangement (shares) | shares								7,000,000
Equity component of convertible bond issuance, net		$ 7,905,000	0	$ 0
Book value of assets pledged under ship mortgages		1,903,000,000		1,908,000,000
Sterna Finance [Member]
Year ending December 31,
Principle debt amount		$ 320,000,000
Term of lease or charter		13 months
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Drawdowns		$ 484,000,000
$49m secured term loan facility [Member]
Debt Instrument [Line Items]
Drawdowns		$ 10,000,000
Senior Unsecured Convertible Bonds due 2023 [Member]
Year ending December 31,
Shares issued on conversion of convertible debt | shares		54.0658						52.8157
Principle debt amount							$ 14,000,000	$ 150,000,000
Conversion price (in dollars per share) | $ / shares		$ 18.5000						$ 18.930
Issued shares (shares) | shares								3,765,842
Amortization of deferred charges		$ 300,000		0
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Drawdowns		69,000,000
$45m secured term loan facility [Member]
Debt Instrument [Line Items]
Drawdowns		9,000,000
Fixed Rate Debt [Member]
Debt Instrument [Line Items]
Effects of foreign exchange		648,000
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Year ending December 31,
Interest rate															3.25%
Debt paid in cash | kr	kr 63,200,000
Shares issued on conversion of convertible debt | shares										651,365
Senior Unsecured Convertible Bonds Due 2018 [Member]
Debt Instrument [Line Items]
Long-term debt		0		63,218,000
Year ending December 31,
Long-term debt		0		63,218,000
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Debt Instrument [Line Items]
Long-term debt		92,867,000		92,477,000
Year ending December 31,
Long-term debt		92,867,000		92,477,000
Principle debt amount | kr														kr 900,000,000
Senior Unsecured Convertible Bonds due 2021 [Member]
Debt Instrument [Line Items]
Long-term debt		225,000,000		225,000,000
Year ending December 31,
Long-term debt		$ 225,000,000		225,000,000
Interest rate		5.75%										5.75%
NOK500million senior unsecured floating rate bonds due 2020 [Member]
Debt Instrument [Line Items]
Long-term debt		$ 61,259,000		61,001,000
Year ending December 31,
Long-term debt		61,259,000		61,001,000
Principle debt amount | kr											kr 500,000,000
Senior Unsecured Convertible Bonds due 2023 [Member]
Debt Instrument [Line Items]
Long-term debt		164,000,000		0
Year ending December 31,
Long-term debt		164,000,000		0
Interest rate								4.875%
Sterna Finance Bridge Loan [Member] | Sterna Finance [Member]
Debt Instrument [Line Items]
Long-term debt		320,000,000		0
Year ending December 31,
Long-term debt		320,000,000		0
Floating Rate Debt [Member]
Debt Instrument [Line Items]
Long Term Debt- Floating Interest Rate		1,080,978,000		1,081,204,000
Repayments and redemptions		(69,226,000)
Effects of foreign exchange		$ 0
Floating Rate Debt [Member] | US dollar 101 million secured term loan facility [Member]
Year ending December 31,
Principle debt amount													$ 101,400,000
Floating Rate Debt [Member] | US dollar 50 million secured term loan facility [Member]
Year ending December 31,
Principle debt amount					$ 50,000,000
Term of lease or charter		7 years
Additional Paid-in Capital [Member] | Senior Unsecured Convertible Bonds due 2023 [Member]
Year ending December 31,
Equity component of convertible bond issuance, net		$ 7,905,000	$ 0	$ 0

FINANCIAL INSTRUMENTS (Details)

FINANCIAL INSTRUMENTS (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2018NOK (kr)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2017NOK (kr)	Mar. 19, 2014NOK (kr)
Derivative, Fair value [Abstract]
Total derivative instruments - short-term assets		$ 99	$ 108
Total derivative instruments - long-term assets		16,826	8,347
Total derivative instruments - short-term liabilities		39,720	503
Total derivative instruments - long-term liabilities		1,520	48,618
Interest rate swaps [Abstract]
Notional principal		1,000,000	1,100,000
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Interest rate swaps [Abstract]
Principle debt amount | kr					kr 900,000,000
NOK500million senior unsecured floating rate bonds due 2020 [Member]
Interest rate swaps [Abstract]
Principle debt amount | kr				kr 500,000,000
Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - short-term assets		98	108
Total derivative instruments - long-term assets		8,118	5,136
Total derivative instruments - short-term liabilities		49	248
Total derivative instruments - long-term liabilities		620	5,109
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - short-term liabilities		33,054	0
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - long-term assets		0	0
Total derivative instruments - long-term liabilities		867	36,120
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract 3 [Member]
Interest rate swaps [Abstract]
Notional principal	kr 900,000,000	151,008
Inception date	Mar. 19, 2014
Maturity date	Mar. 19, 2019
Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract 4 [Member]
Interest rate swaps [Abstract]
Notional principal	kr 500,000,000	63,987
Inception date	Oct. 19, 2017
Not Designated as Hedging Instrument [Member] | Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - short-term assets		1	0
Total derivative instruments - long-term assets		8,708	3,211
Total derivative instruments - short-term liabilities		29	255
Total derivative instruments - long-term liabilities		33	553
Not Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Contract [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - short-term liabilities		6,588	0
Not Designated as Hedging Instrument [Member] | Cross Currency Interest Rate Swap [Member]
Derivative, Fair value [Abstract]
Total derivative instruments - long-term liabilities		$ 0	$ 6,836

FINANCIAL INSTRUMENTS (Fair Val

FINANCIAL INSTRUMENTS (Fair Value and Carrying Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Not Designated as Hedging Instrument [Member]
Derivatives:
Interest rate/ currency swap contracts - short-term payables	$ 6,600	$ 300
Fair Value [Member]
Non-derivatives:
Available-for-sale debt securities	46,281	41,742
Equity securities	67,346	52,060
Floating rate NOK bonds due 2019	93,843	92,709
Derivatives:
Interest rate/ currency swap contracts - short-term receivables	99	108
Interest rate/ currency swap contracts - long-term receivables	16,826	8,347
Interest rate/ currency swap contracts - short-term payables	39,720	503
Interest rate/ currency swap contracts - long-term payables	1,520	48,618
Fair Value [Member] | NOK500million senior unsecured floating rate bonds due 2020 [Member]
Non-derivatives:
Floating rate NOK bonds due 2020	62,714	61,306
Fair Value [Member] | Senior Unsecured Convertible Bonds Due 2018 [Member]
Non-derivatives:
Unsecured convertible bonds	0	71,662
Fair Value [Member] | Senior Unsecured Convertible Bonds due 2021 [Member]
Non-derivatives:
Unsecured convertible bonds	234,281	242,719
Fair Value [Member] | Senior Unsecured Convertible Bonds due 2023 [Member]
Non-derivatives:
Unsecured convertible bonds	171,380	0
Carrying Value [Member]
Non-derivatives:
Equity securities	67,346	52,060
Floating rate NOK bonds due 2019	92,867	92,477
Derivatives:
Interest rate/ currency swap contracts - short-term receivables	99	108
Interest rate/ currency swap contracts - long-term receivables	16,826	8,347
Interest rate/ currency swap contracts - short-term payables	39,720	503
Interest rate/ currency swap contracts - long-term payables	1,520	48,618
Carrying Value [Member] | NOK500million senior unsecured floating rate bonds due 2020 [Member]
Non-derivatives:
Floating rate NOK bonds due 2020	61,259	61,001
Carrying Value [Member] | Senior Unsecured Convertible Bonds Due 2018 [Member]
Non-derivatives:
Unsecured convertible bonds	0	63,218
Carrying Value [Member] | Senior Unsecured Convertible Bonds due 2021 [Member]
Non-derivatives:
Unsecured convertible bonds	225,000	225,000
Carrying Value [Member] | Senior Unsecured Convertible Bonds due 2023 [Member]
Non-derivatives:
Unsecured convertible bonds	164,000	0
Corporate Bond Securities [Member]
Non-derivatives:
Available-for-sale debt securities	$ 46,300	$ 41,700

FINANCIAL INSTRUMENTS (Fair V54

FINANCIAL INSTRUMENTS (Fair Value Hierarchy) (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Recurring Basis [Member]
Assets:
Available-for-sale debt securities	$ 46,281
Equity securities	67,346
Interest rate/ currency swap contracts – short-term receivables	99
Interest rate/currency swap contracts - long term receivables	16,826
Total assets	130,552
Liabilities:
Floating rate NOK bonds due 2019	93,843
Floating Rate NOK Bonds due 2020	62,714
Interest rate/ currency swap contracts – short-term payables	39,720
Interest rate/ currency swap contracts – long-term payables	1,520
Total liabilities	923,458
Recurring Basis [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Assets:
Available-for-sale debt securities	46,281
Equity securities	67,346
Total assets	113,627
Liabilities:
Floating rate NOK bonds due 2019	93,843
Floating Rate NOK Bonds due 2020	62,714
Total liabilities	882,218
Recurring Basis [Member] | Significant Other Observable Inputs (Level 2) [Member]
Assets:
Interest rate/ currency swap contracts – short-term receivables	99
Interest rate/currency swap contracts - long term receivables	16,826
Total assets	16,925
Liabilities:
Interest rate/ currency swap contracts – short-term payables	39,720
Interest rate/ currency swap contracts – long-term payables	1,520
Total liabilities	41,240
Recurring Basis [Member] | Significant Unobservable Inputs (Level 3) [Member]
Assets:
Total assets
Liabilities:
Total liabilities
Estimate of Fair Value Measurement [Member]
Assets:
Available-for-sale debt securities	46,281	$ 41,742
Equity securities	67,346	52,060
Interest rate/ currency swap contracts – short-term receivables	99	108
Interest rate/currency swap contracts - long term receivables	16,826	8,347
Liabilities:
Floating rate NOK bonds due 2019	93,843	92,709
Interest rate/ currency swap contracts – long-term payables	1,520	$ 48,618
Estimate of Fair Value Measurement [Member] | Senior Unsecured Convertible Bonds due 2023 [Member]
Liabilities:
4.875% unsecured convertible bonds due 2023	171,380
Estimate of Fair Value Measurement [Member] | Senior Unsecured Convertible Bonds due 2021 [Member]
Liabilities:
5.75% unsecured convertible bonds due 2021	$ 234,281

FINANCIAL INSTRUMENTS (Concentr

FINANCIAL INSTRUMENTS (Concentration Risk) (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Sep. 30, 2017	Jun. 30, 2018USD ($)vesselcontainershipRate	Jun. 30, 2017Rate	Dec. 31, 2017USD ($)Rate	Apr. 23, 2018	Oct. 31, 2017NOK (kr)	Sep. 12, 2017subsidiaryRate	Oct. 05, 2016	Mar. 19, 2014NOK (kr)
Financial Instruments, Concentration of Risk
Notional principal		$ 1,000,000,000		$ 1,100,000,000
Loans to related parties which are associates		293,710,000		314,000,000
Seadrill [Member]
Financial Instruments, Concentration of Risk
Loans to related parties which are associates		$ 293,700,000		$ 317,800,000
Sales Revenue, Net [Member] | Golden Ocean [Member]
Financial Instruments, Concentration of Risk
Concentration risk, percentage		14.01%	13.52%	14.00%
Sales Revenue, Net [Member] | Maersk [Member]
Financial Instruments, Concentration of Risk
Concentration risk, percentage		26.01%	10.56%	13.98%
Sales Revenue, Net [Member] | MSC [Member]
Financial Instruments, Concentration of Risk
Concentration risk, percentage		11.46%	9.12%	10.00%
Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Financial Instruments, Concentration of Risk
Concentration risk, percentage | Rate		10.26%	18.15%	15.00%
Net Income [Member] | Customer Concentration Risk [Member]
Financial Instruments, Concentration of Risk
Concentration risk, percentage | Rate		35.90955%	42.00%	38.56475%
Frontline Ltd [Member]
Financial Instruments, Concentration of Risk
Minimum free cash		$ 2,000,000
Management fees		$ 9,000
Seadrill [Member]
Financial Instruments, Concentration of Risk
Number of wholly-owned subsidiaries that own drilling units accounted for using the equity method | subsidiary							3
Agreed Proportion of temporary reduction to daily charter rate | Rate							29.00%
Period with economic effect	5 years
Agreed extension period	13 months
Number of drilling rigs owned by wholly-owned subsidiaries account for using the equity method | subsidiary							3
Agreed period of extension to bank loan term	4 years
MSC [Member]
Financial Instruments, Concentration of Risk
Number of container vessels | containership		27
Golden Ocean [Member]
Financial Instruments, Concentration of Risk
Number of dry bulk carriers leased | vessel		8
Maersk [Member]
Financial Instruments, Concentration of Risk
Number of container vessels | containership		7
Frontline [Member] | Frontline Shipping [Member]
Financial Instruments, Concentration of Risk
Ownership interest in subsidiary (percent)		100.00%
Equity Accounted Subsidiaries [Member] | Financial Guarantee [Member]
Financial Instruments, Concentration of Risk
Amount guaranteed by Ship Finance		$ 266,114,000		$ 235,000,000
NOK 900 million senior unsecured floating rate bonds due 2019 [Member]
Financial Instruments, Concentration of Risk
Principle debt amount | kr									kr 900,000,000
NOK500million senior unsecured floating rate bonds due 2020 [Member]
Financial Instruments, Concentration of Risk
Principle debt amount | kr						kr 500,000,000
Senior Unsecured Convertible Bonds due 2021 [Member]
Financial Instruments, Concentration of Risk
Interest rate		5.75%						5.75%
Senior Unsecured Convertible Bonds due 2023 [Member]
Financial Instruments, Concentration of Risk
Interest rate					4.875%
Not Designated as Hedging Instrument [Member]
Financial Instruments, Concentration of Risk
Long-term receivables		$ 8,700,000		3,200,000
Short-term payables		6,600,000		300,000
Long-term payables		$ 30,000		$ 7,400,000

SHARE CAPITAL, ADDITIONAL PAI56

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Summary of Share Capital) (Details) - USD ($) $ / shares in Units, $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Stockholders' Equity Note [Abstract]
Share capital, shares authorized (in shares)	150,000,000	150,000,000
Share capital, par value (in dollars per share)	$ 0.01	$ 0.01
Value of authorized share capital	$ 1,500	$ 1,500
Share capital, shares issued (in shares)	119,373,064	110,930,873
Value of issued and fully paid share capital	$ 1,194	$ 1,109

SHARE CAPITAL, ADDITIONAL PAI57

SHARE CAPITAL, ADDITIONAL PAID-IN CAPITAL AND CONTRIBUTED SURPLUS (Narrative) (Details) $ / shares in Units, $ in Thousands, kr in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Feb. 28, 2018NOK (kr)	Jun. 30, 2018USD ($)$ / sharesshares	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)$ / shares	May 31, 2018containership	Apr. 23, 2018shares	Apr. 05, 2018containership	Feb. 01, 2018shares	Jan. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share capital, par value (in dollars per share) | $ / shares		$ 0.01		$ 0.01
Shares issuable under a share lending arrangement						7,000,000
Equity component of convertible bond issuance, net | $		$ 7,905	$ 0	$ 0
Stock issued as consideration		4,024,984
Number of container vessels | containership					4		15
US dollar 350 Million Senior Unsecured Convertible Bonds Due 2018 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate									3.25%
Debt paid in cash | kr	kr 63.2
Shares issued on conversion of convertible debt								651,365
Senior Unsecured Convertible Bonds due 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Interest rate						4.875%
Senior Unsecured Convertible Bonds due 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued on conversion of convertible debt		54.0658				52.8157
Issued shares (shares)						3,765,842
Additional Paid-in Capital [Member] | Senior Unsecured Convertible Bonds due 2023 [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity component of convertible bond issuance, net | $		$ 7,905	$ 0	$ 0

SHARE OPTION PLAN (Details)

SHARE OPTION PLAN (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Number of options exercised (shares)	0
Unrecognized compensation costs related to non-vested options granted	$ 0.6	$ 0.5
Ship Finance International Limited Share Option Scheme [Member]
Credit to additional paid-in capital	$ 0.2
Employee Stock Option [Member]
Number of options awarded (shares)	83,000
Initial strike price (usd per share)	$ 14.67
New Options Granted During The Year [Member]
Term of options	5 years
Vesting period	3 years

OTHER LONG-TERM LIABILITIES (De

OTHER LONG-TERM LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Unamortized sellers' credit	$ 3,421	$ 3,958
Obligations under capital leases - long-term portion	226,504	230,576
Other items	4	4
Other long-term liabilities	229,929	$ 234,538
2018 (remaining six months)	13,933
2,019	25,054
2,020	25,122
2,021	25,054
2,022	25,054
Thereafter	281,850
Total lease obligations	396,067
Less: imputed interest payable	(160,189)
Present value of obligations under capital lease	235,878
Less: current portion	$ (9,374)

OTHER LONG-TERM LIABILITIES (Na

OTHER LONG-TERM LIABILITIES (Narrative) (Details) $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2015	Jun. 30, 2018USD ($)vessel	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Other Long-term Liabilities [Line Items]
Term of lease or charter	15 years	7 years
Interest incurred on capital leases | $		$ 8.6	$ 7.1	$ 16
Deep Sea Supply BTG [Member]
Other Long-term Liabilities [Line Items]
Number of offshore supply vessels | vessel		5

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) shares in Millions	1 Months Ended		3 Months Ended	6 Months Ended		12 Months Ended
	Feb. 28, 2018USD ($)	Jun. 30, 2015shares	Mar. 31, 2015USD ($)	Jun. 30, 2018USD ($)vesselRate	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)vesselRate	May 31, 2018containership	Apr. 05, 2018containership	Feb. 13, 2018USD ($)Rate
Amounts due from and to related parties [Abstract]
Due from related parties				$ 6,851,000		$ 9,625,000
Loans to related parties - associated companies, long-term				293,710,000		314,000,000
Loans to related parties - others, long-term				4,446,000		0
Due to related parties				4,608,000		857,000
Related party leasing and service contracts [Abstract]
Termination fee	$ 4,400,000
Profit sharing revenues				0	$ 5,591,000	5,753,000
Leasing revenues earned from related parties [Abstract]
Direct financing lease interest income				5,986,000	9,385,000	16,362,000
Finance lease service revenue				13,428,000	19,827,000	35,010,000
Vessel Management Fees				24,847,000	31,013,000	57,714,000
Administration Services Fees				495,000	405,000	831,000
Related party loans [Abstract]
Initial face value									$ 8,900,000
Number of container vessels | containership							4	15
Interest expense incurred				1,422,000	0	0
Dividend income from related parties				$ 0	3,300,000	$ 3,300,000
Frontline Ltd [Member]
Related party leasing and service contracts [Abstract]
Issued share capital (percent) | Rate				6.48%		6.48%
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term				$ 114,677,000		$ 121,000,000
Related party loans [Abstract]
Loans advanced to related parties				125,000,000
Net outstanding loan balance				114,700,000
Accrued interest on loan notes receivable with related parties				2,700,000	2,800,000	5,500,000
SFL Deepwater [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term				106,029,000		113,000,000
Related party loans [Abstract]
Loans advanced to related parties				145,000,000
Net outstanding loan balance				106,000,000
Accrued interest on loan notes receivable with related parties				2,500,000	2,900,000	5,400,000
SFL Hercules [Member]
Amounts due from and to related parties [Abstract]
Loans to related parties - associated companies, long-term				73,004,000		80,000,000
Related party loans [Abstract]
Loans advanced to related parties				145,000,000
Net outstanding loan balance				73,000,000
Accrued interest on loan notes receivable with related parties				1,800,000	2,500,000	4,300,000
Frontline Ltd [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				6,424,000		5,579,000
SFL Linus [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				0		3,559,000
SFL Deepwater [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				0		171,000
SFL Hercules [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				0		97,000
Seadrill [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				368,000		0
Golden Ocean [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				$ 0		$ 153,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as operating leases | vessel						8
Profit share on charter revenues (percent) | Rate				33.00%
Profit sharing revenues				$ 0	0	$ 200,000
Leasing revenues earned from related parties [Abstract]
Vessel Management Fees				10,136,000	10,136,000	20,440,000
Operating Management Fees				360,000	370,000	738,000
Other related parties [Member]
Amounts due from and to related parties [Abstract]
Due from related parties				59,000		66,000
Due to related parties				0		111,000
Frontline Charterers [Member]
Amounts due from and to related parties [Abstract]
Due to related parties				$ 2,550,000		$ 539,000
Related party leasing and service contracts [Abstract]
Number of vessels leased to related parties classified as direct financing leases | vessel				8		9
Leasing revenues earned from related parties [Abstract]
Vessel Management Fees				$ 14,351,000	20,506,000	$ 36,536,000
Newbuilding Supervision Fees				0	0	1,000,000
Commissions and Brokerage				132,000	112,000	269,000
Administration Services Fees				161,000	172,000	335,000
Frontline Management [Member]
Amounts due from and to related parties [Abstract]
Due to related parties				491,000		147,000
Seatankers [Member]
Amounts due from and to related parties [Abstract]
Due to related parties				145,000		60,000
Leasing revenues earned from related parties [Abstract]
Administration Services Fees				145,000	22,000	82,000
Sterna Finance [Member]
Amounts due from and to related parties [Abstract]
Long-term receivables from related parties				4,446,000		0
Due to related parties				1,422,000		0
Related party loans [Abstract]
Principle debt amount				320,000,000
Frontline Charterers and Deep Sea [Member]
Related party leasing and service contracts [Abstract]
Combined balance of net investments in direct financing leases				258,600,000		314,000,000
Combined balance of net investments in direct financing leases, short-term maturities				$ 20,400,000		22,300,000
Frontline Shipping [Member]
Related party leasing and service contracts [Abstract]
Termination fee	$ 4,400,000
Loan interest rate | Rate									7.50%
Profit share on charter revenues (percent) | Rate				50.00%
Related party loans [Abstract]
Interest income				$ 0
Frontline Charterers, Deep Sea and UFC [Member]
Related party leasing and service contracts [Abstract]
Vessels and equipment, net				225,700,000		233,700,000
Profit sharing revenues				0	5,591,000	5,753,000
Leasing revenues earned from related parties [Abstract]
Operating lease income				26,498,000	29,540,000	57,568,000
Direct financing lease interest income				5,986,000	9,385,000	16,362,000
Finance lease service revenue				13,428,000	19,827,000	35,010,000
Direct financing lease repayments				10,247,000	14,064,000	25,091,000
Frontline Shipping and Frontline Shipping II [Member]
Related party leasing and service contracts [Abstract]
Profit share income from July 1 2015 onwards			$ 5,600,000	0	5,600,000
Frontline reverse stock split [Member]
Related party leasing and service contracts [Abstract]
Ordinary shares in Frontline (shares) | shares		11
Seatankers Management AS [Member]
Leasing revenues earned from related parties [Abstract]
Management fees paid, provision of office facilities				55,000	80,000	105,000
Frontline Corporate Services [Member]
Leasing revenues earned from related parties [Abstract]
Administration Services Fees				61,000	131,000	173,000
Frontline Management AS [Member]
Leasing revenues earned from related parties [Abstract]
Management fees paid, provision of office facilities				$ 73,000	0	136,000
United Freight Carriers Inc [Member]
Related Party Transaction [Line Items]
Joint venture, ownership percentage | Rate				50.00%
NorAm Drilling [Member]
Related party loans [Abstract]
Interest income on holding of investments in secured notes				$ 300,000	300,000	500,000
Other income				0		100,000
Golden Close [Member]
Related party loans [Abstract]
Interest income on holding of investments in secured notes				$ 0	$ 600,000	$ 600,000
Floating Rate Debt [Member] | Sterna Finance [Member]
Related party loans [Abstract]
Term of loan				13 months

COMMITMENTS AND CONTINGENT LI62

COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Commitments and Contingencies [Line Items]
Book value of assets pledged under ship mortgages	$ 1,903,000	$ 1,908,000
Total debt	1,944,104	1,522,900
Long-term debt	1,944,104
Loans to related parties - associated companies, long-term	293,710	314,000
Contractual commitments under newbuilding contracts	0	0
Seadrill [Member]
Commitments and Contingencies [Line Items]
Loans to related parties - associated companies, long-term	293,700	317,800
Equity Accounted Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term debt	736,944	785,778
Equity Accounted Subsidiaries [Member] | Financial Guarantee [Member]
Commitments and Contingencies [Line Items]
Amount guaranteed by Ship Finance	266,114	235,000
Ship Finance Ltd and Equity Accounting Subsidiaries [Member]
Commitments and Contingencies [Line Items]
Long-term debt	2,700,000	2,300,000
Property not subject to direct financing leases [Member]
Commitments and Contingencies [Line Items]
Book value of assets pledged under ship mortgages	1,525,600	1,576,300
Property subject to direct financing leases [Member]
Commitments and Contingencies [Line Items]
Book value of assets pledged under ship mortgages	$ 377,900	$ 331,300

CONSOLIDATED VARIABLE INTERES63

CONSOLIDATED VARIABLE INTEREST ENTITIES (Narrative) (Details) $ in Millions	Jun. 30, 2018USD ($)subsidiary
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiary	35
Variable Interest Entities With Assets Accounted for as Direct Financing Leases [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiary	16
Carrying value of vessels	$ 105.5
Unearned lease income	31.6
Outstanding loan balance	$ 50
Variable Interest Entities With Assets Accounted for as Operating Lease Assets [Member]
Variable Interest Entity [Line Items]
Number of variable interest entities | subsidiary	19
Carrying value of vessels	$ 366.1
Outstanding loan balance	199.8
Outstanding loan balance, current portion	$ 68.9

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details)

Aug. 22, 2018containership$ / shares

Aug. 31, 2018containership

Jul. 31, 2018USD ($)tankerRate

May 31, 2018USD ($)

Feb. 28, 2018USD ($)

Jun. 30, 2018USD ($)

Jun. 30, 2017USD ($)

Dec. 31, 2018

Dec. 31, 2017USD ($)

Aug. 30, 2018NOK (kr)

Aug. 30, 2018USD ($)

May 16, 2018containership

Subsequent Event [Line Items]

Number of container vessels disposed of | containership

1

Proceeds from sale of vessels and termination of charters

$ 12,700,000

$ 17,900,000

$ 30,169,000

$ 62,762,000

$ 74,791,000

Termination fee

$ 4,400,000

Subsequent Event [Member]

Subsequent Event [Line Items]

Number of container vessels disposed of | tanker

3

Agreed Proportion of temporary reduction to daily charter rate | Rate

100.00%

Issued share capital (percent) | Rate

17.00%

Number of container vessels contracted to be acquired | containership

3

Number of vessels delivered | containership

2

Dividends declares (in dollars per share) | $ / shares

$ 0.35

NOK 600 Million Senior Unsecured Bond due 2023 [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Principle debt amount

kr 600,000,000

$ 71,900,000

Front Page, Front Stratus, Front Serenade [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Proceeds from sale of vessels and termination of charters

$ 77,600,000

Frontline Shipping and Frontline Shipping II [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Termination fee

$ 10,100,000

US dollar 200 million secured term loan facility [Member] | Floating Rate Debt [Member] | Subsequent Event [Member]

Subsequent Event [Line Items]

Principle debt amount

$ 200,000,000

Term of loan

13 months