Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended |
Sep. 30, 2013 | |
Document and Entity Information [Abstract] | ' |
Entity Registrant Name | 'FRONTLINE LTD / |
Entity Central Index Key | '0000913290 |
Current Fiscal Year End Date | '--12-31 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Accelerated Filer |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'Q3 |
Document Type | '6-K |
Amendment Flag | 'false |
Document Period End Date | 30-Sep-13 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating revenues | ' | ' |
Time charter revenues | $22,005 | $56,156 |
Bareboat charter revenues | 18,489 | 24,156 |
Voyage charter revenues | 314,754 | 327,415 |
Other income | 18,371 | 17,853 |
Total operating revenues | 373,619 | 425,580 |
Gain from sale of assets and amortization of deferred gains | 9,732 | 19,872 |
Voyages expenses and commissions | 219,571 | 186,819 |
Contingent rental (income) expense | -9,470 | 18,876 |
Ship operating expenses | 86,651 | 91,149 |
Charter hire expense | 4,176 | 31,103 |
Administrative expenses | 23,168 | 24,682 |
Impairment loss on vessels | 103,724 | 0 |
Depreciation | 76,381 | 80,492 |
Total operating expenses | 504,201 | 433,121 |
Net operating (loss) income | -120,850 | 12,331 |
Other income (expenses) | ' | ' |
Interest income | 81 | 90 |
Interest expenses | -68,301 | -71,063 |
Share of results from associated companies | 13,046 | 167 |
Foreign currency exchange (loss) gain | -124 | 100 |
Mark to market loss on derivatives | -585 | -1,189 |
Gain on redemption of debt | 0 | 4,600 |
Other non-operating items | 939 | 906 |
Net other expenses | -54,944 | -66,389 |
Net loss before income taxes and noncontrolling interest | -175,794 | -54,058 |
Income tax expense | -275 | -257 |
Net loss from continuing operations | -176,069 | -54,315 |
Net loss from discontinued operations | -1,016 | -12,537 |
Net loss | -177,085 | -66,852 |
Net loss attributable to noncontrolling interest | 1,607 | 664 |
Net loss attributable to Frontline Ltd. | ($175,478) | ($66,188) |
Basic and diluted loss per share from continuing operations, excluding loss attributable to noncontrolling interest ($) | ($2.23) | ($0.69) |
Basic and diluted loss per share from discontinued operations ($) | ($0.01) | ($0.16) |
Basic and diluted loss per share attributable to Frontline Ltd. ($) | ($2.24) | ($0.85) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
COMPREHENSIVE (LOSS) INCOME, NET OF TAX | ' | ' |
Net loss | ($177,085) | ($66,852) |
Unrealized (loss) gain from marketable securities | -56 | 466 |
Foreign currency translation (loss) gains | -81 | 75 |
Other comprehensive (loss) income | -137 | 541 |
Comprehensive loss | -177,222 | -66,311 |
Comprehensive loss attributable to stockholders of Frontline Ltd. | -175,615 | -65,647 |
Comprehensive loss attributable to noncontrolling interest | ($1,607) | ($664) |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets | ' | ' |
Cash and cash equivalents | $79,279 | $137,603 |
Restricted cash and investments | 59,236 | 87,506 |
Marketable securities | 1,238 | 1,235 |
Trade accounts receivable, net | 19,914 | 23,702 |
Related party receivables | 11,457 | 9,055 |
Other receivables | 12,766 | 14,860 |
Inventories | 57,790 | 57,505 |
Voyages in progress | 28,012 | 54,097 |
Prepaid expenses and accrued income | 5,489 | 4,311 |
Investment in finance lease | 2,448 | 2,156 |
Total current assets | 277,629 | 392,030 |
Long term assets | ' | ' |
Newbuildings | 29,010 | 26,913 |
Vessels and equipment, net | 269,151 | 282,946 |
Vessels and equipment under capital lease, net | 723,580 | 893,089 |
Investment in unconsolidated subsidiaries and associated companies | 59,438 | 40,633 |
Deferred charges | 831 | 1,236 |
Investment in finance lease | 49,504 | 51,374 |
Total assets | 1,409,143 | 1,688,221 |
Current liabilities | ' | ' |
Short-term debt and current portion of long-term debt | 22,543 | 20,700 |
Current portion of obligations under capital leases | 53,076 | 52,070 |
Related party payables | 5,968 | 53,948 |
Trade accounts payable | 15,158 | 5,975 |
Accrued expenses | 34,564 | 43,744 |
Deferred charter revenue | 128 | 2,840 |
Other current liabilities | 3,449 | 7,344 |
Total current liabilities | 134,886 | 186,621 |
LIABILITIES AND EQUITY | ' | ' |
Long-term debt | 460,853 | 463,292 |
Obligations under capital leases | 854,179 | 898,490 |
Deferred gains on sales of vessels | 1,612 | 2,575 |
Other long-term liabilities | 2,259 | 6,094 |
Total liabilities | 1,453,789 | 1,557,072 |
Commitments and contingencies | ' | ' |
Equity | ' | ' |
Share capital | 78,843 | 194,646 |
Additional paid in capital | 118,051 | 821 |
Contributed surplus | 474,129 | 474,129 |
Accumulated other comprehensive loss | -4,292 | -4,155 |
Retained deficit | -721,244 | -545,766 |
Total equity attributable to Frontline Ltd. | -54,513 | 119,675 |
Noncontrolling interest | 9,867 | 11,474 |
Total equity | -44,646 | 131,149 |
Total liabilities and equity | $1,409,143 | $1,688,221 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | 14-May-13 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Equity | ' | ' | ' | ' | ' |
Share capital, shares outstanding (in shares) | 78,843,586 | 77,858,502 | 77,858,502 | 77,858,502 | 77,858,502 |
Ordinary shares issued (in dollars per share) | $1 | $1 | $2.50 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Net cash (used in) provided by operating activities | ($48,915) | $44,872 |
Investing activities | ' | ' |
Change in restricted cash | 28,270 | 24,831 |
Additions to newbuildings, vessels and equipment | -1,691 | -1,501 |
Finance lease payments received | 1,578 | 1,336 |
Proceeds from sale of vessels and equipment | 6,371 | 12,224 |
Net investment in associated companies | -5,509 | -13,548 |
Net cash provided by investing activities | 29,019 | 23,342 |
Financing activities | ' | ' |
Net proceeds from issuance of shares | 1,490 | 0 |
Proceeds from Issuance of Long-term Debt, net of fees paid | 19,798 | 0 |
Repayment of long-term debt | -21,531 | -24,049 |
Repayment of capital leases | -38,185 | -40,247 |
Net cash used in financing activities | -38,428 | -64,296 |
Net (decrease) increase in cash and cash equivalents | -58,324 | 3,918 |
Cash and cash equivalents at start of period | 137,603 | 160,566 |
Cash and cash equivalents at end of period | $79,279 | $164,484 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Share Capital [Member] | Additional Paid In Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Loss [Member] | Retained (Deficit) Earnings [Member] | Total Equity Attributable to Frontline Ltd. [Member] | Noncontrolling Interest [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||||
Start Balance at Dec. 31, 2011 | $213,479 | $194,646 | $225,769 | $248,360 | ($4,779) | ($463,012) | ' | $12,495 |
Start Balance (in shares) at Dec. 31, 2011 | 77,858,502 | 77,858,502 | ' | ' | ' | ' | ' | ' |
Net loss | -66,852 | ' | ' | ' | ' | -66,188 | ' | -664 |
Increase (decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued (in shares) | 0 | 0 | ' | ' | ' | ' | ' | ' |
Capital Reorganization | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Stock option expense | 732 | ' | 732 | ' | ' | ' | ' | ' |
Shares issued | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Adjustments to Contributed Capital | 0 | ' | -225,769 | 225,769 | ' | ' | ' | ' |
Other comprehensive (loss) income | 541 | ' | ' | ' | 541 | ' | ' | ' |
Net loss | -66,188 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2012 | 147,900 | 194,646 | 732 | 474,129 | -4,238 | -529,200 | 136,069 | 11,831 |
Ending Balance (in shares) at Sep. 30, 2012 | 77,858,502 | 77,858,502 | ' | ' | ' | ' | ' | ' |
Start Balance at Dec. 31, 2012 | 131,149 | 194,646 | 821 | 474,129 | -4,155 | -545,766 | ' | 11,474 |
Start Balance (in shares) at Dec. 31, 2012 | 77,858,502 | 77,858,502 | ' | ' | ' | ' | ' | ' |
Net loss | -177,085 | ' | ' | ' | ' | -175,478 | ' | -1,607 |
Increase (decrease) in Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued (in shares) | 985,084 | 985,084 | ' | ' | ' | ' | ' | ' |
Capital Reorganization | 0 | -116,788 | 116,788 | ' | ' | ' | ' | ' |
Stock option expense | 124 | ' | 124 | ' | ' | ' | ' | ' |
Shares issued | 1,303 | 985 | 318 | ' | ' | ' | ' | ' |
Adjustments to Contributed Capital | 0 | ' | 0 | 0 | ' | ' | ' | ' |
Other comprehensive (loss) income | -137 | ' | ' | ' | -137 | ' | ' | ' |
Net loss | -175,478 | ' | ' | ' | ' | ' | ' | ' |
Ending Balance at Sep. 30, 2013 | ($44,646) | $78,843 | $118,051 | $474,129 | ($4,292) | ($721,244) | ($54,513) | $9,867 |
Ending Balance (in shares) at Sep. 30, 2013 | 78,843,586 | 78,843,586 | ' | ' | ' | ' | ' | ' |
INTERIM_FINANCIAL_DATA
INTERIM FINANCIAL DATA | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
INTERIM FINANCIAL DATA | ' |
INTERIM FINANCIAL DATA | |
The unaudited condensed interim financial statements of Frontline Ltd. (“Frontline” or the “Company”) have been prepared on the same basis as the Company’s audited financial statements and, in the opinion of management, include all material adjustments, consisting only of normal recurring adjustments considered necessary for a fair statement of the Company's financial statements, in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). The accompanying unaudited condensed interim financial statements should be read in conjunction with the annual financial statements and notes included in the Annual Report on Form 20-F for the year ended December 31, 2012, filed with the Securities and Exchange Commission on March 21, 2013. The condensed consolidated balance sheet data as of September 30, 2013 and December 31, 2012 does not include all the disclosures required by US GAAP. The results of operations for the interim period ended September 30, 2013 are not necessarily indicative of the results for the entire year ending December 31, 2013. |
ACCOUNTING_POLICIES
ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
ACCOUNTING POLICIES | ' |
ACCOUNTING POLICIES | |
Basis of accounting | |
The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries and certain variable interest entities in which the Company 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, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2012. | |
Impairment of long-lived assets | |
The carrying values of long-lived assets and newbuildings that are held and used by the Company are reviewed whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. Such indicators may include depressed spot rates and depressed second hand tanker values. The Company assesses recoverability of the carrying value of each asset or newbuilding on an individual basis by estimating the future net cash flows expected to result from the asset, including eventual disposal. In developing estimates of future cash flows, the Company must make assumptions about future performance, with significant assumptions being related to charter rates, ship operating expenses, utilization, drydocking requirements, residual values, the estimated remaining useful lives of the vessels and the probability of lease terminations for the vessels held under capital lease. These assumptions are based on historical trends as well as future expectations. If the future net undiscounted cash flows are less than the carrying value of the asset, or the current carrying value plus future newbuilding commitments, an impairment loss is recorded equal to the difference between the asset's or newbuildings carrying value and fair value. In addition, long-lived assets to be disposed of are reported at the lower of carrying amount and fair value less estimated costs to sell. |
DISCONTINUED_OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||
DISCONTINUED OPERATIONS | ' | |||||
DISCONTINUED OPERATIONS | ||||||
The Company has determined that an individual vessel within a vessel class is not a component (as defined by accounting standards) as the Company does not believe that the operations of an individual vessel can be clearly distinguished. Generally, the Company believes that all of the vessels in a vessel class represent a component as defined for the purpose of discontinued operations and will present the operations of a vessel class as discontinued when all of those vessels either meet the criteria for held for sale or are sold. | ||||||
In December 2012, the Company agreed to an early termination of the time charter out contracts on the two OBO carriers, Front Viewer and Front Guider. The Company also agreed with Ship Finance to terminate the long term charter parties for these two OBO carriers. The charter party for Front Viewer terminated in December 2012 and the charter party for the Front Guider terminated in March 2013. Following the termination of the lease on the Front Guider, the last of the Company's carriers, the results of the OBO carriers have been recorded as discontinued operations. Amounts included in the consolidated statement of operations for the nine months ended September 30, 2012 have been reclassified in order to conform to the presentation resulting from discontinued operations. | ||||||
The results of Front Guider are recorded as discontinued operations in the nine months ended September 30, 2013 and the results of Front Climber, Front Driver, Front Guider, Front Rider and Front Viewer are recored as discontinued operations in the nine months ended September 30, 2012. Amounts recorded in respect of discontinued operations in the nine months ended September 30, 2013 and September 30, 2012 are as follows; | ||||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Operating revenues | 1,840 | 45,092 | ||||
Loss from sale of assets | (847 | ) | — | |||
Net loss | (1,016 | ) | (12,537 | ) |
EARNINGS_PER_SHARE
EARNINGS PER SHARE | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ' | |||||
EARNINGS PER SHARE | ' | |||||
EARNINGS PER SHARE | ||||||
The computation of basic EPS is based on the weighted average number of shares outstanding during the period and net loss. The assumed exercise of stock options using the treasury stock method was anti-dilutive for all periods presented as the exercise price was higher than the share price at September 30, 2013 and September 30, 2012. The convertible bonds using the if-converted method were anti dilutive for all periods presented and, therefore, 5,881,275 shares were excluded from the denominator in each calculation. | ||||||
The components of the numerator for the calculation of basic EPS and diluted EPS for net loss from continuing operations, net loss from discontinued operations and net loss attributable to Frontline Ltd. are as follows: | ||||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Net loss from continuing operations, excluding loss attributable to noncontrolling interest | (174,462 | ) | (53,651 | ) | ||
Net loss from discontinued operations | (1,016 | ) | (12,537 | ) | ||
Net loss attributable to Frontline Ltd. | (175,478 | ) | (66,188 | ) | ||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | ||||||
Nine months ended September 30, | ||||||
2013 | 2012 | |||||
Weighted average number of ordinary shares (000s) | 78,204 | 77,859 | ||||
IMPAIRMENT_LOSS_Notes
IMPAIRMENT LOSS (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Impairment Loss [Abstract] | ' |
Asset Impairment Charges [Text Block] | ' |
5. IMPAIRMENT LOSS | |
The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of each of its vessels and equipment may not be recoverable. During the nine months ended September 30, 2013, the Company identified three vessels held under capital lease where they believed that future cash flows for each vessel was less than the carrying value and, therefore, not fully recoverable. The Company has recorded a vessel impairment loss of $103.7 million in the nine months ended September 30, 2013. This loss relates to three vessels leased from Ship Finance and recorded as vessels under capital lease - Front Century ($15.6 million), Front Champion ($42.5 million) and Golden Victory ($45.6 million). The impairment loss recorded on each vessel is equal to the difference between the asset's carrying value and estimated fair value. The leases on Front Champion and Golden Victory were terminated in November 2013 and a 100% lease termination probability was assigned to these two vessels as of September 30, 2013. |
GAIN_ON_SALE_OF_ASSETS_AND_AMO
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | ' | |||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | ' | |||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS | ||||||
Gain on sale of assets and amortization of deferred gains in the nine months ended September 30, 2013 and September 30, 2012 is summarized as follows: | ||||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Net gain on lease terminations | 7,410 | 10,619 | ||||
Loss on sale of assets | — | (2,109 | ) | |||
Amortization of deferred gains | 2,322 | 11,362 | ||||
9,732 | 19,872 | |||||
EQUITY_METHOD_INVESTMENTS
EQUITY METHOD INVESTMENTS | 9 Months Ended |
Sep. 30, 2013 | |
EQUITY METHOD INVESTMENTS [Abstract] | ' |
EQUITY METHOD INVESTMENTS | ' |
EQUITY METHOD INVESTMENTS | |
In January 2013, the Company sold its 50% shareholding in Orion Tankers Ltd for book value of $241,000. | |
In January 2013, the Company paid $6.0 million for 1,143,000 shares in a private placement by Frontline 2012 of 59 million new ordinary shares at a subscription price of $5.25 per share. Following the private placement, the Company's ownership in Frontline 2012 was reduced from 7.9% to 6.3%. The Company recognized a gain on the dilution of its ownership of $5.2 million in the first quarter in “share of results from associated companies”. | |
In September 2013, Frontline 2012 completed a private placement of 34.1 million new ordinary shares of $2.00 par value at a subscription price of $6.60. The Company did not buy any of the shares and its ownership decreased from 6.3% to 5.4%. The Company recorded a gain on the dilution of its ownership of $4.7 million in the third quarter in “share of results from associated companies”. |
DEBT
DEBT | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
DEBT | ' | ||||||
DEBT | |||||||
In the nine months ended September 30, 2013, the Company sold its full holding of the Windsor Petroleum Transport Corporation 7.84% Term Notes (the "Term Notes"), with maturity in January 2021, for net proceeds of $19.8 million. The difference of $12.2 million between the adjusted nominal value of $32.0 million and the net proceeds is recorded as a discount on issuance of debt as a reduction of debt and is being amortized to interest expense over the period of the Term Notes. | |||||||
The conversion price of the Company's convertible bonds at September 30, 2013 and December 31, 2012 was $36.5567. | |||||||
Assets pledged | |||||||
(in thousands of $) | 2013 | 2012 | |||||
Vessels, net, held in ITCL | 267,758 | 280,929 | |||||
Restricted cash and investments | 59,236 | 86,280 | |||||
SHARE_CAPITAL
SHARE CAPITAL | 9 Months Ended |
Sep. 30, 2013 | |
SHARE CAPITAL [Abstract] | ' |
SHARE CAPITAL [Text Block] | ' |
SHARE CAPITAL | |
On May 8, 2013, at a Special General Meeting of the Company, it was resolved that the issued and paid-up share capital of the Company be reduced from $194,646,255 to $77,858,502, with effect from May 14, 2013, by cancelling the paid-up capital of $1.50 on each of the ordinary shares in issue so that each of the 77,858,502 shares of par value $2.50 shall have a par value of $1.00. It was also resolved that the amount of credit arising be credited to the additional paid in capital account of the Company and that the authorized share capital of the Company be maintained at $312,500,000 comprising 312,500,000 shares of $1.00 each. | |
In June 2013, the Company entered into an equity distribution agreement with Morgan Stanley & Co. LLC, ("Morgan Stanley") under which the Company may, at any time and from time to time, offer and sell new ordinary shares having aggregate sales proceeds of up to $40.0 million through Morgan Stanley in an at-the-market offering. The Company has issued 985,084 new ordinary shares under the program and had an issued share capital at September 30, 2013 of $78,843,586 divided into 78,843,586 ordinary shares. |
FINANCIAL_INSTRUMENTS
FINANCIAL INSTRUMENTS | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
FINANCIAL INSTRUMENTS [Abstract] | ' | |||||||||
FINANCIAL INSTRUMENTS | ' | |||||||||
FINANCIAL INSTRUMENTS | ||||||||||
Foreign currency risk | ||||||||||
The majority of the Company's transactions, assets and liabilities are denominated in U.S. dollars, the functional currency of the Company. The functional currencies of certain of the Company's subsidiaries are Sterling, Singapore dollars and Norwegian kroner and risks of two kinds arise as a result: | ||||||||||
• | a transaction risk, that is, the risk that currency fluctuations will have a negative effect on the value of the Company's cash flows; | |||||||||
• | a translation risk, that is, the impact of adverse currency fluctuations in the translation of foreign operations and foreign assets and liabilities into U.S. dollars for the Company's consolidated financial statements. | |||||||||
Accordingly, such risk may have an adverse effect on the Company's financial condition and results of operations. The Company has not entered into derivative contracts for either transaction or translation risk. | ||||||||||
Forward freight agreements | ||||||||||
During 2012 and the nine months ended September 30, 2013, the Company entered into forward freight agreements for speculative purposes. As of September 30, 2013, the Company had no contracts outstanding (December 31, 2012: 24 contracts). The Company recorded a loss on forward freight agreements of $0.6 million in the nine months ended September 30, 2013, which is included in "Mark to market loss on derivatives". | ||||||||||
Fair Values | ||||||||||
The carrying value and estimated fair value of the Company's financial assets and liabilities as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||
2013 | 2012 | |||||||||
(in thousands of $) | Carrying | Fair | Carrying | Fair | ||||||
Value | Value | Value | Value | |||||||
Assets: | ||||||||||
Cash and cash equivalents | 79,279 | 79,279 | 137,603 | 137,603 | ||||||
Restricted cash and investments | 59,236 | 59,236 | 87,506 | 87,506 | ||||||
Marketable securities | 1,238 | 1,238 | 1,235 | 1,235 | ||||||
Liabilities: | ||||||||||
7.84% to 8.04% First Preferred Mortgage Term Notes | 268,395 | 191,448 | 268,992 | 191,846 | ||||||
4.5% Convertible Bond | 215,000 | 116,638 | 215,000 | 120,131 | ||||||
The estimated fair value of financial assets and liabilities at September 30, 2013 are as follows: | ||||||||||
(in thousands of $) | Fair | Level 1 | Level 2 | Level 3 | ||||||
Value | ||||||||||
Assets: | ||||||||||
Cash and cash equivalents | 79,279 | 79,279 | — | — | ||||||
Restricted cash and investments | 59,236 | 59,236 | — | — | ||||||
Marketable securities | 1,238 | 1,238 | — | — | ||||||
Liabilities: | ||||||||||
7.84% to 8.04% First Preferred Mortgage Term Notes | 191,448 | — | 191,448 | — | ||||||
4.5% Convertible Bond | 116,638 | — | 116,638 | — | ||||||
The following methods and assumptions were used to estimate the fair value of each class of financial asset and liability: | ||||||||||
Cash and cash equivalents – the carrying values in the balance sheet approximate their fair value. | ||||||||||
Restricted cash and investments – the carrying values in the balance sheet approximate their fair value. | ||||||||||
Marketable securities – the fair values are based on quoted market prices. | ||||||||||
First Preferred Mortgage Term Notes – the fair values are based on the market price achieved in the last significant trading of the notes, adjusted for movements in the fixed income markets up to the period end (level two per ASC Topic 820). | ||||||||||
Convertible Bond – quoted market prices are not available, however the bonds are traded "over the counter" and the fair value of bonds is based on the market price on offer at the balance sheet date. | ||||||||||
Assets Measured at Fair Value on a Nonrecurring Basis | ||||||||||
The Company has recorded a vessel impairment loss of $103.7 million in the nine months ended September 30, 2013. This loss relates to three vessels leased from Ship Finance (Front Century, Front Champion and Golden Victory). All vessels were recorded as vessels under capital lease (see note 5). At September 30, 2013, Front Champion and Golden Victory were measured at an aggregate fair value of nil, based on 100% lease termination assumptions, which was determined using level 3 inputs being the expected future cash flows from the leased vessels. The charter parties for these vessels were terminated in November 2013 upon the redelivery of the vessels to Ship Finance. At September 30, 2013, Front Century was measured at a fair value of $25.0 million, which was determined using level 3 inputs being the expected future cash flows from the leased vessel. | ||||||||||
Concentrations of risk | ||||||||||
There is a concentration of credit risk with respect to cash and cash equivalents to the extent that substantially all of the amounts are carried with Skandinaviska Enskilda Banken, or SEB, The Bank of New York, DnB Bank ASA and Nordea Bank Norge, or Nordea. There is a concentration of credit risk with respect to restricted cash to the extent that substantially all of the amounts are carried with SEB, Nordea and The Bank of New York. However, the Company believes this risk is remote. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
RELATED PARTY TRANSACTIONS | ' | ||||
RELATED PARTY TRANSACTIONS | |||||
The majority of the Company's leased vessels are leased from Ship Finance and Ship Finance is entitled to a profit share of the Company's earnings on these vessels under a Charter Ancillary Agreement. A summary of leasing transactions with Ship Finance during the nine months ended September 30, 2013 and September 30, 2012 is as follows: | |||||
Nine months ended September 30, | |||||
(in thousands of $) | 2013 | 2012 | |||
Charter hire paid (principal and interest) - continuing operations | 117,052 | 113,303 | |||
Charter hire paid (principal and interest) - discontinued operations | 434 | 12,183 | |||
Lease termination payments - income - continuing operations | — | 10,629 | |||
Lease termination payments - expense - discontinued operations | — | (442 | ) | ||
Contingent rental expense - continuing operations | — | 31,707 | |||
Contingent rental expense - discontinued operations | — | 8,372 | |||
Remaining lease obligation | 841,446 | 892,758 | |||
In October 2012, the Company agreed to terminate the bareboat charter on Titan Aries (now renamed Edinburgh) and the vessel was redelivered by the Company to Ship Finance in January 2013. The Company received a termination payment from Ship Finance of $7.8 million in March 2013 and recognized a gain of $7.6 million in the first quarter of 2013. | |||||
In February 2013, the Company agreed with Ship Finance to terminate the long term charter party for the Suezmax tanker Front Pride and the charter party terminated on February 15, 2013. The Company made a compensation payment to Ship Finance of $2.1 million in March 2013 for the early termination of the charter and recorded a loss on the termination of the lease of $0.2 million in the first quarter of 2013. | |||||
In October 2011, Ship Finance sold the OBO carrier Front Striver to a third party and as a result, terminated the Company's long-term lease for the vessel. The Company made a termination payment of $8.1 million in the first quarter of 2012. A loss on disposal of $9.2 million was recognized in 2011, a further loss on disposal of $0.4 million was recognized in discontinued operations in the second quarter of 2012 due to the write-off of inventory balances. | |||||
A summary of net amounts earned (incurred) from related parties, excluding Ship Finance lease related transactions above, during the nine months ended September 30, 2013 and September 30, 2012 is as follows: | |||||
Nine months ended September 30, | |||||
(in thousands of $) | 2013 | 2012 | |||
Seatankers Management Co. Ltd | 993 | 595 | |||
Golar LNG Limited | 1,558 | 1,140 | |||
Golar LNG Partners LP | 89 | 96 | |||
Ship Finance International Limited | 3,859 | 2,967 | |||
Golden Ocean Group Limited | 2,368 | 4,258 | |||
Frontline 2012 Ltd | 5,141 | (4,770 | ) | ||
Bryggegata AS | (1,112 | ) | (1,090 | ) | |
Arcadia Petroleum Limited | 7,788 | 1,917 | |||
Seadrill Limited | 949 | 1,402 | |||
North Atlantic Drilling Limited | 45 | — | |||
Archer Limited | 298 | 262 | |||
Deep Sea Supply Plc | 39 | 65 | |||
Aktiv Kapital ASA | 11 | 54 | |||
Orion Tankers Limited | — | 252 | |||
CalPetro Tankers (Bahamas I) Limited | 40 | 38 | |||
CalPetro Tankers (Bahamas II) Limited | 40 | 38 | |||
CalPetro Tankers (IOM) Limited | 40 | 38 | |||
Net amounts earned from other related parties comprise charter hire, office rental income, technical and commercial management fees, newbuilding supervision fees, freights, corporate and administrative services income and interest income. Amounts paid to related parties comprise primarily rental for office space and guarantee fees. In addition, the Company chartered in two vessels from Frontline 2012 in the nine months ended September 30, 2012 on floating rate time charters under which the charter hire expense is equal to the time charter equivalent earnings of the vessels. Both charters terminated in the fourth quarter of 2012. | |||||
A summary of balances due from related parties as at September 30, 2013 and December 31, 2012 is as follows: | |||||
(in thousands of $) | 2013 | 2012 | |||
Ship Finance International Limited | 2,483 | 1,891 | |||
Seatankers Management Co. Ltd | 272 | 342 | |||
Archer Limited | 103 | 778 | |||
Golar LNG Limited | 1,342 | 755 | |||
Orion Tankers Limited | — | 250 | |||
Northern Offshire Ltd | 13 | 13 | |||
Golden Ocean Group Limited | 704 | 1,325 | |||
Seadrill Limited | 882 | 1,253 | |||
North Atlantic Drilling Limited | 67 | 12 | |||
Frontline 2012 Ltd | 5,420 | 2,291 | |||
CalPetro Tankers (Bahamas I) Limited | 29 | 13 | |||
CalPetro Tankers (Bahamas II) Limited | 29 | 13 | |||
CalPetro Tankers (IOM) Limited | 29 | 13 | |||
Arcadia Petroleum Limited | 84 | 106 | |||
11,457 | 9,055 | ||||
A summary of balances due to related parties as at September 30, 2013 and December 31, 2012 is as follows: | |||||
(in thousands of $) | 2013 | 2012 | |||
Ship Finance International Limited | (3,363 | ) | (52,063 | ) | |
Seatankers Management Co. Ltd | (362 | ) | (257 | ) | |
Golar LNG Limited | (100 | ) | (101 | ) | |
Golden Ocean Group Limited | (994 | ) | (1,042 | ) | |
Frontline 2012 Ltd | (1,099 | ) | (423 | ) | |
Aktiv Kapital Ltd | (24 | ) | (34 | ) | |
Deep Sea Supply Plc | (26 | ) | (28 | ) | |
(5,968 | ) | (53,948 | ) |
DISPOSAL_OF_ASSETS
DISPOSAL OF ASSETS | 9 Months Ended |
Sep. 30, 2013 | |
Impairment or Disposal of Tangible Assets Disclosure [Abstract] | ' |
DISPOSAL OF ASSETS | ' |
DISPOSAL OF ASSETS | |
In December 2012, the Company agreed with Ship Finance to terminate the long term charter party between the companies for the OBO carrier Front Guider. The Company recorded a loss on the termination of the lease of $0.8 million in the first quarter of 2013 in results from discontinued operations. | |
In January 2013, the Company terminated the charter party for the single hull VLCC Titan Aries (now renamed Edinburgh) and recognized a gain of $7.6 million in the first quarter of 2013. | |
In February 2013, the Company agreed with Ship Finance to terminate the long term charter party between the companies for the Suezmax tanker, Front Pride, and Ship Finance simultaneously sold the vessel. The termination of the charter party took place on February 15, 2013 and the Company recorded a loss on the termination of the lease of $0.2 million in the first quarter of 2013. |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
COMMITMENTS AND CONTINGENCIES | |
The Company insures the legal liability risks for its shipping activities with Assuranceforeningen SKULD and Assuranceforeningen Gard Gjensidig, both mutual protection and indemnity associations. As a member of these mutual associations, the Company is subject to calls payable to the associations based on the Company's claims record in addition to the claims records of all other members of the associations. A contingent liability exists to the extent that the claims records of the members of the associations in the aggregate show significant deterioration, which result in additional calls on the members. | |
Following the termination of the Company's P&I insurance relationship with Britannia Steam Ship Insurance Association Limited ("Britannia"), SEB issued a guarantee in April 2013 to Britannia at the Company's request in respect of possible claims on certain ships for any of the insurance years 2009/10, 2010/11, 2011/12 and 2012/13 up to a maximum aggregate liability of $1.7 million. The Company has placed $1.7 million into a restricted bank account at SEB as support for the guarantee. $0.9 million of the guarantee relates to vessels owned by related parties. The guarantee expires on December 31, 2015. | |
As of September 30, 2013, the Company had four (December 31, 2012: four) vessels that were sold by the Company at various times during the period from November 1998 to December 31, 2003, and leased back on charters that have initial periods ranging from eight to twelve and a half years including options on the lessor's side to extend the charters for periods that range up to five years. These charters are accounted for as capital leases and the lessor has options to put each of these vessels on the Company at the end of the lease terms on December 31, 2015. The total amount that the Company would be required to pay under these put options is $36 million (December 31, 2012: $36 million). | |
As of September 30, 2013, Chevron charters three vessels on long-term bare boat charters and holds options to purchase each vessel for $1 per vessel on April 1, 2015. | |
As of September 30, 2013, the Company was committed to make newbuilding installments of $87.9 million with expected payment of $6.2 million in 2013 and $81.7 million in 2014. | |
As part of the Company's restructuring in December 2011, Frontline 2012 has agreed to fully reimburse and indemnify the Company for all payments made under any guarantees issued by the Company to the shipyard in connection with five VLCC newbuilding contracts acquired from the Company and to reimburse the Company for all costs incurred in connection with these guarantees. Two of the five contracts have been canceled by Frontline 2012 and Frontline 2012 has received reimbursement of installments paid and accrued interest. The remaining three contracts have been canceled by Frontline 2012 and are in arbitration. The Company has not recorded any liability in respect of these guarantees as the Company does not believe that it will be required to make any payments in relation to them. | |
The Company is a party, as plaintiff or defendant, to several lawsuits in various jurisdictions for demurrage, damages, off-hire and other claims and commercial disputes arising from the operation of its vessels, in the ordinary course of business or in connection with its acquisition activities. The Company believes that the resolution of such claims will not have a material adverse effect on the Company's operations or financial condition. |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
SUBSEQUENT EVENTS | |
In October 2013, the Company entered into a private agreement to exchange $25.0 million of the outstanding principal amount of the Company's 4.5% Convertible Bond Issue 2010/2015 for an aggregate of 6,474,827 shares and a cash payment of $2.25 million. | |
In October 2013, the Company agreed with Ship Finance to terminate the long term charter parties for the 1998 and 1999 built VLCCs Front Champion and Golden Victory and Ship Finance simultaneously sold the vessels to unrelated third parties. The charter parties were terminated in November 2013 upon the redelivery of the vessels to Ship Finance. The Company has agreed a compensation payment to Ship Finance of approximately $90 million for the early termination of the charter parties, of which $11.0 million was paid upon termination and the balance was recorded as notes payable, with similar amortization profiles to the current lease obligations, with reduced rates until 2015 and full rates from 2016. Front Champion and Golden Victory had the highest charter rates among the vessels Frontline has chartered in from Ship Finance and the level of compensation is a reflection of this. |
ACCOUNTING_POLICIES_Policies
ACCOUNTING POLICIES (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of accounting | ' |
Basis of accounting | |
The condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States. The condensed consolidated financial statements include the assets and liabilities of the Company and its subsidiaries and certain variable interest entities in which the Company 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, which are described in the Company's Annual Report on Form 20-F for the year ended December 31, 2012. |
DISCONTINUED_OPERATIONS_Tables
DISCONTINUED OPERATIONS (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||
Schedule of amounts recorded in respect of discontinued operations | ' | |||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Operating revenues | 1,840 | 45,092 | ||||
Loss from sale of assets | (847 | ) | — | |||
Net loss | (1,016 | ) | (12,537 | ) |
EARNINGS_PER_SHARE_Tables
EARNINGS PER SHARE (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
Earnings Per Share [Abstract] | ' | |||||
Components of the numerator for the calculation of basic and diluted earnings per share | ' | |||||
The components of the denominator for the calculation of basic EPS and diluted EPS are as follows: | ||||||
Nine months ended September 30, | ||||||
2013 | 2012 | |||||
Weighted average number of ordinary shares (000s) | 78,204 | 77,859 | ||||
The components of the numerator for the calculation of basic EPS and diluted EPS for net loss from continuing operations, net loss from discontinued operations and net loss attributable to Frontline Ltd. are as follows: | ||||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Net loss from continuing operations, excluding loss attributable to noncontrolling interest | (174,462 | ) | (53,651 | ) | ||
Net loss from discontinued operations | (1,016 | ) | (12,537 | ) | ||
Net loss attributable to Frontline Ltd. | (175,478 | ) | (66,188 | ) |
GAIN_ON_SALE_OF_ASSETS_AND_AMO1
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Tables) | 9 Months Ended | |||||
Sep. 30, 2013 | ||||||
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | ' | |||||
Gain on sale of assets and amortization of deferred gains | ' | |||||
Gain on sale of assets and amortization of deferred gains in the nine months ended September 30, 2013 and September 30, 2012 is summarized as follows: | ||||||
Nine months ended September 30, | ||||||
(in thousands of $) | 2013 | 2012 | ||||
Net gain on lease terminations | 7,410 | 10,619 | ||||
Loss on sale of assets | — | (2,109 | ) | |||
Amortization of deferred gains | 2,322 | 11,362 | ||||
9,732 | 19,872 | |||||
DEBT_Tables
DEBT (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Debt Disclosure [Abstract] | ' | ||||||
Schedule of assets pledged | ' | ||||||
Assets pledged | |||||||
(in thousands of $) | 2013 | 2012 | |||||
Vessels, net, held in ITCL | 267,758 | 280,929 | |||||
Restricted cash and investments | 59,236 | 86,280 | |||||
FINANCIAL_INSTRUMENTS_Tables
FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||
Carrying value and estimated fair value of financial instruments | ' | |||||||||
The carrying value and estimated fair value of the Company's financial assets and liabilities as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||
2013 | 2012 | |||||||||
(in thousands of $) | Carrying | Fair | Carrying | Fair | ||||||
Value | Value | Value | Value | |||||||
Assets: | ||||||||||
Cash and cash equivalents | 79,279 | 79,279 | 137,603 | 137,603 | ||||||
Restricted cash and investments | 59,236 | 59,236 | 87,506 | 87,506 | ||||||
Marketable securities | 1,238 | 1,238 | 1,235 | 1,235 | ||||||
Liabilities: | ||||||||||
7.84% to 8.04% First Preferred Mortgage Term Notes | 268,395 | 191,448 | 268,992 | 191,846 | ||||||
4.5% Convertible Bond | 215,000 | 116,638 | 215,000 | 120,131 | ||||||
Financial assets and liabilities measured at fair value on recurring basis | ' | |||||||||
The estimated fair value of financial assets and liabilities at September 30, 2013 are as follows: | ||||||||||
(in thousands of $) | Fair | Level 1 | Level 2 | Level 3 | ||||||
Value | ||||||||||
Assets: | ||||||||||
Cash and cash equivalents | 79,279 | 79,279 | — | — | ||||||
Restricted cash and investments | 59,236 | 59,236 | — | — | ||||||
Marketable securities | 1,238 | 1,238 | — | — | ||||||
Liabilities: | ||||||||||
7.84% to 8.04% First Preferred Mortgage Term Notes | 191,448 | — | 191,448 | — | ||||||
4.5% Convertible Bond | 116,638 | — | 116,638 | — | ||||||
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Related Party Transactions [Abstract] | ' | ||||
Schedule of leasing transactions with related party | ' | ||||
A summary of leasing transactions with Ship Finance during the nine months ended September 30, 2013 and September 30, 2012 is as follows: | |||||
Nine months ended September 30, | |||||
(in thousands of $) | 2013 | 2012 | |||
Charter hire paid (principal and interest) - continuing operations | 117,052 | 113,303 | |||
Charter hire paid (principal and interest) - discontinued operations | 434 | 12,183 | |||
Lease termination payments - income - continuing operations | — | 10,629 | |||
Lease termination payments - expense - discontinued operations | — | (442 | ) | ||
Contingent rental expense - continuing operations | — | 31,707 | |||
Contingent rental expense - discontinued operations | — | 8,372 | |||
Remaining lease obligation | 841,446 | 892,758 | |||
Schedule of net earnings loss from related party companies | ' | ||||
A summary of net amounts earned (incurred) from related parties, excluding Ship Finance lease related transactions above, during the nine months ended September 30, 2013 and September 30, 2012 is as follows: | |||||
Nine months ended September 30, | |||||
(in thousands of $) | 2013 | 2012 | |||
Seatankers Management Co. Ltd | 993 | 595 | |||
Golar LNG Limited | 1,558 | 1,140 | |||
Golar LNG Partners LP | 89 | 96 | |||
Ship Finance International Limited | 3,859 | 2,967 | |||
Golden Ocean Group Limited | 2,368 | 4,258 | |||
Frontline 2012 Ltd | 5,141 | (4,770 | ) | ||
Bryggegata AS | (1,112 | ) | (1,090 | ) | |
Arcadia Petroleum Limited | 7,788 | 1,917 | |||
Seadrill Limited | 949 | 1,402 | |||
North Atlantic Drilling Limited | 45 | — | |||
Archer Limited | 298 | 262 | |||
Deep Sea Supply Plc | 39 | 65 | |||
Aktiv Kapital ASA | 11 | 54 | |||
Orion Tankers Limited | — | 252 | |||
CalPetro Tankers (Bahamas I) Limited | 40 | 38 | |||
CalPetro Tankers (Bahamas II) Limited | 40 | 38 | |||
CalPetro Tankers (IOM) Limited | 40 | 38 | |||
Schedule of related party receivables and payables | ' | ||||
A summary of balances due from related parties as at September 30, 2013 and December 31, 2012 is as follows: | |||||
(in thousands of $) | 2013 | 2012 | |||
Ship Finance International Limited | 2,483 | 1,891 | |||
Seatankers Management Co. Ltd | 272 | 342 | |||
Archer Limited | 103 | 778 | |||
Golar LNG Limited | 1,342 | 755 | |||
Orion Tankers Limited | — | 250 | |||
Northern Offshire Ltd | 13 | 13 | |||
Golden Ocean Group Limited | 704 | 1,325 | |||
Seadrill Limited | 882 | 1,253 | |||
North Atlantic Drilling Limited | 67 | 12 | |||
Frontline 2012 Ltd | 5,420 | 2,291 | |||
CalPetro Tankers (Bahamas I) Limited | 29 | 13 | |||
CalPetro Tankers (Bahamas II) Limited | 29 | 13 | |||
CalPetro Tankers (IOM) Limited | 29 | 13 | |||
Arcadia Petroleum Limited | 84 | 106 | |||
11,457 | 9,055 | ||||
A summary of balances due to related parties as at September 30, 2013 and December 31, 2012 is as follows: | |||||
(in thousands of $) | 2013 | 2012 | |||
Ship Finance International Limited | (3,363 | ) | (52,063 | ) | |
Seatankers Management Co. Ltd | (362 | ) | (257 | ) | |
Golar LNG Limited | (100 | ) | (101 | ) | |
Golden Ocean Group Limited | (994 | ) | (1,042 | ) | |
Frontline 2012 Ltd | (1,099 | ) | (423 | ) | |
Aktiv Kapital Ltd | (24 | ) | (34 | ) | |
Deep Sea Supply Plc | (26 | ) | (28 | ) | |
(5,968 | ) | (53,948 | ) |
DISCONTINUED_OPERATIONS_Detail
DISCONTINUED OPERATIONS (Details) (OBO [Member], USD $) | 9 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Ship Finance International Limited [Member] | |||
Front Viewer & Front Guider [Member] | |||
vessel | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Number of vessels where the time charter out to a third party and long term time charters with related party were terminated | ' | ' | 2 |
Per Statement of Operations: | ' | ' | ' |
Operating revenues | $1,840 | $45,092 | ' |
Loss from sale of assets | -847 | 0 | ' |
Income (Loss) | ($1,016) | ($12,537) | ' |
EARNINGS_PER_SHARE_Details
EARNINGS PER SHARE (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Components of Numerator and Denominator in Earnings Per Share [Abstract] | ' | ' |
Antidilutive securities excluded from computation of earnings per share (in shares) | 5,881,275 | 5,881,275 |
Net loss from continuing operations | ($176,069) | ($54,315) |
Net loss from discontinued operations | -1,016 | -12,537 |
Net (loss) attributable to Frontline Ltd. | ($175,478) | ($66,188) |
Weighted average number of ordinary shares | 78,204,000 | 77,859,000 |
IMPAIRMENT_LOSS_Details
IMPAIRMENT LOSS (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
vessel | ||
Number of vessels impaired | 3 | ' |
Tangible Asset Impairment Charges | $103,724 | $0 |
Vessel Special Survey Cycle | '15 years | ' |
Ship Finance Leased Vessels [Member] | ' | ' |
Number of vessels impaired | 3 | ' |
Tangible Asset Impairment Charges | 103,700 | ' |
Front Century [Member] | ' | ' |
Tangible Asset Impairment Charges | 15,600 | ' |
Vessel Special Survey Cycle | '15 years | ' |
Golden Victory [Member] | ' | ' |
Tangible Asset Impairment Charges | 45,600 | ' |
Front Champion [Member] | ' | ' |
Tangible Asset Impairment Charges | $42,500 | ' |
Front Champion & Golden Victory [Member] | ' | ' |
Percentage Probablity of Lease Termination | 100.00% | ' |
Vessels Assigned Lease Termination Scenario | 2 | ' |
GAIN_ON_SALE_OF_ASSETS_AND_AMO2
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
GAIN ON SALE OF ASSETS AND AMORTIZATION OF DEFERRED GAINS [Abstract] | ' | ' |
Net gain on lease terminations | $7,410 | $10,619 |
Loss on sale of assets | 0 | -2,109 |
Amortization of deferred gains | 2,322 | 11,362 |
Gain on sale of assets and amortization of deferred gains | $9,732 | $19,872 |
EQUITY_METHOD_INVESTMENTS_Deta
EQUITY METHOD INVESTMENTS (Details) (USD $) | 9 Months Ended | 1 Months Ended | 1 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | 14-May-13 | Dec. 31, 2012 | Jan. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 31, 2013 | |
Orion Tankers Ltd [Member] | Frontline 2012 Ltd [Member] | Frontline 2012 Ltd [Member] | Frontline 2012 Ltd [Member] | |||||
Rate | Private Placement [Member] | Private Placement [Member] | ||||||
Rate | Rate | |||||||
Equity Method Investment, Additional Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage (in hundredths) | ' | ' | ' | ' | 50.00% | 7.90% | 5.40% | 6.30% |
Book value of ownership interest sold | ' | ' | ' | ' | $241,000 | ' | ' | ' |
Total paid for shares acquired in private placement | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Shares acquired in private placement | ' | ' | ' | ' | ' | ' | ' | 1,143,000 |
Number of shares issued by equity method investee in transaction | 985,084 | 0 | ' | ' | ' | ' | 34,000,000 | 59,000,000 |
Ordinary shares par value (in dollars per share) | $1 | ' | $1 | $2.50 | ' | ' | $2 | ' |
Subscription price of ordinary shares issued (in dollars per share) | ' | ' | ' | ' | ' | ' | $6.60 | $5.25 |
Gain on dilution of ownership | ' | ' | ' | ' | ' | ' | $4,700,000 | $5,200,000 |
DEBT_Details
DEBT (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ' | ' |
Term notes in subsidiary entity sold | $32,000,000 | ' |
Proceeds from issuance of term notes | 19,800,000 | ' |
Discount on issuance of term notes | 12,200,000 | ' |
Convertible bonds, conversion price (in dollars per share) | $36.56 | $36.56 |
Assets pledged [Abstract] | ' | ' |
Restricted cash and investments | 59,236,000 | 87,506,000 |
Independent Tankers Corporation Limited [Member] | ' | ' |
Assets pledged [Abstract] | ' | ' |
Vessels, net, held in ITCL | 267,758,000 | 280,929,000 |
Restricted cash and investments | $59,236,000 | $86,280,000 |
Windsor Petroleum Transport Corportation Term Notes [Member] | Windsor Petroleum Transport Corporation [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate (in hundredths) | 7.84% | ' |
SHARE_CAPITAL_Detail
SHARE CAPITAL (Detail) (USD $) | 9 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2013 | Sep. 30, 2012 | 14-May-13 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | 14-May-13 | Dec. 31, 2012 | |
At-the-market Offering [Member] | At-the-market Offering [Member] | Value [Member] | Value [Member] | Value [Member] | ||||||
Authorized Share Capital [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares authorized (in shares) | 312,500,000 | ' | 312,500,000 | 125,000,000 | ' | ' | ' | ' | ' | ' |
Ordinary shares par value (in dollars per share) | $1 | ' | $1 | $2.50 | ' | ' | ' | ' | ' | ' |
Ordinary shares authorized | $312,500,000 | ' | $312,500,000 | $312,500,000 | ' | ' | ' | ' | ' | ' |
Statement [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares issued (in shares) | 78,843,586 | 77,858,502 | 77,858,502 | 77,858,502 | 77,858,502 | ' | ' | ' | ' | ' |
Ordinary shares par value (in dollars per share) | $1 | ' | $1 | $2.50 | ' | ' | ' | ' | ' | ' |
Ordinary shares cancelled (in dollars per share) | ' | ' | $1.50 | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares issued | 78,843,000 | ' | ' | 194,646,000 | ' | ' | ' | 78,843,586 | 77,858,502 | 194,646,255 |
ATM offering, maximum aggregate sales proceeds | ' | ' | ' | ' | ' | ' | $40,000,000 | ' | ' | ' |
Shares issued (in shares) | 985,084 | 0 | ' | ' | ' | 985,084 | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_1_Detail
FINANCIAL INSTRUMENTS 1 (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | $79,279 | $137,603 |
Restricted cash and investments | 59,236 | 87,506 |
Marketable securities | 1,238 | 1,235 |
Liabilities: | ' | ' |
7.84% to 8.04% First Preferred Mortgage Term Notes | 268,395 | 268,992 |
4.5% Convertible Bond | 215,000 | 215,000 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Assets: | ' | ' |
Cash and cash equivalents | 79,279 | 137,603 |
Restricted cash and investments | 59,236 | 87,506 |
Marketable securities | 1,238 | 1,235 |
Liabilities: | ' | ' |
7.84% to 8.04% First Preferred Mortgage Term Notes | 191,448 | 191,846 |
4.5% Convertible Bond | $116,638 | $120,131 |
FINANCIAL_INSTRUMENTS_2_Detail
FINANCIAL INSTRUMENTS 2 (Details) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
vessel | First Preferred Mortgage Term Notes due 2019 and 2021 [Member] | First Preferred Mortgage Term Notes due 2019 and 2021 [Member] | Convertible Debt [Member] | |||
types_of_risk | ||||||
contract | ||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' |
Number of risks related to subsidiaries' reporting in foreign currency | 2 | ' | ' | ' | ' | ' |
Number of forward freight contracts entered into and outstanding for speculative purposes | 0 | ' | 24 | ' | ' | ' |
Mark to market loss on derivatives | ($585) | ($1,189) | ' | ' | ' | ' |
Debt Stated Interest Rate [Abstract] | ' | ' | ' | ' | ' | ' |
Stated interest rate, minimum | ' | ' | ' | 7.84% | 7.84% | ' |
Stated interest rate, maximum | ' | ' | ' | 8.04% | 8.04% | ' |
Stated interest rate on term notes | ' | ' | ' | ' | ' | 4.50% |
Number of vessels impaired | 3 | ' | ' | ' | ' | ' |
FINANCIAL_INSTRUMENTS_3_Detail
FINANCIAL INSTRUMENTS 3 (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
vessel | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Tangible Asset Impairment Charges | $103,724,000 | $0 |
Number of vessels impaired | 3 | ' |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 79,279,000 | ' |
Restricted cash and investments | 59,236,000 | ' |
Marketable securities | 1,238,000 | ' |
First preferred mortgage term notes (7.84% to 8.04%) | 191,448,000 | ' |
4.5% Convertible Bond | 116,638,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 79,279,000 | ' |
Restricted cash and investments | 59,236,000 | ' |
Marketable securities | 1,238,000 | ' |
First preferred mortgage term notes (7.84% to 8.04%) | 0 | ' |
4.5% Convertible Bond | 0 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | ' |
Restricted cash and investments | 0 | ' |
Marketable securities | 0 | ' |
First preferred mortgage term notes (7.84% to 8.04%) | 191,448,000 | ' |
4.5% Convertible Bond | 116,638,000 | ' |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash and cash equivalents | 0 | ' |
Restricted cash and investments | 0 | ' |
Marketable securities | 0 | ' |
First preferred mortgage term notes (7.84% to 8.04%) | 0 | ' |
4.5% Convertible Bond | 0 | ' |
Ship Finance Leased Vessels [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Tangible Asset Impairment Charges | 103,700,000 | ' |
Number of vessels impaired | 3 | ' |
Front Champion & Golden Victory [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Percentage Probablity of Lease Termination | 100.00% | ' |
Fair Value Of Vessels Carried At Fair Value Using Level 3 Inputs | 0 | ' |
Front Century [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Tangible Asset Impairment Charges | 15,600,000 | ' |
Fair Value Of Vessels Carried At Fair Value Using Level 3 Inputs | $25,000,000 | ' |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | |
Seatankers Management Co. Ltd [Member] | Seatankers Management Co. Ltd [Member] | Seatankers Management Co. Ltd [Member] | Golar LNG Limited [Member] | Golar LNG Limited [Member] | Golar LNG Limited [Member] | Golar LNG Partners LP [Member] | Golar LNG Partners LP [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Golden Ocean Group Limited [Member] | Golden Ocean Group Limited [Member] | Golden Ocean Group Limited [Member] | Frontline 2012 Ltd [Member] | Frontline 2012 Ltd [Member] | Frontline 2012 Ltd [Member] | Bryggegata AS [Member] | Bryggegata AS [Member] | Arcadia Petroleum Limited [Member] | Arcadia Petroleum Limited [Member] | Arcadia Petroleum Limited [Member] | Seadrill Limited [Member] | Seadrill Limited [Member] | Seadrill Limited [Member] | North Atlantic Drilling Limited [Member] | North Atlantic Drilling Limited [Member] | North Atlantic Drilling Limited [Member] | Archer Limited [Member] | Archer Limited [Member] | Archer Limited [Member] | Deep Sea Supply Plc [Member] | Deep Sea Supply Plc [Member] | Deep Sea Supply Plc [Member] | Aktiv Kapital ASA [Member] | Aktiv Kapital ASA [Member] | Aktiv Kapital ASA [Member] | Orion Tankers Ltd [Member] | Orion Tankers Ltd [Member] | Orion Tankers Ltd [Member] | Northern Offshore Ltd [Member] | Northern Offshore Ltd [Member] | CalPetro Tankers (Bahamas I) Limited [Member] | CalPetro Tankers (Bahamas I) Limited [Member] | CalPetro Tankers (Bahamas I) Limited [Member] | CalPetro Tankers (Bahamas II) Limited [Member] | CalPetro Tankers (Bahamas II) Limited [Member] | CalPetro Tankers (Bahamas II) Limited [Member] | CalPetro Tankers (IOM) Limited [Member] | CalPetro Tankers (IOM) Limited [Member] | CalPetro Tankers (IOM) Limited [Member] | Edinburgh (Ex Titan Aries) [Member] | Edinburgh (Ex Titan Aries) [Member] | Front Guider [Member] | Front Pride [Member] | Front Pride [Member] | Front Striver [Member] | Front Striver [Member] | Front Striver [Member] | Discontinued Operations [Member] | Discontinued Operations [Member] | ||||
vessel | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Charter hire paid (principal and interest) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $117,052,000 | $113,303,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $434,000 | $12,183,000 |
Lease termination fees income (expense) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 10,629,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -442,000 |
Contingent rental (income) expense | -9,470,000 | 18,876,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 31,707,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 8,372,000 |
Remaining lease obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 841,446,000 | 892,758,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net amounts earned (incurred) from related parties excluding Ship Finance lease related balances | ' | ' | ' | 993,000 | 595,000 | ' | 1,558,000 | 1,140,000 | ' | 89,000 | 96,000 | 3,859,000 | 2,967,000 | ' | 2,368,000 | 4,258,000 | ' | 5,141,000 | -4,770,000 | ' | -1,112,000 | -1,090,000 | 7,788,000 | 1,917,000 | ' | 949,000 | 1,402,000 | ' | 45,000 | 0 | ' | 298,000 | 262,000 | ' | 39,000 | 65,000 | ' | 11,000 | 54,000 | ' | 0 | 252,000 | ' | ' | ' | 40,000 | 38,000 | ' | 40,000 | 38,000 | ' | 40,000 | 38,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of vessels chartered in from affiliate on a floating rate time charters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivables with related parties | 11,457,000 | ' | 9,055,000 | 272,000 | ' | 342,000 | 1,342,000 | ' | 755,000 | ' | ' | 2,483,000 | ' | 1,891,000 | 704,000 | ' | 1,325,000 | 5,420,000 | ' | 2,291,000 | ' | ' | 84,000 | ' | 106,000 | 882,000 | ' | 1,253,000 | 67,000 | ' | 12,000 | 103,000 | ' | 778,000 | ' | ' | ' | ' | ' | ' | 0 | ' | 250,000 | 13,000 | 13,000 | 29,000 | ' | 13,000 | 29,000 | ' | 13,000 | 29,000 | ' | 13,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payables with related parties | -5,968,000 | ' | -53,948,000 | -362,000 | ' | -257,000 | -100,000 | ' | -101,000 | ' | ' | -3,363,000 | ' | -52,063,000 | -994,000 | ' | -1,042,000 | -1,099,000 | ' | -423,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26,000 | ' | -28,000 | -24,000 | ' | -34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party, lease termination payments received | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related party, Lease termination payments paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,100,000 | ' | ' | 8,100,000 | ' | ' | ' |
Net gain (loss) on lease terminations | 7,410,000 | 10,619,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,600,000 | ' | ' | -200,000 | ' | ' | ' | ' | ' |
Net gain (loss) on lease terminations, recorded in discontinued operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($800,000) | ' | ' | ($400,000) | ' | ($9,200,000) | ' | ' |
DISPOSAL_OF_ASSETS_Details
DISPOSAL OF ASSETS (Details) (USD $) | 9 Months Ended | 3 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | |
Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | Ship Finance International Limited [Member] | |||
Front Guider [Member] | Edinburgh (Ex Titan Aries) [Member] | Front Pride [Member] | |||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' |
Net gain (loss) on lease terminations, recorded in discontinued operations | ' | ' | ($800,000) | ' | ' |
Net gain (loss) on lease terminations | $7,410,000 | $10,619,000 | ' | $7,600,000 | ($200,000) |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | Apr. 01, 2015 | Sep. 30, 2013 | Jun. 30, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
vessel | SEB guarantee [Member] | SEB guarantee [Member] | Related party vessels [Member] | Frontline 2012 Ltd [Member] | Special Purpose Entities [Member] | Special Purpose Entities [Member] | Minimum [Member] | Maximum [Member] | ||
vessel | vessel | vessel | Special Purpose Entities [Member] | Special Purpose Entities [Member] | ||||||
Restricted Cash and Cash Equivalents | ' | ' | $1,700,000 | $1,700,000 | $900,000 | ' | ' | ' | ' | ' |
Number of vessels sold and leased back | ' | ' | ' | ' | ' | ' | 4 | 4 | ' | ' |
Sale Leaseback Transaction, Minimum Intial Period | ' | ' | ' | ' | ' | ' | 'P8Y | ' | ' | ' |
Sale Leaseback Transaction, Maximum Intial Period | ' | ' | ' | ' | ' | ' | 'twelve and a half | ' | ' | ' |
Options on the lessor's side to extend the charters (upper range) (in years) | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' |
Leased back on charters | ' | ' | ' | ' | ' | ' | ' | ' | '8 years | '12 years 6 months |
Total amount of potential payment under put options with respect to capital leases | ' | ' | ' | ' | ' | ' | 36,000,000 | 36,000,000 | ' | ' |
Number of vessels on long-term bareboat charters to Chevron | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' |
Chevron holds options to purchase each vessel on April 1, 2015 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Newbuilding installment commitments | ' | 87,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Newbuilding installment commitments due in 2013 | ' | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Newbuilding installment commitments due in 2014 | ' | 81,700,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of VLCC newbuilding contracts acquired subsequently cancelled | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Number of VLCC newbuilding contracts acquired | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' |
Number of VLCC newbuilding contracts acquired not cancelled | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Contingent liability in respect of newbuildings | ' | ' | ' | ' | ' | $84,000,000 | ' | ' | ' | ' |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member], USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | Oct. 31, 2013 | Nov. 30, 2013 |
Convertible Debt [Member] | Front Champion & Golden Victory [Member] | |
Rate | Ship Finance International Limited [Member] | |
Subsequent Event [Line Items] | ' | ' |
Stock Issued During Period, Value, Conversion of Convertible Securities | $25 | ' |
Debt Instrument, Convertible, Effective Interest Rate | 4.50% | ' |
Stock Issued During Period, Shares, Conversion of Convertible Securities | 6,474,827 | ' |
Convertible Debt: Payment on Conversion | 2.25 | ' |
Related party, Lease termination payable | ' | 90 |
Related party, Lease termination payments paid | ' | $11 |